AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Bingo Industries Limitedâs (ASX:BIN) shares climbed up 0.45 percent today (i.e., 3 December 2018), and itâs the third consecutive day on which the Companyâs shares have raised. From 29 November 2018 onwards, the shares of the company are inching up following its ASX release in which it acknowledged the concerns raised by the Australian Competition and Consumer Commission (ACCC) on its proposed acquisition of Dial A Dump Industries.
Bingoâs CEO Mr. Daniel Tartak has stated that the management of the company does not agree with the preliminary competition concerns which are raised in the ACCCâs Statement of Issues (SOI). ACCC is of the view that the acquisition of Dial A Dump Industries by Bingo could substantially decrease the competition in the Greater Sydney market which may lead to higher gate fees. However, as per the management of the company their acquisition of Dial A Dump Industries will not have much effect in the Greater Sydney market and they have provided data which is supported by several industry-leading experts to ACCC. ACCC is currently investigating the vertical integration issues, and it will take its final decision on 21 February 2019.
Bingo which is a publicly listed waste management company will become the B&D waste collector and processor after the acquisition of Dial A Dump, and further it will also become the owner of a substantial amount of dry landfill capacity in Sydney. ACCC is currently investigating the vertical integration issues.
In FY 2018, the statutory net profit after tax (NPAT) of the company increased by 92% to $38 million, and the revenue of the company increased by 45 percent to $304 million. The pro-forma EBITDA of the company increased by 46% to $94 million in FY 2018 and further during the year 2018 the company acquired National Recycling Group and made a significant investment in key personnel for the geographic expansion and growth of the company. Bingo is currently operating 17 resource recovery centres and 254 trucks across New South Wales and Victoria, and further, in both of these cities, the total construction expenditure is forecast to remain relatively flat over the next five years. In the month of October 2018, the company delivered its Sustainability report of 2018 in which it revealed its plan to deliver its sustainability targets over the coming two years.
The company paid a final dividend to shareholders of 2.0 cents per share and the together with the half-year dividend of 1.72 cents which was paid in March 2018, the total dividend for the financial year 2018 has come to 3.72 cents per share.
In the last six months, the share price of Bingo decreased by 14.97 percent as on 30 November 2018 and traded at a PE level of 22.20x. BINâs shares traded at $2.230 with a market capitalization of around $1.29 billion as on 3 December 2018 (AEST 4:00 PM).
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
