In today’s briefing:
- SG Fleet (SGF AU): 8th April Scheme Vote
- Fortescue Metals Group (FMG AU): The Thrill Is Gone, And So Has The Dividend
- Bell Financial Group Ltd – Diversification continues to drive growth
- Telix Pharmaceuticals (TLX AU): Record Performance in 2024; Robust Forecast for 2025
SG Fleet (SGF AU): 8th April Scheme Vote
- On the 25 November 2024, SG Fleet (SGF AU) (SGF), an Aussie provider of fleet leasing services, announced a A$3.50/share non-binding/indicative proposal from Sydney PE outfit Pacific Equity Partners (PEP).
- On the 4th December, both parties entered into a SID on the same terms. SGF’s largest shareholder, Super Group (SUPER SP) (53.58%), was supportive.
- The Scheme Booklet is now out, with a Scheme Meeting on the 8th April. Expected implementation on the 30th April. The IE (Grant Thornton) says fair & reasonable.
Fortescue Metals Group (FMG AU): The Thrill Is Gone, And So Has The Dividend
- Fortescue Metals (FMG AU) announced disappointing results, with revenues/profits down 16%/53% YoY, disappointing consensus slightly by 4-5%.
- Capex accelerated to 3.5-3.8 bn USD annually, vs the initial 3.2-3.5 USD. The company reduced its decarbonization capex to 400-500 mn USD from the initial >700 mn USD.
- Fortescue Metals (FMG AU) dividend payout ratio has reverted to its base level of 65%, yielding a modest 5.3% based on H1FY25’s 50-cent distribution.
Bell Financial Group Ltd – Diversification continues to drive growth
- RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) following the release of its FY24 audited results which demonstrated H2 CY24 acceleration in NPAT relative to H1 in the key recurring revenue businesses of Technology & Platforms (+18% vs. +2%) and Products & Services (+9% vs. +3%) as scale benefits continue.
- The Retail & Institutional business benefited from improved ECM activity and equity volumes, with H1 FY24 NPAT growth ~290% and H2 FY24 +6% off a strong base.
- Products & Services delivered 10% NPAT growth in CY24, with H2 growth accelerating to 16% following 3% growth in H1 as scale benefits kicked in.
Telix Pharmaceuticals (TLX AU): Record Performance in 2024; Robust Forecast for 2025
- Telix Pharmaceuticals (TLX AU) reported 2024 revenue of A$783M, up 56% YoY, beating full year revised guidance of A$745–776M, driven by Illuccix. 2024 R&D expenditure was in-line with guidance.
- Telix provides 2025 revenue guidance of A$1.18–1.23B ($770–800M), up 51–57% YoY. The company expects 2025 R&D expenses to increase 20–25% YoY to A$234–243M.
- 2025 will be a pivotal year for Telix, with three new products launches planned for this year in the U.S. (Zircaix, Pixclara, and Gozellix) and the European/UK rollout of Illuccix.
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