22/02/2021 15:37

Bingo (BIN) take a hit in 1H21 – stock down ~2% to $3.13

First half 21 saw COVID impacts continue for Bingo, though the comapny noted the rebound is clearly underway. NPAT was down 32% to $19.6m with discounting continuing across the board. Utilisation is picking up though, back to around 75% of pre-pandemic levels as Bingo builds into the second half.

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19/01/2021 15:29

Bingo (BIN) attracts bid

After-market yesterday we saw private equity firm CPE Capital (the old Champ) bid $2.5bn for waste management business Bingo (BIN) at ~$3.50 a share, a 27% premium which feels healthy. It will be interesting to see how this non-binding agreement unfolds but my initial reaction is that it seems a friendly bid so far with a strong premium to last close. It feels like BIN may test all-time highs today.

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29/10/2020 10:23

Bingo Industries (BIN) v Cleanaway Waste (CWY)

Over the last 3-months the performance differential in the waste management industry has been significant, BIN has rallied +25% while CWY has fallen almost 5%. The later has been slammed in the media on a number of fronts and while the issues are real they can be addressed to make the business a healthier corporate environment moving forward – whether the boss Vik Bansal can remain and thrive is still a bone of contention after a number of bullying claims. We hold BIN in our Growth Portfolio and are hence watching the valuation elastic band carefully, at this stage we’re sitting on our hands but a differential much over 50c this year hasn’t lasted long – we are monitoring carefully but at this stage BIN remains our preferred option.

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