22/08/2023 09:49

Emerging Companies Portfolio – Amendments

We are reducing BAP & AD8, selling CAJ, buying SFR & CAT and adding to CNI in the Emerging Companies Portfolio.

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28/06/2023 16:57

Capitol Health (CAJ) 26c

CAJ -7.14%; the diagnostic imaging company was out with guidance ahead of the end of the financial year which showed margins being squeezed more than expected. Revenue for Fy23 is expected to come in at $208m, largely in line with consensus.

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23/02/2023 16:51

Capitol Health (CAJ) 26.5c

CAJ -3.64%: first half numbers were a touch light, but the trend is turning with momentum building for the diagnostic imaging company. EBITDA of $20m was a 5% miss to consensus however this includes some stale analysts that hadn’t updated post-recent industry data prints.

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16/11/2022 17:25

Capitol Health (CAJ) 31.5c

CAJ -4.55%: the diagnostic imaging company hosted their AGM today with shares closing weaker on the session. They flagged a number of near-term efforts to drive further revenue growth including an additional 8 radiologists to be brought on by next quarter and adding a number of MRI machines to improve margins. YTD Revenue was down -1.8% though, as the...

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25/08/2022 17:48

Capitol Health (CAJ) 32.5c

CAJ +4.84%: the diagnostic imaging company reported FY22 results today, coupled with an accretive acquisition that saw shares trade higher. Revenue grew 3.5%, and although it was down 3.5% in the second half, the fall was less than that implied by Medicare data. EBITDA was down 14% to $41m in line with market expectations. They extended the buyback...

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17/08/2022 09:16

Emerging Companies Portfolio

The portfolio was up +1.62% in the week, outpacing the performance of the small ords.  Cash in the portfolio is sitting at around 9%. The portfolio is now up 20.10% for the financial year to date, a strong outperformance to its benchmark. This week the winners were led by Adore Beauty (ABY) climbing over 50%, while Strandline (STA) rose ~11% and Capitol Health (CAJ) was up ~8.5%. The main detractor was St Barbara (SBM), falling -14% on disappointing guidance.

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15/06/2022 09:31

Emerging Companies Portfolio

The portfolio was down -8.28% in the week, outpacing the 9.4% decline in the small ords – a tough week! Cash remains at around 4% with no changes to the portfolio. The weakness was driven by Calix (CXL) which fell -14.62%, while the biggest percentage fall was Zip Co (ZIP) down -18.32%, although it’s a very small weight in the portfolio. Adore Beauty (ABY) and Capitol Health (CAJ) were the outperformers this week.

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25/05/2022 09:17

Capitol Health (CAJ) 33.5c

Shares in the diagnostic imaging company are trading in line with where they were 12 months ago. Albanese’s election win should provide some support for the sector here with his commitment to spending an additional $250m a year on Medicare as well as investing more in health services which is likely to drop down to more visits at Capital Health clinics. We have also recently seen further consolidation in the space...

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24/02/2022 17:45

Capitol Health (CAJ) 35c

CAJ -1.41%: a great start to the year for diagnostics business Capitol Health. Revenue grew 11% to edge above consensus, and they managed to grow EBITDA 7% thanks in part to improving margins despite lockdowns impacting the half. As usual there was no guidance provided. We note that peer Peloton was recently acquired and Healius was also talking up M&A in their recent result. It’s hard to see...

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22/12/2021 09:31

Emerging Companies Portfolio

The portfolio had a poor week down  by -4.55% while cash sits at ~5% following some recent portfolio changes. As we consistently suggest, expect more volatility in this part of the market and that was certainly the case this week. Three positions lagged, namely Dubber (DUB) which fell -14.2%, Nitro (NTO) which lost -12.41% and Zip Co (Z1P) which...

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