14 stories mentioning ASX:CGFUpdated 4d ago
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Challenger (ASX:CGF) has an average rating of overweight and mean price target of AU$10.58, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Challenger (ASX:CGF) has an average rating of overweight and mean price target of AU$10.58, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Challenger (ASX:CGF) has an average rating of overweight and mean price target of AU$9.77, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Challenger's (ASX:CGF) move to merge its Fidante subsidiary with Channel Capital to form Channel Group is an "incremental positive" for the company, Jarden Research said in a Thursday note.The company will retain a 45% equity stake in the new group, receive up to AU$172 million in cash payments, and anticipate a pre-tax gain on sale of around AU$100 million in fiscal 2027,The sale of Fidante into a specialist funds platform is a logical rationalization of the group structure, Jarden said.Merging into a larger and more diversified platform and stepping back to a 45% minority decreases direct exposure to structural pressure, reduces the management bandwidth consumed by the business, and transforms a persistent earnings drag into a cleaner fee income stream.However, Jarden said it is difficult to say whether the transaction represents attractive value for shareholders with the headline valuation, price paid, or implied earnings multiple for Channel Group remaining unknown at this stage.Completion of the transaction is expected in the first half of fiscal year 2027, pending regulatory approvals.Jarden reaffirmed its neutral rating on Challenger and lifted its price target to AU$9.20 from AU$8.70.
Challenger's (ASX:CGF) deal to merge its Fidante asset management business with Channel Capital to create a larger investment platform is strategically consistent and a directionally positive move, Jefferies said in a note on Thursday.The company will receive AU$172 million in cash and a 45% stake in the combined entity, Channel Group, which will have total assets under management of AU$150 billion, providing Fidante with a stronger opportunity to grow, the firm said.The integration will allow for wider distribution through wealth advisers and high-net-worth clients, while increasing global presence and enhancing investment capabilities."While near-term financial impact is limited, the transaction materially improves the structural growth outlook, which should support valuation over time," analysts at the brokerage commented.Jefferies maintained a hold rating and price target of AU$9.25 on Challenger.
Australian shares fell on Thursday as investors reacted to signals from the US Federal Reserve regarding a potential rate hike later in the year.The S&P/ASX 200 Index dropped 0.62%, or 55.20 points, to close at 8,911.10.The US Federal Reserve left interest rates unchanged, but policymakers indicated they expected higher borrowing costs later in the year. On Wall Street, the Nasdaq Composite fell 1.3%, and the S&P 500 was down 1.2%.The US and Iran released the text of an agreement, which extends a ceasefire declared in April by another 60 days to allow the two countries to negotiate a final deal. Brent crude oil futures traded around $78 per barrel.On the domestic front, advertised salaries in Australia recorded a 0.3% month-on-month increase in May, pointing to sluggish growth in recent months, according to the SEEK Advertised Salary Index.Job ads in Australia in May fell 0.8% month on month and 4.5% year on year, while applications per job ad rose 3.6% month on month and are now 5.5% higher year on year, according to a report by Seek.In company news, Washington H. Soul Pattinson (ASX:SOL) has agreed to divest its interest in certain Brickworks (ASX:BKW) property division industrial joint venture (JV) trust assets to Goodman Australia Industrial Partnership and related Goodman Group (ASX:GMG) entities for AU$1.89 billion under a binding agreement.Challenger (ASX:CGF) entered a binding agreement to combine its Fidante multi-affiliate funds management business with Channel Capital, creating a new entity to be named Channel Group. Fidante will merge with Channel Capital under Channel Group to form an active investment platform managing roughly AU$150 billion across equities, fixed income, and alternative assets.Lastly, Rio Tinto Group's (ASX:RIO) Oyu Tolgoi unit in Mongolia has resumed regular concentrate export shipments. The Oyu Tolgoi copper and gold deposit is jointly owned by the government of Mongolia, which has a 34% stake, and Rio Tinto, which owns the remaining 66%.
Challenger (ASX:CGF) entered a binding agreement to combine its Fidante multi-affiliate funds management business with Channel Capital, creating a new entity to be named Channel Group, according to a Thursday filing with the Australian bourse.Fidante, which oversees AU$86 billion in assets, will merge with Channel Capital under Channel Group to form an active investment platform managing roughly AU$150 billion across equities, fixed income, and alternative assets, per the filing.The company will retain a 45% equity stake in the new group, receive up to AU$172 million in cash payments, and anticipate a pre-tax gain on sale of around AU$100 million in fiscal 2027, the filing said.Completion is anticipated in the first half of fiscal 2027, pending regulatory approvals.The company will enter a transitional services agreement of up to 24 months and expects separation and transaction costs of about AU$5 million to AU$8 million in fiscal 2027, the filing added.
Australian shares are poised to fall on Thursday after the US Federal Reserve signaled a tighter policy outlook under new Chair Kevin Warsh, keeping interest rates steady while flagging potential hikes ahead.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 1.2%, 1.3%, and 1%, respectively.In the macroeconomy, investors are eyeing Australia's upcoming consumer price index report, due next week.In corporate news, Challenger (ASX:CGF) entered a binding agreement to combine its Fidante multi-affiliate funds management business with Channel Capital, creating a new entity to be named Channel Group.Washington H. Soul Pattinson (ASX:SOL) agreed to divest its interest in certain Brickworks (ASX:BKW) property division industrial joint venture trust assets to Goodman Australia Industrial Partnership and related Goodman Group (ASX:GMG) entities for AU$1.89 billion under a binding agreement.Australia's benchmark index rose 0.5% or 48.6 points to close at 8,966.30 on Wednesday.
Ventia Services Group (ASX:VNT, NZE:CGF) said Challenger (ASX:CGF) raised its voting power in the firm to 6.24% from 5.03%, as of May 29, according to Tuesday filings with the Australian and New Zealand bourses.Challenger now holds 51.2 million shares in the firm.Ventia's shares rose nearly 2% in recent trading on the New Zealand bourse.
Here are the ASX-listed companies with the biggest losses on Tuesday.ASX (ASX:ASX): -12%, AU$51.51Elevra (ASX:ELV): -7%, AU$12.75PEXA Group (ASX:PXA): -7%, AU$10.67Infratil (ASX:IFT): -5%, AU$12.29Yancoal Australia (ASX:YAL): -4%, AU$6.69Telix Pharmaceuticals (ASX:TLX): -4%, AU$12.82Challenger (ASX:CGF): -4%, AU$8.89Whitehaven Coal (ASX:WHC): -4%, AU$8.51Netwealth Group (ASX:NWL): -3%, AU$21.69Paladin Energy (ASX:PDN): -3%, AU$11.13
Challenger's (ASX:CGF) fiscal 2026 third-quarter update missed consensus across key Life metrics, with FM outflows significantly worse than expected, driven by institutional equity mandate attrition in both Australian and global equities, according to a Tuesday note by Jarden.The firm's redemption of all CGFPC notes on May 25 simplifies the capital structure, reduces the AT1 coupon burden, and is earnings-per-share accretive.Jarden sees balanced risk/reward for Challenger in the future, with catalysts including capital management flexibility from the Australian Prudential Regulation Authority reform, as well as expanding retirement partnerships across superfunds.It lowered its fiscal 2026 sales forecast to reflect weaker institutional fixed-term sales, partially offset by higher retail annuity sales as partnerships come online.The investment firm retained its neutral rating on Challenger and raised the price target to AU$8.70 per share from AU$8.60 per share.
Challenger (ASX:CGF) reported fiscal third-quarter assets under management of AU$116.28 billion, down from AU$125.63 billion a year earlier, according to a Tuesday filing with the Australian bourse.The company said it has tightened its fiscal 2026 normalized basic earnings per share guidance range to between AU$0.66 and AU$0.70.Challenger previously guided for normalized basic EPS of AU$0.66 to AU$0.72 when it reported fiscal first-half results in February.The company's shares tumbled 5% in recent Tuesday trade.
Challenger (ASX:CGF) will redeem all of its outstanding Challenger capital notes 3 on May 25 at their face value of AU$100 each in cash, according to a Tuesday filing with the Australian bourse.The redemption has been approved by the Australian Prudential Regulation Authority.A final distribution of AU$1.47 per note is expected to be paid on May 25 to all registered holders as of May 15, the company said.
