Aankondiging • Aug 02
Electric Power Development Co., Ltd. (TSE:9513) completed the acquisition of remaining 92.28% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others. Electric Power Development Co., Ltd. (TSE:9513) entered into a non-binding, indicative and conditional proposal to acquire 92.28% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others for approximately AUD 350 million on February 5, 2024. Potential Transaction will be funded by Electric Power Development Co., Ltd.’s existing cash reserves and debt facilities. Transaction is subject to Due diligence investigation, approval from Genex Power Limited's shareholders and Subject to court approval and the receipt of all necessary regulatory approvals, including approval from the Foreign Investment Review Board. As of March 30, 2024, J-POWER reconfirmed the Indicative Proposal to Genex and also confirmed it had completed its due diligence on Genex. On April 2, 2024, Genex announced to the ASX that Genex had agreed to extend the Exclusivity Period under the Confidentiality and Exclusivity Deed to Monday, 8 April 2024 to allow additional time for the parties to negotiate an Implementation Agreement for the Potential Scheme. The finalisation of the Implementation Agreement remains subject to the Genex IBC’s approval and J-POWER’s final internal approvals. Accordingly, following a request from J-POWER, Genex has agreed to a further extension of the Exclusivity Period under the Confidentiality and Exclusivity Deed to 5.00pm (AEST) on Monday, 15 April 20242 to allow additional time for the Implementation Agreement to be finalised and J-POWER to obtain the required internal approvals. As of April 12, 2024, board of directors of Genex Power Limited unanimously recommends that Genex Power Limited shareholders vote in favor of the Scheme at the Scheme Meeting. As of June 14, 2024, the Foreign Investment Review Board has approved the transaction. As of July 19, 2024, he transaction is approved by Supreme Court of New South Wales. The transaction is expected to complete in late July 2024. As per the transaction, Genex will be required to pay a break fee to J-POWER and J-POWER will be required to pay a reverse break fee to Genex. The amount of each of the break fee and the reverse break fee, should either become payable is AUD 3.5 million.
Goldman Sachs Australia Pty Ltd acted as Financial advisor and Gilbert and Tobin acted as legal advisor to Genex Power Limited. Macquarie Capital Securities (Japan) Limited acted as financial advisor to J-Power. MinterEllison acted as legal advisor to Electric Power Development Co., Ltd.
Electric Power Development Co., Ltd. (TSE:9513) completed the acquisition of remaining 92.28% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others on July 31, 2024. Aankondiging • Apr 23
Genex Power Limited to Report Q3, 2024 Results on Apr 29, 2024 Genex Power Limited announced that they will report Q3, 2024 results on Apr 29, 2024 Aankondiging • Mar 06
Electric Power Development Co., Ltd. (TSE:9513) entered into a non-binding, indicative and conditional proposal to acquire 92.2% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others for approximately AUD 350 million. Electric Power Development Co., Ltd. (TSE:9513) entered into a non-binding, indicative and conditional proposal to acquire 92.2% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others for approximately AUD 350 million on February 5, 2024. Potential Transaction will be funded by Electric Power Development Co., Ltd.’s existing cash reserves and debt facilities. Transaction is subject to Due diligence investigation, approval from Genex Power Limited's shareholders and Subject to court approval and the receipt of all necessary regulatory approvals, including approval from the Foreign Investment Review Board. Goldman Sachs Australia Pty Ltd acted as Financial advisor and Gilbert and Tobin acted as legal advisor to Genex Power Limited. New Risk • Feb 27
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: AU$5.3m Forecast net loss in 2 years: AU$6.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$166m free cash flow). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (AU$6.2m net loss in 2 years). Breakeven Date Change • Feb 01
Forecast breakeven date pushed back to 2026 The 2 analysts covering Genex Power previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of AU$300.0k in 2026. New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$237m free cash flow). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. New Risk • Oct 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$237m free cash flow). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Aankondiging • Oct 05
Genex Power Limited, Annual General Meeting, Nov 20, 2023 Genex Power Limited, Annual General Meeting, Nov 20, 2023, at 09:30 AUS Eastern Standard Time. Location: offices of Allens, Deutsche Bank Place - Corner Hunter and Phillip Streets, Level 28 126 Phillip Street Sydney New South Wales Australia Agenda: To receive and consider the consolidated financial report of the Company (which includes the financial statements and the Directors' Report and the Auditor's Report) for the financial year ended 30 June 2023; to consider the adoption of Remuneration Report; to consider the increase in Aggregate Maximum Amount of Non-Executive Directors's Fees; to consider the conditional Board Spill Resolution pursuant to section 250V of the Corporations Act; and to consider the additional Placement Capacity. Breakeven Date Change • Aug 25
No longer forecast to breakeven The 2 analysts covering Genex Power no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of AU$33.0m in 2026. New consensus forecast suggests the company will make a loss of AU$1.90m in 2026. Reported Earnings • Aug 25
Full year 2023 earnings released: AU$0.001 loss per share (vs AU$0.003 loss in FY 2022) Full year 2023 results: AU$0.001 loss per share (improved from AU$0.003 loss in FY 2022). Revenue: AU$24.6m (flat on FY 2022). Net loss: AU$1.03m (loss narrowed 75% from FY 2022). Revenue is forecast to grow 46% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Global Renewable Energy industry. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Aankondiging • Aug 24
Genex Power Limited to Report Fiscal Year 2023 Results on Aug 25, 2023 Genex Power Limited announced that they will report fiscal year 2023 results on Aug 25, 2023 Aankondiging • Aug 01
Genex Power Limited Announces Appointment of Patrick Mccarthy to Chief Financial Officer Genex Power Limited announced the appointment of Patrick McCarthy to the position of Chief Financial Officer (CFO) of Genex, commencing on 16 October 2023. Patrick is an experienced energy executive, having been involved in the renewable energy sector in Australia and the UK since 2009. A Chartered Accountant, he has previously worked at ASX-listed Infigen Energy Ltd. (acquired by Iberdrola) and Macquarie Asset Management (Green Investment Group), where he was involved in the acquisition of the Green Investment Bank by Macquarie Group and subsequently as Head of Finance for renewable energy investments (comprising $6Bn in assets under management). Most recently, Patrick has worked at Brighte Energy and at Elgin Energy Australia. Originally from Ireland, Patrick holds a Bachelor of Commerce (Accounting) from University of Dublin and is a Chartered Tax Adviser with the Irish Taxation Institute. Aankondiging • May 10
Genex Power Limited Announces Executive Changes Genex Power Limited announced the appointment of Craig Francis as the company's new chief executive officer (CEO), effective from 1 September 2023. Craig, currently the company's chief financial officer (CFO), will succeed James Harding who will retire from the role on 31 August 2023 after five years as CEO. Following his retirement, James will continue to support the company as a consultant to ensure a smooth transition period. The company has commenced the search for a replacement CFO and an announcement regarding this appointment is expected to be made in the coming months. Craig is an experienced leader with deep knowledge of the energy sector. He joined the company in 2017 to lead the commercial development of the Company's portfolio and was promoted to CFO in 2021. During his time with the company, Craig has been a core part of the leadership team and has been instrumental in delivering the Company's portfolio to its current level of maturity. Prior to the company, Craig was part of the corporate finance team at Cantor Fitzgerald Europe in the UK where he focused on advising clients in the energy and natural resources sectors. Craig has also worked at boutique corporate finance advisers RFC Ambrian and Helmsec Global Capital in London and Sydney. James Harding joined the company as Executive General Manager in 2016 and was appointed CEO in May 2018. Board Change • Mar 23
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Teresa Dyson was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Teresa Dyson was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Nov 10
Forecast breakeven date moved forward to 2023 The 2 analysts covering Genex Power previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of AU$5.30m in 2023. Board Change • Nov 01
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Teresa Dyson was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Jul 27
Forecast to breakeven in 2025 The 3 analysts covering Genex Power expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$17.3m in 2025. Average annual earnings growth of 23% is required to achieve expected profit on schedule. Breakeven Date Change • Jul 01
Forecast to breakeven in 2025 The 3 analysts covering Genex Power expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$11.7m in 2025. Average annual earnings growth of 47% is required to achieve expected profit on schedule. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Teresa Dyson was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 02
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: AU$0.005 loss per share (up from AU$0.008 loss in 1H 2021). Revenue: AU$9.44m (up 66% from 1H 2021). Net loss: AU$4.41m (loss widened 31% from 1H 2021). Revenue exceeded analyst estimates by 1.4%. Over the next year, revenue is forecast to grow 63%, compared to a 53% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 17% per year. Breakeven Date Change • Nov 24
No longer forecast to breakeven The 3 analysts covering Genex Power no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of AU$1.00m in 2024. New consensus forecast suggests the company will make a loss of AU$13.4m in 2024. Recent Insider Transactions • Nov 04
Executive Director recently sold AU$2.2m worth of stock On the 1st of November, Simon R. Kidston sold around 10m shares on-market at roughly AU$0.22 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 29
Full year 2021 earnings released The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2021 results: Revenue: AU$21.7m (up 111% from FY 2020). Net loss: AU$18.7m (loss widened 78% from FY 2020). Reported Earnings • Mar 02
First half 2021 earnings released: AU$0.008 loss per share (vs AU$0.02 loss in 1H 2020) First half 2021 results: Net loss: AU$3.37m (loss narrowed 60% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 04
New 90-day high: AU$0.28 The company is up 57% from its price of AU$0.17 on 06 November 2020. The Australian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$0.25 per share. Is New 90 Day High Low • Jan 15
New 90-day high: AU$0.25 The company is up 35% from its price of AU$0.18 on 16 October 2020. The Australian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$0.23 per share. Is New 90 Day High Low • Dec 31
New 90-day high: AU$0.23 The company is up 18% from its price of AU$0.20 on 02 October 2020. The Australian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$0.24 per share. Is New 90 Day High Low • Dec 09
New 90-day high: AU$0.21 The company is up 5.0% from its price of AU$0.20 on 11 September 2020. The Australian market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Renewable Energy industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$0.20 per share.