Antony Currie
ReutersBreakingviews
New York, NY, United States
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Past articles by Antony:
Money-manager deal gets asset allocation all wrong – Breakingviews
Perpetual’s $1.8 bln bid for J.O. Hambro owner Pendal would create an Australian giant with $180 bln under management. A 39% premium on a depressed valuation paid for using 75% in stock is hardly compelling, though. It’s a wise investment that can be structured better. → Read More
National Grid gas sale has green edge on Macquarie – Breakingviews
The $54 bln UK company is selling 60% of its gas pipelines arm to a group led by the Australian finance house. The $13 bln deal has financial benefits for both. But National Grid’s switch to electricity is more immediate than the buyers’ plan to pump hydrogen through the pipes. → Read More
Activist sets up Australia’s AGL for a sick burn – Breakingviews
Snowcap wants the power company to shelve its demerger, fend off any more lowball offers from Brookfield and adopt the latter’s plan to ditch coal. That will ultimately add pressure on AGL’s underperforming board to sell and might even result in a higher price from its suitor. → Read More
U.N. climate report takes aim at net-zero 2050 – Breakingviews
The world is moving too slowly to stop global warming, per the multinational body’s latest study. Ditching fossil fuels will reduce natural and man-made disasters. But too many governments and companies use the mid-century emissions targets to delay action. That’s unsustainable. → Read More
Rio’s culture rot puts investors on the spot, too – Breakingviews
The miner’s endemic racism, sexism and bullying is a wider wake-up call. Shareholders tend only to push firms for board diversity and equal pay. Yet a dysfunctional workplace runs deeper, affecting earnings and even M&A. It’s time social failings got some climate-style activism. → Read More
Wall St can have $47 trln field day in wetlands – Breakingviews
Swamps, mangroves and reefs store surprising value. Some is tied to services like tourism but much comes from these ecosystems’ ability to suck up carbon and reduce flood risk. The headline number may be heady but creative financiers ready to dive in will find a deep opportunity. → Read More
Toyota will send its hybrids to the breaker’s yard – Breakingviews
The $250 bln carmaker is dramatically increasing its electric ambitions after lagging for years. It could help defend its earnings multiple lead over Ford and GM. But Toyota still lobbies against tougher emissions standards. Powering down its hybrids will add carbon clarity. → Read More
Pharmacy bidding war stands to get more feverish – Breakingviews
Aussie supermarket chain Woolworths has offered 13% extra to buy Priceline owner API over an agreed deal with Wesfarmers. The premium now stands at a whopping 53%. Deep-pocketed buyers, a frenzied M&A market and the implied returns are a prescription for additional sweeteners. → Read More
Aussie bank’s wobbles mask its enviable strengths – Breakingviews
Shareholders sold off $70 bln NAB as revenue fell and costs rose. But the country’s third-largest lender has been building more momentum than peers outside the bubbly housing market and remains the most efficient of the top four. That gives boss Ross McEwan room to maneouvre. → Read More
Coal’s end will come sooner than Glasgow suggests – Breakingviews
Agreements struck at the COP26 summit point to the fossil fuel being a major carbon dioxide source for 20 years or more. But even after a recent rally, the valuations of specialist miners like Peabody and Whitehaven imply the mineral will be around for nowhere near as long. → Read More
Aussie bank overhaul gets fat reality check – Breakingviews
Shareholders took $4.6 bln off Westpac’s market value after high costs and income pressure hurt its earnings. A stock buyback did little to soften the blow. The reaction is a warning to boss Peter King to up his turnaround game and prioritise profitability over market share. → Read More
Macquarie’s green gloss will struggle to shine – Breakingviews
The Australian financial powerhouse has cut its dividend and is raising A$1.5 bln in equity. Such steps often signal caution, but in this case the sensible idea is to invest, not least in renewables. With a valuation sitting at 3 times book value, however, expectations are high. → Read More
Australia’s climate plans amount to giant COP-out – Breakingviews
Prime Minister Scott Morrison has abrogated responsibility to states for an underwhelming 2030 emissions target. His 2050 net-zero goal also sees a long future for fossil fuels and relies on untested technology. It’s reasonable to expect more from a country on the front lines. → Read More
Crown deserves the Jamie Dimon approach to failure – Breakingviews
The Australian casino operator can keep its local licence despite investigators labelling its breaches “illegal”. It smacks of too big to fail. Penalising investors, selling assets and burying the name, as JPMorgan’s boss suggested for bad banks, would be a better outcome. → Read More
Elon Musk’s promises are getting more realistic
Tesla’s boss reckons production will jump 50% a year and that the Model Y will soon be the world’s best-selling vehicle. He has a history of missing his targets. But recent performance, not least during a chip shortage, means his predictions deserve to be taken more seriously. → Read More
Investors emit hot air in Aussie bank climate row – Breakingviews
Commonwealth Bank shareholders rejected a push for more stringent net-zero action. The lender at least is open to adjusting targets to new data. But a win would have sent a signal to fossil-fuel firms trying to force banks to keep cash flowing, and to the dithering government. → Read More
Mining magnate is Greta’s unlikely kindred spirit – Breakingviews
Fortescue boss Andrew Forrest goes beyond the climate activist’s “blah blah blah” net-zero dismissal by calling such targets “a lie”. He’s basically right, but his own company clings to the carbon trope. The ambition on green hydrogen and Scope 3 targets, however, is welcome. → Read More
Rivian risks reckless run onto public markets – Breakingviews
The electric-vehicle maker backed by Amazon and BlackRock only just started selling its first model. It’s also burning cash fast and Jeff Bezos’s e-commerce empire has the upper hand as a big customer for delivery vans. A mooted $80 bln valuation sounds like a runaway IPO. → Read More
Australia’s Chinese trade glass is only half full – Breakingviews
Punitive tariffs cost vintners Down Under access to one of their most lucrative markets. Treasury Wine’s results at least suggest there’s demand elsewhere for premium brands. Producers of cotton and other commodities will struggle to replace sales at similar margins. → Read More
KKR’s Aussie lenders are short of investor credit – Breakingviews
Pepper Money and Latitude have shown they can weather pandemic lockdowns and thrive thereafter. Even so, the two non-banks backed by the buyout shop are trading below their IPO prices earlier this year. Some caution is warranted, but the discount to bigger peers looks overdone. → Read More