Whitehaven Coal

Posted on | by Leon Hinde | Leave a Comment on Whitehaven Coal

Whitehaven Coal is open position in the ASX200 Trade Table.

As an investor looking at Whitehaven Coal (WHC.ASX) in March 2026, here are the critical updates and fundamental metrics you should know following the recent H1 FY26 results and significant credit rating news.

### 1. Key Catalysts & Recent News

  • Credit Rating Milestone (March 12, 2026): Whitehaven recently secured investment-grade credit ratings from all three major agencies (S&P: BB+, Fitch: BB+, Moody’s: Ba1), with a stable outlook. This is a major turning point that allows the company to refinance its $1.1 billion acquisition facility on much more favorable terms, potentially saving $30–$40 million in annual interest costs.
  • Capital Management: An interim fully franked dividend of 4.0 cents per share was paid today (March 13, 2026). Additionally, the company has launched a new $32 million share buy-back program through June 2026, signaling management’s view that the stock remains undervalued.
  • Asset Integration: The integration of the Daunia and Blackwater metallurgical coal mines (acquired from BHP) is progressing well, diversifying Whitehaven’s revenue toward higher-margin steelmaking coal.

### 2. Fundamental Valuation Metrics
Whitehaven currently appears undervalued relative to its historical averages and industry peers:

  • P/E Ratio: ~11.0x – 12.4x (Industry average is closer to 20x).
  • EV/EBITDA: ~5.4x (Significant discount to the industry median of ~8.2x).
  • Price to Book (P/B): ~1.34x.
  • Intrinsic Value: Analysts estimate a DCF fair value between $11.30 and $14.45, implying potential upside from the current price (~$9.05).

### 3. H1 FY26 Earnings Recap (Feb 19, 2026)

  • Revenue: $2.5 billion (Down from $3.4B in H1 FY25 due to lower year-on-year prices).
  • Underlying EBITDA: $446 million.
  • Statutory Profit: $69 million (Impacted by non-recurring items; underlying loss was $19M).
  • Production: Managed ROM production was solid at 20 million tonnes, with costs controlled at ~A$135/tonne.

### 4. Market & Sector Outlook

  • Coal Prices: Global thermal coal prices have surged roughly 25% year-to-date (Newcastle benchmark ~$135/t) due to energy supply disruptions in the Middle East and “fuel switching” from gas to coal in Europe and Asia.
  • Analyst Sentiment: The consensus remains a “Hold” among 14 major analysts. While some brokers (like JPMorgan) remain cautious with “Sell” ratings, others see the credit upgrade and metallurgical coal exposure as strong long-term drivers.

### Summary for Investors
Whitehaven is currently at an operational and financial inflection point. The transition to a “metallurgical-heavy” producer and the recent credit boost provide a safety net against thermal coal price volatility. However, long-term ESG-related selling pressure and decarbonization trends remain the primary structural risks.

Cisco

Posted on | by Leon Hinde | Leave a Comment on Cisco

Cisco Systems, Inc. – Common recently reported strong results for its second fiscal quarter (ended January 2024, reported Feb 2026):

Earnings Beat: Reported record revenue of $15.3 billion (+10% YoY) and non-GAAP EPS of $1.04, exceeding analyst expectations.

Guidance: For the full fiscal year 2026, Cisco raised its revenue outlook to $61.2B–$61.7B.

As of March 2026, Cisco (CSCO) is undergoing a major transition from a traditional hardware-focused networking company into an AI-infrastructure and cybersecurity powerhouse.

Here are the key takeaways you should know:

### 1. Recent Financial Performance (Q2 FY2026)
Cisco recently reported strong results for its second fiscal quarter (ended January 2024, reported Feb 2026):

  • Earnings Beat: Reported record revenue of $15.3 billion (+10% YoY) and non-GAAP EPS of $1.04, exceeding analyst expectations.
  • Market Reaction: Despite the beat, the stock saw a ~9% post-earnings dip (trading around $75–$78) as investors weighed short-term margin pressures against long-term AI growth.
  • Guidance: For the full fiscal year 2026, Cisco raised its revenue outlook to $61.2B–$61.7B.

### 2. The AI Growth Engine
AI is currently the most significant driver for Cisco.

  • AI Orders: The company took $2.1 billion in AI infrastructure orders from hyperscalers (like Amazon, Google, Meta) in Q2 alone.
  • Raised Targets: Cisco now expects total AI orders to exceed $5 billion for FY2026.
  • New Silicon: They recently unveiled the Silicon One G300 chip, designed specifically for massive AI clusters, positioning them as a direct competitor to Broadcom in the high-end networking space.

### 3. Strategic Shift: Cybersecurity & Splunk
Cisco is aggressively moving toward a software-subscription model to reduce “lumpy” hardware revenue.

  • Splunk Integration: Following its $28 billion acquisition, Splunk is being deeply integrated. Security is now viewed as a “native function” of the network rather than an add-on.
  • Recurring Revenue: Annual Recurring Revenue (ARR) has reached $31.4 billion, with software and services now making up a significant portion of the business.
  • Backlog (RPO): Cisco has a massive backlog of $43.4 billion in Remaining Performance Obligations, providing high visibility for future revenue.

### 4. Valuation and Dividends
For income-focused investors, Cisco remains a “Dividend Aristocrat” in the making:

  • Dividend: Recently increased to $0.42 per quarter (approx. 2.2% yield).
  • Capital Returns: The company returned $3 billion to shareholders last quarter ($1.6B dividends, $1.4B buybacks) and still has $10.8 billion authorized for further buybacks.
  • P/E Ratio: Currently trades at a forward P/E of roughly 25x–27x, which is slightly below the sector median, leading many analysts to view it as undervalued relative to its AI growth potential.

### 5. Analyst Outlook

  • Consensus: Most analysts hold a “Moderate Buy” rating.
  • Price Targets: Average targets range between $89 and $96, suggesting a potential upside of 15% to 24% from current levels.
  • Key Risks: Watch for margin pressure from rising component costs (like memory) and the speed of enterprise AI adoption beyond just the giant “hyperscalers.”

Summary for Investors: Cisco is no longer just “the router company.” It is a massive play on the plumbing required to run AI models and the security required to protect them. The current valuation reflects a transition phase that may offer a more conservative entry point into the AI trade compared to high-flyers like Nvidia.

Atlassian

Posted on | by Leon Hinde | Leave a Comment on Atlassian

Atlassian Corporation – Class A Common is currently exhibiting a “bottom bounce” technical pattern, with recent volume support helping the stock stabilise after falling nearly 48% year-to-date and 84% from its all-time high.

The trading volume for Atlassian (TEAM) has seen significant increases since January, characterized by three primary waves of activity linked to earnings milestones, institutional conferences, and a broader sector rotation.

### 1. February Earnings Spike (The Primary Surge)
The most substantial increase in volume occurred in early February following the company’s Q2 fiscal 2026 earnings report on February 5.

  • Volume Peak: Trading reached approximately 14 million shares on February 6, nearly double the session volume of the preceding days and significantly higher than the ~3 million daily average seen in early January.
  • Driver: While Atlassian surpassed $1 billion in quarterly Cloud revenue for the first time, high GAAP operating losses (driven by share-based compensation) led to a sharp -6.3% price dip, triggering high-volume sell-offs and re-positioning.

### 2. March “Relief Rally” & Conference Surge
A second wave of elevated volume occurred in the first week of March, specifically around March 5.

  • Volume Spike: The stock saw a high-volume session of 12.19 million shares as it jumped +7.4% in a single day.
  • Driver:

* Morgan Stanley TMT Conference: Management presented on March 5, highlighting their AI product (Rovo) and its 5 million monthly active users.
* Sector Rotation: A broader “relief rally” swept the software sector as investors rotated back into beaten-down SaaS names, leading to high turnover in TEAM.

### 3. Overall Trend Comparison
The average daily volume (ADV) has shifted higher throughout the quarter:

  • Early January: ~3.0M – 4.5M shares per day.
  • February Average: Elevated by volatility, often hitting 8M+ on high-activity days.
  • March Status: Currently averaging between 7.0M and 7.5M shares, indicating a sustained increase in market interest as the stock tests multi-year lows.

### Summary of Drivers

Institutional Flows: Large-scale positioning updates from firms like Morgan Stanley and DNB Asset Management (which grew its stake by 266% recently) have contributed to the increased liquidity and trade frequency since the start of the year.

AI Narrative Shift: Market sentiment transitioned from “AI fears” (concerns that AI would disrupt software) to “AI adoption” (viewing Rovo as a monetization catalyst).

Boeing

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Boeing Company (The) Common is under Algo Engine buy conditions.

Based on the latest fundamental data for Boeing (BA.NYS), the outlook for EPS growth is characterized by a significant projected recovery following recent challenges.

EPS Growth Outlook

  • Significant Forward Growth: Analysts are projecting a substantial jump in earnings. The EPS Current Year stands at 0.3863, while the EPS Forward estimate is 4.7037. This indicates a massive expected rebound in profitability over the next 12 months.
  • Trailing Performance: The EPS for the Trailing Twelve Months (TTM) is 2.48, suggesting that while the company has returned to positive territory, the next year is expected to see a more aggressive acceleration in earnings.

Valuation Metrics

Forward P/E Ratio: 45.52. This suggests that while the stock is trading at a high multiple of expected earnings, investors are pricing in the transition from a recovery phase back to normalized operations.

Inner Circle: Member Only Content

Posted on | by Leon Hinde | Leave a Comment on Inner Circle: Member Only Content

Oracle Announces Fiscal Year 2026 Second Quarter Financial Results

December 10, 2025

    • Q2 Remaining Performance Obligations $523 billion, up 438% in USD
    • Q2 GAAP Earnings per Share up 91% to $2.10, Non-GAAP Earnings per Share up 54% to $2.26
    • Q2 Total Revenue $16.1 billion, up 14% in USD and up 13% in constant currency
    • Q2 Cloud Revenue (IaaS plus SaaS) $8.0 billion, up 34% in USD and up 33% in constant currency
    • Q2 Cloud Infrastructure (IaaS) Revenue $4.1 billion, up 68% in USD and up 66% in constant currency
    • Q2 Cloud Application (SaaS) Revenue $3.9 billion, up 11% in both USD and constant currency
    • Q2 Fusion Cloud ERP (SaaS) Revenue $1.1 billion, up 18% in USD and up 17% in constant currency
    • Q2 NetSuite Cloud ERP (SaaS) Revenue $1.0 billion, up 13% in both USD and constant currency

    AUSTIN, Texas, Dec. 10, 2025 /PRNewswire/ — Oracle Corporation (NYSE: ORCL) today announced fiscal 2026 Q2 results. Total Remaining Performance Obligations were up 438% year-over-year in USD to $523 billion. Total quarterly revenues were up 14% in USD, and up 13% in constant currency to $16.1 billion. Cloud revenues were up 34% in USD, and up 33% in constant currency to $8.0 billion. Software revenues were down 3% in USD, and down 5% in constant currency to $5.9 billion.

    Q2 GAAP operating income was $4.7 billion. Non-GAAP operating income was $6.7 billion, up 10% year-over-year in USD and up 8% in constant currency. GAAP net income was $6.1 billion. Non-GAAP net income was $6.6 billion, up 57% in USD and up 54% in constant currency. Q2 GAAP earnings per share was $2.10, up 91% in USD and up 86% in constant currency. Non-GAAP earnings per share was $2.26, up 54% in USD and up 51% in constant currency.

    Short-term deferred revenues were $9.9 billion. Over the last twelve months, operating cash flow was $22.3 billion, up 10% in USD.

    “Remaining Performance Obligations (RPO) increased by $68 billion in Q2—up 15% sequentially to $523 billion—highlighted by new commitments from Meta, NVIDIA, and others,” said Oracle Principal Financial Officer, Doug Kehring. “Q2 GAAP earnings per share was up 91% to $2.10, and non-GAAP earnings per share was up 54% to $2.26. Our GAAP and non-GAAP earnings per share were both positively impacted by a $2.7 billion pre-tax gain in the sale of Oracle’s  interest in our Ampere chip company.”

    “Oracle sold Ampere because we no longer think it is strategic for us to continue designing, manufacturing and using our own chips in our cloud datacenters,” said Oracle Chairman and CTO, Larry Ellison. “We are now committed to a policy of chip neutrality where we work closely with all our CPU and GPU suppliers. Of course, we will continue to buy the latest GPUs from NVIDIA, but we need to be prepared and able to deploy whatever chips our customers want to buy. There are going to be a lot of changes in AI technology over the next few years and we must remain agile in response to those changes.”

    “Oracle is very good at building and running high-performance and cost-efficient cloud datacenters,” said Oracle CEO, Clay Magouyrk. “For years Oracle has been investing in AI and building autonomous cloud software. Oracle’s Autonomous Database and Autonomous Linux have been key to reducing human labor and human error in our datacenters. Because our datacenters are highly automated, we can build and run more of them. Oracle has over 211 live and planned regions worldwide—more than any of our cloud competitors. We are more than halfway through building 72 Oracle Multicloud datacenters to be embedded throughout the Amazon, Google and Microsoft clouds. We are committed to Cloud Neutrality because we believe that our customers should be able to run their Oracle databases in any cloud they choose. That strategy is definitely paying off. Our Multicloud database business is our fastest growing business—up 817% in Q2.”

    “AI Training and selling AI Models are very big businesses,” said Oracle CEO, Mike Sicilia. “But we think there is an even larger opportunity—embedding AI in a variety of different products. Oracle is in a unique position to embed AI in all three layers of our software products: our Cloud Datacenter software, our Autonomous Database and Analytic software, and our Applications software. All three of these Oracle software businesses are already big—AI will make them all better and bigger. AI allows us to automate complex multistep processes that were impossible to automate before AI. AI is enabling us to automate loan origination and risk quantification for banks and their customers. AI is enabling us to help doctors diagnose and care for their patients and manage the reimbursement process between healthcare providers and payers. All of the top five AI Models are in the Oracle Cloud. We have huge advantages over our applications competitors.”

    The board of directors declared a quarterly cash dividend of $0.50 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on January 9, 2026, with a payment date of January 23, 2026.

    Zscaler

    Posted on | by Leon Hinde | Leave a Comment on Zscaler

    Zscaler, Inc. – Common: Buy on a price move above the 10-day average.

    First quarter 2026 earnings: EPS and revenues exceed analyst expectations

    First quarter 2026 results:

    • US$0.073 loss per share (improved from US$0.079 loss in 1Q 2025).
    • Revenue: US$788.1m (up 26% from 1Q 2025).
    • Net loss: US$11.6m (loss narrowed 3.6% from 1Q 2025).

    Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 37%.

    Revenue is forecast to grow 16% p.a. on average during the next 3 years.

    Zscaler

    Posted on | by Leon Hinde | Leave a Comment on Zscaler

    Zscaler, Inc. – Common

    First quarter 2026 earnings: EPS and revenues exceed analyst expectations

    First quarter 2026 results:

    • US$0.073 loss per share (improved from US$0.079 loss in 1Q 2025).
    • Revenue: US$788.1m (up 26% from 1Q 2025).
    • Net loss: US$11.6m (loss narrowed 3.6% from 1Q 2025).

    Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 37%.

    Revenue is forecast to grow 16% p.a. on average during the next 3 years.

    Zoom

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    ASX:ZM

    Third quarter 2026 earnings: EPS and revenues exceed analyst expectations

    Third quarter 2026 results:

    • EPS: US$2.05 (up from US$0.67 in 3Q 2025).
    • Revenue: US$1.23b (up 4.4% from 3Q 2025).
    • Net income: US$612.9m (up 196% from 3Q 2025).
    • Profit margin: 50% (up from 18% in 3Q 2025).

    Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 148%

    Alibaba

    Posted on | by Leon Hinde | Leave a Comment on Alibaba

    NAS:BABA

    Second quarter 2026 results:

    • EPS: CN¥9.05 (down from CN¥18.71 in 2Q 2025).
    • Revenue: CN¥247.8b (up 4.8% from 2Q 2025).
    • Net income: CN¥21.0b (down 52% from 2Q 2025).
    • Profit margin: 8.5% (down from 19% in 2Q 2025). The decrease in margin was driven by higher expenses.

    Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates significantly.

    Revenue is forecast to grow 8.4% p.a. on average during the next 3 years.

    Ai Coins: Special Review

    Posted on | by Leon Hinde | Leave a Comment on Ai Coins: Special Review

    1. NEAR Protocol (NEAR)

    • Purpose: NEAR is a decentralized application (dApp) platform designed to make blockchain-based apps user-friendly.
    • AI Relevance: NEAR supports AI integration for scalable and efficient dApps, enabling machine learning and data-driven applications in decentralized environments.

    2. Artificial Superintelligence Alliance (FET)

    • Purpose: The Fetch.ai (FET) platform focuses on creating decentralized AI solutions using blockchain for automation and optimization.
    • AI Relevance: Fetch.ai enables autonomous agents powered by AI to perform tasks like supply chain optimization, smart city infrastructure, and decentralized marketplaces.

    3. BitTensor (TAO)

    • Purpose: BitTensor is a decentralized machine learning network where users can share and trade AI models.
    • AI Relevance: It incentivizes AI developers to contribute and improve the network’s collective intelligence through a blockchain-based token economy.

    4. Render (RNDR)

    • Purpose: Render is a decentralized GPU rendering network that provides computational power for graphics and AI workloads.
    • AI Relevance: It supports rendering AI-driven visualizations and simulations by enabling access to GPU resources on the blockchain.

    5. The Graph (GRT)

    • Purpose: The Graph is an indexing protocol that enables efficient querying of blockchain data.
    • AI Relevance: Its indexing services are used by AI and machine learning projects to quickly retrieve structured blockchain data for training and analytics.

    6. Virtuals Protocol (VIRTUAL)

    • Purpose: Virtuals Protocol is focused on decentralized metaverse and AI technologies.
    • AI Relevance: It provides AI-powered tools to enhance virtual environments, including digital identities and autonomous avatars.

    7. AIOZ Network (AIOZ)

    • Purpose: AIOZ is a decentralized content delivery network (CDN) that leverages blockchain for efficient media delivery.
    • AI Relevance: AI is used within the network to optimize content distribution and enhance streaming quality for end-users.

    8. Akash Network (AKT)

    • Purpose: Akash Network is a decentralized cloud computing platform that offers flexible and cost-effective computation.
    • AI Relevance: It provides infrastructure for running AI workloads, machine learning models, and other resource-intensive processes.

    9. Grass (GRASS)

    • Purpose: Grass focuses on decentralized AI services, offering solutions for digital resource management and automation.
    • AI Relevance: It supports the deployment and monetization of AI algorithms and tools for various applications like agriculture and automation.

    10. Arkham (ARKM)

    • Purpose: Arkham is a blockchain intelligence platform that specializes in on-chain data analytics.
    • AI Relevance: It uses AI to track and analyze blockchain transactions, providing insights into market movements and financial patterns.

    These projects represent a convergence of AI and blockchain technologies, addressing a variety of use cases, from decentralized computing to AI-powered analytics and automation. Let me know if you’d like a deeper dive into any specific coin!

    Best Overall Technology

    If we consider AI-specific technology, BitTensor (TAO) stands out for its unique approach to incentivized AI model collaboration, which is foundational for decentralized AI ecosystems.

    For general-purpose AI and blockchain integration, Fetch.ai (FET) leads with its versatility and real-world use cases.

    For infrastructure and scalability, Akash Network (AKT) and NEAR Protocol (NEAR) are highly robust, depending on whether you prioritize computing or dApp development.

    Key Insights from the Table

    BitTensor (TAO): $4.79 billion.

    24-Hour Trading Volume: A high trading volume indicates strong investor activity.

    Fetch.ai (FET): $1.387 billion (highest trading volume among the coins in the list).

    NEAR Protocol (NEAR): $853 million (second-highest).

    Virtuals Protocol (VIRTUAL): $454 million.

    7-Day Price Change: Significant price gains over 7 days indicate growing investor demand.

    Virtuals Protocol (VIRTUAL): 178.9% (largest 7-day gain).

    AIOZ Network (AIOZ): 34.6%.

    Grass (GRASS): 46.5%.

    Market Cap: Higher market caps suggest established projects with significant investor backing.

    NEAR Protocol (NEAR): $8.4 billion (largest market cap in the list).

    Fetch.ai (FET): $4.9 billion.