Australia to Shorten IPO Process by a Week to Attract Listings

The Australian Securities Investment Commission will begin testing a more streamlined process for local initial public offerings to encourage more companies to list in the country.
The trial, which begins today, should shave a week off the IPO process — from about 20 weeks now — by having the corporate watchdog review documents earlier, ASIC said in a statement. Only companies that will have a market value of over A$100 million ($65 million) will be eligible to participate in the pilot.

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29 minutes ago

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Sunrun Stock (RUN) Plummets 40% as U.S. Senate Targets Solar Credits

The solar sector is reeling after the release of the Senate Finance Committee's proposed tax-and-spending bill, which targets renewable energy sources. Sunrun (RUN), a major player in residential solar, was particularly vulnerable to the news, shedding almost 40% of its valuation in the past week. Having traded as high as $13.20 per share in late May, the stock is now languishing at ~$6 following this week's news. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter In my view, the proposed incentive cuts pose a significant threat to Sunrun's viability, particularly given its ongoing inability to generate profits despite these benefits being in place. Without that financial support, a turnaround seems even less likely, leaving me firmly bearish on the stock. For those unfamiliar, Sunrun primarily operates under a third-party ownership (TPO) model. Instead of homeowners purchasing solar systems outright, Sunrun installs and owns the panels, allowing customers to either lease the system for a monthly fee or pay for the electricity it generates at a fixed rate. This model has gained popularity because it enables homeowners to adopt solar with little to no upfront cost. Thanks to the Inflation Reduction Act (IRA), which extended and enhanced the federal Investment Tax Credit (ITC), Sunrun, as the system owner, can claim a tax credit typically worth 30% of the system's cost. This significantly lowers installation expenses and enables Sunrun to pass those savings on to customers, making the model more financially appealing. The Senate Finance Committee has recently proposed eliminating solar tax credits in favor of supporting other energy sectors, such as geothermal, nuclear, and hydropower. If passed, this legislation would require Sunrun to absorb the full cost of its solar systems, which would inevitably be passed on to customers. The result would be a significant squeeze on margins and an acceleration of the company's ongoing cash burn. Senate Republicans are reportedly aiming to pass the bill before the July 4th holiday. Upon closer examination, this appears to mark a broader shift in U.S. energy policy away from residential solar and wind. The market has already begun to react, with notable declines in Sunrun's peers, including Enphase Energy (ENPH) and SolarEdge Technologies (SEDG), underscoring the potential sector-wide impact. There's still hope for solar advocates. The proposed bill faces strong resistance from Democrats, particularly from the original architects of the clean energy tax credits included in the Inflation Reduction Act. The clean energy industry is also mounting an aggressive lobbying effort, warning of potential job losses and higher energy costs. And while the bill is led by the GOP, not all Republicans are aligned in support. The legislation still has a long way to go. It narrowly passed the House in May with a 215–214 vote, and the Senate draft was just introduced on June 16. While the Senate version includes more extended phase-out periods for some clean energy incentives, it still calls for the elimination of Section 48E credits, which are key to residential solar leases. A Senate vote is expected soon, and if proponents can secure a simple majority, the bill could advance to President Trump's desk. For context, the current Senate makeup is 53 Republicans, 45 Democrats, and two Independents. In the near term, Sunrun could experience a temporary boost in demand as customers rush to take advantage of tax credits before they're phased out. However, expectations for 2026 and beyond point to a sharp and sustained decline in demand. A closer look at Sunrun's financials reveals troubling signs. The company has consistently reported negative operating cash flow, with a loss of over $100 million in Q1 2025 and nearly $800 million in total for 2024, highlighting the financial pressure it faces even before potential incentive cuts take effect. Meanwhile, Sunrun, in its pursuit of growth opportunities, is becoming increasingly leveraged, increasing its risk profile should things take a turn for the worse. Moving forward, ongoing tariff pressures and the disappearance of incentive credits spell long-term trouble for solar installers. Analyst sentiment on Sunrun (RUN) stock is mixed. The stock carries a consensus Hold rating, based on seven Buy, six Hold, and four Sell ratings over the past three months. Despite the cautious stance, RUN's average price target of $10.44 suggests significant upside potential—about 70% from current levels. Mizuho analyst Maheep Mandloi has a Buy (Outperform) rating on RUN with a price target of $16. He notes that the House's 'One Big Beautiful Bill' won't derail grandfathered credits until 2028. He also believes that demand for renewable energy will remain high without government incentives because it is 'still the cheapest option.' However, not everyone shares Mandloi's bullish outlook. Jefferies analyst Julien Dumoulin Smith downgraded RUN to Sell (Underperform) with a price target of $5. Due to the same legislation, Smith notes that Sunrun is exposed to 'both near- and long-term headwinds.' He believes that the market is underestimating 'how consequential the 'One Big Beautiful Bill Act' is uniquely on residential solar.' The so-called 'One Big Beautiful Bill' poses a major threat to solar companies like Sunrun. The company's growth has heavily relied on tax credits tied to third-party ownership (TPO) systems. Even with those incentives, Sunrun has struggled to achieve consistent profitability. Without them, serious doubts emerge about its ability to maintain its current business model. If the bill passes, Sunrun—and others in the space—will likely be forced to pivot toward new strategies or market segments. That said, the bill could still fail, or be amended in ways that lessen the impact on Sunrun. Additionally, the proposed phase-out period provides a window for the company to adjust. From my perspective, I'd prefer to stay on the sidelines until there is more regulatory clarity. Disclaimer & DisclosureReport an Issue Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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34 minutes ago

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A Look At The Fair Value Of P.A. Resources Berhad (KLSE:PA)

Using the Dividend Discount Model, P.A. Resources Berhad fair value estimate is RM0.18 Current share price of RM0.18 suggests P.A. Resources Berhad is potentially trading close to its fair value Industry average of 78% suggests P.A. Resources Berhad's peers are currently trading at a higher premium to fair value Today we'll do a simple run through of a valuation method used to estimate the attractiveness of P.A. Resources Berhad (KLSE:PA) as an investment opportunity by taking the forecast future cash flows of the company and discounting them back to today's value. We will take advantage of the Discounted Cash Flow (DCF) model for this purpose. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine. Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. As P.A. Resources Berhad operates in the metals and mining sector, we need to calculate the intrinsic value slightly differently. Instead of using free cash flows, which are hard to estimate and often not reported by analysts in this industry, dividends per share (DPS) payments are used. Unless a company pays out the majority of its FCF as a dividend, this method will typically underestimate the value of the stock. The 'Gordon Growth Model' is used, which simply assumes that dividend payments will continue to increase at a sustainable growth rate forever. For a number of reasons a very conservative growth rate is used that cannot exceed that of a company's Gross Domestic Product (GDP). In this case we used the 5-year average of the 10-year government bond yield (3.6%). The expected dividend per share is then discounted to today's value at a cost of equity of 9.3%. Relative to the current share price of RM0.2, the company appears around fair value at the time of writing. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out. Value Per Share = Expected Dividend Per Share / (Discount Rate - Perpetual Growth Rate) = RM0.01 / (9.3% – 3.6%) = RM0.2 Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows. If you don't agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at P.A. Resources Berhad as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 9.3%, which is based on a levered beta of 0.956. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. Check out our latest analysis for P.A. Resources Berhad Strength Debt is well covered by earnings. Weakness Earnings declined over the past year. Dividend is low compared to the top 25% of dividend payers in the Metals and Mining market. Current share price is above our estimate of fair value. Opportunity PA's financial characteristics indicate limited near-term opportunities for shareholders. Lack of analyst coverage makes it difficult to determine PA's earnings prospects. Threat Debt is not well covered by operating cash flow. Paying a dividend but company has no free cash flows. Although the valuation of a company is important, it is only one of many factors that you need to assess for a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. For P.A. Resources Berhad, we've compiled three important aspects you should consider: Risks: We feel that you should assess the 2 warning signs for P.A. Resources Berhad we've flagged before making an investment in the company. Other Solid Businesses: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered! Other Top Analyst Picks: Interested to see what the analysts are thinking? Take a look at our interactive list of analysts' top stock picks to find out what they feel might have an attractive future outlook! PS. Simply Wall St updates its DCF calculation for every Malaysian stock every day, so if you want to find the intrinsic value of any other stock just search here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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5 Ways to Invest $5,000 for Long-Term Financial Security

Written by Puja Tayal at The Motley Fool Canada Financial security is about having enough money to withstand expected financial situations. There are multiple elements in financial security. You can buy life, car, home, and medical insurance for contingencies. You can build an emergency fund for unexpected events. But what about securing your finances from inflation? A financial security portfolio should cater to five things, and these instruments will help you with that. You can start investing $1,000 each in two income-generating stocks that grow their dividends annually by 3% and offer a dividend-reinvestment plan (DRIP). CT REIT (TSX: gives you dividends from rental income paid by Canadian Tire for its retail stores. The real estate investment trust (REIT) has the advantage of first choice to develop and buy stores for the retailer. It has been growing its dividend annually every July for the last 12 years and can continue to do so. A $1,000 investment today can buy 63 units of CT REIT, which will pay dividends of $59.7 in a year. This amount may look small, but if you opt for DRIP, the dividend amount will be used to buy more income-paying units and compound your income in the long term. Year CT REIT Stock Price Stocks Purchased Total Share Count Annual Dividend Per Share Annual Dividend Income Total Investment 2025 $14.51 134 1185 $0.8982 $1,064.78 2024 $14.77 124 1051 $0.8982 $944.42 $1,944.42 2023 $16 106 927 $0.8982 $832.95 $1,832.95 2022 $16.94 94 821 $0.854 $700.82 $1,700.82 2021 $15.69 96 727 $0.821 $596.85 $1,596.85 2020 $16 88 631 $0.793 $500.31 $1,500.31 2019 $12.94 111 543 $0.757 $411.14 $1,411.14 2018 $14.36 86 432 $1.000 $432.28 $1,432.28 2017 $14.92 79 346 $0.700 $242.04 $1,242.04 2016 $12.71 88 267 $0.680 $181.31 $1,181.31 2015 $11.9 89 179 $0.663 $118.42 $1,118.42 2014 $11.15 90 90 $0.650 $58.30 $1,058.30 If you invested $1,000 on January 1 for the last 12 years, your $1,000 investment plus the dividend earned will help you accumulate around 1,185 units by 2025. These units would pay over $1,000 a year. TC Energy (TSX:TRP) is another income-paying stock that gives quarterly dividends from the toll money it collects for transmitting natural gas through its pipelines. It has a history of paying and growing dividends for the last 25 years. Last year, the company split its gas and oil pipeline business. As per the management's long-term target, it plans to grow its dividend by 3-5% annually. The dividend will keep growing as Canada exports most of its natural gas to the United States and is looking to export to other countries. The benefit of DRIP is that you can compound your income when your finances are strong and pause it to take monthly and quarterly payouts at times of need. Once things are fine, you can resume DRIP. goeasy (TSX:GSY) can grow your money and income. The company is involved in non-prime lending and earns regular cash flow from charging higher interest on loans. It passes on some of this cash flow to shareholders through dividends. The company is growing by offering different types of loans — auto and point-of-sale loans — through online and offline modes. As the loan portfolio increases, its share price increases. However, if the credit risk also increases, the share price remains flat, as in the current economic environment. Now is a good time to buy goeasy stock and lock in a 3.74% yield, and a recovery rally when the economy revives. Note that goeasy does not offer DRIP but grows its dividend by strong double digits. The above stocks can fall in an economic crisis. At such times, you need defensive stocks. Consider investing $500 each in a gold and technology ETF. Gold prices rise when the value of paper currency falls, thereby balancing any dips in other stocks with a sharp rally. In contrast, technology stocks tend to generate high growth during cyclical trends. The iShares Gold Bullion ETF and the iShares S&P/TSX Capped Information Tech Idx ETF can help hedge your portfolio against economic crisis and boost growth in cyclical trends. The post 5 Ways to Invest $5,000 for Long-Term Financial Security appeared first on The Motley Fool Canada. More reading Made in Canada: 5 Homegrown Stocks Ready for the 'Buy Local' Revolution [PREMIUM PICKS] Market Volatility Toolkit Best Canadian Stocks to Buy in 2025 Beginner Investors: 4 Top Canadian Stocks to Buy for 2025 5 Years From Now, You'll Probably Wish You Grabbed These Stocks Subscribe to Motley Fool Canada on YouTube Fool contributor Puja Tayal has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data