2 stocks that moved up on ASX – G8 Education Ltd and Western Areas Ltd
Positive outlook boosted the stock sentiment: G8 Education Ltd (ASX: GEM) stock rallied over 3.5% on May 30, 2017driven by the recent positive outlook. GEM expects to generate an underlying EBIT of mid-to-high $170’s million for FY17 despite pressure in occupancy levels. The group has been increasing prices as well as is focused on their costs to offset the occupancy pressure. The group also reported that their EBIT and margins are tracking ahead of schedule. GEM is positive on reducing the gearing (Net Debt/EBITDA) from 2.2 times to 1.1 times (through the recent capital raising), in order to have an improved balance sheet flexibility to pursue growth plans. The group’s launch of the “Jobs for Families” childcare package would enable to achieve a more affordable and accessible child care.
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