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Date : 23/09/2021

3 Top Performing ASX Large Cap Stocks Of September 2021

Top 3 ASX Large Caps Stocks To Look For In September 2021

The ASX 200 added 73.30 points or 1% to 7,370.20 on Thursday. This extends gains for the third consecutive session as easing fears of China Evergrande’s brush with default. Consequently, a better market sentiment led to a rebound in Iron ore prices which pushed mining companies higher.

On the data front, preliminary PMI readings earlier today revealed manufacturing rising to a three-month high. Conversely, services contracted for the third consecutive month amid ongoing mobility restrictions and protracted periods of lockdown in many parts of the country.

Our List of 3 Best Performing ASX Small Caps Stocks to Buy in September 2021

As the broad market rebounded today, it might be the right time to jump on the bandwagon and load up on these three promising small caps:

AusNet Services Ltd (ASX: AST)

The AusNet share price surged 2.38% into the green throughout the day on Thursday. AusNet shares have been on a wild ride over the last week. This happened after a bidding war started over the company and its assets.

AusNet’s share price has been on lift-off on Monday. Hence, the asset manager Brookfield made a non-binding offer to acquire the energy distributor for $2.50 per share. At the time, the offer represented a 26% premium to AST’s closing price from the end of last week.

Meanwhile, electricity giant APA stepped into the ring. APA upped the ante by putting down a $2.60 per share offer for the takeover. However, AusNet had already entered a period of exclusivity with Brookfield. It means that AST can’t consider APA’s offer for now. AusNet would wait until the due diligence period of 8 weeks is done.

At the time of writing, the AusNet share price is trading near APA’s offer of $2.6 per share. AST closed the day at $2.58.

Wisetech Global Ltd (ASX: WTC)

One of the hot tech stocks of the moment is WiseTech. WTC is the leading global provider of cloud-based software solutions for the international and domestic logistics industries. Its leading product, CargoWise One, provides a comprehensive, end-to-end global logistics solution.

The share price of WiseTech has been skyrocketing recently. Shares in the logistics software developer have risen to about 50% in just 20 days. WTC is now up to almost 80% so far this year.

Let’s look at some of the factors that are driving WiseTech big returns.

WTC reported strong results across the board. Total revenues coming in at $507.5 million – an uplift of 18% year-on-year. The EBITDA came in at $206.7 million for the year. This was a year-on-year increase of over 60%, and easily exceeded WiseTech’s guidance which ranged from $165 to $190 million. The unexpectedly high uplift was driven by the company-wide cost-saving initiatives. This helped WTC to deliver $22 million in gross cost reductions during the year.

Looking forward, WiseTech is just as bullish about its prospects for FY22. The company forecasts annual revenue growth of 18% to 25%. At the time of writing, the WiseTech share price is trading at its all-time high at $54.34.

AGL Energy Limited (ASX: AGL)

AGL Energy is one of Australia’s oldest energy providers. AGL has been at the forefront of energy supply since its beginnings as Australia’s first gas company in 1837. The power company is a major participant in the gas and electricity wholesale and retail markets. AGL diverse portfolio spans from traditional thermal power generation to renewable sources including hydro, wind, solar and landfill gas.

The AGL share price might finally be catching a break as brokers and analysts upgraded the beaten-down ASX shares to “buy”. AGL share price surged by 6.2% to $6.03 in after lunch trade today.

What is moving AGL share price? Well, AGL is looking to split the company to separate the carbon polluting plants from its energy retail business. Consequently, the market has given the strategy the thumbs down. Hence, investors were not convinced in an entity that only holds coal power generation assets. This explains why the AGL share price has shed around 60% of its value over the past year.

However, in the last few days, AGL gained interest from analysts who reckon a possible buy opportunity of the embattled AGL share price. This is despite analysts are acknowledging that few investors would be keen on AGL’s Accel Energy spin-off that houses the climate-damaging assets. Therefore, the value really lies in the energy retailing business that will continue to operate under AGL.

The estimated total value of AGL Australia is estimated at $4 billion which equates to $5.96 per share. We expect AGL to generate $450 to $500 million of free cash flow annually. Assuming a 75% payout, we can anticipate a dividend of 16 cents per share by FY24.

AGL exhibits attractive valuation and takeover appeal. This could convince the market to consider AGL and reverse this stock multi-year bearish trend.

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