The State of the Deal and Deloitte Queensland Index - March 2021 - Queensland Index Exceeds $100 billion
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The State of the Deal and Deloitte Queensland Index March 2021 – Queensland Index Exceeds $100 billion
THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion Contents Executive Summary 1 Then & Now – Investment Landscape 3 Then & Now – Deloitte Queensland Index 4 Queensland Economic Update 7 The Deloitte Queensland Index Q1 2021 8 Contacts 11 Sources 12 ii
THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion
Executive Summary
Following the significant rebound in the second half of 2020, companies in the Deloitte Queensland Index exceeded
$100 billion at 31 March 2021, the highest month end market capitalisation on record for the State.
Deloitte Queensland Index S&P/ASX All Ordinaries Companies in the Deloitte
return in Q1 2021 return in Q1 2021 Queensland Index
3.5% 2.4% 169 at 31 March 2021
10.6% in Q4 2020 14.0% in Q4 2020 173 at 31 December 2020
90 companies increased
Market capitalisation as at Mar-21 market capitalisation (53%)
66 companies decreased market
$101.6b capitalisation (39%)
12 no movement (7%)
$97.2b as at Dec-20 $18.5b as at Sep-02
5 delistings
1 listing (1%)
Announced QLD M&A Disclosed value of announced
transactions in Q1 2021 QLD M&A transactions in Q1 2021
64 $1.9b
92 in Q4 2020 $3.3b in Q4 2020
1
THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion
The Deloitte Queensland Index increased by 3.5% in Q1 2021 Queensland M&A more broadly remains strong with
with total market capitalisation increasing to $101.6b at 64 transactions announced in Q1 2021 including:
Mar-21, the highest month end value on record for the State. The
increase in Q1 2021 was largely supported by: • the acquisition of an interest in Culture Kings (a privately
owned, Queensland based streetwear retailer) by US based
• reduced levels of loan deferrals and positive performance a.k.a brands (terms undisclosed)
announcements in the Financials sector • the acquisition of Neto E-commerce Solutions Pty Ltd (a
• positive investor sentiment regarding demand for lithium Queensland based eCommerce platform provider offering
based products B2B clients an integrated solution to point-of-sale, inventory
• continued recovery in travel and entertainment as domestic management and order management) by Maropost Inc.
travel restrictions and customer limits ease. for $60m
• the acquisition of GlobalX Information Services Pty Ltd (a
M&A transactions for Queensland listed companies also Queensland based technology company specialising in the
contributed to the significant increase, including Bank of provision of support services for law firms, financial institutions
Queensland's acquisition of Members Equity Bank for $1.3b. and government bodies) by Dye & Durham Limited for $170m
Bank of Queensland announced that it expected the transaction
• the acquisition of RedHill Education Limited (a private tertiary
to deliver material scale, nearly doubling the size of the retail
education provider focused on attracting international
bank and providing geographical diversification.
students seeking student-travel opportunities in Australia) by
Queensland based iCollege Limited for $73m.
2
THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion
Then & Now – Investment Landscape
Queensland: the place to be. With the State attracting greater population growth compared to the national average,
Queensland is accounting for a larger portion of Australia's output and is attracting increased investment interest with more
listed companies setting up in Queensland.
Population growth (from 2002 to 2020) Cash rate target Business lending Consumer Price Index*
growth (from 2002 to 2020)
41.0% 31.4% 2002 2002
QLD Australia 4.75% 1.00
(to 5.2m) (to 25.7m) 166.1%
2020 to $990.6b 2020
0.10% 1.56
Queensland retail
Queensland as a share turnover growth** Unemployment rate
of Australian output from 2002 to 2020
2002
2002
7.50%
17.20% 89.0%
to $70.1b 2020
2020
7.10%
18.70%
Source:
Wages 1. ABS for the Population growth, Consumer Price Index
2. RBA for the Cash rate target, Business lending
3. Deloitte Access Economics Business Outlook, March Quarter 2021
Average Weekly Earnings $ Wage Price Index for the retail turnover, Queensland as a share of Australian output,
unemployment rate, average weekly earnings, wage price index
2002 2020 2002 2020
* (All Groups Australia) (Dec 2001 =1)
652 1252 77 134 ** (Constant price ($m))
3
THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion
Then & Now – Deloitte Queensland Index
The Deloitte Queensland Index, since inception in Sep-02, has outperformed most major global indices and weathered the
storm of the GFC and COVID-19 outbreak.
Deloitte Queensland Index versus Major Indices
5.0
4.5
Base = 1 as at 30 Sep 2002
4.0
3.5
3.0
2.5
2.0
1.5
1.0
GFC COVID
0.5
0.0
Sep-20
Sep-18
Sep-19
Mar-21
Sep-17
Mar-20
Sep-15
Sep-16
Mar-18
Mar-19
Mar-17
Sep-13
Sep-14
Sep-12
Mar-15
Mar-16
Sep-10
Sep-11
Mar-13
Mar-14
Sep-09
Mar-12
Sep-07
Sep-08
Mar-10
Mar-11
Sep-05
Sep-06
Mar-09
Sep-02
Sep-03
Sep-04
Mar-07
Mar-08
Mar-05
Mar-06
Mar-03
Mar-04
Dow Jones IA Nikkei 225 FTSE 100 Hang Seng S&P/ASX All Ordinaries Deloitte Queensland Index
4
THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion
Market capitalisation of the Deloitte Queensland Index exceeded $100b at Mar-21, more than 5 times that at inception in
Sep-02. Significant growth across TMT, Energy & Resources and Industrials sectors, largely from new listings, has seen the
Index composition shift away from the Consumer and Financial sectors.
Companies with more than $100m market
Companies in Deloitte Queensland Index
capitalisation in Deloitte Queensland Index
Sep-02 Mar-21 Sep-02 Mar-21
122 169 companies 25 73 companies
$18.5b $101.6b market cap $16.2b $97.8b market cap
Market capitalisation ($b) Listed companies (#)
Deloitte Queensland Index Sector Composition (%)
Sep-02 Mar-21 Change Sep-02 Mar-21 Change Major contributors:
Financials 6.8 22.4 15.6 11 10 (1) NEXTDC,
Technology One,
Industrials 1.6 17.7 16.1 12 27 15 Megaport, Data#3.
4.9
1.9
Mar 2021
Consumer 6.3 29.7 23.4 25 23 (2)
11.3 2.2
Health 0.3 1.9 1.6 9 16 7 1.9 29.2
3.6
2.9 Consumer
Technology, Media, and
0.5 11.4 10.9 15 19 4 9.7
Telecom 34.0 Financials
Real estate 0.7 4.9 4.3 14 8 (6) Industrials
13.2 8.8 Sept 2002
Energy & Resources 1.8 13.4 11.6 34 63 29 Energy & Resources
Utilities 0.4 0.1 (0.3) 2 3 1 Technology, Media, and Telecom
Real estate
37.0 Health
Utilities
17 additional listed 17.4 22.1
companies including
Aurizon Holdings,
Cleanaway, Dalrymple
Bay Infrastructure
and Alliance Aviation.
5
THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion
Market capitalisation has increased $83.1b since Sep-02 with 60% of the increase ($49.0b) attributed to the listing of 19 major
companies in the region.
Deloitte Queensland Index
120
Megaport Limited
Cleanaway Waste Management Limited
$100 billion
Management Limited
Domino's Pizza Enterprises Limited
Collins Foods Limited
Market capitalisation $b
Corporate Travel
100 $89 billion
NEXTDC Limited
New Hope Corporation Limited
Super Retail Group Limited
Dalrymple Bay Infrastructure Ltd
80
Pinnacle Investment Management
Orocobre Limited
60
G8 Education Limited
EML Payments Limited
Aurizon Holdings Limited
PWR Holdings Limited
The Star Entertainment
National Storage REIT
Novonix Limited
Services Limited
Alliance Aviation
40 $50 billion
Group Limited
Group Limited GFC COVID
$18 billion
20
0
Oct-20
Oct-18
Oct-19
Feb-20
Feb-21
Feb-18
Feb-19
Oct-15
Oct-16
Oct-17
Oct-14
Feb-16
Feb-17
Jun-20
Jun-18
Jun-19
Oct-13
Feb-14
Feb-15
Jun-17
Oct-11
Oct-12
Feb-13
Jun-15
Jun-16
Oct-07
Oct-08
Oct-10
Feb-09
Oct-09
Feb-10
Feb-11
Feb-12
Jun-14
Oct-05
Oct-06
Feb-06
Feb-07
Feb-08
Jun-12
Jun-13
Oct-02
Oct-03
Oct-04
Feb-03
Feb-04
Feb-05
Jun-08
Jun-09
Jun-10
Jun-11
Jun-06
Jun-07
Jun-03
Jun-04
Jun-05
Deloitte Queensland Index – Major Companies that joined the Index post Sep-02
Company Name Code Index Market Capitalisation $m Change Company Name Code Index Market Capitalisation $m Change
Join Date $m Join Date $m
Upon Joining Index Mar-21 Upon Joining Index Mar-21
New Hope Corporation Limited NHC Sep-03 481 1,182 701 The Star Entertainment Group
SGR Jun-11 2,821 3,587 766
Limited
Super Retail Group Limited SUL Jul-04 277 2,658 2,381
Collins Foods Limited CKF Aug-11 193 1,214 1,020
Domino's Pizza Enterprises Limited DMP May-05 130 8,328 8,198
Alliance Aviation Services
Cleanaway Waste Management Limited CWY May-05 610 4,527 3,917 AQZ Dec-11 149 631 482
Limited
Pinnacle Investment Management Group Limited PNI Jun-07 306 1,640 1,333 EML Payments Limited EML May-13 41 1,773 1,732
Orocobre Limited ORE Dec-07 14 1,638 1,625 National Storage REIT NSR Dec-13 252 2,041 1,788
G8 Education Limited GEM Dec-07 32 877 845 PWR Holdings Limited PWH Nov-15 267 574 307
Aurizon Holdings Limited AZJ Nov-10 6,832 7,179 347 Megaport Limited MP1 Dec-15 195 1,734 1,539
NEXTDC Limited NXT Dec-10 140 4,750 4,610 Novonix Limited NVX Dec-15 22 856 834
Corporate Travel Management Limited CTD Dec-10 120 2,675 2,556 Dalrymple Bay Infrastructure Ltd DBI Dec-20 1,046 1,101 55
Note: all dates reflect month of listing with the exception of EML Payments Limited, which listed in 2006 and changed its principal place of business to Queensland in 2013.
6
THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion
Queensland Economic Update
The Queensland economy is well and truly into its recovery phase following the onset of the COVID 19 pandemic – and there’s cause for cautious optimism. But a few things
still need to go right, with recent lockdowns a reminder that we’re not out of the woods just yet.
The state has already been locked down twice in 2021, though the finalisation of the rollout of vaccines to frontline workers should reduce the regularity and volatility of
Queensland border closures and lockdowns.
Queensland output and demand (change on year earlier)
12%
9%
6%
3%
0%
-3%
State output State demand
-6%
2000 2003 2006 2009 2012 2015 2018 2021 2024
Source: Deloitte Access Economics, March Quarter 2021.
Perhaps at the top of the list of good news is Queensland’s job numbers. Relative to a year ago, Coal prices are up too, though political tensions between China and Australia have driven an informal
employment in the state has expanded by more than 30,000 jobs. Similarly, unemployment has ban on imports of coking and thermal coal from Australia. These come on top of previous bans on
fallen the most of any state – although it still remains in its usual position above the national average. some farm products in Queensland like beef and cotton.
But challenges remain on the job front. More than 6.5% of Queensland workers were on JobKeeper
ahead of its recent removal – the third highest of any state. And 5.9% of the State currently receive Queensland’s relative attractiveness has led to the highest net interstate migration of any Australian
JobSeeker, for which the regular payments just dropped to miserly levels. Added to that, growth in job state, beating out New South Wales and Victoria. This migration to the north – currently at a 20 year-
vacancies is moderating, suggesting future job gains might be harder to come by. high for the Sunshine State – has not come without consequence to the housing market. House prices
and rents have sky rocketed, and are expected to continue to surge this year.
Despite that, consumer confidence has reached pre-COVID levels. This has been driven by the Federal
Government’s swift stimulus response, Queensland’s tough border restrictions which have generally Tourism, one of the biggest losers from COVID, is likely to struggle until international borders open.
maintained a familiar quality of life for Queenslanders, and the recovery in economic activity as social The Federal Government’s $1.2 billion tourism support package will see discounted flights offered to
distancing restrictions lift. five Queensland locations. These come in addition to the State Government’s $200 vouchers to visit
Cairns, the Great Barrier Reef and South East Queensland. But while these dollars help, the hole left
Business confidence has followed suit, reaching its highest levels in three years. That’s thanks, in part, by international tourists is difficult to fill. And there’s a matching hole for students and migrants.
to the continued promise of low interest rates over the medium-term. There’s close to $50 billion in
Government funding set to be invested in engineering and commercial projects in coming years, and So the Sunshine State isn’t out of the woods yet. Tensions with China, the lack of international tourists,
more than double that from projects in various stages of planning. the end of key government support programs and the possibility of outbreaks all pose real risks for
the State. Navigating these challenges will be key to Queensland’s success in the short-term.
7
THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion
The Deloitte Queensland Index Q1 2021
The Deloitte Queensland Index increased by 3.5% in Q1 2021 supported by reduced levels of loan deferrals and a significant
acquisition bolstering the Financial sector, investor sentiment regarding demand for lithium based products impacting the
Energy & Resources and continued recovery in travel and entertainment as domestic travel restrictions and customer limits ease.
Deloitte Queensland Index at 31-Mar-21 Deloitte Queensland Index S&P/ASX All Ordinaries return
return in Q1 2021 Q1 2021
169 $101.6b
3.5% 2.4%
companies market cap
Indices
1.3
- Mar-21 YTD Deloitte Queensland Index Sector Composition (%)
1.2 1.9
4.9
1.1 Mar 2021
11.3 1.8
5.1 29.2
1.0 Consumer
12.8 28.5
Financials
0.9
Industrials
0.8 13.2 Dec 2020
12.9
Energy & Resources
0.7
TMT
Technology, Media and Telecommunications
20.1
0.6 18.7 Real estate
Base = 1 as at 31 Dec 2019
0.5 17.4 Health
22.1
Deloitte Queensland Index S&P/ASX All Ordinaries Despite positive announcements in Feb-21 regarding half year financial results and upward
revisions to FY21 forecast earnings for large TMT companies, the sector's market capitalisation
Dow Jones IA Nikkei 225
declined 9.0% ($1.0m) as investor sentiment for Consumer, Energy & Resources and Financial sector
FTSE 100 Hang Seng businesses are renewed.
8THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion
Queensland Index: top performers in Q1 2021 Top performers over the past three months
Bank of Queensland: In Feb-21, BOQ announced the 100% acquisition
Company Change Rank Rank of Members Equity Bank Limited which BOQ expects to deliver material
% Dec 20 Mar 21 scale, nearly doubling the size of the retail bank and providing geographical
diversification. The acquisition was funded via a $1.35bn equity raising in
Top 6 Increases in Top 100 Companies by $ Movement in
Market capitalisation movement $m Mar-21. BOQ's share price also increased during the period amid reduced
Market Capitalisation
levels of loan deferrals and announcements regarding anticipated profit
2,006 growth for the six months ended Dec-20.
Bank Of Queensland Limited 56.98% 7 4
Domino's Pizza Enterprises: Market capitalisation increased following
announcements regarding the return of JobKeeper receipts in Jan-21 and
Domino's Pizza Enterprises 828
11.04% 2 2 the results for the half year ended Dec-20 demonstrating growth from new
Limited
and existing stores. Domino’s announced that in their view, “COVID-19 has
brought forward long-term demand for delivered food, ordered online, in all
Novonix Limited 101.19% 35 24 431
markets”. Store openings accelerated with an average of five new stores per
week in the six months ended Dec-20 with Domino’s expecting continued
Flight Centre Travel Group Limited 13.56% 10 10 428 growth in the six months to Jun-21.
Novonix: is an integrated developer and supplier of high-performance
Pinnacle Investment Management materials, equipment and services for the global lithium-ion battery
32.14% 19 18 399
Group Limited industry. In Jan-21, Novonix was added to the OTCQX International Index
and also announced that Professor Jeff Dahn (a leading researcher in the
Technology One Limited 13.93% 11 11 367 field of lithium-ion batteries and materials) is to be appointed chief scientific
advisor from 1 July 2021 to provide advice regarding battery materials and
Top 6 Increases in Top 100 Companies by % Movement in research initiatives and key customer and business development projects.
Additionally, $115m of capital was raised in Feb-21 to "provide capex and
Market Capitalisation
working capital to scale production for Novonix Anode Materials, fund R&D
in cathode and other advanced battery technologies, fund general corporate
Sayona Mining Limited 400.79% 124 67 110 costs and provide flexibility to pursue international growth opportunities".
Sayona Mining: share prices rose amid increased demand for lithium and
Pursuit Minerals Limited 344.68% 142 92 53 announcements regarding:
• its proposal to lodge a bid for North American Lithium Assets
• the expansion of its Quebec drilling program for the Authier and Tansim
Anteris Technologies Ltd 241.56% 131 87 57 lithium projects
• investment in WA gold and lithium projects
• US based Piedmont Lithium investing $15m in Sayona to become a
KGL Resources Limited 220.28% 81 44 200 strategic investor and off take partner.
KGL Resources: benefited from increasing copper prices and the Northern
Redflow Limited 183.33% 122 85 53 Territory Government's approval (in Jan-21) of the Mining Management Plan
for KGL's 100% owned Jervois Copper Project. Following the approval, KGL
raised $22m in capital to fund the project, for which the deposit is intended
Anteo Diagnostics Limited 138.58% 52 34 272 to support an initial 7.5 year mining operation.
Anteo Diagnostics: a surge in the share price followed an announcement
0 300 600 900 1200 1500 1800 2100 regarding Anteo's key customer, Ellume, entering into an agreement with the
*This list excludes companies that do not have historical comparative US Department of Defence for its emergency use authorisation COVID-19 at
market capitalisation.
Market capitalization movement $m
home test (which uses AnteoBind technology).
9THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion
Top companies by market capitalisation
Rank Rank Code Company Market cap Market cap Change Change
31 Mar 21 31 Dec 20 31 Mar 21 31 Dec 20 $million %
$million $million
1 1 SUN Suncorp Group Limited 12,644 12,436 209 1.7%
2 2 DMP Domino's Pizza Enterprises Limited 8,328 7,500 828 11.0%
3 3 AZJ Aurizon Holdings Limited 7,179 7,233 (55) (0.8%)
4 7 BOQ Bank Of Queensland Limited 5,526 3,521 2,006 57.0%
5 4 NXT NEXTDC Limited 4,750 5,575 (825) (14.8%)
6 6 ALQ ALS Limited 4,669 4,635 34 0.7%
7 5 CWY Cleanaway Waste Management Limited 4,527 4,836 (309) (6.4%)
8 9 APE Eagers Automotive Limited 3,592 3,415 177 5.2%
9 8 SGR The Star Entertainment Group Limited 3,587 3,484 103 3.0%
10 10 FLT Flight Centre Travel Group Limited 3,585 3,157 428 13.6%
11 11 TNE Technology One Limited 3,001 2,634 367 13.9%
12 12 CTD Corporate Travel Management Limited 2,675 2,388 288 12.1%
13 13 SUL Super Retail Group Limited 2,658 2,378 280 11.8%
14 14 CMW Cromwell Property Group 2,159 2,277 (118) (5.2%)
15 16 NSR National Storage REIT 2,041 1,944 97 5.0%
16 18 EML EML Payments Limited 1,773 1,512 261 17.2%
17 15 MP1 Megaport Limited 1,734 2,205 (472) (21.4%)
Pinnacle Investment Management Group
18 19 PNI 1,640 1,241 399 32.1%
Limited
19 17 ORE Orocobre Limited 1,638 1,538 100 6.5%
20 21 CKF Collins Foods Limited 1,214 1,124 89.77 8.0%
For a list of the top 100 companies in the Deloitte Queensland Index as at 31 March 2021 and their movement in market capitalisation
from Dec-19 and Dec-20 to Mar-21 please refer here.
10THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion Contacts For more information or any questions on this publication or Deloitte’s services contact: Rob McConnel Alex Jordan Renee Jaszewski John Greig Qld Leader, M&A Partner, M&A Advisory Director, M&A Valuations Managing Partner, Queensland +61 7 3308 7300 +61 7 3308 7221 +61 7 3308 7377 +61 7 3308 7108 robmcconnel@deloitte.com.au alexjordan@deloitte.com.au rjaszewski@deloitte.com.au jgreig@deloitte.com.au Nick Bright Cassandra Matthews Pradeep Philip Claire Atkinson Partner, M&A Transaction Services Associate Director, M&A Transaction Services Partner, Deloitte Access Economics Director, Deloitte Access Economics +61 7 3308 7392 +61 7 3308 1269 +61 7 3308 7224 +61 7 3308 1249 nbright@deloitte.com.au casmatthews@deloitte.com.au pphilip@deloitte.com.au catkinson@deloitte.com.au 11
THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion
Sources
Queensland M&A transaction data presented within:
• reflects transactions for which one or more of the vendor, target and/or buyer are based or headquartered in Queensland
• is based on the timing of the announcement of the transaction
• excludes announced transactions which have been cancelled
• is sourced from S&P Global Market Intelligence and public announcements
• includes transaction values only where the value has been publicly disclosed.
For more M&A insights visit www.deloitte.com/au/m-and-a
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