The ASX 200 (Index: ^AXJO) (ASX: XJO) was eventful this week. Here are four stories you may have missed that affected businesses in the ASX 200 index:
Nearmap Ltd (ASX: NEA)
The aerial imaging business gave an update for its first half result and the FY20 guidance.
Whilst the company is expecting to report solid growth in the half-year with annualised contract value (ACV) growth of 23%, the company has reduced its full year FY20 ACV guidance down from a range of $116 million to $120 million, to the lower guidance of $102 million to $110 million.
The Nearmap share price fell by around 33% over the course of the year.
Link Administration Holdings Ltd (ASX: LNK)
Financial administration company Link announced an acquisition this week which sent the share price up almost 10% on Friday.
Link announced that it was going to acquire Pepper Group's European Servicing business for around $266 million upfront and contingent cash payments of up to $56 million over three years based on the protection of existing assets under management (AUM) and achieving growth targets in Spain, Greece and Cyprus.
The implied acquisition multiple of 8.2x the 2019 calendar year's normalised earnings before interest, tax, depreciation and amortisation (EBITDA) upfront and 6x including efficiency benefits and the deferred payment for existing AUM protection.
Treasury Wine Estates Ltd (ASX: TWE)
The winemaker had a very tough week this week, its share price declined by around 26% over the week.
The cause of the decline was that the company missed its expectations for its first half earnings because of discount pricing in the US and an unexpected change in the Americas leadership. Net profit was up 5% in the first half of FY20.
Slightly lower profit growth is expected over the next year or two as the US management team is reset and momentum is rebuilt.
ResMed Inc (ASX: RMD)
The US healthcare business reported its second quarter 2020 highlights this week.
ResMed said that its revenue increased by 13% to US$736.2 million. The non-GAAP gross margin expanded by 0.60%, or 60 basis points, to 59.7% during the quarter.
Net operating profit increased by 26%, although non-GAAP operating profit rose a little slower with 21% profit growth.
