Companies

In this video, I discuss why Megaport (ASX: MP1) has become one of our highest-conviction holdings, including its position in AI infrastructure, differentiated data centre strategy and potential to benefit from growing demand for AI inference.

Disclaimer: The Montgomery Small Companies Fund owns shares in MP1. This video was prepared 14 September 2026 with the information we have today, and our view may change. It does not constitute formal advice or professional investment advice. If you wish to trade MP1, you should seek financial advice.  continue…

by Gary Rollo Posted in Companies, Editor's Pick, Feature Article, Insightful Insights, Investing Education, Manufacturing, Market commentary, Market Valuation, Popular, Small Caps, Stocks We Like, Video Insights.

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Magellan Financial Group’s operating profit for the 2026 financial year (FY26) modestly beat consensus, but the quality of the result was read as weaker, with pressure in investment management and a softer-than-expected contribution from Barrenjoey offset by unusually strong distribution income. Meanwhile, the conference call revealed several additional headwinds that lower the starting point for the 2027 financial year (FY27). continue…

by Roger Montgomery Posted in Companies, Financial Services.

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Harvey Norman Financial Year 2026 (FY26) results: Australian squeeze, overseas drag, and what it signals for the broader economy

Harvey Norman Holdings (ASX: HVN) released its FY26 full-year financial results and early FY27 trading update. While property revaluations boosted top-line profit, the underlying retail and franchising operations reflect the well-documented challenges in the domestic consumer environment, as well as overseas operational challenges. continue…

by Roger Montgomery Posted in Companies, Consumer discretionary.

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For investors who still think of NRW Holdings (ASX:NWH) as simply a mining contractor, the Financial Year 2026 (FY26) result provides a useful reason to update that view. NRW has developed into a much broader Australian industrial contracting business, providing contract mining, drill-and-blast, engineering, and civil construction services to resources and infrastructure customers. Its activities span Civil, Mining, Minerals, Energy & Technologies and, following the acquisition of Fredon, a growing range of infrastructure-related work. Its exposure now stretches across mining, public infrastructure, data centres, defence, health and renewables. continue…

by Roger Montgomery Posted in Companies, Economics, Editor's Pick, Energy / Resources, Small Caps, Stocks We Like.

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Codan (ASX:CDA)  is an Australian technology company that designs, develops, manufactures and markets communications and metal-detection equipment. Its two main operating segments are Communications and Metal Detection. Within those businesses sit brands and operations including DTC, Zetron and Minelab, giving Codan exposure to tactical and defence communications, unmanned systems, public-safety communications and gold detection. continue…

by Roger Montgomery Posted in Companies, Editor's Pick, Manufacturing, Market commentary, Market Valuation, Popular, Small Caps, Stocks We Like.

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With Woolworths and Coles reporting their 2026 results, it’s easy to make their billions in revenue and profits political targets. But does translating their nominal Financial Year 2026 (FY26) results into the terms of an Australian household’s economics reinforce the criticisms levelled at them?

To help answer this question, I ran a bit of a thought experiment. Follow on below to find out more.

Together, Woolworths and Coles Supermarkets generated about $95.3 billion of sales in FY26. Against Australia’s latest official population estimate of 27.8 million, that equates to roughly $3,430 per Australian per year, or $66 a week. continue…

by Roger Montgomery Posted in Companies, Market commentary, Market Valuation.

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The Financial Year 2026 (FY26) reporting season has concluded with corporate Australia in considerably better shape than many had feared.

Before getting too excited, however, it’s worth noting corporate Australia may not be in as good shape as the headline numbers suggest.

Aggregate profits rose by around 11.6 per cent.  Excluding mining and energy, however, the increase was just 5.3 per cent. Only 36 per cent of companies beat earnings expectations, below the historical average of about 40 per cent. Meanwhile, analysts have been cutting FY27 forecasts. continue…

by Roger Montgomery Posted in Companies, Economics, Editor's Pick, Feature Article, Insightful Insights, Investing Education, Market commentary, Market Valuation, Small Caps, Stocks We Like.

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The popular Australian economic narrative includes the argument the consumer is weak, and we are heading towards a recession.

But Australia’s latest retail earnings results are painting a more nuanced picture. In other words, the household sector is under pressure, but the pressure is not falling evenly.

Spending on essentials remains resilient, value-conscious consumers are still buying when the offer is compelling, and well-run retailers are protecting profit through better gross margins, lower costs and tighter capital discipline.

At the same time, however, the more discretionary categories continue to show weak traffic and softer like-for-like sales. continue…

by Roger Montgomery Posted in Companies, Consumer discretionary, Economics, Editor's Pick, Manufacturing, Market commentary, Market Valuation.

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ARB Corporation (ASX: ARB) is Australia’s leading designer, manufacturer, and distributor of premium 4×4 vehicle accessories. Known worldwide for its flagship bull bars, suspension systems, roof racks, and camping gear, the company operates an extensive retail, wholesale, and export network serving off-road enthusiasts, commercial fleets, and Original Equipment Manufacturers (OEMs). continue…

by Roger Montgomery Posted in Companies, Consumer discretionary, Manufacturing, Market commentary, Market Valuation.

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FDC Consolidated Holdings Limited (ASX: FDC), a major Australian construction, fit-out, and building services company, has had an auspicious beginning as a public company after listing for $3.00 per share on the ASX on 13 July 2026. FDC reported a 13 per cent increase in revenue for the year to June 2026 to $1.69 billion, whilst underlying Earnings Before Interest and Tax (EBIT) (excluding listing costs) rose 18 per cent to $96.5 million. continue…

by David Buckland Posted in Companies, Editor's Pick, Market commentary, Market Valuation, Small Caps, Stocks We Like.

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