• Will Bitcoin become a widely trusted unit of exchange? read here

And the gold medal goes to…


And the gold medal goes to…

As we’ve pointed out recently, it’s getting harder and harder to find quality Australian businesses with really strong prospects. Which is why we are quite excited about Altium (ASX:ALU) and Vitagroup (ASX:VTG). Their profit results for FY16 were arguably two of the reporting season’s best.


subscribe for free
or sign in to access the article

Roger is the Founder and Chief Investment Officer of Montgomery Investment Management. Roger brings more than two decades of investment and financial market experience, knowledge and relationships to bear in his role as Chief Investment Officer. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.


Why every investor should read Roger’s book VALUE.ABLE


find out more


This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564) and may contain general financial advice that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking advice from a financial advisor if necessary.


  1. Hi Roger,
    Just finished reading your book “Value-able” for the 2nd time in 3 weeks and want to say how amazing this book is. Well done! Congrats.

    And now that ive buttered you up a little, ive used your valuation tables to value VTG and have come to an estimate of $7.05, im hoping ive done it correctly and wondered if this valuation sounds correct to you?

    Keep up the good work!

  2. Hi Roger
    Was interested in your current thoughts re VTG. As we have seen in recent weeks a number of quality stocks, such as HSO have fallen considerably. Do you still see VTG as a fundamentally good stock and last week’s pull back as a possible opportunity to acquire a good business at a more reasonable price, thanks

    • With respect to VTG we are leaning towards the rumours of lower remuneration from telstra to licences ‘generally’ being right but we don’t know whether this will apply to all operators nor whether it is a way for Telstra to pick and choose which licensees it works with – i.e. forcing marginal operators out. Keep in mind that VTG is producing a billion dollars of revenue for Telstra, so one suspects they won’t want to hurt the successful operators.

  3. Do you think that VTG is still a buy? You were recommending it via livewire even thought Maxine sold a huge chunk due to divorce and now they want to move into men’s clothing and just now they come out indicating that they are in discussions Telstra about contracts. A very confusing time.

  4. Hi Roger,
    For someone wanted to buy into ALU and VTG, should we hold off and wait to see if the market falls after the USA election. Or do you recommend buying these shares at their current prices.

  5. 70% and 100% returns on these two thanks to you Roger. In fact, after reading your book, the only stock that hasn’t achieved a very impressive return (yet) is ISD. But I have no doubt that as the good news comes out, this will approach its intrinsic value too.

    So I just wanted to say thank you to you and your team!

  6. Roger,
    I think that you agree that companies over the long run can only achieve high returns on invested capital if they have a sustainable competitive advantage or an economic moat. The definitive author on this subject has been Pat Dorsey (formerly of Morningstar). In order to help my understanding of your investing thesis for these companies, using Doresey’s broad definitions, can you please describe the moats of ALT & VTG that will sustain their current returns?
    Many thanks.

  7. Skaffold helped me identify VTG as a business to consider owning in my SMSF back in Feb 2014. It’s been a great ride so far.

Post your comments