Roger Montgomery is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.
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Using a bank account as an example, Roger Montgomery explains to Peter Switzer how to value a business that retains all its earnings, and shares his formula for calculating intrinsic value. Watch the interview. Sign up free to Peter Switzer’s latest personal finance and financial planning news at switzer.com.au.
There are actually five, but Roger saves the fifth for readers of his book, Value.able. So what are his first four? 1.When you are wrong 2.When there are better opportunities 3.When price is far above intrinsic value 4.Deterioration in original reasons for buying In his appearance on Market Moves with Richard Gonclaves Roger also analyses IAG, QBE, Asciano and Virgin Blue. Watch the interview.
Roger Montgomery joins Nina May on Your Money Your Call and answers viewer questions about Fleetwood (FWD), suppliers of the China property boom, identifying companies with durable competitive advantages, ANZ, CBA, Highlands Pacific (HIG), and the key ratio to look at when assessing mining companies.Watch the interview.
Origin Energy is trading above value, Oil Search at almost double its value and with a 2012 value of $6.37, Toll is not only mediocre, but also expensive. As for selling out of Wesfarmers to buy into RIO, Roger compares that plan to be like jumping from the fry pan into the fire! In his appearance with Nina May on Your Money Your Call Roger also reveals that of the 1874 businesses listed on the ASX only 600 make a profit, and for him, a tiny 23 fall into his ‘A1’ category of wonderful businesses. Watch the interview.
AGL, like Origin Energy and Arrow, has been expensive for a long time. According to Roger Montgomery this seems to be a general trend in the energy sector. In his appearance on Nina May’s Your Money Your Call Roger also reveals his 2010, 2011 and 2012 valuations for Bluescope and JB Hi-Fi, and discusses the impact of management’s decision to raise JBH’s dividend payout ratio from 50% to 60%. Watch the interview.
In this appearance on Your Money Your Call Roger Montgomery talks about the future prospects of Telstra, QBE, Worley Parsons and compares NAB and AMP’s attempt to acquire AXA to that of WES buying Coles, or Fosters buying Southcrop – disaster! Watch the interview.
The profits don’t justify the share price, which I calculate are trading at more than twice their intrinsic value. Read article.
Only three years ago some very bright private ‘equiteers’ authored a deal to buy Qantas for $11.1 billion. It fell through. Not long after, Qantas shares hit $6.06 and the business was being valued, by my arguably equally-bright fund management peers, at $12.3 billion. Today, Qantas shares are trading around $2.75 and Qantas has a market value of about $6.2 billion. Where did $6 billion go? Read article.
For the past 18 months the region’s airlines have been riding out turbulence arising from a collapse in passenger traffic. But now at least one of the big three Singapore Airlines, Cathay Pacific and Qantas says the worst might be over. Read transcript.
Investors may have been surprised that Qantas didn’t pay a dividend but industry analyst and Roger Montgomery says the surprise should be that the airline turns a profit at all. Listen to Roger’s comments.
Share analyst Roger Montgomery tells the ABC’s Michael Janda that Qantas is lucky to be making a profit at all. Listen to the interview
