articles by Ben MacNevin
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When East Meets West
Ben MacNevin
June 20, 2014
For many years, Vocus Communications (ASX: VOC) and Amcom Telecommunications (ASX: AMM) have enjoyed strong earnings growth by operating at opposite ends of the country: Vocus in the eastern states and Amcom in the western states. Continue…
by Ben MacNevin Posted in Insightful Insights.
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If you can’t take the heat…
Ben MacNevin
June 13, 2014
A number of retailers have recently warned the market that warm weather and weaker consumer confidence after the Federal Budget are impacting trading. But how many of these retailers may be trying to use these temporary issues as an excuse for structural pressures? Continue…
by Ben MacNevin Posted in Consumer discretionary, Insightful Insights.
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A Not-So Super Future?
Ben MacNevin
June 12, 2014
Every Australian should have an interest in their retirement income. At Montgomery we have written a great deal about the power of quality businesses to generate the sort of income that maintains an investor’s purchasing power. Continue…
by Ben MacNevin Posted in Insightful Insights.
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What’s Next?
Ben MacNevin
June 5, 2014
NextDC (ASX: NXT), the developer and operator of data centres, is at an interesting cross roads. Having secured a national footprint, will the company continue to focus on expansion, or will it turn to demonstrating profitability? Continue…
by Ben MacNevin Posted in Companies, Technology & Telecommunications.
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Looking to: SAI Global
Ben MacNevin
May 29, 2014
SAI Global (ASX: SAI) is a company that we’ve identified as having some attractive investment prospects, but one that we prefer to watch rather than invest in. Since it has recently received an indicative and non-binding proposal from private equity, was it the correct decision to wait on the sidelines? Continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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Valuation, not speculation
Ben MacNevin
May 19, 2014
In the space of a fortnight, Treasury Wine Estate (ASX: TWE) has dismissed reports that it has been approached by two separate bidders for the company’s US assets. Speculation of this sort should never form the basis of your investment decision making. Continue…
by Ben MacNevin Posted in Companies, Insightful Insights, Investing Education, Manufacturing.
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Does a valuable service mean a valuable company?
Ben MacNevin
May 16, 2014
To society, waste management is a valuable service. Consider what would happen if your garbage wasn’t collected for a month. Unfortunately, servicing this critical need does not translate to sustainable long-term value for waste management companies. Continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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Long-term value
Ben MacNevin
May 12, 2014
At Montgomery Investment Management, we invite you to invest with us if your investment philosophy is aligned with our own. We might be smaller than we would if adopting an all-things-to-all-people approach but life is short and working with people whose philosophy aligns with ours makes that life a lot more enjoyable. In any event, it takes time for the businesses we acquire to realise value, and discipline is required to maintain confidence in the investment process amidst short-term volatility. With so many people gambling on quick profits, it is perfectly understandable that our approach doesn’t appeal to everyone. Perhaps more intriguingly, our approach is also shared by the management of some of our invested companies and CSL is one of them. Continue…
by Ben MacNevin Posted in Insightful Insights, Investing Education.
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Lease Peace
Ben MacNevin
May 8, 2014
Having purchased McMillan Shakespeare (ASX: MMS) shares at $7.25 after Kevin Rudd’s comments, we’ve written extensively about the investment case (see here, here and here). Since then, we have also written about our expectations that changes to novated leasing are unlikely to feature in the coming budget. The market doesn’t seem to share our view, with the share price of McMillan Shakespeare reflecting material risk to the downside. Continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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Childcare bidding
Ben MacNevin
May 7, 2014
Further to our post on G8 Education’s multicurrency debt programme, it’s worth noting that their newly listed competitor Affinity (ASX: AFJ) also made a sizeable increase in its debt facility the week before. Continue…
by Ben MacNevin Posted in Companies, Insightful Insights, Montgomery News and Updates.
