articles by Ben MacNevin
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What’s cooking for Goodman Fielder?
Ben MacNevin
September 6, 2013
Goodman Fielder produces many of the fast moving consumer goods you would recognise, with brands such as Helga’s bread, Paradise Biscuits, White Wings and Meadow Lea in its repertoire. But despite this enviable suite of brands, the company incurred considerable losses in both 2011 and 2012 and was burdened with debt during the GFC. Continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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Coalition in position to transition
Ben MacNevin
August 30, 2013
With nine days before the election, SportsBet has made the unprecedented move of declaring the Federal Election a one-horse race and has paid out all bets on the Coalition. Continue…
by Ben MacNevin Posted in Insightful Insights.
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Inspecting the Car Industry
Ben MacNevin
August 23, 2013
Automotive Holdings (ASX: AHE) is Australia’s largest automotive retailer and transporter of refrigerated food. While AHE sits outside our investment universe, we enjoy following the company’s performance as management is well placed to comment on the health of the domestic car industry (which has implications for the broader economy). In our latest discussion at the full year results, management noted three key pressures that the company is closely monitoring. Continue…
by Ben MacNevin Posted in Insightful Insights.
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All gloom and no boom
Ben MacNevin
August 16, 2013
The crane industry in Australia is fragmented and highly exposed to capital-intensive projects in the mining and construction sectors. As such, crane operators do not generate sustainable competitive advantages that will protect earnings during an industry downturn. At Montgomery Investment Management, we have been very vocal about the risks inherent with investment in the mining services sector, and the latest full year result from Boom Logistics has justified this concern. Continue…
by Ben MacNevin Posted in Energy / Resources.
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The fortunes of IRESS
Ben MacNevin
August 9, 2013
IRESS is a company that we love at Montgomery Investment Management and it’s been frustrating to watch the company’s share price trade at a material premium to our estimate of its intrinsic value. But has its latest acquisition presented an entry opportunity? Continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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Who’s got the power? (06/08/2013)
Ben MacNevin
August 6, 2013
by Ben MacNevin Posted in Video Insights.
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Who’s game to sell CBA?
Ben MacNevin
August 2, 2013
CBA is the market darling of the Big-4 banks, and the quality of the company has historically warranted a premium price relative to its peers. But some analysts are seriously questioning whether the recent rally of the share price is reasonable. Continue…
by Ben MacNevin Posted in Financial Services, Insightful Insights.
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Consolidation plays – finding value
Ben MacNevin
July 25, 2013
A “roll-up” is a term used to describe a broad-based acquisition process of many smaller and similar businesses by a company. There are two motivations that investors are commonly attracted to with a consolidation play – one increases the parent company’s share price, while the other increases the value to shareholders. It is important for investors to distinguish between these two distinct reasons before making any investment. Continue…
by Ben MacNevin Posted in Insightful Insights.
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Shopping centre sales
Ben MacNevin
July 22, 2013
Colonial First Property Retail Trust (ASX: CFX) recently released the sales figures of its tenants for the 12 months to 30 June 2013. CFX’s portfolio is mainly comprised of shopping centres in major centres, and half of its assets are in Victoria. While the figures do not provide a complete account of retail conditions in Australia, they do provide some insight into the performance of major retailers. Continue…
by Ben MacNevin Posted in Insightful Insights.
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Re-Leasing Value
Ben MacNevin
July 15, 2013
Many companies struggle when their core market reaches maturity. Some managers attempt to increase earnings through acquisitions, while others may choose to return capital to investors. But mature companies possess an asset that can be very valuable if effectively managed, and FlexiGroup is an example of a company that is attempting to use this particular asset to full effect. Continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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