articles by Ben MacNevin
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Has the market dismissed IMF?
Ben MacNevin
August 27, 2015
IMF Bentham (ASX: IMF) reported a rather lacklustre result for the 2015 financial year. The loss of four cases wiped out the record first half gain, and while the market has not received this news well, we are pleased with the contents of the full year report. Continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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Carsales – Full Year in Third Gear?
Ben MacNevin
August 20, 2015
In a recent video blog we discussed that while Carsales is a high quality business, we felt the growth profile implied by the share price at the time was quite optimistic. Our thesis remains unchanged following the release of their 2015 full year result. Continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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Easy come, Easy go
Ben MacNevin
August 14, 2015
As we discussed in a blog post last month, pathology markets around the world are predominantly supported by government funding. This is a blessing and a curse for private operators, evidenced by Sonic Healthcare’s latest announcement. Continue…
by Ben MacNevin Posted in Health Care, Insightful Insights.
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- POSTED IN Health Care, Insightful Insights.
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Ansell Update
Ben MacNevin
August 12, 2015
The Montgomery funds took a position in glove manufacturer, Ansell (ASX: ANN), after its first half result for the 2015 financial year exceeded our expectations. Six months on the company has announced its full year report, and while the results did not exceed the market’s expectations, our investment thesis remains intact. Continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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Reporting Season
Ben MacNevin
August 5, 2015
Reporting season is one of the most exciting times for us here at Montgomery, as new information means new opportunities! While the team will be sifting through every company announcement, there are several reports that we’re especially looking forward to. Continue…
by Ben MacNevin Posted in Companies, Market commentary.
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Are you worried about China’s job market?
Ben MacNevin
July 27, 2015
As the largest online job boards in China, you would expect management of Zhaopin and 51Job to have keen awareness of the Chinese economy. Yet like most commentators on China’s prospects, the view from the top is quite divergent. Continue…
by Ben MacNevin Posted in Foreign Currency, Insightful Insights.
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- POSTED IN Foreign Currency, Insightful Insights.
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Diagnosing Pathology Problems
Ben MacNevin
July 24, 2015
Sonic Health Care (ASX: SHL) and Primary Health Care (ASX: PRY), the two largest pathology service providers in Australia, announced earnings downgrades in the past fortnight. While Primary cited “extreme” weather for the weakness, we think the underlying reason is far more structural in nature. Continue…
by Ben MacNevin Posted in Companies, Health Care, Insightful Insights.
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Sizzle to Fizzle
Ben MacNevin
July 15, 2015
When valuing businesses, it is standard practice for analysts to assume that a business will grow at a constant rate forever. Yet this assumption is deeply flawed, as decline is an inevitable part of every business life cycle – just look at Sizzler Restaurants. Continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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- POSTED IN Companies, Insightful Insights.
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Inefficient Allocation of Capital
Ben MacNevin
July 9, 2015
By now you should have heard about the rout that is occurring in China’s stock market. One critical factor which you may not be aware of is the exposure of Chinese companies to the market. And we’re not talking about a listed company’s share price decline here. Continue…
by Ben MacNevin Posted in Economics, Foreign Currency, Insightful Insights.
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- POSTED IN Economics, Foreign Currency, Insightful Insights.
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