articles by Tim Kelley
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Exploring Miclyn Express Offshore
Tim Kelley
September 25, 2013
One potentially interesting opportunity in the market at the moment is Miclyn Express Offshore (MIO), which provides support, crew and utility vessels to the offshore oil and gas industry. MIO is 75 per cent owned by private equity players Champ and SEA6, and has received from them a conditional, indicative, non-binding proposal to acquire the remaining shares, at a price of $2.20 cash. Continue…
by Tim Kelley Posted in Companies.
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How excited should we get about big 4 bank valuations?
Tim Kelley
September 18, 2013
The big four banks have attracted a fair bit of media comment recently. On one hand we are told that some international investors can’t understand the lofty valuations attached to Australian banks and are shorting them in volume. On the other hand we are informed that these international investors do not properly understand the Australian context, and will surely get burned on their shorts. Continue…
by Tim Kelley Posted in Companies, Financial Services.
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RIP Joe Granville
Tim Kelley
September 11, 2013
Joe Granville, whose stock market career began in 1957 in the offices of E.F. Hutton and Co., has passed away aged 90. Continue…
by Tim Kelley Posted in Economics.
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Don’t bet the house on it
Tim Kelley
September 9, 2013
With record low interest rates helping to focus investor attention on the property market, and James Packer directing some surplus cash into US online real estate investments, one little-known company that has received some renewed attention recently is Onthehouse Holdings Limited (OTH). Continue…
by Tim Kelley Posted in Companies, Insightful Insights.
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Here’s a thought
Tim Kelley
August 29, 2013
Imagine a scenario in which you buy a share knowing that you will not be able to sell it. Ever. Instead, the purchase must be justified solely on the basis of the dividends that the share will provide for as long as the company remains in business. When your time is up, you will pass the share on to your descendants. Let’s assume you are fond of your descendants and keen for them to do well.
In this sort of world, how would you think about choosing which shares to own ? Continue…
by Tim Kelley Posted in Insightful Insights.
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Has Coke lost its fizz?
Tim Kelley
August 22, 2013
Interesting to see the commentary around Coca-Cola Amatil Limited’s (ASX:CCL) 1H profit result yesterday. CCL has an impressive track record of profit growth, but expectations for the full year are for a slight decline on FY12. Continue…
by Tim Kelley Posted in Companies.
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What does the CBA result tell us about the market?
Tim Kelley
August 15, 2013
Interesting to see the share price reaction to the CBA result today. As we write, CBA shares are off slightly, following yesterday’s announcement of CBA’s record FY13 profit. Continue…
by Tim Kelley Posted in Financial Services, Insightful Insights.
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McMillan Shakespeare – Part 3
Tim Kelley
August 2, 2013
This is the third in a series of articles we have posted on McMillan Shakespeare (ASX: MMS). The first two articles addressed the valuation framework we used to assess MMS in the context of regulatory uncertainty (read part one here); and some comments on how we think about the risks attaching to an investment that may have binary outcomes (either very good or very bad) (read part two here). Continue…
by Tim Kelley Posted in Companies, Insightful Insights.
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Further thoughts on McMillan Shakespeare
Tim Kelley
July 30, 2013
We posted last week an article that set out some of our thoughts on McMillan Shakespeare (ASX: MMS), and the logic that led us to add to our position following the precipitous price drop last week. Continue…
by Tim Kelley Posted in Companies, Insightful Insights.
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Cochlear: keeping an ear to the ground
Tim Kelley
July 29, 2013
Further to our previous posts on possible advances being made by Cochlear’s competitors, we were pleased recently to gain some insight from a call hosted by Deutsche Bank with a large implant clinic in the US. Continue…
by Tim Kelley Posted in Companies.
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