Companies

by Roger Montgomery Posted in Companies.

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In the past year the Slater & Gordon (ASX:SGH) share price has doubled to $4.00, giving the company a market capitalisation approaching $800m. Specialising in personal injury insurance and litigation services including everything from asbestos and medical law to workers compensation law, Slater & Gordon has 69 offices in Australia. The company also has, we believe, strong medium-term prospects thanks to an aggressive acquisition strategy into the highly fragmented UK law industry. continue…

by Roger Montgomery Posted in Companies, Insightful Insights.

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Resmed recently released its results for the September quarter – the first period to fully reflect the significantly lower reimbursement rates independent distributors of Resmed’s products receive from Medicare in the US. While this disruption in the market was anticipated and widely known, the fall in Resmed’s sales was greater than expected. continue…

by Ben MacNevin Posted in Companies.

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Freelancer.com is the world’s largest freelancing, outsourcing and crowdsourcing marketplace. The company boasts an impressive 10 million users and 5 million projects. We wonder whether Freelancer.com has a network economy similar to other successful online marketplaces, such as Seek (ASX:SEK), REA Group (ASX:REA) and CarSales.com (ASX:CRZ)? continue…

by Ben MacNevin Posted in Companies.

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Sometimes it’s easy to identify the source of competitive advantage that drives the performance of a great business. For example, it may be intellectual property supported by large R&D investments in the case of companies like Resmed or Cochlear; it may be network effects and a dominant market position in the case of businesses like REA Group or Carsales; or it may be ownership of long life, very low cost resources for a mining company. continue…

by Roger Montgomery Posted in Companies, Energy / Resources.

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Brambles, the world’s largest pallet provider, has proposed to demerge its Recall business, which specialises in document management. The company has recently held its Annual General Meeting (AGM), and the board had much to say about the value that would be created for shareholders from the transaction.

Question: is this concept of value creation different to how we consider it at Montgomery Investment Management? continue…

by Ben MacNevin Posted in Companies, Insightful Insights.

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When we last provided an update on AGI, the share price was progressing towards our $5.00 valuation at a pace that was taking us by surprise. continue…

by Russell Muldoon Posted in Companies, Insightful Insights.

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When the Labor Government proposed changes to the Fringe Benefits Tax in July, it sent shock waves through the novated leasing industry. While the Coalition rejected the proposed changes when it was subsequently elected, companies like McMillan Shakespeare (ASX: MMS) experienced a sharp decline in business activity during this period. It now seems however that conditions are returning to normal. continue…

by Ben MacNevin Posted in Companies, Insightful Insights.

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OzForex is an online platform providing foreign exchange transfer services for consumers and businesses. In this white paper we explain why the business meets many of our tests for an extraordinary business, but why price is the only stumbling block to our participation. continue…

by Roger Montgomery Posted in Companies, Foreign Currency, Whitepapers.

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Much as we used to let our fingers do the walking through the Yellow Pages, today’s customers and students now ‘Google’ it. There are many things that don’t work perfectly, but that hasn’t inhibited Google’s growth. The following picture from Statista provides a useful snapshot of Google’s footprint. continue…

by Roger Montgomery Posted in Companies, Insightful Insights.

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