Companies

From time to time, a national dialogue is raised about Australia’s position in the Commonwealth. For a period, the public questions the role of the British monarchy in Australia, before ultimately deciding that if the system isn’t broken, don’t fix it. continue…

by Roger Montgomery Posted in Companies.

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Cochlear Limited (COH) is one of the businesses we have followed with interest over the years. More recently, we have been concerned that competitors like Med-El and Sonova might be closing the technological gap on COH, and threatening its dominant market position. continue…

by Tim Kelley Posted in Companies.

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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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