Companies
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Wesfarmers bid for Lynas; what are they thinking?
Andreas Lundberg
March 28, 2019
On Tuesday, market watchers in Australia were collectively scratching their heads in surprise to the Wesfarmers bid for Lynas Corporation (ASX:LYC). It is well known that Wesfarmers is looking to invest capital having spun off Coles last year, but if you had asked all the fund managers and analysts in Australia to rank their potential targets, Lynas would be very unlikely to appear high on anyone’s list. continue…
by Andreas Lundberg Posted in Companies.
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Buckle up as car sales experience a bumpy ride
Roger Montgomery
March 27, 2019
Around the world, car sales are declining. From the United States to China, car lots are suffering from increasing unsold inventory. In China, for example, automobile sales fell 13.9 per cent in November from a year earlier, the steepest such drop in more than six years, and for 2018, car sales recorded their first annual fall in two decades, declining 6 per cent. continue…
by Roger Montgomery Posted in Companies.
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One plus one rarely equals three
David Buckland
March 20, 2019
The boys and girls within merger and acquisition teams, when pitching to their clients, will often discuss synergistic benefits, claiming “one plus one equals three.” Early in November 2018, McMillan Shakespeare (ASX:MMS) bid 0.1414 per MMS plus $0.46 for each Eclipx (ASX:ECX) share. continue…
by David Buckland Posted in Companies.
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How to value Sydney Airport
Joseph Kim
March 19, 2019
Many investors regard Sydney Airport (ASX:SYD) as a key defensive asset due to its monopoly over Australia’s main gateway, solid earnings growth and yield. But just how do you value a company like SYD? In part 4 of our analysis, we look at the valuation considerations and a key issue that could impact the future earnings.
continue…by Joseph Kim Posted in Companies.
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Reporting season highlights opportunities for value investors
Roger Montgomery
March 15, 2019
While the recent reporting season painted a mixed picture about the outlook for Australia, it also left me optimistic. Any bouts of volatility this year will provide investment managers like us with the opportunity to find value among quality businesses. Let me explain. continue…
by Roger Montgomery Posted in Companies, Editor's Pick.
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Has Appen acquired a Committed Leadership Team?
Roger Montgomery
March 12, 2019
ASX-Listed crowdsourced data company, Appen (ASX:APX) has just announced its intention to purchase Figure Eight for its “Leading Tech Platform.” Appen will pay US$175 million upfront, which is circa 5.7 times 2018 revenue. It will also pay up to another US$125 million in March 2020 on outperformance of incremental 2019 subscription revenue targets. continue…
by Roger Montgomery Posted in Companies.
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An alternative way to look at the largest ASX-listed companies
Tim Kelley
March 8, 2019
One of the more profound changes to the practice of investment management in recent years has been the improvement in the availability of information; a change driven by both regulation and technology. continue…
by Tim Kelley Posted in Companies, Investing Education.
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What impacts Sydney Airport’s cash-flow and dividends?
Joseph Kim
March 5, 2019
This part of the deep dive analysis into Sydney Airport (ASX:SYD) will look at SYD’s capital expenditure and capital structure and how this impacts the all-important free cash-flow and dividend profile of the company. continue…
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Does Baby Bunting’s solid half-year result mean it will be able to withstand Amazon?
David Buckland
February 21, 2019
Baby Bunting (ASX: BBN) reported a solid result for the half-year to 31 December 2018, and previous earnings before interest, tax, depreciation and amortization (EBITDA) guidance of $25-$27 million for financial year 2019 remained intact. continue…
by David Buckland Posted in Companies.
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Fading lights at Beacon and Bingo in the Dumpster
Roger Montgomery
February 19, 2019
We have long warned of the inevitable bust that would follow the residential construction and real estate booms and now with the property market falling, it is time to think about the second and third order consequences. continue…
by Roger Montgomery Posted in Companies.
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