Companies
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Watch out retailers: here comes Amazon
Roger Montgomery
April 3, 2017
Amazon is about to hit our shores, and its arrival is bound to be as disruptive here as it has been in the U.S. But which retailers should be most worried? And is there anything they can do to protect market share in the face of this retail juggernaut? continue…
by Roger Montgomery Posted in Companies.
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Can Coles and Woolies fight the Aldi onslaught?
Scott Shuttleworth
March 29, 2017
So far, Aldi has had a relatively small impact on Coles and Woolworths. But that is set to change as the German retailer continues its expansion strategy. In the longer term, we expect to see their returns on capital decline. If that occurs, it will translate into lower shareholder returns. continue…
by Scott Shuttleworth Posted in Companies.
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Why we think BWX is worth watching
Tim Kelley
March 23, 2017
A little-known company we hold is BWX Limited. This small Melbourne-based company owns a range of skin and hair care brands. It also manufactures cosmetics for third parties. Shares in BWX began trading on the ASX in November 2015 at $2.12. They have doubled since then, and we think there’s more good news ahead. continue…
by Tim Kelley Posted in Companies.
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The road ahead looks good for outdoor advertisers
Stuart Jackson
March 20, 2017
These days, it’s hard to go far without being distracted by outdoor advertising. Displays are everywhere: from roadsides to shopping malls to bus stops. We believe the industry is poised to enjoy continued revenue growth. And this should benefit businesses like oOh!media and APN Outdoor – which have tabled a $1.6 billion merger – and QMS Media. continue…
by Stuart Jackson Posted in Companies.
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Why Chorus Limited looks undervalued
Tim Kelley
March 16, 2017
One slightly unusual holding in our domestic funds is Chorus Limited (CNU), New Zealand’s largest owner of telecommunications networks. CNU has had a bumpy ride this last year, but we think the market has marked it down too far due to regulatory uncertainty. If we are right, then the company should re-rate. continue…
by Tim Kelley Posted in Companies, Technology & Telecommunications.
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Update on Isentia
Tim Kelley
March 10, 2017
Following our earlier comments on the Isentia (ASX:ISD) result, we have now met with management, of Isentia as well as major competitor, Meltwater, and formed a view on our holding. Our view may change as new information comes to hand over time, but for the time being we have settled a position, and can outline our decision and rationale. continue…
by Tim Kelley Posted in Companies, Editor's Pick.
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Seek’s half-year result confirms our positive views about the business
Stuart Jackson
March 9, 2017
Seek is a high quality business that has been a core part of our portfolio for a few years. We like Seek for a number of reasons. These include its dominant market position and its ability to pull the pricing power lever. The company lived up to our expectations when it recently delivered its HY17 results. continue…
by Stuart Jackson Posted in Companies.
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Was Ramsay’s Chris Rex really worth a billion dollars?
Ben MacNevin
March 2, 2017
Ramsay Health Care produced a great result for the first half of FY17 and kept its tradition of upgrading full-year guidance. The market should have received this result well, particularly in light of weak industry activity, were it not for one bit of unexpected news – the retirement of CEO, Chris Rex. continue…
by Ben MacNevin Posted in Companies.
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REA continues to innovate and grow
Scott Shuttleworth
February 28, 2017
With property prices still heading north – particularly in the major capitals – we recently took the opportunity to meet with the CEO and CFO of REA Group (ASX: REA), Tracey Fellows and Owen Wilson. Our discussion gave us a greater insight into REA’s 1H17 result and the prospects of Australia’s leading online real estate advertising company. continue…
by Scott Shuttleworth Posted in Companies.
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Reviewing Isentia
Tim Kelley
February 23, 2017
As many investors have noted, iSentia Limited (ASX: ISD) delivered a poor earnings announcement yesterday. The Montgomery Fund and Montgomery [Private] Fund both hold positions in ISD, and so this is clearly disappointing for us. The combined holdings amounted to less than 2% of the assets in those Funds before the announcement, so the damage was contained, but nonetheless, disappointing. continue…
by Tim Kelley Posted in Companies.
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