Companies
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What we do and don’t like about Tassal
Tim Kelley
February 16, 2015
Atlantic Salmon producer, Tassal Group (ASX: TGR) has caught our eye recently. Although the business does not have a great economic track record, it appears that performance has been steadily progressing, following a period of substantial capital investment and management focus, and the half year result just released shows a continuing improvement trend. continue…
by Tim Kelley Posted in Companies, Consumer discretionary, Manufacturing.
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IMF: A Step-Change
Ben MacNevin
February 13, 2015
Regular followers of the blog should be well aware of our favourable view of Bentham IMF (ASX: IMF) – see here. We are pleased with the company’s recent 2015 half-year results. continue…
by Ben MacNevin Posted in Companies, Insightful Insights, Intrinsic Value, Montgomery News and Updates.
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Kathmandu – Leverage works until it doesn’t
Russell Muldoon
February 4, 2015
For the past few months we have written regularly about the headwinds facing the retail sector. Numerous retailers have downgraded sales and earnings, which were subsequently followed by share price declines. On Monday however, one listed retailer separated itself from the pack with the most sobering trading update yet. Kathmandu (ASX: KMD) has historically been favoured by Montgomery Investment Management. Yet with a business model that has a high degree of operational leverage, we were quick to exit the position in 2014 as it became clear that the company would not be immune to the deteriorating industry conditions. We have discussed the concept of operational leverage on many occasions. Retailers are subject to high levels of fixed costs such as rent, wages and electricity, which means that any price discounting will have a profound impact on the bottom line: a one per cent reduction in gross margin can often translate into a five per cent reduction in earnings. continue…
by Russell Muldoon Posted in Companies, Consumer discretionary, Insightful Insights.
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MEDIA
what looks attractive this year
Tim Kelley
January 20, 2015
In these highlights from Your Money Your Call, Tim Kelley discusses expectations around quantitative easing out of the European Central Bank and attractive companies in the Australian market. Watch here.
by Tim Kelley Posted in Companies, Insightful Insights, Investing Education, TV Appearances.
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Is the US too expensive?
Russell Muldoon
January 15, 2015
With headlines booming across the newswires such as “U.S. Retakes Helm of Global Economy” citing the US economy is on the up, the US market has soared as share prices – on average – have baked-in a clear road ahead for listed businesses and their earnings prospects.
But just to what extent? continue…
by Russell Muldoon Posted in Companies, Insightful Insights, Market Valuation.
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Should you be buying Fairfax Media?
Scott Shuttleworth
January 13, 2015
Fairfax Media Limited (ASX: FXJ) announced yesterday that it has acquired 100% (up from 50%) of the shares on issue of Metro Media Publishing Holdings (MMPH). You can read the announcement on the ASX here.
In a nutshell, Fairfax will issue 68.5 million new shares which implies a transaction value of $72 million (including $18.5 million in cash). The firm’s current shareholders will receive 65% of their consideration in shares and the remaining balance in cash. continue…
by Scott Shuttleworth Posted in Companies, Media Companies.
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Did we see any new opportunities in 2014?
Roger Montgomery
January 8, 2015
Over the next few days, we will take a look back at 2014 and highlight the most popular articles based on your views and comments.
Each week, we scan the market for fresh opportunities. If you’re doing the same – only to come up with a very small handful of desirable candidates (many of which you probably own already) – then you’re in good company. More important than our list is the observation that there are enough high quality candidates to at least fill part of a portfolio.
I was thinking about why there might just be an almighty stock market boom sometime between now and 2016.
In September, one of our preferred ‘Sells’ over recent years has been Arrium Ltd (ASX: ARI), formerly known as OneSteel.
by Roger Montgomery Posted in Companies, Insightful Insights, Market Valuation.
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Key issues for 2015
Roger Montgomery
January 5, 2015
In December I wrote an article for the ASX Investor Update, I thought I would share my thoughts with you as a welcome back to the year ahead.
What you should be watching out for in 2015 and what to expect with property prices, index funds and shares. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary, Energy / Resources, Financial Services, Insightful Insights, Investing Education.
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Corporates behaving badly?
Roger Montgomery
December 22, 2014
Court finds Coles engaged in unconscionable conduct and orders Coles pay $10 million penalties.
The Federal Court has today, by consent, made declarations in two proceedings instituted by the ACCC that Coles Supermarkets Australia Pty Ltd engaged in unconscionable conduct in 2011 in its dealings with certain suppliers.
The Court has also ordered Coles pay combined pecuniary penalties of $10 million and costs. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary, Insightful Insights.
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Battle of the mobiles – who is the winner?
Scott Shuttleworth
December 15, 2014
Commsday ran a test of the various major mobile networks to see which performed best in various environments on their shiny new 4G services. A full copy of the report can be found here.
Telstra took first place with solid results across the board. This wasn’t unexpected result, Telstra owns the most and highest quality mobile spectrum as well as the most expansive network of wireless infrastructure in the country.
Optus was second, whilst Vodafone was third having been weighed down by poor results when the mobiles were streaming from Youtube. continue…
by Scott Shuttleworth Posted in Companies, Insightful Insights, Technology & Telecommunications.
