Companies
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Good news out of The Reject Shop
Scott Shuttleworth
February 23, 2015
Following on from our last discussion with The Reject Shop (ASX: TRS) last November (located here) we had another meeting with Management, CEO Ross Sudano and CFO Darren Briggs, to discuss their progress to date. continue…
by Scott Shuttleworth Posted in Companies, Consumer discretionary, Insightful Insights.
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Sirtex – a stronger result than we expected
Russell Muldoon
February 21, 2015
We take a look at Sirtex Medical Limited’s half-year result to 31 December 2014. According to Portfolio Manager, Russell Muldoon, the result is much stronger across the board, than previously modeled, particularly in dosage sales (volumes), price increases and average selling prices.
Sirtex’s half-year result is further evidence of our current belief in the business’s underlying strength and management’s strategy.
by Russell Muldoon Posted in Companies, Health Care.
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Not always a leisurely path
Ben MacNevin
February 20, 2015
A company that generates stable cash flows is highly appealing, as it allows management to redistribute capital with a considerable amount of visibility. Yet investors should always value new growth opportunities on a stand-alone basis, and not allow the stability of the core business to influence the perceived risk of new endeavours. continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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IMF: Discussion with Management
Ben MacNevin
February 18, 2015
IMF Bentham (ASX: IMF) released pleasing first-half 2015 results, though there were some particular points which required clarification, as highlighted in our previous post. We have since met with management where these key points, amongst others, were discussed. continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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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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