Companies
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Caterpillar machine sales cratering outside North America
David Buckland
May 22, 2014
Caterpillar Inc’s March 2013 quarterly net income was down 45 per cent to $0.88 billion, on a 17.5 per cent reduction in revenue to $13.2b (click here to read our original post on the reduction). continue…
by David Buckland Posted in Companies, Insightful Insights.
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Valuation, not speculation
Ben MacNevin
May 19, 2014
In the space of a fortnight, Treasury Wine Estate (ASX: TWE) has dismissed reports that it has been approached by two separate bidders for the company’s US assets. Speculation of this sort should never form the basis of your investment decision making. continue…
by Ben MacNevin Posted in Companies, Insightful Insights, Investing Education, Manufacturing.
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Does a valuable service mean a valuable company?
Ben MacNevin
May 16, 2014
To society, waste management is a valuable service. Consider what would happen if your garbage wasn’t collected for a month. Unfortunately, servicing this critical need does not translate to sustainable long-term value for waste management companies. continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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Does MTU Offer Value?
Tim Kelley
May 15, 2014
Telecommunications supplier M2 Group (ASX: MTU) is a business we have previously owned in The Montgomery Fund, and it was a rewarding experience. MTU shares rose from around $3.50 when TMF was launched in August 2012, to over $6.00 in August 2013. We parted ways with MTU at that time, as the full-year results announcement showed that MTU’s debt-fuelled acquisition strategy had stretched its balance sheet beyond the limits we consider to be investment grade. continue…
by Tim Kelley Posted in Companies, Insightful Insights, Technology & Telecommunications.
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Sirtex test results: what they mean
Russell Muldoon
May 15, 2014
Longer-term investors in Sirtex Medical Limited (ASX: SRX) might be aware that the business invests heavily – around $60m in recent years – to fund a number of large-scale studies intended to prove the efficacy of their core medical device, SIR-Spheres microspheres (SIRT). The goal is to provide the statistical evidence required to drive earlier adoption globally of their SIRT procedure in the treatment of inoperable liver cancers. continue…
by Russell Muldoon Posted in Companies, Health Care, Insightful Insights.
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Spotlight on: ARB
Scott Shuttleworth
May 13, 2014
ARB Corporation is a well-known small cap company, often quoted as “the stock Warren Buffet would buy”. Today we were lucky enough to hear from the company’s managing director, Roger Brown, whom shared his insights on the company’s current standing and future. A summary of my notes follows: continue…
by Scott Shuttleworth Posted in Companies, Consumer discretionary, Insightful Insights.
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Super Retail Group
Roger Montgomery
May 12, 2014
Super Retail Group (ASX: SUL) owns the Supercheap Auto, Rebel, AMart Sports and BCF branded stores, and has provided a trading update for the 18 weeks to 2 May 2014, a day before the company presents at the Macquarie conference in Sydney. continue…
by Roger Montgomery Posted in Companies, Insightful Insights, Investing Education.
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Lease Peace
Ben MacNevin
May 8, 2014
Having purchased McMillan Shakespeare (ASX: MMS) shares at $7.25 after Kevin Rudd’s comments, we’ve written extensively about the investment case (see here, here and here). Since then, we have also written about our expectations that changes to novated leasing are unlikely to feature in the coming budget. The market doesn’t seem to share our view, with the share price of McMillan Shakespeare reflecting material risk to the downside. continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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Childcare bidding
Ben MacNevin
May 7, 2014
Further to our post on G8 Education’s multicurrency debt programme, it’s worth noting that their newly listed competitor Affinity (ASX: AFJ) also made a sizeable increase in its debt facility the week before. continue…
by Ben MacNevin Posted in Companies, Insightful Insights, Montgomery News and Updates.
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GEM’s Multicurrency Debt Programme
Roger Montgomery
May 5, 2014
G8 Education (ASX: GEM) have just announced a multicurrency debt issuance programme to issue $500m of notes, denominated in any currency agreed between G8 and any dealer. continue…
by Roger Montgomery Posted in Companies, Insightful Insights.
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