Consumer discretionary
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Is Flight Centre a Bargain?
Tim Kelley
May 27, 2016
Following a recent trading update, Flight Centre (ASX:FLT) shares are trading at around their lowest levels for some years. In its announcement to the market FLT attributed the weak trading to a wide assortment of issues including: the Federal election; Brexit; airfare price wars; investment in key improvement strategies and the Zika virus. continue…
by Tim Kelley Posted in Companies, Consumer discretionary.
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Woolies’ struggles against interloper are just beginning
Roger Montgomery
May 17, 2016
As a consumer I love it when Woolies offers lower prices. If I was still an investor in the shares of the company, I’d be much less sanguine. continue…
by Roger Montgomery Posted in Consumer discretionary, Insightful Insights.
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Devil wears Prada down but there’s still time to bag profit
Roger Montgomery
April 29, 2016
It was almost a year ago that we picked the Hong Kong-listed global luxury retailer Prada as the world’s leading short candidate. So after a significant decline in share price is there still an opportunity to short Prada?
Click on the image to read the full Herald Sun article.
You can read all of the team’s press articles through browsing our media library, view more articles here.
by Roger Montgomery Posted in Companies, Consumer discretionary.
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Dick Smith prospectus failed to disclose
Roger Montgomery
March 7, 2016
We have watched from the sidelines, with interest, the commentary surrounding the collapse of Dick Smith (ASX:DSH). continue…
by Roger Montgomery Posted in Consumer discretionary, Insightful Insights.
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Treasury Wine Estates – Part 3
Stuart Jackson
October 23, 2015
In the third part of my series on the initial assessment of the investment case for Treasury Wine Estates given its leverage to a falling Australian dollar, we look at the influence of industry structure on returns and the potential upside from the falling AUD. continue…
by Stuart Jackson Posted in Consumer discretionary, Insightful Insights.
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Sweet as bro’
Stuart Jackson
September 21, 2015
One of the themes that has driven some stocks in the last 6 to 12 months has been food quality and safety in China. Stocks such as Bellamy’s (ASX: BAL) and Blackmores (ASX: BKL) have experienced extremely strong share price appreciations recently on this theme as demand from Chinese consumers for premium international brands with perceived food safety has driven significant sales growth. continue…
by Stuart Jackson Posted in Companies, Consumer discretionary.
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Skin in the Game
Ben MacNevin
September 15, 2015
A primary reason for many floats is for the vendors to realise a return on their investment. But when this is the case, potential shareholders become rightly sceptical about the underlying quality of the business. So how do vendors ease market concerns while still maximising their return? continue…
by Ben MacNevin Posted in Consumer discretionary.
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WHITEPAPERS
Quiksilver: Montaka’s opportunity
Roger Montgomery
September 15, 2015
Readers of the Montgomery Global magazine will know that last year we prepared a short thesis on surf wear company, Quiksilver (NYSE: ZQK). Here was a company experiencing declining same store sales, while servicing high levels of debt. Meanwhile the analyst community held unduly optimistic expectations for a rapid recovery in sales and profit margins. Three of four elements of the Montgomery Global Investment Management’s team’s framework for profiting from a deteriorating business were met. continue…
by Roger Montgomery Posted in Consumer discretionary, Whitepapers.
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Branding: A debate; is it really a competitive advantage?
Scott Shuttleworth
September 14, 2015
Let’s define the term ‘competitive advantage’, what does it mean? There’s unfortunately many definitions, confusing a vital tenant of investment theory. Bruce Greenwald of Columbia University defines it as “being able to do what rivals cannot.” We can extend on this in such a way to suggest that having a competitive advantage will enable a firm to earn abnormally high returns.
Interestingly, competitive advantages when defined in this light, can both be thought of as the same as barriers to entry. continue…
by Scott Shuttleworth Posted in Consumer discretionary, Insightful Insights, Manufacturing, Market Valuation.
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Is Myer’s Equity Raising Throwing Good Money After Bad?
Stuart Jackson
September 14, 2015
Myer (ASX: MYR) recently surprised the market by pre-announcing its financial year 2015 (FY15) results and launching a deeply discounted 2 for 5 entitlement issue. While the FY15 results were roughly in line with market expectations, the greatest focus was on the company’s new strategy announcement. continue…
by Stuart Jackson Posted in Companies, Consumer discretionary, Insightful Insights.