Insightful Insights
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The Coordination of Health Care
Ben MacNevin
September 3, 2015
Health care costs continue to rise above inflation, but perhaps the main insight the public has received into resolving this issue has been the increased publicity of negotiations between hospitals and insurers. It’s important to note that other players are actively working to provide more value in the system. continue…
by Ben MacNevin Posted in Health Care, Insightful Insights.
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SEEK-ing Returns
Stuart Jackson
September 3, 2015
SEEK reported its 2015 financial year results on 19 August. While the result itself was in line with the reduced market forecasts following the trading update in late June, the outlook statement caused a significant reduction in forward estimates. continue…
by Stuart Jackson Posted in Companies, Insightful Insights.
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Reflecting on Company Valuation
Tim Kelley
September 2, 2015
Discounted Cash Flow (DCF) models are ubiquitous in funds management. They tend to be time consuming to build, but when it comes to company valuation they are the gold standard, providing a comprehensive and elegant framework by which cash flow forecasts can be translated into estimates of value. continue…
by Tim Kelley Posted in Insightful Insights.
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Altium – a big jump up in value
Scott Shuttleworth
September 2, 2015
Last week Altium Limited (ASX: ALU) provided its full year results for the 2015 financial year. Below we make a few notes on its progress. continue…
by Scott Shuttleworth Posted in Companies, Insightful Insights.
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Jack of all trades
Ben MacNevin
September 1, 2015
Trade Me (ASX: TME) is one result from reporting season that caught our attention. What did we find upon further analysis? continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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The long grinding economic cycle continues
David Buckland
August 31, 2015
The pace of the current global expansion is expected to be structurally lower than in previous cycles and this is attributable to high leverage, challenging western world demographic trends and low productivity growth. continue…
by David Buckland Posted in Insightful Insights.
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Understanding value is key to dodging the landmines
Roger Montgomery
August 31, 2015
Reporting season is in full swing and the very large share price reactions following a large proportion of company announcements suggests that the results are surprising and unanticipated. It also might suggest that analyst valuations – those relied upon for the final buy or sell recommendations – might be filled with optimistic inputs or inappropriately formulated. Given the large number of financial types that read this blog, and the number of investors in the banks, it’s worth revisiting the valuation formula. continue…
by Roger Montgomery Posted in Insightful Insights, Investing Education.
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Is Burson Group a good buy?
Scott Shuttleworth
August 28, 2015
Burson Group Limited (ASX: BAP) again demonstrated the rewards reaped by those invested in value this reporting season. We met with management last week to discuss the result and we’ve posted below an ‘over-the-shoulder’ view of our notes. continue…
by Scott Shuttleworth Posted in Companies, Insightful Insights.
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Medibank Private – Quality at a reasonable price
Roger Montgomery
August 28, 2015
The big surprise from the recent reporting season was Medibank Private (ASX:MPL). Guidance suggests the health insurance operating profit will increase by more than 12 per cent in FY16 to over A$370m on revenue growth of 5.5 per cent. The company also guided to a reduction in the MER to 8.3 per cent and below 8 per cent in 2017. This is a lot better than we had forecast and the market had been of the opinion that most of the margin expansion from a falling MER had been realised. continue…
by Roger Montgomery Posted in Health Care, Insightful Insights.
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Has the market dismissed IMF?
Ben MacNevin
August 27, 2015
IMF Bentham (ASX: IMF) reported a rather lacklustre result for the 2015 financial year. The loss of four cases wiped out the record first half gain, and while the market has not received this news well, we are pleased with the contents of the full year report. continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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