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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Maybe we’re not quite done on the major bank capital raising just yet
Stuart Jackson
August 26, 2015
The volatility in equity markets over the last week is likely to be making a few bankers a little nervous. continue…
by Stuart Jackson Posted in Financial Services, Insightful Insights.
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Watch out!
Roger Montgomery
August 26, 2015
There were few surprises for readers of our blog in the BHP Billiton (ASX: BHP) result last night. BHP’s revenue declined 21.4 per cent and normalized Net Profit After Tax from continuing operations declined 70.5 per cent from US$14.9 billion to US$4.4 billion. Basic earnings per share declined from $2.50 to $1.20, putting the shares of this cyclical business on a price to earnings multiple of close to 20 times. continue…
by Roger Montgomery Posted in Insightful Insights.
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How are we reacting to difficult markets?
Tim Kelley
August 25, 2015
It has been an interesting few weeks in global equity markets. In Australia, as in other countries, we have seen some violent swings in equity prices, with most of the swings being in a generally downward direction. continue…
by Tim Kelley Posted in Insightful Insights, Market Valuation.
