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.
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Can Things Go Better With Coke?
Stuart Jackson
August 24, 2015
Coca Cola Amatil (ASX: CCL) reported its half year results during the week. The company has been under pressure for some time. The consensus view is that a combination of the growing market power of the major supermarkets, combined with a consumer shift away from soft drinks, has resulted in a downward spiral in volumes and earnings over the last 3 to 4 years. continue…
by Stuart Jackson Posted in Companies, Consumer discretionary, Insightful Insights.
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Getting Savvy
Scott Shuttleworth
August 21, 2015
Whilst some companies are hitting hard times, The Reject Shop Limited (ASX: TRS) has had a comparatively good earnings season. continue…
by Scott Shuttleworth Posted in Insightful Insights.
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Carsales – Full Year in Third Gear?
Ben MacNevin
August 20, 2015
In a recent video blog we discussed that while Carsales is a high quality business, we felt the growth profile implied by the share price at the time was quite optimistic. Our thesis remains unchanged following the release of their 2015 full year result. continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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The disintermediation gathers pace
David Buckland
August 19, 2015
Streaming services from Netflix and Hulu have dramatically cut the viewer numbers of the top US cable companies. According to Nielsen, the aggregate audience of the top six US cable channels declined 21 per cent from 11.8 million in July 2014 to 9.3 million in July 2015. So far this summer, (free to air) broadcast and cable channels are averaging 94.7 million viewers, down 3 per cent year on year, and down 6 per cent on the 2013 numbers. continue…
by David Buckland Posted in Insightful Insights, Technology & Telecommunications.
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The Carnival is Over (with apologies to The Seekers)
David Buckland
August 19, 2015
We have discussed the mean reversion of Australia’s Terms of Trade on numerous occasions. After peaking at 118.5 Index Points in the September 2011 Quarter, the series seems to be doing the round trip back to its five and a half decade average of sub 70 Index Points. continue…
by David Buckland Posted in Foreign Currency, Insightful Insights.
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Reflecting on Analyst Valuations
Tim Kelley
August 19, 2015
Reporting season is well underway now, and if you had to sum up progress to date in a single word you might choose something like “disappointing”. continue…
by Tim Kelley Posted in Companies, Insightful Insights.
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The End or The Beginning?
Roger Montgomery
August 18, 2015
Jeremy Grantham heads the Boston based investment manager GMO with over $115 billion under management. We have quoted him here before because he has presciently called some of the defining market crashes of our time including the end of the dotcom boom and the GFC. As an aside your author also called those two but success was probably the result of forecasting often rather than accurately. continue…
by Roger Montgomery Posted in Insightful Insights.
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