Technology & Telecommunications
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The Blue Chips v The Second Line Telecommunication Competitors
David Buckland
September 23, 2013
Appearing on “Your Money Your Call” on Sky Business last Wednesday evening was an interesting and mostly amusing experience. The subject of telecommunications was touched on and my fellow panelist espoused the attributes of Telstra and its blue chip qualities. continue…
by David Buckland Posted in Technology & Telecommunications.
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WHITEPAPERS
NextDC: beyond value territory?
Roger Montgomery
July 5, 2013
Enjoy the next in our 2013 exclusive subscriber-only white paper series.
continue…by Roger Montgomery Posted in Technology & Telecommunications, Whitepapers.
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Budii up!
Ben MacNevin
June 3, 2013
The telecommunications sector is becoming rather crowded. The sector has been traditionally dominated by Telstra and Optus, but a string of acquisitions has seen the market shares of iiNet, TPG Telecom and M2 Telecommunications surge in recent years. Now that this period of consolidation is slowing, these companies will require a greater focus on organic rather than acquisitive growth in order to sustain their impressive earnings. continue…
by Ben MacNevin Posted in Technology & Telecommunications.
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Threats to Cochlear’s market position?
Tim Kelley
April 22, 2013
Many readers will have noticed the dramatic fall in the price of Cochlear (COH) shares from above $80 per share at the start of February to below $60 recently. COH is an Australian-based world beater in cochlear implants (note that “cochlear” is both the name of the company (COH) and the part of the inner ear into which cochlear implants are implanted, whether they are supplied by COH or a competitor). At Montgomery, we are big fans of COH, and in the past it has been a significant holding of the Montgomery [Private] Fund. With the recent decline in share price we have again been taking interest in the business.
continue…by Tim Kelley Posted in Insightful Insights, Technology & Telecommunications.
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The post-PC revolution
Roger Montgomery
April 17, 2013
At Montgomery we have several investment themes that influence our enthusiasm for an investment that meets all our other criteria.
continue…by Roger Montgomery Posted in Insightful Insights, Technology & Telecommunications, Value.able.
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Does intellectual property have the value it once had?
Tim Kelley
April 10, 2013
A strong competitive “moat” is one of the features we value in a business. Moats can take many different forms, but one appealing type of moat is that provided by intellectual property, ideally protected by patents.
Companies like Cochlear, Resmed and Codan are good examples of businesses that owe part of their prosperity to technology that provides an edge over competitors. In many cases, this edge has been built and maintained over many years through substantial investments in R&D.
continue…by Tim Kelley Posted in Consumer discretionary, Insightful Insights, Technology & Telecommunications.
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Telstra’s Growth Conundrum
Tim Kelley
March 27, 2013
Today’s AFR reports on Telstra’s (TLS) capital investment plans, and states that the man in charge of those investment plans, Brendon Riley, believes that “the answer to the growth question is to keep investing.”
We don’t disagree with this in principal, but note that historically, TLS has not had much success in investing for growth. continue…
by Tim Kelley Posted in Insightful Insights, Technology & Telecommunications.
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MEDIA
Mining Services – a looming train wreck…
Roger Montgomery
March 27, 2013
In this interview on ABC1’s ‘The Business’, Roger discusses with Ticky Fullerton why he is virtually certain that the Mining Services industry is facing disaster, and he also is highly sceptical about Telstra’s (TLS) prospects. Watch here.
This program was broadcast 27 March 2013.
by Roger Montgomery Posted in Energy / Resources, Technology & Telecommunications, TV Appearances.
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Telstra (TLS) vs M2 Telecommunications (MTU)
David Buckland
March 27, 2013
Interviewed by Peter Switzer last Thursday, I was asked why Montgomery doesn’t own any Telstra (ASX: TLS) shares.
Montgomery is a value investor that uses a highly disciplined and fact-based investment process.
We focus on investing in “extraordinary businesses” trading at a discount to their estimated intrinsic value.
by David Buckland Posted in Insightful Insights, Intrinsic Value, Technology & Telecommunications.
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What is a game changer?
Roger Montgomery
March 20, 2013
Last night I received an unsolicited text message from Vodafone informing that Samsung had just released their Galaxy 4S. Vodafone cooed “it looks like a game changer”. Last week it was Dominos Pizza who insisted that new toppings (toppings others already had) and a square base (competitors already have those too) were ‘game changers’.
The noun Game Changer is being used a little too liberally at the moment, and lest it creep into our vernacular to such a degree that university students use it to describe skipping the train and catching the bus instead, I thought I’d attempt to use photographs to illustrate my understanding of game changers:-
continue…by Roger Montgomery Posted in Consumer discretionary, Insightful Insights, Technology & Telecommunications.
