Market commentary

FDC Consolidated Holdings Limited (ASX: FDC), a major Australian construction, fit-out, and building services company, has had an auspicious beginning as a public company after listing for $3.00 per share on the ASX on 13 July 2026. FDC reported a 13 per cent increase in revenue for the year to June 2026 to $1.69 billion, whilst underlying Earnings Before Interest and Tax (EBIT) (excluding listing costs) rose 18 per cent to $96.5 million. continue…

by David Buckland Posted in Companies, Editor's Pick, Market commentary, Market Valuation, Small Caps, Stocks We Like.

• save this article
• POSTED IN Companies, Editor's Pick, Market commentary, Market Valuation, Small Caps, Stocks We Like

SkinKandy (ASX: SK1) is Australia and New Zealand’s self-proclaimed leading specialty piercing and body jewellery retailer. Operating a ‘service-led retail model,’ the company delivers over 60 distinct types of professional body and ear piercings alongside a range of high-margin jewellery and specialised aftercare products. continue…

by Roger Montgomery Posted in Companies, Consumer discretionary, Editor's Pick, Feature Article, Market commentary, Market Valuation, Small Caps, Stocks We Like.

• save this article
• POSTED IN Companies, Consumer discretionary, Editor's Pick, Feature Article, Market commentary, Market Valuation, Small Caps, Stocks We Like

Supermarket giant Coles Group released its FY26 full-year earnings this week, delivering metrics that were modestly ahead of market expectations.

Despite persistent cost-of-living pressures facing Australian households, the company reported solid execution, robust supermarket growth, and strong efficiency measures.

Initial market excitement, however, is being tempered by an elevated capital expenditure outlook and a softer-than-expected early trading update for FY27.

Consequently, investors will weigh the solid historical performance against near-term cash-flow headwinds and competitive threats. continue…

by Roger Montgomery Posted in Companies, Consumer discretionary, Editor's Pick, Feature Article, Market commentary, Market Valuation, Popular.

• save this article
• POSTED IN Companies, Consumer discretionary, Editor's Pick, Feature Article, Market commentary, Market Valuation, Popular

At a conference in October 1975 at the Winter Gardens in Blackpool, UK, Margaret Thatcher critiqued socialism.  Despite her insights 51 years ago, left-leaning leaders today still try and fail to make socialism work.

From Canada under Justin Trudeau, and New Zealand under Jacinda Ardern, to the U.K under Keir Starmer, and even the U.S. under Biden, nations have elected officials to enact ideological promises with disastrous fiscal, economic and social consequences.

While no one’s policies are perfect and many were flawed, let Margaret Thatcher’s criticism of the socialist agenda 51 years ago be a reminder to our voters today that we can’t tax our way to prosperity.  Prosperity requires financial discipline, enterprise, affordable energy, productivity, and investment. continue…

by Roger Montgomery Posted in Market commentary.

• save this article
• POSTED IN Market commentary

In this video, I discuss Computershare (ASX: CPU), a global provider of share registry and shareholder administration services, and why it caught our attention during the year. I explain how the company’s decision to sell lower-returning businesses and refocus on its core operations has improved the quality of the business, while a significant fall in the share price presented a more attractive valuation. Together, these factors led us to establish a position in Computershare. continue…

by Sean Sequeira Posted in Companies, Editor's Pick, Feature Article, Financial Services, Insightful Insights, Manufacturing, Market commentary, Market Valuation, Stocks We Like, Video Insights.

• save this article
• POSTED IN Companies, Editor's Pick, Feature Article, Financial Services, Insightful Insights, Manufacturing, Market commentary, Market Valuation, Stocks We Like, Video Insights

If you haven’t noticed already, allow me to point out that investment discussions about artificial intelligence (AI) frequently devolve into almost insulting debates between AI evangelists, who cite massive total addressable markets (TAM) and explosive user growth, and sceptics, pointing to trillions of dollars in capital expenditure (capex), a buildout based on speculation, exorbitant compute costs, and an unclear path to profitability.

Aswath Damodaran, NYU Stern professor and widely respected value investor, believes this debate has largely gone off the rails, noting in a recent post, “The debate about AI, in my view, has gone off the track with advocates and sceptics often talking past each other”. Optimists cherry-pick usage metrics, while pessimists focus on heavy spending, with both sides ignoring the rigorous business analysis that needs to take place in the middle. continue…

by Roger Montgomery Posted in Economics, Manufacturing, Market commentary, Market Valuation, Technology & Telecommunications.

• save this article
• POSTED IN Economics, Manufacturing, Market commentary, Market Valuation, Technology & Telecommunications

In public finance, there is a simple truth that ideologues spend years trying to evade: Eventually, the numbers catch up with you.

Back in the late 1980s and early 1990s, when I was studying at University in Melbourne, the economic mismanagement of the Kane and Kirner Labor governments reduced what was then called the Garden State to an economic basket case.

Decades later and Labor has done it again, hitting Victoria hard.

When Labor came to power there in 2014, the state’s debt was $21.8 billion. Today, it exceeds $160 billion and is rapidly approaching $200 billion, making Victoria one of Australia’s heaviest financial ball-and-chains. continue…

by Roger Montgomery Posted in Economics, Insightful Insights, Market commentary.

• 2 Comments
• save this article
• POSTED IN Economics, Insightful Insights, Market commentary

In my article for The Australian, I look at why many Australians are feeling worse off despite the economy continuing to grow. Rising living costs, expensive housing and weak productivity are making it increasingly difficult for households to get ahead.

I also discuss how government decisions around housing, taxation and spending may be adding to these pressures, with younger Australians in particular facing higher rents, falling affordability and greater financial strain.

Download the article here: Labor’s economics making us all poorer continue…

by Roger Montgomery Posted in Economics, Editor's Pick, In the Press, Market commentary.

• save this article
• POSTED IN Economics, Editor's Pick, In the Press, Market commentary

There’s a consistent view of the consumer emerging from Australia’s Financial year 2026 (FY26) retail reporting season.

Households haven’t stopped spending, but they’ve become more selective, more value-conscious and increasingly willing to postpone discretionary purchases or wait for promotions and sales.

The pressure is most evident in big-ticket categories like furniture, appliances, and homewares. Nick Scali (ASX:NCK) noted a significant decline in store traffic late in the year; JB Hi-Fi (ASX:JBH) mentioned that customers are focusing their purchases around major sales; and Temple & Webster (ASX:TPW) said that while browsing continues, customers are delaying their buying decisions. continue…

by Roger Montgomery Posted in Companies, Consumer discretionary, Economics, Editor's Pick, Manufacturing, Market commentary, Market Valuation.

• save this article
• POSTED IN Companies, Consumer discretionary, Economics, Editor's Pick, Manufacturing, Market commentary, Market Valuation

I joined Jess Maguire on ABC Statewide Drive to discuss why traditional approaches to diversification may no longer offer investors the same protection they once did. We explored how persistent inflation has changed the relationship between shares and bonds, the growing concentration of global share markets in a handful of artificial intelligence (AI) linked companies, and why investors may need to diversify beyond traditional asset classes and markets by considering a broader range of investment strategies.

Listen to the full segment from 1:46:20 – ABC Statewide Drive continue…

by Roger Montgomery Posted in Economics, Insightful Insights, Investing Education, Market commentary, Market Valuation, Radio.

• save this article
• POSTED IN Economics, Insightful Insights, Investing Education, Market commentary, Market Valuation, Radio