TV Appearances
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MEDIA
Value.able TV#4: What did Roger Montgomery find out about JB Hi-Fi?
Roger Montgomery
August 17, 2011
Following the release of their full year results, Roger spoke with senior management at JB Hi-Fi and discussed their cashflow and working capital.
JB Hi-Fi scores an A3 (down from A1) thanks to a debt-funded buy back of shares. It is nonetheless a company with great cash flow. Value.able Graduates paying close attention to Cashflow in JBH’s latest result may have been concerned by the large jump in inventory, which had a detrimental impact on Cashflow from Operations since last year.
So, what did Roger discover?
In 2010 JBH stores were cycling low inventory numbers. Arguably this resulted in a sell-out of stock, which was due to under-provisioning,
Stepping back and looking over time at a pre-store level, Roger says “If you have a look at the inventory on a per store basis, $2.2m – $2.6m per year, it’s fairly consistent. I’m not concerned.”
Roger suggests the future is interesting for JB Hi-Fi. If store growth continues at the current rate (13-16 stores per year) for the next three to four years, then by the time they reach 214 stores, there will be a lot of free cash. Extra cash from the maturity of existing stores, combined with a reduction in debt, will see a very cash rich JBH.
What will management do with the extra cash?
In Roger’s view, management have three options: increase dividends, buy back more shares or make a [silly] acquisition.
Roger’s estimate of JBH’s Value.able intrinsic value in 2012 is around $17, rising to $20 by 2013.
Will intrinsic value continue to rise after that?
“That will be largely dependent on what management does with that cashflow when it’s freed up” Says Roger, noting; “I think the future for JB Hi-Fi will prove to be a didactic experience for value investors.”
Value.able Graduates: What are your insights on Australia’s embattled retailers?
Value.able TV #4 was recorded at Montgomery HQ on 15 August 2011.
Posted by Roger Montgomery’s A1 team, fund managers and creators of the next-generation A1 service for stock market investors, 15 August 2011.
by Roger Montgomery Posted in TV Appearances.
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MEDIA
What A1 companies does Roger Montgomery think are cheap right now?
Roger Montgomery
August 11, 2011
The Dow Jones dropped 500 points. The ASX immediately followed. Is this rational investing or just another correction? In this appearance on Switzer TV with Peter Switzer, Roger Montgomery reveals eight extraordinary A1 companies whose shares are trading at prices below his estimate of their Value.able intrinsic value. Roger reveals Flight Centre (ASX:FLT), Data#3 (ASX:DTL), Oroton (ASX:ORL) and Cash Converters (ASX:CCV). What other extraordinary businesses make Roger Montgomery’s A1 grade? Watch the interview.
by Roger Montgomery Posted in Media Room, TV Appearances.
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MEDIA
Value.able TV #3: When should you sell?
Roger Montgomery
August 9, 2011
It’s a common question. Stockbroker recommendations often travel from ‘Buy’ to ‘Hold’ then back to ‘Buy’, and then all of a sudden ‘Ceasing Coverage’ appears. Rarely is a ‘Sell’ mentioned, let alone maintained for any length of time.
So the question remains… should you sell after the stock market has fallen 511 points? Or when the share price of an extraordinary A1 business falls by as much as 26 per cent?
“Of course not, Roger!”, I hear Value.able Graduates shouting from the rooftops across the country.
In Chapter 13 of Value.able I describe my five rules for when to sell. In this video, I will elaborate on Rule # 1: No junk policy.
I will assume 1. You are a Value.able Graduate, 2. You have changed some part of the way you think about the stock market. I will also assume you can confidently pick an A1 company from a basket of so-called ‘blue chips’.
Your mission: Go through your portfolio. Turn the stock market off and look at the businesses you own. Are you blessed with A1s? Or is your portfolio full of ‘blue chips’ that fail to make the A1 grade?
If you are yet to join the Graduate Class, click here to order your copy of Value.able immediately. Once you have 1. read Value.able and 2. changed some part of the way you think about the stock market, my team and I will be delighted to officially welcome you as a Graduate of the Class of 2011 (and invite you to become a founding member of our soon-to-be-released next-generation A1 service).
Value.able TV #3 was recorded at Montgomery HQ on 5 August 2011.
Posted by Roger Montgomery and his A1 team, fund managers and creators of the next-generation A1 service for stock market investors, 9 August 2011.
by Roger Montgomery Posted in TV Appearances.
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MEDIA
Which small cap A1 biotech company has caught Roger Montgomery’s Value.able eye?
Roger Montgomery
July 28, 2011
Businesses that achieve Roger Montgomery’s A1 grade generally have good cash flow and bright prospects. In this appearance with Peter Switzer on the Sky Business Channel, Roger reveals which small-cap, biotech company has achieved his top A1 Montgomery Quality Rating (MQR). Watch the interview.
by Roger Montgomery Posted in Media Room, TV Appearances.
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MEDIA
Which A1 pharmaceutical company has caught Roger Montgomery’s Value.able eye?
Roger Montgomery
July 19, 2011
In this episode of Your Money Your call, Roger Montgomery answers viewers questions on Rio (ASX:RIO), Credit Corp (ASX:CCP), Coal & Allied Industries Limited(ASX:CNA), Acrux (ASX:ACR ) and Lynas (ASX:LYC). Roger also reveals his views on the Carbon tax and the impact it could have on Australian businesses. Watch the interview.
by Roger Montgomery Posted in Media Room, TV Appearances.
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MEDIA
Is Roger Montgomery buying Decmil?
Roger Montgomery
July 19, 2011
In this episode of Your Money Your Call, Roger Montgomery answers viewers questions on Prima Biomed(ASX: PRR) Demcil (ASX:DCG) Monodelphus (ASX:MND). Roger also revels which A2 retail business has caught his eye. Watch the interview.
by Roger Montgomery Posted in Media Room, TV Appearances.
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MEDIA
ESG, SDL and IRE – which is a Roger Montgomery A1 business?
Roger Montgomery
July 19, 2011
In this episode of Your Money Your Call, Roger Montgomery share with viewers why a market decline is not a time of concern, but a time to look for extraordinary quality businesses at a discount to intrinsic valuue. Roger also answers viewers questions on Iress (ASX:IRE) Eastern Star (ASX: ESG) and Sundance (ASX:SDL). Watch the interview.
by Roger Montgomery Posted in Media Room, TV Appearances.
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MEDIA
Roger Montgomery and the carbon tax: good or bad?
Roger Montgomery
July 14, 2011
Roger Montgomery talks to Peter Switzer about Julia Gillard’s proposed carbon tax and shares his thoughts on its potential consequences for VIRGIN (ASX:VBA), ORIGIN (ASX:ORG), Qantas (ASX:QAN), Bluescope Steel (ASX:BSL), Orica (ASX:ORI ), Boral (ASX:BLD), Incitec (ASX:IPL), CSR (ASX:CSR), Santos (ASX:STO), OneSteel (ASX:OST), Woodside (ASX:WPL), Caltex (ASX:CTX), BHP (ASX:BHP), RIO (ASX: RIO), Newcrest (ASX:NCM). Watch the interview.
by Roger Montgomery Posted in Media Room, TV Appearances.
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MEDIA
Which A1 companies have caught Roger Montgomery’s Value.able eye?
Roger Montgomery
July 13, 2011
In this appearance on Your Money Your Call, Roger Montgomery answers viewers questions on his A1 companies, including JB Hi-Fi, M2 telecommunications and Oroton. Roger also shares his thoughts on the future of the retail sector and reveals his favourite mining companies. Watch the interview.
by Roger Montgomery Posted in Media Room, TV Appearances.
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MEDIA
BSL, UGL, CCV, ERA and MMX, what are Roger Montgomery’s Value.able insights?
Roger Montgomery
July 13, 2011
In this appearance on Your Money Your Call, Roger Montgomery answers viewers questions on Blusescope Steel (ASX:BSL), UGL Limited (ASX:UGL), Cash Converters (ASX:CCV), Energy Resources of Australia Limited (ASX:ERA) and Murchinson Metals Ltd (ASX:MMX). In this rare circumstance, Roger also shares his ‘prediction’ for the future of Iron ore. Watch the interview.
by Roger Montgomery Posted in Media Room, TV Appearances.
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