Video Insights
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Will be see an unwind of the boom in unicorns?
Roger Montgomery
May 21, 2019
In this week’s video insight Roger takes a closer look at private equity. With interest rates declining over recent years, investors have fled from cash into fast growing start-ups. Although how can the multiples of these companies keep expanding if they are profitless?
by Roger Montgomery Posted in Editor's Pick, Video Insights.
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Is the proposed TPG – Vodafone merger impacting Telstra?
Tim Kelley
May 14, 2019
In this week’s video insight Tim takes a closer look at the recent developments relating to the TPG-Vodafone merger. Last week the ACCC announced that it has decided to block the merger. Will they still proceed with attempting to build a network? continue…
by Tim Kelley Posted in Video Insights.
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What are the first 17 weeks of 2019 telling us?
David Buckland
April 30, 2019
In this week’s video insight David takes a closer look at what the first 17 weeks of 2019 have brought for investors. Global interest rates have generally moved lower and we have seen a rally in the Chinese Shanghai Composite Index and the US Nasdaq Index. Fortunately, the Montgomery Global Fund is well exposed to both of these themes.
by David Buckland Posted in Editor's Pick, Video Insights.
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Buy-backs and capital allocation – looking at Pro Medicus
Joseph Kim
April 16, 2019
In this week’s video insight Joseph discusses the recent share buy-back announcement of Pro Medicus (ASX:PME) and the impact to the company’s share metrics. Share buy-backs are often seen as a signal that the board views the current share price as undervaluing the company. Any buy-back using PME’s surplus cash may actually result in price earnings dilution given PME’s lofty 99x PE ratio.
by Joseph Kim Posted in Video Insights.
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A closer look at Woolworths’ off market share buy-back
Stuart Jackson
April 3, 2019
In this week’s video insight, Stuart takes a closer look at off market share buy-backs. Earlier this week Woolworths announced an off market buy-back as the company returns the $1.7 billion received from the sale of its petrol business. One of the key assumptions is that the shareholder is able to utilise any capital losses created from selling into the buy-back. Although Stuart identifies some factors which will impact this. continue…
by Stuart Jackson Posted in Video Insights.
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Do Agile working practices provide better financial results?
Andreas Lundberg
March 20, 2019
In this week’s video insight Andreas takes a closer look at the impact of different management philosophies and trends. Delving into a case study on one of our holdings Spark New Zealand, the implementation of Agile working practices has decreased labour costs resulting in increased EBITDA margin. continue…
by Andreas Lundberg Posted in Editor's Pick, Video Insights.
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Will we see a further decline in the Australian property market?
Roger Montgomery
March 13, 2019
While APRA has not yet released the data for the December 2018 quarter for housing loan approvals, we can see September 2018 showed a 56 per cent decline of interest only loans approved. With investors less active and less foreign buyers, and new buyers at 17-years lows, it seems the real decline in residential building activity is yet to materialise as we look at the correlation between building approvals and building starts.
by Roger Montgomery Posted in Editor's Pick, Video Insights.
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The need to consider the balance sheet effects of credit-induced growth
David Buckland
March 5, 2019
In this week’s video insight David takes a look at debt-inducted growth, focusing on China, and the balance sheet effects impacting the world’s credit. In 2018 the Shanghai Composite Index was one of the worst performing stock markets in the world, down 25 per cent and this decline coincided with the level of Chinese bond defaults exploding to over US$23 billion.
by David Buckland Posted in Video Insights.
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A look into Telstra’s half-year results
Tim Kelley
February 20, 2019
In this week’s video insight Tim takes a look at Telstra’s half-year results. Revenue, earnings and cash flow all broadly lined up with expectations so there weren’t many surprises. Although since we last looked at Telstra there have been some interesting developments. continue…
by Tim Kelley Posted in Video Insights.
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An investment thesis on Sydney Airport
Joseph Kim
February 6, 2019
In this week’s video insight Joseph introduces Sydney Airport and outlines the investment thesis as well as the key drivers for the earnings outlook. The company has an impressive track record with an enviable monopoly status leveraged to a positive structural thematic. continue…
by Joseph Kim Posted in Editor's Pick, Video Insights.
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