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Companies benefiting from COVID-19 lockdowns

Companies benefiting from COVID-19 lockdowns

The current boom in equities is not as broad-based as it might first appear. Putting aside materials and gold stocks, the rest of the market can be divided into the ‘haves’ and the ‘have nots’. And it may be more important than ever to be an owner of the ‘haves’.


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Roger is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.

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  1. Using a discount rate of 7.5%, earnings this year of 300, 2022 earnings of 370, a growth rate of 3.5% and a terminal growth rate of 2%, I get a fair value for the ASX200 of 7300. I think the ASX200 companies are undervalued and all the bad news has been factored in. With recent news of vaccine and treatment successes, I think investors should be long this market. The market could climb quite rapidly on any good news from here on including declining COVID-19 cases in Victoria and the USA. Today’s dip, for example, in TLS is only a blip. At a yield of 5%, TLS is undervalued. When it turns up, this will lift the indices and market mood. Stay long young man, stay long in the market.

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