Search Results for: thorn group
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Super Ambitious Group
Scott Shuttleworth
August 29, 2014
Last week, Super Retail Group Limited (ASX: SUL) reported to an uncertain retail sector. Having a flick through their investor presentation and the group’s financials – and considering some of the headwinds over the last financial year – it’s quite a fair result. Continue…
by Scott Shuttleworth Posted in Companies, Consumer discretionary, Insightful Insights.
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Cash is king
Roger Montgomery
August 27, 2014
As you already know, Magellan Financial Group are approached regularly by smaller equity managers seeking an investment. To date, Magellan have only invested in one manager – Montgomery – and Magellan remain the only external investor in our company. Continue…
by Roger Montgomery Posted in Insightful Insights, Value.able.
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They’re back
Russell Muldoon
August 26, 2014
On 16 July 2013 (during the first half of FY14), the Labor Government proposed changes to the Fringe Benefits Tax (FBT) treatment of novated leases, amid claims of “rorting”. These proposals shut down the car leasing and salary packaging industries. Even Ford blamed Kevin Rudd’s $1.8 billion FBT overhaul for halting production, forcing at least 750 workers to be stood down. Continue…
by Russell Muldoon Posted in Companies.
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A low hurdle rate and high returns are a powerful combination
Roger Montgomery
August 16, 2014
In this column, published in The Australian, Roger highlights the success of Burson Group as a company that can generate returns that are very high while at the same time lower its hurdle rate. Read here.
by Roger Montgomery Posted in In the Press.
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Old media spent?
Ben MacNevin
August 15, 2014
You never really know what you might uncover about a business by reading the annual report of another… Continue…
by Ben MacNevin Posted in Media Companies.
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- POSTED IN Media Companies.
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Stocks to watch
Russell Muldoon
August 14, 2014
We’ll take a break from The Screen series for a few weeks, as our focus shifts to full-year company results and outlook statements. And while it’s still early days, a few businesses have already caught our attention. Below follow our notes on two of them. Continue…
by Russell Muldoon Posted in Companies, Consumer discretionary, Health Care, Insightful Insights.
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REA Group’s strategic stake in iProperty
David Buckland
August 14, 2014
Following our recent post on REA Group, I thought it worthwhile to observe the patience in which some companies invest their expansion capital. Continue…
by David Buckland Posted in Companies, Insightful Insights, Property.
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- POSTED IN Companies, Insightful Insights, Property.
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The screen – part II
Russell Muldoon
August 8, 2014
The other day, we ran ‘the screen’: a quantitative tool we use from time to time (and we employ a number of them at Montgomery) in an attempt to rank the market based on the relative valuations of industry groups.
by Russell Muldoon Posted in Insightful Insights.
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The internet of (almost) everything
Scott Shuttleworth
August 4, 2014
Last week, I came across an interesting article on Yahoo! Finance that presents examples of where Warren Buffett has done well – and not so well – in the retail sector. It attributes Buffett’s Achilles’ heel to the way that “the Internet is rapidly reshaping shopping habits and affecting Berkshire-owned retailers in ways they didn’t expect”. Continue…
by Scott Shuttleworth Posted in Consumer discretionary, Technology & Telecommunications.
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The screen
Russell Muldoon
August 4, 2014
On Friday morning, the local share market reacted negatively to overseas developments. I took this as an opportunity to screen the market in search of industry groups that offer attractive relative valuations, in order to focus on a few ideas for our research team to investigate. Continue…
by Russell Muldoon Posted in Companies, Insightful Insights, Market Valuation.
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IMF: Funding more litigation
David Buckland
July 30, 2014
We last wrote about Bentham IMF Limited (ASX: IMF) back in February, and now point out the company has filed proceedings on behalf of former and current BrisConnections unit-holders against Arup. Arup are the engineering consulting firm who prepared the traffic forecasts for the Brisbane Airport Link toll road. Continue…
by David Buckland Posted in Insightful Insights.
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Real estate chess: Buckle up!
Roger Montgomery
July 29, 2014
This is intriguing on so many levels. Game theory is being played out live over at REA Group’s realestate.com.au, and we are glued to our screens. Can a business with possession of several competitive advantages, including monopoly power, network effect and the most valuable competitive advantage – the ability to raise prices without a detrimental impact on unit sales volumes – lose its competitive advantage? Continue…
by Roger Montgomery Posted in Property, Technology & Telecommunications.
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Winter Is Coming
Scott Shuttleworth
July 28, 2014
Ray White Group has thrown its weight behind a group of estate agents called Real Estate Digital Marketing Services (REDMS), to negotiate online ad rates, reported the SMH on Thursday. Continue…
by Scott Shuttleworth Posted in Companies, Property.
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The Top 10: What is possibly cheap right now
Roger Montgomery
July 21, 2014
Each week, we scan the market for fresh opportunities. If you’re doing the same – only to come up with a very small handful of desirable candidates (many of which you probably own already) – then you’re in good company. We can’t find a plethora of opportunities either. Continue…
by Roger Montgomery Posted in Insightful Insights, Investing Education.
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Aristocrat buys Video Gaming Technologies
Russell Muldoon
July 16, 2014
As already announced to the market, Aristocrat Leisure Limited (ASX: ALL) is preparing to undertake the biggest acquisition in its history, with an AU$1.494 billion all-cash takeover of US-based Video Game Technologies (VGT). Continue…
by Russell Muldoon Posted in Companies, Technology & Telecommunications, Value.able.
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On the menu at Montgomery
Roger Montgomery
July 15, 2014
It should come as little surprise that we’re fond of finding great value opportunities. But perhaps what you don’t realise is that high quality and good value are not the sole preserve of the stock market… Continue…
by Roger Montgomery Posted in Insightful Insights, Value.able.
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Aftermarket or afterthought?
Scott Shuttleworth
July 14, 2014
Last week I met with several companies in Melbourne, including Burson Group (ASX: BAP), Repco and Super Retail Group (ASX: SUL) to discuss their businesses and what they are presently doing to compete. Continue…
by Scott Shuttleworth Posted in Companies, Insightful Insights, Manufacturing, Value.able.
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Is Vocus worth $6.10?
Russell Muldoon
July 10, 2014
Vocus worth $6.10?
On Tuesday, we reported on the exciting future for Vocus Communications (ASX: VOC) after their AU$107.7m acquisition of New Zealand’s largest ducted inter-city fibre optic network operator, FX Networks. Continue…
by Russell Muldoon Posted in Companies, Insightful Insights, Takeovers, Technology & Telecommunications, Value.able.
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Digging for bargains
Roger Montgomery
July 9, 2014
Value investors around Australia are united in their view that there are few bargains remaining in the Australian stock market. This is evidenced by the M&A activity seen in the market for inferior-quality companies who have lost market share and suffered declining profits and/or margins. Continue…
by Roger Montgomery Posted in Insightful Insights, Market Valuation.
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Where are we in the valuation cycle?
Tim Kelley
July 4, 2014
This is a frustrating market for value investors. Like many of our ilk, we are struggling to find high quality companies trading at prices that we consider attractive. As a result, we now hold significant cash balances in our funds waiting for opportunities to emerge. Continue…
by Tim Kelley Posted in Insightful Insights, Investing Education.