Search Results for: thorn group
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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.
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Power Plays
Ben MacNevin
June 30, 2014
There has been growing resistance within the real estate industry towards the price increases being enforced by realestate.com.au, which is owned by REA Group (ASX: REA). We cannot help but draw parallels to Carsales.com (ASX: CRZ). Continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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I wonder…
Scott Shuttleworth
June 27, 2014
A recent IPO that we did not participate in was Monash IVF Group Limited (ASX: MVF). Whilst we appreciate the quality of the business, its staff and management, we believe that it perhaps may be on the expensive side and would prefer to seek more value before proceeding any further. Continue…
by Scott Shuttleworth Posted in Insightful Insights.
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Boost your returns part 4 – the top 20
Tim Kelley
June 24, 2014
So far in our “Boost your Returns” series we have: Continue…
by Tim Kelley Posted in Insightful Insights.
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Boost your returns, Part III – It’s alive!
Tim Kelley
June 18, 2014
In Part 1 of our “Boost Your Returns” series, we introduced the idea of using pattern recognition technology to help identify listed companies with the potential to outperform or to underperform. Continue…
by Tim Kelley Posted in Insightful Insights.
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Businesses, not stocks
Roger Montgomery
June 17, 2014
In this interview with Ross Greenwood on Radio 2GB on June 17, Roger chats stocks, including Westfield Retail Trust (ASX: WRT) and Veda Group Ltd (VED). Listen here.
by Roger Montgomery Posted in Radio.
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Making sense or losing cents?
Roger Montgomery
June 3, 2014
If you’re a smaller shareholder in either Westfield Group (ASX: WDC) or Westfield Retail Trust (ASX: WRT), then you might be forgiven for thinking you’re in the middle of World War Three. Continue…
by Roger Montgomery Posted in Consumer discretionary, Insightful Insights, Property.
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Valuation, not speculation
Ben MacNevin
May 19, 2014
In the space of a fortnight, Treasury Wine Estate (ASX: TWE) has dismissed reports that it has been approached by two separate bidders for the company’s US assets. Speculation of this sort should never form the basis of your investment decision making. Continue…
by Ben MacNevin Posted in Companies, Insightful Insights, Investing Education, Manufacturing.
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Budget ideas
Russell Muldoon
May 19, 2014
Now the dust has settled on last week’s budget announcement, we have collectively come up with a number of ways that proposed changes to the budget may impact listed businesses, and provide some of these below. Continue…
by Russell Muldoon Posted in Economics, Health Care, Insightful Insights, Market commentary.
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Does MTU Offer Value?
Tim Kelley
May 15, 2014
Telecommunications supplier M2 Group (ASX: MTU) is a business we have previously owned in The Montgomery Fund, and it was a rewarding experience. MTU shares rose from around $3.50 when TMF was launched in August 2012, to over $6.00 in August 2013. We parted ways with MTU at that time, as the full-year results announcement showed that MTU’s debt-fuelled acquisition strategy had stretched its balance sheet beyond the limits we consider to be investment grade. Continue…
by Tim Kelley Posted in Companies, Insightful Insights, Technology & Telecommunications.
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Super Retail Group
Roger Montgomery
May 12, 2014
Super Retail Group (ASX: SUL) owns the Supercheap Auto, Rebel, AMart Sports and BCF branded stores, and has provided a trading update for the 18 weeks to 2 May 2014, a day before the company presents at the Macquarie conference in Sydney. Continue…
by Roger Montgomery Posted in Companies, Insightful Insights, Investing Education.
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GEM’s Multicurrency Debt Programme
Roger Montgomery
May 5, 2014
G8 Education (ASX: GEM) have just announced a multicurrency debt issuance programme to issue $500m of notes, denominated in any currency agreed between G8 and any dealer. Continue…
by Roger Montgomery Posted in Companies, Insightful Insights.
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A Question of Value
Ben MacNevin
April 28, 2014
Here’s a question for you. If a company receives a takeover offer at a material premium to its current share price, has the company’s management been successful at realising value for its shareholders? Continue…
by Ben MacNevin Posted in Insightful Insights, Investing Education, Value.able.
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Getting The Best Out of the Team (Part II)
David Buckland
April 25, 2014
Last year, I wrote on Sir Alex Ferguson’s unique record as a sporting coach after 27 seasons at the helm of Manchester United Football Club. Earlier this week, Ferguson’s successor, David Moyes, was sacked ten months into a six year contract after Manchester United was eliminated from both domestic cup competitions and the Champions League. Continue…
by David Buckland Posted in Insightful Insights, Value.able.
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Spotlight on: Burson Group
Roger Montgomery
April 24, 2014
In this interview with Peter Switzer, broadcast on Sky Business on 24 April 2014, Roger discusses newly-listed automotive parts manufacturer Burson Group, and why they are Montgomery investment grade. Watch here.
by Roger Montgomery Posted in TV Appearances.
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Exposure to the Generational Avalanche
Russell Muldoon
April 22, 2014
It is estimated that the number of people over the age of 70 will double in Australia over the 2006-2021 period. This “grey market”, or the Generational Avalanche as we refer to it internally, is going to fundamentally shape the landscape of the Australian economy. Continue…
by Russell Muldoon Posted in Health Care.
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We need to talk… about compounding
Russell Muldoon
April 17, 2014
Longer-term followers of our insights might remember our warning late last year, when we wrote: “…Superannuation will be no good for you if you are under 50 today, so invest the absolute minimum amount. That means no salary sacrificing, no co-contributions, and no non-concessional contributions. Ignore the calls to save tax and boost your super.” Continue…
by Russell Muldoon Posted in Insightful Insights.
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Kathmandu still climbing
Ben MacNevin
March 27, 2014
Kathmandu (ASX: KMD) has reported pleasing financial results for the January 2014 half-year. While Kathmandu’s store rollout is well on track, it’s the company’s long term potential that has us excited. Continue…
by Ben MacNevin Posted in Consumer discretionary, Insightful Insights.
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Mining Closures Gather Pace
Russell Muldoon
March 19, 2014
As we have been warning for a while now, the mining services sector is, we think, largely uninvestible given the strong headwinds being faced. Particularly in light of mining companies continuing en-masse to scale back their investment activities. These headwinds don’t look like easing anytime soon. Continue…
by Russell Muldoon Posted in Energy / Resources.
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