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Ausbiz – should we be less certain on a bullish 2025 now?
Roger Montgomery
February 20, 2025
I joined Ausbiz to discuss the market’s strong reactions to earnings surprises this reporting season, the competitive advantages driving companies like the Commonwealth Bank of Australia ahead of rivals, and Nick Scali’s growth through strategic acquisitions. I also shared my broader market outlook, highlighting the importance of disinflation, economic growth, and liquidity for a bull market, while questioning the sustainability of liquidity in future gains. Listen to the full interview here: Ausbiz – should we be less certain on a bullish 2025 for now?
by Roger Montgomery Posted in In the Press, TV Appearances.
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ARB Corporation: from local manufacturer to global 4×4 powerhouse
Roger Montgomery
February 20, 2025
From the first days of this blog, back in 2009/10, we have been writing about ARB Corporation (ASX:ARB), classifying it as one of the highest ‘A1’ quality companies listed on the ASX. Back in 2009, the share price was below $3.00 (and many thought it was on a high price to earnings (P/E) ratio then!). Today, ARB shares trade at nearly $40 dollars, and it’s paid out $7.62 in dividends since. Continue…
by Roger Montgomery Posted in Companies, Small Caps, Stocks We Like.
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HUB24 half-year results
Roger Montgomery
February 20, 2025
Held in the portfolio of the Montgomery Small Companies Fund, the investment and superannuation platform provider HUB24 (ASX:HUB) has risen 116 per cent in the last 12 months. This week, the company released its results for the first half of 2025, with a lot to like. Continue…
by Roger Montgomery Posted in Companies, Small Caps, Stocks We Like.
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MEDIA
ABC Newcastle Mornings – February 2024
Roger Montgomery
February 19, 2025
I joined Paul Turton on ABC Newcastle radio yesterday to discuss the potential impact of rate cuts, the key drivers of the U.S. market’s strong performance, and what investors should focus on moving forward. We also touched on how markets are reacting to the deferral of tariffs, adding uncertainty to the outlook. Given these factors, I emphasised the importance of focusing on businesses with steady earnings growth rather than trying to predict macroeconomic trends, as long-term returns will ultimately reflect the strength of the underlying companies. Continue…
by Roger Montgomery Posted in Radio.
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Disinflation’s bumpy road
Roger Montgomery
February 19, 2025
Last year, the stars were aligned for gains in equities. In 2023, we alerted investors to three key ingredients pointing in the right direction for 2024. Disinflation, positive economic growth and a massive injection of liquidity all helped investors feel confident about piling into the AI thematic, which drove equity indices to new all-time records. Continue…
by Roger Montgomery Posted in Economics.
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CSL’s mixed half-year: plasma strength offsets vaccine weakness, bright outlook maintained
Roger Montgomery
February 18, 2025
CSL (ASX:CSL) has posted its half-year results, delivering results that are best described as mixed. At the headline level, revenue climbed around five per cent, while net profit after tax and amortisation (NPATA) also nudged upward in the low single digits. Beneath these top-line numbers, the company reported a robust rebound in plasma collections, which was offset by weaker sales of its Seqirus influenza vaccines. Despite these mixed signals, management has reaffirmed guidance for FY25, projecting 10-13 per cent NPATA earnings per share (EPS) growth and a five to seven per cent lift in revenue. Continue…
by Roger Montgomery Posted in Companies, Stocks We Like.
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JB Hi-Fi delivers (again)
Roger Montgomery
February 17, 2025
JB Hi-Fi Limited (ASX:JBH) has again outperformed market expectations with its first-half of 2025 (1H25) earnings results. JB Hi-Fi continues to demonstrate its knack for navigating economic uncertainty while driving shareholder returns through impressive cash generation and dividends. Continue…
by Roger Montgomery Posted in Companies.
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The Commonwealth Bank of Australia’s stellar result
Roger Montgomery
February 14, 2025
The largest position in The Montgomery Fund’s portfolio, at almost eight per cent of the portfolio, is the Commonwealth Bank of Australia (ASX:CBA), purchased back when the price was below $78 per share. This week, the company released its December half-year profit results, revealing a business reinforcing and extending its competitive advantages in a fiercely competitive market. Continue…
by Roger Montgomery Posted in Companies, Stocks We Like.
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