QR National still an uncertain bet
The jury is still out on whether QR National represents the stock market opportunity of the year or a great train robbery. Roger Montgomery tells ABC Reporter Andrew Robertson he wouldn’t want to own the business. Read the transcript.
Roger Montgomery 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.
He is also author of best-selling investment guide-book for the stock market, Value.able – how to value the best stocks and buy them for less than they are worth.
Roger appears regularly on television and radio, and in the press, including ABC radio and TV, The Australian and Ausbiz. View upcoming media appearances.
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.
James
:
It will be interesting to see if the same fund managers talking down the price now will be talking up their acumen in buying wisely into the float when they report on the success at listing time which I’m expecting to occur based on the engineering (massaging)? of the financials.
Roger Montgomery
:
Hi James,
Don’t forget you heard about the EV/EBITDA “adjustments” and the capitalisation of interest in 2012 here first! Thanks of course to all of the eagle-eyed prospectus readers.
Thomas
:
Hi Roger,
’twas nice to see the view of the other side (Guy Fowler).
key quote: “…I’d prefer to invest in a company who’s starting low and growing…”
is QR starting low?
Roger Montgomery
:
Thomas,
Stick to your guns mate. Spin and investing aren’t happy bedfellows.
David Sinclair
:
Starting low and growing is good but starting low and staying low is bad (and starting low then going lower is a real killer). It seems to me that an investment in QR requires a strong belief in the growth story. Personally, I would need to see some evidence of growth before I started to believe in it.
David S