Janus Henderson: Merger Making Progress
Janus Henderson Group (JHG) is a global asset manager listed on the ASX and NYSE. In 2017 London based Henderson Group (which was created after its spin-off from AMP in 2004) merged with US based Janus Capital to form Janus Henderson. The company provides investment management services across retail and... Show More
Caltex Australia Limited (ASX: CTX)
Caltex Australia Limited is the leading provider of transport fuels in Australia, providing about 20% of the total fuel market. In addition to being a vertically integrated supplier of fuel, Caltex operates Australia’s largest convenience retail network of fuel and convenience sites trading under the Star Mart brand; with more... Show More
Transurban: Weakness is a chance to accumulate
The now famous “toll bridge” reference to investing was made famous by Warren Buffett. This is not to say that you should literally invest in a toll bridge, but rather in the type of investment that works much like one. They make great growth investments when you can find them... Show More
Running the ruler over Harvey Norman
Harvey Norman Holdings Limited is an Australian based multinational business whose principal activities primarily consist of an integrated retail, franchise, property and digital enterprise. Show More
Boral Limited (ASX: BLD)
Boral Limited is a multinational company dealing in building and construction materials. Founded in Australia, it also has extensive operations in the United States and Asia. Boral has a diverse area of operations within the building industry, including asphalt, road line marking, concrete, plasterboard, timber, windows, quarry, landfill, transport, roof... Show More
Webjet Limited (ASX: WEB)
Established in 1998, Webjet is the leading online travel agency (OTA) in Australia and New Zealand, leading the way in online travel tools and technology. Webjet says its focus has always been to offer the greatest convenience and choice by enabling customers to compare, combine and book the best domestic... Show More
Think about accumulating Santos
Whilst we don’t see a return of Santos to a share price above $10 anytime soon, a level seen only a few years ago, we believe long term investors should be thinking of accumulating troubled situations such as this for a turnaround. Show More
Caltex Australia Limited (ASX:CTX)
Caltex is the leading provider of transport fuels in Australia, providing about 20% of the total fuel market. In addition to being a vertically integrated supplier of fuel, Caltex operates Australia's largest convenience retail network of fuel and convenience sites trading under the Star Mart brand; with more than 620... Show More
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Seeking value in unloved sectors
We are true long-term investors. We often identify our best investment opportunities in businesses that are out of favour. Typically these genuine opportunities are found within industries that are going through severe cyclical change. It is here that share prices will often be at their most volatile. Prime Media has... Show More
The Challenger rocket is still firing
We last covered Challenger in April 2016. It’s a company we have liked for some time and currently hold in a number of client portfolios. We’ve been buyers of the stock since mid-2013 when it was selling for around $4 per share. The company is now trading above $13.00 so... Show More
Silver Chef Limited (ASX: SIV)
Silver Chef Limited (SIV) is an Australian based business involved in leasing, lending and renting, focused on the hospitality sector. On November 17th 2016 Silver Chef announced to the market that it had been the victim of a fraud event. The share price initially dropped 18% on the back of... Show More
Be wary of companies trading at high multiples
Following Bellamy’s 43% one-day fall earlier this month, it’s worth revisiting comments recently made by our Managing Director, Charles Leyland, in an interview with Livewire: “It was faddish, it’s come off a bit. We saw after the dot-com boom that stocks that fell in half, they kept falling. If you... Show More
Japara Healthcare Limited (ASX: JHC)
Japara Healthcare is one of Australia’s largest private sector enterprises in the aged care and retirement industry. JHC stock dropped 20% this year on the back of the government’s review of aged care funding. We are not overly concerned about the changing regulatory environment, as it is prudent for the... Show More
Greencross: A clear path to growth
Greencross Limited (GXL) is Australia’s largest provider of veterinary services and pet care retailing. In 2014, GXL acquired Mammoth; the owner of Petbarn and Animates. ABS stats indicate that c. 63% of people now own pets, with c. 60% of those considering their pet a member of the family. This... Show More
Medibank: Still too expensive
Medibank Private Limited is Australia’s largest health insurer with 3.8 million members giving it 29% of the market. The company operates under: 1) Medibank, the premier product & 2) AHM, a budget-friendly option. Last year, the government outlined several risks to the sector, including an ageing population, growth in chronic... Show More
Outdoor advertising - A risk we’ve raised before
Today’s movements in the outdoor media sector highlights the importance of not overpaying for a company, no matter how good the business. Whilst APN Outdoor today delivered a highly credible result (and is a quality business), the shares have fallen 33% due to forecast revenue growth falling slightly below market... Show More
Alex Leyland on CNBC Discussing Commonwealth Bank's FY16 Result
"CBA's core business was strong while its wealth division and insurance division showed reasonable growth" says Alex Leyland, senior portfolio manager at Leyland Private Asset Management. Watch the video here: http://video.cnbc.com/gallery/?video=3000541804 Show More
IVE Group Limited (ASX: IGL)
IVE Group (IVE) is a vertically integrated marketing and print communications provider. The Company aims to help its customers to communicate more effectively by creating, managing, producing and distributing marketing content across multiple channels. The company reported its half year results on February 25th, revenue of $196.1 million grew 13.9%... Show More
No smoking gun in reporting season
Value in the market is improving given falling share prices are not reflecting broadly stable earnings (ex resources). With reporting season coming to a close, in our view there has been no “smoking gun” to support the recent sell down. With 48% of companies reporting EPS of greater than 2%... Show More
Flexigroup (ASX: FXL)
We are revisiting FXL due to the recent acquisition of Fisher and Paykel Finance (F & P) and the appointment of new CEO Symon Brewis-Watson. F&P is a non-bank provider of credit cards and retail point of sale finance in New Zealand. F&P was acquired for $A234m upfront cash payment... Show More
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