CSL's immunoglobulin market position well placed to be a beneficiary of further price improvements.
Thank you, that is a useful comparison and highlights the long way Australia is behind many European jurisdictions.
Undoubtedly, there are a number significant headwinds which the banks need to navigate through, including recommendations that will emanate from the Financial Services Royal Commission coupled with the prospect of greater government intervention (if the ALP is elected in the Federal election). How much of this is factored already into banks share prices is difficult to determine. A further consideration is the the potential change in the composition of bank share ownership (which is dominated by retail investors) who have been beneficiaries of fully franked dividends. If franking changes are implemented by a new ALP government the mix of share ownership may shift toward greater ownership by local and foreign institutions.
There may well be a perennial discount attached to the Murdoch dynasty and its voting structure. Nevertheless, on a broader level there remains appealing elements in family backed companies with net cash balance sheets. Rupert Murdoch has undoubtedly shown extraordinary longevity in his passion for publishing and his tenacity to nurture assets through difficult times. NWS’s stable of assets in its News and Publishing business is testament of the advantages of taking a longer term approach. Too often, the dispersed shareholding model naturally aligns itself to short term performance indicators. The idiosyncratic nature of Murdoch’s jurisdictional preference for a US holding company is well celebrated and admittedly does dilute the value of Australian franking credits. Yet, my sense of having visited News Corp’s Head Office in New York and also its London office is that proximity to vibrant and large competitive markets does bring advantages.