Martin Conlon

Martin is the Head of Australian Equities, and leads the portfolio construction process for Australian Equity portfolios, while also retaining analytical responsibilities for a variety of sectors including Diversified Financials, Gaming and Insurance

Expertise

Valuations, and the rewriting of a proverb

Martin Conlon

A2 Milk has posted great results with an almost 50% increase in revenue, but it strengthens the perspective that many valuations of businesses remain disconnected from whatever levels of cashflow are evident. It’s as if a bunch of birds in the bush are better than one in the hand. Show More

valuations schroders ASX:A2M

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The cost of acquisition

Martin Conlon

Last year did not end with a whimper. In one corner, Frank Lowy and Rupert Murdoch chose to sell businesses they’d spent decades building, suggesting they believe selling prices are attractive. In the other, Aconex was the subject of a takeover bid from Oracle, AWE from Mineral Resources and Tox... Show More

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Can a2 Milk’s earnings match the hype?

Martin Conlon

In the space of just one month, a2 Milk added more than $1bn of additional market capitalisation, Wisetech Global not far short of $1bn, and Blackmores more than $500m. In the case of a2 Milk and Wisetech these amounts are substantially more than their reported revenues for the 2017 year,... Show More

Schroders Australia ASX:A2M

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Insights from recent management meetings

Martin Conlon

Amongst the raft of post result management meetings there is always much food for thought. In some cases, management teams convey thoughtful and coherent interpretations of the challenges and opportunities facing the business and their plans to deal with them. In others, the challenge of negotiating a shallow stream between... Show More

How to invest in today's market

Martin Conlon

As we reach the half way point of 2017, we took some time out to analyse how markets have performed since the start of the year, what areas are primed for a strong finish and our three top tips for investing. Show More

4 domestic bubbles caused by incentives

Martin Conlon

“Show me the incentive and I’ll show you the outcome” ... Charlie Munger’s quip is typically insightful and relevant to many of the ructions currently facing the domestic economy, including a number of key sectors like real estate, consumer discretionary, telecommunications and energy, all of which will be examined in... Show More

Cramming more people into the CBD is not sustainable

Martin Conlon

The role of population growth in hoodwinking the public is often ignored, and domestically, is a massively underappreciated driver. Population growth is manna from heaven for economists and politicians. They can quote GDP figures that show rising activity, even if per capita activity doesn’t move. It creates the means to... Show More

Finding the long shots on equity markets

Martin Conlon

Outlook commentaries at the outset of 2016 were noticeably devoid of cheerleaders for the eventual winners, while prior year winners had plenty of fans. The same could happen again in 2017 because beta, Sortino ratios, implied volatility and catalysts still seem to be dominating the simpler questions concerning how a... Show More

ASX:SYD ASX:S32

Video: What’s the outlook for Australian stocks in 2017?

Martin Conlon

As we head into 2017, higher bond yields are undermining bond-sensitive stocks while commodity stocks are doing well. This trend is likely to last into the New Year, especially if doubts build about the Australian economy. Show More

Why ANZ and NAB are the safer bets

Martin Conlon

Martin Conlon, Head of Australian Equities at Schroders, gives his views on the outlook for banks and why, among the big four, he prefers the Melbourne-based duo over the Sydney-based pair: "“Our positions are always just driven by valuations. And the Melbourne banks being ANZ and NAB have really just... Show More

ASX:ANZ ASX:CBA ASX:NAB ASX:WBC

Prepare for turbulence if yields keep rising

Martin Conlon

The rally in interest-rate-sensitive stocks could never last. The bubble would always expire when central banks refrained from more meddling and we may have reached this point. Bond yields are rising as policymakers, acknowledging that monetary policy has reached its limits, are turning to fiscal policy to prod economies. Amid... Show More

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