Equities
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. Trends... Show More

Equities
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

Equities
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

Equities
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

Expert Insights

There are numerous ways to quantify financial risk, including variance, Beta, and Value at Risk. However, Martin Conlon, Head of Australian Equities at Schroders Australia, reduces the concept of risk to a simple maxim: "Risk is losing money" Here he discusses how leverage is one of the key determinants of risk.... Show More

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