Equities
Nick Maclean

IMF Bentham (IMF) was traditionally a litigation funder which provided finance to legal firms purely using its own balance sheet. This business model has worked well with 90% of cases settled or won, generating a ROIC of 144%. However, it has meant very volatile cashflows and as such the... Show More

Equities
Nick Maclean

When most investors think of “value investing” they think of the standard quick-form valuation techniques such as low PE and cashflow multiples, solid dividend yields, low price/book values etc. Companies that don’t tick these boxes can sometimes mistakenly be classified as expensive. When we assess Xero ASX:XRO it meets... Show More

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