Equities
Tim Kelley

We’ve recently seen some developments in relation to the proposed TPG-Vodafone merger, including the ACCC announcing it will block the merger. By way of quick recap, in August last year, TPG and Vodafone Australia announced the intention to merge – a transaction that would bring together TPG’s strength in the... Show More

Tim Kelley

Telstra recently reported their half-year results - revenue, earnings and cash flow all broadly lined up with expectations so there weren’t many surprises. Although since we last looked at Telstra there have been some interesting developments. I discuss these in the following four minute video. Show More

Tim Kelley

With additional details being recently released on the Coles demerger capital structure and directors, the market appears to be largely positive on the transaction. Is Wesfarmers planning acquisitions for the future or should they stick to organic growth strategies? Show More

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Telstra shares are down 34% over the last 12 months. It’s been a painful period for many investors, especially when accompanied by a dividend cut. The problems for the company are now well-known: falling revenues from fixed line disconnections (partially offset by payments from the NBN) and margin pressure in... Show More

Tim Kelley

Many investment managers use quantitative screens to focus their attention on the investment opportunities that are most likely to reward close study, and we are certainly among them. Over the years we have built software tools that make it easy for us to analyse the historic performance of a wide... Show More

Tim Kelley

Over the last two years, the ASX200 accumulation index has delivered a total return of around 25% which has been a pretty solid result for equity investors generally. During that same period, however, Telstra shares have delivered a negative total return of close to 30%, making Telstra the weakest performer... Show More

Tim Kelley

Recently, Wesfarmers Limited (ASX: WES) announced its intention to demerge the Coles business into a separate ASX-listed company. While WES will retain up to a 20 per cent stake in Coles, the demerger effectively splits the company into two separate entities, with WES owning Bunnings, Kmart, Target, and Officeworks, as... Show More

Tim Kelley

Most investors would be familiar with the sorts of returns a successful stock-picker might aim to produce. Often, a fund will have an explicit target of beating the market by an amount of, say, 5 per cent per annum over rolling 5-year periods. It is interesting then to think about... Show More

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