May's confession season begins with a bang

Roger Montgomery

Montgomery Investment Management

Already we have seen dividend cuts (ANZ), earnings savaged (SurfStitch), CEO resignations (CoverMore and SMS Management & Technology), an expected recurring hole in earnings (Telstra) and severe competition (Woolworths). A summary of each follows: ANZ: Interim dividend cut from $0.86 to $0.80 per share as cash profit fell 24 per cent to $2.8 billion, including $717 million in charges, described as “specified items”, which it aimed to “reposition the group for stronger profit before provisions growth in the future”. Cover-More Group: CEO Peter Edwards has resigned effective 3 July 2016 as “the strain of weekly interstate commuting from his home in Queensland was becoming unsustainable.” SurfStitch Group: “The Company anticipates that pro-forma EBITDA for the year ending 30 June 2016 will be between A$2 million and A$3 million” (down from A$18 million consensus). SMS Management & Technology, Telstra and Woolworths: (VIEW LINK)


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Roger Montgomery
Founder and Chairman
Montgomery Investment Management

Roger Montgomery founded Montgomery Investment Management, www.montinvest.com in 2010. Roger has than three decades of experience in investing, financial markets and analysis. Roger also authored the best-selling investment book, Value.able.

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