Weekly Impressions - Sizing up Mike Smith's footprint on ANZ

Sam Ferraro

Global Founders Funds Management

The two key company announcements in Australia in the past week were Origin Energy’s launch of a $2.5 billion entitlement offer, designed to strengthen its balance sheet and CEO succession at ANZ. For ORG, much will hinge on the outlook for oil prices, but the measures to streamline the asset side of the balance sheet and lift the equity component of its liabilities should re-position the company in the event that oil prices remain at current levels, but also gives shareholders greater participation in any upside if the outlook for oil prices improves. I provide a framework for sizing up Mr Mike Smith’s footprint on ANZ, notably the bank’s Asian strategy, and also offer anecdotal feedback that Woolworths has embarked on its quest to combat the perception that its stores offer customers poor value for money. (VIEW LINK)


Sam Ferraro
Senior Portfolio Manager
Global Founders Funds Management

Managing Director of Global Founders Funds Management, Sam has over 20 years experience in financial markets, with Merrill Lynch, JBWere and Goldman Sachs.

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