Domino's valuation arbitrage machine

Domino’s valuation arbitrage machine

In How to think about Domino’s Pizza, we explored the notion of Domino’s (ASX:DMP) astonishing share price performance being attributable to it being a seller of small businesses (i.e. franchises) rather than as a seller of pizzas. Here I would like to expound on this theme of…

Dissecting Afterpay

Dissecting Afterpay

Often we come across growth investment opportunities where (1) current valuation does not make sense under any traditional valuation frameworks, yet; (2) the company is clearly gaining traction in the real world and will “get to the valuation” just by continuing…

Beneath Silver Chef's polish

Beneath Silver Chef’s polish

Not all earnings growth are created equal. In itself, earnings growth can be either accretive or dilutive to value. Achieving earnings growth is actually quite simple once you have a viable business model. As long as your return on capital is greater than…