Solving the Flight Centre enigma (Part 1)
findthemoat My previous article on iSentia delves into the importance of discerning between a moat business with the ability to reinvest within its moat at high ROICs versus a moat business…
Looking inside iSentia’s moat
I was recently asked by a reader about my thoughts on iSentia, specifically the quality of its moat. So I thought I’d share my answer here (and actually write something…
A step closer to the end game
In light of yesterday’s sharemarket rout of listed residential aged care players, triggered by the release of a BAML research report forecasting a potential 13% decrease in ACFI funding rates,…
Leveraging up the aged care sector
Start with well intentioned deregulation or privatisation of existing governmental funded services, driven by the need to meet certain extrapolated trends forecasted by government statisticians. With potentially billions of dollars…
(Front) running for the exit
So the Surfstitch situation played out much quicker than I thought it would in my article last week on How fast is Surfstitch really growing? What caught my attention however…
How fast is Surfstitch really growing?
It’s been a very eventful 18 months for Surfstitch shareholders since IPO – four acquisitions, two capital raising, an earnings upgrade, an earnings downgrade, a CEO resignation and a rumoured…
Spotless Version 2.0?
Spotless blind sided the market in December 2015 when it released a trading update where EBITDA was downgraded to “flat year-on-year” and NPAT downgraded to “10% below last year”. This…
Making sense of Xero’s valuation
Xero polarises public equity investors. A company with only $17m of hard tangible assets generating hefty quarter-on-quarter losses does not often appear on the ASX/NZSE with a $2bn valuation. However,…
Lessons from the Temple & Webster IPO
One of my favourite books in recent years is What I learned losing a million dollars. The lesson is a very simple one and in short there’s a million ways…
The science behind MYOB achieving its prospectus forecast
MYOB released its maiden full year results yesterday and I thought I’d do a quick review to see how it differs or aligns with my analysis from 6 months ago:…