When the tide goes out
findthemoat Earlier this year we published an article on leverage hidden within the Australian listed residential aged care sector (read this first if you need a primer on the sector). Crucially,…
Residential Aged Care Sector revisited
Regulating a for-profit sector funded with public money is really really hard. It requires the intricate placement of carrots and sticks within the system to drive the right behaviour. It…
Estia’s magical ROCE equation
Over the last few posts we looked at companies that can achieve high ROICs inside their moats and companies that cannot. Here we will visit a third category – companies…
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…