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  1. Wesfarmers – Checkout chit chat

    Chief checkout operator Richard Goyder professes to run Wesfarmers as a portfolio of businesses. That implies he is willing to buy businesses he thinks are cheap and that Wesfarmers can add value to while also selling businesses that have benefitted … Continue reading

  2. Fortescue Metals Group – Aussie diggers

    The cash flow boom is well underway at Fortescue with the annual dividend doubling, debt repayments accelerating and production pushing through capacity. FMG’s full year result felt like the end of the beginning. The full run-rate of 155mtpa was achieved … Continue reading

  3. Glass Half Full or Empty?

    The market’s reaction to the Carsales.com and REA Group full year profit results was perverse considering both companies delivered on the high growth guidance. The initial negative price reaction suggested investors were no longer believers in the earnings models and … Continue reading

  4. Production bonanza

    The mining production boom is well underway even as the media laments the end of the capex boom. This month, most of Australia’s mining sector companies have been reporting quarterly and annual production figures that have been helped by benign … Continue reading

  5. Telstra – Propagate and Penetrate

    For some time now it has been apparent that Telstra’s future growth will be driven by its mobile and broadband businesses. Telstra’s valuation is now dominated by these two aspects and looks set to improve as the adoption of 4G … Continue reading

  6. Slaying the print dragon

    That mournful crying sound you hear emanating from the Fairfax press is like the slow motion movie scene where the old master dies at the hand of the young protégé. Online advertising has virtually supplanted print as the preferred mode … Continue reading

  7. Tabcorp – No compensation for you!

    In April 2008, the Victorian Premier John Brumby lobbed a grenade at the feet of gaming companies Tabcorp and Tatts Group. The state government’s decision to change the structure of the electronic gaming machine industry not only effectively neutered both … Continue reading

  8. Woodside Petroleum – Shelled

    The last remnants of the 1985 coup over Woodside Petroleum has almost passed with Shell’s 19% sell-down this week. Shell will have just 4.5% taking the potential overhang off the agenda and providing Woodside with a neat solution to its … Continue reading

  9. Trans-Tasman Rivalry Season

    Every now and then those pesky kiwis gain bragging rights over Australia relating to some small aspect of everyday life. But it’s not often they can claim the ascendancy in terms of economic robustness. The Reserve Bank of New Zealand … Continue reading

  10. REA Group – For she’s a jolly good Fellows

    Former Australia Post and Microsoft executive, Tracey Fellows, has won the plum role of running what is arguably one of the highest growth businesses in the country, REA Group. Her announcement as CEO was closely followed by that of Owen … Continue reading