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  1. Next DC – Build it because they are coming

    Name a company that has pretax losses of $45 million over the last four years, barely made a net profit this year and yet whose share price is up 84% over the last year. Next DC is that company and … Continue reading

  2. Telstra – Dividend to be knee capex-ed?

    Sacred cows are dangerous things. Telstra’s dividend has for some years now been increasing on the back of the excess free cash flow being generated. But two things have conspired to potentially threaten the generous shareholder payments that have made Telstra … Continue reading

  3. JB Hi-Fi – Better Be Good To Me

    JB’s secret to success has been based on two things. Evolve its consumer electronics offerings to suit demand and then to execute the retail basics so well that the company is consistently profitable. It has been a long and mostly happy … Continue reading

  4. FXJ – Rocky 16

    Yet another near billion dollar write down of impaired assets at Fairfax has the balance sheet on the canvas once more, but like Rocky, it just keeps getting up again. The fight in Fairfax’s corner is now carried these days … Continue reading

  5. Fortescue Metals (FMG)

    The Spanish Festival of San Fermin, otherwise known as the running of the bulls, tests the athletic skills of mostly young men against 900 kg of snorting rib eye steak, in the narrow streets of Pamplona. The bulls, not surprisingly, … Continue reading

  6. Off to a solid start – Shriro Holdings

    At any given investment point we have two choices – step forward into growth or step back into safety . The Brexit vote last week meant global investors opted for the second. This creates opportunity for the braver investor. So we have been … Continue reading

  7. Put a ring on it – Sky TV to merge with Vodafone NZ

    Some are saying the proposed merger between New Zealand’s dominant pay TV company and its leading mobile company is portentous for similar moves in Australia. The merger between Sky Network Television and Vodafone NZ is, in some ways, long overdue, … Continue reading

  8. A James Bond Moment – Hillary, the Donald, Brexit and Bill/Mal

    There’s a moment in every James Bond movie where 007 is in deep trouble with seemingly no likelihood of surviving against the bad guys. Yet, somehow he finds a way to save the day (and win the girl) before calmly … Continue reading

  9. Flight Centre – The dog ate my homework

    As far as excuses go, Flight Centre’s profit warning was pretty imaginative, blaming all manner of external issues from the Federal election to airfare price wars in Australia and globally. Instead of a 4-8% lift in underlying profit before tax, … Continue reading

  10. TCL and SYD – Infrastructure Idols

    In today’s 140-word, 30-second sound bite world, it can be difficult to look beyond next week let alone 20-plus years or more. Yet that is the template for infrastructure businesses such as Sydney Airport and toll-road company Transurban. It can … Continue reading