Investor Insights

February 17, 2023

Distracted by sentiment? You’ve missed 16 per cent!

By Roger Montgomery

Over the last six months, we have provided a growing list of arguments favouring investment in equities. We have shown the compression of P/E ratios of 2022 rendered high-quality companies cheap, and we’ve revealed arithmetic demonstrating investors will receive a return commensurate with the earnings growth rate of the company they buy even if stocks don’t become popular again.
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February 16, 2023

Is Breville good value after its recent results?

By Roger Montgomery

Breville (ASX:BRG) the kitchen appliance company this week reported another record for half-yearly sales, albeit slightly below consensus. First half 2023 revenue grew 1. 1 per cent to A$888. 0 million, which was also 0. 7 per cent higher, on a constant currency basis, than the first half of FY22.
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February 15, 2023

What are we seeing from reporting season in small caps so far?

By Scott Phillips

  In this video Scott speaks with Gary Rollo, portfolio manager of the Montgomery Small Companies Fund to provide an update on what we have seen from reporting season so far. It is early in the number of companies who have reported, but we can already see some key themes coming from the consumer sector.
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February 14, 2023

Three reasons for liking Transurban

By Sean Sequeira

Since starting life in 1996 as the operator of Melbourne’s CityLink, Transurban (ASX:TCL) has come a long way. Taking advantage of falling interest rates, TCL has expanded its portfolio and now operates lucrative urban toll roads in Sydney, Melbourne, Brisbane, Canada and the U. S.
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February 13, 2023

Aura Private Credit: Letter to investors 13 February 2023

By Brett Craig

Last week, the Reserve Bank of Australia (RBA) lifted interest rates off the back of the heightened inflation data that came in for the December 2022 quarter. The RBA decided to lift the cash rate by 25 basis points, bringing it to 3.35 per cent.

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February 13, 2023

Why paying down your mortgage could be your best investment

By Roger Montgomery

With interest rates rising, many of you are probably wondering if it would be beneficial to pay more off your mortgage. The good news is that if you have sufficient funds, and you are in a high personal tax bracket, it could be your best investment right now. Let me explain why.
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February 10, 2023

Nick Scali is the latest retailer hit by the consumer pull-back

By Roger Montgomery

On first blush, the much-anticipated consumer slowdown does not appear to have impacted Nick Scali (ASX:NCK), which reported half-year 2023 results earlier this week. But delving more deeply into the trading update reveals a different story. Nick Scali’s 1H23 sales revenue of $283. 9 million was up 57. 4 per cent on H1 FY22.
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February 9, 2023

Has Carsales paid too much to buy Trader Interactive?

By Roger Montgomery

Since its founding in Melbourne in 1997, carsales. com (ASX: CAR) has grown its footprint to now operate in digital marketplaces across Oceania, Asia and the Americas. This has largely been done via acquisitions. However, I’m scratching my head over its recent acquisition of the US marketplace, Trader Interactive. To my mind, they have simply paid too much.
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February 7, 2023

RBA raises interest rates again, to a 10-year high

By David Buckland

All English-speaking Central Banks seem committed to higher official cash rates. This interest rate tightening cycle began in New Zealand on 6 October 2021, and six months later Australia was the last to blink, on 6 April 2022. On average, the five Central Banks in the table below have increased their official cash rates on nine separate occasions.
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February 7, 2023

Why I steer clear of whisky – and distillers

By Roger Montgomery

Just how do you value a company like Lark Distilling (ASX:LRK), whose main asset (award-winning Tasmanian whisky) is locked up for years, but increases in value as it matures. The answer: it’s hard. Alcohol. While for many it’s a source of great pleasure, for others it’s a quandary.
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February 6, 2023

Aura Private Credit: Letter to investors 06 February 2023

By Brett Craig

Authorised Deposit-taking Institutions have been looking into how to incorporate the same underwriting technology that many fintech/non-bank lenders already have for some time now, with the intention of utilising the technology on unsecured SME credit.

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