Investor Insights

September 23, 2020

How long will the shift in retail spending continue?

One of the thematics from the last few months has been the material change in retail spending. With COVID-19 related lockdowns and restrictions on population movement and activity, the ability to spend on services such as out of home entertainment and activities has been significantly curtailed.
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September 16, 2020

Macquarie offers three reasons to be optimistic

By Roger Montgomery

With so many economies and businesses on their knees, numerous market commentators are pessimistic about the near-term future of global share markets.   But Macquarie Bank’s Chief Economist and Global Head of Macro Strategy, Ric Deverell, is not one of them. He’s just released a chart pack that offers three reasons to be optimistic.
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September 9, 2020

How much upside is left for NXT?

By Gary Rollo

When we started the Montgomery Small Companies Fund 12 months ago, data centre operator NEXTDC (ASX:NXT) was one of the first businesses we bought.  On our analysis, the shares were cheap.   One year on and the share price has almost doubled.
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September 3, 2020

ServiceNow: mission-critical, with no competition

The digital transformation of the enterprise is a long-term trend which is now accelerating as a direct consequence of the COVID-19 pandemic. Privileged business models operating with the benefit of this structural tailwind, therefore, should be considered carefully for an investment opportunity.
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September 3, 2020

Why we continue to like Reece Limited

The share price of Reece (ASX:REH) – Australia’s biggest supplier of plumbing and bathroom products – has outperformed the broader market for many years. Encouragingly, the company recently reported healthy trading during the COVID-19 period. With renovation activity forecast to rise over the next 12 months, I think this is definitely a business that investors should be watching.
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September 2, 2020

Redbubble – A COVID-19 winner with global ambitions

With more than six months of COVID-19 disruptions behind us, there have been some clear winners emerging as a result of changes in spending patterns and the shift to online. One such business has been Redbubble – a growing online marketplace providing print-on-demand products based on user-submitted artwork.
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September 1, 2020

Why small businesses can grow at a faster rate than large businesses

By David Buckland

While small company shares demonstrate greater volatility than big company shares, over longer time frames they tend to deliver higher returns. Over the short-term they can involve more risk because of their lower liquidity, their sensitivity to management’s decision-making and their sensitivity to general economic conditions.
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August 27, 2020

Is the sun rising or setting on Facebook?

The conventional wisdom today is that Facebook is a mature behemoth that is under intensifying risk of being penalised in a multitude of possible ways by regulators. It is certainly a behemoth. The scale of Facebook really is quite difficult to imagine.
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August 26, 2020

APE and SUL make hay from our newfound spending habits

By Roger Montgomery

What do A. P. Eagers Automotive (ASX:APE) and Super Retail Group (ASX:SUL) have in common? Well, for starters, these firms have seen their revenues turbo charged by our changed spending habits since the start of Australia’s COVID-19 travel restrictions.
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August 26, 2020

The firms that beat expectations this reporting season – and those that missed

By Roger Montgomery

The majority of companies on the ASX100 and ASX200 have now reported. Many have beaten estimates. And, reassuringly, guidance is less negative than most market watchers had expected. This brings hope that FY21 may not be so bad for equity investors after all. One pattern has emerged from this reporting season and we may have run theory to thank.
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August 25, 2020

Reliance Worldwide continues to reward investors

By Roger Montgomery

Reliance Worldwide (ASX:RWC), a global provider of water control systems and plumbing solutions, is a business we’re very happy to own. True to its name, the company’s latest earnings announcement was extremely positive, which led to a strong bounce in the share price.
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