Property developers on track
In January we pounced on a couple of property developers that the market had left behind. That theme remains on track, but performance within the sector has varied widely.
Fleetwood debt free, not risk free
Fleetwood has hitched its wagon to the resources boom. That’s great as long as the boom continues, and the competition remains in disarray.
MMC Contrarian's entitlement offer
MMC Contrarian is changing strategy once again. It’s a clear inflection point for shareholders, who are being asked to finance it.
Shining a light on Gerard
Sometimes it takes time to uncover the major risks within a business. Other times they shine like a beacon.
Elders produces an unexpected buy
Elders has disappointed a lot of people for a long time. And with disillusionment often comes opportunity.
Ansell offers slim protection
Ansell’s return on capital has exceeded 20% since 2005 and earnings per share have grown by a compound 18.7% per year since 2004. So why is free cashflow so impotent?
Sit pat on Corporate Express
For those who own Corporate Express and are considering the takeover offer from Staples Inc., there’s a clear course of action in the immediate term – do nothing.
Guinness Peat's grab bag
This company owns a mélange of assets spread across the world, making it a complex beast to value. Its complexity is exactly the reason we’ve taken a closer look recently.
Newcrest Mining: Golden egg or golden goose?
It is often claimed that Newcrest has great assets. But how true is that claim?
Vote against Harvey Norman options
There’s a meeting on 30 April to grant options to six executives of Harvey Norman. We recommend you vote against the resolution.
The three keys to Ramsay Health Care
Ten years ago, Paul Ramsay owned controlling stakes in two businesses. While the share price of his media company Prime Media has halved since 2000, the price of private hospital operator Ramsay Health Care has risen more than fifteen-fold. The phrase ‘healthy return’ borders on understatement.
Newcrest's move on Lihir Gold: You're mine.
It's been long assumed that Newcrest Mining would eventually fall prey in any consolidation of the gold sector. Instead, it has turned predator, with Lihir Gold firmly in its sights.
MMC Contrarian sees a ClearView
The ‘company transforming’ acquisition that we’ve been dreading has finally arrived. And it looks more interesting than we anticipated.
Time to sell Sigma
Last September we said that Sigma Pharmaceuticals looked very much like a ‘gunna’ company. Now we’re worried it’s ‘gunna’ get even worse.
BHP Billiton spot on contracts
The decades long ritual of annual iron ore pricing negotiations appears to be at an end. But what does this mean for the industry and its largest producers?
Flight Centre in the departure lounge
After an incredibly turbulent few years, we’re preparing to part ways with this long-term travel buddy. All up, it’s been a profitable journey.
Puffed out on Globe
After a 188% share price surge in less than a year, it's time to move on from this turnaround-that-wasn't. There are better places for your money.
Australian Infrastructure in a holding pattern
With airlines scheduling more flights to cater for a heavier flow of passengers, is it time to get back on board Australian Infrastructure?
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