DANIEL MUELLER | In a matter of weeks, Wesfarmers’ demerger of Coles will be complete. Coles will be listed as a stand-alone business for the first time in 11 years. You may think that both Coles and Woolworths have similar risks given that they operate in the same industry. However, a deep dive into the […]
LIVEWIRE | DANIEL MUELLER In each of the previous 5 years, there have been several obvious candidates from which to ‘award’ the yield trap of the year. 2018 was harder. One could easily pick on AMP. But a combination of a lofty starting share price and lack of asset sales, due to management overhaul and […]
DANIEL MUELLER | What do Amazon, Buffett and Sydney CBD retail have in common? You know about Amazon and its potential to destroy retailers. While Amazon’s Australian launch last December was somewhat underwhelming, one could consider it a ‘soft’ launch. Whether it’s next year or next decade, odds are Amazon will get its offering right. […]
DANIEL MUELLER | Want to know the biggest yield trap of 2017? Each year there are dividend plays that turn out to be yield traps. In 2012, it was QBE. During 2012 to 2014, we saw several consumer stocks turn out to be yield traps including Seven West Media, David Jones and Myer. The year […]
DANIEL MUELLER | Did Telstra just have its Trump moment? Prior to Telstra’s FY17 result, media articles abounded speculating the company was going to announce the securitisation of its recurring NBN payments. The media cited various analyst reports that a securitisation of up to $18 billion was about to create a capital management bonanza for […]
DANIEL MUELLER | Woolworths “is a wonderful organisation, with enormous upside.” This was the first thing former CEO Grant O’Brien said about Woolworths in his inaugural address to the market in November 2011, shortly following his appointment. And why not think that? Chart 1: Food, Liquor & Petrol EBIT margins Woolworths had a fantastic […]
