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 […]
SAM DYSON | Looking for assets the accountants can’t see Even well-known companies can have ‘hidden assets’. There could be an undervalued property, for example, or a resilient brand or perhaps an innovative culture. Another, thanks to a somewhat misleading accounting convention, is a company’s research and development (R&D) efforts. Consider two of Australia’s most successful […]
