Reporting season: Ansell axed by tax

Reporting season is a time of contrasts. Some companies, such as JB Hi-Fi (ASX: JBH), produce excellent results and make you wonder if you’ve under-estimated the strength of the business.Others contain time bombs lurking within them – like Ansell (ASX: ANN). It’s a reasonable quality business, and one that piqued my interest a few years ago (see Ansell: Flowers in the desert from August 2012). After that the stock went on a tear and the opportunity to buy disappeared.One thing that concerned me then, though, was Ansell’s low income tax expense. It represented just 8% of pre-tax profit in 2012...

Reporting season is a time of contrasts. Some companies, such as JB Hi-Fi (ASX: JBH), produce excellent results and make you wonder if you’ve under-estimated the strength of the business.

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