Still value in Timbercorp debt securities
These two debt securities are trading at prices that more than compensate for Timbercorp going broke.
Fisher & Paykel: Opportunity in crisis?
This company’s founders might be rolling in their grave but the current turmoil may be providing a rare opportunity for investors.
Abacus adds up
In May 2008 we shied away from Abacus’s high debt and expensive price tag. Almost a year later, after raising $211m, attracting a major cornerstone investor, and a 76% price fall, Abacus adds up.
Timbercorp's darkest hour
It's time to bite the bullet on what has been one of our worst ever recommendations.
Temporary relief for Harvey Norman
Sales in Australia are holding up relatively well thanks to the company’s market power. But we can’t help feeling it’s a brief respite.
Does Soul Pattinson add up?
There are, apparently, many ways to skin a cat. Sticking to something we know more about, the same can be said of valuing this traditional conglomerate.
Two into one at Australian Wealth
It’s time to vote for the merger of Australian Wealth Management and IOOF. The attractions of the combined business are many, but the cost cutting potential and a canny recent acquisition make it an easy decision.
Speculating on B & B Japan
We’ve kept an eye on B & B Japan since it listed and shied away from its high debt and onerous fee structure. While the debt remains a significant threat, its fallen unit price has piqued our interest.
QBE's quality assurance: Part II
If you own QBE for long enough, you will experience some nasty surprises. The risks need to be understood, but they’re part and parcel of the insurance business.
Flight Centre's American blowout
Management must now regret the late 2007 acquisition of US company Liberty Travel. Shareholders certainly do. But today’s price for the stock remains too cheap.
TREES to be felled
The cessation of distributions on TREES2 and TREES3 securities could give us the best possible exit from these miserable mistakes.
Mortgage Choice enters The Confessional
The demise of competition in the home loan market is a real threat to the mortgage broking industry. With the full effects of last year’s commission cuts yet to hit, and the departures of senior management, we’re growing increasingly concerned about Mortgage Choice.
No rush for Tabcorp Bonds
We’re excited about a potential flood of corporate bond issues in the coming months. But buying the first of these retail offers is unlikely to be your best option.
Brickworks summed up
An analyst has numerous valuation tools in their kit. In this sum-of-the-parts analysis of Brickworks, we power up a few of them.
Souls Private sticks to its guns
From exorbitant fees to a poor track record, there are many reasons to dislike this investment company. But its price tag isn’t one of them.
Piecing together the Sigma puzzle
On the surface, Sigma’s 2009 result met expectations, with margins recovering and the generics division weathering the storm. But, despite the promises of six months ago, its high debt levels aren’t coming down.
Challenger Wine downgrade
This trust owns valuable vineyard assets with long term leases. But it’s in a squeeze because of its debt.
Income securities update - part II
In the second instalment of this update, we look at the remaining income securities from our special report of last October. Do they still stack up?
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