Obscuring the True Cost of Management (North America)
The accounting rules for equity compensation are deeply flawed. They obscure the true cost and imply there is no impact on cashflow. In reality,...
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U.S. Equity Strategy
We believe the intraday low of 2,532.69 made by the S&P 500 on 2/9/18 marked an important short-term bottom within the long-term advance. We...
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WiseTech Global - Trading at Disruptor Valuations Without Disrupting Much
WiseTech Global listed on 11th April 2016 clocking first-day gains of 16%. The stock is now trading 32% above its IPO price. We wrote on the IPO,...
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WiseTech Global IPO - Slowing Down but Still at Lofty Valuations
WiseTech Global plans to raise US$75-165m through an issuance of a mix of primary and secondary shares. The deal is set to launch this week for...
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Atlassian - Loved by Customers and Employees Alike, Investors Will Probably Follow
Atlassian plans to raise US$330-370m through its IPO. We generally do not look at US equity listing, however, this being a well followed Australian...
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