Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

Thematic (Sector/Industry)

<ul><li>This post provides an update of Evidente&rsquo;s currency model.&nbsp; Under-valuation of the A$/US$ has now reached an extreme, while the Big Mac index also points to deep A$/US$ under-valuation.&nbsp; ASX listed US$ earners have performed poorly despite the renewed deprecation of the A$ over the past six months.&nbsp;</li><li>I also assess the investment case against Brambles, which generates around half of its revenue in North America.&nbsp; The company will be undergoing a capex hump at a time when its marginal return on capital has been deteriorating to the point of recently turning negative.&nbsp;</li><li>I examine its remuneration scheme and conclude that the fact that the board, ESG advisory firms and institutional investors endorse complex and opaque Long Term Incentive plans of this kind, suggests that the bloated corporate governance industry has a long way to go to achieving adequate alignment of interests between senior executives and shareholders.</li></ul>

This post provides an update of Evidente&rsquo;s currency model.&nbsp; Under-valuation of the A$/US$ has now reached an extreme, while the Big Mac index also points to deep A$/US$ under-valuation.&nbsp; ASX listed US$ earners have performed poorly despite the renewed deprecation of the A$ over the past six months.&nbsp;I also assess the investment case against Brambles, which generates around half of its revenue in North America.&nbsp; The company will be undergoing a capex hump at a time when its marginal return on capital has been deteriorating to the point of recently turning negative.&nbsp;I examine its remuneration scheme and conclude that the fact that the board, ESG advisory firms and institutional investors endorse complex and opaque Long Term Incentive plans of this kind, suggests that the bloated corporate governance industry has a long way to go to achieving adequate alignment of interests between senior executives and shareholders.

A$ buy signal strengthens | Investment case against Brambles

Merger Arbitrage, Relative Value, Event-Driven

Per Gullberg, CFA, FRM, CAIA

Event-Driven

On 14 Jan, Chandler Macleod Group (CMG AU; CMG) announced that it has entered into a Scheme Implementation Deed with Recruit Holdings (6098 JP; RH).&nbsp;CMG’s board unanimously recommends that shareholders vote in favour (in the absence of a superior offer), and the parties have entered into exclusivity arrangements.The announcement comes only weeks after Skilled Group (SKE AU) rejected a &nbsp;merger of equals proposal from Programmed Maintenance Services (PRG), showing that the Australian HR sector is very much in play.

On 14 Jan, Chandler Macleod Group (CMG AU; CMG) announced that it has entered into a Scheme Implementation Deed with Recruit Holdings (6098 JP; RH).&nbsp;CMG’s board unanimously recommends that shareholders vote in favour (in the absence of a superior offer), and the parties have entered into exclusivity arrangements.The announcement comes only weeks after Skilled Group (SKE AU) rejected a &nbsp;merger of equals proposal from Programmed Maintenance Services (PRG), showing that the Australian HR sector is very much in play.

M&A action in the Australian HR Sector continues - Chandler Macleod to be taken out

Australia

Chandler Macleod Group Limited is a recruitment and human resource consulting service company that provides its services to blue-collar, white-collar, and executive clients. The Company's services include management and organizational development, career transition, psychometric assessment and executive coaching.

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Chandler Macleod (CMG AU)

A$ buy signal strengthens | Investment case against Brambles

This post provides an update of Evidente’s currency model. Under-valuation of the A$/US$ has now reached an extreme, while the Big Mac index also...

Sam Ferraro

M&A action in the Australian HR Sector continues - Chandler Macleod to be taken out

On 14 Jan, Chandler Macleod Group (CMG AU; CMG) announced that it has entered into a Scheme Implementation Deed with Recruit Holdings (6098 JP;...

Per Gullberg, CFA, FRM, CAIA

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