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

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Event-Driven

<ul><li>Please note that this is a re-release of the full analyst note covering Veda that was originally released on the 27th August 2015.</li><li>Given the expression of interest received from Equifax to buy all Veda shares outstanding for A$2.70 per share, this note provides useful fundamental and industry background.</li><li>Veda has a near monopoly in the consumer risk segment and is the largest in the commercial segment. Given data contributors are likely to limit how many data gatherers they release sensitive information to, the market will remain highly consolidated</li><li>The divestment from private equity means there is limited historical context, but based on our forecasts, we expect the firm to generate strong returns on adjusted invested capital</li><li>Veda's data is integral to its users' underwriting decisions, and with the cost of its services relatively small, we don't see the banks' support of a competitor as a step to squeeze Veda's earnings</li></ul>Analyst: Nathan ZalaSector Head: David EllisFull report below the fold...

Please note that this is a re-release of the full analyst note covering Veda that was originally released on the 27th August 2015.Given the expression of interest received from Equifax to buy all Veda shares outstanding for A$2.70 per share, this note provides useful fundamental and industry background.Veda has a near monopoly in the consumer risk segment and is the largest in the commercial segment. Given data contributors are likely to limit how many data gatherers they release sensitive information to, the market will remain highly consolidatedThe divestment from private equity means there is limited historical context, but based on our forecasts, we expect the firm to generate strong returns on adjusted invested capitalVeda's data is integral to its users' underwriting decisions, and with the cost of its services relatively small, we don't see the banks' support of a competitor as a step to squeeze Veda's earningsAnalyst: Nathan ZalaSector Head: David EllisFull report below the fold...

Veda's Growing Product Offering and Customer Reach Supports Long-Term Growth Expectations

Australia

Veda Group Limited operates as a data analytics company. The Company provides credit information and analysis so their clients can make decisions on credit risk, verify identity and check employee background, reduce identity theft and fraud, and undertake digital marketing strategies.

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Veda Group Ltd (VED 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

Veda's Growing Product Offering and Customer Reach Supports Long-Term Growth Expectations

Please note that this is a re-release of the full analyst note covering Veda that was originally released on the 27th August 2015. Given the...

Morningstar, Inc.

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