Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring
Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The...
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Valuations Stretched on ASX-Listed Corporate Hybrids
In November 2016 we stated a large proportion of redemptions would be reinvested in existing corporate issues to achieve some degree of sectoral...
672 Views
Harvey Norman's Strong Growth Continues but Forecast to Moderate
We maintain our AUD 3.30 per share fair value estimate for Harvey Norman. We do not view the company as having an economic moat, mainly because the...
175 Views
Australian Retail Sector Review
Following the recent release of retail trade data for the 2016 calendar year, Evidente has undertaken a review of Australia’s retail sector. ...
169 Views
JB Hi-Fi's Margin Growth Kept in Check by Secular Changes and Competitive Forces
No-moat-rated JB Hi-Fi remains overvalued, trading at a 34% premium to our unchanged AUD 21.50 per share fair value estimate. JB Hi-Fi has an...
172 Views