IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Bottom-Up

Summary:<a href="https://www.smartkarma.com/entities/409" target="_blank" data-smartkarma-citation="entities:409:1">Amazon.com Inc (AMZN US)</a> trial-launched its marketplace offer on Thursday according to Reuters yet has still not launched its website on Black Friday in Australia. While the reason is unknown, social media accounts suggest there are glitches with the soft launch, with concerns related to selection, pricing and overall technical concerns (Amazon has never commented on its launch date). Short-term, this may provide relief for Australian retailers such as <a href="https://www.smartkarma.com/entities/23575" target="_blank" data-smartkarma-citation="entities:23575:1">Kogan.com (KGN AU)</a> , <a href="https://www.smartkarma.com/entities/555" target="_blank" data-smartkarma-citation="entities:555:1">JB Hi-Fi Ltd</a>…

Summary:Amazon.com Inc (AMZN US) trial-launched its marketplace offer on Thursday according to Reuters yet has still not launched its website on Black Friday in Australia. While the reason is unknown, social media accounts suggest there are glitches with the soft launch, with concerns related to selection, pricing and overall technical concerns (Amazon has never commented on its launch date). Short-term, this may provide relief for Australian retailers such as Kogan.com (KGN AU) , JB Hi-Fi Ltd…

Has Amazon Delayed Its Launch in Australia? The Near-Term Implications for Retailers

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

Thematic (Sector/Industry)

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 results were mostly driven by factors specific to each group. Still, whether it is the sentiment impact of an isolated theme park tragedy, competitive intensity in the U.S. leisure market, low airfares, or film popularity, the bottom line is there are many variables beyond management's control in the industry. These factors are the very basis for our…

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 results were mostly driven by factors specific to each group. Still, whether it is the sentiment impact of an isolated theme park tragedy, competitive intensity in the U.S. leisure market, low airfares, or film popularity, the bottom line is there are many variables beyond management's control in the industry. These factors are the very basis for our…

Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring

Edgware Insights Pty Ltd

Wayne Murray

Independent Insight Provider

We all knew these two would end up together eventually. How did it take them this long to tie the knot?JB Hi-Fi is in a trading halt as a result of them agreeing to acquire 100% of The Good Guys for $870m. The total costs of the offer is $894m which compares to Edgware’s assumed $987m, due to our inclusion of $90m working capital. The pro forma FY16 balance sheet shows working capital of $106m. This means that The Good Guys business has been acquired for $764m plus working capital. <ul><li>
Financial…</li></ul>

We all knew these two would end up together eventually. How did it take them this long to tie the knot?JB Hi-Fi is in a trading halt as a result of them agreeing to acquire 100% of The Good Guys for $870m. The total costs of the offer is $894m which compares to Edgware’s assumed $987m, due to our inclusion of $90m working capital. The pro forma FY16 balance sheet shows working capital of $106m. This means that The Good Guys business has been acquired for $764m plus working capital. 
Financial…

JBH & The Good Guys: How About a Toaster & Kettle as a Wedding Present?

Edgware called for some animal spirits from JB Hi-Fi in its pursuit of The Good Guys. It is a once in a generation opportunity to reshape the industry with JB Hi-Fi assuming the #1 position. We pictured a crouching tiger bristling in anticipation of the kill.  We had feared that the animal JB Hi-Fi CEO Richard Murray might conjure could be a less predatory but very adorable fluffy bunny. If the Australian Financial Review Street Talk article on Tuesday, 6 September is accurate, the tiger is on…

Edgware called for some animal spirits from JB Hi-Fi in its pursuit of The Good Guys. It is a once in a generation opportunity to reshape the industry with JB Hi-Fi assuming the #1 position. We pictured a crouching tiger bristling in anticipation of the kill.  We had feared that the animal JB Hi-Fi CEO Richard Murray might conjure could be a less predatory but very adorable fluffy bunny. If the Australian Financial Review Street Talk article on Tuesday, 6 September is accurate, the tiger is on…

JBH & The Good Guys: Animal Spirits - More Crouching Tiger, Less Fluffy Bunny

Edgware initiated coverage on Kogan.com after its recent ASX-listing. We are the second broker to cover the online retailer besides the IPO broker. As with A2M:ASX we see the limited liquidity and immature share register as a risk but ultimately a source of upside as the operating leverage of the innovative business unfolds. Not a business for the feint-hearted but huge optionality with regards to organic growth and accretive bolt-on acquisitions makes this a AUD$1 billion dollar company in less than a decade.

Edgware initiated coverage on Kogan.com after its recent ASX-listing. We are the second broker to cover the online retailer besides the IPO broker. As with A2M:ASX we see the limited liquidity and immature share register as a risk but ultimately a source of upside as the operating leverage of the innovative business unfolds. Not a business for the feint-hearted but huge optionality with regards to organic growth and accretive bolt-on acquisitions makes this a AUD$1 billion dollar company in less than a decade. 

Australia

Kogan.com Ltd operates as a portfolio of retail and services businesses that includes retail, marketplace, mobile, broadband, insurance, and travel. The Company focuses on making in-demand products and services. Kogan.com specializes in consumer brand renowned for price leadership through digital solutions.

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Kogan.com (KGN AU)

Has Amazon Delayed Its Launch in Australia? The Near-Term Implications for Retailers

Summary:Amazon.com Inc (AMZN US) trial-launched its marketplace offer on Thursday according to Reuters yet has still not launched its website on...

Rickin Thakrar

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...

Morningstar, Inc.

JBH & The Good Guys: How About a Toaster & Kettle as a Wedding Present?

We all knew these two would end up together eventually. How did it take them this long to tie the knot?JB Hi-Fi is in a trading halt as a result of...

Wayne Murray

JBH & The Good Guys: Animal Spirits - More Crouching Tiger, Less Fluffy Bunny

Edgware called for some animal spirits from JB Hi-Fi in its pursuit of The Good Guys. It is a once in a generation opportunity to reshape the...

Wayne Murray

Kogan.com - Kompound Returns

Edgware initiated coverage on Kogan.com after its recent ASX-listing. We are the second broker to cover the online retailer besides the IPO broker....

Wayne Murray

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