Corporate Action: Fletcher’s Equity Raise Dilutes Owners, but Tames Risk; Take Up Rights Offering
We’ve reduced our fair value estimate for no-moat Fletcher Building Ltd (FBU NZ) to NZD 7.00 (AUD 6.60) from NZD 7.50 (AUD 7.00) following the...
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Cutting Fletcher Building's FVE To NZD 7.10 Due To Construction Losses; Shares Overvalued
We have cut our fair value estimate to NZD 7.10 from NZD 8.00, following a 15% downgrade to fiscal 2017 earnings guidance and a reassessment of...
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Lifting The Lid On Warren Buffett's Investment Secrets (Update)
In May, I published a report citing recent journal literature that sought to decompose Buffett’s Alpha. The authors attribute Warren Buffett’s...
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