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...
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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...
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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. ...
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The Dangers of Safety
Since the financial crisis, high risk assets had been buffeted by a discount rate shock, notably a lift in the equity risk premium (ERP). This...
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