I was asked by a reader if I had an opinion on Nearmap (NEA), specifically the Group Portfolio Lifetime Value (LTV) which NEA calculates as $365.5m at the end of FY2017, see bottom line in their financial presentation. When you consider the market cap is around $260m maybe there is… Continue Reading Nearmap (NEA) – Reviewing their LTV calculation
Afterpay’s (APT) business model is pretty simple. APT assumes the role of the credit provider and buys from the merchant the credit risk of the merchants paying customers. The merchant pays APT 4.2% of the transaction for this. Merchants love it as they receive their money upfront and in a credit… Continue Reading Afterpay Touch (APT) – Looking through the credit cycle
Charley Ellis wrote a book years ago called Winning the Losers Game, essentially the main idea is that to win in investing we should focus on avoiding the losers. His idea was based on a book about professional tennis being a winners game, you win tennis by hitting more winners… Continue Reading Hugging the middle of the Performance Bell curve
Ordinarily I do not spend a lot of time on shares that have not made it through my first filter. Some companies are fairly obviously pretty smelly to start with and you can move on. But I thought I would start to dig deeper into Buddy after my first pass through when… Continue Reading Buddy.com – Cracking the Narrative
In a previous life I was a director of a solar company. Great story but wait. An important part of the business was monitoring energy and solar production both pre and post installation. For the not so tech savvy measuring power is really simple. Power you draw from the grid… Continue Reading Buddy (BUD) – Just a CT Clamp company?
Munger’s following quote is his classic model of inversion at work: “Frequently, you’ll look at a business having fabulous results. And the question is, ‘How long can this continue?’ Well, there’s only one way I know to answer that. And that’s to think about why the results are occurring now… Continue Reading Value chain power example – Vita Group (VTG)