Recent Posts

71

Shares / Re: AMO

« Last post by galumay on August 24, 2023, 10:45:03 AM »

A strong 2nd half helped finish FY2023 on a high note. Rising expenses reduced net margins but a positive NPAT after the first half was a good outcome.  The problem shows in the cash flow though, negative OCF when right of use depreciation is backed out and once again its apparent the borrowings are paying the dividends. Poor capital allocation, should have suspended dividends rather than borrow to pay them. I think its time to sell.

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72

Shares / Re: NWH

« Last post by galumay on August 17, 2023, 08:50:01 AM »

NWH with very good results for FY2023. Such a well run business. Happy hodler. Will look at the report in detail later,

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EDIT- its not nearly as good as out looks, "Normalised Earnings" is Bullshit Earnings, EPS is down 5% on PRP & 13% down on PRP before restatement for reporting fuck up. Actually a red flag for me for a management team that has been previously impeccable IMO.

73

Shares / Re: FFI

« Last post by galumay on August 14, 2023, 12:51:35 PM »

FFI has released its Prelim Annual Report, 19 pages, no pics, no bullshit. Wish I could find a few more businesses as good as this one! Rare to see this sort of levering of increased revenue.

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74

Shares / Re: JAN

« Last post by galumay on August 11, 2023, 07:10:02 PM »

Slightly better H2 to finish off the FY, but huge red flags with this mob, market update for the FY2023 trading results fails to mention earnings at all, just waffle about bullshit EBITDA, so we know a significant loss is coming again this year, depreciation running at 150% of OCF so the loss is obvious but they fail to talk about it at all. A dud of a business.

75

Shares / Re: HIT

« Last post by galumay on August 11, 2023, 07:06:09 PM »

Another very solid year for HIT, not much to say really!

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76

SMSF / SMSF Annual Report 2023

« Last post by galumay on July 26, 2023, 03:18:13 PM »

Download here -

AR2023.pdf

77

Shares / Re: KOV

« Last post by galumay on July 24, 2023, 12:49:49 PM »

KOV AR out today, a solid result with a strong FCF result. It's a bit hard to work out what caused the massive improvement in FCF to a record level, there is about a $4m move in Working Capital but that is not enough to explain the total of about $12m after adjustments for misleading accounting requirements. Basically FCF running at a historical high of around $1 per share. I will have to ask management what has driven the much improved cash conversion as there is no explanation in the results or presentation.

If this sort of FCF is sustainable then my range of value would increase significantly for KOV.

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78

Thoughts and Ideas / Re: Compounder Bro'

« Last post by CiriColet on June 19, 2023, 11:43:28 PM »

https://superfluousvalue.substack.com/p/the-compounder-bro-past-present-and-future-here

I have read the article. It is more like a work of fiction than a guide to action.
But I realised that it is not worth investing in Microsoft, in a bull market. But who knows for sure what level Microsoft will grow to? And are there prerequisites for them to fall? Is there a worthy competitor?
What do you think about this?

79

General Discussion / Re: Things People Say...

« Last post by CiriColet on June 19, 2023, 11:32:32 PM »

Anything you can imagine, you can do. Walt Disney.

80

General Discussion / Re: Decision Journal

« Last post by CiriColet on June 19, 2023, 10:19:25 PM »

Something I have battle with for a while is trying to displace decisions with habits. The idea is that decisions are 'expensive' in terms of mental energy, time, decision quality and distraction from other tasks, so if you can replace as many decisions as possible with habits then you can make better decisions and limit them to important issues really requiring decisions. Steve Jobs making a habit of always wearing the same type of clothes is a very basic example.

My battle is interesting, I find it relatively easy to turn decisions into habits with positive things, so I have made a habit of cleaning the group head every time I pull a coffee, and keeping the workspace around the coffee machine clean, these were fairly easy and are now embedded in my habitual behaviour. Its the negative habits that are harder to make stick for me, so NOT eating between meals is my current battle, I have many times told myself I am going to make it a habit and failed many times! I have considered 2 strategies, one is to invert the negative decisions, so try to make it a habit to only eat at meal times! The second is this - write about it. 2 days ago I just posted my thoughts about negative versus positive habits (maybe better phrased as doing or not doing habits), and I have had more success with not snacking between meals than ever in the past! Its well known that making commitments in writing makes them much easier to uphold so it may be as simple as this, I figure doubling down here can only help!

Hi! You have some very interesting thoughts here. I decided to dwell a bit on your forum.
I too struggle with the habit of eating between meals because it causes a spike in blood sugar.
Why do you do it?