Author: fjskulley

Home Depot – Assessing the moat

The Home Depot, Inc. is a home improvement retailer that sells building materials and home improvement products. The Company sells a wide assortment of building materials, home improvement and lawn and garden products, and provides a number of services. Home Depot operates throughout the United States, Canada, China, and Mexico. Home Depot currently encompasses ~24% […]

MCO – Capital Light Compounder

Moody’s corporation is a credit rating, research and risk analysis firm. The company provides credit ratings and related research, data and analytics tools, quantitative credit risk measures, risk scoring software and credit portfolio management solutions and securities pricing software and valuation models. Core driver 1 – A Sustainable Competitive Advantage Moody’s benefits from significant bargaining […]

CME (Buy) – A Capital Light, Unregulated Quasi-Monopoly

CME operates a derivative exchange that allows the trading of futures and options contracts (although has recently expanded into cash trading) for a variety of asset classes including interest rates, stock indices, energy, agricultural commodities, precious metals and foreign exchange. There are two core competitive advantages that CME benefits from, underpinning compounding earnings growth over […]

(NZX: BGP) Briscoe – A Long Track Record of Strong Execution Belies a Low Multiple

Briscoe is a New Zealand based homewares and sportswear retailer with a long history of delivering solid revenue growth reinforced by strict operating and capital expenditure controls. They are a clear market share leader, benefitting from the most extensive store network out of its competitors which leads to a wider range of accessible stores/ products. […]

(ASX: TAH) Tabcorp – Lotteries Undervalued as Part of the Group.

TAH is a collection of two businesses in the same industry but with very different outlooks 1) The lotteries business which benefits from a long term track record of delivering annuity style revenue growth while requiring a low level of incremental capital to generate additional returns; and 2) the rest is dominated by a wagering […]

(ASX: REA) REA Group – An Enduring Moat.

REA Group is one of the highest quality businesses in the ASX, operating a highly scalable marketplace model. The current selloff presents an opportunity to buy businesses where significant share price falls have overshot the loss in businesses intrinsic value. There are several reasons why I think REA is well positioned to outperform across the […]