And after a period where fundamentals have been overlooked in favour of a bullish story, the market is throwing up some short-selling opportunities.
Insider selling. Management exits. Aggressive accounting. Frequent strategic reviews. A cease-and-desist letter to a sharemarket analyst. The avoidance of the number four.The Australian Financial Review Alpha Live conference
“Fundamentals didn’t actually matter if you had a big-talking CEO who was very convincing about a total addressable market, and ‘we’re going to disrupt the whole world’,” said Perpetual’s deputy head of equities Anthony Aboud about the bull market.“There’s plenty of opportunity now even though there’s not a massive amount of hype. One way to make money is on the other side of the bubble.”
The other screen benchmarks are the average revenue per employee and operating profit per employee against other companies in a commoditised industry. Usually, those numbers should be more or less consistent across the sector. “It’s a combination of a couple of them plus a bit of debt. And the headwinds, whether macro or structural, and you’ve got a good probability,” he said.Mr Aboud said Downer EDI had begun to show some of the red flags towards the end of last year, including a weak share price, a series of management exits, and debt, among others.
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