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Navigator Global Investments delivered a quality FY18 result with EBITDA +15% and dividends +14% both in US$. This capped off a successful year, which saw the share price almost double. Source: NGI FY18 Result Presentation After such a strong run, investors could be forgiven for thinking all...

They say big things come in small packages, but nowhere is that truer than in smaller companies. Small companies can offer the possibility of big returns, but that often comes at the price of higher volatility. Andrew Smith, Portfolio Manager of Perennial Value, will discuss why...

Structural Biases Many academic papers such Fama and French (1992) have identified that smaller companies outperform their large cap cousins over the long term. While locally it has been evident with the median Australian small cap manager returning 2.7%** more than the large cap median over...

During reporting season we were faced with many presentations that had flattering adjusted EBITDA and normalized NPAT figures – but these two numbers do not reveal the whole story to investors. To assess a company’s true health we make a beeline for their cashflow statement...

Microcaps describes the share market segment of the smallest investable stocks. While exact definitions vary, the representative market capitalisation for Australian Microcaps is stocks below $500 million. On the Australian Stock Exchange (ASX), this segment has over 1900 companies. DOWNLOAD WHITEPAPER...

PWR Holdings provides engineered cooling solutions to high-end auto and industrial customers and has become a world leader in these markets. In the 1HFY17 result, they delivered considerable organic growth but this was masked by the strong move of the AUD against the GBP as...

Starting with quality of the earnings, the data was encouraging. Revenue growth continues to be strong reflecting the recovery in the mining cycle. More encouraging was the expansion in EBITDA margins (from 16.5% to 19.2%) and this was despite the disclosure of an additional $5 million invested...

The vast majority of stocks in the Australian microcap equities market are still lacking in formal coverage by brokers and analysts, leaving vast opportunities for value investors to uncover hidden gems in the sector. That is the view of leading equities manager Perennial Value, whose Microcap...

It is conventional wisdom that the Australian share market is largely comprised of mature businesses with a particular emphasis on financials and resources. Happily, if you explore beyond the stocks covered by the larger brokers it becomes obvious that this is not the case and that...

After several years of underperformance, investors were initially attracted to the better valuations which were available in Small Caps. However more recently there has been a noticeable improvement in risk appetite. This has added fuel to the rally with investors taking comfort from the almost...