The IML investment team examine the 'green shoots' as well as the market fundamentals and conclude that whilst the rate of decline has slowed and optimism is returning to the market, it is unlikely that we will see a V-shaped economic recovery.
Energy Developments Limited (ENE) is a listed integrated energy company that specialises in the production of electricity that has low levels of greenhouse gas emissions. In our view ENE is a high quality business, with a strong competitive advantage and sound management team.
Metcash, the third largest player in the groceries and liquor products market in Australia behind Woolworths and Coles, recently reported a profit after tax of $ 219.7 million for the year ended April 2009, a 14 % increase on the previous year. This was at the higher end of the company’s guidance and market expectations. The company also provided guidance of 7%-10% EPS growth for 2010.
Paul Winter from IML’s Investment Team discusses the key factors that will drive our equity market in the period ahead, the signs that indicate global economies are stabilising and why Australia is better placed than other developed nations.
