What podcasts say about Nick Cummings
Every statement, with the speaker, the exact quote and the moment it was said.
What Nick Cummings has said on podcasts
36 statements · 16 positive · 17 negative · 2 mixed · 1 neutral
Australia’s China-export, population-growth, and housing-leverage model is weakening.
“our old growth model of export stuff to China, a little bit of population growth and housing leverage, I do think is starting to wobble.”
Open the episode · Stock Take: Is the Economic Model Starting to Crack?Listen at 1:56
Australia ranks near the OECD bottom on productivity.
“We rank near the bottom of the OECD over the last couple of years.”
Open the episode · Stock Take: Is the Economic Model Starting to Crack?Listen at 2:45
Australia is producing relatively few new innovative companies.
“We don't have a lot of new innovative companies coming through.”
Open the episode · Stock Take: Is the Economic Model Starting to Crack?Listen at 3:23
Persistent economic problems can eventually reduce business valuations.
“some of the problems we have brought up can over time lead to lower valuations”
Open the episode · Stock Take: Is the Economic Model Starting to Crack?Listen at 12:40
London Stock Exchange trades at a lower multiple than comparable exchanges.
“it trades at a far lower multiple than the ASX or an equivalent exchange in America.”
Open the episode · Stock Take: Is the Economic Model Starting to Crack?Listen at 13:52
Major Australian policy change may require an economic crisis.
“to get the change we're talking about, I honestly think you only see it if we get an economic crisis.”
Open the episode · Stock Take: Is the Economic Model Starting to Crack?Listen at 16:09
Gross profit is a relatively clean measure of business performance.
“gross profit is one of the cleanest metrics”
Open the episode · Stock Take: Misleading MetricsListen at 6:21
WiseTech emphasizes adjusted EBITDA more than net profit.
“WiseTech is a company that loves chatting about its adjusted EBITDA number. And less so about its net profits.”
Open the episode · Stock Take: Misleading MetricsListen at 21:14
The gap between companies’ presentations and statutory accounts is unusually wide.
“The gap between their presentation and their actual statutory accounts, I don't think has ever been wider.”
Open the episode · Stock Take: Misleading MetricsListen at 24:30
ReadyTech was unprofitable despite emphasizing adjusted EBITDA.
“when you open the statutory accounts, yeah, they actually were unprofitable.”
Open the episode · Stock Take: Misleading MetricsListen at 25:01
Equal EV/EBITDA multiples are inappropriate for companies with different leverage.
“If a company is levered 10 times versus one that's net cash, then an EV to EBITDA multiple of the same does not make any sense.”
Open the episode · Stock Take: Misleading MetricsListen at 28:48
Dicker Data’s improved earnings base is sustainable going forward.
“I think this is actually sustainable from here.”
Open the episode · Stock Take: The Results of the SeasonListen at 14:15
Dicker Data can provide extended software sales and support for vendors.
“Dicker actually can play that role as a distributor to be sort of that extended support and sales person for those companies.”
Open the episode · Stock Take: The Results of the SeasonListen at 16:53
Dicker Data receives benefits from recurring software revenue.
“They do get a benefit from that recurring revenue.”
Open the episode · Stock Take: The Results of the SeasonListen at 20:28
Dicker Data’s share price could rise excessively but currently looks expensive.
“there's a situation where the share price could get silly. But having said that, it's looking a little expensive.”
Open the episode · Stock Take: The Results of the SeasonListen at 23:23
Dicker Data shareholders may consider taking profits.
“maybe it's time if you do own some to take some profits.”
Open the episode · Stock Take: The Results of the SeasonListen at 23:35
Investors with a five-year horizon should consider owning Eagers Automotive.
“if you want to own this business for 5 years, I think go for it because it's kind of incredible.”
Open the episode · Stock Take: The Results of the SeasonListen at 34:28
AUB expects mid- to high-single-digit EPS growth next year.
“they've sort of, um, indicated or guided to being able to do about mid-single or high single-digit revenue— sorry, EPS growth next year as well.”
Open the episode · Stock Take: The Results of the SeasonListen at 38:46
AUB Group appears significantly undervalued relative to private-market insurance brokers.
“on that basis, AUB still looks incredibly cheap.”
Open the episode · Stock Take: The Results of the SeasonListen at 40:01
AUB Group may eventually attract a takeover approach at its current valuation.
“if AUB sort of remains around these prices for too long, that eventually someone might come along and have a look at it.”
Open the episode · Stock Take: The Results of the SeasonListen at 40:32
AUB Group’s insurance-broker acquisitions generate genuine synergies.
“there are genuine synergies”
Open the episode · Stock Take: The Results of the SeasonListen at 41:51
Insurance broking is a resilient industry with relatively stable growth and client retention.
“it is— it's a pretty, you know, sturdy industry as well.”
Open the episode · Stock Take: The Results of the SeasonListen at 42:24
Telstra’s changing business segments make its profit history difficult to analyze.
“there's this constant shuffle of segments, which makes it difficult to create a time series of profits”
Open the episode · Stock Take: The Rant EditionListen at 2:18
Telstra’s segment changes reflect genuine internal business reorganization.
“I think that does reflect sort of genuine internal changes going on in the business”
Open the episode · Stock Take: The Rant EditionListen at 3:00
Telstra’s omission of negative revenue information warrants selling the stock.
“for me, that is a sell by itself”
Open the episode · Stock Take: The Rant EditionListen at 4:41
Telstra’s cash-earnings metric presents its performance too favorably.
“these cash earnings, they really flatter the business”
Open the episode · Stock Take: The Rant EditionListen at 6:00
Statutory earnings better represent Telstra’s profit, while cash earnings matter for dividends.
“statutory earnings are the true representation of Telstra if you're looking at profit, and cash earnings are really important if you're looking at dividends”
Open the episode · Stock Take: The Rant EditionListen at 7:12
Telstra’s 10-times EV/EBITDA valuation is high for an established low-growth telco.
“10 times EV to EBITDA is a big number”
Open the episode · Stock Take: The Rant EditionListen at 9:42
Telstra’s debt-funded billion-dollar buyback is an inappropriate capital-allocation decision.
“to take another billion dollars out to do the buyback, which is completely funded by debt, mind you. It's just not the right move”
Open the episode · Stock Take: The Rant EditionListen at 10:11
Telstra is one of the world’s best mobile operators.
“this is a globally fantastic mobile business, one of the best mobile operators I've ever seen”
Open the episode · Stock Take: The Rant EditionListen at 12:23
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.