In the Detail
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Positions

One ASX-listed company at a time, examined the way an activist short seller would examine it: the claim the market is buying, the number that has to be true for it to hold, and the public record that says otherwise.

Access is by invitation from an existing member. There is no waiting list, no application, and no way to request one.

Company names, tickers and identifying detail are redacted on this page. Members see the unredacted note.

Consumer · $150m–$500m

The redacted Roll-Up Whose Market Grew Every Year Its Own Sites Shrank

This business is sold as a defensive compounder riding a rise in demand that official statistics count directly — which makes it one of the rare companies whose market can be measured from outside the accounts. Measure it, and in redacted of its reporting periods since listing, volumes at the sites it already owned grew more slowly than the market did. In the latest half the market accelerated and those volumes stood still. Headline volumes keep rising anyway, because it keeps buying competitors — roughly redacted of a billion dollars of them. The multiple, and the broker targets above it, assume the market's growth eventually reaches the accounts.

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· Conviction: building
Technology · $500m–$1bn

The redacted Company That Moved redacted of Its Costs Off the Income Statement

For years this redacted business ran the cost of building its software straight through its accounts. Then, redacted ago, it began parking a large share of that spend on the balance sheet as an asset instead — one it has never written down. That switch, not the trading, explains most of the jump in its reported profit, and roughly redacted of that profit now leans on it. A directly comparable rival still expenses every dollar of the same work. After a heavy fall in the shares, the case for calling them cheap rests on the flattered number.

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· Conviction: building
Health care · $1bn–$5bn

redacted Doubled Its redacted and Its Revenue Went Backwards

A redacted company re-rated by redacted in twelve months on a headline operating metric that keeps compounding. Over the same twelve months its audited revenue line went backwards. Its own annual report concedes that part of that metric is redacted it is never paid for, and the split has never been disclosed. When the exchange queried the agreements behind the re-rating, the company answered that the revenue from them is immaterial.

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· Conviction: building