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Stock Insights

A New Position - Data#3

12/1/2017

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As we introduce the exciting new strategy on the TAMIM investment platform, the TAMIM Australian Equity All Cap Value IMA, we thought it would be a good idea to give you, our valued readers, a idea of the way portfolio manager Guy Carson thinks. The underlying fund introduced four new positions during the month of December. One that we are really excited about is Data #3.
A New Position - Data#3
December 2016 Update
​Guy Carson

Data #3 is a company with a long track record. The company was founded in 1977 and first listed on the ASX in 1997. Through most of its history it was purely a software distributor. With no competitive advantage of its own, apart from exclusivity agreement on products from manufacturers, the business historically has been one of very low margins. More recently the company has sort to diversify their revenue base and has expanded into Services. Their service offering has become focused on assisting Small and Medium sized enterprises with their Cloud network needs.

The advantage this style of business provides is recurring revenue (as opposed to the billable hour’s model that is common in the IT services industry). Through their existing customer base they have managed to grow their services division consistently in recent years with a particular acceleration in the last 18 months. 
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A decline in product revenue in 2013 saw EBIT fall 9% and NPAT fall 11%. However, since then the growth in the services division has meant that the product revenue is of declining importance. In fact, due to the significantly higher margins, the gross profit from the services division is now the same as that from the product division.
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The company has net cash, pays a fully franked dividend that places it on a yield of 5.3%, trades on 16.9x historical earning and has issued guidance for the first half that represents earnings growth of between 15 and 39%. Overall, that business is performing strongly.

The underlying fund is currently the most diversified it has been with 17 investment. The cash balance fell slightly over the month as we added positions in DTL, CSL, ADA, MLB and APX whilst greatly reducing our exposure to the Telco sector.

Happy Investing,

​The team at TAMIM
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​The information provided on this website should not be considered financial or investment advice and is general information intended only for wholesale clients ( as defined in the Corporations Act). If you are not a wholesale client, you should exit the website. The content has been prepared without taking into account your personal objectives, financial situations or needs. You should seek personal financial advice before making any financial or investment decisions. Where the website refers to a particular financial product, you should obtain a copy of the relevant product services guide or offer document for wholesale investors before making any decision in relation to the product. Investment returns are not guaranteed as all investments carry some risk. The value of an investment may rise or fall with the changes in the market. Past performance is no guarantee of future performance. This statement relates to any claims made regarding past performance of any Tamim (or associated companies) products. Tamim does not guarantee the accuracy of any information in this website, including information provided by third parties. Information can change without notice and Tamim will endeavour to update this website as soon as practicable after changes. Tamim Funds Management Pty Limited and CTSP Funds Management Pty Ltd trading as Tamim Asset Management and its related entities do not accept responsibility for any inaccuracy or any actions taken in reliance upon this advice. All information provided on this website is correct at the time of writing and is subject to change due to changes in legislation. Please contact Tamim if you wish to confirm the currency of any information on the website.  

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