Portfolio Amendments – International Equities Portfolio
We are making three changes to the International Equities Portfolio
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Undervalued
Morningstar Quantitative Rating as of 5 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 13.52 Fair value 16.46 One-star price 20.05
Morningstar Quantitative Rating as of 5 NOV 2026.
Morningstar Quantitative Rating as of 5 NOV 2026. The slider runs from the five-star price (13.52) to the one-star price (20.05).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 13.23 |
| Price - 12 month high | 48.45 |
| Price - 12 month low | 11.62 |
| Pricing date | 4 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 12.68 |
| Market capitalization | 5,504.28 |
| 12 Month High price date | 4 NOV 2025 |
| 12 Month Low price date | 7 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 23.23 |
| Price - 1 Day % Change | 2.88% |
| Price - 13 week price percent change | -31.59% |
| Price - 26 week price percent change | -45.10% |
| Price - 5 Day % Change | 3.68% |
| Price - 52 week price percent change | -71.99% |
| Price - YTD price percent change | -65.29% |
| Price % Change Month To Date | 10.71% |
| EPS excluding extraordinary items - most recent fiscal year | 0.900 |
| EPS excluding extraordinary items - trailing 12 month | 0.830 |
| EPS Normalized - most recent fiscal year | 1.770 |
| Revenue/share - most recent fiscal year | 5.868 |
| Revenue/share - trailing 12 month | 6.222 |
| Book value per share - most recent fiscal year | 5.220 |
| Book value per share - most recent quarter | 5.482 |
| Book value (tangible) per share - most recent fiscal year | 5.178 |
| Book value (tangible) per share - most recent quarter | 5.482 |
| Cash per share - most recent fiscal year | 1.383 |
| Cash per share - most recent quarter | 2.391 |
| Cash Flow per share - most recent fiscal year | 2.569 |
| Cash Flow per share - trailing 12 month | 2.530 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | 1.484 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.910 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.850 |
| EPS including extraordinary items - most recent fiscal year | 0.910 |
| EPS including extraordinary items - trailing 12 month | 0.850 |
| Free Cash Flow per share - trailing 12 month | 2.045 |
| P/E excluding extraordinary items, most recent fiscal year | 15.43 |
| P/E Normalized, most recent fiscal year | 7.72 |
| Price to sales - most recent fiscal year | 2.06 |
| Price to Tangible Book - most fiscal year | 2.34 |
| Price to Free Cash Flow per Share - most recent fiscal year | 6.27 |
| Price to Cash Flow per share - trailing 12 month | 5.06 |
| Price to Book - most recent fiscal year | 2.34 |
| P/E excluding extraordinary items high, trailing 12 months | 52.16 |
| P/E excluding extraordinary items low, trailing 12 months | 14.36 |
| Net Debt, LFI | -1,051.22 |
| Net Debt, LFY | -866.73 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
| Free Cash Flow - most recent fiscal year | 1,058.09 |
| LT debt/equity - most recent fiscal year | 14.49% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 17.56% |
| LT debt/equity - most recent quarter | 13.72% |
| Total debt/total equity - most recent quarter | 16.86% |
| Free Cash Flow - trailing 12 month | 982.64 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 2,896.28 |
| Revenue - trailing 12 month | 2,990.14 |
| EBITD - most recent fiscal year | 705.82 |
| EBITD - trailing 12 month | 713.07 |
| Earnings before taxes - most recent fiscal year | 658.76 |
| Earnings before taxes - trailing 12 month | 641.83 |
| Net Income available to common - most recent fiscal year | 443.30 |
| Net Income available to common - trailing 12 months | 406.89 |
| Earnings before taxes Normalized - most recent fiscal year | 1,149.38 |
| Net Income Available to Common, Normalized - most recent fiscal year | 873.08 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 1.66 |
| Net Profit Margin % - 1st historical fiscal year | 15.31% |
| Net Profit Margin % - trailing 12 month | 13.61% |
| Operating margin - 1st historical fiscal year | 20.35% |
| Operating margin - trailing 12 month | 19.61% |
| Pretax margin - trailing 12 month | 21.47% |
| Pretax margin - 1st historical fiscal year | 22.74% |
| Operating Margin - 5 year average | 13.15% |
| Pretax Margin - 5 year average | 15.11% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 35.57% |
| Free Operating Cash Flow/Revenue, TTM | 32.86% |
| Net Profit Margin - 5 year average | 11.10% |
| Return on average assets - most recent fiscal year | 7.42% |
| Return on average assets - trailing 12 month | 6.88% |
| Return on average equity - most recent fiscal year | 16.48% |
| Return on average equity - trailing 12 month | 15.88% |
| Return on average assets - 5 year average | 5.06% |
| Return on average equity - 5 year average | 11.16% |
| Net Income/employee - most recent fiscal year | 115,353.63 |
| Revenue/employee - most recent fiscal year | 753,651.83 |
| Revenue growth rate, 5 year | 28.21% |
| EPS growth rate, 5 year | 12.93% |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 28.02% |
| Growth rate% - Revenue, 3 year | 22.44% |
| Growth rate% - EPS, 3 year | 101.50% |
| Book value per share growth rate, 5 year | 19.52% |
| Capital Spending growth rate, 5 year | 21.23% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 32.65% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
We are making three changes to the International Equities Portfolio
The Trade Desk delivered a weak 2Q result after the close and issued a disappointing outlook, sending shares down ~20% after hours. Revenue growth slowed to just 3%, while earnings and EBITDA both missed consensus.
The International Equities Strategy had a tough February, falling -8.67%, underperforming the MSCI World by -7.69%. No dressing that up - it was a poor month. Weakness has continued, with the portfolio down ~4.5% in March to date. A meaningful pullback, but within our levels of tolerance for a high conviction, growth-focused portfolio (and within historical ranges we’ve experienced in the past).
TTD surged ~20% overnight on talks that the company is in talks with OpenAI to sell ads - makes sense for both parties, with the TTD having considerable retail media partnerships such as Walmart.
We own TTD in the International Equities Portfolio, and the journey over the past year has been frustrating, with the stock now off ~40% from our original purchase price. What was once a premium, high-conviction growth story has been steadily de-rated as growth slowed, competition intensified, and the macro backdrop turned less friendly for brand advertising.
TTD beat expectations for the quarter and guided to a better-than-expected 4Q result, initially sending shares up ~11% after hours before they reversed to settle down ~3% in late trade.
Reported quarterly results after hours this morning, and the stock is trading down 27% - not good. While shares were up 60% from recent lows, the reaction to an ‘inline’ result seems very harsh and hard to reconcile (other than saying the stock had run hard).
Trade Desks surged higher after Q1, and EPS beat estimates after the closing bell, sending the stock up around 14% in late trade. The outlook also looks solid, with management confident that second-quarter revenue will come in above $US682mn; the street is currently looking for $US682.7mn.
The advertising technology company reported a poor quarterly and the stock has fallen sharply – more than halving from ~$US140 to this mornings close of $US62. Digital advertising remains the future, and we are confident that one soft quarter has not broken the TTD model. This recent weakness represents a buying opportunity, irrespective of the macro backdrop.
MM is selling TTD US in the International Equities Portfolio, taking a loss ~$US14
MM is neutral TTD ~$US17
MM is bullish towards TTD around $US30
MM is cautiously bullish TTD US ~$US25
MM remains patiently long TTD US
MM has turned more neutral on TTD US
MM remains bullish TTD US
MM remains long and bullish on TTD
MM is bullish TTD US ~$62
MM views the ~30% correction in TTD US as a buying opportunity ~$US82
The Trade Desk provides a self-service platform that helps advertisers and ad agencies programmatically find and purchase digital ad inventory (display, video, audio, and social) on devices like computers, smartphones, and connected TVs. The firm's platform is referred to as a demand-side platform in the digital ad industry, and it generates revenue from fees based on a percentage of what its clients spend on advertising, referred to as a take rate.
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