29/10/2025 17:14

Nick Scali (NCK) $25.35

NCK +12.7%: Shares jumped to a fresh record high after the company’s AGM and trading update today, reporting an impressive 10.7% lift in ANZ same-store sales for the first quarter, signaling a strong start to FY26. This represents acceleration from July’s 7.2% growth reported in their last update. 

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10/09/2025 09:20

Nick Scali (NCK) $24.58

NCK has been a terrific performer over the years, rewarding investors who backed management’s ability to grow the business both domestically and, more recently, offshore. We were particularly supportive of their prudent foray into the UK via Fabb Furniture – a relatively small outlay that provided exposure to a huge £24bn market. The approach was measured and reminded us of Carsales (CAR), which built a strong offshore presence by starting small and scaling carefully.

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08/08/2025 17:36

Nick Scali (NCK) $20.49

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07/02/2025 16:42

Nick Scali (NCK) $18.00

(NCK) +10.5%: Delivered a decent half-year earnings report today with lower earnings versus the prior half but a beat on recently recut guidance. 

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21/10/2024 16:38

Nick Scali (NCK) $14.50

NCK -4.10%: Hit today on updated guidance, with margin pressure due to freight costs and softer sales in ANZ conspiring against 1H25 results, with profit guidance of $28m a good ~20% below current consensus.

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19/09/2024 09:18

Nick Scali Ltd (NCK) $16.03

While we wouldn’t chase strength in NCK above $16, it does look good for a breakout to new all-time highs – not a huge call now.  However, it is a volatile stock that has already corrected $3-4 three times over the last 18 months, i.e., it has a habit of rewarding patient investors with the opportunity to buy dips.

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13/08/2024 09:45

Nick Scali Ltd (NCK) $15.25

MM has liked NCK over the years and remains particularly keen on their foray into Europe via Fabb Furniture – a small spend to gain an established, albeit small 20-store foothold into the UK’s $24bn furniture market. One of the key aspects in CARs result yesterday was growth being achieved overseas;

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09/08/2024 17:13

Nick Scali (NCK) $14.84

NCK +0.13%: A choppy session today for NCK though cool heads prevailed by the close, shares finishing around par.

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26/07/2024 10:12

Emerging Companies Portfolio – Amendments

We are making several changes to the Emerging Companies Portfolio today, repositioning towards stocks we believe offer a better mix of quality and leverage to the themes we remain confident in

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23/07/2024 09:24

Nick Scali Ltd (NCK) $14.33

We have been fans of NCK over the years and are particularly keen on their foray into Europe via Fabb Furniture. We ponder if they plan to move Fabb more upmarket to match its domestic offering. We believe they have entered the $24bn UK furniture market in a prudent, conservative manner, which has allowed them to learn the nuances of this market without risking too much money.

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