26/06/2025 09:45

Revisiting Payments stocks as Xero pays $4bn for Melio

We like the acquisition, believing it makes strategic sense to avoid missing the proverbial boat into the US market. Melio can provide XRO instant scale, important payments technology, and a better overall platform to compete with the US giant Intuit (INTU US). They paid a high price for a quality business, 13x revenue (Melio does not make a profit), but as we’ve witnessed all year, quality comes at a cost. Sukhinder knows this market very well, and since taking over in February 2023, the market has embraced her leadership.

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18/06/2025 09:53

Active Growth Portfolio – Amendments

We are making 3 changes to the Active Growth Portfolio today

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20/05/2025 09:31

Xero Ltd (XRO) $181.47

XRO managed to eke a 0.8% gain on Monday, taking it up ~8% year-to-date. Conversely, Wisetech (WTC), which has endured some governance issues of late, retreated 2.1%, extending the year's decline to 18%.

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15/05/2025 16:52

Xero (XRO) $182.05

XRO +4.71%: An in-line result from the accountancy platform with revenue in line and earnings a slight beat. 

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01/04/2025 09:28

XERO (XRO) $154.75

We have held XRO since 2020, and the position has served us well, with a few dips along the way, as is to be expected from high-valuation growth stocks. The online accounting business has impressed us over the last year with how it has blended growth with improving earnings.

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28/03/2025 09:39

Xero Ltd (XRO) $159.14

XRO is another quality business that was trading at a high valuation in February, but this has been addressed by a run for the exits across the crowded growth space, especially among momentum traders when the music stopped playing, i.e. at its worst, the ASX200 had corrected 10.2% whereas XRO fell by almost 19%.

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30/01/2025 09:41

Xero Ltd (XRO) $180.00

Our XRO position is up over 75%, and like the ASX200, it's knocking on the door of all-time highs. The online accounting business delivered another solid result in November, showcasing how it is successfully balancing growth with improving earnings.

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26/11/2024 09:48

Xero (XRO) Ltd $174.50

It's easy to grab profits, but psychologically, it's harder for many to run them, yet all trading and investment books spout, “Run your profits and cut your losses.”

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14/11/2024 16:52

Xero (XRO) $171.00

XRO +5.85%: A solid 1H25 result from the Accounting platform today, effectively showing their transformation towards more equitably balancing profit and growth is working.

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12/11/2024 09:28

Xero Ltd (XRO) $159.62

We have included accounting platform XRO today to illustrate we don’t just sell stocks when they make fresh highs, in the case of XRO we believe it’s at a very interesting juncture from a monetarisation perspective and can still trade higher.

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