Jason Aront

Global equities, multi-asset investing, startups and dabbler in stand up comedy. Personal views only.

[Jason Aront @jason_aront]

Such a flurry of M&A activity from P/E on the #ASX, with a particular focus on real or hard assets. A list of some of the next to potentially be taken out based on asset profile, market cap and subpar longer term share price performance. Sorted by market cap rather than overall ranking.

$FBU.AX $ORA.AX $KLS.AX $GNC.AX $NUF.AX $ING.AX $SHV.AX $EHL.AX

[Jason Aront @jason_aront]

$ACL $ACL.AX

[Jason Aront @jason_aront]

Australian Clinical Labs https://t.co/fbAj8HzTQT - FY26 Result

Strong FY26 result in spite of material labour cost headwinds, with underlying EBIT margins increasing by 20bps to 9.4% and more importantly FY27 margins guided to 9-9.5% (excludes final stage of gender undervaluation review for pathology collectors - should be a smaller impact).

Stock was being priced for meaningful margin compression (I estimate at least 150-200bps) and this is an encouraging result with mandated wage increases more than offset with labour efficiencies for FY26.

The pathology sector continues to have significant headwinds (GP attendance and cost pressures), however ACL continues to demonstrate impressive execution. Ongoing cost pressures and limited funding increases has created an unsustainable industry structure with 2 of 4 operators struggling financially.

This industry is not going away and in my view will be resolved either through 1. Increased funding allowances, 2. Allowing consolidation (most likely ACL and HLS) or 3) Accept site closures, deteriorating customer experience and increasing co-pays as the industry is forced to cut costs further.

Option 1 and 2 are positive for ACL and for option 3, I would back ACL to execute on further efficiency measures.

With a strong balance sheet, ample headroom to withstand margin compression before some type of industry solution, I think the risk reward for ACL is attractive, particularly with a >5% dividend yield, 0.5x leverage and capacity for further buybacks.

[Jason Aront @jason_aront]

$ADYEN 1H26 looks positive on balance. Q2 net rev growth accelerated to 22%, FY26 organic growth 20–22%, margin story consistent and while take rates are down, better segment disclosure makes the drivers more understandable. 20x for a 20% grower with a strong moat is compelling

[Jason Aront @jason_aront]

Slide from $LIF deck highlights well the opportunity for Spotify in terms of the undermonetisation of their ad-supported user base. From the Q2 call, management guiding to double digit advertising growth for the H2 with all inventory now in-house.

$SPOT

[Jason Aront @jason_aront]

$Adyen - beat across the board, with revs EBITDA, EPS likely to keep growing mid-20%. Platform/unified commerce customer growth suggests their business model is winning and take rates at 16.2bps (14.7bps 1H24) alleviates concerns that payments is race to the bottom.

[Jason Aront @jason_aront]

@SpecialSitsNews Highest absolute level due to account growth and larger scale, not highest on a per account basis.

Client margin loans at $64.2 billion compares to prior highs of $54.6b in Dec 2021, however average margin per account is now ~$19k compared to $33k during the covid bubble.

[Jason Aront @jason_aront]

@ConsensusGurus Highest absolute level due to account growth and larger scale, not highest on a per account basis.

Client margin loans at $64.2 billion compares to prior highs of $54.6b in Dec 2021, however average margin per account is now ~$19k compared to $33k during the covid bubble.

[Jason Aront @jason_aront]

I believe the time has come to rename LinkedIn to ThrilledIn #LinkedIn #microsoft

[Jason Aront @jason_aront]

@SteadyCompound Please share!

[Jason Aront @jason_aront]

@thejoegardiner Currently revenues are ~67% from consumer, ~20% industrial - however healthcare and other growing >50%.

[Zoya Sheftalovich @zoyashef]

Watching Putin's attack on Ukraine play out, I am struck by the thought that Putin learned the lesson from the wrong Afghanistan war. And he has also vastly misunderstood post-Zelenskiy Ukraine. 1/?

[Jason Aront @jason_aront]

@nic_detommaso 👋

[Jason Aront @jason_aront]

@heyeaslo Please!

[Jason Aront @jason_aront]

Very thought provoking piece by @moxie. Early days of Web3.0 aren't as decentralised as often thought. Use of platforms like Opensea highlight that people want simplicity and not to be their own 'server'. Results in similar platform control as in Web 2.0

https://t.co/f5EV66HbJ5

[Jason Aront @jason_aront]

@jposhaughnessy @tom_morganKCP Thanks Jim, but the link says I don't have authorisation to see it... Where else could I see the transcript?

[Jason Aront @jason_aront]

Highly recommend this episode with @tom_morganKCP @jposhaughnessy. I feel this is one I will need to relisten to multiple times to even remotely grasp how profound the discussion was... #Followyourcuriosity

[Infinite Loops 🎙 @InfiniteL88ps]

Episode 74 centers on

👀 The trillion-to-one ratio of attention
♥️ "Love" as a compass for growth
🛕 Religions and Traditions
☸️ Enlightenment vs. Adulthood
And MUCH more!

https://t.co/Jh64b8sQF6

[Jason Aront @jason_aront]

@MatthewClapin @friedberg So I was right to have conviction in telling you that you weren't right!

[Jason Aront @jason_aront]

Terrific episode @jposhaughnessy. I really admired when @kczat answered "I don't know" in response to big predictions, yet still being very insightful. We need more nuanced discourse and to embrace uncertainty. Loved the advice to avoid labelling everything we see as good or bad.

[Infinite Loops 🎙 @InfiniteL88ps]

We asked an "actual" Machine Learning expert if he's worried about machines ruling over the humans one day, à la The Terminator?

Here's what @kczat had to say!

You can listed to the complete episode here: https://t.co/8mFeEWDUYE

[Jason Aront @jason_aront]

Congrats @doctor_vik and ConsultMed. Much deserved and I’m excited to see the business keep growing!

[Vikram Palit @doctor_vik]

We did it ! @ConsultMed_Au

Thanks folks at @StartupDailyANZ and @MicrosoftAU for supporting us on this journey.

Azure credits and promotion package will go along way to helping us transform health services.

#axethefax #SDpitchperfect