About Hammer

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So far Hammer has created 23 blog entries.

Webjet (WEB.AU) and the representation of earnings.

Our post, Genworth (GMA.AU) and the statistical significance of earnings focussed on how believable are reported earnings. In Genworth's case, the multi-period nature of their insurance policies means we can have little confidence in the exactness of current period profits.   This is one side of the earnings quality equation. Another side of  Earnings Quality has been on display in recent [...]

August 8th, 2017|

Genworth (GMA.AU) and the statistical significance of earnings

The share market is driven by stories and during reporting season, the most popular stories are those about earnings.  Whilst there are plenty of possible narratives attached to each earnings release,  in this article the aspect I want to focus on is  - how believable are the reported earnings? In a mathematical sense, the believability of earnings would be [...]

August 2nd, 2017|


Hi,  The Equity Toolkit began as a way of organising some of the stuff I know about equity analysis whilst helping improve my understanding of the stuff I don't.  At present the latter probably dominates the former, so the website remains a work in progress. There is plenty to add as we go along, but hopefully [...]

May 5th, 2017|