Too much upside baked into Bunnings: Morningstar

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<p>Transcript to follow.</p> <p><em>Morningstar Premium subscribers can access the full special report 'Wesfarmers' Bunnings Long Run Upside Overestimated by Market'&nbsp;<a href="https://premium.morningstar.com.au/news/topic/stocks/article/207064/wesfarmers-bunnings-long-run-upside-overestimated-by-market">here</a>.</em></p>

Video Archive...

AMP: difficulties now, but dividends later
27/11/2020  The 171-year-old wealth manager has had its scandals but there's merit to its turnaround strategy and the quality of its other assets, says Morningstar's Shaun Ler.
'Be careful using buy now pay later'
27/11/2020  BNPL products such as Zip Co help boost consumer spending but they come with risks and are overvalued, says Morningstar analyst Shaun Ler.
Hamish Douglass: Winners and losers in the covid era
26/11/2020  The Magellan co-founder argues the ecommerce acceleration is here to stay and ponders the effect it will have on other sectors such as travel and commercial real estate.
A 'wonderful hunting ground'
25/11/2020  Greg Dean of Cambridge Global Asset Management explains why the consumer services sector has yielded healthy returns.
Hamish Douglass and big tech
25/11/2020  Magellan's co-founder explains which tech behemoth the Magellan Global Fund no longer owns, why one was too tricky to value, and why regulation is no threat.
Hamish Douglass: 'We're lucky this pandemic hit when it did'
24/11/2020  Magellan's co-founder on why 2020 resembles 2000 and why covid-19 is a dry run for something that could be much worse without proper planning.
Should you beef up your exposure to meat processors?
23/11/2020  Their shares have gotten hammered this year. Are they opportunities or value traps?
What is the Morningstar ESG Commitment level?
20/11/2020  Our new rating highlights the degree to which a fund or asset manager considers environmental, social, and governance issues.
What's driving the flows into ESG funds
19/11/2020  Morningstar's Grant Kennaway explains why sustainable funds are increasingly popular and why they're performing well. 
Too much upside baked into Bunnings: Morningstar
17/11/2020  Morningstar director of equity research Johannes Faul looks at home improvement retailer Bunnings.
What is ESG?
16/11/2020  From climate change to workers' rights, ESG is a big part of the investing world. We're at the Morningstar whiteboard board to explain what it means and why it matters.
"I'm still cautious": Peter Warnes' best ideas for income investors
12/11/2020  We're not out of the woods yet, says our head of equity research, as he looks for safety in businesses we can't live without and shies away from the banks. 
Is it time to get exposure to China?
11/11/2020  Perhaps it is time to have exposure to this economic powerhouse and its 1.4 billion population, says Morningstar's Peter Warnes.
Tapping into the contactless spending boom
10/11/2020  What happens when you buy something when your bank card? Morningstar analyst Niklas Kammer explains which companies are benefiting from your transaction.
Can luxury stocks recover from covid?
09/11/2020  With travel bans and economic lockdowns, the luxury sector has been hit hard in 2020. But there are still opportunities, says Morningstar analyst Jelena Sokolova.
US election scenarios and what they mean for investors
05/11/2020  A discussion of taxes, stimulus, regulation, and the likely market reaction as results from the 2020 poll come in. 
Don't try to time elections
03/11/2020  Why you should resist the urge to make predictions when there's a disconnect between the economy and security prices.
3 names on the alternative protein shelf
02/11/2020  Etoro analyst Josh Gilbert shares his thoughts on Beyond Meat and two other companies making inroads into the plant-based meat sector.
Hamish Douglass: I'd be super surprised if Trump won
30/10/2020  The Magellan rainmaker explains why he doubts the Republican leader will prevail and why investors should brace for volatility—and ignore it. 
Gauging the appetite for alternative protein
29/10/2020  The market for plant-based meat is worth $14bn today and is expected to grow massively, says eToro's Josh Gilbert.
Browsing the opportunities aisle in retailing
28/10/2020  Morningstar equity analyst Johannes Faul explores the flipside to the surge in growth in online sales.
3 top Asian picks on Longlead's radar
22/10/2020  China and Hong Kong have been a happy hunting ground, says Longlead Capital Partners' co-founder Andrew West, who singles out tech, pharmaceuticals and power tools.
3 undervalued travel stocks we like
22/10/2020  These names stand to benefit from a resumption of leisure travel - and are all trading below our fair value estimates.
3 reasons to like bonds
20/10/2020  Morningstar's Mark Preskett looks at three reasons why bonds are an important tool in your investment portfolio.
The monopoly asset that could boost Link
19/10/2020  A bigger stake in the online conveyancer PEXA could be the key to increasing Link Administration's revenue, says Morningstar's Gareth James.
How Longlead Capital defied the covid plunge
16/10/2020  Longlead Capital Partners co-founder Andrew West reveals how his Asia-focused fund managed to make gains during the historic covid-19 sell-off.
Investing basics: why invest in bonds?
16/10/2020  The investment board is back with an explainer on why you might invest in bonds.
Retiring during a pandemic
13/10/2020  How to handle this decision—even when it is made for you.
3 top picks in sustainability and software
12/10/2020  Nick Griffin of Munro Partners reveals why and where he sees opportunities in renewable energy, diagnostics and software. 
Investing basics: what's your personal inflation rate?
09/10/2020  Take stock of your spending to determine if inflation is an issue for you.
Ant Group IPO: What you need to know
09/10/2020  Morningstar analyst Chelsey Tam explains why investors are excited about the flotation of Ant Group and why it's different from Alibaba.
Spotting the winners of tomorrow
06/10/2020  Companies that address the growing demand for decarbonisation will have a 20-year growth opportunity, says Nick Griffin of Munro Partners.
An interview with Whitehaven Coal chief Paul Flynn
30/09/2020  EXCLUSIVE EXTRACT: Morningstar's Mat Hodge and Lex Hall talk to the CEO of the independent producer and exporter about the company's fortunes and its future.
How to get rich slowly
30/09/2020  Slow and steady wins the financial race.
3 top picks in global healthcare
29/09/2020  American Century Investments' low-turnover strategy invests in companies developing vaccines, treatments for neuro-cognitive diseases and innovations in telemedicine.
Investing in the healthcare needs of the future
25/09/2020  By 2050, almost 20 per cent of the global population will be over 65 and demand for healthcare will climb, says Michael Li of American Century Investments.
Morningstar's Mat Hodge on Rio's fortunes
22/09/2020  The destruction of an indigenous cave shelter was unforgiveable but there are other reasons why the iron ore heavyweight is overvalued.
Cannabis: the world in 2030
21/09/2020  Morningstar equity analyst Kristoffer Inton on the outlook for the seven producers under coverage.
3 top picks for the EV revolution
18/09/2020  Morningstar's Seth Goldstein singles out three undervalued stocks that span the entire electric vehicle supply chain.
The 2020 election and your portfolio
18/09/2020  The bumps and bruises of election time may tempt you to shift your portfolio strategy.  
'The tech rally has gone too far'
17/09/2020  UK-based Premier Miton's Simon Evan-Cook says the tech rally of 2020 is reminiscent of the dotcom boom, but inflation could be a bigger threat.
Why EVs will be a common sight on the roads of the future
16/09/2020  By 2025, the cost of batteries and manufacturing will fall and EV functionality will improve, says Morningstar's Seth Goldstein.
Using personal data to better estimate retirement savings
11/09/2020  Estimating the length of your retirement with personalized information will help you save the correct amount.
2 China stocks we like
09/09/2020  Morningstar's Chelsey Tam reveals which stocks and sectors have shone—and which have underwhelmed.
How to be a better investor: episode 3
28/08/2020  Products, services, what is what in the world of finance—and how to look out for yourself
Where to invest for income
24/08/2020  A raft of companies have cut their dividends this year, leaving income investors concerned. But Morningstar's Dan Lefkovitz says there are still plenty of options out there.
DNR Capital's eye for gaming, building supplies and software
18/08/2020  DNR Capital's chief investment officer Jamie Nicol profiles some of the top ten holdings in his Australian Equities High Conviction fund. 
The trouble on Telstra's horizon
17/08/2020  Morningstar's Brian Han explains why he has trimmed his fair value estimate for Australia's dominant telco and the future of its dividend payout.
Finding bargains the market overlooks
14/08/2020  DNR Capital's Jamie Nicol reveals how his Australian Equities High Conviction fund finds quality businesses that will endure difficult conditions.
How to be a better investor: episode 2
13/08/2020  Put your money to work if you're looking for financial freedom.
How to be a better investor: episode 1
10/08/2020  Learn how to picture your goals so you can better reach them.
3 undervalued names in childcare
05/08/2020  Morningstar's Gareth James identifies three sector names trading at attractive discounts in an increasingly 'essential' sector.
Is the 60/40 portfolio dead?
05/08/2020  Reports of the strategy's demise are greatly exaggerated, says Morningstar's Christine Benz.
Why you should ignore a fund's yield
04/08/2020  Investors may assume a fund's yield to determine how much income it will pay, but it's not always so simple, warns Morningstar analyst Rajesh Yadav.
What are the right bonds for retirees today?
03/08/2020  It depends on your expectations and timeframe. Look at bonds as being portfolio stabilisers—sources of cash flow you can draw on when your equities are down, says Christine Benz.
3 top picks in rail, roads and utilities
28/07/2020  When utility stocks plunged during the onset of the pandemic Lazard Asset Management's Warryn Robertson knew it was time to jump in.
Infrastructure stocks in the covid era
24/07/2020  Lazard Asset Management's Warryn Robertson looks at how the pandemic has affected toll roads and airports and what the future of travel holds.
ESG stocks shine in covid-19 crisis
23/07/2020  Morningstar analyst Tancrede Fulop singles out a few companies that have performed well and also led the way in looking after staff. 
Stock-picking: Have you got what it takes?
21/07/2020  New stock-pickers are prone to lose money. Are the lessons worth the price? We ask Morningstar's Christine Benz.
Why mining stocks aren't yield plays
20/07/2020  Elevated iron ore prices have lifted mining company earnings to eye-watering levels but this doesn't make them income stocks, says Morningstar's Mat Hodge.
Commodity stocks riding high, but for how long?
17/07/2020  Local miners should deliver stellar fiscal 2020 results but such outperformance is unlikely to last, says Morningstar’s Mat Hodge.
The rise and rise of Amazon
17/07/2020  --
Should your portfolio shift when the economy slumps?
16/07/2020  How to make some upgrades during this down time.
Will Airbnb IPO or what?
16/07/2020  Covid-19 has made the intended public offering impossible, says Morningstar's Andrew Willis.
3 Japanese stock picks
15/07/2020  JPMorgan's Nicholas Weindling talks opportunities in Japan and reveals the stock that has been his largest holding for almost a decade
Small cap stocks: 'Inevitably, we see it all end in tears'
15/07/2020  The asset class has a habit of outperforming but Morningstar's Ross MacMillan sees signs of a bubble.
A trio of growth stocks
13/07/2020  Rachel Winter of UK fund manager Killik & Co talks payments, social media and investing in her monthly stock pick round-up
3 reasons healthcare is showing fit performance
09/07/2020  And what we expect to see moving forward.
Same old story: growth beats value
07/07/2020  Large growth maintains its supremacy in the Morningstar Style Box during a volatile first half for mutual funds. 
Nikko's 3 top Asian picks
06/07/2020  Nikko Asset Management's Peter Monson looks for strong sustainable returns and he sees that in Asian stocks that span financial exchanges, computer game makers and condiments suppliers.
How appealing are Asian stocks?
02/07/2020  China’s ongoing recovery from COVID-19 presents solid investment opportunities, says Nikko Asset Management.
'Unemployment will be higher, activity lower'
01/07/2020  Aviva Investors' Mark Robertson on the 'second wave', the widening gap between the West and China, portfolio protection and how covid has accelerated the tech revolution.
Smartwatches and luxury watches battle for your wrist
29/06/2020  Does the rise in smartwatches show that data, not diamonds, are a girl's best friend?
3 top picks in water and waste
26/06/2020  They may be 'boring' says Fidelity's Bertrand Lecourt but these names offer solid and long-term returns by delivering essential services.
Tapping opportunities in water and waste
25/06/2020  The growing consumption of water and the increased production of waste make these sectors compelling investments, says Fidelity's Bertrand Lecourt.
Dividends: ‘You have to be very active in stock selection’
23/06/2020  Yield can still be found among global healthcare, technology and consumer staples despite the dismal dividend outlook, says Janus Henderson’s Jane Shoemake.
Airlie went shopping during COVID sell-off
22/06/2020  COVID has given consumers the "fright of their lives" but this fund manager took the opportunity to scoop up bargain bluechips, says portfolio manager Matt Williams.
3 top picks: miner, insurer, fueler
19/06/2020  Mineral Resources, Medibank Private and Ampol are among Airlie Fund Management's preferred stocks, says portfolio manager Matt Williams.
Retail bonanza can’t last, warns Morningstar
16/06/2020  Investors shouldn’t project the pandemic-driven performance of JB HiFi and Harvey Norman too far into the future.
3 Aussie equities to watch
11/06/2020  Lazard Asset Management's Philipp Hofflin explains why mortgage processing, insurance and aluminium production are on his radar.
Are value stocks due for a comeback?
10/06/2020  Value investing has massively underperformed growth over the past decade. Christine Benz talks with Alex Bryan about the fundamental case for value.
3 top picks for a covid crisis
05/06/2020  Specialist consulting firms and chocolate bars. It's a disparate mix but Ned Bell of Bell Asset Management has good reason for seeing value in these sectors right now.
What the share market is missing
04/06/2020  Earnings results will be a rude awakening, says Ned Bell of Bell Asset Management, but there is nevertheless value among some global small- to mid-cap stocks.
The dividend balancing act
03/06/2020  Ensure your dividend-paying companies are more than attractive on the surface with these tips from Morningstar Canada's director of investment research, Ian Tam, CFA.
How dividend-paying stocks fit into retiree portfolios
01/06/2020  Christine Benz suggests retirees should take a balanced approach to these strategies.
Casino comeback and the uncertainty engulfing Seven West
29/05/2020  Most punters would prefer to lose money with their friends in a real casino than gambling online alone in their basement, says Brian Han.
The WFH reality-check for REITs
28/05/2020  Working from home means upheaval for office landlords but shopping mall owners are enjoying the end of hibernation, says Morningstar's Brian Han.
An undervalued, wide-moat name in healthcare
27/05/2020  Companies racing for a coronavirus cure have moved to lofty valuations. Morningstar analyst Alex Morozov is looking for lesser-known healthcare names.
5 investing mistakes to avoid
20/05/2020  Christine Benz discusses pitfalls investors encounter as they navigate volatility and recovery.
Ugly housing outlook won’t last
19/05/2020  Adelaide Brighton, Amcor and Bingo should ride out the housing construction slump with relative ease, says Morningstar’s Grant Slade. 
3 stocks set to clean up
18/05/2020  The biggest corporate hygiene company you never heard of; Dettol's parent company; and a lab supplier are tipped to benefit post-coronavirus.
Greencape's three top picks
13/05/2020  Property listings, software for financial planners and AI machine-learning: Jonathan Koh has scoured the globe for opportunities.
Where to hunt when guidance statements get torn up
12/05/2020  Greencape Capital entered the downturn with a cash reserve that has allowed it to snare some essential services companies at bargain prices, says Jonathan Koh.
Investing basics: the hardest decision in investing
08/05/2020  When and how should you get back into equity markets after panic selling?
Weighing up Australia’s banks
07/05/2020  Bad debts and expected capital raising from three of the big four cloud the outlook for Aussie banks, says Morningstar's Nathan Zaia.
Surprises from Berkshire's annual meeting
05/05/2020  Morningstar's Gregg Warren discusses the meeting's cautious tone, Berkshire's lack of buying during the downturn, and unloading the airlines.
Banks will see out corona crisis
04/05/2020  Loan defaults, shaky house prices and a dividend pause - it's ugly in the short term but Nathan Zaia has long-term faith in Australia's banks.
What the pandemic means for Berkshire Hathaway
30/04/2020  Gregg Warren shares his thoughts on its valuation and more.
Netflix steals the show but for how long?
29/04/2020  What happens when the lockdown ends? The streaming giant may need to get some serious growth in international markets to make up for investor expectations. 
Unique, but normal: riding out this market crisis
27/04/2020  The markets follow patterns. We discuss ways to find your way to the upside of the current environment.