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	<title>Value Investing</title>
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	<link>http://surfingmike.wordpress.com</link>
	<description>A blog for investors - a general guide on how we make money and invest</description>
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		<title>Value Investing</title>
		<link>http://surfingmike.wordpress.com</link>
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		<item>
		<title>Matrix Composites update on new blog</title>
		<link>http://surfingmike.wordpress.com/2011/11/18/matrix-composites-update-on-new-blog/</link>
		<comments>http://surfingmike.wordpress.com/2011/11/18/matrix-composites-update-on-new-blog/#comments</comments>
		<pubDate>Thu, 17 Nov 2011 21:40:04 +0000</pubDate>
		<dc:creator>surfingmike</dc:creator>
				<category><![CDATA[Companies]]></category>

		<guid isPermaLink="false">http://surfingmike.wordpress.com/?p=548</guid>
		<description><![CDATA[Matrix Composites Update on new blog site. Just another reminder that my blog has changed to http://valueanalysis.wordpress.com. If you want to keep receiving articles, you need to re-subscribe to that blog. &#160; Filed under: Companies<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=surfingmike.wordpress.com&amp;blog=9380135&amp;post=548&amp;subd=surfingmike&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<item>
		<title>Reminder that this site has moved to valueanalysis.wordpress.com</title>
		<link>http://surfingmike.wordpress.com/2011/11/04/reminder-that-this-site-has-moved-to-valueanalysis-wordpress-com/</link>
		<comments>http://surfingmike.wordpress.com/2011/11/04/reminder-that-this-site-has-moved-to-valueanalysis-wordpress-com/#comments</comments>
		<pubDate>Fri, 04 Nov 2011 00:42:31 +0000</pubDate>
		<dc:creator>surfingmike</dc:creator>
				<category><![CDATA[Companies]]></category>

		<guid isPermaLink="false">http://surfingmike.wordpress.com/?p=541</guid>
		<description><![CDATA[Just a reminder that if you want to keep up to date with my recent blogs, you will need to subscribe to my new site http://valueanalysis.wordpress.com. Unfortunately when I migrated site from this one, there was an issue with the WordPress export tool, and it didnt bring my subscribers over. According to WordPress support, the [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=surfingmike.wordpress.com&amp;blog=9380135&amp;post=541&amp;subd=surfingmike&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">surfingmike</media:title>
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		<item>
		<title>Site has moved to http://valueanalysis.wordpress.com</title>
		<link>http://surfingmike.wordpress.com/2011/09/12/site-has-moved-to-httpvalueanalysis-wordpress-com/</link>
		<comments>http://surfingmike.wordpress.com/2011/09/12/site-has-moved-to-httpvalueanalysis-wordpress-com/#comments</comments>
		<pubDate>Sun, 11 Sep 2011 22:05:42 +0000</pubDate>
		<dc:creator>surfingmike</dc:creator>
				<category><![CDATA[Companies]]></category>

		<guid isPermaLink="false">http://surfingmike.wordpress.com/?p=537</guid>
		<description><![CDATA[For all those who subscribe or visit this blog, if you haven&#8217;t already received notification, future blogs will be posted to http://valueanalysis.wordpress.com. Filed under: Companies<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=surfingmike.wordpress.com&amp;blog=9380135&amp;post=537&amp;subd=surfingmike&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>Transfield Services &#8211; An analysis</title>
		<link>http://surfingmike.wordpress.com/2011/09/07/transfield-services-an-analysis/</link>
		<comments>http://surfingmike.wordpress.com/2011/09/07/transfield-services-an-analysis/#comments</comments>
		<pubDate>Wed, 07 Sep 2011 11:10:02 +0000</pubDate>
		<dc:creator>surfingmike</dc:creator>
				<category><![CDATA[Analysis]]></category>
		<category><![CDATA[Companies]]></category>
		<category><![CDATA[Investing]]></category>
		<category><![CDATA[Stock Reseach]]></category>
		<category><![CDATA[australian stocks]]></category>
		<category><![CDATA[intrinsic value]]></category>
		<category><![CDATA[investing]]></category>
		<category><![CDATA[stock research]]></category>

		<guid isPermaLink="false">http://surfingmike.wordpress.com/?p=525</guid>
		<description><![CDATA[Transfield Services (ASX:TSE) is an Australian listed company providing services such as operations, maintenance, and asset and project management services to the  Resources and Industrial, Infrastructure Services and Property and Facilities Management sectors. It was listed in May 2001. In this report, I&#8217;m going to have an in-depth look at Transfield&#8217;s financials and its current [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=surfingmike.wordpress.com&amp;blog=9380135&amp;post=525&amp;subd=surfingmike&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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			<media:title type="html">Transfield Services</media:title>
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		<item>
		<title>Austock portfolio versus my model portfolio update 2 Sep 2011</title>
		<link>http://surfingmike.wordpress.com/2011/09/02/austock-portfolio-versus-my-model-portfolio-update-2-sep-2011/</link>
		<comments>http://surfingmike.wordpress.com/2011/09/02/austock-portfolio-versus-my-model-portfolio-update-2-sep-2011/#comments</comments>
		<pubDate>Fri, 02 Sep 2011 07:29:19 +0000</pubDate>
		<dc:creator>surfingmike</dc:creator>
				<category><![CDATA[Analysis]]></category>
		<category><![CDATA[Investing]]></category>
		<category><![CDATA[austock]]></category>
		<category><![CDATA[australian stocks]]></category>
		<category><![CDATA[investing]]></category>
		<category><![CDATA[portfolio]]></category>
		<category><![CDATA[stock research]]></category>

		<guid isPermaLink="false">http://surfingmike.wordpress.com/?p=514</guid>
		<description><![CDATA[My model portfolio continues to outperform the Austock portfolio. It&#8217;s now almost eight weeks since I started tracking these two portfolios, and I&#8217;m almost proud to say that my model portfolio is still leading the Austock portfolio, as you can see from the table below. As you can see, my portfolio is out-performing the Austock [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=surfingmike.wordpress.com&amp;blog=9380135&amp;post=514&amp;subd=surfingmike&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">Austock portfolio versus model 2 Sep 2011</media:title>
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		<item>
		<title>Cheap stocks</title>
		<link>http://surfingmike.wordpress.com/2011/09/02/cheap-stocks/</link>
		<comments>http://surfingmike.wordpress.com/2011/09/02/cheap-stocks/#comments</comments>
		<pubDate>Thu, 01 Sep 2011 22:36:06 +0000</pubDate>
		<dc:creator>surfingmike</dc:creator>
				<category><![CDATA[Analysis]]></category>
		<category><![CDATA[Companies]]></category>
		<category><![CDATA[Investing]]></category>
		<category><![CDATA[Stock Reseach]]></category>
		<category><![CDATA[intrinsic value]]></category>
		<category><![CDATA[stock research]]></category>
		<category><![CDATA[stocks]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://surfingmike.wordpress.com/?p=504</guid>
		<description><![CDATA[Now that most companies with a June year-end have finalised their 2011 fiscal year results, I&#8217;ve updated the valuations for many companies and share my views on a few of them here, including some that I think are cheap. Cheap quality stocks ANZ Bank (ASX:ANZ) &#8211; Although ANZ doesn&#8217;t report FY2011 until November, I think [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=surfingmike.wordpress.com&amp;blog=9380135&amp;post=504&amp;subd=surfingmike&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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			<media:title type="html">surfingmike</media:title>
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		<item>
		<title>Calculating Intrinsic Value &#8211; Market multiples</title>
		<link>http://surfingmike.wordpress.com/2011/08/31/calculating-intrinsic-value-market-multiples/</link>
		<comments>http://surfingmike.wordpress.com/2011/08/31/calculating-intrinsic-value-market-multiples/#comments</comments>
		<pubDate>Wed, 31 Aug 2011 08:00:06 +0000</pubDate>
		<dc:creator>surfingmike</dc:creator>
				<category><![CDATA[Analysis]]></category>
		<category><![CDATA[Investing]]></category>
		<category><![CDATA[Stock Reseach]]></category>
		<category><![CDATA[australian stocks]]></category>
		<category><![CDATA[intrinsic value]]></category>
		<category><![CDATA[market multiple]]></category>
		<category><![CDATA[PE ratio]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://surfingmike.wordpress.com/?p=436</guid>
		<description><![CDATA[In an earlier post, I discussed the PE ratio and how investors calculate it and use it as an indicator of value. The first part of this post will look at how the PE ratio is used as a multiple to calculate value. There are other market multiple ratios that are used including EV/EBIT, EV/EBITDA, [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=surfingmike.wordpress.com&amp;blog=9380135&amp;post=436&amp;subd=surfingmike&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">surfingmike</media:title>
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		<title>Free template to analyse companies?</title>
		<link>http://surfingmike.wordpress.com/2011/08/19/free-template-to-analyse-companies/</link>
		<comments>http://surfingmike.wordpress.com/2011/08/19/free-template-to-analyse-companies/#comments</comments>
		<pubDate>Thu, 18 Aug 2011 22:05:14 +0000</pubDate>
		<dc:creator>surfingmike</dc:creator>
				<category><![CDATA[Analysis]]></category>
		<category><![CDATA[Companies]]></category>
		<category><![CDATA[Investing]]></category>
		<category><![CDATA[Stock Reseach]]></category>
		<category><![CDATA[investing]]></category>
		<category><![CDATA[MikeRating]]></category>
		<category><![CDATA[stock research]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://surfingmike.wordpress.com/?p=457</guid>
		<description><![CDATA[Yes its free! An Excel template for you to analyse industrial type companies, whether they are in Australia, US, Europe, Africa or Asia. It also includes several valuation methods and my own personal company ranking system. You might ask why I&#8217;m giving this away, which is a fair question. The main reason is that I [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=surfingmike.wordpress.com&amp;blog=9380135&amp;post=457&amp;subd=surfingmike&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">surfingmike</media:title>
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		<title>Austock Portfolio versus My Model portfolio &#8211; Update 18th Aug 2011</title>
		<link>http://surfingmike.wordpress.com/2011/08/19/austock-portfolio-versus-my-model-portfolio-update-18th-aug-2011/</link>
		<comments>http://surfingmike.wordpress.com/2011/08/19/austock-portfolio-versus-my-model-portfolio-update-18th-aug-2011/#comments</comments>
		<pubDate>Thu, 18 Aug 2011 21:48:57 +0000</pubDate>
		<dc:creator>surfingmike</dc:creator>
				<category><![CDATA[Companies]]></category>

		<guid isPermaLink="false">http://surfingmike.wordpress.com/?p=483</guid>
		<description><![CDATA[Its been over 4 weeks since I last reviewed the performance of the two portfolios. In this blog I&#8217;ll give you an update on how both portfolios are tracking. As at the 18th August 2011,the Austock portfolio is down $26,500 or 8.85%. Compared to the ASX 200 index which has fallen 7.68%, meaning the Austock [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=surfingmike.wordpress.com&amp;blog=9380135&amp;post=483&amp;subd=surfingmike&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">surfingmike</media:title>
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		<title>Model portfolio versus Austock portfolio update as at 22nd Jul 2011</title>
		<link>http://surfingmike.wordpress.com/2011/07/27/model-portfolio-versus-austock-portfolio-update-as-at-22nd-jul-2011/</link>
		<comments>http://surfingmike.wordpress.com/2011/07/27/model-portfolio-versus-austock-portfolio-update-as-at-22nd-jul-2011/#comments</comments>
		<pubDate>Tue, 26 Jul 2011 23:36:52 +0000</pubDate>
		<dc:creator>surfingmike</dc:creator>
				<category><![CDATA[Analysis]]></category>
		<category><![CDATA[Investing]]></category>
		<category><![CDATA[Stock Reseach]]></category>
		<category><![CDATA[australian stocks]]></category>
		<category><![CDATA[investing]]></category>
		<category><![CDATA[model portfolio]]></category>
		<category><![CDATA[stock research]]></category>

		<guid isPermaLink="false">http://surfingmike.wordpress.com/?p=478</guid>
		<description><![CDATA[As at Friday 22nd July, the Austock portfolio has returned 0.92%,slightly ahead of my portfolio returning 0.87%. This turnaround from being behind by 1.1%, is mainly thanks to a takeover bid for Connect East (ASX:CEU), which saw CEU&#8217;s stock price rise by 20% from 45c to 55c. Despite this, the Austock portfolio is only managing [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=surfingmike.wordpress.com&amp;blog=9380135&amp;post=478&amp;subd=surfingmike&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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