Category: 3. Business

As an investor its worth striving to ensure your overall portfolio beats the market average. But the risk of stock picking is that you will likely buy under-performing companies. Unfortunately, that’s been the case for longer term Rivco Australia Ltd (ASX:RIV) shareholders, since the share price is down 12% in the last three years, falling well short of the market return of around 33%.

With that in mind, it’s worth seeing if the company’s underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.

We’ve found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.

In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

Although the share price is down over three years, Rivco Australia actually managed to grow EPS by 21% per year in that time. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Or else the company was over-hyped in the past, and so its growth has disappointed.

We’re actually a quite surprised to see the share price down while EPS have grown strongly. Therefore, we should look at some other metrics to try to understand why the market is disappointed.

We note that the dividend seems healthy enough, so that probably doesn’t explain the share price drop. We like that Rivco Australia has actually grown its revenue over the last three years. But it’s not clear to us why the share price is down. It might be worth diving deeper into the fundamentals, lest an opportunity goes begging.

The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).

We know that Rivco Australia has improved its bottom line lately, but what does the future have in store? If you are thinking of buying or selling Rivco Australia stock, you should check out this free report showing analyst profit forecasts.

When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Rivco Australia, it has a TSR of 3.4% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!

Rivco Australia shareholders gained a total return of 6.6% during the year. But that was short of the market average. The silver lining is that the gain was actually better than the average annual return of 6% per year over five year. This suggests the company might be improving over time. It’s always interesting to track share price performance over the longer term. But to understand Rivco Australia better, we need to consider many other factors. Case in point: We’ve spotted 1 warning sign for Rivco Australia you should be aware of.

If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation).

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Australian exchanges.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

• Tetra Tech, Inc. recently announced record financial results for the fourth quarter of fiscal 2025, reporting quarterly sales of US$1,330.1 million and net income of US$127.75 million, along with the declaration of a quarterly dividend of US$0.065 per share payable on December 12, 2025.

• Management highlighted a robust backlog of US$4.14 billion and strong demand for water and environmental services, underpinned by large new contract wins and guidance anticipating further earnings growth in 2026 despite sector funding shifts.

• We’ll explore how Tetra Tech’s record operating margins and backlog expansion could reshape the company’s investment narrative for long-term investors.

The latest GPUs need a type of rare earth metal called Neodymium and there are only 37 companies in the world exploring or producing it. Find the list for free.

For investors considering Tetra Tech, the core thesis centers on the company’s ability to maintain strong earnings growth and margin expansion as it shifts focus to high-value water and environmental services contracts. The most recent record quarterly results and robust backlog reinforce the short-term catalyst of high-margin government service wins, but do little to address the growing risk around revenue concentration and the uncertainties created by lapsed USAID and Department of State contracts.

Among the latest announcements, the $249 million contract award from the U.S. Army Corps of Engineers stands out as directly supporting future backlog and near-term revenue, tying in closely to the key catalyst of government infrastructure spending highlighted in company guidance. This new pipeline helps offset concerns about lower contributions from previous episodic disaster response work.

However, investors should not overlook that, while government contract wins support revenue visibility, the company still faces the risk that shifts in federal funding priorities could result in…

Read the full narrative on Tetra Tech (it’s free!)

Tetra Tech’s narrative projects $4.7 billion in revenue and $559.6 million in earnings by 2028. This requires a 0.8% annual revenue decline and a $343.5 million earnings increase from current earnings of $216.1 million.

Uncover how Tetra Tech’s forecasts yield a $42.60 fair value, a 18% upside to its current price.

Four individual fair value estimates from the Simply Wall St Community range from US$23.16 to US$42.60 per share. Despite renewed optimism from recent federal contract wins, some see continued risk around margin volatility and revenue concentration that could shape long-term outlooks.

Explore 4 other fair value estimates on Tetra Tech – why the stock might be worth 36% less than the current price!

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

These stocks are moving-our analysis flagged them today. Act fast before the price catches up:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include TTEK.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

(Bloomberg) — Just a little more than a month after reaching an all-time high, Bitcoin has erased the more than 30% gain registered since the start of the year as the exuberance over the pro-crypto stance of the Trump administration fades and the recent cooling of high-flying technology stocks leads to a drop in overall risk appetite.

Most Read from Bloomberg

The dominant cryptocurrency fell below $93,714 on Sunday, pushing the price beneath the closing level reached at the end of last year, when financial markets were rallying following President Donald Trump’s election victory. Bitcoin soared to a record $126,251 on Oct. 6, only to begin tumbling four days later after unexpected comments on tariffs by Trump sent markets into a tailspin worldwide.

“The general market is risk-off,” said Matthew Hougan, the San Francisco-based chief investment officer for Bitwise Asset Management. “Crypto was the canary in the coal mine for that, it was the first to flinch.”

Over the past month, many of the biggest buyers — from exchange-traded fund allocators to corporate treasuries — have quietly stepped back, depriving the market of the flow-driven support that helped propel the token to records earlier this year.

For much of the year, institutions were the backbone of Bitcoin’s legitimacy and its price. ETFs as a cohort took in more than $25 billion, according to Bloomberg data, pushing assets as high as roughly $169 billion. Their steady allocation flows helped reframe the asset as a portfolio diversifier — a hedge against inflation, monetary debasement and political disarray. But that narrative — always tenuous — is fraying afresh, leaving the market exposed to something quieter but no less destabilizing: disengagement.

“The selloff is a confluence of profit-taking by LTHs, institutional outflows, macro uncertainty, and leveraged longs getting wiped out,” said Jake Kennis, senior research analyst at Nansen. “What is clear is that the market has temporarily chosen a downward direction after a long period of consolidation/ranging.”

One of the starkest examples of a buying strike in the digital-asset community comes from Michael Saylor’s Strategy Inc., the software firm turned Bitcoin hoarder. Once the poster child for corporate treasury crypto plays, its stock is now flirting near parity to its Bitcoin stash — a sign that investors are no longer willing to pay a premium for Saylor’s high-conviction leverage model.

Boom and bust cycles have been a constant since Bitcoin burst into the mainstream consciousness with a more than 13,000% surge in 2017, only to be followed by a plunge of almost 75% the following year.

“The sentiment in crypto retail is pretty negative,” said Hougan, who sees the current pullback as a buying opportunity. “They don’t want to live through another 50% pullback. People are front-running that by stepping out of the market.”

Bitcoin has whipsawed investors through the year, dropping to as low as $74,400 in April as Trump unveiled his tariffs, before rebounding to record highs ahead of the latest retreat. The original digital asset accounts for almost 60% of crypto’s roughly $3.2 trillion in market value.

The market downturn has been even tougher on smaller, less liquid tokens that traders often gravitate toward because of their higher volatility and typical outperformance during rallies. A MarketVector index tracking the bottom half of the largest 100 digital assets is down around 60% this year.

“The markets are always an ebb and flow, and cyclicality in crypto is nothing new,” said Chris Newhouse, director of research at Ergonia, a firm specializing in decentralized finance. But “amongst friends, Telegram chats, and at conferences, the general sentiment I’ve received shows skepticism around capital deployment, and no natural bullish catalysts.”

–With assistance from Richard Henderson.

(Updates with more details beginning in fifth paragraph.)

Most Read from Bloomberg Businessweek

©2025 Bloomberg L.P.

By Dow Jones Newswires staff

  Below are the most important global events likely to affect FX and bond markets in the week starting Nov. 17. 

  Now that the longest ever U.S. government shutdown has finally ended, attention is turning to when key data will be released following a string of delays as investors remain uncertain over whether the Federal Reserve will cut interest rates next month. 

  Inflation data in the U.K. and Canada will be watched closely. In Asia, markets will closely monitor a range of economic data releases, with particular focus on key indicators from Japan, China and Australia. 

  U.S. 

  As the U.S. government reopens, investors will be looking out for announcements on which U.S. economic data are due to be released and when. 

  The market's relief at the shutdown ending proved brief as investors turned cautious amid uncertainty about when key data, especially jobs figures, will be released and how reliable it will be. This leaves investors uncertain about whether or not the Federal Reserve will cut interest rates in December. 

  Two major government reports on inflation and the labor market for October are "likely never" to be released, White House Press Secretary Karoline Leavitt said Wednesday. 

  The Fed recently cut interest rates but Chair Jerome Powell said a December rate cut wasn't a foregone conclusion. Several Federal Reserve members have since suggested interest rates could stay unchanged next month, although there are still some calling for unchanged rates. U.S. money markets currently price a roughly equal chance of a rate cut in December versus unchanged rates, LSEG data show. 

   It is "no secret that the Fed remains divided and cautious," FP Markets chief market analyst Aaron Hill said in a note. 

  "Expectations for a Federal Reserve rate cut next month have been pared back significantly … which could provide some support to the currency and yields," Naga market analyst Frank Walbaum said in a note. 

  Meanwhile, however, recent U.S. jobs data from ADP and Challenger were weak, raising concerns that the economy could be weakening and leaving the outlook uncertain. 

  Policymakers' cautious tone and the upcoming flood of economic releases could still leave the dollar vulnerable to falls, with its direction likely to hinge on the strength or weakness of the data, Walbaum said. 

  Minutes from the October Fed meeting on Wednesday will be closely scrutinized. Other data due include purchasing managers' figures and the University of Michigan final consumer confidence survey for November on Friday. 

  Canada 

  Canada releases its October inflation data on Monday. 

  The minutes of the Bank of Canada's last meeting in October noted that inflation exceeded the central bank's expectations in September, rising to 2.4%. The BOC cut rates by 25 basis points to 2.25% at that meeting but some policymakers pushed to hold off on another cut until a later date so they could have a better gauge of inflation risks and labor market weakness, the minutes showed. That means upcoming data, including Monday's inflation report, will be key. 

  Eurozone 

  In a quiet week for data releases, flash estimate eurozone PMI data for France, Germany and the eurozone for November will be in focus. 

  The European Commission's autumn economic forecast for the EU will also be released on Monday. 

  German producer price index for October and eurozone flash consumer confidence indicator for November are due on Thursday, while France's monthly business survey and Spanish industrial orders data are due on Friday. 

  "We see more scope for an improvement in the eurozone than in the U.K. as political uncertainty was dialed down in France at the same time as budget fears mounted in the U.K.," Investec's Sandra Horsfield said in a note. ""Longer-term, both countries face clear fiscal consolidation needs." 

  Slovakia and Finland will hold bond auctions on Tuesday, followed by Greece on Wednesday and Spain and France on Thursday. 

  U.K. 

  Focus in the U.K. will center on any further commentary on possible measures at the U.K. budget on Nov. 26, as well as U.K. inflation data for October on Wednesday. 

  The Financial Times reported that the Labour government has dropped plans to raise income taxes, causing gilt yields to rise and sterling to fall. 

  "The decision to drop the income tax hike could be viewed as the Labour leadership prioritizing their popularity with the public and the stability of the Labour party over doing what is best to restore confidence in the public finances," MUFG Bank analyst Lee Hardman said in a note. 

  As well as the budget, U.K. inflation data will be key as investors are looking for further evidence of whether the Bank of England will cut interest rates again next month after recent weak jobs and gross domestic product data. 

  U.K. money markets are currently pricing an 84% chance that the BOE will cut rates next month, LSEG data show, though some analysts expect that rates won't be reduced until February. 

  Producer price data for October are also due Wednesday, while flash estimate purchasing managers' surveys for November will be released Friday. 

  The U.K. plans two sales by programmatic gilt tender in the coming week, one of a 2030 gilt on Tuesday and another of a 2052 gilt on Thursday. An auction of the October 2035 gilt will take place Wednesday. 

  Hungary 

  The Hungarian central bank announces a policy decision on Tuesday. The market is pricing in an 81% chance that interest rates will be held steady at 6.5%, LSEG data show. 

  "Looking further ahead, we still do not anticipate any interest rate cuts this year or in the first half of next year, given that the Monetary Council remains focused on addressing high inflation expectations," ING economists said in a note. 

  Furthermore, recent developments could increase inflation, they said. This includes the government raising its deficit targets for 2025 and 2026 to allow for increased spending ahead of April's parliamentary elections. 

  Scandinavia 

  The U.S. Treasury will sell $16 billion in 20-year bonds on Wednesday and $19 billion in 10-year inflation-protected TIPS on Thursday. 

  South Africa 

  The South African central bank will announce its policy decision on Thursday. 

  Standard Chartered expects another 25 basis-point interest-rate cut to 6.75%. "Another benign set of inflation data in September reinforced the restrictiveness of current policy in real terms," Standard Chartered analyst Razia Khan said in a note. 

  Citi analysts also expect a rate cut. "The budget deficit narrowed slightly, debt stabilization is still to be achieved this year and a significant issuance reduction is underway," they said in a note. 

  Japan 

  Japan's economy is expected to have contracted in the July-September quarter, with government data on Monday likely to show 0.6% quarter-over-quarter decline in real GDP, according to economists polled by data provider Quick. The contraction is partly attributed to the impact of higher U.S. tariffs. 

  Market participants will also be focused on Friday's inflation data, which is expected to show consumer prices excluding fresh food rose by 2.9% in October, matching the pace from September and remaining above the Bank of Japan's 2% price target. This persistent inflation could reinforce expectations that the BOJ may soon resume tightening, especially after recent indications that the central bank may be preparing to shift its policy stance. 

  Also on Wednesday, October trade data and September machinery orders are slated for release. These will provide further insights into the health of Japan's economy amid global uncertainties. 

  The Bank of Japan is expected to make outright purchases of government bonds on Thursday, which could help support the domestic bond market. Meanwhile, the ministry of finance will auction about 250 billion yen of 10-year inflation-indexed bonds on Monday, followed by a 20-year JGB auction on Wednesday. Investor interest may be stronger for the 30-year debt sale, where higher yields are expected. 

  China 

  Markets will turn their attention to the People's Bank of China, which is set to announce the country's benchmark lending rate on Thursday. 

  With China likely on track to meet its full-year growth target and banks' net interest margins near record lows, Citi economists expect the PBOC to leave rates unchanged in November. They forecast no further cuts for the remainder of the year, but anticipate a 20-basis-point cut in 2026. 

  Investors will also be monitoring Monday's foreign direct investment data, which is expected to show a decline, reflecting ongoing challenges in the economy. 

  Australia 

  Australian bond traders will be looking for clues from the Reserve Bank of Australia regarding the economic outlook and potential rate cuts. Minutes from the RBA's October meeting, due Tuesday, are expected to highlight the central bank's concerns about inflation and confirm that conditions in the economy are robust enough to rule out further rate cuts for now. 

  Recent data has shown strong economic momentum, with falling unemployment and a sharp rise in lending for new housing. Additionally, consumer confidence has surged, further reinforcing the RBA's cautious outlook. On Thursday, RBA's chief economist Sarah Hunter will speak, where she is expected to extend the hawkish message. 

  Indonesia 

  Bank Indonesia will announce its policy decision on Wednesday, with analysts widely expecting the central bank to hold rates steady to stabilize the rupiah. Citi analyst Helmi Arman thinks continued bond outflows, tight yield differentials and pressure on the currency may prompt BI to stand pat again rather than cut. 

  While a soft growth print and contained inflation still support the case for easing, he expects rate cuts to be pushed to December and March, aligning more closely with the timing of Fed rate cuts and stronger reserves. 

  Thailand 

  (MORE TO FOLLOW) Dow Jones Newswires

  November 16, 2025 16:14 ET (21:14 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.

SYDNEY, Nov. 16, 2025 /PRNewswire/ — NetDocuments, the #1 trusted intelligent document management system (DMS) for legal professionals, has announced it has achieved 72% YoY growth in the Asia-Pacific (APAC) region. Large and midsize law firms in the region are embracing NetDocuments award-winning AI and workflow automation capabilities to take productivity to new heights.

NetDocuments now serves more than 20,000 legal professionals across Australia, New Zealand, Singapore and Japan. The growth in APAC stems from NetDocuments commitment to delivering powerful tools that help legal professionals do their best work throughout the entire document lifecycle. The ndMAX Legal AI Assistant enables people to ask questions and surface instant insights from across all their documents, while its first agentic editing tool in Microsoft Word allows users to request edits to documents, get suggestions and have the edits applied – turning insights into action.

The ndMAX Studio includes a library of proven AI apps for tasks like classifying and profiling documents, analysing judicial decision trends, and reviewing contracts against internal playbooks. Legal teams in APAC are using these ready-to-go apps to get started with AI-powered workflows, and NetDocuments AI App Builder adds the flexibility to be able to adjust the apps or create new ones. Law firms are embracing NetDocuments ability to bring generative AI directly to their content, so that it stays secure within the guardrails of the DMS.

Robyna May, Chief Information Officer at McInnes Wilson:

“At McInnes Wilson we are excited about using AI to improve our workflows and have an ambitious roadmap for implementation. Looking to the road ahead, NetDocuments AI strategy aligns with ours, and we can’t wait to start unlocking the benefits. Our focus is on making AI a natural and accessible part of everyday legal work through NetDocuments growing suite of AI tools. Together with NetDocuments, we’re committed to using AI in a safe, responsible, and trusted way that gives our clients confidence and helps our people work smarter.”

Frederik Schwim, IT Manager at Norman Waterhouse:  

“Originally, we were planning to upgrade our DMS as an isolated project – but then we realised that NetDocuments came with far more functions than we had expected, and we could therefore meet several tech goals with one project. The results so far have justified that decision, with the intelligent DMS immediately improving our lawyers’ workflows in multiple ways. We’re excited to see where else the integration could take us as we explore additional functions and apps.”

Ron Dutta, Director of Information Technology at McCullough Robertson:

“Connectivity, compatibility, and security are paramount to us at McCullough Robertson, so we needed a DMS that could meet our high standards. NetDocuments gave us exactly what we were looking for.

“For all the excitement around AI, it naturally brings concerns around seamless integration of our content and maintaining client confidentiality, but NetDocuments’ integrated approach cuts out the risks posed by sharing documents with external AI tools. With this confidence, we can continue to push at the forefront of innovation for the benefit of our people and our clients.”

Jennifer Cathcart, Head of APAC Region at NetDocuments:

“Legal technology innovation in APAC is thriving as firms look to embrace AI. It’s a pleasure to be able to work with so many innovative firms who share our Intelligent DMS vision. This approach is enabling firms to streamline legal workflows so that legal professionals can spend more time doing what they do best: serving clients.”

NetDocuments Inspire APAC event

NetDocuments will be hosting its annual Inspire APAC user conference in Melbourne on 18 November. At the conference, a diverse community of industry leaders, experts, influencers and peers will collectively share knowledge and discuss what’s next in the future of document management and legal technology. For more information visit the website. 

About NetDocuments

NetDocuments helps legal professionals to do their best work with an intelligent document management system (DMS) that goes beyond getting organised and brings to life seamless AI, powerful workflows and smarter experiences. The #1 trusted cloud-native DMS for 25+ years, NetDocuments delivers tools to make work easier throughout the document lifecycle — from award-winning automation and AI to email management, search, collaboration, document bundling, advanced security and more. The platform also integrates with 150+ other technologies, including Microsoft 365, DocuSign, and practice management systems, making it a core solution that meets users wherever they work. Supporting more than 7,000 law firms, corporate legal departments, and public sector organisations worldwide, NetDocuments is recognised as one of America’s fastest-growing private companies, appearing on the Inc. 5000 list for four consecutive years. Learn more at netdocuments.com. 

© 2025 NetDocuments Software, Inc. All rights reserved.

SOURCE NetDocuments

Esteemed investor Peter Lynch has stated that he does not hold any artificial intelligence (AI) stocks, despite the sector’s recent surge. Lynch, who is well-known for his successful stint at the Fidelity Magellan Fund during the 1980s, disclosed his views on a podcast.

Last month, Lynch confessed during his appearance on “The Compound and Friends” podcast that his portfolio does not include any AI stocks.

“I have zero AI stocks. I literally couldn’t pronounce Nvidia until about eight months ago,” he said during the conversation.

Lynch, who managed an average annual return of 29.2% during his 13-year tenure at Magellan, has been watching the AI surge from the periphery. He refrained from discussing his current portfolio or his preferred stocks, citing Fidelity’s rules.

When questioned if investors have over-pursued the AI trade, Lynch responded that he had “no idea.” He underscored the significance of comprehending the companies one invests in, a concept he fervently promotes in his book “One Up on Wall Street.”

Also Read: Peter Lynch’s Investing Tip: If an 11-Year-Old Doesn’t Get It, Maybe You Don’t Either

He also admitted to having a limited understanding of technology, describing himself as the lowest tech guy. “I’m the lowest tech guy ever. I can’t do anything with computers. I just have yellow pads,” he said.

Lynch offered reassurance to employees worried about AI taking over their jobs, stating, “It’s a great country. We’re creative.”

His remarks are timely, given warnings from executives at companies like Walmart and Accenture about AI’s potential to significantly transform their workforces.

Lynch’s stance on AI stocks is noteworthy given his successful track record as an investor. His lack of investment in the AI sector, despite its recent boom, could be indicative of his investment philosophy of understanding a company thoroughly before investing.

This approach, as he advocates in his book, could serve as a reminder to investors to not get carried away by the hype around a sector and to invest based on a deep understanding of the company and the industry.

Read Next

Investment Guru Peter Lynch: ‘Often Great Investments Are The Ones Where Everyone Else Will Think You Are Crazy’

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