Print Catalogues, 14,000 Walkers & Argentina’s Wild Economy

Cameron Reilly returns to tinker with two very different companies that both lande on the QAV buy list: IVE Group (IGL) in Australia and Telecom Argentina (TEO) in the US. IVE Group is a century‑old printing and distribution business that still delivers millions of catalogues every week. As Cameron explains, the company evolved from a small post‑WWI community newspaper into Australia’s largest commercial printer. The transcript shows how IV acquired Franklin Web, Ovato, Impressu Print, Budget Mail Services and more, building a national logistics network of 14,000 walkers supported by GPS‑verified delivery and a “Phygetal” data platform. Even Coles returned in 2024–25 after a failed attempt to dispense with printed catalogues and their associated costs. We then head to Argentina for Telecom Argentina (TEO), a major telecom operating under the Personal brand. Cameron highlights the dramatic macro backdrop: inflation swings, currency effects, regulatory changes, and the political chaos surrounding President Javier Millei. The transcript captures how Argentina’s peso conversion, ADR structure, and recent rerating shape the investment case. Both companies score positively under QAV metrics, but Cameron stresses sentiment and timing. IV Group is currently a “Josephine,” (not tonight) sitting just below its buy line, while TEO has already rerated but still shows strong operating cash‑flow value. ‪@QAVValueInvesting‬ 🌎If you enjoy the show, support us by trying QAV America with code SFBUS. ⭐ Try QAV America https://www.qavamerica.com If you want to learn the QAV system for US markets, check out QAV America — Cameron’s weekly checklist, buy and sell recommendations all based on Tony Kynaston''s Quality at Value system. 👉 14‑day free trial 👉 Use code SFBUS for 20% off your first subscription period 👉 https://www.qavamerica.com A great way to support the show while learning a proven, systematic approach to value investing. Learn about the checklist manifesto, operating cash flow focus, and why QAV is expanding to cover US stocks. Use promo code SFBUS for 20% off QAV plans: QAV Club America (annual/monthly) for full tools and community, or QAV America Light for simple buy/sell signals. Start your 14-day free trial by clicking this link. Subscribe to this channel for more stock picking tips, value investing strategies, and market-beating ideas. Are you Australian and investing in the ASX and ready to go beyond ETFs? Learn from the master - Tony Kynaston’s QUALITY AT VALUE. Sign up with code SFB for a 20% discount on QAV Club plan or SFBLIGHT for a free month of QAV Light by clicking https://qavpodcast.com.au/ for Australians or those wanting to invest in Australian stocks. 👉 https://qavpodcast.com.au/ code SFB for a 20% discount Disclosure: The links provided are affiliate links. I will be paid a commission if you use this link to make a purchase. I only recommend products and services that I use and trust myself or where I have interviewed and/or met the founders and have assured myself that they’re offering something of value. 👊 For sponsorships, brand deals, and collabs → https://www.sharesforbeginners.com/co... Shares for Beginners is a production of Finpods Pty Ltd. The advice shared on Shares for Beginners is general in nature and does not consider your individual circumstances. Opinions expressed by guests are theirs alone and may not represent the views of Finpods, Money Sherpa, or Phil Muscatello. Shares for Beginners exists purely for educational and entertainment purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Philip Muscatello and Finpods Pty Ltd are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708, AFSL - 451289. 👉 Chapters 0:00 – Welcome & Introductions 1:12 – IV Group: What the Business Actually Does 4:28 – A Century of Printing: IV Group History 7:55 – Major Acquisitions: Franklin Web, Ovato & More 11:40 – Catalogue Delivery Still Works 14:20 – 14,000 Walkers & GPS Tracking 17:05 – ‘Fidgetal’ Marketing & Data Tracking 19:48 – Coles’ Four‑Year Digital Experiment 22:30 – Environmental Questions & Catalogue Volume 24:55 – QAV Numbers: Cash Flow, Margins & Profit 28:10 – Josephine Status & Buy Line Timing 30:42 – Shift to Telecom Argentina (TEO) 33:00 – Argentina’s Telecom History & Market Structure 35:25 – Currency, Inflation & ADR Effects 37:40 – President Javier Milei & Macro Chaos 40:55 – TEO QAV Metrics & Rerating 43:20 – Sentiment, Trend Lines & Timing 46:05 – Comparing IV Group & TEO 48:30 – Final Thoughts & Takeaways 50:34 – Outro