Engineer. / Constr. & Drill & Blast
|
|
- Loraine Washington
- 6 years ago
- Views:
Transcription
1 Engineer. / Constr. & Drill & Blast SRG Ltd (SRG) SRG LIMITED (SRG) Big revenue growth in FY18 to recover overhead investment SRG Ltd reported FY17 NPAT of $7.8m, including $3.9m pre-tax gain on sale of building (in 1H) and $3.4m pre-tax international expansion overheads. We estimate normalised NPAT ~$4.2m. A 4cps DPS was declared (as expected). EBITDA was $11.4m (excluding the $5.3m one-off gains including sale of building) with margins of 5.4% in 2H (up from 4.5% in 1H). Operating cash flow was $3.5m in 2H (the same as 1H). Capex was much higher than we expected at $10m in 2H (including HP). Net cash was $15.6m (down from $21m at December). Hartleys expects FY18 EBITDA $17.2m, FY19 $20.8m Company guidance is for revenue and profit growth in FY18, weighted to the second half. The improvement in 2H margins augers well for FY18. SRG needs significant revenue growth to offset the higher overheads, which we believe the Company can achieve given the current strong order book and prospects. We assume FY18 revenue of $282m (WIH is $160m for FY18) and group EBITDA margins improving to 6.1%. We do not assume gross profit expansion, the group margin expansion comes from higher revenues amortising the overhead. We assume 1H EBITDA of ~$6m and 2H of ~$11m. We assume FY18 EBITDA of $17.2m (includes $3.4m of international costs) and expect NPAT of $7.3m with 7.5cps DPS. For FY19, we assume revenue grows to $345m and EBITDA of $20.8m for NPAT of $9.2m. We assume 9.0cps DPS. Retain Buy On our estimates, SRG trades on FY19 EV/EBIT of 5.5x. The investment the Company has made in business development is expected to lead to significant revenue growth in FY18. We retain our Buy. Fig. 1: Earnings Changes 6/16A 6/17A 6/18F Profit & Loss ($m) Actual f'cast actual % diff Old New % diff Revenue % % - mining % % - civil % % EBITDA % % - margin 8.2% 5.3% 5.0% -7.0% 6.4% 6.1% -5.4% EBITDA ex internat. o/head % - margin 8.2% 6.5% 6.4% -0.5% Depreciation/Amortisation % % EBIT % % - margin 5.2% 3.4% 2.8% -19.1% 4.3% 3.9% -8.7% Net Interest % % Pretax Profit % % PBT ex internat. o/head % % - margin 5.2% 4.6% 3.9% -14.1% 4.3% 3.8% -11.3% Tax % % Norm. NPAT Pre Minorities % % - margin 3.5% 2.4% 1.8% -23.6% 3.0% 2.6% -14.2% Minorities Abnormals (net of tax) Reported Profit % % Net Debt % % Capex % % DPS % % Source: Hartleys Estimates, IRESS SRG.asx Buy 28 Aug 2017 Share Price: $1.450 Valuation: $ mth price target: $1.86 Brief Business Description: Global specialist construction services for CBD, dams and bridges. Drill and blast services for Aust mining. Hartleys Brief Investment Conclusion Strong management team and high levels of revenue certainty. Chairman & operations director: Peter McMorrow (Chairman, Non-exec.) David Macgeorge (MD) Substantial shareholders: JMFG Consol. A/C (6.5%) Invesco (6.4%) Peter McMorrow (Chairman) (6.0%) Adam Smith (5.1%) Company Address: Level 1, 338 Barker Rd Subiaco, WA, 6008 Issued Capital: - fully diluted Market Cap: - fully diluted Net Debt (30 Jun '17a): FY17a FY18e 64.2m 71.4m $93.2m $103.6m -$15.6m FY19e Op Cash Flw Free Cash Flw NPAT* (A$m) EPS ($, bas) P/E (basic) 11.8x 12.8x 10.4x P/E (diluted) 24.5x 14.2x 11.2x EV / EBITDA 6.8x 4.5x 3.7x DPS (cps) Franking 100% 100% 100% Dividend Yield 4.8% 5.2% 6.2% N.D. / equity -18% -12% -11% Source: Hartleys Research. * normalised A$ M Sep-16 SRG Limited Jan-17 May-17 Authors: Trent Barnett Head of Research Ph: E: trent.barnett@hartleys.com.au. Aug-17 Volume - RHS Source: IRESS SRG Shareprice - LHS Sector (S&P/ASX SMALL INDUSTRIALS) - LHS Analyst has a beneficial interest in SRG.asx. Hartleys has provided corporate advice within the past 12 months for which it has earned fees. See back page for disclaimers. 9. Hartleys Limited ABN (AFSL ) 141 Page St Georges 1 of 7 Terrace, Perth, Western Australia, 6000 Hartleys does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Further information concerning Hartleys regulatory disclosures can be found on Hartleys website
2 SRG Ltd (SRG) Recommendation: Buy Company Information Profit & Loss ($m) 6/16A 6/17A 6/18F 6/19F Date 28 Aug 2017 Level 1, 338 Barker Rd Mining - Rev Share Price $1.450 Subiaco, WA, 6008 Mining - EBITDA Week High-Low $ $1.15 Ph: Mining - Margin 16.6% 16.3% 16.3% 16.3% Market Cap ($m) $93.2 Construction - Rev (100%) Enterprise Value ($m) $ Construction - EBITDA (100%) Ordinary Shares 64.2 Construction - Margin 5.3% 6.5% 6.5% 6.5% Fully Diluted Shares 71.4 Group Revenue Valuation growth 3.5% 29.4% 23.0% 22.0% Spot DCF (WACC 12.4%, Terminal growth 0.00%) $1.78 EBITDA margin 8.2% 5.0% 6.1% 6.0% 12mth fwd DCF (WACC 12.4%, Terminal growth 0.00%) $1.85 Rep. Depreciation/Amortisation mth forward P/E base case earnings of 14x (peak-cycle) $2.03 Norm. EBIT Dec16a 1x Price / NTA (1x $0.95) $0.95 EBIT / Sales 5.2% 2.8% 3.9% 4.1% 12mth fwd Div Yield of 5.2% (Gross yield=7.4%) $1.54 Net Interest Months Price Target (wgted avg above 4 avg) $1.86 Profit Before Tax margin 5.2% 2.7% 3.8% 3.9% PBT ex internat. o/head P / E (6/18F) at price target 18.3x Tax P / E (6/19F) at price target 14.4x Effective Tax Rate 32.9% 32.3% 32.3% 32.3% EV/EBITDA (6/18F) at price target 6.8x NPAT Pre Minorities EV/EBIT (6/18F) at price target 10.6x Net Profit / Sales 3.5% 1.8% 2.6% 2.7% Multiples (S/price at $1.45) 6/16A 6/17A 6/18F 6/19F P / E (reported, basic weighted) 14.7x 11.8x 12.8x 10.4x Minorities P / E (normalised, dil. weighted) 16.7x 24.5x 14.2x 11.2x Normalised NPAT to equity P / E (mkt cap / norm. NPAT) 15.0x 22.0x 12.8x 10.1x Abnormals / discontinued P / E (fully diluted mkt cap / norm. NPAT) 16.7x 24.5x 14.2x 11.2x Reported Profit to equity Dividend Yield 4.1% 4.8% 5.2% 6.2% Group Free Cash Flow (f.c.f) / EV 14.6% 1.3% 2.7% 8.2% Reported EPS (basic, w'ghted) Equity f.c.f. / Mkt Cap 6.2% -1.5% -1.0% 3.6% Normalised EPS (weighted) Norm f.c.f. / Mkt cap 3.9% -9.8% -3.7% 0.4% Normalised EPS (full. diluted) Mkt cap / operating cash flow 6.8x 13.4x 11.6x 9.9x DPS (cps) EV/EBITDA multiple 5.3x 6.8x 4.5x 3.7x Franking 100% 100% 100% 100% EV/EBIT multiple 8.5x 12.2x 7.0x 5.5x Payout Ratio 60.9% 106.0% 66.8% 66.8% Price / Book Value 1.1x 1.1x 1.1x 1.0x Price / NTA 1.6x 1.5x 1.4x 1.4x Cashflow Statement ($m) 6/16A 6/17A 6/18F 6/19F Cash Receipts EBITDA Ratios 6/16A 6/17A 6/18F 6/19F Working Capital Change Return on Average Equity 7.9% 5.1% 8.3% 10.0% Cash from Operations Return on Assets 5.0% 3.2% 4.9% 5.6% Net interest Paid ND / ND + Equity -29.1% -22.1% -13.6% -12.6% Tax Paid ND / Equity -22.5% -18.1% -12.0% -11.2% Net Operating Cash Flow Net Interest Cover (EBIT) Capital Expenditure ROIC 10.7% 6.9% 10.7% 12.3% Asset Sales Other (inc Investments) Free Cash Flow Analysis ($m) 6/16A 6/17A 6/18F 6/19F Net Investing Cash Flow Net Operating Cash Flow Proceeds from Equity Issues Capex (Reported) Net Change in Debt & Leases Group Free Cash Flow (reported) Dividends Paid Fixed Debt Repayments Net Financing Cash Flow Equity Free Cash Flow (reported) Movement in Cash HP Lease Capex (non-cash) HP Lease Capex (non-cash) Free Cash Flow (normalised) Capex (inc HP) / depreciation 83% 273% 139% 90% Balance Sheet ($m) 6/16A 6/17A 6/18F 6/19F Cash Share Data 6/16A 6/17A 6/18F 6/19F Receivables Ord Issued shares (m) Inventories growth 0.0% 1.9% 1.2% 4.7% Other Weighted ave shares (m) Total Current Assets growth 0.0% 1.5% 0.8% 2.4% Property, Plant & Equipment Diluted shares wgted (m) Intangibles growth 0.0% -88.9% 915.3% -2.2% Other Total Non Current Assets Unpaid Capital Total Assets Year Expires Number % ord Avg Price $m unpaid Accounts Payable Jun , % $ - $ - Interest Bearing Liabilities Jun-19 3,075, % $ 0.62 $ 1.9 Other Jun-20 1,500, % $ - $ - Total Current Liabilities Jun , % $ - $ - Accounts Payable Jun-22 1,300, % $ - $ - Interest Bearing Liabilities TOTAL 7,175, % $ 0.27 $ 1.9 Other Directors & Senior Management Subs. S/holders Total Non Current Liabilities Peter McMorrow (Chairman, Non-exec.) JMFG Consol. A/C 6.5% Total Liabilities David Macgeorge (MD) Invesco 6.4% Net Assets Robert Freedman (non-exec) Peter McMorrow (Chairman) 6.0% Net Asset Value / Share ($) Peter Brecht (non-exec) Adam Smith 5.1% NTA / Share ($) Michael Atkins (non-exec) Net Debt (net cash) Roger Lee - CFO Analyst: Trent Barnett Phone: Sources: IRESS, Company Information, Hartleys Research Last Earnings Estimate Changes: 28 August 2017 Page 2 of 7
3 Margin rebound in 2H Fig. 2: P&L and Balance sheet Profit & Loss ($m) Dec-13(a) Jun-14(a) Dec-14(a) Jun-15(a) Dec-15(a) Jun-16(a) Dec-16(a) Jun-17(a) Contract Mining - Rev Contract Mining - EBITDA Contract Mining - Margin 16.6% 19.0% 15.6% 19.9% 21.1% 12.2% 15.3% 17.2% Construction - Rev (100%) Construction - EBITDA (100%) Construction - Margin 5.3% -1.0% 5.6% 1.2% 4.4% 5.9% 5.6% 7.5% Group Revenue sequential growth -53.5% -20.5% -10.1% -6.5% -2.4% 19.5% 22.3% -5.7% EBITDA margin 8.2% 3.3% 9.0% 7.3% 7.2% 9.0% 4.5% 5.4% Depreciation/Amortisation EBIT EBIT / Sales 3.5% -1.5% 4.1% 2.9% 3.7% 6.4% 2.6% 2.9% Net Interest Profit Before Tax margin 3.0% -1.7% 4.0% 3.0% 3.7% 6.4% 2.6% 2.8% PBT ex internat. o/head Tax Effective Tax Rate 32.9% 24.0% 32.2% 41.0% 33.3% 32.6% 30.0% 34.5% NPAT Pre Minorities Net Profit / Sales 2.0% -1.3% 2.7% 1.8% 2.5% 4.3% 1.8% 1.9% Minorities Normalised NPAT to equity Abnormals / discontinued Reported Profit to equity Accounting treatment changes caused a change between receivables and inventories The Company is in a strong net cash position. Reported EPS (basic, w'ghted) Normalised EPS (weighted) Normalised EPS (full. diluted) DPS (cps) Franking 100% 100% 100% 100% 100% 100% 100% 100% Payout Ratio 62.4% -75.3% 84.2% 276.1% 62.3% 60.3% 41.2% 80.6% Balance Sheet ($m) Dec-13(a) Jun-14(a) Dec-14(a) Jun-15(a) Dec-15(a) Jun-16(a) Dec-16(a) Jun-17(a) Cash Receivables Inventories Other Total Current Assets Property, Plant & Equipment Intangibles Other Total Non Current Assets Total Assets Accounts Payable Interest Bearing Liabilities Other Total Current Liabilities Accounts Payable Interest Bearing Liabilities Other Total Non Current Liabilities Total Liabilities Net Assets Net Asset Value / Share ($) NTA / Share ($) Net Debt (net cash) Source: Hartleys Estimates, SRG Page 3 of 7
4 Cashflow was okay. Capex has begun to increase Fig. 3: Cash Flow Cashflow Statement ($m) Dec-13(a) Jun-14(a) Dec-14(a) Jun-15(a) Dec-15(a) Jun-16(a) Dec-16(a) Jun-17(a) Cash Receipts EBITDA Working Capital Change Cash from Operations Net interest Paid Tax Paid Net Operating Cash Flow Capital Expenditure Asset Sales Other (inc Investments) Net Investing Cash Flow Proceeds from Equity Issues Net Change in Debt & Leases Dividends Paid Net Financing Cash Flow Movement in Cash HP Lease Capex (non-cash) Free Cash Flow Analysis ($m) Dec-13(a) Jun-14(a) Dec-14(a) Jun-15(a) Dec-15(a) Jun-16(a) Dec-16(a) Jun-17(a) Net Operating Cash Flow Capex (Reported) Group Free Cash Flow (reported) Fixed Debt Repayments Equity Free Cash Flow HP Lease Capex (non-cash) Free Cash Flow (normalised) Capex (inc HP) / depreciation 8% 15% 16% 36% 27% 147% 169% 356% Source: Hartleys Estimates, SRG Fig. 4: Earnings Changes 6/16A 6/17A 6/18F 6/19F Profit & Loss ($m) Actual f'cast actual % diff Old New % diff Old New % diff Revenue % % % - mining % % % - civil % % % EBITDA % % % - margin 8.2% 5.3% 5.0% -7.0% 6.4% 6.1% -5.4% 6.3% 6.0% -4.7% EBITDA ex internat. o/head % - margin 8.2% 6.5% 6.4% -0.5% Depreciation/Amortisation % % % EBIT % % % - margin 5.2% 3.4% 2.8% -19.1% 4.3% 3.9% -8.7% 4.1% 4.1% 0.4% Net Interest % % % Pretax Profit % % % PBT ex internat. o/head % % % - margin 5.2% 4.6% 3.9% -14.1% 4.3% 3.8% -11.3% 4.1% 3.9% -3.4% Tax % % % Norm. NPAT Pre Minorities % % % - margin 3.5% 2.4% 1.8% -23.6% 3.0% 2.6% -14.2% 2.9% 2.7% -6.5% Minorities Abnormals (net of tax) Reported Profit % % % Net Debt % % % Capex % % % DPS % % % Source: Hartleys Estimates, IRESS Page 4 of 7
5 PRICE TARGET We have updated our price target to $1.86 (from $1.93). SRG Price Target Methodology Weighting Spot 12 mth out DCF (WACC 12.4%, Terminal growth 0.00%) 20% $1.78 $ mth forward P/E base case earnings of 14x (peak-cycle) 20% $1.65 $ mth forward EV/EBIT of 6x (mid-cycle) 5% $1.12 $ mth forward EV/EBIT of 10x (peak-cycle) 30% $1.77 $2.20 Dec16a 1x Price / NTA (1x $0.95) 5% $0.95 $ mth fwd Div Yield of 5.2% (Gross yield=7.4%) 20% $1.35 $1.54 Risk weighted composite $1.59 $ Months Price Target $1.86 Shareprice - Last $ mth total return (% to 12mth target + dividend) 33% Source: Hartleys Estimate Fig. 5: Key assumptions and risks for valuation Assumption Risk of not realising assumption Downside risk to valuation if assumption is incorrect Comment Revenue reached ~$425m, Moderate High The outlook for the industry suggests that this is achievable EBITDA margins ~6.0% Moderate to High High Appears reasonable, and possibly conservative Capex is low Moderate Moderate SRG is predominantly a services business, and hence capex is low. Note, the drill & blast division is capital intensive, and hence there will be an eventual capex replacement cycle. No substantial acquisitions High Upside / Downside We believe it s likely SRG makes further acquisitions Conclusion Source: Hartleys We believe our assumptions are reasonable. The largest risk, in our view, is the capex cycle for the mining division. In the short term, it is likely to be revenue growth that results in changes to our valuation. RISKS The key risks for SRG (like most industrial companies) is earnings disappointments given the industry is volatile and earnings can disappoint due to cost overruns, project delays, loss of contracts or slower than anticipated new project wins. Although some earnings disappointments can be short term and just a timing issue, other disappointments can be materially value destructive and can sometimes overhang stocks for a long period of time (for example contract disputes). Such disappointments can be very difficult to predict and share price reactions can be severe and immediate upon disclosure by the company. High financial leverage can increase the impact. Page 5 of 7
6 EV/EBIT BANDS Fig. 6: Using Hartleys base case forecasts Shareprice SRG Actual Hartleys Target 12x EV/EBIT 10x EV/EBIT 8x EV/EBIT 6x EV/EBIT 4x EV/EBIT Source: Hartleys Estimates, IRESS Page 6 of 7
7 HARTLEYS CORPORATE DIRECTORY Research Trent Barnett Head of Research Mike Millikan Resources Analyst John Macdonald Resources Analyst Paul Howard Resources Analyst Aiden Bradley Research Analyst Michael Scantlebury Junior Analyst Janine Bell Research Assistant Corporate Finance Dale Bryan Director & Head of Corp Fin. Richard Simpson Director Paul Fryer Director Ben Crossing Director Ben Wale Associate Director Stephen Kite Associate Director Scott Weir Associate Director Rhys Simpson Manager Registered Office Level 6, 141 St Georges TcePostal Address: PerthWA 6000 GPO Box 2777 Australia Perth WA 6001 PH: FX: info@hartleys.com.au Note: personal addresses of company employees are structured in the following manner:firstname_lastname@hartleys.com.au Hartleys Recommendation Categories Buy Accumulate Neutral Reduce / Take profits Sell No Rating Speculative Buy Share price appreciation anticipated. Share price appreciation anticipated but the risk/reward is not as attractive as a Buy. Alternatively, for the share price to rise it may be contingent on the outcome of an uncertain or distant event. Analyst will often indicate a price level at which it may become a Buy. Take no action. Upside & downside risk/reward is evenly balanced. It is anticipated to be unlikely that there will be gains over the investment time horizon but there is a possibility of some price weakness over that period. Significant price depreciation anticipated. No recommendation. Share price could be volatile. While it is anticipated that, on a risk/reward basis, an investment is attractive, there is at least one identifiable risk that has a meaningful possibility of occurring, which, if it did occur, could lead to significant share price reduction. Consequently, the investment is considered high risk. Institutional Sales Carrick Ryan Justin Stewart Simon van den Berg Chris Chong Digby Gilmour Cooper Rogers Wealth Management Nicola Bond Bradley Booth Adrian Brant Nathan Bray Sven Burrell Simon Casey Tony Chien Tim Cottee David Cross Nicholas Draper John Featherby Ben Fleay James Gatti John Goodlad Andrew Gribble David Hainsworth Neil Inglis Murray Jacob Gavin Lehmann Shane Lehmann Steven Loxley Andrew Macnaughtan Scott Metcalf David Michael Jamie Moullin Chris Munro Michael Munro Ian Parker Charlie Ransom (CEO) Mark Sandford David Smyth Greg Soudure Sonya Soudure Dirk Vanderstruyf Samuel Williams Jayme Walsh Disclaimer/Disclosure The author of this publication, Hartleys Limited ABN ( Hartleys ), its Directors and their Associates from time to time may hold shares in the security/securities mentioned in this Research document and therefore may benefit from any increase in the price of those securities. Hartleys and its Advisers may earn brokerage, fees, commissions, other benefits or advantages as a result of a transaction arising from any advice mentioned in publications to clients. Hartleys has provided corporate advice within the past 12 months to SRG Limited for which it has earned fees. Any financial product advice contained in this document is unsolicited general information only. Do not act on this advice without first consulting your investment adviser to determine whether the advice is appropriate for your investment objectives, financial situation and particular needs. Hartleys believes that any information or advice (including any financial product advice) contained in this document is accurate when issued. Hartleys however, does not warrant its accuracy or reliability. Hartleys, its officers, agents and employees exclude all liability whatsoever, in negligence or otherwise, for any loss or damage relating to this document to the full extent permitted by law. Page 7 of 7
Engineer. / Constr. & Drill & Blast
Engineer. / Constr. & Drill & Blast SRG Ltd (SRG) SRG LTD (SRG) Good EBITDA result, but cash flow disappointing SRG Ltd reported 1H18 NPAT of $2.4m (we expected $2.2m). A 2cps DPS declared (we expected
More informationEngineer. / Constr. & Drill & Blast
Engineer. / Constr. & Drill & Blast SRG Ltd (SRG) SRG LTD (SRG) Acquires $8.5m EBITDA NZ speciality engineering SRG Ltd recently announced it is acquiring TBS Group from BAP.asx for cash. TBS Group is
More informationEngineer. / Constr. & Drill & Blast
Engineer. / Constr. & Drill & Blast SRG.asx No Rating SRG Ltd (SRG) SRG LTD (SRG) Merger with GCS.asx makes a +$300m company SRG Ltd has announced it is merging with GCS.asx. The transaction is the GCS
More informationEngineer. / Constr. & Drill & Blast
Engineer. / Constr. & Drill & Blast GCS.asx SRG Global Ltd (GCS) SRG GLOBAL LTD (GCS) Restart with recommendation The GCS/SRG merger has completed. We re-start our coverage with a recommendation. As a
More informationWA Industrials: Subprime Finance
WA Industrials: Subprime Finance Cash Converters Int. Ltd (CCV) CASH CONVERTERS INT. LTD (CCV) Growth ahead! Cash Converters Limited recently reported NPAT of $9.4m (we expected $9.2m), in line with guidance
More informationWA Industrials: Remote Power
WA Industrials: Remote Power Pacific Energy Ltd PACIFIC ENERGY LTD Guidance of $29-30m EBITDA in FY13 plus growth in FY14 Pacific Energy Limited ( PEA, Company ) reported FY12 normalised NPAT of $11.1m
More informationWA Industrials: Unsecured Finance
WA Industrials: Unsecured Finance E CCV.asx Buy Cash Converters Internat. Limited CASH CONVERTERS INTERNAT. LIMITED Profit ticks along, dividends increase Cash Converters Limited ( Cash Converters, CCV,
More informationWA Industrials: Unsecured Finance
WA Industrials: Unsecured Finance Cash Converters Internation. Ltd CASH CONVERTERS INTERNATION. LTD Profit ever so slightly better than expected Cash Converters Limited ( Cash Converters, CCV, Company
More informationWA Industrials: Unsecured Finance
Abnormals WA Industrials: Unsecured Finance Cash Converters Limited (CCV) CASH CONVERTERS LIMITED (CCV) First quarter profit points to a good FY15 result Cash Converters International Ltd reported Q1 unaudited
More informationOil & Gas: Producer / Explorer
Oil & Gas: Producer / Explorer Carnarvon Petroleum Ltd (CVN) CARNARVON PETROLEUM LTD (CVN) Keep the drill bit spinning Following the success of Roc-2 well, Carnarvon Petroleum (CVN) and operator Quadrant
More informationZinc: Developer / Explorer
Zinc: Developer / Explorer Ironbark Zinc Ltd (IBG) IRONBARK ZINC LTD (IBG) At spot zinc could generate >$200m EBITDA pa Ironbark Zinc Limited is developing the very large, fully permitted, Citronen zinc
More informationWA Industrial: IT Services
WA Industrial: IT Services SW1.asx Speculative Buy Swift Networks Group Ltd (SW1) SWIFT NETWORKS GROUP LTD (SW1) FY18 Strong Revenue Growth and Record Margins Swift Networks Group Ltd ( Swift, SW1 or the
More informationLithium: Developer / Explorer
BGS.asx Speculative Buy Lithium: Developer / Explorer Birimian Ltd (BGS) BIRIMIAN LTD (BGS) Good maiden resource likely to grow Birimian Ltd recently released a maiden JORC compliant resource of 15.5Mt
More informationYowie Group Limited (YOW) Recommendation: Speculative Buy
YOW.asx Speculative Buy WA Industrials: Confectionery Yowie Group Ltd (YOW) YOWIE GROUP LTD (YOW) Another Guidance Downgrade Yowie Group Ltd ( Yowie, YOW or the Company ) has provided updated revenue guidance
More informationWA Industrials: Subprime Finance
WA Industrials: Subprime Finance Cash Converters Int. Ltd (CCV) CASH CONVERTERS INT. LTD (CCV) Solid result Cash Converters International Ltd (CCV) has delivered FY18 NPAT of $22.5m, up 9% on FY17 ($20.6m).
More informationWA Diversified: Financial
WA Diversified: Financial Goldfields Money Limited (GMY) GOLDFIELDS MONEY LIMITED (GMY) Finsure merger complete Goldfields Money Limited (GMY) has successfully completed the longawaited merger transaction
More informationLithium: Producer / Developer
Lithium: Producer / Developer Galaxy Resources Ltd (GXY) GALAXY RESOURCES LTD (GXY) Model update Galaxy Resources recently announced an equity placement for A$61m. The Company had A$33m of debt, and after
More informationWA Industrial: IT Services
WA Industrial: IT Services SW1.asx Speculative Buy Swift Networks Group Ltd (SW1) SWIFT NETWORKS GROUP LTD (SW1) FY18 Growth Outlook Remains Positive Swift Networks Group ( Swift, SW1, Company ) reported
More informationLithium: Developer. PLS.asx Buy PILBARA MINERALS LTD (PLS) Stage 2 looks like it will happen. Big valuation uplift.
Lithium: Developer Pilbara Minerals Ltd (PLS) PILBARA MINERALS LTD (PLS) Stage 2 looks like it will happen. Big valuation uplift. Pilbara Minerals Ltd (PLS) has announced a A$28m (56m shares @ 50cps) subscription
More informationLithium: Producer / Developer
GXY.asx Accumulate Lithium: Producer / Developer Galaxy Resources Ltd (GXY) GALAXY RESOURCES LTD (GXY) James Bay resource upgrade positive for valuation Galaxy Resources Ltd recently upgraded the James
More informationWA Industrials: Confectionery
WA Industrials: Confectionery YOW.asx Speculative Buy Yowie Group Ltd (YOW) YOWIE GROUP LTD (YOW) Cost Control and Guidance Yowie Group (YOW, Company ) reported a FY17 full year loss of US$7.3m. Adjusting
More informationLithium: Developer / Explorer KIDMAN RESOURCES LTD (KDR) KDR.asx Speculative Buy. Newsflow ahead: met work and maiden resource
KDR.asx Speculative Buy Lithium: Developer / Explorer Kidman Resources Ltd (KDR) KIDMAN RESOURCES LTD (KDR) Newsflow ahead: met work and maiden resource Kidman has announced that metallurgy results for
More informationWA Industrial: Media & Entertainment
WA Industrial: Media & Entertainment SW1.asx Speculative Buy Swift Networks Group Ltd (SW1) SWIFT NETWORKS GROUP LTD (SW1) Managing to Balance Growth and Profitability Swift Networks Group Ltd ( Swift,
More informationWA Industrial: Media & Entertainment
WA Industrial: Media & Entertainment SW1.asx Speculative Buy Swift Networks Group Ltd (SW1) SWIFT NETWORKS GROUP LTD (SW1) The Good Doctor Swift Networks Group Ltd ( Swift, SW1 or the Company) has announced
More informationLithium: Developer PILBARA MINERALS LTD (PLS) PLS.asx Buy. Signs offtake for DSO (1.4% min. Li2O) product
Lithium: Developer Pilbara Minerals Ltd (PLS) PILBARA MINERALS LTD (PLS) Signs offtake for DSO (1.4% min. Li2O) product Pilbara Minerals Ltd has signed an offtake for DSO spodumene (1.5% Li2O) for 1.9Mt
More informationManganese: Producer JUPITER MINES LTD (JMS) JMS.asx Buy. Tshipi to distribute ~A$100m net to JMS
Manganese: Producer JMS.asx Jupiter Mines Ltd (JMS) JUPITER MINES LTD (JMS) Tshipi to distribute ~A$100m net to JMS Jupiter Mines Ltd (JMS) has announced that it expects to receive ~ZAR1.06b from Tshipi
More informationLithium: Producer / Developer
Lithium: Producer / Developer GXY.asx Accumulate Galaxy Resources Ltd (GXY GALAXY RESOURCES LTD (GXY) Production on track for CY17 estimate Galaxy Resources recently released June quarter production. Mt
More informationLithium: Developer / Explorer
BGS.asx Speculative Buy Lithium: Developer / Explorer Birimian Ltd (BGS) BIRIMIAN LTD (BGS) Scoping study envisages a 1Mtpa operation Birimian recently released a scoping study for the Bougouni lithium
More informationZinc: Developer / Explorer
Zinc: Developer / Explorer Ironbark Zinc Ltd (IBG) IRONBARK ZINC LTD (IBG) All of a sudden it looks like it could generate a lot of EBITDA Ironbark Zinc Limited is developing the very large Citronen zinc
More informationMineral Sands Developer
SFX.asx Speculative Buy Mineral Sands Developer Sheffield Resources Limited (SFX) SHEFFIELD RESOURCES LIMITED (SFX) All of a sudden the world needs ilmenite again Ilmenite prices have had a significant
More informationCopper: Developer / Explorer
AOH Speculative buy Copper: Developer / Explorer Altona Mining Limited (AOH) ALTONA MINING LIMITED (AOH) SASAC approval granted AOH has been advised by the Sichuan Railway Investment Group (SRIG) that
More informationManganese: Producer JUPITER MINES LTD (JMS) JMS.asx Buy. November quarter production, DPS seems lower
Manganese: Producer JMS.asx Buy Jupiter Mines Ltd (JMS) JUPITER MINES LTD (JMS) November quarter production, DPS seems lower Jupiter Mines Ltd (JMS) announced November quarter production and confirmed
More informationDevelopment capital and exploration expenditures down from $39M to $6M in the respective halves.
RMS.asx Buy Gold: Producer Ramelius Resources Ltd (RMS) RAMELIUS RESOURCES LTD (RMS) Cash build to accelerate. Ramelius returned Mt Magnet to form in the December 2017 half, reestablishing solid operating
More informationLithium / Potash Developer
Lithium / Potash Developer Plymouth Minerals Ltd (PLH) PLYMOUTH MINERALS LTD (PLH) Low cost European Lithium developer Plymouth Minerals Ltd (PLH) has had positive results from both of its projects in
More informationLithium: Developer KIDMAN RESOURCES LTD. KDR.asx Speculative Buy. Early metallurgy results suggest standalone plant
KDR.asx Speculative Buy Kidman Resources Ltd (KDR) KIDMAN RESOURCES LTD Early metallurgy results suggest standalone plant Kidman Resources Limited (KDR) recently released initial metallurgical test work
More informationIron Ore Producer ATLAS IRON LIMITED (AGO) AGO.asx Speculative Buy. Highly profitable again at these iron ore prices.
Iron Ore Producer AGO.asx Speculative Buy Atlas Iron Limited (AGO) ATLAS IRON LIMITED (AGO) Highly profitable again at these iron ore prices. At the iron ore prices (benchmark 62% ~US$78.4/DMT), we estimate
More informationCopper-Gold: Developer / Explorer AVANCO RESOURCES LIMITED (AVB) AVB.asx Speculative Buy
AVB.asx Speculative Buy Copper-Gold: Developer / Explorer Avanco Resources Limited (AVB) AVANCO RESOURCES LIMITED (AVB) Equity raise funds Brazilian Cu-Au developer Avanco Resources has announced plans
More informationGold: Producer RAMELIUS RESOURCES LTD (RMS) Edna May confidence on the rise. RMS.asx Buy
RMS.asx Buy Gold: Producer Ramelius Resources Ltd (RMS) RAMELIUS RESOURCES LTD (RMS) Edna May confidence on the rise Ramelius first drill results from the Stage 3 extensions at Edna May have confirmed
More informationCopper: Developer / Explorer
HCH.asx Neutral Hot Chili Ltd (HCH) Copper: Developer / Explorer HOT CHILI LTD (HCH) Deal values Productora at US$60m or 13cps Hot Chili has announced the sale of an additional 2.5% of the Productora project
More informationLithium: Producer ALLIANCE MINERAL ASSETS LTD (A40) A40.asx Accumulate
Lithium: Producer A40.asx Accumulate Alliance Mineral Assets Ltd (A40) ALLIANCE MINERAL ASSETS LTD (A40) Tawana effectively relists as A40, Alliance Mineral Assets Ltd Alliance Mineral Assets Ltd (A40)
More informationGold: Producer RAMELIUS RESOURCES LTD (RMS) Sizing up Edna May. RMS.asx Accumulate
RMS.asx Accumulate Gold: Producer Ramelius Resources Ltd (RMS) RAMELIUS RESOURCES LTD (RMS) Sizing up Edna May Ramelius has agreed to acquire the Edna May gold mine for $40M up front and a maximum of $50M
More informationGold: Producer RAMELIUS RESOURCES LTD (RMS) Advancing, under the radar. RMS.asx Buy
Gold: Producer RMS.asx Buy Ramelius Resources Ltd (RMS) RAMELIUS RESOURCES LTD (RMS) Advancing, under the radar Ramelius produced 58.3kozs in the June 2018 quarter, comprising 19kozs from Mt Magnet, 12kozs
More informationLithium: Developer KIDMAN RESOURCES LTD (KDR) KDR.asx Speculative Buy. World-class lithium deposit attracts major partner
Lithium: Developer KDR.asx Speculative Buy Kidman Resources Ltd (KDR) KIDMAN RESOURCES LTD (KDR) World-class lithium deposit attracts major partner SQM.nyse has executed an agreement with Kidman Resources
More informationOil & Gas: Producer BURU ENERGY LTD (BRU) Deal with Fosun Funds Ungani Trend Exploration. BRU.asx Speculative Buy
Oil & Gas: Producer BRU.asx Speculative Buy Buru Energy Ltd (BRU) BURU ENERGY LTD (BRU) Deal with Fosun Funds Ungani Trend Exploration Buru Energy Ltd ( BRU or the Company ) have announced a part sale
More informationDiversified / Base Metals: Producer/Developer
MLX.asx Accumulate Diversified / Base Metals: Producer/Developer Metals X Limited (MLX) METALS X LIMITED (MLX) Nifty review site visit notes Underground drilling continues to improve the understanding
More informationNickel: Developer / Explorer
Nickel: Developer / Explorer Panoramic Resources Ltd (PAN) PANORAMIC RESOURCES LTD (PAN) Savannah optimisation ready for improved nickel price Panoramic Resources (PAN) released a positive Feasibility
More informationGold / Base Metals: Explorer. DKM.asx Speculative Buy DUKETON MINING LIMITED (DKM) On the quest for discovery and resource conversion
Gold / Base Metals: Explorer Duketon Mining Limited (DKM) DUKETON MINING LIMITED (DKM) On the quest for discovery and resource conversion Duketon Mining (DKM) has had a busy 2H FY18, delivering a maiden
More informationNickel: Developer / Explorer
Nickel: Developer / Explorer Panoramic Resources Ltd (PAN) PANORAMIC RESOURCES LTD (PAN) Savannah Well Poised for Restart Savannah appears poised for restart after the release a positive Feasibility Study
More informationWA Industrials: Remote Power
WA Industrials: Remote Power Pacific Energy Ltd (PEA) PACIFIC ENERGY LTD (PEA) The power provider for remote Australian mines Pacific Energy Limited, through its core business division Kalgoorlie Power
More informationDiversified / Base Metals: Explorer
Diversified / Base Metals: Explorer Buxton Resources Ltd (BUX) BUXTON RESOURCES LTD (BUX) Priority off-hole conductor being drill-tested at Merlin Buxton (BUX) continues with nickel-copper exploration
More informationGold: Explorer BUREY GOLD LIMITED (BYR) BYR.asx Speculative Buy. Is it a Doozy or is it a Match?
Gold: Explorer Burey Gold Limited BUREY GOLD LIMITED (BYR) Is it a Doozy or is it a Match? Burey Gold Limited has commenced a maiden RC drilling program at the Douze Match anomaly in the northern zone
More informationOil & Gas: Producer BURU ENERGY LTD (BRU) Houston, We Have Liftoff! BRU.asx Speculative Buy
Oil & Gas: Producer Buru Energy Ltd (BRU) BURU ENERGY LTD (BRU) Houston, We Have Liftoff! Buru Energy Ltd ( BRU or the Company ) is nearing the completion of their Ungani Field Accelerated Development
More informationOil & Gas: Producer / Explorer
Oil & Gas: Producer / Explorer EGO.asx Speculative Buy Empire Oil & Gas Ltd (EGO) EMPIRE OIL & GAS LTD (EGO) Change of CEO as Kingia/High Cliff Play Heats Up EGO have recently announced a change of CEO.
More informationPotash: Explorer GOLDPHYRE RESOURCES LTD (GPH) Lake Wells Exploration Target of Mt of SOP. GPH.asx Speculative Buy
Potash: Explorer Goldphyre Resources Limited GOLDPHYRE RESOURCES LTD (GPH) Lake Wells Exploration Target of 79-123Mt of SOP Goldphyre Resources Ltd (GPH) has released a JORC-compliant exploration target
More informationEngineer. / Constr. & Drill & Blast
Engineer. / Constr. & Drill & Blast Srg Limited SRG LIMITED An engineering services firm with committed management SRG Limited is an engineering/construction/contract mining company that has been listed
More informationDiamond: Producer / Explorer
Diamond: Producer / Explorer Lucapa Diamond Company Ltd (LOM) LUCAPA DIAMOND COMPANY LTD (LOM) Growing Premium-Value Diamond Production Lucapa (LOM) and its Angolan JV partners recently reported JunQ alluvial
More informationWA Diversified Financials
WA Diversified Financials GMY.asx Speculative Buy Oilex Ltd GOLDFIELDS MONEY LTD (GMY) ADI the beauty within To the outside world, Goldfields Money Ltd (GMY) has for the majority of its six-year listed
More informationWA Mineral Sands: Mineral Sands Dev. / Explorer
WA Mineral Sands: Mineral Sands Dev. / Explorer Sheffield Resources Limited SHEFFIELD RESOURCES LIMITED Its big, its high grade, and it makes a premium product Sheffield Resources Ltd ( Sheffield, SFX,
More informationHARTLEYS LIMITED A U G U S T
HARTLEYS LIMITED A U G U S T 2 0 1 8 WA Mining Industrials Recent Research Reports 13 January 2011 Trent Barnett, CFA Aiden Bradley Oliver Stevens Head of Research Research Analyst Research Analyst trent_barnett@hartleys.com.au
More informationGold: Developer / Explorer
GCY.asx Speculative Buy Gold: Developer / Explorer Gascoyne Resources Ltd (GCY) GASCOYNE RESOURCES LTD (GCY) Dalgaranga on track for first gold in May 2018 The construction of the Dalgaranga gold project
More informationGold: Producer PERSEUS MINING LTD (PRU) Sissingue hits form post quarter. Yaoure ready to go. PRU.asx Accumulate
Gold: Producer PRU.asx Accumulate Perseus Mining Ltd (PRU) PERSEUS MINING LTD (PRU) Sissingue hits form post quarter. Yaoure ready to go. Perseus produced 68kozs in the Dec 2018 qtr; we had forecast 73kozs.
More informationGold: Explorer/Developer
CDV.asx Speculative Buy Gold: Explorer/Developer Cardinal Resources Ltd (CDV) CARDINAL RESOURCES LTD (CDV) On the hunt for the next Namdini One of our Resource Analysts (Michael Scantlebury) recently visited
More informationConventional Oil & Gas: Explorer
Conventional Oil & Gas: Explorer Pura Vida Energy NL (PVD) PURA VIDA ENERGY NL (PVD) Alex, Marty, The Penguins and now Pura Vida! Better late than never but PVD has finally completed the Mazagan farm out
More informationLithium: Explorer / Developer
CXO.asx Speculative Buy Lithium: Explorer / Developer Core Exploration Ltd CORE EXPLORATION LTD Chasing scale. Drilling imminent. Core Exploration Ltd (CXO) has prospective lithium tenements in the Northern
More informationALTONA MINING LIMITED/COPPER
Copper: Miner / Developer Altona Mining Limited (AOH) ALTONA MINING LIMITED/COPPER MOUNTAIN MINING CORPORATION Hartleys is Corporate Advisor to AOH in relation to the merger with CMMC.TSX. Altona merger
More informationPotash: Explorer AUSTRALIAN POTASH LIMITED (APC) APC.asx Speculative Buy. Lake Wells: Test Bores & Pilot Ponds Commissioned
APC.asx Speculative Buy Potash: Explorer Australian Potash Limited (APC) AUSTRALIAN POTASH LIMITED (APC) Lake Wells: Test Bores & Pilot Ponds Commissioned Australian Potash Limited (APC) continues to progress
More informationOil & Gas: Explorer PANCONTINENTAL OIL & GAS NL (PCL) Namibia Back in Focus. PCL.asx Speculative Buy
Oil & Gas: Explorer PCL.asx Speculative Buy Pancontinental Oil and Gas NL (PCL) PANCONTINENTAL OIL & GAS NL (PCL) Namibia Back in Focus Exploration in Namibia is back in focus. At the recent Africa E&P
More informationConventional Oil & Gas: Producer
Conventional Oil & Gas: Producer EEG.asx Speculative Buy Empire Energy Group Limited EMPIRE ENERGY GROUP LIMITED Conventional Production, Unconventional Potential Empire Energy Group Limited ( Empire,
More informationOil & Gas: Explorer PANCONTINENTAL OIL AND GAS NL (PCL) The Transformation begins - Dempsey well spudded. PCL.asx Speculative Buy
PCL.asx Speculative Buy Oil & Gas: Explorer Pancontinental Oil and Gas NL (PCL) PANCONTINENTAL OIL AND GAS NL (PCL) The Transformation begins - Dempsey well spudded Pancontinental Oil and Gas NL ( PCL
More informationInsurance Brokers SECTOR REPORT. Solid Hold. -4% Jun-12. Dec-12. Mar-13. Sep-13. Sep-12. Jun-13. Source: APRA, Baillieu Holst estimates
11 May 2018 RECOMMENDATIONS AUB Group (AUB) Rating HOLD Risk Low Price Target $14.50 Share Price $14.17 Steadfast Group (SDF) Rating HOLD Risk Low Price Target $2.80 Share Price $2.88 RESEARCH ANALYST
More informationMotorCycle Holdings (MTO) New HOLD: Harley still lacking traction. Key points. Risks and catalysts
Date Theme Company Update Company MotorCycle Holdings (MTO) New HOLD: Harley still lacking traction We moderate to HOLD (from Buy) with a revised target of $2.36 p/share. We were previously encouraged
More informationGem/graphite explorer
MUS.asx Speculative buy -2146826246 Gem/graphite explorer MUSTANG RESOURCES LIMITED (MUS) Montepuez rubies set fire to gem markets Mozambican rubies first appeared in quantity on world markets in 2009.
More informationResetting expectations
Company update 13 May 2016 TPI ENTERPRISES (TPE) Resetting expectations We retain a BUY rating with a revised 12-month price target of $3.21 p/sh. We assess market conditions to imply a more gradual ramp
More informationWINDLAB LTD HOLD. Lakeland financial close delayed again. Downgrade to HOLD. COMPANY UPDATE EVENT IMPACT INVESTMENT VIEW
WINDLAB LTD HOLD Lakeland financial close delayed again. Downgrade to HOLD. Utilities / Renewable Electricity 7 November 2018 COMPANY UPDATE Ticker WND Stock Price $1.180 Target Price $1.350 Forecast Capital
More informationCENTREPOINT ALLIANCE LIMITED (CAF)
Low Return High Financial Results 25 August 2014 CENTREPOINT ALLIANCE LIMITED (CAF) ACTION & RECOMMENDATION Financial planning and SME insurance premium funding business Centrepoint Alliance (ASX code:
More informationCompany Review. Centaurus Metals. Jambreiro Resource upgrade. CTM A$0.08 Recommendation Buy Risk Assessment High
Company Review Ord Minnett Research Friday, June 24, 2011 Centaurus Metals Jambreiro Resource upgrade Centaurus has upgraded the JORC resource at its flagship, Jambreiro Iron Ore Project in Brazil. The
More informationPraemium (PPS) COMPANY REPORT. Model performance
14 August 2017 INTERNAL ONLY RECOMMENDATIONS Rating BUY Risk High Price Target $0.58 Share Price $0.41 SNAPSHOT Monthly Turnover $9.5mn Market Cap $165mn Shares Issued 398.5mn 52-Week High $0.54 52-Week
More informationOil & Gas: Producer / Explorer
CVN.asx Speculative Buy Carnarvon Petroleum Ltd (CVN) Oil & Gas: Producer / Explorer CARNARVON PETROLEUM LTD (CVN) A Busy Few Months It has been a busy few months for the gas sector in Western Australia
More informationOil & Gas: Producer / Explorer
Oil & Gas: Producer / Explorer TAP.asx Speculative Buy Tap Oil Ltd (TAP) TAP OIL LTD (TAP) The New TAP Salamander Energy 2.0 Tap Oil Limited ( Tap or the Company ) is in the process of shifting direction
More informationNanosonics Limited. Australia Health Care Equipment & Supplies. Growth outlook unchanged. Earnings Forecasts. Source Company, LINWAR Research
LINWAR Securities 30 August 2011 Nanosonics Limited Australia Health Care Equipment & Supplies Outperform (Unchanged) Price: Target Price: Stock's expected return (12mth) $0.57 $1.20 Capital growth 112.4%
More informationPerpetual (PPT) Oversold, upgrade to Buy. Over 6% yield, with upside in market rally. Quarterly highlights. Earnings revisions
16 April 2018 Analyst Lafitani Sotiriou 613 9235 1668 Authorisation TS Lim 612 8224 2810 Perpetual (PPT) Oversold, upgrade to Buy Recommendation Buy (Hold) Price $42.09 Target (12 months) $47.50 (previously
More informationBoart Longyear. Earnings and target price revision. No change. Price catalyst. Action and recommendation
AUSTRALIA BLY AU Price (at 08:01, 12 Sep 2013 GMT) Neutral A$0.50 Valuation A$ 0.71 - DCF (WACC 10.1%, beta 1.5, ERP 0.1%, RFR 0.1%, TGR 0.0%) 12-month target A$ 0.56 12-month TSR % +12.0 Volatility Index
More informationOil & Gas: Producer / Explorer
Oil & Gas: Producer / Explorer CVN.asx Speculative Buy Carnarvon Petroleum Ltd (CVN) CARNARVON PETROLEUM LTD (CVN) Big Wells in the Bedout After a relatively quiet 2017, Carnarvon Petroleum Ltd ( CVN or
More informationGenex Power (GNX) COMPANY REPORT. NAIF lined up for Stage 2
21 June 2018 INTERNAL ONLY RECOMMENDATIONS Rating BUY Risk Speculative Price Target $0.37 Share Price $0.31 SNAPSHOT Monthly Turnover $2.5mn Market Cap $91mn Shares Issued 303.9mn 52-Week High $0.43 52-Week
More informationKangaroo Island Plantation Timbers (KPT) BUY Share Price: A$2.15. NTA uplift buffers project delays Target Price: A$2.71
Kangaroo Island Plantation Timbers (KPT) BUY Share Price: A$2.15 NTA uplift buffers project delays Target Price: A$2.71 KPT has increased the carrying value of its standing timber to reflect higher timber
More informationZip Co. Delivering against expectations. Last Price A$0.86 Target Price A$0.90 (Previously A$0.88) Recommendation Accumulate Risk Higher.
Delivering against expectations Z1P s Mar-18 qtrly report delivered well against our expectations. Positive operating cash flow for the qtr of $1.6m was a +$2.8m improvement qoq, despite the receivables
More informationCOMPUMEDICS LTD HOLD. CMP Downgrades FY17 Guidance COMPANY UPDATE EVENT KEY TAKE-AWAYS INVESTMENT VIEW
COMPUMEDICS LTD HOLD CMP Downgrades FY17 Guidance Health Care Equipment & Services / Health Care Equipment 7 July 2017 COMPANY UPDATE Ticker CMP Stock Price $0.560 Target Price $0.530 Forecast Capital
More informationConsolidated Operations Group (COG)
Consolidated Operations Group (COG) 10 April 2018 Outperform Upgrade to OUTPERFORM - Inflection point nearing $0.10 Jason Palmer jpalmer@taylorcollison.com.au +618 8217 3965 Summary (AUD) Market Capitalisation
More informationPraemium (PPS) COMPANY REPORT. Quartermaster
10 October 2017 INTERNAL ONLY RECOMMENDATIONS Rating BUY Risk High Price Target $0.58 Share Price $0.45 SNAPSHOT Monthly Turnover $9.2mn Market Cap $162mn Shares Issued 399.6mn 52-Week High $0.54 52-Week
More informationPlatinum Asset Management
AUSTRALIA PTM AU Price (at 06:10, 11 Jul 2016 GMT) Neutral A$5.52 Valuation A$ - DCF (WACC 9.3%, beta 1.2, ERP 5.0%, RFR 3.3%) 5.19 12-month target A$ 5.36 12-month TSR % +2.6 Volatility Index Low/Medium
More informationUBS Investment Research Brambles Limited
UBS Investment Research Brambles Limited FY12 result: strong revenue momentum Result highlights strong revenue momentum Brambles FY12 result was slightly ahead of expectations, revealing 11% underlying
More informationZip Co. Improved medium term cost guidance. Last Price A$0.96 Target Price A$1.00 (Previously A$0.90) Recommendation Accumulate Risk Higher
Improved medium term cost guidance Z1P s Jun-18 qtrly update outlined a beat against our cash flow expectations, with the company having generated positive operating cash flow (after bad debts) for the
More informationAdacel Technologies (ADA)
9 November 2018 Chris Savage 612 8224 2835 Authorisation TS Lim 612 8224 2810 Adacel Technologies (ADA) Bad, but not that bad Recommendation Buy (unchanged) Price $0.88 Target (12 months) $1.50 (previously
More informationNanosonics (NAN) 1H17: Cash earnings beat grabs attention. Key points
Date 21 February 2017 Theme Financial Results Company Nanosonics (NAN) 1H17: Cash earnings beat grabs attention We maintain our BUY rating with a revised price target of $3.72 per share. NAN shares have
More informationWisr Ltd (DirectMoney)
Wisr Ltd (DirectMoney) Interim result draws a line in the sand Wisr Limited (WZR.AX) is an online consumer lending platform competing in the rapidly growing marketplace-lending sector. The company has
More informationWisr Ltd (DirectMoney)
Wisr Ltd (DirectMoney) Strategic placement at 56% premium to previous close Wisr Limited (WZR.AX) is an online consumer lending platform competing in the rapidly growing marketplace lending sector. The
More informationMEDICAL DEVELOPMENTS INTERNATIONAL LTD
MEDICAL DEVELOPMENTS INTERNATIONAL LTD No pain in Germany HOLD Pharmaceuticals, Biotechnology & Life Sciences / Pharmaceuticals 6 April 2018 COMPANY UPDATE Ticker MVP Stock Price $7.10 Target Price $8.08
More informationNoni B (NBL) BUY: FY18e EBITDA +12.8% Key points. Risks and catalysts
Date 09 January 2018 Theme Company Update Company Noni B (NBL) BUY: FY18e EBITDA +12.8% NBL provided a positive 1H18 trading update today, advising LFL sales growth of 3.0% (1.5% in 1H17) and EBITDA of
More informationRecycling assets at a premium. Vector to sell non-auckland gas assets at a premium. We view the transaction as value accretive
Australasia New Zealand Utilities Institutional Research Breaking News Reuters Bloomberg Exchange Ticker VCT.NZ VCT NZ NZE VCT Recycling assets at a premium 9 November 015 Issued by: Craigs Investment
More informationNoni B (NBL) SFH acquisition could be up to 60% EPS accretive. Key points. Risks and catalysts
Date Theme Company Update Company Noni B (NBL) SFH acquisition could be up to 6 EPS accretive Press reports today (Australian) suggest Noni B is a potential acquirer of Specialty Fashion Group (SFH), in
More information