We expect strongly positive trends in student numbers, and revenue and direct costs per student, to be maintained. It augurs well for gross margin. We reset the fixed cost base following the interim report, review consumer product forecasts, and expect breakeven during FY24. This review, together with a drop in peer trading multiples, is reflectedRead more
WAF says red hot Sanbrado could cool even more after 2022, but not to levels that can put us off a buy recommendation. To access the full report please log in under the Client Area at the bottom of this page. Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealthRead more
Prospects should be viewed through a long-term lens. Ship programme opportunities will present from 2022 and ASB has positioned itself to be in the running for this work through recent investment in shipbuilding and sustainment capability. Risk is climbing as the order book reduces, however we think ASB’s strategic assets and proven capability should lendRead more
Last week Argonaut attended a site visit at Medallion’s Ravensthorpe Gold Project. Since listing in March last year Medallion has completed over 35 km of drilling, this drilling has identified new discoveries, added confidence to areas of known mineralisation, and expanded upon the current 674koz Au Resource estimate. Near-term a Resource update is expected, asRead more
The benefits of broad sector exposure were highlighted in SXE’s interims. This diversity not only provides greater opportunity but we expect will reduce revenue variability in the coming periods. Margins and overheads have been relatively consistent, and confidence is further supported by the strong balance sheet and ~$50M cash balance. To access the full reportRead more
Fears of lower margin materialised in 1H22, although partly offset by better than expected revenue. We await PRN articulating a strategy this half addressing business structure, capital management/intensity, free cash generation, and delivery of appropriate returns across all business lines. We upgrade to BUY (prior HOLD) following share price falls. To access the full reportRead more
The 1H22 EBIT(A) margin of 5.8% was down partly because costs passed on to clients boost revenue but not earnings. Reiteration of guidance indicates MAH expects to be able to handle ongoing labour and cost issues. Price falls are overdone and we upgrade to BUY. To access the full report please log in under theRead more
Through exploration success we think that Ausgold’s Katanning Gold Project has the potential to be a mid-tier gold producer in the medium term. Even without this exploration success we think that the project as it stands represents a profitable development proposition. We have developed a mining scenario as a basis for valuation using boilerplate assumptionsRead more
On 11 November, the Argonaut team brought together valued clients and special guests for its annual ‘Thank You Luncheon’ at Fraser’s Restaurant. Gifted with perfect weather, good hospitality and networking – it was the perfect setting to catch up on the year that was. The 2021 luncheon is the first to have taken placeRead more
There’s a real divergence in opinion across Australia when it comes to China. In the eastern states, the focus is on escalating tensions while in the west it continues to be about managing the relationship. That’s the view Argonaut’s Executive Director Eddie Rigg who says it’s cost pressures, especially the inability to find suitable staff,Read more
