Good Drinks Australia (GDA) - Venue Strategy Rollout

September 17, 2021

Recent financial results reflect an efficient brewery and strong brand penetration on the back of prior investment in plant and sales & marketing capability.  The concomitant venue strategy intends to further promote brand awareness, and to this end GDA is acquiring a venue to be the flag bearer for...

Predictive Discovery (PDI) - Business As Usual

September 15, 2021

Ten days on from a coup d’État, all indications point to Guinea’s mining industry rolling on unimpacted. Predictive also continues to tick boxes leading up to its maiden Resource estimate with metallurgical testwork yielding positive results. On the back of these results we increase our valuation to $0.17 per...

CTI Logistics (CLX) - FY21 Results

September 1, 2021

The expectation-beating FY21 result melds two solid halves; impressive given the need to contend with COVID challenges.  We like the good cash flow management, lowered gearing, and earnings trend, and see value despite being cautious with forecasts. To access the full report please log in under the Client Area at...

Peet (PPC) - FY21 Results

August 31, 2021

Low interest rates and strong demand provide a positive backdrop for resi property and PPC.  It helps offset lingering uncertainty around COVID disruptions, development timing, and costs.  We pencil in FY22 earnings growth, accelerating into FY23 and FY24 as an increasing percentage of the landbank moves into development. To access...

Austal (ASB) - FY12 Results

August 31, 2021

We expect an earnings “valley” as ASB transitions to new programmes in the US, yet still see significant value on conservative numbers and attractive assets.  Global tensions and risks will drive US and other naval spend to ASB’s longer-term benefit.  To access the full report please log in under the...

SCEE (SXE) - FY21 Results

August 30, 2021

SXE staged a strong comeback in the 2H, delivering a solid full year result.  There are opportunities across sectors, particularly resources, offset by project timing risks associated with COVID and labour constraints.  On our numbers operating leverage means a 5% change to the ~$500M revenue guidance would impact EBITDA...

Predictive Discovery (PDI) - Onto A Good Thing

August 26, 2021

On our numbers, PDI is slightly under-valued based on a development scenario of a Bankan NE open-pit alone. With a strong recent track record of exploration success, we see substantial upside on the exploration front, both through extensions of Bankan NE and new discoveries. We initiate with a valuation...

August 26, 2021

Earnings quality improved further with the latest results.  A strategy to increase exposure to higher margin, longer tenure revenue streams has worked well.  The business is now well balanced, well funded, and has a stable platform from which to grow. To access the full report please log in under the...

Macmahon (MAH) - FY21 Results

August 26, 2021

MAH walked the talk again in FY21, meeting guidance in a difficult period.  Order book visibility, increasing diversification, contracting rigour, and a buoyant mining environment should deliver both top line and margin growth over the medium term. To access the full report please log in under the Client Area at...