Metals Acquisition (MAC) – Copper price earnings and valuation leverage

We initiate on Duratec with a BUY recommendation and a $1.75 valuation. We expect tailwinds across the sectors to which it is exposed, but are most upbeat about the level of potential Defence work asRead more

We initiate coverage of Saunders with a BUY recommendation and a valuation of $1.24. We see its expanded multidisciplinary offering providing greater opportunities and likely Defence sector work to drive another growth spurt in theRead more

Anticipated Defence spend way ahead of prior iterations: The Government is planning on spending $330B to enhance Defence capability over the coming decade. Maritime a major focus: The bulk of Defence spending will be onRead more

CYL’s 2QFY25 result was solid, with production broadly in line with our estimates. We note that production and the cash balance had been pre-released, with cash generation better than we had anticipated. The stronger cashRead more

OBM’s 2QFY25 result was solid with gold production, sales and AISC within 4% of our forecasts. Cash generation for the 2QFY25 was 16% higher than we had expected, with OBM’s cash balance rising to A$57.8m.Read more