Equity Research
Independent analysis across the ASX. Search by company name, ticker, or filter by sector.
Accent Group Limited
Accent Group operates Australia and New Zealand's largest specialty footwear retail network. We examine its brand distribution model, FY26 performance, takeover situation, and the risks shaping its...
AGL Energy Limited
AGL Energy operates Australia's largest private generation-retail combination. We assess its competitive position, financial trajectory, transition risks and capital discipline.
Alkane Resources
Alkane Resources runs three gold mines across Australia and Sweden. We analyse the business model, cost position, balance sheet strength, and the key risks shaping the outlook.
ALS Limited
ALS Limited is a global laboratory testing company serving mining and life sciences clients across 70 countries. We analyse its competitive position, financial trajectory, cycle exposure, and key r...
Amotiv Limited
Amotiv operates three auto parts aftermarket franchises across ANZ and offshore markets. We examine brand durability, margin trends, CEO succession risk and capital discipline.
AMP Limited
AMP Limited is an ASX-listed wealth platform and bank hybrid. We examine its business model, competitive position, financial trajectory, and key risks.
Amplitude Energy Limited
Amplitude Energy operates gas processing infrastructure in Victoria's east coast market. We examine its competitive position, financial trajectory, growth project and key risks.
Ansell Limited
Ansell manufactures protective gloves and body protection across 100+ countries. We analyse business quality, the KBU acquisition, financial trajectory, and key risks.
APA Group
APA Group owns roughly half of Australia's gas transmission network. We examine the business model, competitive moat, financial position, and the risks around leverage and refinancing.
Arena REIT
Arena REIT owns Australia's largest listed portfolio of early learning centre property. We examine the tenant default, lease quality, balance sheet and the risks now facing the trust.
Aristocrat Leisure Limited
Aristocrat designs gaming content across land-based slots, social casino, and digital platforms. We analyse the competitive moat, financial trajectory, and key risks shaping the outlook.
Aspen Group
Aspen Group operates affordable housing land lease communities and a development arm on the ASX. We examine the business model, growth drivers, competitive position and key risks.
ASX Limited
ASX Limited operates Australia's only licensed securities exchange, clearing house and settlement system. We examine the business model, financial trajectory, competitive position and key risks.
Auckland International Airport
Auckland International Airport operates New Zealand's international air gateway. We examine the regulatory model, competitive position, financial trajectory, and the risks shaping the next regulato...
Audinate Group
Audinate licenses the Dante audio networking protocol to 542 OEM partners worldwide. We examine its competitive moat, cost discipline, and path to sustained profitability.
Aurizon Holdings
Aurizon operates a regulated rail monopoly alongside a coal-haulage business. We examine the competitive position, financial trajectory, capital allocation, and key risks shaping the outlook.
Australian Clinical Labs
Australian Clinical Labs is Australia's third-largest pathology provider. We examine its cost efficiency edge, Medicare exposure, margin trajectory and the risks around wage costs and volume recovery.
AVITA Medical
AVITA Medical makes a regulatory-protected wound-care device nearing its first sustained cash breakeven. We examine the business model, balance sheet, competitive position and key risks.
Baby Bunting Group Limited
Baby Bunting Group Limited is Australia's largest specialty baby goods retailer. We analyse the margin recovery story, competitive position, and execution risks still to be proven.
Bailador Technology Investments
Bailador Technology Investments is an ASX-listed LIC investing in Australian and NZ private tech companies. We examine the fee structure, portfolio quality, and NTA trajectory.
Beach Energy Limited
Beach Energy explores for and produces oil, gas, LNG and LPG across four Australian basins. We examine its reserve trajectory, the Waitsia LNG ramp, gas policy exposure and balance sheet strength.
Bega Cheese Limited
Bega Cheese manufactures branded dairy and food products across Australia. We analyse the turnaround, competitive position against a concentrated retail customer base, and the risks to margin durab...
Bendigo and Adelaide Bank Limited
Australia's fifth-largest bank by deposits, with a unique community franchise model and a digital banking growth asset. We analyse the deposit advantage, outsourcing transformation, and credit cycl...
BHP Group Limited
BHP Group Limited is a diversified miner spanning copper, iron ore, metallurgical coal and potash. We analyse the business model, competitive position, financial trajectory and key risks.
Block Inc
Block Inc runs Cash App and Square, two payments platforms bridged into one ecosystem. We analyse the business model, margin inflection, lending exposure, and competitive position ahead of the next...
BlueScope Steel Limited
BlueScope Steel Limited is a vertically integrated steel manufacturer with US and Australian operations. We examine the business model, competitive position, financial trajectory, and key risks.
Brambles Limited
Brambles operates the world's largest pallet pooling network. We analyse the competitive position, financial trajectory, capital discipline and key risks behind the FY26 result.
Bravura Solutions Limited
Bravura Solutions provides core administration software to wealth managers and pension funds across the UK and Australia. We examine the turnaround, the competitive moat, and what the current price...
Breville Group Limited
Breville Group designs and markets premium kitchen appliances across 81 countries. We analyse the business model, competitive position, financial trajectory and key risks.
BSP Financial Group Limited
BSP Financial Group operates the dominant banking franchise across seven Pacific nations. We examine its competitive position, financial trajectory, and the risks specific to a Papua New Guinea-anc...
BWP Property Group
BWP Property Group owns Bunnings-anchored retail property on the ASX. We examine the tenant covenant, balance sheet, growth drivers and key risks behind the current price.
CAR Group Limited
CAR Group operates online vehicle marketplaces across Australia, North America, Brazil and Asia. We examine the business model, competitive position, financial trajectory and key risks.
Catapult Sports
Catapult Sports is an ASX-listed sports technology SaaS business serving 4,300+ professional teams across 40 sports. We analyse the business model, competitive position, financial trajectory, and k...
Centuria Industrial REIT
CIP owns Australia's largest pure-play industrial property portfolio. We examine its competitive position, leasing economics, balance sheet, and the interest rate exposure driving current performance.
Challenger Limited
Challenger holds an 80%+ share of Australia's retirement annuity market. We examine the business model, financial trajectory, competitive moat, and key risks.
Champion Iron Limited
Champion Iron Limited is a Canadian iron ore producer listed on the ASX and TSX. This report analyses its business model, competitive position, DRPF transformation strategy, financial trajectory, a...
Charter Hall Group
Charter Hall manages $76 billion in Australian property across five sectors through a hybrid funds management and co-investment model. We examine the business, competitive position and key risks.
Charter Hall Long WALE REIT
Charter Hall Long WALE REIT owns a diversified net lease property portfolio with government and blue-chip tenants. We analyse the business model, lease structure, financial position and key risks.
Charter Hall Retail REIT
CQR owns grocery-anchored shopping centres and net lease fuel/hardware assets. We examine occupancy trends, lease structure, interest rate exposure and management execution.
Chrysos Corporation
Chrysos Corporation leases patented gold-assay technology to the world's largest testing labs. We examine the business model, competitive moat, financial trajectory, and key risks.
Cleanaway Waste Management
Cleanaway operates Australia's largest integrated waste collection and landfill network. We examine its competitive position, capital returns, and the live EQT takeover proposal.
Coast Entertainment Holdings
CEH operates a single theme park precinct on the Gold Coast. We analyse the business model, competitive position, balance sheet, and the key risks facing the earnings recovery.
Cochlear Limited
Cochlear Limited designs and manufactures implantable hearing devices. We examine its competitive position, recent financial performance, and the risks shaping its outlook.
Codan Limited
Codan operates dual franchises in metal detection and defence communications. We examine the competitive moat, recent earnings surge, and forward risks shaping the investment case.
Cogstate Ltd
Cogstate Ltd provides cognitive testing services for CNS clinical trials. We examine its scientific moat, customer concentration, growth drivers and financial position.
Coles Group Limited
Australia's second-largest supermarket operator is riding a $1.9 billion automation program to record margins. We analyse the durability of that advantage and what the current price requires.
Commonwealth Bank of Australia
CBA is Australia's largest bank by deposits and market capitalisation. We examine its competitive position, financial strength, earnings trajectory and the key risks facing the franchise.
Computershare Limited
Computershare is the world's largest transfer agent and a major corporate trust provider. We analyse its dual-income model, competitive moat, margin income trajectory, and key risks.
Contact Energy
Contact Energy is New Zealand's largest gentailer following the Manawa deal. We examine its geothermal cost advantage, earnings trajectory, and the risks to the pipeline that underpins its growth s...
Coronado Global Resources
Coronado mines metallurgical and thermal coal in Queensland and Virginia. We examine the business model, capital structure, competitive position, and key risks.
Credit Corp Group Limited
Credit Corp Group (ASX: CCP) is Australia's largest debt buyer and a sub-prime consumer lender. We analyse its business model, competitive position, financial trajectory, management track record, a...
CSL Limited
CSL Limited is a global biopharmaceutical manufacturer built on plasma-derived therapies. We assess its competitive position, recent execution, and the risks shaping its earnings path.
Dalrymple Bay Infrastructure
DBI owns a 99-year concession over the world's largest metallurgical coal export terminal. We analyse the business model, competitive position, financial trajectory, and the key risks shaping its i...
Deterra Royalties Limited
Deterra Royalties holds a perpetual royalty over BHP's Mining Area C iron ore hub. We examine the business model, earnings quality, management record and key risks.
Dexus
Dexus owns premium Australian office and industrial property and manages third-party capital. We examine its portfolio quality, financial position, and an unresolved litigation overhang.
Dexus Industria REIT
Dexus Industria REIT owns contracted industrial property across Australia's east coast and WA. We examine the business model, financial trajectory, competitive position, and key risks.
DigiCo Infrastructure REIT
DigiCo Infrastructure REIT owns Australia's largest data centre campus. We analyse the asset quality, external management structure, financial trajectory and key risks facing securityholders.
DPM Metals CDI
DPM Metals is a mid-tier gold miner operating across southeastern Europe. We analyse the business model, competitive position, financial trajectory, and the key question the current gol...
DXC Property Trust
DXC owns 91 fuel and convenience retail properties leased to major fuel operators. We analyse the lease structure, external management model, financial trajectory and key risks.
EBOS Group Limited
EBOS Group distributes pharmaceuticals and healthcare products across Australia and New Zealand. We examine its competitive position, financial trajectory, and key risks.
Elders Limited
Australia's largest rural services network navigates a CEO transition, a $470m acquisition, and structural margin pressure. We assess business quality, financials, and risks.
EML Payments Limited
EML Payments issues and processes prepaid cards across Europe, Asia Pacific and North America. We analyse the business model, competitive position, financial trajectory and key risks facing the tur...
Energy One Limited
Energy One sells trading and scheduling software to energy market participants across Australasia and Europe. We examine the business model, moat, management and the GMSL acquisition.
Evolution Mining
Evolution Mining is a low-cost ASX gold and copper producer. We examine its cost position, balance sheet, management execution and the assumptions embedded in the current share price.
Fiducian Group Limited
Fiducian Group operates an integrated funds management, platform and advice business. We examine its competitive position, financial strength, management track record and key risks.
FINEOS Corporation
FINEOS Corporation operates as a vertical SaaS vendor to life, accident and health insurers. We analyse the business model, margin trajectory, competitive position and key risks.
Fleetwood Limited
Fleetwood Limited operates workforce accommodation and modular construction in Australia. We analyse the business model, competitive position, acquisition thesis, and key risks facing the company.
Flight Centre Travel Group Limited
Flight Centre Travel Group (ASX: FLT) is Australia's largest travel intermediary by bookings volume. We analyse its corporate and leisure divisions, competitive position, financial trajectory, and...
Fortescue Ltd
Fortescue mines and ships iron ore from the Pilbara. We examine its cost position, balance sheet, capital allocation and the China demand assumptions that will decide the next few years.
Genesis Energy Limited
Genesis Energy Limited is New Zealand's only operator of large-scale thermal firming capacity. We analyse its competitive position, financial trajectory, and the key risks shaping its outlook.
Gentrack Group Ltd
Gentrack Group Ltd (GTK) builds mission-critical billing and customer management software for energy and water utilities, plus operational technology for airports. We analyse the business model, co...
Goodman Group
Goodman Group develops, owns and manages industrial property and data centres via a partnership model. We assess its competitive position, financial strength, and key risks.
GPT Group
GPT Group owns a diversified $12.5bn property portfolio and manages $42bn in third-party capital. We analyse the business model, financial trajectory, competitive position and key risks.
GQG Partners Inc.
GQG Partners is a US-based active equity manager listed on the ASX via CDIs. We analyse its business model, flow trends, competitive position, and key risks.
GrainCorp Limited
GrainCorp dominates grain handling across eastern Australia. We analyse the infrastructure franchise, the earnings trough driven by global oversupply, and what recovery requires.
Growthpoint Properties Australia
GOZ owns a diversified office and industrial portfolio across Australia. We examine the business model, recent financial trajectory, competitive position and key risks facing the REIT.
Guzman y Gomez Limited
Guzman y Gomez operates Australia's largest Mexican QSR chain under a franchise/corporate hybrid model. We analyse the business quality, growth drivers, competitive position and key risks.
GWA Group
GWA Group distributes Caroma-branded bathroom and kitchen fittings across Australia. We examine its competitive position, financial trajectory, management execution, and key risks.
Hansen Technologies Limited
Hansen Technologies runs billing and customer information software for utilities and telcos globally. We examine the business model, competitive position, recent performance and key risks ahead of...
Helia Group
Helia Group is one of two licensed lenders mortgage insurers in Australia. We examine its competitive position, claims cycle, capital return and structural risks.
HomeCo Daily Needs REIT
HDN owns roughly $5 billion of grocery-anchored daily needs retail property across Australia. We analyse the business model, financial trajectory, competitive position, and key risks.
HUB24 Limited
HUB24 operates a wealth management platform for financial advisers. We examine its competitive position, financial trajectory, capital discipline and the key risks facing the business.
IDP Education Limited
IDP Education runs global student placement and co-owns the IELTS testing standard. We analyse the business model, immigration policy exposure, and financial trajectory through a multi-year downturn.
IGO Limited
IGO holds a minority interest in the world's lowest-cost lithium mine. We analyse the ownership structure, financial trajectory, competitive position, and key risks.
Iluka Resources
Iluka Resources mines mineral sands and is building a rare earths refinery. We analyse the business model, earnings cycle, competitive position, and the risks tied to a first-of-kind project.
IMDEX Limited
IMDEX supplies sensors, drilling fluids and geoscience software to mining explorers. We examine its competitive position, financial trajectory and key risks.
Imricor Medical Systems
Imricor makes the only commercially available MRI-guided cardiac ablation system in the world. We examine the business model, US launch trajectory, competitive moat, and balance sheet runway.
Inghams Group
Inghams processes roughly 470,000 tonnes of chicken annually across a duopoly market structure. We examine the business model, margin cycle, competitive position and key risks.
Insurance Australia Group Limited
IAG operates Australia and New Zealand's largest personal lines insurance franchise. We examine its competitive position, margin trajectory, capital discipline and the risks that could shape return...
IPD Group
IPD Group distributes electrical switchgear and cabling through exclusive Australian brand rights. We examine the business model, growth drivers, competitive moat and key risks.
IPH Limited
IPH is the largest patent and trademark filing agent across Australia, Canada and Asia. We examine its competitive position, financials, and the risks shaping its outlook.
Iress Limited
Iress Limited supplies core software to Australian financial advisers, wealth platforms and trading desks. We examine its competitive position, margin trajectory and the risks that could reshape both.
James Hardie Industries plc
James Hardie Industries manufactures fiber cement and composite exterior building products across 32 plants globally. We analyse the business model, competitive position, AZEK integration, and the...
JB Hi-Fi Limited
JB Hi-Fi operates three retail brands in electronics and appliances. We analyse the competitive position, capital discipline, financial trajectory, and key risks facing the business.
Judo Capital Holdings
Judo Capital operates a challenger SME bank model in Australia. We examine its lending margins, credit quality trajectory, competitive position and the risks facing the loan book.
Kelly Partners Group Holdings Limited
Kelly Partners consolidates Australian, US and Philippines accounting practices via a partner-equity model. We examine the business quality, growth drivers, margin trajectory and structural risks.
Kinatico Limited
Kinatico Limited operates a dual-revenue compliance and workforce screening business. We analyse its SaaS transformation, competitive position, financial strength, and key risks ahead of FY27.
L1 Group
L1 Group runs Australia's largest independent long-short equity manager. We examine the merger, the fee structure, the fund performance record, and the risks around scale and succession.
Lark Distilling Co.
Lark Distilling Co. is Australia's founding single malt whisky producer. We examine its business model, financial trajectory, competitive position, and key risks.
Lendlease Group
Lendlease Group runs an integrated construction, development and investment management business. We examine its competitive position, balance sheet strain and earnings trajectory.
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