Equity Research
Independent analysis across the ASX. Search by company name, ticker, or filter by sector.
AGL Energy Limited
Australia's largest private electricity generator faces a defining transition as coal assets approach end-of-life. We analyse competitive position, financials, and the battery growth thesis.
Alkane Resources Limited
A mid-tier gold and antimony producer operating three mines across two continents. We analyse ALK's cost structure, post-merger financials, competitive position, and commodity price exposure.
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 manufactures and distributes automotive aftermarket parts across three divisions. We analyse competitive positioning, margin trajectory, capital allocation, and the risks embedded in the cur...
AMP Limited
AMP Limited is a diversified wealth manager and retail bank. We analyse the turnaround progress, platform momentum, legacy outflow dynamics, and capital allocation 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 Australia's largest gas transmission network. We analyse the monopoly franchise, $3 billion growth pipeline, balance sheet leverage, and rate sensitivity.
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.
ASX Limited
ASX Limited operates Australia's sole exchange, clearing and settlement infrastructure. We analyse the monopoly's durability, margin trajectory, regulatory costs, and financial outlook.
Aurizon Holdings Limited
Australia's largest rail freight operator controls a 99-year monopoly lease on Queensland's coal rail network. We analyse the business model, competitive position, financial trajectory, and key risks.
Beach Energy Limited
Beach Energy is Australia's third-largest domestic oil and gas producer. We analyse the business model, reserve trajectory, financial outlook, and the commodity assumptions embedded in the current...
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
The world's largest diversified miner by market capitalisation, with dominant positions in copper and iron ore. We analyse business quality, financials, and key risks.
Breville Group Limited
Breville designs and markets premium small kitchen appliances across 81 countries. We analyse the competitive position, financial trajectory, tariff exposure, and key risks facing the business.
BWP Property Group
BWP Property Group owns 73 large format retail properties anchored by Bunnings. We analyse the business model, rate sensitivity, competitive position, and key risks.
CAR Group Limited
CAR Group operates the world's largest network of online vehicle marketplaces. We analyse its competitive position, financial trajectory, and the risks that matter most.
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
Australia's largest pure-play industrial REIT owns 73 properties valued at $3.9 billion. We analyse CIP's competitive position, financial trajectory, and the rate sensitivity that dominates its out...
Charter Hall Group
Charter Hall is Australia's largest diversified property funds manager. We analyse its competitive position, earnings trajectory, balance sheet strength, and the risks facing its $73.6 billion plat...
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
Australia's largest retail bank commands a 26% deposit share and trades at a significant premium to peers. We analyse the franchise, earnings trajectory, and what the price requires.
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.
Credit Corp Group Limited
Credit Corp Group is Australia's largest buyer of overdue consumer debt, with a growing US operation and lending arm. We analyse competitive position, earnings trajectory, and key risks.
CSL Limited
CSL Limited is the world's largest plasma-derived therapies company. We analyse its competitive position, financial trajectory, leadership transition, and key risks.
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 largest Pilbara iron ore hub. We analyse the business model, commodity exposure, financial trajectory, and structural 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.
Evolution Mining Limited
Australia's second-largest gold producer with copper diversification. We analyse Evolution's cost position, commodity leverage, growth pipeline, and what the current price requires.
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...
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 is a global industrial property and data centre developer. We analyse its hybrid business model, competitive moat, financial trajectory, and the risks embedded in its pivot.
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.
Guzman y Gomez Limited
Australia's only scaled Mexican QSR chain is rolling out 32 stores per year with strong unit economics. We analyse the business model, competitive position, financials, and key risks.
Hansen Technologies Limited
Hansen Technologies provides mission-critical billing software to energy and telecoms companies across 80 countries. We analyse its competitive position, margin trajectory, and key risks.
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 Limited
Iluka Resources is Australia's largest mineral sands producer and is building the only ex-China heavy rare earth refinery. We analyse the competitive position, Eneabba's execution risk, and the fin...
Insurance Australia Group Limited
Australia's largest general insurer controls 55% of personal lines with Suncorp. We analyse the duopoly franchise, earnings normalisation, reinsurance advantages, and key risks.
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
Australia's largest consumer electronics retailer posted a +26% comparable sales surge in Q3 FY26. We analyse whether the momentum is structural or borrowed, and what it means for the business.
Macquarie Group Limited
Macquarie Group operates as a diversified financial conglomerate spanning asset management, commodity trading, retail banking, and advisory. We analyse business quality, earnings durability, and ke...
Mastermyne Group Limited
Mastermyne Group provides underground coal mining services and strata consolidation products in Queensland's Bowen Basin. We analyse the business model, competitive position, financial trajectory,...
Metcash Limited
Metcash Limited is Australia's only national wholesale distributor for independent grocery, liquor, and hardware retailers. We analyse the business model, competitive position, financial trajectory...
Mirvac Group
Australia's largest integrated develop-own-manage REIT. We analyse Mirvac's competitive position, earnings recovery trajectory, living-sector pipeline, and the rate sensitivity embedded in every dr...
Netwealth Group Limited
Australia's highest-rated wealth administration platform, managing $112.8 billion. We analyse the business model, earn rate dynamics, competitive position, and key risks.
nib holdings limited
Australia's second-largest private health insurer, covering 1.9 million lives. We analyse the regulatory moat, margin trajectory, claims inflation risk, and capital discipline.
Nick Scali Limited
Nick Scali is a founder-led specialty furniture retailer with sector-leading margins. We analyse its competitive position, UK expansion, consumer cycle exposure, and financial trajectory.
Northern Star Resources Limited
Australia's largest gold miner is completing a generational expansion at KCGM. We analyse the business model, financial trajectory, competitive position, and key risks.
Orica Limited
Orica is the world's largest commercial explosives manufacturer. We analyse its competitive position, margin sustainability, acquisition integration, and commodity exposure.
Origin Energy Limited
Australia's largest integrated energy retailer combines a dominant retail franchise, APLNG gas distributions, and energy transition investments. We analyse the business, financials, and risks.
Orora Limited
Orora is an Australian beverage packaging manufacturer operating across glass and aluminium cans. We analyse its post-transformation business quality, financial trajectory, and key risks.
Pilbara Minerals Limited
Pilbara Minerals is the world's largest independent hard-rock lithium producer. We analyse its competitive position, financial trajectory, expansion optionality, and the commodity price assumptions...
Plenti Group Limited
Plenti Group (ASX: PLT) is an ASX-listed non-bank digital lender with a $3.1 billion loan book. We analyse the business model, credit cycle dynamics, competitive position, and key risks facing the...
Pro Medicus Limited
Pro Medicus develops cloud-native medical imaging software for US hospitals. We analyse its competitive moat, financial trajectory, margin structure, and key risks.
Qantas Airways Limited
Australia's dominant airline and loyalty platform faces a fuel shock midway through a $22.5 billion fleet renewal. We analyse the duopoly economics, earnings trajectory, and the binary risk that de...
Racura Oncology
Racura Oncology is an ASX-listed clinical-stage biotech developing RC220, a novel MYC-silencing drug candidate across three oncology programs. We analyse the business model, competitive position, f...
REA Group Limited
REA Group dominates Australian online property classifieds. We analyse its pricing power, competitive moat, financial trajectory, and the rate sensitivity embedded in its valuation.
Region Group
Region Group owns 95 convenience-retail shopping centres across Australia. We analyse the business model, hedge roll-off risk, financial trajectory, and competitive position.
Rio Tinto Group
Rio Tinto is the world's second-largest diversified miner. We analyse the business model, competitive position, financial trajectory, and the forces shaping its outlook.
Santos Limited
Santos is Australia's second-largest oil and gas producer entering a major production inflection. We analyse the cost advantage, growth ramp, commodity exposure, and key risks.
SEEK Limited
SEEK dominates online employment marketplaces across ANZ and Asia. We analyse its pricing power, Growth Fund opacity, competitive durability, and earnings trajectory.
Seven Group Holdings
Seven Group Holdings controls three market-leading Australian industrial franchises. We analyse the competitive moats, Boral's turnaround durability, margin trajectory, and key risks.
Sims Limited
Sims Limited is a global metals recycler with a fast-growing IT asset disposition division. We analyse the business transformation, SLS margin durability, and key risks.
Sonic Healthcare Limited
Sonic Healthcare is the world's third-largest pathology company, operating across six countries. We analyse its competitive position, LADR integration, US stagnation, and financial trajectory.
South32 Limited
South32 is a diversified miner producing alumina, copper, zinc, and manganese. We analyse its portfolio transformation, Hermosa growth project, balance sheet strength, and commodity price exposure.
SRG Global Limited
SRG Global delivers infrastructure maintenance and construction services across Australian resources, utilities, defence, and marine sectors. We assess business quality, financial trajectory, and k...
Suncorp Group Limited
Australia's second-largest general insurer, now a pure-play following its bank divestiture. We analyse competitive position, earnings trajectory, catastrophe risk, and what the price requires.
Superloop Limited
Australia's fourth-largest ISP is scaling a platform model across consumer, business, and wholesale broadband. We assess business quality, financials, and the risks the market may be underweighting.
TechnologyOne Limited
TechnologyOne builds vertical ERP software for government and education. We examine its competitive position, financial trajectory, UK expansion, and the assumptions embedded in the current price.
Temple & Webster Group Ltd
Australia's largest pure-play online furniture retailer is scaling rapidly through a structural channel shift. We analyse the business model, margin trajectory, competitive position, and key risks.
The Lottery Corporation
Australia's regulated monopoly lottery operator holds exclusive licences to 2068. We assess the business model, financial trajectory, competitive position, and rate sensitivity.
Transurban Group
Transurban operates 22 monopoly toll roads across Australia and North America. We analyse the concession model, financial trajectory, competitive position, and the NSW reform risk that hangs over h...
Treasury Wine Estates Limited
Australia's largest listed wine company spans luxury through commercial tiers. We analyse Penfolds' franchise strength, the DAOU integration fallout, US category risk, and the path to earnings reco...
Ventia Services Group
Australia's largest essential infrastructure services operator, with $22.1bn in contracted work. We assess the business model, competitive position, earnings trajectory, and structural risks.
Vista Group International Limited
Vista Group International Limited is a vertical SaaS business controlling 46% of the global enterprise cinema software market. We analyse its business model, cloud transition economics, competitive...
Viva Energy Group Limited
Australia's second-largest fuel distributor controls irreplaceable refining and terminal infrastructure. We analyse the earnings quality gap, balance sheet risk, and whether reported profits reflec...
Webjet Limited (OTA division)
Webjet Limited (OTA division) is Australia's third-largest online travel agency. We analyse the business model, competitive position, financial trajectory, governance, and the key events that will...
Westgold Resources Limited
Westgold Resources is a mid-tier Australian gold producer ramping toward 460,000 ounces. We analyse business quality, financial trajectory, competitive position, and the gold price assumptions embe...
Worley Limited
Worley is a global engineering services firm with 53,000 staff across 46 countries. We analyse its competitive position, margin trajectory, Middle East exposure, and financial outlook.
Xero Limited
Xero Limited provides cloud accounting software to 4.9 million subscribers globally. We analyse its competitive moat, the Melio acquisition, financial trajectory, and key risks.
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