Earnings: Medium

avh

AVH: Regenerative Medicine Pioneer - Healing at the Crossroads

Updated 8 Oct 2025

Growth equity opportunity with $4.83 fair value, 22.9% revenue CAGR, wide competitive moat, high execution risk, suitable for healthcare specialists

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ata

ATA: Sovereign IT Champion - Integration Complexity Creates Compelling Entry Point

Updated 8 Oct 2025

Atturra trades at $0.80 vs $1.40 fair value (75% upside) with 300+ security clearances creating sovereign IT moat despite integration execution risks

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asg

ASG: Luxury Auto Retailer - Cyclical Trough Creates 199% Recovery Opportunity

Updated 8 Oct 2025

Autosports Group trades at $2.69 versus $8.04 fair value (199% upside). Cyclical recovery from 5.8% to 6.9% EBITDA margins with 4.86x leverage and 18-36 month tactical horizon.

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asb

ASB: Naval Shipbuilder - Steel Yourself for Transformation

Updated 8 Oct 2025

HOLD rating with $4.37 fair value vs $4.50 current price. Strong $14.2bn order book but execution risks during steel programme transition. 11.8% revenue CAGR forecast.

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anz

ANZ: Banking Behemoth - Party's Over, Hangover Begins

Updated 8 Oct 2025

ANZ trades at $32.95 versus fair value $9.62 (243% overvalued). Credit normalisation from 4bps to 20bps drives 71% downside over 24 months. Quality score 5.0/10, ROE declining to 8.6%.

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ANN

ANN: PPE Giant - Gloves Off in the Commoditisation Fight

Updated 8 Oct 2025

Ansell trades at $31.83 vs fair value $25.40 (-20% overvalued). Strong healthcare franchise faces examination glove commoditisation pressure with 55% thesis failure probability.

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ang

ANG: Mining Equipment Specialist - Chile's Crisis Creates Value Opportunity

Updated 8 Oct 2025

Austin Engineering trades at 2.7x EBITDA vs sector 9.5x median. Fair value $0.78 vs current $0.30 reflects Chilean operational recovery potential and working capital normalisation.

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amc

AMC: Packaging Giant - Sustainability Story Meets Reality Check

Updated 8 Oct 2025

Global packaging leader trading at $12.14 vs fair value $5.08. Quality deteriorating (5.5/10), leverage concerning (3.1x), margins unsustainable (14.4%).

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ald

ALD: Integrated Fuel Giant - Transition's Ticking Time Bomb

Updated 8 Oct 2025

Market leader with 27% share faces 78% downside to DCF fair value of $6.42 as energy transition accelerates, EG integration challenges emerge, and peak 4.2% EBITDA margins compress toward 3.4% terminal levels.

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aia

AIA: Gateway Monopoly - Terminal Trouble Ahead

Updated 8 Oct 2025

Auckland Airport trades at $7.03 vs $2.71 fair value (64% overvalued). Monopolistic 75% market share offset by negative NZ$500m annual FCF through 2028, 98.3% terminal value dependency, and inevitable margin compression from 69.8% peaks.

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agl

AGL: Energy Giant - Powering Through the Great Transition

Updated 8 Oct 2025

Fair value $14.96 vs current $9.76. Market leader executing renewable transformation with 9.6GW pipeline. EBITDA margins expanding 13.2% to 17.7%.

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agi

AGI: Gaming Equipment Specialist - Horse Racing's Hidden Gem

Updated 8 Oct 2025

Deep value opportunity trading at A$1.01 vs A$3.13 fair value. HHR network dominance with 10,496 units, pending Novomatic acquisition catalyst.

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