equity-research

nwl

NWL: Platform Powerhouse - Perfection Priced, Reality Pending

Updated 8 Oct 2025

Australia's #1 wealth platform with 89.2% ROIC trades at $37.14 vs $9.67 fair value. Exceptional margins face inevitable compression as competition intensifies.

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nwh

NRW: Mining Services Contractor - OneSteel's Pain, Investor's Gain

Updated 8 Oct 2025

Mining services contractor trading at $3.47 vs $5.96 fair value (72% upside). Strong order book visibility, conservative balance sheet, temporary OneSteel impacts clearing.

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NVO

NVO: Gold Explorer - Pilbara Powerplay with Partner Validation

Updated 8 Oct 2025

High-risk exploration opportunity with 5,500 sq km Pilbara position, Northern Star partnership, and C$30.3M portfolio backing. Fair value C$0.138 vs C$0.10 current.

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neu

NEU: Rare Disease Royalty King - Exceptional Quality, Expensive Entry

Updated 8 Oct 2025

Monopoly Rett syndrome treatment with 83.4% margins and A$222m cash. Fair value A$10.46 vs current A$16.93 suggests 62% overvaluation despite exceptional business quality.

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NCK

NCK: Furniture Retail Leader - UK Conversion's Make or Break Moment

Updated 8 Oct 2025

Nick Scali trades at $19.37 vs fair value $18.34, reflecting 5.6% overvaluation. Strong ANZ market leadership with UK expansion catalyst requiring selective entry timing.

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nan

NAN: Infection Prevention Pioneer - CORIS Platform Gamble at Premium Prices

Updated 8 Oct 2025

HOLD rating with $3.25 fair value vs $4.49 current price. Strong trophon franchise but CORIS execution risk at 28% premium valuation.

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mye

MYE: Underground Mining Contractor - Digging Out of Deep Value

Updated 8 Oct 2025

Mastermyne trades at $0.14 vs $0.45 fair value following external mining disruptions. Strong safety record and technical differentiation support recovery potential.

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mvp

MVP: Pharmaceutical Turnaround - From Pain to Gain

Updated 8 Oct 2025

Pharmaceutical turnaround story trading at $0.615 vs $0.94 fair value. 54% upside potential with 31% European growth and operational recovery to 8.1% EBITDA margins.

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mp1

MP1: Network-as-a-Service Pioneer - Platform Dreams, Valuation Nightmares

Updated 8 Oct 2025

AVOID rating with fair value $4.20 vs current $14.82. Strong 19% revenue growth and 95% recurring revenue model undermined by extreme 253% overvaluation and cloud disintermediation risk.

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mlg

MLG: Mining Services Specialist - Discount Deeper Than the Goldfields

Updated 8 Oct 2025

MLG trades at 68% discount to peers despite operational recovery. Fair value $1.00 vs current $0.80 with 25% upside potential.

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mhj

MHJ: Jewellery Retail Turnaround - Diamonds in the Rough

Updated 8 Oct 2025

Deep value opportunity at $0.41 vs $2.49 fair value. EBITDA margins recovering from 13.1% trough. Canadian operations prove model works with 4.4% SSS growth.

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mgx

MGX: Iron Ore Miner - Gold Rush or Fool's Gold?

Updated 8 Oct 2025

Trading at $0.395 vs $0.54 fair value. Binary transformation from depleting iron ore to gold development. Strong balance sheet with execution risk.

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