equity-research

IFL

IFL: Wealth Platform Powerhouse - Separation's Set the Stage for Efficiency

Updated 24 Oct 2025

Attractive rating with fair value $4.61 vs current $4.505. Strong operational momentum with 3.1% FUMA growth to $340.5bn and positive $1.0bn net inflows. Trading at 42% discount to peers (7.4x vs 12.8x EV/EBITDA) despite comparable quality.

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GNE

GNE: Integrated Gentailer - Flexibility's the Name, Transition's the Game

Updated 24 Oct 2025

Genesis Energy (NZX:GNE) fair value NZ$3.61 vs current AUD$2.07 (NZ$2.18), 66% upside. Quality score 8.2/10, wide moat, strong execution. ROIC 8.5%, 12.8% EBITDA margin, 6.6% yield.

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COH

COH: Hearing Solutions Leader - Smart Implants, Smarter Valuation?

Updated 24 Oct 2025

Global cochlear implant leader (62% share) with Nexa innovation and demographic tailwinds, though current $309 price implies -27% downside to $209 fair value. ROIC 24% vs WACC 8%, FY26 guidance 11-17% profit growth.

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BXB

BXB: Pallet Pooling Giant - Premium Price, Circular Reality

Updated 24 Oct 2025

Brambles (BXB) trades at $23.23 with fair value US$11.53, implying 30% downside. Strong 22% EBITDA margins and 95% retention offset by elevated valuation at 17.0x P/E versus 15.5x peers.

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HLO

HLO: Travel Network Giant - Discount Departure Lounge

Updated 24 Oct 2025

Trading at 48% discount to peers despite 31.1% margins and 96% franchise retention. Fair value $3.62 vs current $1.83 implies 98% upside potential.

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S32

S32: Mining Transformer - Hermosa's Heavy Lift

Updated 22 Oct 2025

South32 trades at 18% premium to $2.62 fair value with challenging risk-reward dynamics. ROIC 8.7% trails WACC 10.95%. High terminal dependency creates valuation uncertainty.

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RZI

RZI: Micro-Investing Pioneer - Spare Change, Major Gains

Updated 22 Oct 2025

BUY rating with $1.51 fair value vs $0.745 current price. Strong 8.1/10 quality score, 35-40% market share, 96% upside potential.

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PPS

PPS: Wealth Platform Pioneer - Premium Positioning Pays Dividends

Updated 22 Oct 2025

Premium wealth platform leader trading at 35% discount to $0.91 fair value, with 15.2% ROIC and 95% recurring revenue model targeting HNW growth.

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JDO

JDO: SME Banking Specialist - Relationship Revolution or Overvalued Evolution?

Updated 22 Oct 2025

Specialist SME bank with 16% loan growth and NPS +53, trading at $1.73 vs $1.01 fair value. Strong execution but overvalued at current levels.

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HUB

HUB24: Wealth Platform Powerhouse - Ecosystem's Eating Everyone's Lunch

Updated 22 Oct 2025

HUB24 rated ATTRACTIVE at $110.72 fair value vs $108.83 current price. 15% revenue CAGR, 28% ROIC, 9.0% market share with wide moat.

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CXL

CXL: Industrial Decarbonisation Pioneer - Platform's Scaling, Policy's Paying

Updated 22 Oct 2025

BUY rating with $0.98 fair value vs $0.485 current price (85% upside). Platform technology across $50bn+ TAM, 16% revenue CAGR, 80% grant success rate.

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CWY

CWY: Waste Management Leader - Blueprint for Defensive Growth

Updated 22 Oct 2025

Cleanaway trades at $2.87 vs $2.70 fair value, offering defensive infrastructure exposure with 25% market share, 24% EBITDA margins, and 8-10% expected returns.

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