Growth: Positive

cni

CNI: Alternative Asset Platform - AI Infrastructure Meets Property Expertise

Updated 8 Oct 2025

Alternative asset manager trading at $1.98 vs $2.66 fair value. Strong fundamentals with 14.2% ROIC, 33.4% EBITDA margins, defensive 75% recurring revenues.

View note

cmm

CMM: Gold Mining Giant - Peak Prices, Peak Problems

Updated 8 Oct 2025

SELL rating with $5.20 fair value vs $12.51 current price. Industry-leading AISC of $1,468/oz but trading at 18.6x EV/EBITDA versus peer median 8.5x.

View note

cen

CEN: Renewable Energy Transformer - Power Play or Pipeline Peril?

Updated 8 Oct 2025

Hold rating with $7.80 fair value vs $8.14 current price. 98% renewable portfolio, 20% market share, 8.4% revenue CAGR, but execution risks from $3.1bn concurrent initiatives.

View note

bsl

BSL: Steel Cycle Survivor - Trough to Peak Recovery Play

Updated 8 Oct 2025

BlueScope Steel analysis: Fair value $28.30 vs current $24.24 (16.7% upside). EBITDA margins recovering from 8.9% trough to 11.7% target. Multi-domestic strategy, net cash balance sheet.

View note

bio

BIO: Probiotics Pioneer - Priced for Perfection, Positioned for Pain

Updated 8 Oct 2025

AVOID rating with fair value $0.229 vs current $0.52. First profitable year achieved but trading at 56.6x EV/EBITDA versus peer median 12.5x.

View note

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

View note

aub

AUB: Insurance Intermediary - Lloyd's Access Unlocks Global Growth

Updated 8 Oct 2025

Fair value $41.52 vs current $33.29 (24.7% upside). Strong Lloyd's market access, digital platform leadership, 78% recurring revenue, defensive characteristics.

View note

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

View note

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.

View note

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.

View note

apz

AIA: Aviation Gateway - Terminal Integration's Make-or-Break Moment

Updated 8 Oct 2025

Auckland Airport trades at NZ$4.36 versus fair value NZ$5.10, with 18% ROIC and 69.8% EBITDA margins offset by NZ$3.5bn Terminal Integration execution risk through FY29.

View note

aov

AOV: Aftermarket Ace - Unified and Ready to Accelerate

Updated 8 Oct 2025

Amotiv trades at $8.74 vs $10.21 fair value, offering 16.8% upside through defensive aftermarket positioning and $10m transformation catalyst with 22.7% EBITDA margins.

View note