Health: Strong

KAR

KAR: Offshore Oil Producer - Operational Hiccups Hide Hidden Treasure

Updated 24 Oct 2025

Karoon Energy: Fair value A$6.00 vs current A$1.47 (+308% upside). Mid-tier offshore producer with 63.4% EBITDA margins, 54MMboe 2P reserves, facing near-term operational challenges creating valuation dislocation.

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REG

REG: Aged Care Consolidator - Betting the House on Integration

Updated 24 Oct 2025

Regis Healthcare acquiring aggressively at 7.5x EBITDA with $99m cash, 74 homes, $90m Q1 RAD inflows signal recovery, but valuation incomplete—integration execution critical.

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NST

NST: Gold Mining Giant - Priced for Perfection, Positioned for Pain

Updated 24 Oct 2025

Northern Star Resources: Australia's #2 gold producer trading at 102% premium to A$12.60 fair value. Operational excellence meets valuation excess with 51% downside risk.

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VGL

VGL: Cinema Tech Titan - Cloud's Silver Lining, Box Office Blues

Updated 24 Oct 2025

Vista Group (VGL) trades at $2.52 AUD versus $2.09 USD fair value, offering 10.7% upside. Dominant 46% market share, 90% recurring revenue, cloud transformation driving 13.3% FY25E growth. Medium confidence, 3-5 year horizon.

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WDS

WDS: LNG Infrastructure Giant - Williams Deal Unlocks Atlantic Value

Updated 24 Oct 2025

Woodside trades at $22.70 versus $39.37 fair value (73% upside). World-class 98.3% reliability, Scarborough 86% complete (H2 2026), Williams partnership validates Louisiana LNG. EBITDA margin 70.4%, development phase FCF compression temporary.

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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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