Health: Strong

srv

SRV: Premium Workspace Provider - Peak Performance, Inevitable Decline

Updated 8 Oct 2025

HOLD rating with $8.31 fair value. Exceptional 46.2% EBITDA margins face inevitable compression as 74% ROIC attracts competition. Income-focused opportunity only.

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srg

SRG: Infrastructure Transformer - Annuity Dream Meets Margin Reality

Updated 8 Oct 2025

HOLD rating with $1.78 fair value vs $1.99 current price. Strong 80% annuity model offset by margin compression risks and 53% valuation premium to peers.

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sol

SOL: Investment House Pioneer - Century-Old Wisdom Meets Modern Alpha

Updated 8 Oct 2025

Soul Patts trades at $38.71 vs fair value $45.81, offering 18.4% upside through portfolio evolution and private market access with 122-year dividend track record.

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smr

SMR: Metallurgical Coal Miner - Diamonds in the Rough, Gold in the Ground

Updated 8 Oct 2025

BUY rating with A$4.76 fair value vs A$2.36 current price. Strong balance sheet, operational excellence, 102% upside potential despite commodity volatility.

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slx

SLX: Nuclear Fuel Pioneer - Laser Focus on Uranium's Future

Updated 8 Oct 2025

Speculative buy with 124% upside to $9.06 fair value. Binary TRL-6 catalyst Q4 2025. Revolutionary laser enrichment technology targeting 8% Western market share.

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skt

SKT: Pay-TV Powerhouse - Sports Rights Showdown Looms

Updated 8 Oct 2025

HOLD rating on Sky Network Television. Fair value NZ$5.68 vs current NZ$2.58 (120% upside). Dominant 80% NZ pay-TV share, 8.5% yield, but 2030 sports rights renewal risk.

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sks

SKS: Data Centre Darling - Boom Turns to Bust as Competition Awakens

Updated 8 Oct 2025

Electrical contractor riding data centre wave faces inevitable margin compression. Fair value $1.55 vs current $2.97. EBITDA margins 9.0%, ROIC 84%, but competition emerging.

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sha

SHA: Construction Services Transformer - Three Pillars, Wrong Timing

Updated 8 Oct 2025

SHAPE trades at $4.28 vs fair value $3.30. Strong operations (86% Perfect Delivery, 78.6% ROIC) but execution complexity and cycle timing create unfavourable risk-reward.

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sgi

SGI: Distribution Consolidator - Acquiring Success, One Deal at a Time

Updated 8 Oct 2025

Industrial distributor trading 17% below $0.88 fair value with 16.7% ROIC and proven M&A execution across fragmented Australian market.

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sgh

SGH: Industrial Services Powerhouse - Infrastructure Boom Meets Reality Check

Updated 8 Oct 2025

Fair value $23.50 vs current $20.00. EBITDA margins 19.1% compressing to 17.5%. Strong market positions face inevitable competitive convergence. Quality 6.75/10.

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sfr

SFR: Copper Mining Excellence - Peak Performance, Peak Pricing Problem

Updated 8 Oct 2025

Mid-tier polymetallic miner with 45% EBITDA margins trading at $15.43 vs $3.82 fair value. Strong operations, challenging valuation at commodity cycle peak.

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sfc

SFC: Industrial Diversifier - Property Pot of Gold at Leather's End

Updated 8 Oct 2025

Trading at $20.86 vs fair value $32.23 (+54.5% upside). EBITDA margins 18.7% vs peers 12%. Property NAV $16.73/share provides downside protection. Medium risk, favourable outlook.

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