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SEC: Small-Cap Specialist - Premium Trading in a Discount World
Updated 8 Oct 2025
HOLD rating with $2.79 fair value vs $2.57 current price. 5.8% franked yield, 4.5% alpha generation, premium NTA trading.
View noteHealth: Strong
sdr
SDR: Platform Pioneer - Smart Money's Getting Smarter
Updated 8 Oct 2025
SiteMinder trades at $7.50 versus $3.68 fair value (51% overvaluation). Strong platform business with 7.4/10 quality score but execution risk limits appeal at current levels.
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RWC: Plumbing Products Pioneer - Patents Expiring, Pressure Mounting
Updated 8 Oct 2025
HOLD rating with $3.15 fair value vs $4.55 current price. Quality franchise facing patent expiry 2028-2030 and tariff headwinds. Strong cash generation but structural challenges ahead.
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RRL: Gold Miner - Peak Cycle Peril, Underground Gamble
Updated 8 Oct 2025
Mid-tier gold producer trading at $4.51 vs $2.79 fair value amid peak cycle conditions and complex underground transition. 47% EBITDA margins unsustainable, 35% execution risk.
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RMS: Gold Mining Giant - Peak Performance, Perilous Pricing
Updated 8 Oct 2025
Trading at A$2.81 vs fair value A$1.64, exceptional 68% EBITDA margins face inevitable compression as gold normalises from peak levels.
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RIC: Agricultural Inputs Leader - Fertiliser Fusion Fuels Growth
Updated 8 Oct 2025
Fair value $3.22 vs current $2.94 (9.5% upside). ROIC 24.8% vs peers 9.5%. IPF integration adds scale, creates synergies.
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REH: Plumbing Distribution Giant - Premium Price, Leaky Valuation
Updated 8 Oct 2025
Reece trades at $14.93 vs fair value $11.80, offering -21% return potential with 68% loss probability amid construction headwinds and competitive pressures.
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RDX: Chemical Distribution Leader - Recovery Priced In, Execution Required
Updated 8 Oct 2025
HOLD rating with $2.17 fair value vs $2.31 current price. Dominant ANZ position, 5.4% yield, but US expansion struggles and margin recovery challenges limit upside.
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QBE: Global Insurance Giant - Transformed but Trapped by Market Euphoria
Updated 8 Oct 2025
QBE Insurance shows strong transformation with 18.2% ROE and 93.1% combined ratio, but fair value analysis suggests 54% overvaluation at current levels.
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QAN: Aviation Powerhouse - Flying High on Fleet Renewal Wings
Updated 8 Oct 2025
Dominant Australian airline trading at 38% discount with $19.04 fair value versus $11.89 current price, 20% EBITDA margins, 65% market share.
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PRN: Underground Mining Giant - Digging Deep for Value
Updated 8 Oct 2025
Mining services leader trading at 3.1x EV/EBITDA vs 9.0x peer median, fair value $3.92 vs current $2.02, strong execution track record
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PPM: Non-Bank Lending Leader - Royal Commission's Gift That Keeps Giving
Updated 8 Oct 2025
Fair value $3.62 vs current $1.94 (87% upside). Market-leading non-bank lender with 48.8% EBITDA margins, 12.1% ROIC, transforming to capital-light servicing model.
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