Moat: Narrow

mah

MAH: Mining Services Specialist - Underground Ambitions Meet Cycle Reality

Updated 8 Oct 2025

HOLD rating with $0.40 fair value vs $0.37 current price. Strong 20.5% ROIC and underground expansion offset by peak cycle positioning and execution risks.

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m7t

M7T: Healthcare IT Transformer - Vendor Neutral's Vital Signs

Updated 8 Oct 2025

HOLD rating with $0.35 fair value vs $0.32 current price. SaaS transformation progressing with 75% recurring revenue, 95%+ retention, but execution risks during leadership transition.

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lyl

LYL: Mining Engineering Specialist - SAXUM Success Unlocks Latin Leverage

Updated 8 Oct 2025

Lycopodium trades at $12.00 vs fair value $16.62, offering 38.5% upside through technical differentiation, SAXUM integration, and critical minerals recovery with 32.8% ROIC.

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lrk

LRK: Tasmanian Whisky Pioneer - Premium Priced, Execution Challenged

Updated 8 Oct 2025

Premium Tasmanian whisky producer trading at $0.76 vs $0.54 fair value. Business quality 3.98/10, EBITDA margins -20%, requiring $18-45m funding. International expansion critical but execution risks high.

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llc

LLC: Real Estate Transformer - Capital Recycling's Make-or-Break Moment

Updated 8 Oct 2025

HOLD rating with fair value $6.96 vs current $5.55. Transformation story with 25% upside potential but elevated execution risks from $2bn capital recycling programme.

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lfg

LFG: Non-Bank Lending Leader - Margin Squeeze Meets Dividend Dreams

Updated 8 Oct 2025

Liberty Financial Group analysis: Fair value $3.96 vs current $4.29, 15.6% yield faces sustainability concerns, narrow moat eroding over 4-5 years

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lau

LAU: Agricultural Logistics Integrator - Fruit Loop's Bearing Fruit

Updated 8 Oct 2025

Deep value opportunity with 361% upside potential. Fair value $3.55 vs current $0.77. EBITDA margins recovering to 12% through transport cycle normalisation and integration synergies.

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ksl

KSL: PNG Banking Pioneer - Digital Dominance Meets Deep Value

Updated 8 Oct 2025

PNG's digital banking leader trading at 75% discount to PGK 6.40 fair value, offering 32% expected returns with strong fundamentals and multiple catalysts

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kls

KLS: Transport Giant - Driving Through the Storm

Updated 8 Oct 2025

HOLD rating with $6.56 fair value vs $5.03 current price. Defensive 93% contracted revenue model faces labour pressures and EV transition complexity.

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kgn

KGN: E-commerce Transformer - Platform Dreams Meet Amazon Reality

Updated 8 Oct 2025

HOLD rating with $3.98 fair value vs $4.00 current price. Platform transformation showing 26.9% CAGR but facing Amazon competitive threat.

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jlg

JLG: Insurance Restoration Leader - From CAT Trough to Cash Cow

Updated 8 Oct 2025

Johns Lyng Group trades at 18.3% discount to $4.66 fair value, positioned at CAT revenue trough with defensive BaU growth and strategic platform expansion opportunities.

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jhx

JHX: Building Materials Behemoth - AZEK's Acquisition Ambition Meets Valuation Reality

Updated 9 Oct 2025

Strong Sell rating with fair value $11.26 vs current $30.98 - 83% overvaluation despite solid fundamentals and AZEK synergies

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