Quality: Good

iph

IPH: IP Services Leader - Patent Recovery Play with Network Effects

Updated 8 Oct 2025

IPH trades at $4.78 vs fair value $9.29 (94% upside). Market leader with 29.3% Australian share, CIPO recovery catalyst, 32% EBITDA margin target.

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imr

IMR: MRI-Guided Pioneer - Monopoly's Mirage at Extreme Multiples

Updated 8 Oct 2025

Fair value $0.30 vs current $1.37 implies 78% downside risk. Monopolistic MRI-compatible cardiac ablation technology with FDA approval catalyst, but extreme 195x revenue valuation creates unfavourable risk-reward profile.

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imd

IMD: Mining Tech Pioneer - Digital Dreams Meet Drilling Reality

Updated 8 Oct 2025

Mining technology leader trading at 44% premium to $2.36 fair value. Strong 29.3% EBITDA margins, 490+ patents, but execution risks from three simultaneous acquisitions amid uncertain exploration recovery.

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igl

IGL: Print Giant - Transformation's the New Black

Updated 8 Oct 2025

IVE Group trades at $2.99 vs fair value $8.19, offering 174% upside through portfolio transformation from print to packaging/logistics. Market leader with strong execution track record.

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idx

IDX: Diagnostic Imaging Giant - Leveraged to the Hilt, Priced for Perfection

Updated 8 Oct 2025

Australia's #2 diagnostic imaging provider trading at 129% premium to $1.16 fair value. High leverage, workforce constraints, and technology disruption create asymmetric downside risk.

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gwa

GWA: Water Solutions Giant - Plumbing the Depths of Value

Updated 8 Oct 2025

HOLD rating with $2.26 fair value vs $2.65 current price. Strong 5.85% dividend yield offset by customer concentration risks and margin compression pressures.

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gqg

GQG: Global Asset Manager - Defensive Genius or Margin Mirage?

Updated 8 Oct 2025

HOLD rating with $1.47 fair value vs $1.757 current price. Exceptional 76% EBITDA margins offset by defensive positioning headwinds and succession risk.

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gpt

GPT: Diversified REIT Giant - Caught Between Specialists and Structural Decline

Updated 8 Oct 2025

HOLD rating with $4.75 fair value vs $5.27 current price. 98.5% occupancy but office headwinds and 7.2x leverage create challenging outlook.

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gng

GNG: Engineering Services Specialist - Peak Performance, Peak Problems

Updated 8 Oct 2025

HOLD rating with $3.61 fair value vs $4.27 current price. Exceptional ROIC 71.6% offset by cyclical peak timing concerns and inevitable margin compression.

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gmg

GMG: Property Platform Powerhouse - Data Centre Dreams, Margin Reality

Updated 8 Oct 2025

Trading at $35.89 vs fair value $18.38 (95% premium). Development margins at 47.8% face compression to 42%. ROIC 8.2% trails WACC 9.6%. Quality business, extreme valuation.

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fwd

FWD: Modular Construction Leader - Deep Value at Cyclical Peak

Updated 8 Oct 2025

Trading at $2.94 vs $6.91 fair value (135% upside). Strong balance sheet, 48% recurring revenue, 23.1% ROIC. Cyclical normalisation expected.

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frw

FRW: Logistics Leader - Market's Missing the Delivery

Updated 8 Oct 2025

Freightways trades at NZ$10.22 versus NZ$20.85 fair value (104% upside). Market-leading logistics provider with 19.8% EBITDA margins, 14.2% ROIC, and demonstrated pricing power trading at 47% discount to peers.

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