Quality: Good

ccr

CCR: Debt Collections Disruptor - AI-Powered Turnaround Trades at Steep Discount

Updated 24 Oct 2025

Credit Clear trades at $0.27 vs fair value $0.45 (67% upside), recently profitable with 15.8% EBITDA margin, 95% Tier-1 retention, technology moat 5-7 years

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syl

SYL: Infrastructure Contractor - Victorian Peak Meets Utility Pivot

Updated 24 Oct 2025

Fair value $2.65 with 18.6% ROIC premium to sector. Victorian concentration risk offset by utility acquisitions and renewables positioning.

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asx

ASX: Exchange Operator - Monopoly Under Scrutiny, Margin Recovery Ahead

Updated 24 Oct 2025

ASX trades at $58.42 vs fair value $70.15 (+20% upside). Dominant market position with 61% EBITDA margins, 13.8% ROIC. Near-term regulatory and execution risks offset by structural moat and superannuation tailwinds.

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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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MAF

MAF: Financial Services Transformer - Money's Made, Market's Missed It

Updated 24 Oct 2025

MA Financial trades at $9.19 versus $11.41 fair value (24% upside). Strong execution with MA Money profitability inflection, 74% recurring revenue, 34% AUM growth. ROIC 19.0% vs WACC 9.2%. Quality score 7.8/10.

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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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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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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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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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CXL

CXL: Industrial Decarbonisation Pioneer - Platform's Scaling, Policy's Paying

Updated 22 Oct 2025

BUY rating with $0.98 fair value vs $0.485 current price (85% upside). Platform technology across $50bn+ TAM, 16% revenue CAGR, 80% grant success rate.

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