Risk: Medium

bvs

BVS: Wealth Management Software - Digital Dreams, Succession Schemes

Updated 8 Oct 2025

Specialised wealth management software provider trading at $2.21 vs $1.53 fair value. Strong business quality (7.6/10) with 19.5% EBITDA margins but facing competitive pressure and CEO succession uncertainty.

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bsl

BSL: Steel Cycle Survivor - Trough to Peak Recovery Play

Updated 8 Oct 2025

BlueScope Steel analysis: Fair value $28.30 vs current $24.24 (16.7% upside). EBITDA margins recovering from 8.9% trough to 11.7% target. Multi-domestic strategy, net cash balance sheet.

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aub

AUB: Insurance Intermediary - Lloyd's Access Unlocks Global Growth

Updated 8 Oct 2025

Fair value $41.52 vs current $33.29 (24.7% upside). Strong Lloyd's market access, digital platform leadership, 78% recurring revenue, defensive characteristics.

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ata

ATA: Sovereign IT Champion - Integration Complexity Creates Compelling Entry Point

Updated 8 Oct 2025

Atturra trades at $0.80 vs $1.40 fair value (75% upside) with 300+ security clearances creating sovereign IT moat despite integration execution risks

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apz

AIA: Aviation Gateway - Terminal Integration's Make-or-Break Moment

Updated 8 Oct 2025

Auckland Airport trades at NZ$4.36 versus fair value NZ$5.10, with 18% ROIC and 69.8% EBITDA margins offset by NZ$3.5bn Terminal Integration execution risk through FY29.

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apa

APA: Gas Transmission Giant - Transition Fuel or Stranded Asset?

Updated 8 Oct 2025

Infrastructure utility trading at $8.57 vs $11.09 fair value (29.4% upside). 48% market share, 74.2% EBITDA margins, 86% contracted revenues through 2051. Energy transition risks vs defensive moat characteristics.

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aov

AOV: Aftermarket Ace - Unified and Ready to Accelerate

Updated 8 Oct 2025

Amotiv trades at $8.74 vs $10.21 fair value, offering 16.8% upside through defensive aftermarket positioning and $10m transformation catalyst with 22.7% EBITDA margins.

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amp

AMP: Retirement Specialist - Transformation Complete, Value Creation Commences

Updated 8 Oct 2025

AMP trades at $1.63 vs $1.93 fair value following successful transformation to retirement specialist. 18% upside with 4.9% yield and wide moat characteristics.

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alx

ALX: Toll Road Infrastructure - Regulatory Storm Creates Value Highway

Updated 8 Oct 2025

Atlas Arteria trades at A$49.20 versus A$87.49 fair value, offering 75% upside through regulatory normalisation catalysts with 4.9% yield and 98% FCF conversion.

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alq

ALQ: Testing Services Giant - Hub Expansion Gamble at Premium Prices

Updated 8 Oct 2025

ALS Limited trades at 16.0x EV/EBITDA (25% peer premium) despite 7.35/10 quality score. Fair value $16.77 vs current $19.78 implies 15.2% downside with mining cycle risks.

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all

ALL: Gaming Content Leader - Digital Transformation Deals the Cards

Updated 8 Oct 2025

Trading at $68.84 vs fair value $79.44 (15.4% upside). Gaming Operations market leader (42% share) with Interactive division scaling toward $1bn revenue by FY29. ROIC 19.2% vs WACC 10.3%.

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agl

AGL: Energy Giant - Powering Through the Great Transition

Updated 8 Oct 2025

Fair value $14.96 vs current $9.76. Market leader executing renewable transformation with 9.6GW pipeline. EBITDA margins expanding 13.2% to 17.7%.

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