Risk: Medium

ire

IRE: Fintech Transformer - From Conglomerate Chaos to Software Success

Updated 8 Oct 2025

HOLD rating with $6.03 fair value vs $7.96 current price. Strong business quality (8.04/10) but overvalued with 24% downside risk despite transformation success.

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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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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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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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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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fmg

FMG: Iron Ore Cost Leader - Fortress Balance Sheet Meets Cyclical Recovery

Updated 8 Oct 2025

Fortescue trades at A$19.84 versus fair value A$26.47 (33% upside), with 2.4x EV/EBITDA at 41% discount to peers despite industry-leading C1 costs US$17.99/wmt and 0.14x net debt-to-EBITDA.

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flt

FLT: Travel Giant - Transformation Takes Flight

Updated 8 Oct 2025

BUY rating with $17.07 fair value vs $12.38 current price. Strong Australian market position, successful operational transformation, 38% upside potential over 18-24 months.

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evo

EVO: Childcare Consolidator - Small Fish, Big Pond Opportunity

Updated 8 Oct 2025

Fair value $0.84 vs current $0.72. 22% EBITDA margins, 72% government funding, 13% revenue growth. Consolidation platform in fragmented market.

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eqt

EQT: Trustee Services Leader - Independence Pays, But Patience Required

Updated 8 Oct 2025

HOLD rating with $28.34 fair value vs $27.04 current price. Market leader in independent trustee services with 8.3% FCF yield, though regulatory overhang and fee compression limit upside.

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eml

EML: Payment Processor - Transformation Time, Discount Divine

Updated 8 Oct 2025

Payment processor trading at 42% discount to peers. Fair value $1.60 vs current $1.07. EBITDA margins recovering from 16.5% toward 26% through transformation programme.

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ehl

EHL: Mining Equipment Rental - Deep Value Digging for Gold

Updated 8 Oct 2025

BUY rating with $1.83 fair value vs $0.93 current price. 38.3% EBITDA margins, 18.5% market share, trading at 63% discount to peers despite superior metrics.

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