External broker reports(aggregated public sources), Argonaut

Argonaut

External broker reports(aggregated public sources)

Argonaut’s research focuses on Metals & Mining, Energy, Agribusiness, Businesses and Contractors that service the natural resource sector and select Industrial companies and where warranted, the research team covers special situations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Civmec Ltd. is an integrated multi-disciplinary construction and heavy engineering services provider to the oil and gas, mining and other industries, such as the infrastructure, utilities, chemical and power industries. The Company provides heavy engineering and other services including fabrication, site civil works, pre-cast concrete and maintenance services.

<ul><li>We initiate on Civmec with a BUY call and a $1.55 valuation. Civmec has grown to become a large business with key strategic assets anchoring growth.</li><li>These also support the bolder ambition to be a key player in the growing shipbuilding industry on the west coast.</li><li>Civmec is a multidisciplinary construction and engineering services provider to the Energy, Resources, Infrastructure, Marine and Defence sectors</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We initiate on Civmec with a BUY call and a $1.55 valuation. Civmec has grown to become a large business with key strategic assets anchoring growth.These also support the bolder ambition to be a key player in the growing shipbuilding industry on the west coast.Civmec is a multidisciplinary construction and engineering services provider to the Energy, Resources, Infrastructure, Marine and Defence sectorsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Civmec (CVL) - Key Strategic Locations – Initiation

<ul><li>Delays in awards this half are expected to impact activity levels in 2H25 and we have pulled back our FY25 EBITDA forecast by 4% as a result.</li><li>As an offset, the contract award of a $90-100M shiploader as an OEM demonstrates one of a range of opportunities for longer-term growth.</li><li>We maintain a BUY call on a revised valuation of $1.52 (prior $1.55).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delays in awards this half are expected to impact activity levels in 2H25 and we have pulled back our FY25 EBITDA forecast by 4% as a result.As an offset, the contract award of a $90-100M shiploader as an OEM demonstrates one of a range of opportunities for longer-term growth.We maintain a BUY call on a revised valuation of $1.52 (prior $1.55).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Austin Engineering Limited manufactures steel products.  The Company produces structural steel and pipe work and fabricates steel plate along with operating blasting and painting facilities.

<ul>
<li>We initiate on Austin with a BUY call and a $0.70 valuation.</li>
<li>The Austin 2.0 strategy, supported by a sound balance sheet, has been well executed to date.</li>
<li>We expect scale, process efficiencies, and design leadership to underpin Austin’s future growth.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


We initiate on Austin with a BUY call and a $0.70 valuation.
The Austin 2.0 strategy, supported by a sound balance sheet, has been well executed to date.
We expect scale, process efficiencies, and design leadership to underpin Austin’s future growth.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Austin Engineering (ANG) - All Regions Firing – Initiation

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Exponent, Inc. is a science and engineering consulting firm that provides solutions and information to complex problems. The Company performs scientific research and analysis, or evaluations, to solve complicated issues facing a range of industries and governments.

<ul>
<li>Exponent Inc.’s third quarter 2024 financial results demonstrate both resilience and constraints in the context of evolving market dynamics.</li>
<li>The company reported a 6% growth in net income and an expansion in EBITDA margin, indicating effective cost management and resource utilization.</li>
<li>The overall revenue, however, remained flat compared to the previous year, reflecting a mixed performance across different sectors of operation.</li>
</ul>


Exponent Inc.’s third quarter 2024 financial results demonstrate both resilience and constraints in the context of evolving market dynamics.
The company reported a 6% growth in net income and an expansion in EBITDA margin, indicating effective cost management and resource utilization.
The overall revenue, however, remained flat compared to the previous year, reflecting a mixed performance across different sectors of operation.


Exponent Inc's New Game-Changing Strategies: Multidisciplinary Problem Solving at Its Best!

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>During the quarter, road infrastructure companies under our coverage reported Revenue/EBITDA/PAT growth of -11%/- 12%/42% YoY, against our expectation of 0%/-2%/2% YoY.</li><li>The performance deviation was primarily due to slower execution due to extended monsoons and delays in receiving AD.</li><li>PAT was higher owing to higher other income and exceptional gain reported by KNR construction during the quarter.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

During the quarter, road infrastructure companies under our coverage reported Revenue/EBITDA/PAT growth of -11%/- 12%/42% YoY, against our expectation of 0%/-2%/2% YoY.The performance deviation was primarily due to slower execution due to extended monsoons and delays in receiving AD.PAT was higher owing to higher other income and exceptional gain reported by KNR construction during the quarter.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Top Conviction Ideas – “Road Infra and Others”