External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. 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

Woolworths Limited operates supermarkets, specialty and discount department stores, liquor and electronics stores throughout Australia.  Woolworths also manufactures processed foods, exports and wholesales food and offers petrol retailing.  The Company also operates hotels which includes pubs, food, accommodation, and gaming operations.

<ul><li>Woolworths (WOW) was established in 1924 in Sydney Australia and today through its 1,693 points of presence in Australia and NZ, is a leading supplier of food and everyday needs with complementary investments in Foodservice and Digital marketing.</li><li>Since FY20 WOW has generated CAGR earnings growth of +7.9% p.a. while paying out 80% of cumulative profits in ordinary dividends lifting to 87% with inclusion of special (vs. a target of 70-75%).</li><li>Looking forward we anticipate FY25e to be a year of consolidation, with headwinds in discretionary categories (Big W and B2B Australia) mitigated by a continued shift in Australian food consumption to in-home channels. </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.

Woolworths (WOW) was established in 1924 in Sydney Australia and today through its 1,693 points of presence in Australia and NZ, is a leading supplier of food and everyday needs with complementary investments in Foodservice and Digital marketing.Since FY20 WOW has generated CAGR earnings growth of +7.9% p.a. while paying out 80% of cumulative profits in ordinary dividends lifting to 87% with inclusion of special (vs. a target of 70-75%).Looking forward we anticipate FY25e to be a year of consolidation, with headwinds in discretionary categories (Big W and B2B Australia) mitigated by a continued shift in Australian food consumption to in-home channels. 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.

Woolworths Group (WOW): A Year of Consolidation

CSL Limited develops, manufactures and markets human pharmaceutical and diagnostic products derived from human plasma. The Company's products include pediatric and adult vaccines, infection, pain medicine, skin disorder remedies, antivenoms, anticoagulants, and immunoglobulins.

<ul><li>Behring to continue the heavy liftingCSL is a global biotechnology company holding the #1 or #2 position in its three key markets: (1) plasma-derived therapies (Behring), (2) flu vaccines (Seqirus) and (3) iron products (Vifor).</li><li>Behring is CSL’s largest division (72% of revenue) and we expect it will continue to do the heavy lifting in the near-term, both in topline growth and margin expansion.</li><li>CSL’s FY25 revenue guidance of 5%-7% (BPe 6.5%) is comprised of “high single digit” growth for Behring...</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.

Behring to continue the heavy liftingCSL is a global biotechnology company holding the #1 or #2 position in its three key markets: (1) plasma-derived therapies (Behring), (2) flu vaccines (Seqirus) and (3) iron products (Vifor).Behring is CSL’s largest division (72% of revenue) and we expect it will continue to do the heavy lifting in the near-term, both in topline growth and margin expansion.CSL’s FY25 revenue guidance of 5%-7% (BPe 6.5%) is comprised of “high single digit” growth for Behring...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.

CSL Limited (CSL): Margin Recovery to Drive Earnings

Catalyst Metals Ltd. operates as a mineral exploration company. The Company explores for and mines molybdenum. Catalyst Metals serves customers in Australia.

<ul><li>Australian Gold Producer breathing life into historic mines.CYL is an Australian gold production and development company with operations in Western Australia and Tasmania.</li><li>CYL owns three gold processing plants (two at the Plutonic Gold Operation in WA, and one at the Henty Gold Operation in Tasmania), has Mineral Resources of 3.6Moz and Ore Reserves of 1.0Moz.</li><li>CYL’s exploration tenements at the Bendigo Gold Project in Victoria cover 75 kilometres of strike along the Whitelaw and Tandarra Faults ...</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.

Australian Gold Producer breathing life into historic mines.CYL is an Australian gold production and development company with operations in Western Australia and Tasmania.CYL owns three gold processing plants (two at the Plutonic Gold Operation in WA, and one at the Henty Gold Operation in Tasmania), has Mineral Resources of 3.6Moz and Ore Reserves of 1.0Moz.CYL’s exploration tenements at the Bendigo Gold Project in Victoria cover 75 kilometres of strike along the Whitelaw and Tandarra Faults ...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.

Catalyst Metals Ltd (CYL): Strictly Plutonic

Life360, Inc. designs and develops technological products. The Company offers mobile application for multi-channel messaging and tracking platform for family communication, lost item retrieving, and medical treatment services. Life360 serves customers in the United States.

<ul><li>There is no change in our forecasts which we last updated at the release of the 2Q/1H2024 result in August.</li><li>Our 2024 forecasts remain consistent with the guidance where we are around the middle of the adjusted and statutory EBITDA ranges and consistent with if not slightly below VA consensus.</li><li>We continue to forecast strong top line revenue growth in 2024, 2025 and 2026 of 22%, 20% and 17% and positive statutory EBITDA and NPAT in 2025 and beyond.Expecting a strong Q3Life360...</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.

There is no change in our forecasts which we last updated at the release of the 2Q/1H2024 result in August.Our 2024 forecasts remain consistent with the guidance where we are around the middle of the adjusted and statutory EBITDA ranges and consistent with if not slightly below VA consensus.We continue to forecast strong top line revenue growth in 2024, 2025 and 2026 of 22%, 20% and 17% and positive statutory EBITDA and NPAT in 2025 and beyond.Expecting a strong Q3Life360...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.

Coles Group Limited owns and operates a chain of supermarkets and department stores. The Company offers apparels, liquor, office supplies, groceries, and household products. Coles Group serves customers throughout Australia and New Zealand.

<ul><li>Coles (COL) was established in Collingwood, VIC in 1914, though COL as we see it today was the result of a demerger from Wesfarmers in 2018.</li><li>COL through its network of 856 grocery stores and 992 liquor outlets is a leading Australian retailer of fresh food, groceries, household goods and liquor, with a 50% interest in Flybuys rewards and a property development arm.</li><li>Since FY20 COL has generated CAGR earnings growth of 3.7% p.a. while paying out 81% of cumulative profits in divid...</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.

Coles (COL) was established in Collingwood, VIC in 1914, though COL as we see it today was the result of a demerger from Wesfarmers in 2018.COL through its network of 856 grocery stores and 992 liquor outlets is a leading Australian retailer of fresh food, groceries, household goods and liquor, with a 50% interest in Flybuys rewards and a property development arm.Since FY20 COL has generated CAGR earnings growth of 3.7% p.a. while paying out 81% of cumulative profits in divid...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.

Coles Group Ltd (COL): Good Things Are Happening