External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

External broker reports(aggregated public sources)

Taylor Collison is a leading financial services firm, providing advice & wealth creation strategies to private & institutional investors and corporate clients throughout Australia. 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

<ul><li>CAA defied market expectations once again. A c.8% outperformance of EBITDA guidance despite a volatile resi-market illustrates the extruder’s value.</li><li>Residential construction likely remains subdued across NTM. Still, cash-generative with industry-leading scale, CAA is capable of weathering macro turbulence.</li><li>Trading on 1.5xEV/EBITDA FY25, CAA represents an under-valued, multi-year growth opportunity. We remain an Outperform.</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.

CAA defied market expectations once again. A c.8% outperformance of EBITDA guidance despite a volatile resi-market illustrates the extruder’s value.Residential construction likely remains subdued across NTM. Still, cash-generative with industry-leading scale, CAA is capable of weathering macro turbulence.Trading on 1.5xEV/EBITDA FY25, CAA represents an under-valued, multi-year growth opportunity. We remain an Outperform.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.

Capral Limited (CAA) - Improvise. Adapt. Overcome. Repeat.

<ul><li>Nimble operations enable careful management of a testing macro. Industrial is CAA’s workhorse, carrying volumes as resi awaits a positive inflection.</li><li>Acknowledging the risk of an accelerated macro slowdown, we continue to see value in CAA’s effective operations and dominant market position.</li><li>Reiteration of FY24 guidance (Adj.EBITDA $50-54m) provides confidence in CAA’s margins through a tougher 2H24, placing it on 1.7x EV/EBITDA for FY24. </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.

Nimble operations enable careful management of a testing macro. Industrial is CAA’s workhorse, carrying volumes as resi awaits a positive inflection.Acknowledging the risk of an accelerated macro slowdown, we continue to see value in CAA’s effective operations and dominant market position.Reiteration of FY24 guidance (Adj.EBITDA $50-54m) provides confidence in CAA’s margins through a tougher 2H24, placing it on 1.7x EV/EBITDA for FY24. 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.

Capral Limited (CAA) - Value Now, Growth Later

<ul><li>Execution of geographical consolidation strengthened by apt board appointments reassure amidst small shifts in the competitive landscape.</li><li>However, we consider it prudent to flag deteriorating macro conditions, predominantly in the residential housing sector.</li><li>Accordingly, we may see the positive inflection point delayed beyond 2H25. </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.

Execution of geographical consolidation strengthened by apt board appointments reassure amidst small shifts in the competitive landscape.However, we consider it prudent to flag deteriorating macro conditions, predominantly in the residential housing sector.Accordingly, we may see the positive inflection point delayed beyond 2H25. 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.

Capral Limited (CAA) - Opportunistic Movements as Macro Softens

<ul><li>In spite of the awaited slowdown commencing, CAA’s value proposition continues.</li><li>Demonstrating its more agile operations with underlying EBITDA up $0.3m v. FY22 despite declining revenue, CAA appears determined to convey the efficacy of its structural changes.</li><li>A concerted effort to signal value through continuation of an on-market share buyback in FY24 combined with an unfranked dividend policy is an attractive offering. </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.

In spite of the awaited slowdown commencing, CAA’s value proposition continues.Demonstrating its more agile operations with underlying EBITDA up $0.3m v. FY22 despite declining revenue, CAA appears determined to convey the efficacy of its structural changes.A concerted effort to signal value through continuation of an on-market share buyback in FY24 combined with an unfranked dividend policy is an attractive offering. 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.

Capral Limited (CAA) - Inherent Value Remains as Slowdown Commences

<ul><li>As Australia’s largest aluminium extruder, Capral operates in a cyclical industry experiencing constant margin pressure from low-cost importers.</li><li>A macro slowdown and inflationary impacts suggest tough conditions across 2HFY23 and FY24.</li><li>Yet with operating leverage, scale advantage in production, an increasingly diversified distribution network and enviable balance sheet, Capral is well placed to weather the storm. </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.

As Australia’s largest aluminium extruder, Capral operates in a cyclical industry experiencing constant margin pressure from low-cost importers.A macro slowdown and inflationary impacts suggest tough conditions across 2HFY23 and FY24.Yet with operating leverage, scale advantage in production, an increasingly diversified distribution network and enviable balance sheet, Capral is well placed to weather the storm. 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.

Capral Limited (CAA) - Capral Extrudes Value

Australia

Capral Limited manufactures, markets and distributes semi-fabricated aluminum extrusion and sheet products in Australia and New Zealand.

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Capral Ltd (CAA AU)

Capral Limited (CAA) - Improvise. Adapt. Overcome. Repeat.

CAA defied market expectations once again. A c.8% outperformance of EBITDA guidance despite a volatile resi-market illustrates the extruder’s value.

Taylor Collison

Capral Limited (CAA) - Value Now, Growth Later

Nimble operations enable careful management of a testing macro. Industrial is CAA’s workhorse, carrying volumes as resi awaits a positive inflection.

Taylor Collison

Capral Limited (CAA) - Opportunistic Movements as Macro Softens

Execution of geographical consolidation strengthened by apt board appointments reassure amidst small shifts in the competitive landscape.

Taylor Collison

Capral Limited (CAA) - Inherent Value Remains as Slowdown Commences

A concerted effort to signal value through continuation of an on-market share buyback in FY24 combined with an unfranked dividend policy is an...

Taylor Collison

Capral Limited (CAA) - Capral Extrudes Value

As Australia’s largest aluminium extruder, Capral operates in a cyclical industry experiencing constant margin pressure from low-cost importers.

Taylor Collison

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