Daily Brief Australia: Pointerra Ltd, Mineral Resources, Neuren Pharmaceuticals, Verbrec and more

• RaaS has published an update report on 3D spatial data solutions group Pointerra (ASX:3DP) following its Q1 FY25 results in which it reported a 50.4% increase in cash receipts to $3.08m, the highest recorded since Q3 FY23.
• Operating cash flow for the quarter was positive $0.31m, a $0.801m turnaround on the previous corresponding period (pcp) and $0.494m uplift on Q4 FY24.
• Pointerra ended the quarter with $2.994m in cash.

• Minres board admitted to not disclosing related party transactions two years ago, a strike against the board
• Bald Hill operations will go into care and maintenance, impacting 300 employees with some redeployment efforts
• Decision to shut down due to cost-saving measures, with potential for quick restart if market conditions improve

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• Neuren Pharmaceuticals (NEU AU) announced a share buy-back program worth up to A$50M (~3M shares, representing 2.4% of total shares on issue). The 12-month buyback will commence on December 2.
• As of September 30, 2024, Neuren has a cash balance of A$210M and the company’s R&D expenses for 1H24 were A$18M. Interest income more than covers Neuren’s corporate expenses.
• The buyback announcement follows Neuren’s recent entitlement of one-off income from the sale of partner’s Priority Review Voucher and Daybue’s record high sales in 3Q24.  

• RaaS is initiating coverage of engineering, asset management, and infrastructure and training services group Verbrec (ASX:VBC) with a DCF-based valuation of $0.40/share, representing potential capital upside of 196% on the current share price.
• FY24 was a turnaround year for Verbrec under new management with a clear strategy of carving out costs, improving operating and risk management disciplines, selling under-performing businesses and finalising legacy projects.
• The business is now recapitalised, profitable, cash generative and, in our opinion, poised for further growth with a favourable macro environment in both VBC’s traditional engineering projects and particularly its areas of sustainable focus, led by the energy transition that is underway in Australia.