External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

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External broker reports(aggregated public sources)

Moelis Australia Ltd

Equity Bottom-Up

<ul><li>Core business driving increasing recurring revenue profile: Strong growth history with recent successful conversion to recurring revenue – now 50%+ of the business’ revenue – provides more visible earnings certainty.</li><li>Recent history of solid growth is set to continue in core operating segments, while commercialising water treatment technology is option for potential upside in the stock.</li><li>Cash generative, profitable, and capital-light business model: Energy (boilers) and Baltec (exhaust systems) in particular provide cash generative and profitable support for the business to prosecute building out its suite of environmental engineered solutions.</li></ul><p><em>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.</em></p>

Core business driving increasing recurring revenue profile: Strong growth history with recent successful conversion to recurring revenue – now 50%+ of the business’ revenue – provides more visible earnings certainty.Recent history of solid growth is set to continue in core operating segments, while commercialising water treatment technology is option for potential upside in the stock.Cash generative, profitable, and capital-light business model: Energy (boilers) and Baltec (exhaust systems) in particular provide cash generative and profitable support for the business to prosecute building out its suite of environmental engineered solutions.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.

The Environmental Group Limited - Buy – Price: $0.28; TP: $0.35