External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. 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

Dropsuite Limited operates a cloud based software platform. The Company owns commercialized cloud backup software that enables small and medium enterprises to  backup, recover, and protect their digital assets.

<ul><li>DSE’s 2Q24 result was positive, with record quarterly paid user adds (112k), solid partner growth (+51% vs OMLe +35), and robust ARR ($26.5m, +30%), continuing to underpin our long-term positive view.</li><li>ARPU of $1.64 was slightly lower, driven by a shift in product mix. DSE trades on just 5x FY24 ARR, is growing at &gt;30% and has delivered positive FCF for 9 consecutive quarters.</li><li>We maintain a BUY and increase our TP 14% to $3.84/sh.</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.

DSE’s 2Q24 result was positive, with record quarterly paid user adds (112k), solid partner growth (+51% vs OMLe +35), and robust ARR ($26.5m, +30%), continuing to underpin our long-term positive view.ARPU of $1.64 was slightly lower, driven by a shift in product mix. DSE trades on just 5x FY24 ARR, is growing at &gt;30% and has delivered positive FCF for 9 consecutive quarters.We maintain a BUY and increase our TP 14% to $3.84/sh.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.

4DMedical Ltd develops software. The Company designs application for medical field. 4DMedical serves customers in the United States and Australia.

<ul><li>With the timing of the Philips reseller agreement weighing on investors, we believe 4DX’s improving US commercialisation trajectory is being underappreciated.</li><li>The company’s CT LVAS product has been granted reimbursement at US$650 per scan – well ahead of expectations on both timing and quantum (2.2x XV LVAS reimbursement).</li><li>This represents a step- change in 4DX’s unit economics and is likely to see CT LVAS repositioned as its core/front-line screening product (underpinned by higher reimbursement, broader CT utilisation tailwinds). </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.

With the timing of the Philips reseller agreement weighing on investors, we believe 4DX’s improving US commercialisation trajectory is being underappreciated.The company’s CT LVAS product has been granted reimbursement at US$650 per scan – well ahead of expectations on both timing and quantum (2.2x XV LVAS reimbursement).This represents a step- change in 4DX’s unit economics and is likely to see CT LVAS repositioned as its core/front-line screening product (underpinned by higher reimbursement, broader CT utilisation tailwinds). 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.

Genesis Minerals Limited is an Australian-based mineral exploration company. The Company acquires commercially significant mineral deposits that can be brought into production.

<ul><li>GMD’s 3Q24 result came in slightly softer than our expectations as lower UG material mined at Gwala combined with lower throughput.</li><li>The former occurred as paste filling was prioritised with ore mining expected to return to the 700-800kt pa run-rate in June, whilst mill processing was impacted by a 48hr mill reline.</li><li>Recent FY24 guidance is unchanged, and the 5-year mine plan shows an organic growth path to +300koz – a differentiating factor (vs peers). </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.

GMD’s 3Q24 result came in slightly softer than our expectations as lower UG material mined at Gwala combined with lower throughput.The former occurred as paste filling was prioritised with ore mining expected to return to the 700-800kt pa run-rate in June, whilst mill processing was impacted by a 48hr mill reline.Recent FY24 guidance is unchanged, and the 5-year mine plan shows an organic growth path to +300koz – a differentiating factor (vs peers). 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.

Genesis Minerals Limited - Result Slightly Softer, Foundations Being Laid

<ul><li>4DX’s 1H24 result was largely in-line with OMLe across key metrics (revenue, cash flows, balance sheet), noting the majority were pre-reported at the 2Q24 release (Jan-24).</li><li>The company’s underlying cost base was better than expected (opex -5% vs pcp, -14% vs OMLe), highlighting strong cost control despite significant commercialisation progress.</li><li>While recent Imbio wins are incrementally positive (Blackford deal, VA research study), the bigger 2H24 catalysts include a Philips reseller agreement, VA progress (2nd ATO, proof of concept trial) and expansion of the Australian installed base. </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.

4DX’s 1H24 result was largely in-line with OMLe across key metrics (revenue, cash flows, balance sheet), noting the majority were pre-reported at the 2Q24 release (Jan-24).The company’s underlying cost base was better than expected (opex -5% vs pcp, -14% vs OMLe), highlighting strong cost control despite significant commercialisation progress.While recent Imbio wins are incrementally positive (Blackford deal, VA research study), the bigger 2H24 catalysts include a Philips reseller agreement, VA progress (2nd ATO, proof of concept trial) and expansion of the Australian installed base. 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.

4Dmedical Limited - Significant Progress in 1H24

Big River Industries Pty Ltd / Equity Bottom-Up

Big River Industries Limited manufactures building materials. The Company offers pine framing, structural hardwood, fibre cement, timber mouldings, fencing, and roofing supplies. Big River Industries serves customers in Australia.

<ul><li>Big River (‘BRI’) is due to report its 1H24 result on 21-Feb. Similar to its AGM update in Nov-23, we expect the daily sales rate to have remained relatively similar throughout the half, in comparison with 2HFY23.</li><li>We continue to expect tougher conditions in CY25. We have factored in additional gross margin pressure reflecting the latest ABS pricing statistics for a number of BRI’s key product categories.</li><li>Even after taking these factors into account, we continue to see value in the company and view it as having a strong medium-to-longer term outlook, supported by a chronic housing underbuild and elevated migration. </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.

Big River (‘BRI’) is due to report its 1H24 result on 21-Feb. Similar to its AGM update in Nov-23, we expect the daily sales rate to have remained relatively similar throughout the half, in comparison with 2HFY23.We continue to expect tougher conditions in CY25. We have factored in additional gross margin pressure reflecting the latest ABS pricing statistics for a number of BRI’s key product categories.Even after taking these factors into account, we continue to see value in the company and view it as having a strong medium-to-longer term outlook, supported by a chronic housing underbuild and elevated migration. 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.

Big River Industries Limited - 1H24 Preview – Biding Time