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

Duratec Limited provides construction services. The Company specializes in the protection and re-mediation of steel and concrete structures, as well as offers asset protection, building refurbishment, infrastructure upgrading, recladding, and durability engineering services. Duratec serves customers worldwide.

<ul><li>Investing in contractors is inherently risky, whether it is fixed cost contract blow- outs, lower capex budgets for customers or competitors taking on projects at low margins to generate cash flows – good long-term performance in the contracting industry is rare.</li><li>It is therefore important for contractors to have a point of difference. In our view, DUR has a unique offering compared with many other contractors.</li><li>DUR has two main points of difference. The first is its positioning operating as predominantly a remediation contractor.</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.

Investing in contractors is inherently risky, whether it is fixed cost contract blow- outs, lower capex budgets for customers or competitors taking on projects at low margins to generate cash flows – good long-term performance in the contracting industry is rare.It is therefore important for contractors to have a point of difference. In our view, DUR has a unique offering compared with many other contractors.DUR has two main points of difference. The first is its positioning operating as predominantly a remediation contractor.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.

Duratec Limited (DUR) - Sector Tailwinds for Remediation Contractor

Clover Corporation Limited produces and refines natural oils along with the sale and distribution of chemicals and related products to the pharmaceutical industry. The Company also researches, develops, and supplies DHA products.

<ul><li>CLV is experiencing cyclically low demand for its products caused by a backlog of infant formula in China from a change in infant formula standards and lower birth numbers in many developed nations.</li><li>It appears that the backlog of infant formula has recently worked its way through the system.</li><li>While many nations globally are attempting policy changes to stimulate population growth, any pick up in birth rates globally would be a positive for CLV.</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.

CLV is experiencing cyclically low demand for its products caused by a backlog of infant formula in China from a change in infant formula standards and lower birth numbers in many developed nations.It appears that the backlog of infant formula has recently worked its way through the system.While many nations globally are attempting policy changes to stimulate population growth, any pick up in birth rates globally would be a positive for CLV.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.

Clover Corporation Limited (CLV) - FY24 Results – Corner Turned in 2H24?

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

<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

IPD Group Ltd of Australia distributes electronic parts and communications equipment. The Company focuses power and power monitoring, industrial control, renewables, and test and measurement equipment. IPD Group serves customers in Australia.

<ul><li>Revenue growth of 28 percent and adj. EBIT growth of 47 percent included recent acquisitions. Like-for-like (LFL) revenue and EBIT growth was 2 and 3 percent respectively.</li><li>Disappointing, and down on IPD’s recent record, but no big deal.</li><li>The devil is in the detail. Core IPD and Ex Engineering grew by double-digits, whilst CMI (5-month benefit) had LFL EBIT declines. </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.

Revenue growth of 28 percent and adj. EBIT growth of 47 percent included recent acquisitions. Like-for-like (LFL) revenue and EBIT growth was 2 and 3 percent respectively.Disappointing, and down on IPD’s recent record, but no big deal.The devil is in the detail. Core IPD and Ex Engineering grew by double-digits, whilst CMI (5-month benefit) had LFL EBIT declines. 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.

IPD Group (IPG) - Record Orders Fuel the Recovery in Organic Growth

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

<ul><li>In FY24, Catalyst exceeded market expectations by turning around the Plutonic gold mine, increasing gold production by 46%.</li><li>By FY28, we anticipate CYL to bring three additional deposits (Plutonic East, K2, and Trident) into operation which will see production ramp up from 110koz (AISC ~A$2,300) today to 200koz.</li><li>Our confidence in this production ramp up is supported by: a) past operation success (Plutonic); b) strong balance sheet (~A$39m in cash and bullion); and c) current spare milling capacity.</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 FY24, Catalyst exceeded market expectations by turning around the Plutonic gold mine, increasing gold production by 46%.By FY28, we anticipate CYL to bring three additional deposits (Plutonic East, K2, and Trident) into operation which will see production ramp up from 110koz (AISC ~A$2,300) today to 200koz.Our confidence in this production ramp up is supported by: a) past operation success (Plutonic); b) strong balance sheet (~A$39m in cash and bullion); and c) current spare milling capacity.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 (CYL) - Golden Future for an Emerging Producer