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EQUITY RESEARCH

BNK Banking Corporation Limited (ASX: BBC) - BBC Posts Strong Growth In Uncertain Times -
We have assigned BNK a value of $1.12 per share. The valuation is based on a PE multiple of 10x the FY21 forecast EPS plus the current value of the net trailing commission receivable per share. This...
9/7/2020 Read more...
Prescient Therapeutics Limited (ASX: PTX) - Next Gen CAR-T Platform a Potential Game Changer
PTX is a clinical stage oncology company with a focus on developing targeted and cellular cancer therapies. Targeted therapies are a focus for anticancer drug development, with the aim of...
8/24/2020 Read more...
Triangle Energy (Global) Limited - Leverage to Recovering Oil Prices - Low Cost Pathway to Production
Our base case valuation of Triangle Energy is A$0.14/sh per share. 50% of that value is driven by risked exploration upside. Our risk factor is 20%. The valuation ranges in the table below assume long...
6/18/2020 Read more...
Blue Star Helium Limited (ASX: BNL) - Highly Prospective Geology - Strong Competitive Position - Colorado, USA
We cannot value Prospective Resources and there are no easily comparable pure play helium companies that can be used as valuation comparisons. We have constructed a Indicative Financial Model...
6/18/2020 Read more...
Pharma and Biotech Stocks on the Move - A Review of the Small Cap Stocks in the Sector on the ASX -- June 2020
The coronavirus pandemic has seen unprecedented measures put in place, the ramifications of which has stretched far and wide. Pharma and biotech has been not been immune to the impacts of coronavirus....
6/18/2020 Read more...
Dampier Gold Limited (ASX: DAU) - Kalgoorlie Area Gold - Leveraged to Exploration Success
A 2017 Definitive Feasibility Study (“DFS”) released by Vango highlighted the potential of K2 to throw out ~A$23 million of free cash (on a 100%, pre-tax basis) using a gold price of A$1,579/ ounce,...
5/30/2020 Read more...

COMPANY PROFILES

Pure Minerals Limited (ASX Code: PM1) - Nickel & Cobalt Specialty Chemical Project
Pure Minerals at A$0.019/sh would have a market capitalization of A$16.1M. Our NPV for the NiCo plant ranges from A$47M using the cycle price lows of the last three years to A$585M using cycle price...
5/30/2020 Read more...
Hexagon Energy Materials Limited (ASX: HXG) - Advancing REE Downstream Processing, Looking to Commercialise new Technology with the Potential to Disrupt the Chinese Domination
Our view is that Hexagon represents an excellent ‘ground-floor’ opportunity for investors to gain exposure to REE through a lower-risk, more commercially advanced business strategy than a typical...
2/11/2020 Read more...
Talisman Mining Limited (ASX: TLM) - Exploration - Copper/ Gold - Cobar, NSW - Healthy Balance Sheet
Since rewarding shareholders with a A$0.22/share return of capital and fully franked dividend from the sale of the 30% share in the Springfield JV to Sandfire Resources - Talisman Mining is now...
11/11/2019 Read more...
Navarre Minerals Limited (ASX: NML) - Gold - Victoria - Drilling Program To Commence - Highly Prospective Holdings
Navarre is set to commence an expansive drilling program in the Stawell Corridor, which is expected to contribute towards Navarre’s first Mineral Resource....
11/11/2019 Read more...
Altech Chemicals Limited (ASX: ATC, FRA: A3Y) - High Purity Alumina - Patented Acid Leach Process - German Partner - Malaysia
Altech is now looking to finalise the equity portion of the expected remaining US$380 million finance requirements (which includes an allowance of US$100 million for working capital, debt service etc...
5/20/2019 Read more...

LISTED MANAGED INVESTMENTS

LMI Monthly - Spotlight on QRI, MXT and MOT
This research study is prepared on the basis of data collected by the IIR Research Team from both the managers and ASX....
9/7/2020 Read more...
Listed Managed Investments - Monthly Review
LIC/LIT/ETF Review - Spotlight on Gryphon Capital Limited. The publication is based upon the data collected by the IIR Research Team...
8/24/2020 Read more...
LIC/LIT/ETF Monthly Review & Spotlight Spotlight on Ophir High Conviction Trust (ASX: OPH)
Monthly Review of all Listed Managed Funds - Data is collected by the IIR Research Team...
6/21/2020 Read more...
Monash Absolute Investment Company (ASX: MA1) - Seeking to Convert LIC to an Exchange Traded Managed Fund - September 2020
The Fund’s strategy is based on benchmark unaware, market cap agnostic, absolute value, long-short Australian equities strategy. The absolute returns aspect is based on discretionary rotation in and...
6/18/2020 Read more...
Pengana Private Equity Trust - Secondary Offer Review - Pengana Private Equity Trust - Secondary Offer Review (ASX code: PE1)
The Secondary Offer comprises an offer of up to 345.4m units at a subscription price equal to $1.37 (representing the NAV per unit of the Trust as at 31 January 2020 less a special distribution of...
5/31/2020 Read more...

UNLISTED INVESTMENTS

360 Capital Credit Income Fund
The Fund is targeting return of at least RBA Cash plus 4.0% p.a. (currently 4.25% p.a.) paid monthly. Distributions will be paid monthly commencing June 2020 with a Guaranteed Return until 13 May 2021...
5/31/2020 Read more...
360 Capital Active Value Equity Fund
The portfolio will build over times as opportunities present, with the Manager targeting 10-20 companies that can: deliver >5%p.a. average NPAT growth, and have, or can achieve, >12.5% ROIC....
5/31/2020 Read more...
Federation Alternative Investments Fund
The Fund is an unlisted unit trust issued in December 2018 that focuses its investments in three key sectors; renewable energy, real estate, and private equity...
5/31/2020 Read more...
IIR Insight: Australian Lower Mid-Market Private Lending
Private debt offers several advantages over the traded subinvestment grade markets of high yield bonds and bank loans (public debt). These include more detailed due diligence information, senior...
5/31/2020 Read more...
Moelis Australia Private Credit Fund -
The Manager has a very proactive approach to structuring and managing its credits. It facilitates this by being either the sole-lender or, in the case of syndicated corporate loans, being the lead...
2/11/2020 Read more...