Equity Research Coverage Reports

Family Zone Cyber Safety Limited (ASX: FZO) - Internet Parental Control and Cyber Security Product and Service Provider - US/
Thursday, October 4, 2018
The Family Zone platform successfully enables parents, or schools, to establish user specific internet access restrictions for any user, any device, and from anywhere.
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Codan Limited (ASX: CDA) - Sales Revenue Increase - Target Price Revised to $3.30 from $2.72
Thursday, October 4, 2018
We have revised our target price for CDA up to $3.30 from $2.72 per share in our report published in March 2018. The Tracking Solutions division is expected to experience significant growth in FY19, although will remain a small portion of the company’s overall business.
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Kibaran Resources Limited (ASX: KNL) - Vertically Integrated Graphite Business - Tanzania
Thursday, October 4, 2018
We have a base case valuation/six month price target of A$0.64/share for Kibaran, calculated on a share structure diluted for funding of Epanko and EcoGraf and graphite pricing adjusted slightly upwards to reflect changes in pricing since release of the BFS. This is predicated on meaningful progress at both the Epanko and EcoGraf projects.
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Hastings Technology Metals Ltd (ASX: HAS) - Rare Earths Project - Has Signed Four Offtake MOUs - Negotiating Debt Funding
Monday, May 14, 2018
Key steps now include financing and the completion of permitting. We now expect a period of intense activity for Hastings with, in addition to the project development and financing activities, a drill programme as recently commenced to upgrade additional Resources to Reserves.
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Hexagon Resources Limited (ASX: HXG) - Quality Flake Graphite - Suitable for High Revenue Niche Markets.
Monday, May 14, 2018
We have updated our valuation for Hexagon, taking into account the MinRes earn-in deal. This results in a base case risked after tax Company valuation of A$271 million or A$0.93/share. Dependent upon a future decision to mine, the entry of MinRes significantly de-risks the Project for Hexagon, with no need for the Company to source project financing, and also raises the possibility of significant cash flows
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