Equity Research Coverage Reports

Mitula Group Limited (ASX: MUA) - Technology - Online Classifieds - 76 Websites - 49 Countries - 250 Million Listings
Thursday, October 20, 2016
The company has two main revenue sources: (1) Cost per click out (CPC) revenue; and (2) Google AdSense revenue. CPC revenue is the primary source of revenue for the company and refers to the revenue received when a visitor to an MUA or affiliated website clicks on a listing and is redirected to the advertisers website.
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Sipa Resources Limited (ASX: SRI) - Uganda/ WA - Junior Explorer - Gold/ Copper
Monday, September 12, 2016
Sipa’s exploration activities are focussed on two areas – the Kitgum Pader Project in northern Uganda, and the recently acquired Paterson North Project in Western Australia. The Company was first mover at Kitgum Pader, and since commencing exploration in 2012 has made two key greenfields discoveries
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Orion Gold NL (ASX: ORN) - Counter Cyclical Strategy - Gold - South Africa/ WA
Friday, September 9, 2016
We have a midpoint valuation of $30.7m, or $0.053/share for Orion - this is based on a share structure diluted for shares to be issued for the acquisition of Prieska
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US Masters Residential Property Fund (ASX: URF) - 1H16 Results - Operating Loss driven by Interest & Foreign Currency
Monday, September 5, 2016
Revenue continued to improve in the 1H16, up 50% on the pcp, as a result of the increased number of properties leased out over the period. As the Fund continues to increase the number of properties available for rent, revenue will continue to improve. While revenue was up, the Fund reported a $12.2m operating loss.
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Codan Limited - (ASX: CDA) - FY16 Results - Margin Improvements Deliver 66% Increase In Underlying NPAT
Monday, August 29, 2016
We have revised our target price for CDA up to $1.56 from $1.04 per share. This represents a 24.8% premium to the share price at 25 August 2016. We retain the 12.6x multiple to FY17 EPS to determine the target price.
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