Our Research

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June 21, 2020
Listed Managed Investment

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...
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June 18, 2020
Equity Research Coverage

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. One of the key disruptions has been delays to clinical trials with access to participants restricted and hospital resources prioritised for coronavirus patients...
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June 18, 2020
Equity Research Coverage

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 term oil prices of A$55/bbl at the low end to A$95/bbl at the high end. Given historical oil prices, this is not an aggressive price range....
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June 18, 2020
Equity Research Coverage

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 of what a project would look like based on reserves the same size as the announced Prospective Resource. At an ex-field selling price of US$200/Mscf for A Grade helium, that Indicative Project would be worth between US$18 million and US$176 million...
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June 18, 2020
Listed Managed Investment

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 out of cash, which historically has been as high as 40% of the total portfolio...
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May 31, 2020
Unlisted Managed Investment

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....
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May 31, 2020
Unlisted Managed Investment

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 investments benefiting from security over assets, lower marked to market volatility and higher returns...
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May 31, 2020
Unlisted Managed Investment

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...
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May 31, 2020
Listed Managed Investment

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 $0.0125 per unit....
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