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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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May 30, 2020
Equity Research Coverage
Jindalee Resources Limited (ASX: JRL) – Large Scale US Based Lithium Project + Gold/ Nickel Exploration
Any valuation is contingent on the outcome of value adding activity. From a review of comparable ASX listed lithium project developers, the median market capitalization per tonne of lithium carbonate equivalent resource is around A$80/t LCE, and if Jindalee can convert all its current 1.6 Mt LCE resource into a competitive project, with similar capex and opex metrics to comparable companies, then it should trade at over A$3/sh....
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May 30, 2020
Company Profile Reporting
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 highs over the last three years....
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May 30, 2020
Equity Research Coverage
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, with treatment through an ore sales agreement with the Plutonic Mine. All of the company’s projects are located in Western Australia, a mining powerhouse with well developed and tested legislation...
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May 30, 2020
Equity Research Coverage
Liontown Resources Limited (ASX: LTR) – Kathleen Valley Resource Upgrade Doubles an Already World Class Lithium Resource
The success of the lithium strategy, and the concomitant results from Kathleen Valley has seen Liontown’s market capitalisation increase ~14-fold from ~A$14 million in early 2017 to A$194 million...
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May 30, 2020
Listed Managed Investment
LMI Monthly Update
Our research study continues during the COVID 19 shutdown and now increasing data collection to be undertaken on a two week cycle basis....
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May 30, 2020
Listed Managed Investment
LMI and Active ETF Monthly Update
The research study is based on IIR collection of data on the whole sector...
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February 11, 2020
Listed Managed Investment
NB Global Corporate Income Trust (ASX Code: NBI) –
IIR maintains its “RECOMMENDED PLUS” rating to the NB Global Corporate Income Trust. IIR retains conviction in the Investment Manager’s ability to achieve the stated investment objectives, notwithstanding the emergence of some market related downside risks to coupon level payments. This is based on a comprehensive, proven and repeatable investment process...
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February 11, 2020
Listed Managed Investment
IIR Stamping Fee Observations for Treasurers’ Consultation Process
The purpose of this submission from Independent Investment Research (IIR) is not put forward a position one way or the other on stamping fees. As an independent research house IIR is removed from those interactions and, secondly, IIR is agnostic with respect to investment vehicle type. What IIR is not agnostic about is a motivation to see the highest quality and appropriately diverse range of investment strategies being made available to Australian retail investors....
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