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EQUITY RESEARCH

Allegiance Coal (ASX:AHQ) - DFS Due Early 2019 - Partnered with ITOCHU - Valuation Update
We have updated our valuation for Telkwa, with the total risked company value increasing from A$125.2 million to A$207 million. This results in a risked, base case diluted per share valuation of...
12/13/2018 Read more...
Raiz Invest Limited (ASX: RZI) - Micro Invest Platform for Millennial's - Savings Tool for Users
The company has the exclusive and irrevocable right and licence for use and development of the Acorns (rebranded “Raiz”) micro-investment platform in Australia, NZ and certain countries in South...
12/11/2018 Read more...
Melbana Energy Limited (ASX:MAY) - Oil & Gas - High Quality, Under-Explored Projects - Aust/ Cuba
We have completed a sum of the parts NAV valuation for Melbana, with a risked value of A$113 million, or A$0.059/share as shown below. The per share valuations are based on the current share...
11/12/2018 Read more...
King Island Scheelite Limited (ASX: KIS) - High Grade Tungsten Project - Off take and Financing to be undertaken by March 2019 - Close to Established Infrastructure - Tasmania
We have completed a high level Project valuation for Dolphin, with a pre-tax, unfunded and unrisked NPV8 of ~A$121 million, with upside for any extension of operations, including underground. The...
11/11/2018 Read more...
Technology Metals Australia Limited (ASX:TMT) - World Class Vanadium - Now Commenced a Definitive Feasibility Study
We have also completed an indicative risked, after tax valuation for the Company with a share price target range of A$1.13 to A$1.84 based on share structures diluted for a number of conceptual...
10/22/2018 Read more...
Race Oncology Limited (ASX: RAC) - Bisantrene Produced for Named Patient Program - Drug Available in Europe, UK and South Korea for the Treatment of AML
Our base case valuation for RAC has been reduced from $0.44 in our last report released in September 2017 to $0.40 per share. Our valuation is based on a fully diluted basis. The reduction in the...
10/5/2018 Read more...

COMPANY PROFILES

Gold Mountain Limited (ASX: GMN) - Copper/ Gold - Papua New Guinea - Research Update
A possible analogy to Gold Mountain (should a major discovery be made) is SolGold (LSE:SOLG, TSX:SOLG), with the discovery and evaluation of their Cascabel project in Ecuador, with the Alpala deposit...
12/11/2018 Read more...
PolarX Limited (ASX: PXX) - Gold - Alaska - Significant Progress - Close to Infrastructure
Given the results of the 2018 work programme, we expect another concerted effort in 2019 (including expected drilling at Zackly NE and Mars), with all indications that this will again bring very...
11/25/2018 Read more...
QEM Limited - (ASX: QEM) - Riding the Vanadium Wave
The Julia Creek Resource is large, and should work lead to a potentially viable operation, should be able to support such an operation for a considerable timeframe; in addition the resource is...
11/5/2018 Read more...
Protean Energy Limited (ASX:POW) - Vertically Integrated Vanadium - Electrolyte Development - V-KOR battery technology - South Korea
With an enterprise value of only A$3.22 million (significantly lower than that of peers), the Company is well leveraged to any success in either Daejon or V-KOR. Due to structural changes in the...
10/29/2018 Read more...
Sheffield Resources Limited (ASX: SFX) - Mineral Sands - Offtake Agreements in Place - Funding & Permits Approved - WA
We have a current base case value of A$1.75/share for Sheffield, with the majority of this ascribed to our risked NPV8 valuation of Thunderbird. Our per share valuation is based on a share structure...
10/15/2018 Read more...

LISTED MANAGED INVESTMENTS

Latest LIC News & Update on the Sector
Welcome to our latest LIC Monthly prepared by our Research Team based on data collected our Analysts on the Sector....
11/5/2018 Read more...
Hearts and Minds Investments Limited (ASX code: HM1) - Portfolio of the Highest Conviction Stock Picks - From Select Group of Fund Managers - For Charitable Cause - Advancement of Medical Research
The company offers a unique opportunity to gain access to a portfolio of the highest conviction ideas from a select group of fund managers with the added benefit of contributing to Australian medical...
10/14/2018 Read more...
LMI Monthly - Sector Review of all LICs/ LITs including those not covered by IIR. Includes latest News and discussion on upcoming IPOs
All data here is sourced by our Research team and no reliance is made upon any other data providers. The data includes information provided by LIC / LIT managers who participate in our research scheme...
10/14/2018 Read more...
Qualitas Real Estate Income Fund (expected ASX code: QRI) - Provide Direct and Indirect Exposure to a Portfolio of Secured Commercial Real Estate Loans
One of, if not the, most important aspect of a Trust such as this is the Manager, with the performance of the Trust wholly dependent on the Manager’s credit risk assessment, deal structuring and loan...
10/14/2018 Read more...
WAM Microcap Limited (ASX code: WMI) - Proven Research Process - Experienced Team
The investment process has proven successful over the long-term, particularly in the small cap space. The WMI portfolio has performed well since listing in June 2017 allowing the LIC to pay dividends...
10/4/2018 Read more...

UNLISTED INVESTMENTS

Structured Product - Pareto Private - Hybrid 2020 Units Series 1 - CSL, GOOG, AMZN, NFLX
The Pareto Private is a Deferred Purchase Agreement (DPA) in which the performance is linked to a basket of one Australian and three US stocks (the Reference Basket). The full investment term is two...
5/14/2018 Read more...
Cordish Dixon Private Equity Fund IV -
Will invest in a portfolio of boutique private equity funds in the US - The Trust was oversubscribed, raising $188m through the issue of units at $1.60 per unit. Unlike the other three trusts in the...
5/14/2018 Read more...
Atlantic Pacific Australian Equity Fund - Long-Short, High Conviction Australian Equities Strategy
The Fund was launched in June 2013 and, over its now almost five year track record has generated alpha and superior risk-adjusted although relative returns have varied materially over different time...
5/14/2018 Read more...
Microcap Managers Continue to Outperform ETF’s
Stand out performances from the active managers in the quarter came from microcap vehicles managed by OC Funds Management, Wilson Asset Management and Acorn Capital. With Acorn’s LIC The Acorn...
1/30/2018 Read more...
CBG Australian Equities Fund - ASX 100 Stocks - Benchmark Unaware, Style Neutral Approach To Investing
Prior to 2016 the Manager had a solid track-record of generating alpha. However, 2016 was a poor year for the Fund, materially under-performing the benchmark. ...
5/9/2017 Read more...