Equity Research Coverage Reports

SelfWealth Limited (ASX:SWF) - Industrials - SMSF ETF/ Retail Broking/ Model Portfolios
Sunday, January 13, 2019
SelfWealth is undoubtedly a high risk, high return investment proposition. We believe the Company’s core IP provides a compelling and unique value proposition. We expect the solution and the ETF - an ETF powered by SMSFs for SMSFs - will resonate strongly with the target market. However, notwithstanding these positives, there is substantial uncertainty regarding the degree of commercial traction of both the ETF and the core model portfolio software solution.
Download Report
Allegiance Coal (ASX:AHQ) - DFS Due Early 2019 - Partnered with ITOCHU - Valuation Update
Thursday, December 13, 2018
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 A$0.396/share, up from A$0.326/share. However, given that our current valuation is financed and post tax, and also has Itochu as a JV partner, the previous and current valuations cannot be directly compared.
Download Report
Raiz Invest Limited (ASX: RZI) - Micro Invest Platform for Millennial's - Savings Tool for Users
Tuesday, December 11, 2018
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 East Asia. The company is currently in the early stages of the growth phase and as such an investment in the company is considered at the higher end of the risk scale.
Download Report
Melbana Energy Limited (ASX:MAY) - Oil & Gas - High Quality, Under-Explored Projects - Aust/ Cuba
Monday, November 12, 2018
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 structure, with no allowance for any future capital raising.
Download Report
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
Sunday, November 11, 2018
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 Project is reasonably robust, and is most sensitive, as expected, to changes in revenue inputs, including metal prices. The base case valuation has been calculated using an AUD:USD exchange rate of 0.72.
Download Report