External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Quieter, not quiet period for announcementsThe first 4 months of FY26 has seen PME announce three major deals in the US.</li><li>This compares to just one (announcement) in the corresponding period for FY25, followed by a frenzy of 6 new contract announcements over the remainder of the fiscal year.</li><li>We consider the quieter period for new contract announcements for the first 4 months of FY26 is not unusual, meanwhile contract implementations continue.In the period since the company’s FY25 result announcem...</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Quieter, not quiet period for announcementsThe first 4 months of FY26 has seen PME announce three major deals in the US.This compares to just one (announcement) in the corresponding period for FY25, followed by a frenzy of 6 new contract announcements over the remainder of the fiscal year.We consider the quieter period for new contract announcements for the first 4 months of FY26 is not unusual, meanwhile contract implementations continue.In the period since the company’s FY25 result announcem...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pro Medicus (PME): Dismiss the Quieter Period

<ul><li>A small miss on earnings, outlook remains positivePME reported 1H25 revenues of $97.2m relative to consensus of $100m hence a 2% miss at the top line.</li><li>EBITDA $72.9m relative to market consensus of $75m.</li><li>PME continues to stick to core business of Visage 7, workflow, archive and data migration services where demand for its offering is increasing despite price rises and an influx of approvals of AI tools in the radiology space (but little/no reimbursement).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A small miss on earnings, outlook remains positivePME reported 1H25 revenues of $97.2m relative to consensus of $100m hence a 2% miss at the top line.EBITDA $72.9m relative to market consensus of $75m.PME continues to stick to core business of Visage 7, workflow, archive and data migration services where demand for its offering is increasing despite price rises and an influx of approvals of AI tools in the radiology space (but little/no reimbursement).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Promedicus (PME): Growth Rate Accelerating

Australia

Pro Medicus Limited develops and supplies proprietary software and IT solutions for large medical corporations and individual medical group practices.  The Group's services include billing and management systems for diagnostic imaging providers, clinical reporting systems, and appointment booking services.  Pro Medicus' e-mail system delivers encrypted diagnostic reports to group doctors.

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