External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. 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

<div><ul><li>We recently attended a three-day site visit to Tritton, Cracow and Mt Colin as part of a scheduled Analyst tour organised by the Company.</li><li>Each operation highlighted a different proposition, and we see potential medium- term (+1 year) upside across the business.</li><li>However, delivery to plan in the near term (FY23) is key for investor confidence which would see the current discount (67% TSR; 0.6x P/NAV) unwind.</li></ul></div><p><em>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.</em></p>

We recently attended a three-day site visit to Tritton, Cracow and Mt Colin as part of a scheduled Analyst tour organised by the Company.Each operation highlighted a different proposition, and we see potential medium- term (+1 year) upside across the business.However, delivery to plan in the near term (FY23) is key for investor confidence which would see the current discount (67% TSR; 0.6x P/NAV) unwind.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.

Aeris Resources Limited - East Coast Tour – AIS Edition

<div><div><div><div><ul><li>The FY22 result (broadly in line vs OMLe) got overshadowed by FY23 guidance which came in softer than our expectations on higher operating costs out of Jaguar and Cracow.</li><li>Higher opex was impacted by inflationary pressures (W.A. – Jag more impacted) as well as capex reallocation into operating costs.</li><li>This ultimately drove down our FY23 EBITDA estimates (~20%), whilst lower capital negated the FY23 FCF impact (~-5%). </li></ul><p><em>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.</em></p></div></div></div></div>

The FY22 result (broadly in line vs OMLe) got overshadowed by FY23 guidance which came in softer than our expectations on higher operating costs out of Jaguar and Cracow.Higher opex was impacted by inflationary pressures (W.A. – Jag more impacted) as well as capex reallocation into operating costs.This ultimately drove down our FY23 EBITDA estimates (~20%), whilst lower capital negated the FY23 FCF impact (~-5%). 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.

Aeris Resources Limited - Outlook a Bit Softer – Thesis Unchanged

Australia

Aeris Resources Limited is a mining and exploration company. The Company explores, develops, mines, and produces copper. Aeris Resources conducts its business operations in Australia.

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Aeris Resources (AIS AU)

Aeris Resources Limited - East Coast Tour – AIS Edition

We recently attended a three-day site visit to Tritton, Cracow and Mt Colin as part of a scheduled Analyst tour organised by the Company.

Ord Minnett

Aeris Resources Limited - Outlook a Bit Softer – Thesis Unchanged

The FY22 result (broadly in line vs OMLe) got overshadowed by FY23 guidance which came in softer than our expectations on higher operating costs...

Ord Minnett

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