In today’s briefing:
- Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80
- Cleanspace Holdings Ltd – Innovator in a specialised global market
- PointsBet Holdings Ltd – The Overnight Report: Trade Deals, New Highs
- Can Virgin Succeed This Time?
- Australian Broker Call *Extra* Edition – Jul 24, 2025
- BHP Battling Rising Costs, Production Challenges
Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80
- On 22 July, Insignia Financial (IFL AU) entered a scheme implementation deed with CC Capital at A$4.80, a 4.0% discount to its previous non-binding offer of A$5.00.
- The key conditions are regulatory (APRA, FIRB, ACCC, FCA) and shareholder approvals. Shareholders should be supportive as the offer resulted from an auction.
- The offer is reasonable in comparison to historical trading ranges, peer multiples and precedent transaction multiples. The timing of regulatory approvals is the key risk.
Cleanspace Holdings Ltd – Innovator in a specialised global market
- CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables.
- Specialising in powered air purifying respirators (PAPRs), CleanSpace is known for its compact, lightweight, ergonomic units that do away with the need for belts and hoses to provide filtered air to workers.
- A scan through competitor websites reveals that belt and hose units remain the dominant design, providing CSX with a real opportunity to take market share (RaaS estimates CSX has ~1.2% of the global industrial market in FY25).
PointsBet Holdings Ltd – The Overnight Report: Trade Deals, New Highs
- A global perspective on what happened overnight
Can Virgin Succeed This Time?
- Virgin Australia ((VGN)) is back for another go (which brings the name into question), having entered administration as a result of covid before being revived under private equity ownership.
- Australia’s second airline has returned to listed life with a simplified portfolio and strategy that, Ord Minnett believes, should resonate well with investors attracted to the relatively high quality/low risk Australian domestic aviation market.
- The broker sees a compelling earnings outlook into FY26, with relatively stable fares, falling fuel expenses, and transformation benefits.
Australian Broker Call *Extra* Edition – Jul 24, 2025
- Extra Edition of the Broker Call Report
BHP Battling Rising Costs, Production Challenges
- BHP Group’s fourth quarter operational report resulted in record iron ore and copper production for FY25.
- Weaker commodity pricing and delays at Jansen potash provided negative offsets
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