External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

We are an ASX-listed financial services firm specialising in asset management, lending, corporate advisory and equities. 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.

External broker reports(aggregated public sources)

Moelis Australia Ltd

Equity Bottom-Up

<ul><li>Financial results for developers like CNB tend to be of limited significance.</li><li>The variance in EBITDA and Adjusted NPAT was primarily due to marginally higher corporate costs and share- based payments.</li><li>Cash differed from our estimates (and the balance reported in the December quarter 5B), with the $3m transfer to term deposits, linked to the binding Asset Sale Agreement for Trekelano (held in escrow until completion) and not reflected as an investing cash outflow in the December quarterly report.</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>

Financial results for developers like CNB tend to be of limited significance.The variance in EBITDA and Adjusted NPAT was primarily due to marginally higher corporate costs and share- based payments.Cash differed from our estimates (and the balance reported in the December quarter 5B), with the $3m transfer to term deposits, linked to the binding Asset Sale Agreement for Trekelano (held in escrow until completion) and not reflected as an investing cash outflow in the December quarterly report.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.

Carnaby Resources Ltd - 1HFY25 Result: Looking to Pre-Feasibility Studies in 3Q 2025