External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>GMD produced a strong 2Q result with production exceeding our estimates and consensus by 15% and 18% respectfully.</li><li>We now believe the company will exceed FY25 guidance (OMLe: 214koz vs 190- 210koz) and expect further momentum in the name as growth acceleration plans unfold.</li><li>A lofty valuation (1.5x P/NAV, 6.9x EV/EBITDA, 5.4% FCF yield) leaves little room for error and keeps us from a more constructive recommendation. </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>

GMD produced a strong 2Q result with production exceeding our estimates and consensus by 15% and 18% respectfully.We now believe the company will exceed FY25 guidance (OMLe: 214koz vs 190- 210koz) and expect further momentum in the name as growth acceleration plans unfold.A lofty valuation (1.5x P/NAV, 6.9x EV/EBITDA, 5.4% FCF yield) leaves little room for error and keeps us from a more constructive recommendation. 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.

Genesis Minerals Limited - Driving with a Heavy Foot