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

Viridis Mining and Minerals Lt / Equity Bottom-Up

Viridis Mining and Minerals Limited operates as a mineral exploration company. The Company focused on a portfolio of coal assets located in Indonesia.

<ul><li>VMM has released its Scoping Study for the Colossus project.</li><li>Overall, the result was positive but certainly not surprising given analogue, Meteoric Resource’s (ASX: MEI), Caldeira Scoping Study was released last year.</li><li>Most importantly, Colossus demonstrated it was economic even at today’s low prices of US$60/kg NdPr delivering an NPV8% of US$388mn. We retain our 12-month Target Price of A$1.00/sh and Spec. Buy Recommendation as VMM looks undervalued.</li><li>However, we maintain that funding Colossus into a reality looks very challenging given VMM’s small market cap. </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.

VMM has released its Scoping Study for the Colossus project.Overall, the result was positive but certainly not surprising given analogue, Meteoric Resource’s (ASX: MEI), Caldeira Scoping Study was released last year.Most importantly, Colossus demonstrated it was economic even at today’s low prices of US$60/kg NdPr delivering an NPV8% of US$388mn. We retain our 12-month Target Price of A$1.00/sh and Spec. Buy Recommendation as VMM looks undervalued.However, we maintain that funding Colossus into a reality looks very challenging given VMM’s small market cap. 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.

Viridis Mining and Minerals Ltd - Colossus Scoping Study Release

Sheffield Resources Limited is a mineral exploration company with a bulk minerals focus. The Company's Projects are geared towards the steel industry feed cycle (iron ore and tungsten) and the emerging fillers-ceramics-pigments cycle (talc, zircon, titanium).

<ul><li>SFX has released its DecH-25 financial results reporting a statutory net loss after tax of A$25.4mn.</li><li>The result for the most part is non-material as SFX had previously disclosed both its own and Kimberly Mineral Sand’s (KMS) – operator of the Thunderbird mine – cashflow movements via its quarterly reports.</li><li>However, we update our model to reflect SFX’s higher sales guidance for MarQ-25. </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.

SFX has released its DecH-25 financial results reporting a statutory net loss after tax of A$25.4mn.The result for the most part is non-material as SFX had previously disclosed both its own and Kimberly Mineral Sand’s (KMS) – operator of the Thunderbird mine – cashflow movements via its quarterly reports.However, we update our model to reflect SFX’s higher sales guidance for MarQ-25. 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.

Sheffield Resources - 1H25 Financial Results

Humm Group Limited provides consumer finance solutions. This Company offers product ecosystem of buy now pay later, credit cards, and business financing. Humm Group serves shoppers, retailers, and small and medium enterprises in Australia, New Zealand, and Ireland.

<ul><li>HUMM Group’s 1HFY25 result was highlighted by 6.1% growth in assets under management over the 6 mths, a good performance given the challenges in the SME and consumer sectors.</li><li>Net interest margins of 5.5% were broadly in-line, as were credit losses (which were ~1.8% on a rolling 12 mth basis).</li><li>With the stock trading on only 5.1x Cash EPS FY25, we retain our BUY rating with an unchanged target price of $0.90ps.</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.

HUMM Group’s 1HFY25 result was highlighted by 6.1% growth in assets under management over the 6 mths, a good performance given the challenges in the SME and consumer sectors.Net interest margins of 5.5% were broadly in-line, as were credit losses (which were ~1.8% on a rolling 12 mth basis).With the stock trading on only 5.1x Cash EPS FY25, we retain our BUY rating with an unchanged target price of $0.90ps.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.

Humm Group Limited - Resilience Is the Key

Genesis Minerals Limited is an Australian-based mineral exploration company. The Company acquires commercially significant mineral deposits that can be brought into production.

<ul><li>1H25 was solid as earnings came in-line with our expectations and slightly exceeded consensus (+3% vs consensus EBITDA), with the latter largely driven by capitalised exploration.</li><li>The balance sheet remains strong (A$202m cash) with a new undrawn debt facility (A$120m) more likely to be used on organic growth opportunities rather than M&amp;A in this higher price environment.</li><li>We see upside risk to FY25 guidance (OMLe: 214koz vs 190-210koz Guidance) and potential for growth projects to be brought forward which should see near-term momentum continue. </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.

1H25 was solid as earnings came in-line with our expectations and slightly exceeded consensus (+3% vs consensus EBITDA), with the latter largely driven by capitalised exploration.The balance sheet remains strong (A$202m cash) with a new undrawn debt facility (A$120m) more likely to be used on organic growth opportunities rather than M&amp;A in this higher price environment.We see upside risk to FY25 guidance (OMLe: 214koz vs 190-210koz Guidance) and potential for growth projects to be brought forward which should see near-term momentum continue. 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 - Organic Growth > M&A

<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>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.

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

Ord Minnett
External broker reports(aggregated public sources)
• Ord Minnett

Viridis Mining and Minerals Ltd - Colossus Scoping Study Release

Overall, the result was positive but certainly not surprising given analogue, Meteoric Resource’s (ASX: MEI), Caldeira Scoping Study was released...

Ord Minnett

Sheffield Resources - 1H25 Financial Results

Our NAV increases slightly to 16cps, and we update our 12-month Target Price accordingly and retain our Hold recommendation.

Ord Minnett

Humm Group Limited - Resilience Is the Key

HUMM Group’s 1HFY25 result was highlighted by 6.1% growth in assets under management over the 6 mths, a good performance given the challenges in...

Ord Minnett

Genesis Minerals Limited - Organic Growth > M&A

Limited upside to our fair value assumption (A$3.30/sh) and a lofty valuation (1.7x P/NAV) precludes us from a more constructive view (currently:...

Ord Minnett

Genesis Minerals Limited - Driving with a Heavy Foot

We now believe the company will exceed FY25 guidance (OMLe: 214koz vs 190- 210koz) and expect further momentum in the name as growth acceleration...

Ord Minnett