Independent Investment Research House, Research as a Service (RaaS)

RaaS+

Independent Investment Research House

Insightful Financial Models and Research Analysis

Research as a Service (RaaS)

Connect to the right investors through smart and insightful financial models and research analysis.

Equity Bottom-Up

Bega Cheese Ltd. provides dairy food products. The Company offers a variety of cheese products including can, stringers, fingers, slice, whey powder, processed, natural, and reduced fat cheddar cheeses. Bega Cheese's exports its whey powder to Asian countries. Bega Cheese's also distributes its cheese products to international commodity markets.

<ul><li>Bega Cheese (ASX:BGA) is one of Australia’s leading producers of dairy products for domestic branded segment, as well as bulk (volume) and highervalue exports.</li><li>The Lion Dairy &amp; Drinks acquisition (November 2020) proved a timely expansion in the branded dairy segment.</li><li>BGA holds leading market share positions in yoghurt and milk beverages, with its branded business representing over 80% of group revenue. </li></ul>

Bega Cheese (ASX:BGA) is one of Australia’s leading producers of dairy products for domestic branded segment, as well as bulk (volume) and highervalue exports.The Lion Dairy &amp; Drinks acquisition (November 2020) proved a timely expansion in the branded dairy segment.BGA holds leading market share positions in yoghurt and milk beverages, with its branded business representing over 80% of group revenue. 

Bega Cheese Ltd - Yoghurt - Key Driver in 2031 Growth Portfolio

Saunders International / Equity Bottom-Up

Saunders International Ltd. designs, constructs, and maintains steel bulk liquid storage tanks for the oil and gas, mining, water infrastructure, and other industries.

<ul><li>From FY20 to FY26, Saunders International (ASX:SND) has transformed from a smaller, more traditional project-based contractor into a scaled, diversified national infrastructure services group with a deliberate shift toward more recurring, panel-style revenues.</li><li>In FY27, Saunders presents as a multi-market engineering and industrial asset services platform spanning defence, water, energy and resources, operating nationally and across the Indo-Pacific, with expanded capability sets including industrial automation/electrical and water infrastructure.</li><li>Successful transition into a multi-disciplinary, multi-sector facing company could see its multiple expand to match that of its listed peers, including SRG Global Ltd (ASX:SRG), Southern Cross Electrical (ASX:SXE), Service Stream (ASX:SSM) and Duratec (ASX:DUR). Management confirmed in the FY26 result a positive outlook across all sectors in which it operates including defence, energy, water, resources and industrials, with projects awarded across all sectors. Reflecting this, the pipeline has grown from $4b to $5.1b over the past 12 months.</li></ul>

From FY20 to FY26, Saunders International (ASX:SND) has transformed from a smaller, more traditional project-based contractor into a scaled, diversified national infrastructure services group with a deliberate shift toward more recurring, panel-style revenues.In FY27, Saunders presents as a multi-market engineering and industrial asset services platform spanning defence, water, energy and resources, operating nationally and across the Indo-Pacific, with expanded capability sets including industrial automation/electrical and water infrastructure.Successful transition into a multi-disciplinary, multi-sector facing company could see its multiple expand to match that of its listed peers, including SRG Global Ltd (ASX:SRG), Southern Cross Electrical (ASX:SXE), Service Stream (ASX:SSM) and Duratec (ASX:DUR). Management confirmed in the FY26 result a positive outlook across all sectors in which it operates including defence, energy, water, resources and industrials, with projects awarded across all sectors. Reflecting this, the pipeline has grown from $4b to $5.1b over the past 12 months.

Saunders International Ltd - Record Revenue, Margin Recovery in FY27

<ul><li>Bega Cheese (ASX:BGA) is one of Australia’s leading dairy producers in the domestic dairy branded segment, and in export markets - including bulk export product and also increasingly higher value export products. BGA has grown through major acquisitions.</li><li>Most recently this was the Lion Dairy purchase (November 2020) which expanded its domestic retail brand presence, with BGA holding a No. 1 market share position in yoghurt and milk beverages.</li><li>BGA has steadily built its branded business to in excess of 80% of group revenue. </li></ul>

Bega Cheese (ASX:BGA) is one of Australia’s leading dairy producers in the domestic dairy branded segment, and in export markets - including bulk export product and also increasingly higher value export products. BGA has grown through major acquisitions.Most recently this was the Lion Dairy purchase (November 2020) which expanded its domestic retail brand presence, with BGA holding a No. 1 market share position in yoghurt and milk beverages.BGA has steadily built its branded business to in excess of 80% of group revenue. 

Bega Cheese Ltd - Food Defensive, with Growth

Close The Loop Ltd. provides national battery recycling services. The Company offers battery collection and recycling solutions, as well as battery collection boxes for secure storage and road transport. Close The Loop serves customers worldwide.

<ul><li>Business model CLG is returning to being a speciality packaging and resource collection and recycling business following the sale of electronics refurbishing business ISP Tek Services for $1 4m.</li><li>The packaging business specialises in flexible plastics, paper cartons and bulk bags , and has delivered consistent EBITDA at margins between 16% and 20% over the past three years , with EBITDA estimated at between $10m and $11m.</li><li>The resource recovery business specialises in the recycling and refurbishment of print toner cartridges and other consumable products.</li></ul>

Business model CLG is returning to being a speciality packaging and resource collection and recycling business following the sale of electronics refurbishing business ISP Tek Services for $1 4m.The packaging business specialises in flexible plastics, paper cartons and bulk bags , and has delivered consistent EBITDA at margins between 16% and 20% over the past three years , with EBITDA estimated at between $10m and $11m.The resource recovery business specialises in the recycling and refurbishment of print toner cartridges and other consumable products.

Close The Loop Ltd - Closing Time on ISP Tek, Deep Value Emerges

MLG Oz Limited provides construction materials. The Company offers crushed stones, cement, lime, construction sand, gravel, and other construction materials. MLG Oz serves customers in Australia.

<ul><li>MLG Oz Ltd (“MLG”) is a vertically-integrated mining logistics and materials handling company headquartered in Kalgoorlie, Western Australia.</li><li>Its operations span haulage, crushing and screening, bulk transport, and site services for tierone mining clients such as Northern Star Resources (ASX:NST), Evolution Mining (ASX:EVN) and Newmont Gold (NYSE:NEM).</li><li>The company’s integrated business model delivers stable earnings underpinned by long-term contractual relationships and exposure across multiple commodities with the majority being gold and increasingly, iron ore. </li></ul>

MLG Oz Ltd (“MLG”) is a vertically-integrated mining logistics and materials handling company headquartered in Kalgoorlie, Western Australia.Its operations span haulage, crushing and screening, bulk transport, and site services for tierone mining clients such as Northern Star Resources (ASX:NST), Evolution Mining (ASX:EVN) and Newmont Gold (NYSE:NEM).The company’s integrated business model delivers stable earnings underpinned by long-term contractual relationships and exposure across multiple commodities with the majority being gold and increasingly, iron ore. 

MLG OZ Ltd - All that Is Gold Still Glitters…

RaaS selects and engages with Australian small caps and microcaps that the market has mis-priced and/or misunderstood. Our goal is to deliver a market re-rating for our clients through focused, indepth and timely research and financial models. The RaaS team comprises highly experienced equity analysts who have all been rated analysts at investment banks including Credit Suisse, BNP Paribas, Royal Bank of Canada, ICBC Standard Bank.