BellPotter Marketing

We initiate coverage of Retail Food Group (RFG) with a Buy rating at a $0.13/share Price Target. As Australia’s largest multi-brand retail food franchise owner in Quick service restaurants (QSR) and Coffee, the company franchises and operates stores in mass brands, Donut King & Gloria Jeans and other mid-market brands such as Crust Pizza in ANZ, US and EMEA.

We initiate coverage of Austral Limited (ASB) with a Price Target of $3.10 and a Buy rating. ASB is an Australian shipbuilder and defence contractor providing design, manufacturing and support capabilities for defence and commercial customers.

We initiate coverage of COSOL, a company that specialises in digital IT solutions, focusing on enterprise asset management software platforms and data management, with a buy recommendation and a 12 month price target of $1.00.

At headline level AVG’s FY23e revenue and EBITDAS guidance were broadly in-line with BPe expectations. We retain our Hold recommendation.

CWP announced lower guidance for FY23 NPAT to approximately $30.0m, which compares to previous guidance of meeting or exceeding FY22 NPAT of $37.4m.

SHV reported an underlying 1H23 EBITDA loss of -$55.6m, and we have outlined the key points including operating results, crop assumptions, and cashflow and balance sheet.