

15 August 2025
LGI Limited (LGI): MW Ramp up
LGI’s FY25 results were solid, with strong margins offsetting a slight revenue miss and a positive outlook for FY26 earnings growth.

2 October 2024
Codan Limited (CDA): Communication is key
We have initiated coverage on Codan (CDA) with a price target of $16.90 and a Hold recommendation.

19 September 2024
Austal Limited (ASB): Super sub
Austal has received a US$450m/ A$670m contract from General Dynamics Electric Boat (GDEB) to expand its shipyard in Mobile, Alabama.

28 August 2024
DroneShield Limited (DRO): A game of two halves
DRO recorded revenue from customers of $23.3m (+106% vs pcp) during the 1H24, -3% below BP estimates. We increase our PT to $1.35 and retain our buy recommendation.

9 August 2024
Light & Wonder (LNW): Q2 2024 – Unleashing the dragon
LNW reported Q2 2024 results ahead of our estimates and VA consensus, and we retain our Buy rating.