Equities

We have initiated coverage on Burgundy Diamond Mines Ltd (BDM), with a Buy rating and Price Target of $0.50/sh. BDM's core asset is the Ekati Diamond Mine located in Canada’s Northwest Territories.

We have initiated coverage on Seven Group Holdings (SVW), a leading Australian diversified operating and investment Group with market leading businesses and investments in Industrial Services, Energy and Media sectors.

The recent reporting season highlighted an inventory unwind in agricultural chemicals markets and strong pricing growth in competing products for NUF’s Omega-3 product. Our $7.00ps target price remains unchanged.

Altium reported an FY23 result consistent with both our forecasts and the guidance. We have decreased our PT to A$40.00 and maintain our Hold recommendation.

Cogstate key financial results were largely ahead of guidance released in May 2023 and our previous forecasts. We maintain our Hold recommendation with a price target of $1.60.

A2M reported FY23 underlying NPAT ahead of our expectations at NZ$155.6m. Our Hold rating remains unchanged.