Equities

At its AGM, IPH provided an overall positive trading update for the first four months to 31 October (FYTD).

Last week a reasonable comp for Life360, Nextdoor, listed on the NYSE and was up around 30% on its first day of trading then held that gain over the week

Nitro announced it has entered into a binding agreement to acquire Connective NV for an EV of €70m (~US$81m). Connective is Belgium’s leading eSign SaaS business with fast growing market share in France and customers in 11 other European countries.

Mineral Resources (MIN) achieved good production performance, announced commercial production from the Kemerton lithium hydroxide plant by mid-2022, and that mining would restart at the Wodgina lithium mine in Q1FY23.

Avita Medical (AVH) announced that the Centre for Medicare/Medicaid (CMS) has approved a new reimbursement code that will provide separate payment for Recell devices used in the outpatient setting.

The price target is lowered by 4% to $26.00 (previously $27.10). Given a 12-month TSR of less than 15%, we maintain a Hold rating for WBC.