Equities

AIM has delivered a stronger than expected maiden full year result with an FY21 underlying EBITDA loss of ($3.1m) ahead of our ($4.1m) forecast. Revenue of $49.2m was 2% ahead of BPe ($48.2m) and up +28% on a pro-forma basis (+87% on a statutory basis).

CGC reported a 1H21 underlying EBITDASL in line with expectations at $124.4m (BPe $124.0m). In the near term we note reasonable export citrus pricing and strong off season berry pricing trends as supportive of the 2H21e outlook.

BST delivered a strong debut FY21 result that was well ahead of Prospectus forecasts and slightly ahead of the company’s 26th July update. FY21 pro-forma EBITDA (preAASB16) was $71.6m, 18.0% ahead Prospectus & well up on pcp of $27.0m.

Accent Ground (AX1) announced a strong FY21 result, although COVID restrictions/lockdowns in July/August have had a material impact on 1H22. Our 12-month price target reduces to $2.90 (previously $3.30), and we retain our Buy rating on the stock.

After Money3 Corporation (MNY) posted an exceedingly strong FY21 result, we have increased our price target to $4.15ps (previously $3.70ps) and retained our Buy recommendation.

BRG announced underlying FY21 EBIT of $136.4m, up 24.1% YoY (on restated basis) and in line with company guidance. Given supply chain risks and a potential transitional demand outlook, we have decreased our Price Target to $30.50 (previously $32.25) and retained a Hold rating.