Australasian Equities

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Australasian Equities

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Core

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9 Quarters at the Top HUB24 (ASX: HUB) has ranked first for new money flowing onto their investment platform for 9 consecutive quarters, lifting their market share to 9.7% and growing total funds managed 22% year-on-year to $151.7 billion as at the end of March. The share price decline after the quarterly update reflects a modest shortfall versus high market expectations following a record previous quarter, not any deterioration in the underlying business in our view — this dip is a valuation entry point into Australia’s dominant platform grower. In

Paladin Energy

Speculative

high

Targets Raised After Delivering 82% With a Quarter to Spare Paladin Energy (ASX: PDN) has raised its FY uranium production forecast to 4.5/4.8 million pounds, (up from 4/4.4), after delivering roughly 82% of the original target with one quarter still to run. Production costs sit well below guidance, while capital spending has been cut nearly in half, improving cash generation without delaying the ramp to full capacity by year-end. A second major project in Canada adds longer-term growth prospects and would make it

National Australia Bank

Core

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Building a Bigger Buffer Before the Storm Arrives National Australia Bank (ASX: NAB) opted to bolster financial buffers, adding $300 million in forward-looking provisions to cover risks from the Iran conflict and higher fuel costs. Interest rate volatility and a weaker NZD, alongside the increase, are estimated to have reduced the CET1 ratio at 31 March 2026 by approximately 20 bps. Still, the pro forma CET1 ratio is expected to be greater than 12%, a very strong buffer. Further, NAB intends

Orica

Core

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Production Back Online Orica (ASX: ORI) is managing two separate supply disruptions from a position of relative strength. Management does not expect a material financial impact under current conditions. While input cost concerns have weighed on Orica since the Iran War, the linkages to the mining industry are attractive, as many mines will require more blasting to extract resources over the coming years. In our last tech update on the 13th of March 2026, we noted that “Since our last technical update four months

National Storage REIT

Core

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The Fat Lady Has Sung: Buyout Clears the Final Hurdle National Storage REIT’s (ASX: NSR) life as a publicly listed stock is coming to an end. Shareholders voted overwhelmingly to approve the Brookfield and GIC buyout of National Storage REIT at $2.80 cash per share, with 97.9%. Court approval is scheduled for 21 April, the stock will be suspended from trading at the close of that day, and cash is due to be paid on 8 May 2026. With shares already trading at

Macquarie Group

Core

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Multiple Divisions Recovering at Once: a Rising Tide Story Macquarie (ASX: MQG) is emerging from the FY24–25 earnings trough with several divisions recovering at once. The commodities trading arm improved profit in the March quarter, backed by long-term natural gas supply agreements starting from 2028 and a gas network covering a slew of major US pipelines, well placed to capture growing energy demand from AI data centres. Asset management also posted substantially higher income year-on-year. Global deal activity rose more than 20% in early 2026. Strong

Fiducian

Core

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A Wealth Manager That Punches Above Its Weight Wealth platform Fiducian (ASX: FID) manages $14.5 billion in client funds as at 31 March 2026, up 4% year-on-year, supported by positive markets and steady inflows. The business generated $17.6 million operating cash flow over 9M26, comfortably covering $15.8 million in dividends. The company holds $33 million in cash with no debt. A $7.3 million regulatory penalty over a disclosure matter is now largely resolved, with all 160 affected clients reportedly receiving their money

Sandfire Resources

Speculative

high

From Deep in the Red to Sitting Pretty on Net Cash Sandfire (ASX: SFR) has swung from $243 million net debt a year ago to $76 million net cash at 31 March 2026, funded from strong operating cash flow. A modest March quarter production shortfall reflected heavy rainfall and maintenance at their Spanish operations, not a structural problem. Meanwhile, the Botswana copper mine hit record production rates, with higher-grade ore access due in the June quarter. Cost guidance is unchanged, and capital

About these archived stock reports

These are archived Fat Prophets equity research stock reports and share analysis. They do not constitute current investment advice, financial product advice, or a recommendation to buy, sell or hold any financial product. They are provided for historical reference only, and reflect the market conditions, company information, forecasts and opinions available at its original publication date. The information may no longer be current or applicable. Past performance is not a reliable indicator of future performance.

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