Australasian Equities

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Australasian Equities

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Speculative

high

Strong cash flows, moving to net cash Evolution Mining (ASX: EVN) shares popped +9% on Wednesday for good reason. Strong cash flows saw the balance sheet transition to net cash, achieved while funding growth capital across several key areas. Mungari produced a record 51koz and generated a record net mine cash flow; Red Lake set its own cash flow record; Ernest Henry was disrupted by weather but has returned to normal operations. Gold price realisation of $6,794/oz, with only a

St Barbara

Speculative

high

Restarting the Momentum Gold miner St Barbara (ASX: SBM) has reported solid numbers. Simberi March quarter production surged 49% quarter-on-quarter, despite above-average rainfall. The Touquoy restart in Nova Scotia received final regulatory approval on Monday (13 April), targeting 38,000 ounces over 13 months, with attractive unit economics. With $389 million from the Simberi-related transaction received on 2 April, the balance sheet is de-risked, and the valuation is a steep discount to the present value of expansion projects, even under modest assumptions. In our last tech

Qantas

Core

high

Fuel Bill Doubles But the Airline Keeps Its Head Above Water Qantas (ASX: QAN) faces a severe fuel cost shock, with 2H26 fuel expenses now guided at $3.1-3.3 billion after jet fuel prices more than doubled following the Iran conflict. The airline is trimming domestic flights and raising fares while redirecting aircraft to European routes where demand is strong. International ticket revenue is expected to grow 4-6% year-on-year, double prior guidance. A ceasefire could quickly reverse the fuel cost pressure, supporting a

WiseTech Global

Speculative

high

Cost Savings Delivered Ahead of Schedule, Ahead of the Pack WiseTech’s (ASX: WTC) logistics software platform, used by more than 22,000 freight and supply chain companies across 193 countries, grew revenue 12% in the first half. Total revenue surged 76% to US$672 million following a major acquisition, with operating earnings up 31% to US$252 million. Full-year revenue guidance of US$1.39-1.44 billion was reaffirmed at 40-41% profit margins. Acquisition cost savings were delivered ahead of schedule. The newly appointed CEO purchased A$1

Westpac

Core

medium

Building a Bigger Rainy-Day Buffer Before the Storm Arrives Westpac (ASX: WBC) is building up financial buffers from a position of strength. Bad debt provisions are rising modestly in response to higher fuel costs and global uncertainty, but core lending margins held steady in the March quarter, and loan growth remained solid. Expenses fell 2% as technology overhaul continues to deliver savings. A well-capitalised bank absorbing near-term shocks pre-emptively looks well placed once geopolitical noise subsides. We believe tech-related cost-out opportunities are underappreciated

Xero

Core

medium

A Quality Business at a Discounted Price Online accounting software firm Xero (ASX: XRO) is one of New Zealand’s biggest success stories over the past 20 years and has grown to be a leader in its niche in Australia, New Zealand and the UK. Through the Melia acquisition, the company is making a big push in the massive US market, dramatically expanding its TAM (total addressable market) opportunity. Xero’s share price has more than halved from its June 2025 peak. Over the

Northern Star

Speculative

high

Full-Year Guidance Firmly on Track Northern Star (ASX: NST) announced a production downgrade in mid-March which compounded a hefty drawdown from record highs and dented management credibility. The frustration is legitimate, but the medium-term thesis hasn’t changed. Northern Star is a large, liquid, strategically important Australian gold producer. When the KCGM mill expansion comes online in early 27, throughput capacity effectively doubles. The balance sheet is sound, the gold price backdrop remains supportive, and the primary uptrend is intact. This is a

CSL

Core

medium

New Tariff Regime? CSL (ASX: CSL) is looking like it is emerging as a relative winner versus many peers after Trump’s pharmaceutical tariffs were announced early this month. Their US plasma therapies, derived entirely from US-sourced plasma, are explicitly exempted from the new regime, while certain flu vaccine tariffs are set to fall from 10% to 0% when rules take effect on 29 September 2026. A $1.5 billion Illinois plasma capacity expansion cements its local manufacturing credentials. The stock is down roughly 40%

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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