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Old School is New Again – special report

Old School is New Again Down Under Despite a recent rebound, tech stocks have been pummelled YTD in 2026, and the healthcare sector’s performance is also decidedly sickly at the headline level (though when looking past some of the large-caps, the story is more mixed). Nevertheless, after closing at 9,007 points on Wednesday, 18 February, the benchmark is only a whisker away from all-time highs. The explanation is that miners and banks have been on a tear, extending gains enjoyed in

Domino’s Pizza Enterprises

Core

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Learning From the Golden Arches Playbook Domino’s Pizza Enterprises (ASX: DMP) appointed Andrew Gregory, a 30-year McDonald’s veteran, as incoming CEO starting no later than August 2026. Gregory previously ran McDonald’s global franchising and led the Australia-New Zealand business for eight years, delivering sustained growth and franchisee profitability. The appointment follows disappointing results and aims to stabilise franchise relationships and store economics. Executive Chairman Jack Cowin remains during the transition, signalling continuity alongside operational renewal. In our last technical update on the 15th of

National Storage REIT

Core

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Brookfield Pays the Premium National Storage REIT’s (ASX: NSR) 1H26 underlying earnings were up 8.2% to $84.3 million, with revenue per square metre rising 5.3% and occupancy climbing across newer centres. The trust agreed to a $2.86 per security takeover by Brookfield and GIC, valuing the business at $4 billion equity and implying a 26.5% premium to undisturbed prices. Net asset value edged 1.2% higher to $2.61 per security as rental growth drove property revaluations. The bid crystallises value for investors

Santos

Speculative

high

Trimming the Fat Santos (ASX: STO) posted underlying profit down 25% to $898 million for 2025, missing estimates as weaker oil and gas prices offset volume growth. Free cash flow hit $1.8 billion with unit production costs at decade lows of $6.78 per barrel. The board maintained total dividends at 23.7 cents despite the earnings miss. Management cut 10% of staff and launched a portfolio review as major projects shift from construction to operations. Barossa LNG and Alaska’s Pikka oil field

SRG Global

Core

medium

Taking some profits SRG Global had a strong first half, with higher activity translating into faster profit growth and a modest margin improvement. The engine room was Maintenance and Industrial Services, which continued to expand, while Engineering and Construction was steady. Cash generation stayed solid, even though tax payments were higher, and SRG made some progress on reducing the net debt position incurred because of the TAMS acquisition. On that note, TAMS is reportedly delivering to business case just two

Northern Star

Speculative

high

Short-Term Strain, Long-Term Gain Northern Star gained after a well-received H1 update last week. Earnings received a clear tailwind from gold prices, with margins expanding, though the cashflow profile tells a more complicated story. The catch is that FY26 production guidance has already been cut, AISC guidance revised upward, and underlying free cash flow is running negative as peak KCGM capex and a A$275 million prior-period tax catch-up hit simultaneously. Still, the real catalyst – a step-change in cash generation as the expanded

Fortescue

Speculative

high

Testing the Water on Green Iron Fortescue (ASX: FMG) is edging their green iron strategy out of the lab and into the next phase of execution. Recent progress on a low-temperature, hydrogen-free reduction process, alongside a hydrogen-based pilot, while electrifying parts of the mining fleet and moving away from fossil fuels. Management aims to sell higher-value, lower-emission iron rather than just raw ore. However, the key question for investors is going to be whether these technologies scale at acceptable costs and

BHP

Core

medium

Copper takes the Crown BHP enjoyed firm bids, hitting record highs on Tuesday, after solid HY profits that topped market expectations, a dividend bump of 44% and a silver streaming deal that crystallised a hefty upfront cash payment. Notable in the results was the continued mix shift. Copper is now the main earnings engine, and the company converted stronger copper pricing into a clear uplift in group profitability. Cash generation remained solid. Net debt moved up but remains comfortably within

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