Australasian Equities

Equity Research
Archive
Australasian Equities

Sample Reports | Old Reports | Not Current

Member Survey – 2025

Report Card – Members Feedback As has been the case for a number of years now, in our quest to continuously improve the quality of the service that we offer, at the end of each calendar year we ask Members to grade our performance and, where possible, provide feedback. In this brief report, we provide a summary of the votes (i.e. grades) we received and add some flavour to this by including a few of the comments from our Members across

Newmont

Speculative

high

A Slimmer Newmont in a Strong Market Newmont (ASX: NEM, NYSE: NEM) is working through a deliberate production dip while benefiting from a powerful gold price backdrop. Year-to-date, NEM has surged as bullion prices lifted above $4000oz, well above consensus estimates by most brokers and analysts. Despite gold production falling due to asset sales and planned changes at several operations, Newmont has outperformed and is the world’s largest gold miner. Management is using the high gold price environment to narrow the mine portfolio to fewer,

Woodside Energy

Core

medium

Passing the Baton, Not the Playbook Woodside Energy (ASX: WDS) tumbled following news that CEO Meg O’Neill would depart to helm supermajor BP. The incoming CEO will likely have a key focus on the giant Louisiana LNG project, perhaps seeking partners to share in capital spending, as construction costs across the sector continue to face upside risk – Saudi Aramco is seen as a possible partner for Louisiana. Acting CEO Liz Westcott is seen as a prime candidate to helm Woodside

Fiducian

Core

medium

Contesting the Call while Holding the Line Fiducian (ASX: FID) has taken a procedural step in an ASIC greenwashing case without altering the substance of the issue. Greenwashing is when a company exaggerates or fabricates how environmentally friendly it is in marketing or communications. The company has confirmed that the funds-management arm has filed a formal defence in civil proceedings relating to the now-closed Diversified Social Aspirations Fund, signalling that they will contest ASIC’s allegations while continuing business as usual elsewhere. The

Sandfire Resources

Speculative

high

Black Butte – a copper option, but not the main event Sandfire’s Black Butte update provides some optionality, but under the base case scenario, it is rather unexciting. The stock ticked higher after the update was released, but didn’t move much, and we view the muted market reaction as appropriate. The Johnny Lee deposit at Black Butte PFS (prefeasibility study) confirms a permitted, conventional underground copper development concept in Montana, but the base-case value is modest versus the upfront build costs, and

Amcor

Core

medium

Tidying the House Amcor (ASX: AMC) announced some updates, the first of which is backing lower-carbon packaging through materials that work across recycling and composting systems. Next, they’re also resetting the optics around their equity via a 1-for-5 reverse split as the share price sits near cycle lows. Finally, there is also the ‘exit’ from the S&P/ASX 50, which adds short-term pressure. In our last tech update on the 7th of November, we noted that “Our technical outlook on Amcor, back on August

Santos

Speculative

high

Less Clutter, Clearer Runway Santos (ASX: STO) has used asset sales and early debt repayment to simplify their portfolio and strengthen the balance sheet ahead of a heavy project delivery phase. Two non-core gas assets have been monetised, decommissioning exposure has been reduced, and PNG LNG project debt has been fully repaid six months early, leaving no 2026 maturities and roughly US$4 billion of liquidity. With Barossa LNG and Pikka nearing cash flow, the company is clearly prioritising financial flexibility –

Treasury Wine Estates

Core

medium

Tightening the Spigot Treasury Wine Estates (ASX: TWE) closed lower, though well above intraday lows. The vintner said shipments into the US and China are being cut sharply to unwind excess distributor inventory and defend Penfolds’ pricing. Guidance was revised down sharply, with 1H26 EBITS expected to fall in the range of $225m to $235m, well below market expectations. TWE will also scrap the remaining balance of a share buyback, which will partially defend gearing levels. Management is launching a sizable cost-out

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.

This is general information only and does not take into account your objectives, financial situation or needs. Before acting on anything in this report, you should consider its appropriateness to your circumstances and seek advice from a licensed financial adviser.

DISCLAIMER Fat Prophets has made every effort to ensure the reliability of the views and recommendations expressed in the reports published on its websites. Fat Prophets research is based upon information known to us or which was obtained from sources which we believed to be reliable and accurate at time of publication. However, like the markets, we are not perfect. This report is prepared for general information only, and as such, the specific needs, investment objectives or financial situation of any particular user have not been taken into consideration. Individuals should therefore discuss, with their financial planner or advisor, the merits of each recommendation for their own specific circumstances and realise that not all investments will be appropriate for all subscribers. To the extent permitted by law, Fat Prophets and its employees, agents and authorised representatives exclude all liability for any loss or damage (including indirect, special, or consequential loss or damage) arising from the use of, or reliance on, any information within the report whether or not caused by any negligent act or omission. If the law prohibits the exclusion of such liability, Fat Prophets hereby limits its liability, to the extent permitted by law, to the resupply of the said information or the cost of the said resupply.

Funds Management – In addition to the listed fund FPC, Fat Prophets Pty Ltd manages the separately managed accounts, namely Concentrated Australian Shares, Australian Shares Income, Small Midcap, Global Opportunities, Mining & Resources, and Asian Shares. These SMAs are managed under their own mandates by the fund managers, and this is independent to the research reports.

Staff trading – Fat Prophets Pty Ltd, its directors, employees and associates of Fat Prophets may hold interests in many ASX-listed Australian companies which may or may not be mentioned or recommended in the Fat Prophets newsletter. These positions may change at any time, without notice. To manage the conflict between personal dealing and newsletter recommendations the directors, employees, and associates of Fat Prophets Pty Ltd cannot knowingly trade in a stock 48 hours either side of a buy or sell recommendation being made in the Fat Prophets newsletter. Staff trades are pre-approved by an appointed staff trading compliance officer to ensure compliance with the staff trading policy.

For positions that directors and/or associates of the Fat Prophets group of companies currently hold in, please click here.