Research notes

Alphabet Inc., known predominantly as the holding company of Google, is an American multinational technology conglomerate. The company offers a range of products and platforms, including Search, Google Maps, calendar, ads, Gmail, Google Play, Android, Google Cloud, Chrome and YouTube. Its hardware product range includes Pixel phones, smartwatches and Google Nest home products. Alphabet Inc. is also known for its online advertising services, internet services, and licensing and research & development services. The company is headquartered in California, US, but is present across the Americas, Europe and Asia-Pacific.

Named one of Time Magazine’s Best Companies of 2024, KLA Corporation makes high-tech equipment used in the production of semiconductors, which are essential components in electronic devices like smartphones and computers. It helps manufacturers improve the quality and efficiency of their production processes by providing tools that detect and analyse defects in the manufacturing process.

Starbucks Corporation is the largest retailer of specialty coffee in the world. Starbucks was founded in 1971 as a retailer of coffee beans and ground coffee, operating from a single store in Seattle’s Pike Place Market. After it was acquired by Howard Schultz in 1987, the business grew exponentially. Its global footprint now comprises over 38,000 stores in more than 80 markets, with Starbucks Reserve ® Roastery locations in Chicago, Milan, New York, Seattle, Shanghai and Tokyo.

Following ASIC approving the scheme of arrangement by which Zurich Financial Services Australia will acquire all the issued shares we discontinue coverage of Clearview Wealth (CVW AU). Our forecasts, target price and recommendation should no longer be relied upon for investment decisions.

FY26 operational progress was strong, with DETECT enrolment accelerating and reimbursement economics improving, while G1 development remains on track. EPI reached 50 DETECT patients in July, ahead of guidance, with 20 leading US centres now actively enrolling and management confident of reaching 210 by end 1HCY27. FY27 cash outflow is expected at A$45-48m, reflecting peak DETECT and G1 spend, but management expects these costs to fall materially in FY28; we view this as a timing shift rather than a structural increase in funding requirements. We raise FY27 cash burn/EBIT estimates and lower FY28 estimates accordingly. We retain our A$2.23 DCF-based target price and SPECULATIVE BUY rating.

Kering is a French multinational luxury goods group and one of the world's foremost luxury conglomerates, alongside LVMH and Richemont. Founded in 1963 by François Pinault, its portfolio is concentrated on personal luxury goods. Core houses include Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, and Brioni, alongside jewellery brands Boucheron, Pomellato, DoDo, and Qeelin.

AIH has materially downgraded prospectus forecasts with FY26 EBITDA expected to be ~£20m (-34% vs prospectus forecast £30m). This comes as the ongoing conflict in the Middle East has caused a timing impact to the commencement of scheduled work, and, to a lesser extent, some gross margin impact from rising input costs. While the Middle East was flagged as an uncertainty at the 1H result in May, the extent of the downgrade was well beyond any expectations and sees leverage rise to 2.5x (vs covenant 2.75x), though AIH expects this to fall to <2.0x by the end of CY26. The company sounded a confident tone that the project scheduling is a 4-8 week timing issue, with the order book of £133m up +15% from 31 March (£162m including recent acquisitions). That said, a strong set of numbers is needed in 1Q/1H27 to restore confidence. We reduce our FY26 EBITDA forecast by 34% and cut FY27 by 15%. Our target price falls to A$0.85 (from A$1.25).

MX1 posted its 4Q26 results noting modest sales offset by higher contract revenue. The cash position remains tight and with convertible note placement being finalised. We have made downward revisions to our sales forecasts across the period. Our DCF based valuation has decreased to A$0.08 (was A$0.15). We maintain our SPECULATIVE BUY rating noting this is a high-risk investment with the funding arrangement needing to be completed shortly.

BTL’s JunQ outlined progress across multiple important fronts. Delivery of the gas plant and pilot gas sales are on track for Q4 (if not sooner). Maintain Speculative Buy rating with updated A$0.77 target price.

Patience on Final Investment Decision (FID) continues to be rewarded - DYL's decision to defer Tumas in 2025 is increasingly being validated, with uranium contract prices materially stronger than when the project was postponed, supporting improved project economics and potential value at FID. FID drawing closer as Tumas execution readiness advances – Engineering (79%), procurement (76% tendered) and site works continue to progress, while the award of A$34m of civil and concrete contracts post-quarter further de-risks construction and reinforces management's targeted 4Q26 FID timeline. We maintain our SPECULATIVE BUY rating with a price target of A$2.00ps (previously A$2.56ps).