Research notes

MAP released its 2Q26 results showing strong momentum in core testing and a clear line of sight to reach its guided target of 24k global testing volumes by EOFY. Core testing maintains a high-growth trajectory as AU progresses up the adoption curve and UK adoption builds strongly, even as headline revenues soften due to the planned wind-down of legacy products. Cost base continues to structurally reset with improved operating leverage and clearer visibility on MAP’s breakeven objective for FY26. No changes to forecasts or valuation at this stage and happy to wait to see the February 1H report for more granular financials and comparisons to our forecasts, particularly around the expense base. TP unchanged at A$0.29 and we reiterate our Speculative Buy recommendation.

We initiate coverage on TNC following a period of successful exploration led growth, project planning and renewed corporate strategy which importantly avoids early production commitments and debt-funded development, materially reducing financial risk relative to prior operating models employed by previous management. TNC’s strategy is structured around three pillars: develop, grow, discover with Mt Oxide providing district-scale exploration leverage through the Vero, Aquila and other emerging discoveries, and Cloncurry offering optionality around near-term development and cashflow generation. We initiate coverage with a SPECULATIVE BUY and a target price of A$1.20ps.

MSV delivered another strong quarter, reporting EBITDA of $9.6m, up 71% on the pcp. EBITDA margins expanded to ~20% from ~12% in 2Q25, showing MSV has delivered a step-change in performance in 1H26. 2Q also delivered a substantial strengthening of the balance sheet, with an $8.1m shift from net debt of $0.9m to a net cash position of $7.2m. FY26 looks to be a strong year for earnings, higher EBITDA margins, robust free cash flow and an anticipated resumption of dividends. We maintain our rating of SPECULATIVE BUY on MSV with a target price of A$0.50ps (up from A$0.45ps).

SLD’s Evoke® System is the world’s first and only closed-loop spinal cord stimulation (SCS) device, using real-time neural feedback to deliver superior, lasting pain relief while reducing therapy burden compared to incumbent open-loop systems. SLD remains early in its US rollout but is fast attacking a cUS$3bn global SCS market, driven by salesforce expansion, increasing centre density, and forthcoming paddle lead availability. Despite accelerating commercial transaction and a clear pathway to margin expansion, SLD trades at a steep discount to neuromodulation peers, positioning the stock as a high-growth, execution-driven re-rating opportunity. We initiate coverage with a SPECULATIVE BUY and a target price of A$3.07.

TTX continues to achieve its commercial, clinical and regulatory milestones in a timely manner. The key focus for us is the FDA approvals (expected in 1H27) for the dental (Tegenix) and orthopedic (TegenEOS) application. TTX’s 2Q26 result was in line with our expectations. We have made no changes to our full year forecasts or valuation. We maintain a SPECULATIVE BUY recommendation on TTX.

IMR continues to make solid progress across its clinical, regulatory, and commercial objectives. We expect the NorthStar mapping system to be approved in the US shortly and later in the year approval for atrial flutter. Commercial sales have been modest to date given the need to focus on recruitment for atrial flutter. We expect sales in Europe and ME to accelerate in 2026. We have adjusted down our sales forecast for FY26/27, however from FY28 onwards we see the commercial operations building quickly, particularly in the US. As a result of changes to our forecasts (short-term down, longer term up) our valuation has increased to A$2.71 (was A$2.22). We maintain our SPECULATIVE BUY recommendation on IMR.

SMR delivered record quarterly results in 4Q25 across run-of-mine (6.0Mt), saleable product (3.9Mt) and product sales (4.0Mt) whilst dealing with unseasonally high rainfall. Increased sales helped operational cash flow that saw total cash increase to US$212m and net debt reduced by US$57m to US$33m. Isaac Downs is expected to deliver materially lower output in 2026 as mining progresses deeper into the pit and approaches less economic zones. Poitrel’s production is also forecast to ease after a standout 2025 performance. We downgrade our recommendation of SMR to TRIM with a revised target price of A2.95ps. Our target for SMR is set at a discount to NPV to reflect opacity in the short-term coal price outlook.

RRL delivered a strong 2Q26, with group gold production of 96.6koz Au supporting record quarterly cash and bullion generation of A$255m, lifting the balance to A$930m. The result was underpinned by stable performance at Duketon, a sharp uplift in gold sales at Tropicana and continued strength in spot gold prices. We maintain our HOLD rating, and price target of A$8.05ps (previously A$6.17ps) with the uplift a function of our updated precious metals price deck.

NWL delivered 2Q26 net flows of $4.16bn, and total FUA of $125.6bn, which was broadly in-line with consensus expectations and sees the group on track to deliver NWL’s FY26 net-flow targets. Revised FY26 EBITDA margin guidance will however see a larger step-up in opex than previously flagged as NWL looks to further accelerate investment in capabilities to support the broader push into the Broker and UHNW markets, with the view to accelerating revenue growth. We decrease our NPAT forecasts by -2/-8%/-6%, reflecting NWL’s FY26 EBITDA margin guidance and the inclusion of debt to fund NWL’s First Guardian client remediation. Following a ~52% decline in share price over the last 6 months, we now see NWL trading on an FY27F P/E of ~40x (vs. HUB on 57x), with TSR of +18% based on our revised price target of $28.90/sh. This sees us move to an ACCUMULATE rating (previously HOLD).

PNR delivered a soft operating quarter for 2Q, producing 22koz Au and AISC of A$2,571/oz. Ounce production was up 12% qoq but still lags the output required to meet guidance. On a half yearly basis, PNR have only delivered 39.6% of ounces using the guidance midpoint of 105koz, despite this guidance being reiterated, although is expected to be at the lower end. We update our model for the result and reiterate our TRIM rating, price target A$5.00ps (previously A$5.02ps).