Research notes

AstraZeneca is an Anglo-Swedish multinational pharmaceutical and biotechnology company headquartered in Cambridge, England. It is science-led and patient-focussed within its four primary therapy areas: Oncology, Biopharmaceuticals, Vaccine and Immune Therapies; and Rare Diseases. AstraZeneca is focussed on the discovery, delivery and commercialisation of prescription medicines.

PayPal Holdings, Inc. operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. The company provides payment solutions under the PayPal, PayPal Credit, Braintree, Venmo, Xoom, PayPal Zettle, Hyperwallet, PayPal Honey, and Paidy names.

Mastercard is a technology company that provides transaction processing and other payment-related products and services in the United States and internationally. It facilitates the processing of payment transactions, including authorisation, clearing, and settlements. The company offers integrated products and value-added services for account holders, merchants, financial institutions, businesses, governments, and other organisations.

VISA is a global payments technology company that enables fast, secure and reliable electronic payments across more than 200 countries and territories. It facilitates global commerce through the transfer of value and information among a global network of consumers, merchants, financial institutions, businesses, strategic partners, and government entities

We initiate coverage on Koala Company with a BUY recommendation and $5.13 target price. We think there is a degree of conservatism embedded in both our forecasts and valuation, with the balance of risk skewed to the upside. Koala offers an attractive growth profile, underpinned by strong sales growth, margin expansion and significant NPAT growth. The stock screens cheap on a multiple basis, trading on 18.5x FY27 PER versus the peer set average at 27.0x, despite offering one of the strongest growth profiles.

We have adjusted our CY26 production forecasts to better reflect the phasing of maintenance across assets and a revised production mix between cathode and sulphide output at Mantos Blancos and Mantoverde. Net these changes our target price moves to A$15.40ps (previously A$16ps) and we maintain our BUY rating.

BMC has received a positive Decision Document from the Government of Yukon for development of the ABM deposit at the Kudz Ze Kayah (KZK) Project. This represents the key de-risking milestone for KZK, addressing what has historically been the primary development headwind. We maintain our SPECULATIVE BUY rating and A$5.70ps price target (previously A$4.90), with the uplift driven by refreshed precious metals price assumptions and reduced permitting risk. The recent de-risking supports our assumption of future equity funding at 0.7x NAV (previously 0.6x NAV), resulting in lower dilution and a reduced forecast SOI.

A2M’s FY26 earnings downgrade was due to factors largely out of its own control, being higher freight/supply chain costs associated with the conflict in the Middle East and delays getting product released (enhanced testing and customs clearance) following peer recalls. Importantly, the demand for its products is strong. Guidance has been revised due to supply constraints (lower sales and product mix issues dilute margins) and higher costs. We have revised our forecasts. In our view, while some of the issues are one-off in nature, increased costs associated with the conflict are likely to continue into FY27. Despite this, we still expect strong growth in FY27 given A2 Pokeno is expected to break even and new China label (CL) IF products will be launched. Following material share price weakness, we upgrade to an ACCUMULATE recommendation with a new price target of A$8.70 (was A$9.50).

MVF has received a revised takeover proposal of 100% of shares from a consortium (Genesis Capital and Soul Patts) for $0.90 per share via Scheme of arrangement. This is up from the previous offer of $0.80 offer rejected in November 2025. The consortium has flagged this as the best and final offer (in absence of a competing bid) and is valid until 21 April 2026. As at 24 November 2025, the consortium held ~19.6% of ordinary shares on issue. We have made no changes to forecasts but have increased our target price in line with the offer price of $0.90. We have a SPECULATIVE BUY recommendation.

The Home Depot is the world’s largest home improvement retailer with operations in the US and internationally. It sells various building materials, home improvement products, lawn and garden products, and décor products, as well as facilities maintenance, repair, and operations products.