In my ongoing research, this morning I came across a Bell Potter note - well the front page at least! (Updated June-24, TP=0.73)

Just to compare, their FY25 and FY26 NPAT is $0.3m and $3.2m, respectively. My "scenario" that I showed in yesterday's straw (which I argued supports a TP of $1.10), has values of $1.9m and $7.4m.

So my "scenario" is quite a bit more bullish than BP, but in the grand scheme of things, it is in the ballpark.

If I am critical of this note, it appears that they talk about a "gap in the market". This may be true about the Australian market (which is also supported by @Rick's anecdote, yesterday). However, I am less clear the extent to which the same can be said in other markets.

Without making a negative remark about Bell Potter, I do make the general comment that some analysts tend just to repackage what management has told them, without doing independent, fact-based research. So, in sharing this research, I am not endorsing the statements, but just sharing the views of others.

I remain in an information gathering and analysis mode, and I am not yet taking a view on the stock (for avoidance of doubt). But it is interesting.

Disc: Held in RL (0.25%) and SM