Australian Market Community

Overview Our analysis indicates that Karoon Energy (ASX: KAR) is generating exceptionally strong free cash flow (FCF), with an FCF margin of ~45%—well above industry averages. Supported by a $65 per BOE base case, stable production growth (+3.8% annually), and a well-structured CAPEX program ($120M p.a.), Karoon is positioned to generate ~$293M USD in annual free cash flow.

1. Business Overview and Market Scope What the Business Does: Acrow is a Sydney-based provider of support services for the construction industry.

Increasing subscriber numbers alongside increasing ARPU yields 20% annual revenue growth as more and more businesses turn to cloud based accounting solutions with strong integrations and eventual AI features to run their businesses. Xero has high scalability of its products, with current gross margin of ~88%.

[Narrative update per Investor announcement 29-Jan-2025] Note: Issues with website 'Valuator' model tool, see price assessment below. Price target is AU$4.11 pre-phase 3 read out, and >AU$5.14 post-read out (mid-2025).

Credit crunch as AI fervor draws high, capital flows to USA in near term, OFX fails to capitalise and innovate owing to infighting in executive team, equity payments instead of direct payments taking money from shareholders over time through buybacks, and other direct transfers from the executives. Although I believe both the CFO and PHC are well suited to their roles, the lack of investment into development and people, as well as high rates of tool and company acquisition have led to massive friction and internal loss.

Freehill mining is a small scale producer of Iron ore and waste for concrete. They have several high grade iron ore deposits within the Yerbas Buenos area with two out of seven deposits defined.

Monash IVF ( ASX: MVF ) Monash IVF Group Limited is a leading provider of assisted reproductive services in Australia and Malaysia. With over 50 years of experience, the company has been instrumental in pioneering fertility treatments, including achieving Australia's first IVF birth and the world's first pregnancy from a frozen embryo.

Sun Silver: Valuation at $100/oz Silver Key Project: Maverick Springs (Nevada) Resource: Silver: 175M oz at 45 gpt. Silver Equivalent (AgEq): 290M oz at 70 gpt (includes gold).

--- Rox Resources: Stock Price Estimate at $4,000/oz Gold --- Project Details and Financials 1. Youanmi Project: Total Resource: 2.3M oz gold.