From Morgans :Investment viewAUA appears well placed heading...

From Morgans :

Investment view

• AUA appears well placed heading into CY24 with EU rollout gathering momentum. It's hard to forecast timing on regional expansion, but it is looking like AUA's global partners have seen enough in AUS to warrant hitting the broader launch button. Key here lies in signs of entry into major jurisdictions and material purchase orders for initial stocking events. We continue to view AUA as materially undervalued. We use a DCF based method to value AUA at A$0.14, which is where we have set our target price. We maintain a Speculative Buy recommendation, and will closely watch the sales growth and the cash balance over the next few quarters