Its Over, page-362

NewAddition to Covered Stock:  OEC (Orbital Corp Ltd)

I’mexcited to bring coverage to what I believe is a discovery of an excitinggrowth stock with a validated business model and trading at just $46m market cap.

OECis an emerging global leader in tactical UAV (unmanned aerial vehicle)propulsion systems and flight critical components.

Positives:

• Nicheplayer, recognised and delivered under contract to Insitu, a wholly ownedsubsidiary of Boeing with a long term agreement that is recently expanded to apotential value between A$120-350 million over 5 years (to Sept 2023) whichcovers the delivery of multiple propulsion systems and services

• Largeaddressable tactical UAV market of $14.6B

• Alreadygenerating annual revenues of $21m , hence market cap/revenue ratio of just2.19x and 2019 revenue guidance of $24m; NPAT of $2.2m PE 20.9x

• Tightlyheld stock by instos and management with about just 3% free float

• Managementincentivised mainly on EBIT growth, not BS indicators

• Whilelargely dependent on Insitu (Boeing), other customers include Textron, Mercury,Holden, Ford

 Also cash balance of $10.5m

COVERAGE DATE	STOCKS	PRICE ON COVERAGE DATE	PRICE @OPEN	GAIN%
22/10	OEC	$          0.600	$      0.600	0.0%
18/10	CSL	$      190.810	$  187.260	-1.9%
17/10	OPT	$          0.600	$      0.600	0.0%
15/10	PPS	$          0.915	$      0.865	-5.5%
15/10	SVA	$          0.033	$      0.039	18.2%
15/10	APX	$        12.010	$    11.110	-7.5%
15/10	PME	$          9.990	$    10.000	0.1%
11/10-close	PPS	$          0.925	$      0.970	4.9%
11/10-close	BBUS	$          4.750	$      4.810	1.3%
3/10	BIT	$          0.140	$      0.290	107.1%
26/9-close	CXL	$          0.735	$      0.800	8.8%
20/9-close	4DS	$          0.064	$      0.066	3.1%
3/9	NST	$          8.140	$      9.110	11.9%
29/8-close	SVA	$          0.037	$      0.035	-5.4%
20/8-close	NGI	$          5.810	$      5.160	-11.2%
8/8-close	SFC	$        15.050	$    16.470	9.4%
6/8-close	CGL	$          7.080	$      7.930	12.0%
31/7-close	MYE	$          1.180	$      1.435	21.6%
30/7-close	MP1	$          4.370	$      3.990	-8.7%
26/7-close	SKF	$          0.150	$      0.200	33.3%
24/7-close	ZEN	$          1.060	$      0.785	-25.9%
23/7-close	CXL	$          0.630	$      0.830	31.7%
17/7	COE	$          0.445	$      0.475	6.7%
13/7-close	SHL	$        26.500	$    25.360	-4.3%
29/6	BYE	$          0.340	$      0.265	-22.1%
28/6-close	ATC	$          0.195	$      0.140	-28.2%
18/6-close	A2M	$        10.780	$    11.490	6.6%
18/6-close	CGC	$          8.750	$      7.240	-17.3%
14/6-close	NZK	$          2.240	$      2.480	10.7%
4/6-close	BUB	$          0.830	$      0.625	-24.7%
15/5-close	SW1	$          0.410	$      0.380	-7.3%
14/5-close	RHC	$        65.420	$    55.250	-15.5%
9/5-close	FYI	$          0.145	$      0.115	-20.7%
3/5-close	4DS	$          0.057	$      0.100	75.4%
2/5-close	PME	$          8.150	$    10.860	33.3%
1/5-close	TTT	$          1.540	$      1.525	-1.0%
30/4-close	CTD	$        24.880	$    33.540	34.8%
18/4-close	CLV	$          1.030	$      1.575	52.9%
18/4-close	VIV	$          0.054	$      0.043	-20.4%
11/4-close	APX	$          8.820	$    15.010	70.2%
11/4-close	BHP	$        29.440	$    32.385	10.0%
11/4-close	PPS	$          0.595	$      1.135	90.8%
11/4-close	PTB	$          0.545	$      0.625	14.7%
Return @	11.36%	assuming @ $1k even per stock