Breville Group (BRG) Countplus (CUP)

Commentary remains positive on demand. Margins, however, are affected by raw material and freight cost inflation.

Despite underlying momentum, we have a market weight rating to reflect uncertainty of the new CEO’s identity and of the strategy going forward.

Avita Medical (AVH)

Wound-care sector valuation multiples are compressing, and Avita is particularly vulnerable with profitability still several years away and likely to require new capital rounds.

Bravura Solutions (BVS)

Given its lack of visibility in earnings, and our concerns over potential structural disruption in demand for the Sonata product, we have an underweight rating.