Australia SMID: Stock Picks and Earnings Season Review (August 2026)
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Abstract
Goldman Sachs' September 4 Australia small- and mid-cap (SMID) strategy note reviews the August 2026 reporting season and refreshes stock picks by analyst. Ten key positive ideas carry Buy ratings: CDA, PWH, CCL, SNL, C79, SSM, NGI, PNI, BRG and PME, while the firm stays cautious on sells Domino's (DMP) and Inghams (ING). Highlights: Codan's Unmanned revenue rose 115% year-over-year with 2H26 Comms margin at 34.3% (Buy, A$51.50 target); Service Stream posted FY26 operating EBITDA of A$163 million (+12%), beating estimates, with the Defence PAS contract at roughly A$240 million annualized run-rate and ~85% of FY27 work locked in (A$2.50 target); Chrysos laid out a path to double its fleet within three years (A$10.26); and Pro Medicus plans an AI reporting tool for early CY27, potentially lifting transaction pricing 30-35% (A$222). Among Buys, upside is largest for Life360 (+61.2%), Catapult (+59.8%), Navigator (+59.7%), Pinnacle (+50.9%) and Chrysos (+46.6%) as of September 3 prices. Upcoming catalysts include October AGMs and G2E updates, the full Trinity rollout at PME in October, PEXA's IPART review in September, and Online Keno legislative changes from January 2027 (~A$25 million annual EBITDA headwind).
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