Lycopodium Ltd

Bell Asset Management, commenting around May 2026 when the share price was approximately $12.63, described Lycopodium as a capital-light, well-managed, cash-backed Perth-based engineering consultant with a strong dividend track record, whose outlook is supported by an early-stage upswing in global resources capex plus international expansion and acquisitions, trading around 11x earnings with a 5% dividend yield versus mining services peers on 15-23x. SG Hiscock & Company, also around May 2026 (price ~$15.94), highlighted a strategic shift toward contracts like the ~A$118m Tulu Kapi mandate for KEFI Gold and Copper's Ethiopian project, which extends Lycopodium's scope beyond engineering into equipment and materials supply, lifting revenue per engineer and easing the human capital growth constraint that has historically capped the business; they saw the valuation (~14x FY27 PE versus peers at ~21x, with a ~10% NPAT margin and ~30% ROE) as compelling. Spheria Asset Management (June 2026, price ~$18.01) and SG Hiscock (June 2026, same price) both flagged a ~22% share price rise driven by an approximately A$196m EPCM contract win for Resolute Mining's Doropo Gold Project in Côte d'Ivoire (targeting ~167kozpa over an initial 13-year mine life) and a further ~$6m Early Works Agreement with Ausgold's Katanning Gold Project, lifting work-in-hand to $415m and an opportunity pipeline of $1.3bn, with more than A$300m of West African gold awards secured in four months improving FY27-28 revenue visibility; Spheria also noted the diversified, currently gold-overweight commodity exposure across Africa, APAC and the Americas, a net cash balance sheet, and a still-cheap 11x FY27 EV/EBIT versus 6.5x before the re-rating.