2 Sep 2026Yarra Capital ManagementCCLHeldYarra Capital Management continues to hold Cuscal because the manager identifies a core organic earnings growth opportunity of around 10% per annum, underpinned by payments volume growth and margin expansion, alongside defensive characteristics from strong barriers to entry. Yarra points to additional upside from mergers and acquisitions, noting the Indue and Paymark acquisitions were at least 30% earnings-per-share accretive, with scope for further deals. The manager also sees potential for Cuscal's core payments infrastructure to expand into adjacent payments markets, viewing the current price-to-earnings multiple of 19 times as attractive for a high-quality growth business.
2 Sep 2026Yarra Capital ManagementORGHeldYarra Capital Management continues to hold Origin Energy because the manager views it as a standout performer with an attractive outlook. Yarra notes FY26 EBITDA came in 3% ahead of expectations and the stock rose about 9%, supported by a resilient core energy markets business benefiting from batteries and retail growth that offsets weak wholesale electricity prices. The manager also points to the APLNG joint venture stake offering expansion and refinancing opportunities, and monetisation potential from Origin's stake in Octopus Energy and Kraken, seeing Origin as a candidate to lift its fully franked dividend over time.
Yarra Capital Management is a Melbourne-headquartered Australian fund manager formed from the merger of Nikko Asset Management Australia and Goldman Sachs Asset Management's Australian equities and fixed income businesses. Yarra runs a broad suite of active Australian equity, fixed income and multi-asset strategies for institutional, adviser and retail clients, drawing on decades of combined heritage from its predecessor teams. The firm emphasizes fundamental, research-intensive investing across large and small-cap Australian shares as well as credit and government bond mandates. Yarra positions itself as a genuinely independent, Australian-owned alternative to bank- and insurer-owned asset managers, with a broad institutional client base across superannuation and wealth platforms.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.
2 Sep 2026Yarra Capital ManagementCCLHeldYarra Capital Management continues to hold Cuscal because the manager identifies a core organic earnings growth opportunity of around 10% per annum, underpinned by payments volume growth and margin expansion, alongside defensive characteristics from strong barriers to entry. Yarra points to additional upside from mergers and acquisitions, noting the Indue and Paymark acquisitions were at least 30% earnings-per-share accretive, with scope for further deals. The manager also sees potential for Cuscal's core payments infrastructure to expand into adjacent payments markets, viewing the current price-to-earnings multiple of 19 times as attractive for a high-quality growth business.
2 Sep 2026Yarra Capital ManagementORGHeldYarra Capital Management continues to hold Origin Energy because the manager views it as a standout performer with an attractive outlook. Yarra notes FY26 EBITDA came in 3% ahead of expectations and the stock rose about 9%, supported by a resilient core energy markets business benefiting from batteries and retail growth that offsets weak wholesale electricity prices. The manager also points to the APLNG joint venture stake offering expansion and refinancing opportunities, and monetisation potential from Origin's stake in Octopus Energy and Kraken, seeing Origin as a candidate to lift its fully franked dividend over time.
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