Australian Research at a Glance - July 9, 2026

Research evidence excerpt

Australian Research at a Glance - July 9, 2026

AUSTRALIAN RESEARCH AT A GLANCE

Company Comments

Gordon Ramsay (Analyst) Amplitude Energy Limited (ASX: AEL; 1.27)

+61 3 8688 6578; gordon.ramsay@rbccm.com Published July 8 2026 15:25:00 EDT

Alistair Rankin (Analyst)

+61 3 8688 6551; alistair.rankin@rbccm.com Quarterly Check-Up: 2Q26 (4Q FY26)

Rating: Sector Perform

Risk Qualifier: Speculative Risk

Price Target: 2.00

Our view: Amplitude's 4Q FY26 result is out on 15 July. We see Amplitude June

quarter sales revenue falling by around 1% qoq, as solid June quarter contractual

gas pricing, sales and production volumes are partly offset by lower qoq gas prices.

Our sensitivity analysis suggests the market is assuming a worst-case outcome

for Amplitude from the Domestic Gas Reservation Scheme. Is this view possibly

premature? Our Amplitude rating remains Sector Perform (Speculative Risk).

Craig Wong-Pan (Analyst) ResMed Inc. (NYSE: RMD; 219.75; ASX: RMD)

+61 2 9033 3189; craig.wong-pan@rbccm.com Published July 8 2026 02:42:18 EDT

Taj Wesson, CFA (Analyst)

+61 2 9033 3019; taj.wesson@rbccm.com MatrixCare sold for a cheap price, but not material to group outlook. Retain OP

Rating: Outperform

Price Target: 276.00 ↓ 321.00

Our view: RMD has announced the sale of MatrixCare for $490m, which we

estimate has been sold at a FY26 EV/EBITDA multiple of 8.4x. The sale is not

surprising given the MatrixCare business was detracting from the overall growth

of the RCS portfolio, however the transaction multiple appears to be below

our expectations of a low double-digit to mid-teens multiple. While we believe

MatrixCare has been sold at a low price, it is not material to RMD's outlook and we

retain our Outperform rating with a revised PT of $276 (prev $321).

Industry Comments