Australia/NZ Equities - Survey Update: Periodic survey update

Research evidence excerpt

Australia/NZ Equities - Survey Update: Periodic survey update

Australia/NZ Equities - Survey Update

31 July 2026 Citi Research

Has the unlisted/industry feedback been positive or negative for the company? NA

- No View

Has the amount of investor interest in the company changed in the last month? No

change

Are capex levels likely to significantly fall for this firm over the next year? No

How exposed are the earnings of the stock to a strong AUDUSD? High AUDUSD

bad for earnings

What is the probability of the firm issuing >5% equity over the next six months?

Very unlikely

Over the last 3-6 months in broad terms have things been improving/No

change/getting worse for this stock? Getting better

Relative to the current consensus earnings forecast, is the next company earnings

update likely to lead to: In line

Relative to your current earnings forecast, is there relatively greater risk at the next

earnings result of: Equal upside or downside risk to earnings

What is the probability of the firm announcing a new stock buyback program over

the next six months? Very unlikely

What is the quality of the composition, structure and independence of the board?

Poor

Characterise the employee turnover rate and engagement? Neutral

Is there upside or downside risk to your free cashflow to net income ratio? No

AGL.AX - Tom Wallington

Is the industry structure facing the firm likely to improve or deteriorate over the

next year? No change

Is the regulatory/government environment facing the firm likely to improve or

deteriorate over the next year? Getting slightly better

Has the unlisted/industry feedback been positive or negative for the company?

Neutral

Are capex levels likely to significantly fall for this firm over the next year? Likely to

increase