# Reports

> All 8 Sifter Research reports on global small-caps. Free to read, open to everyone.

Each report states a thesis, shows the valuation work and names why the market may be wrong. Reports are research and opinion.

| No. | Ticker | Company | Exchange | Sector | Published | Status |
|---|---|---|---|---|---|---|
| 08 | EDU.AX | EDU Holdings Limited | ASX | Private higher education | 2026-07-19 | published |
| 07 | MMY.V | Monument Mining Limited | TSX-V | Precious metals | 2026-07-04 | published |
| 06 | THEON | Theon International Plc | AMS | Defense electronics | 2026-04-22 | published |
| 05 | VLE | Valeura Energy Inc. | TSX | Upstream oil | 2026-03-31 | published |
| 04 | MKO | Mako Mining Corp. | TSX-V | Precious metals | 2026-03-16 | published |
| 03 | OII | Oceaneering International, Inc. | NYSE | Industrial technology | 2026-03-01 | published |
| 02 | 3316.HK | Binjiang Service Group Co. Ltd. | HKEX | Property services | 2026-02-01 | published |
| 01 | FILA.MI | Fabbrica Italiana Lapis ed Affini S.p.A. | MIL | Consumer brands | 2026-02-01 | watchlist |

## No. 08 · EDU.AX, EDU Holdings Limited

Australian Securities Exchange / Australia / Private higher education / published 2026-07-19 / Substack note

**Thesis.** Two accredited Australian colleges priced as a hostage of migration policy, because 90% of the students are international and Canberra has spent two years tightening the tap. The flagship field is a national shortage occupation, and the 35-month average enrolment gives multi-year revenue visibility. New enrolments have grown through the tightening to date, and management has retired roughly a quarter of the share count.

**Why the market may be wrong.** Every Australian migration-policy headline re-rates the whole sector. The flagship field is a national shortage occupation and the cohorts kept growing through the tightening.

| Metric | Value |
|---|---|
| P/E (FY2026e) | ~7.1× |
| Net Cash (Mar 31, 2026) | A$14.8M |
| Revenue (FY2025) | A$82.4M |
| Enterprise Value | ~A$113M |

**Scenarios.** price at publication A$0.95 · bear A$0.75 · base A$1.90 · bull A$2.70

Full mirror: https://www.sifterresearch.com/md/reports/edu-holdings-edu.md

## No. 07 · MMY.V, Monument Mining Limited

TSX Venture Exchange / Canada / Malaysia / Precious metals / published 2026-07-04 / Substack note

**Thesis.** US$101.76M of cash against no debt, with the cash alone covering 54% of the market capitalization and the business itself changing hands at 1.2 times trailing earnings. The market prices Selinsing as a mine about to run out of ore, because the last published reserve statement dates to 2019 and rests on drilling data from March 2018. The mine has produced for eight years past that data date, and every observable capital decision points to a mine being prepared for a longer life.

**Why the market may be wrong.** Priced for ore exhaustion on a seven-year-old reserve statement, while the drilling is current.

| Metric | Value |
|---|---|
| EV / Trailing Earnings | ~1.2× |
| Cash & Deposits (Mar 31, 2026) | US$101.8M |
| Trailing Net Income | US$74.1M |
| Debt | None |

**Scenarios.** price at publication C$0.78 · base C$1.41 · bull C$2.20

Full mirror: https://www.sifterresearch.com/md/reports/monument-mining-mmy.md

## No. 06 · THEON, Theon International Plc

Euronext Amsterdam / Netherlands / Greece / Defense electronics / published 2026-04-22 / PDF report, 42 pages

**Thesis.** A founder-led, ITAR-free specialist holding more than 50% of the European night-vision market, with 27%+ EBITDA margins, €1.4B in soft backlog and an asset-light model that scales revenue faster than capital. The moat is widening. At €33 the market already pays for that quality and still under-models the vertical integration thesis.

**Why the market may be wrong.** Vertical integration is still under-modeled by the market.

| Metric | Value |
|---|---|
| EV / Adj. EBITDA (FY2026e) | ~18.5× |
| Adj. EBITDA Margin (FY2025) | 27.1% |
| Soft Backlog (Dec 31, 2025) | €1,414M |
| ROCE (LTM Sep 2025) | 33% |

**Scenarios.** price at publication €33

Full mirror: https://www.sifterresearch.com/md/reports/theon-international.md

## No. 05 · VLE, Valeura Energy Inc.

Toronto Stock Exchange / Canada / Thailand / Upstream oil / published 2026-03-31 / PDF report, 52 pages

**Thesis.** A four-field Gulf of Thailand producer, priced as plain-vanilla oil, that assembled the second-largest oil position in Thailand in under three years, holds US$306M cash with zero debt and has a visible production step-change at Wassana in Q2 2027. The market prices the commodity exposure and under-models the infrastructure, the reserve life and the cash generation.

**Why the market may be wrong.** Investors who see a pure commodity name miss the reserve life and the infrastructure optionality.

| Metric | Value |
|---|---|
| EV / EBITDA (TTM) | ~2.5× |
| Oil Production (FY2025) | 23,242 bbls/d |
| Cash (Dec 31, 2025) | US$306M |
| Long-Term Debt | Zero |

Full mirror: https://www.sifterresearch.com/md/reports/valeura-energy-vle.md

## No. 04 · MKO, Mako Mining Corp.

TSX Venture Exchange / OTCQX / Canada / Nicaragua / Precious metals / published 2026-03-16 / PDF report, 32 pages, plus memo

**Thesis.** A debt-free gold producer, priced as a junior, that built its mine during a pandemic and two hurricanes, holds US$78M cash with zero long-term debt and is expanding from one high-grade asset to four. The market still prices only the current mine and gives no value to the three development assets.

**Why the market may be wrong.** An internally funded development pipeline is not in the price.

| Metric | Value |
|---|---|
| EV / EBITDA (TTM) | ~9.1× |
| ROA (TTM) | 19.2% |
| Net Cash & Rec. | US$78M |
| Long-Term Debt | Zero |

Full mirror: https://www.sifterresearch.com/md/reports/mako-mining-mko.md

## No. 03 · OII, Oceaneering International, Inc.

New York Stock Exchange / United States / Industrial technology / published 2026-03-01 / PDF report, 21 pages

**Thesis.** An oilfield services multiple applied to a company with a 60% structural share in subsea robotics, a defense-certified robotics division growing at 17% annually, and net cash of $189M. The market still prices the whole enterprise as one cyclical oilfield business.

**Why the market may be wrong.** Robotics share and defense growth are hidden by the cyclical oilfield-services classification.

| Metric | Value |
|---|---|
| EV / EBITDA | 9.0× |
| P/E Adjusted | 17.7× |
| Free Cash Flow | $208M |
| Net Cash | $189M |

Full mirror: https://www.sifterresearch.com/md/reports/oceaneering-oii.md

## No. 02 · 3316.HK, Binjiang Service Group Co. Ltd.

Hong Kong Stock Exchange / Hong Kong / Property services / published 2026-02-01 / PDF report, 17 pages

**Thesis.** A China developer discount applied to a Hangzhou property manager with 37.6% ROE, roughly RMB 3,625m of net cash, 100% renewal on mature projects and an operating business implicitly priced at about 3.8× trailing earnings.

**Why the market may be wrong.** Priced as a mainland developer while it runs a cash-rich service business.

| Metric | Value |
|---|---|
| P/E TTM | 9.71× |
| EV / EBITDA | 2.93× |
| Net Cash / Market Cap | 62% |
| ROE | 37.6% |

Full mirror: https://www.sifterresearch.com/md/reports/binjiang-service.md

## No. 01 · FILA.MI, Fabbrica Italiana Lapis ed Affini S.p.A.

Euronext Milan / Italy / Consumer brands / watchlist 2026-02-01 / PDF report, 20 pages

**Thesis.** A global stationery and art-materials platform whose durable brands and recurring replenishment demand produce better cash generation than its market label suggests. The listed Indian stake matters. The larger mispricing is the habit of valuing a branded global business like an illiquid, ex-growth small-cap.

**Why the market may be wrong.** No credit given for the listed Indian stake.

| Metric | Value |
|---|---|
| EV / EBITDA | 3.5× |
| P/E TTM | 8.2× |
| Market Cap | €470M |
| FCF Yield | ~13% |

Full mirror: https://www.sifterresearch.com/md/reports/fila-spa.md

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Independent research and personal opinion, published for informational and educational purposes. Not investment advice, not a solicitation to buy or sell securities. All analysis is based on publicly available information. The author may hold positions in the securities discussed. Investing involves risk of loss.