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Etherstack Plc (ASX:ESK) is a mission-critical communications technology company that develops and licenses software and systems enabling secure, mission- critical push-to-talk (MCPTT) voice and data for public safety, defence, utilities, transportation and critical infrastructure. ESK sits at the intersection of legacy Land Mobile Radio (LMR) networks and next-generation 4G/5G mission-critical services, positioning the company as a key enabler of the global transition to broadband-enabled critical communications.
Etherstack has deployed the world’s first implemented 3GPP-compliant Interworking Function (IWF) technology, which bridges traditional LMR networks with mission-critical push-to-talk over LTE/5G. Interworking is the essential “bridge” during a multi-year migration from LMR networks. Management has emphasised that IWF and associated MCX technologies are the primary growth driver for Etherstack going forward, supported by long procurement cycles that create high barriers to entry and strong customer stickiness once deployed.
Using a DCF, we estimate ESK’s fair value to be well above the current market value. Revenue is forecast to grow at a 33% CAGR from FY25 to FY30, underpinned by CaaS, with EBITDA margins expanding as operating leverage materialises. Notably, our forecasts exclude new contract wins beyond those already secured, suggesting meaningful upside optionality to our base case.
Follow the link below to read the full report and our DCF projections.
ESK Research Report
Nyrada Inc. (ASX: NYR) is emerging as one of the most compelling biotech investment opportunities on the ASX. The company is developing Xolatryp, a novel small-molecule drug targeting TRPC ion channels, with the potential to transform the treatment of cardioprotection following heart attacks.
Recent preclinical studies have shown Xolatryp significantly reduces heart tissue damage and improves cardiac function after ischemic reperfusion injury – a leading cause of long-term mortality following heart attack. The drug also demonstrated strong protection against dangerous arrhythmias, a major risk factor for sudden cardiac death.
In August 2025, Nyrada announced the successful completion of its Phase I safety trial in humans, confirming Xolatryp to be safe and well-tolerated. The company is now preparing to advance into a Phase IIa clinical trial in early 2026, testing Xolatryp in heart attack patients.
Canary Capital has recently prepared a detailed report on why we believe Nyrada is positioned at a key inflection point and represents a unique investment opportunity.
Follow the link below to read the full report.
Latest NYR Report

Canary Capital offers high conviction private placements in micro and small Cap companies to Sophisticated and Experienced investors. We also offer all investors access to IPOs and general share trading services.
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Capital raising and boutique corporate advisory services for early stage and emerging companies. We fund all business growth stages from Angel and Venture Capital to IPOs and private placements.
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Our founders have a wealth of experience in the equity capital markets and a track record of delivering superior investor returns. The key to our outperformance is our thorough due diligence when selecting opportunities as well as our willingness to work with management to help them achieve long term success.
We are specialists in micro and small cap stocks across multiple industries. We work with a range of select brokers and institutions in all major Australian capital cities. Family offices, micro cap and small cap fund managers also directly invest in our opportunities.
We only invest in businesses which we believe are high quality emerging Australian companies. We work with management who are experienced leaders in their field and have a track record of delivering value for shareholders. Once funded, we monitor these businesses and work with them to help ensure they stay on course.
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