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IN THE SPOTLIGHT

 

Etherstack Plc – Initiation Equity Research Report

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

 

 

IN THE NEWS

 

Nyrada  Inc – The Best Risk-Reward Biotech on the ASX

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

 

 

 

 

 

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WHY CHOOSE US

Wealth of experience in the equity capital markets

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.

Specialists in micro and small cap stocks

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.

Invest in high quality emerging Australian companies

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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WHAT OUR CLIENTS SAY

From the beginning, Canary Capital have been avid supporters of our vision and our management team. As a start-up, there were a number of hurdles we had to overcome in our first year and it has been humbling to have the unerring support of Canary every step of the way. They have maintained ongoing communications with us, offering sound advice and professional expertise when we need it. In particular, Paul and Arun’s positive endorsement with investors has been important to the success of our business thus far.

Ian OlsonCo-Founder and MD, Pointerra Limited

Since I became a client of Canary Capital five years ago, I’ve been extremely impressed with their offering. When Canary supports a deal, I now come to expect that they have identified a high-quality, under-valued business with strong management in a promising industry. And that shows in their track-record, which is as good as it gets in the micro and small cap space.

I've always found the Canary team open and easy to work and they have earned my trust and respect with consistently great service over many years

Nick A

I’ve been with Canary from the beginning. Their sole focus is wealth creation for their clients and success for the companies they work with.

Canary value their relationships, they invest alongside the client , on an ethical and communication level I’ve found them flawless.

Their outstanding success is a testament to their skill ,hard work and perseverance in identifying undervalued companies and helping them become valuable ones

Michael M

Canary Capital are a pleasure to deal with and are always transparent, clear with their communication. The strategic investment approach has delivered exceptional results and positions in businesses with strong foundations for the future. We trust their judgment and advice and with very high confidence highly recommend their services.

Antonio M

I have dealt with Canary Capital since its inception and their knowledge and understanding of the microcap space is second to none. We have participated in numerous deals introduced by Canary that have done spectacularly well.

Andre MarschkeDirector, Scintilla Funds Management

When raising money to grow your company it is critical to have a partner that understands your vision and that all money is not equal. Working with Paul and Arun from the Canary team to raise funds and accelerate our growth has been a fundamental part of our success at DekkoSecure

Jacqui NelsonCEO, DekkoSecure

K2fly has been involved with Canary Capital since 2017 and is delighted to recommend them as a trusted partner. On a personal level, I have benefitted greatly from their support, advice, and guidance in the last 4 years. They have helped establish K2fly as a significant Australian IT company on the ASX and they have worked tirelessly to promote the company to a wide range of investors.

Brian MillerCEO K2fly Limited

I have been with Canary from the beginning of the Canary journey. The sole focus of Paul and Arun is wealth creation for their clients whilst in parallel delivering successful solutions for the companies they work with. Canary (Arun and Paul) truly value their client relationships; they invest alongside clients and I have always found them highly ethical and extremely responsive in their availability for discussion on my specific investments all whilst providing an excellent level of overall communication on broader client portfolio information that is relevant to the companies they are supporting.

Their prior and ongoing success is a testament to their skill, work ethic and perseverance in identifying undervalued companies and helping same become valuable companies whilst taking their clients along on that value-add journey. I have no hesitation in recommending Canary Capital as a partner in any wealth journey.

Paul M

Canary Capital is a vital and trusted partner for Nyrada (ASX:NYR) and they share our vision for advancing healthcare. The team at Canary Capital demonstrates a thorough approach to understanding, assessing, and selecting partners, and we have been impressed by the level of service and support they offer our business, as well as by how much they value their clients. The Canary team is always looking for ways in which they can assist Nyrada in promoting the company to investors and raising knowledge and understanding of our drug development programs.

James BonnarCEO, Nyrada Inc

I have been an investor in the stock market and private businesses for over 15 years, and have dealt with numerous brokers of different sizes. I conducted research into Canary Capital several ago after I became aware they were corporate advisors for a stock I was carrying out due diligence on. From the moment I watched a short video involving Paul Hart, I was seriously impressed. Paul’s character reflected that of trust, deep knowledge & a level of astuteness I had not experienced in my investing career. I shortly after became a client of Canary’s, and the rest is history - We have had an outstanding run. Paul & Arun are a classy outfit, extremely professional, trustworthy, and highly intelligent. I am grateful to be a part of the Canary family.

Carl C

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