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IN THE SPOTLIGHT
Neurotech International Limited – Initiation Equity Research Report
Neurotech International Limited (ASX:NTI) is a Melbourne-based, clinical-stage biopharmaceutical company developing NTI164, an oral, low-THC cannabinoid formulation for paediatric neurological and neurodevelopmental disorders, including autism spectrum disorder (ASD), Rett syndrome, PANS/PANDAS and cerebral palsy. NTI164 is designed to modulate activated microglia, the brain’s resident immune cells, whose chronic activation has been linked to these disorders. There are currently no FDA-approved therapies for the core symptoms of ASD, positioning NTI164 as the most advanced pharmacological candidate targeting them in Australia.
Neurotech has commenced Beyond Harmony, a Phase III registrational study in up to 200 ASD patients, following a 61-patient placebo-controlled Phase II/III study that met its primary and key secondary endpoints. The FDA cleared the IND in July 2026 and the first patient was dosed in September 2026, meaning a single readout could support submissions in both Australia and the US. NTI164 is the only cannabinoid-based ASD candidate to reach Phase III, and repeated late-stage failures in ASD make a positive placebo-controlled dataset scarce and costly to reproduce, creating high barriers to entry.
Using a probability-weighted DCF, we estimate NTI’s intrinsic value at A$0.155 per share. Our valuation weights a A$0.259 per share success scenario at 60%, with gross margins forecast to expand from 64.2% to 70.8% as manufacturing costs per dose fall. Notably, our valuation is based on the Australian ASD market alone, excluding Rett syndrome, PANS/PANDAS, cerebral palsy and all offshore markets, suggesting meaningful upside optionality to our base case.
Follow the link below to read the full report and our DCF projections.
IN THE NEWS
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
