tiprankstipranks
Trending News
More News >
Cogstate Ltd (AU:CGS)
:CGS
Advertisement

Cogstate Ltd (CGS) AI Stock Analysis

Compare
15 Followers

Top Page

AU:CGS

Cogstate Ltd

(OTC:CGS)

Select Model
Select Model
Select Model
Outperform 73 (OpenAI - 4o)
Rating:73Outperform
Price Target:
AU$3.00
▲(18.58% Upside)
Cogstate Ltd's overall stock score is driven by strong technical momentum and positive earnings call highlights, including strategic growth initiatives. Financial performance is solid but tempered by revenue and cash flow challenges. Valuation is a concern due to a high P/E ratio.

Cogstate Ltd (CGS) vs. iShares MSCI Australia ETF (EWA)

Cogstate Ltd Business Overview & Revenue Model

Company DescriptionCogstate Ltd (CGS) is a global neuroscience technology company focused on the development and commercialization of cognitive assessment tools and solutions. Operating primarily within the healthcare and pharmaceutical sectors, Cogstate specializes in providing cognitive testing services that are used in clinical trials and clinical practice to measure cognitive function in various populations, including patients with neurological disorders and those undergoing drug trials. The company's core products include digital cognitive assessments that facilitate the evaluation of cognitive performance and the monitoring of cognitive health over time.
How the Company Makes MoneyCogstate generates revenue primarily through the sale of its cognitive assessment products and services to pharmaceutical companies, contract research organizations (CROs), and healthcare providers. Its revenue model is based on service fees for conducting cognitive assessments in clinical trials, licensing fees for its proprietary cognitive testing software, and subscription fees for access to its digital platforms. Significant partnerships with major pharmaceutical companies for the integration of Cogstate's cognitive assessments in drug development programs contribute to its earnings. Additionally, the company may benefit from government grants and research funding aimed at advancing cognitive health technologies.

Cogstate Ltd Earnings Call Summary

Earnings Call Date:Aug 21, 2025
(Q4-2025)
|
% Change Since: |
Next Earnings Date:Feb 25, 2026
Earnings Call Sentiment Positive
Cogstate reported strong financial performance with significant revenue and profit growth. The company is expanding its market reach and capabilities through strategic partnerships and product innovations, particularly with its partnership with Medidata and the development of AI-powered products. However, there are challenges such as a decline in healthcare revenue and potential margin pressure due to increased investments.
Q4-2025 Updates
Positive Updates
Strong Financial Performance
Cogstate reported a total revenue of $53.1 million for the year, up 22% from the previous year. Clinical Trials revenue increased by 28% to $50.6 million. Profit before tax rose by 96% to $13.9 million, and profit after tax increased by 86% to $10.1 million.
High Margins and Cash Flow
The company achieved a gross margin of 61%, an EBITDA margin of 30%, and an EBIT margin of 25%. Operating cash inflow was $11.5 million, and the cash balance at the end of the financial year was $35.6 million.
Maiden Dividend Announcement
Cogstate declared its first fully franked dividend of AUD 0.02 per ordinary share. The company targets an annual dividend payout ratio between 20% and 50% of net profit after tax.
Expansion and New Contracts
The company signed $41.3 million worth of contracts for the June '25 financial year, up 53% from the previous year. An additional $14.1 million worth of contracts were signed in the first few weeks of FY '26.
Partnership with Medidata
Cogstate's partnership with Medidata has led to seven studies being jointly awarded, a strong sales pipeline with 42 open opportunities, and increased reach into CNS indications.
AI Development and Market Expansion
Cogstate is set to launch its first AI-powered products in FY '26 to support further automation and scalability. The company is also expanding into psychiatric and mood disorders.
Negative Updates
Decline in Healthcare Revenue
Healthcare revenue declined due to the renegotiation of the Eisai global licensing agreement, impacting the overall revenue growth.
Reduction in Full-Time Employees
The number of full-time employees decreased from 167 at June '24 to 159 at June '25, highlighting efficiency but also potential strain on resources.
Potential Margin Pressure
There is a possibility of a small decrease in margins from FY '25 to FY '26 due to increased investment in growth and expansion efforts.
Company Guidance
In the recent call, Cogstate provided a comprehensive overview of its financial performance and strategic direction for the fiscal year 2025. The company reported a total revenue of $53.1 million, marking a 22% increase from the previous year, with Clinical Trials revenue specifically growing by 28% to $50.6 million. Profit before tax rose by 96% to $13.9 million, while profit after tax increased by 86% to $10.1 million. Cogstate also achieved a gross margin of 61%, an EBITDA margin of 30%, and an EBIT margin of 25%. The company noted an operating cash inflow of $11.5 million and ended the year with a cash balance of $35.6 million, even after a $4.8 million share buyback. Looking ahead, Cogstate highlighted several growth catalysts, including its partnership with Medidata, the launch of AI-powered products, and expansion into psychiatric and mood disorders. The company also declared its first fully franked dividend of AUD 0.02 per share.

Cogstate Ltd Financial Statement Overview

Summary
Cogstate Ltd shows strong profitability and a solid balance sheet with low leverage. However, challenges include declining revenue and free cash flow, which could impact future growth and investment capabilities.
Income Statement
65
Positive
Cogstate Ltd has shown a mixed performance in its income statement. The company experienced a significant revenue decline of 34.2% in the latest year, which is concerning. However, the company has maintained a strong gross profit margin of 60.4% and a net profit margin of 20.0%, indicating efficient cost management and profitability. The EBIT and EBITDA margins have also improved, reflecting operational efficiency.
Balance Sheet
75
Positive
The balance sheet of Cogstate Ltd demonstrates financial stability with a low debt-to-equity ratio of 0.01, indicating minimal leverage. The return on equity is robust at 21.2%, showcasing effective use of shareholder funds. The equity ratio stands at 73.9%, highlighting a strong capital structure with a significant portion of assets financed by equity.
Cash Flow
60
Neutral
The cash flow statement reveals challenges with a 50.2% decline in free cash flow, which could impact future investments. However, the operating cash flow to net income ratio is favorable at 1.13, indicating good cash generation relative to net income. The free cash flow to net income ratio is 0.83, suggesting that the company is generating adequate free cash flow relative to its earnings.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue84.63M50.81M66.27M60.14M62.03M43.82M
Gross Profit42.32M30.69M37.60M12.29M21.63M10.40M
EBITDA26.58M16.93M9.90M8.46M18.07M8.21M
Net Income16.15M10.14M5.45M5.30M10.37M7.02M
Balance Sheet
Total Assets64.77M64.77M57.84M81.22M84.99M68.44M
Cash, Cash Equivalents and Short-Term Investments35.56M35.56M45.11M43.08M44.50M31.49M
Total Debt469.92K469.92K672.72K569.21K2.05M2.32M
Total Liabilities16.88M16.88M25.33M24.60M37.12M39.43M
Stockholders Equity47.90M47.90M40.92M56.62M47.88M29.02M
Cash Flow
Free Cash Flow18.91M8.40M7.12M-1.53M8.54M17.24M
Operating Cash Flow19.40M11.48M10.00M1.76M13.45M21.61M
Investing Cash Flow-4.85M-2.24M-1.68M-3.29M-4.91M-3.52M
Financing Cash Flow-5.98M-3.79M-4.91M-1.33M1.05M-246.11K

Cogstate Ltd Technical Analysis

Technical Analysis Sentiment
Positive
Last Price2.53
Price Trends
50DMA
2.25
Positive
100DMA
1.97
Positive
200DMA
1.64
Positive
Market Momentum
MACD
0.14
Positive
RSI
63.91
Neutral
STOCH
69.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CGS, the sentiment is Positive. The current price of 2.53 is below the 20-day moving average (MA) of 2.58, above the 50-day MA of 2.25, and above the 200-day MA of 1.64, indicating a bullish trend. The MACD of 0.14 indicates Positive momentum. The RSI at 63.91 is Neutral, neither overbought nor oversold. The STOCH value of 69.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:CGS.

Cogstate Ltd Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
73
Outperform
AU$471.97M30.0522.84%0.74%21.47%89.09%
59
Neutral
AU$126.24M78.331.89%10.06%
57
Neutral
AU$15.10M-3.26-27.84%6.77%-8.45%
55
Neutral
AU$89.77M-9.77-8647.54%25.98%21.43%
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
41
Neutral
AU$16.45M-0.24-240.60%-48.41%-7200.00%
40
Underperform
AU$84.39M-11.89
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:CGS
Cogstate Ltd
2.70
1.75
183.02%
AU:MDR
MedAdvisor Limited
0.03
-0.24
-90.57%
AU:SHG
Singular Health Group Ltd
0.27
0.19
229.27%
AU:ALC
Alcidion Group Limited
0.09
0.03
58.93%
AU:IME
ImExHS Limited
0.27
-0.15
-35.71%
AU:PCK
PainChek Ltd
0.04
0.01
43.33%

Cogstate Ltd Corporate Events

Cogstate Announces Director’s Change in Securities Holdings
Oct 20, 2025

Cogstate Limited has announced a change in the director’s interest, specifically for Bradley O’Connor, reflecting a shift in securities holdings. The change involved the sale of 338,429 ordinary shares and the exercise of 399,500 employee options, resulting in a new holding of 5,400,000 ordinary shares and 500,000 employee options. This adjustment in securities is part of the company’s ongoing management of its executive interests and could impact its market positioning and stakeholder perceptions.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd Announces Quotation of New Securities on ASX
Oct 20, 2025

Cogstate Ltd has announced the quotation of 399,500 ordinary fully paid securities on the Australian Securities Exchange (ASX), effective from October 17, 2025. This move reflects the company’s ongoing efforts to enhance its capital structure and potentially strengthen its market position, offering stakeholders an opportunity to engage with the company’s growth trajectory.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate CEO Sells Shares to Exercise Options and Manage Financial Obligations
Oct 17, 2025

Cogstate Ltd announced that its CEO, Brad O’Connor, sold 338,429 shares to fund the exercise of 399,500 employee share options and to manage related debts and tax obligations. Following these transactions, Mr. O’Connor’s shareholding increased to 6,400,000 ordinary shares. This strategic move reflects the CEO’s commitment to maintaining a significant stake in the company while managing financial obligations, potentially impacting stakeholder confidence and market perception.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd Successfully Passes All Resolutions at 2025 AGM
Oct 16, 2025

Cogstate Ltd announced that all resolutions were passed at its 2025 Annual General Meeting, including the re-election of directors and the renewal of the Employee Equity Plan. This outcome reflects strong shareholder support and may positively impact the company’s strategic initiatives and governance, reinforcing its position in the neuroscience technology industry.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd Achieves Record Financial Performance in FY25
Oct 15, 2025

Cogstate Ltd reported a record-breaking fiscal year 2025, with revenue reaching $53.1 million, a 22% increase, and a net profit before tax of $13.9 million, reflecting nearly 100% growth. The company’s core business in clinical trials generated $50.6 million in revenue, marking a 28% increase, and new contract sales surged by 53% to $41.3 million. The company’s operational rigor and market leadership contributed to a significant expansion in earnings leverage, with EBITDA and EBIT margins rising to 30% and 25%, respectively. These results underscore Cogstate’s strategic progress and growing momentum, positioning the company strongly for the future.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Reports Record Growth and Expands Market Reach
Oct 15, 2025

Cogstate Ltd has reported a significant increase in demand for its services, driven by growth in the R&D market for central nervous system diseases and an expansion of its customer base. The company achieved its second-highest quarterly sales contracts in history, with a notable diversification in the indications for these contracts. Despite the increase in operational costs due to growth initiatives, Cogstate expects revenue for the first half of 2026 to improve by 18-20% compared to the previous year. The company is investing in additional resources and technology to support its expansion, although this may slightly impact margins.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd Expands Market Presence with New Securities Quotation
Sep 14, 2025

Cogstate Ltd, a company listed on the Australian Securities Exchange (ASX) under the code CGS, has announced the quotation of additional securities. The company has issued a total of 1,147,957 ordinary fully paid shares across several dates in August and September 2025. This move is part of their strategy to enhance liquidity and potentially attract more investors, which could impact their market positioning positively.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Announces Director’s Shareholding Changes
Sep 11, 2025

Cogstate Limited announced a change in the director’s interest, specifically involving Martyn Myer. The notice reveals that 2,500,000 ordinary shares were transferred from Myer and Myer Pty Ltd ATF Whereabouts Superannuation Fund to Trilane Industries Limited, both indirectly associated with Martyn Myer. This change reflects a reallocation of shares within entities linked to the director, potentially impacting the company’s shareholder structure and signaling strategic financial adjustments.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Director Increases Stake, Signaling Confidence in Future Prospects
Sep 5, 2025

Cogstate Limited announced a change in the director’s interest as Richard Mohs acquired 13,000 ordinary shares through the OTC market, increasing his total holdings to 80,000 shares. This acquisition reflects a strategic move by the director, potentially signaling confidence in the company’s future prospects and stability, which could positively impact stakeholder perception and market positioning.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Director’s Interest Update: Employee Options Lapse
Sep 4, 2025

Cogstate Limited has announced a change in the interest of its director, Bradley O’Connor, as per the latest notice. The update reveals that 500,000 employee options have lapsed due to unmet performance conditions, impacting the director’s holdings. This change reflects the company’s ongoing adjustments in its executive compensation and performance evaluation strategies, which may influence stakeholder perceptions and market positioning.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd’s Earnings Call Highlights Growth and Challenges
Sep 1, 2025

Cogstate Ltd’s recent earnings call painted a picture of robust financial health and strategic growth, despite facing some challenges. The sentiment was largely positive, with the company reporting significant revenue and profit growth. Cogstate is actively expanding its market reach and capabilities through strategic partnerships and product innovations, notably with Medidata and the development of AI-powered products. However, the company acknowledged challenges such as a decline in healthcare revenue and potential margin pressure due to increased investments.

Cogstate Director Acquires Additional Shares, Signaling Confidence
Aug 31, 2025

Cogstate Limited has announced a change in the director’s interest, with Bradley O’Connor acquiring an additional 50,327 ordinary shares on the market at $1.738 per share, valued at $87,485. This acquisition reflects a strategic move that may impact the company’s market perception and stakeholder confidence, as it indicates potential growth or confidence in the company’s future performance.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.19 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd Reports Record Revenue and Profit
Aug 22, 2025

Cogstate Ltd, an Australian company listed on the ASX, specializes in digital brain health assessments and quality assurance services for clinical trials, primarily focusing on central nervous system diseases. In its latest earnings report, Cogstate announced record revenue and profit for FY25, with total revenue reaching US$53.1 million, a 22% increase from the previous year. The company also reported a significant rise in net profit before tax to US$13.9 million, marking a 96% increase, and declared its maiden annual dividend, reflecting strong financial performance and operational efficiency. Key highlights include a 28% increase in clinical trials revenue and strategic partnerships that are expected to drive future growth. Looking ahead, Cogstate plans to expand its reach through partnerships and technological advancements, positioning itself for sustained growth in the CNS research and development sector.

Cogstate Ltd Releases FY25 Financial Results and Outlook
Aug 21, 2025

Cogstate Ltd has released its FY25 financial results, highlighting the company’s business and financial outlook. The company invites investors to a live webcast and Q&A session to discuss these results. The announcement underscores Cogstate’s ongoing commitment to supporting research and clinical care needs globally, with a focus on innovative cognitive assessment technologies. This release is significant for stakeholders as it reflects Cogstate’s strategic positioning in the neuroscience technology industry, potentially impacting future business operations and market engagements.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$1.85 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Reports Record FY25 Performance with Strong Clinical Trials Growth
Aug 21, 2025

Cogstate Limited announced record financial and operational performance for FY25, with significant growth driven by its Clinical Trials business. The company reported a 22% increase in group revenue to $53.1 million and a 96% rise in net profit before tax to $13.9 million. The growth was fueled by a 53% increase in new sales contracts for clinical trials, despite a decline in healthcare revenue due to changes in licensing agreements. Cogstate’s strategic partnership with Medidata and its focus on launching AI-powered products in FY26 are expected to strengthen its position in the CNS clinical research market.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$1.85 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd Declares Dividend for 2025
Aug 21, 2025

Cogstate Ltd has announced a dividend distribution of AUD 0.02000000 per share for its ordinary fully paid securities, with the ex-date set for August 27, 2025, and the payment date on September 29, 2025. This announcement reflects the company’s financial performance for the period ending June 30, 2025, and may impact stakeholders by providing a return on investment, indicating stable financial health and potential future growth.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$1.85 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd Reports Record Revenue and Advances Alzheimer’s Research
Aug 21, 2025

Cogstate Ltd has announced record revenue and profit, declaring its first annual dividend, highlighting its strong financial performance. The company continues to make strides in the healthcare sector, particularly in Alzheimer’s research, by supporting decentralized trials and receiving funds from the Alzheimer’s Drug Discovery Foundation, which underscores its significant role in advancing therapeutic developments.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$1.85 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd Reports Strong Financial Growth and Declares First Dividend
Aug 21, 2025

Cogstate Ltd reported a substantial increase in revenue and profit for the financial year ending June 30, 2025. The company achieved a 22.3% rise in total revenue, driven largely by a 28.2% increase in clinical trials revenue, while healthcare revenue saw a decline. Profit before income tax nearly doubled, and the company declared its first dividend, indicating strong financial performance and potential positive implications for stakeholders.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$1.85 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd Releases FY25 Governance Documents
Aug 21, 2025

Cogstate Ltd has released its FY25 Appendix 4G and Corporate Governance Statement, demonstrating its adherence to ASX corporate governance principles. This announcement underscores Cogstate’s commitment to transparency and regulatory compliance, which may enhance its reputation and trust among stakeholders, potentially impacting its market position positively.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$1.85 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd to Announce FY25 Full Year Results and Host Investor Webcast
Aug 18, 2025

Cogstate Ltd announced it will release its full year results for the financial year ending June 30, 2025, on August 22, 2025. The announcement includes an invitation for investors to join a live webcast and Q&A session with key executives. This release is significant for stakeholders as it provides insights into the company’s financial performance and strategic direction, potentially impacting its market positioning and investor relations.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$1.45 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd Issues New Securities to Strengthen Market Position
Aug 7, 2025

Cogstate Ltd has announced the issuance of 300,000 ordinary fully paid securities, which are set to be quoted on the Australian Securities Exchange (ASX). This move is part of the company’s strategy to enhance its capital structure, potentially impacting its market positioning and providing new opportunities for stakeholders.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$1.45 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Cogstate Ltd Announces 2025 AGM and Director Nominations
Aug 5, 2025

Cogstate Ltd has announced its upcoming Annual General Meeting scheduled for October 16, 2025, with director nominations required 45 business days prior. This meeting is a significant event for the company, potentially impacting its governance and strategic direction, and it reflects the company’s ongoing commitment to its stakeholders and market presence.

The most recent analyst rating on (AU:CGS) stock is a Buy with a A$1.45 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Oct 31, 2025