Valuation look-through and upside

Today’s episode is a bit different.  

Joining us is show favourite Anthony Kavangh, to share his view on a specific stock… Havilah. 

Kav has been on a long and winding road as an investor in the South Australian copper hopeful and today he shares the whole story. 

As a fund manager whose performance speaks for itself, we’re intrigued to learn about his thought process as well as the entertaining story that he tells.  

Plus, we get his take on the big question: Where does it go from here. 

Stocks mentioned: HAV, COI, DVP, EQU, AZY

This was recorded on 26.11.2025.   

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TIMESTAMPS  

(0:00) Intro & Guest Welcome
(4:10) The HAV Story Begins
(6:50) Early Impressions & First Encounters
(10:00) The Oz Minerals Deal
(13:00) BHP Takeover & Asset Uncertainty
(16:30) Investment Approaches & Management
(20:00) The Sandfire Deal Explained
(24:00) Share Registry & Bob Johnson
(27:00) South Australia Copper Potential
(30:00) Deal Valuation & Market Reaction
(34:00) Risks & Technical Challenges
(37:00) Sizing the Investment
(40:10) Final Thoughts(43:14) What's the next HAV?

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