Vantage Point: Driving Success in the Australian Market

The conversation explores the evolution of Solvar, a lending company, its strategies in the non-bank lending market, financial performance, customer care, and future outlook. The discussion highlights the importance of adapting to market changes, focusing on customer relationships, and maintaining shareholder value through dividends and strategic growth.

Takeaways

Solvar has evolved significantly over the past 18 years.

The lending market has seen a rise in non-bank lenders due to banks exiting certain sectors.

Solvar's focus on customer care is crucial for managing high-risk clients.

The company has seen a strong turnaround in lending volumes post-ASIC issues.

Dividends are a key part of Solvar's capital management strategy.

Solvar's market position is strengthened by its low leverage and equity funding.

The leadership team has remained stable, fostering a strong company culture.

Future growth is expected from the Benji product and commercial lending.

The company aims to simplify operations and focus on the Australian market.

Solvar's commitment to community service is integral to its business model.

Summary

In this episode of Vantage Point, Hugh Robertson from Morgan's shares insights into the evolving landscape of stockbroking, the importance of finding undervalued small-cap companies, and the value of long-term client relationships. He discusses the challenges faced by small companies, the role of directors in public companies, and provides an outlook for 2026, highlighting emerging opportunities in various sectors.

Takeaways

• Stockbroking has become increasingly inefficient over the years.
• Fewer stocks are covered, leading to opportunities in lesser-known companies.
• The best investment opportunities often come from companies that are understated and not actively seeking attention.
• Long-term client relationships are invaluable in navigating the stock market.
• Investors should focus on companies that treat every dollar as if it's gold.
• Most companies can be resuscitated with the right management and strategy.
• Public company boards often prioritize their own interests over shareholders.
• Patience is crucial in investing, especially with small-cap companies.
• Emerging sectors, such as security and resources, present new investment opportunities.
• The journey of finding the next big investment is ongoing and requires continuous effort.

Keywords

stockbroking, small caps, investment strategies, long-term clients, public companies, market trends, emerging companies, investment outlook, family business, capital raising.

In this episode, we sit down with the CEO of Wagner's Cameron Coleman to unpack one of Australia’s most distinctive industrial stories. From humble beginnings as a Toowoomba-based trucking operation in the late 1980s to a vertically integrated, ASX-listed construction materials and composites group, Wagners’ journey is deeply tied to Queensland’s growth and global infrastructure trends.

We start with the founding legacy of the Wagner brothers, exploring how the business was built, how it evolved over decades, and the guest’s personal involvement in shaping its direction. From there, we break down Wagners’ three core segments: Construction Materials, Composites and Projects, outlining how each business contributes to the group’s resilience and long-term strategy.

With Queensland still central to the company’s DNA, the conversation turns to the state’s economic outlook, infrastructure pipeline and what Brisbane’s 2032 Olympics could mean for construction materials demand. We also dive into the benefits of Wagners’ vertically integrated model, including ownership of quarries and haulage fleets, and how that structure helps manage cost volatility and improve operational efficiency.

The discussion then shifts to recent performance and strategy. We unpack the September capital raise, what it enables, and how it supports Wagners’ forward growth plans. Innovation is a major theme, particularly the role of R&D and how it underpins the Composites Fibre Technologies (CFT) business.

A deep dive into CFT follows, covering why Wagners’ composite fibre poles are gaining traction, what makes them structurally and economically different to traditional alternatives, and how they are positioned to benefit from grid electrification and energy transition trends. We also explore the US opportunity, lessons learned on the ground, and where management is focusing its efforts in that market.

We close with a forward-looking outlook, discussing what investors and listeners should expect from Wagners over the coming years, including key milestones, growth priorities and how the company sees its role in building safer, more sustainable infrastructure at home and abroad.

In this episode, we sit down with Joe Bartolo, Founder and Group Managing Director of Symal Group, to unpack one of Australia’s most compelling founder-led infrastructure stories.

Joe shares his journey from starting a small landscaping and driveway business in 2001 to leading a vertically integrated, ASX-listed infrastructure services group generating around $1 billion in annual revenue and employing more than 2,000 people nationwide. We explore how Symal evolved into a diversified platform spanning civil infrastructure, utilities, power and renewables, plant and equipment, and specialist contracting, and why its self-performing model and disciplined approach to risk have become key competitive advantages.

The conversation dives into Symal’s work-in-hand pipeline, with infrastructure and power and renewables underpinning long-term visibility, and examines why sectors such as utilities, data centres, and defence are attractive growth markets. Joe discusses the operational drivers behind Symal’s strong FY25 performance, including margin discipline, project execution, and growth in plant and equipment, as well as how the group balances organic growth with founder-led acquisitions.

We also cover Symal’s national expansion strategy, the strategic rationale behind recent acquisitions in Queensland and other states, and how new debt and guarantee facilities provide flexibility to execute its inorganic growth strategy while optimising cost of capital.

Finally, Joe reflects on leadership, culture, and legacy. He explains how Symal invests in people through training, safety frameworks, and cultural inclusion, shares his experience taking the business public, and outlines how the board and executive team are planning for succession and long-term stability. The episode closes with Joe’s outlook for Symal over the next three to five years and what investors should watch as the group continues to scale.

A must-listen for investors interested in founder-led businesses, infrastructure growth, and disciplined capital allocation at scale.

Fresh off a $150 million IPO, Advanced Energy Holdings (AIH) CEO Andrew Beneon joins us to unpack the company’s maiden FY25 results and the material-science platform driving its global scale. AIH develops, engineers and manufactures mission-critical products that protect some of the world’s most valuable energy infrastructure across hazardous and highly regulated environments.

In this episode, Andrew explains why a UK-headquartered business chose the ASX, how AIH has built a 20-year track record with zero in-service failures, and why the company’s disciplined innovation pipeline continues to open new markets from oil and gas to hydrogen, EV batteries and defence. He details how AIH converts a $2.4 billion pipeline, operates 20 facilities across 13 countries, and delivers strong visibility with a record backlog supporting reaffirmed FY26 guidance.

We also dive into AIH’s acquisition strategy, its cross-selling model, progress in floating wind and subsea monitoring, and the cultural integration required to keep innovation at the centre of a global organisation.

A deep, inside look at a newly listed industrial leader entering its next phase of accelerated growth.

IkeGPS CEO Glenn Milnes joins us to unpack one of the most compelling growth stories on the ASX. ikeGPS is redefining how utilities, telcos and engineering firms digitise, design and maintain overhead networks — at a time when the U.S. is undertaking the largest grid hardening and fibre build-out in its history.

Glenn discusses the company’s evolution from hardware to a software-led “pole OS,” the scale of the U.S. infrastructure challenge, the rise of AI-driven productivity in utility engineering, and how products like Ike Pole Foreman have become industry standards. We also explore customer traction, subscription growth, NPS outcomes, and the 20-year macro tailwinds reshaping the business.

In this episode of Vantage Point, we sit down with Nick Lissette, CEO of Black Pearl Group, the AI-driven data technology company listed on the NZX and preparing for an ASX debut later this month. Nick walks us through a strong recent quarterly update, the company’s $15 million capital raise, and how Black Pearl’s Pearl Engine is helping SMEs accelerate sales and marketing through smarter data. We also discuss the path to the ASX and why Black Pearl has become one to watch. Enjoy the episode.

In this episode of Vantage Point, we’re joined by Peter De Leo, Managing Director and CEO of Lycopodium Limited (ASX: LYL) — a leading global engineering and project delivery organisation with an established track record across the resources, infrastructure and industrial processes industries.

Peter discusses how Lycopodium continues to deliver strong performance through disciplined project execution, a solutions-driven culture and long-standing client partnerships. He shares insights into the company’s evolving role in an era of energy transition and sustainability, the growing demand for engineering expertise in battery and critical minerals projects, and the leadership principles that underpin Lycopodium’s reputation for reliability and innovation.

It’s a thoughtful conversation that explores how Lycopodium is positioning for long-term success while staying true to the values that have defined its three-decade history as it continues pursuit of its global expansion strategy.

Hashan De Silva, Founder and Managing Partner of new specialist healthcare fund KP Rx, speaks to Vantage Point about how his investment process has an edge in the life sciences sector, why now is the right time to invest, and the diverse experience he brings to to funds management

Chris Oates recently took on the role of managing director of Duratec, a company he co-founded in 2010. In this episode of Vantage Point, Chris talks about what the business was initially at its core and how this has developed over time, as well as how a strong culture has been an integral part of the business’s success and some of the key drivers going forward.