Sometimes, the best investment opportunities aren’t found in the headlines. While the market often chases momentum, savvy investors know that real gains often come from spotting quality before the crowd does. In the latest episode of Buy Hold Sell, host Anna Dadic is joined by small-cap specialists Matt Griffin from Maple-Brown Abbott and Luke Laretive from Seneca. They delve into the market’s lesser-known winners and identify names they believe are currently overvalued.
This episode, filmed on October 8, 2025, provides insights into small-cap success stories flying under the radar and highlights red flags on overhyped names. Our guests share where they’re finding value, the signals they look for when identifying early opportunities, and how they avoid common traps that trip up investors.
Spotting Under-the-Radar Winners
IDP Education (ASX: IEL)
IDP Education, a global leader in student placement and English language testing, has been a topic of discussion. Despite its steady earnings and international exposure, both experts, Matt Griffin and Luke Laretive, recommend a sell.
Griffin notes, “The stock’s up 80% from the lows, benefiting from a better reporting season than expected. However, the outlook remains cloudy due to anti-immigration rhetoric in key markets.” Laretive echoes this sentiment, emphasizing the political risks involved, “I don’t want to play the politics game. There are other ways to make money in the smaller end of the market.”
Ora Banda Mining Ltd (ASX: OBM)
Ora Banda Mining, a gold explorer and producer in Western Australia, presents exciting near-term growth potential. Laretive sees it as a buy, praising the management team and growth optionality. “The market got a bit sanguine on it due to short-term production issues, but it’s a good opportunity,” he states.
Griffin, however, advises a hold, citing the dependence on exploration results. “It feels like a binary bet despite positive signs. There are many gold stocks with good resources and growth plans,” he explains.
Qoria (ASX: QOR)
Qoria, a tech company focused on cyber safety for children, receives a buy recommendation from both experts. Griffin highlights the company’s free cash flow inflection point and potential AI benefits. “It’s been under the radar, but it’s capturing market attention,” he notes.
Laretive agrees, “This is a massively under-baked guidance. It’s one of our highest conviction positions, and the recent conference call was one of the most bullish I’ve attended.”
Early Success Stories
Eroad Ltd (ASX: ERD)
Laretive shares an early investment success with Eroad, a fleet telematics company. “It was a market darling that faced challenges but has solid underlying growth. We see it as a standout buy,” he says.
Codan (ASX: CDA)
Griffin discusses Codan, a company they invested in at sub-$7, now trading over $30. “Codan is a leader in metal detection technology and communications for defense. Despite past challenges, it’s seen significant earnings upgrades,” he explains.
Cautionary Tales: Overhyped Stocks
Lovisa (ASX: LOV)
Griffin advises caution with Lovisa, a retail sector favorite. “There’s a new, unproven management team, emerging competition, and a questionable new format launch. At over 40 times earnings, it’s risky,” he warns.
DroneShield (ASX: DRO)
Laretive is skeptical about DroneShield, trading at a high PE ratio. “It’s an Australian manufacturing story competing with large US-listed companies. Despite the defense sector’s appeal, I’d sell and take my money,” he advises.
The insights from this episode of Buy Hold Sell underscore the importance of thorough analysis and cautious optimism in the small-cap sector. As the market evolves, investors must remain vigilant, seeking out underappreciated gems while steering clear of overhyped risks.
