This test is preparation for a future synth lecture & workshop teaching basic Modular Synthesizer concepts
The class will be held on the 21st November at Elk Electronics (Crown St, Wollongong. NSW, AUSTRALIA)
We will also be using many other synths in the demo including Eurorack.
This will be great for you if you are new to synths and would like to find out how the various components fit together. For more experienced synth users, it would be great to have you share your experience - maybe you have a synth you would like to bring along.
You are very welcome to bring along a synthesizer that you would be happy to have on display or demonstrate during the Session. We just ask that you please let us know what you are bringing so that we can coordinate these things.
I understand, the year of production was 1975. Designed by Tim Orr
(Tim also designed the EMS Vocoder 5000, worked for AKAI & designed the Powertran Trancedent 2000)
The Synthi-E was produced as an educational tool and appears very simple at first glance.
Just one filter, EG, Oscillator, LFO, noise, inverter, VCA and mixer.
Apparently, "a complete teaching course has been built round it allowing teachers and students to learn the techniques and
background of electronic music and its production".
When I first bought this I didn't have a keyboard and the ribbon controllers were not functioning very well.
I'm sure there was a manual however it alludes me (as do the schematics).
Patching doesn't use a matrix. Just very simple cables.
I only had a limited supply of the original cables, but discovered that 2mm banana cables also worked just fine. They have the added advantage that they are stackable.
From what I can decipher from the internet, the general signal level at the patch nodes is 3V P-P.
This however, seems to vary quite a bit depending on which module you are talking about.
It should be safe however to patch 2Vp-p voltages. (I don't have any definitive data regarding this so do so at your own risk).
The Korg SQ-1 is ideal for this.
You can limit the voltage range to 1V, 2V and 5V/oct.
I found the 2V setting provides a good range of pitches
Remember to also set the SQ1 to Negative (S-trig) gate.
You will need to ground the sequencer with the synthi. The scope output is prefect for this.
The sleeve is ground.
Here are the specs of the VCO:
Total frequency coverage: 1 Hz to 10KHz.
There are 3 waveforms available: Sine,Tri, Rectangle.
All three waveforms are accessible simultaneously and can also be used as modulation sources.
Sine wave distortion: 5% THD (TYP)
Triangle symmetry (rise and fall): 3% at 1 KHz.
Rectangular wave mark space ratio voltage control range: 0 to 100%.
Two CV inputs: Width & Frequency
Interestingly, the frequency CV input has two flavors .. 1/2 and 2.
There is a trimmer to fine tune the V/Oct scaling.
Deviation of voltage control of frequency from ideal exponential law
Over musical range 100Hz—2KHz: .8% (B.S.L.)
Over audio range 10Hz — 10KHz: 1.7% (B.S.L.)
General short term stability. Drift at 1 KHz: 2% per hour.
I really like the sound of the filter... squelchy ... almost acid like.
Part One of the shootout between the Erica Synths Syntrx and an original Synthi AKS.
Simple patches are compared highlighting a single Oscillator, FM, RingMod, Filter, Reverb & Noise.
This video simply compares Sound and Timbre, not the functionality, extras or differences in the Matrix implementation.
It's important to remember that no two original Synthi' are the same. I have a Putney & AKS and I can
never get exactly the same sounds from each even when the patch is identical.
The mechanical pins used in the matrix have different resistances .. and just these can alter the sound.
The Erica Matrix of course doesn't have these "limitations" ..... though I like to see the inconsistency of the old fashioned EMS matrix as part of its charm.
(Part Two will look at a Putney VCS3 and some more complex patches).
Thanks to Allinaire for the use of his new Syntrx.
Playing around with the Synthi-E's envelope shaper.
It's an unusual beast.
We are all used to a 4 stage ADSR style of envelope.
EMS however used the Trapezoidal Envelope.
This also has 4 stages. They are Attack, ON, Decay, Off.
The Synthi AKS uses knobs to adjust the 4 stages, and can be set to
"manual" or "free run" triggering.
The Synthi E is much simplier.
Attack (rise) & decay (fall) are set using the rise & fall sliders.
On /off are determined by the gate length.
The 3 variants of the envelope are available simultaneously.
Variation 1 : attack & decay are adjustable using the sliders.
Variation 2 : attack is variable, but decay is fixed (fast)
Variation 3 : attack is fixed (fast) and decal is variable.
Connecting a gate to the second black input form the bottom (bipolar "?") will make it behave as if it were an LFO.
The envelope starts on both the rise & fall of the gate ... I think this is the equivalent "free run mode".
The gate itself is interesting ... it's a short to ground.
Touching a cable with your bare fingers will produce the required gate.
This is essentially an S-trig.
Manufacturers like (vintage) Korg & Moog use S-trigs.
About the patch:
I'm using a square wave to trigger the EG.... which is opening /closing the VCA.
The filter is in self oscillation mode.
If you still want to trigger the Synthi' gate with eurorack, you will probably need a V-trig to S-trig converter. I haven't tested this myself. These synthi's are rare and expensive so be careful if you plan to try this.
BTW, I don't recommend plugging anything into your synthi which is not from EMS.
The Synthi E's envelopes seem to have a 1.7Vpp range.
Analogue Systems still produce a Eurorack version of the Trapezoidal Generator.
(Thanks to James from Synthwerks for the info) .
"AS make both it (RS-510e) and the EMS filter module (RS-500e) both
now with universal mounting hole and power connector for both AS and
Doepfer systems".
Erica Synths also has a Euro format envelope generator module... It looks like
two EMS Synthi functionality inspired looping envelope generators with
simultaneous unipolar (0V - 10V) and bipolar (-5V - +5V), VCA, Noise
generator and Sample & Hold. ...... That's nice :-)
I wonder if it's inspired by the Synthi 100, who's envelope shapers also have dual trapezoidal outputs.
The Synthi 100's envelopes however differ in that they have 5 triggering modes (Signal threshold, Hold, Single Shot, Free run & Gated free run) & the 4 stages are Delay, Attack, On, Decay.
The addition of a second output for each of the synthi 100's trapezoidal generators is pretty neat.
The second output lags behind the first by one quarter of a complete trapezoidal cycle.
Allinaire latest track. He told me the video was produced using a 'hacked' or modified existing Max for live video device (details to follow). Learning by experimenting with existing Max devices is a valid way of learning. Whereas other prefer to start from scratch Allinaire dives right in and stands on the shoulders of experienced programers. He calls it 'Circuit bending existing code'!
Deterra Royalties Limited (ASX:DRR) is the largest pure-play resources royalty company listed on the Australian Securities Exchange (ASX), headquartered in Perth, Western Australia. [1, 2, 3]
It was spun out from Iluka Resources in October 2020. [1]
Dividends
Business Model
Royalty-based income: Instead of running mines, Deterra invests in and owns royalties over mining projects. It receives a percentage of revenue or production payments without paying for mining, labor, diesel, or capital expenses. [1]
Primary Asset: Its cornerstone asset is a lucrative iron ore royalty over BHP's Mining Area C (MAC) in Western Australia (including the North Flank and South Flank mines). [1, 2]
Diversification: The company is actively expanding its portfolio across 15 global assets spanning 7 countries and multiple commodities (including bulk, base, and battery metals like lithium at Thacker Pass and copper via recent acquisitions). [1, 2, 3]
Key Financial & Market Metrics (as of October 2026)
Share Price: ~$3.95 AUD
Market Capitalization: ~$2.10 billion AUD
FY26 Net Profit After Tax (NPAT): A$164.2 million (up 5% year-on-year) [1]
Revenue (FY26): A$236.2 million (continuing operations) [1]
Dividend Yield: ~5.47% – 5.89% (historically paying out a high percentage, such as 75% of NPAT, with franking) [1, 2]
Deterra Royalties (ASX: DRR) has only been listed since October 2020, when it was spun out of Iluka Resources. [1]
As a result, 10 years of historical data do not exist, but its six-year financial track record shows exceptionally high profitability, ultra-high ROE, and a recent shift toward using debt to fund acquisitions. [1]
Because it operates as a resource royalty business—primarily earning revenue from BHP’s massive Mining Area C (MAC) iron ore operations—it has virtually no cost of goods sold, giving it a near-peerless financial structure. [1, 2, 3]
Core Financial Performance
Metric
FY21
FY22
FY23
FY24
FY25
FY26
NPAT (Net Profit)
$94.3M
$178.5M
$152.5M
$154.9M
$155.7M
$164.2M
EBITDA Margin
~96%
~96.7%
~95.5%
~94.6%
~94.0%
94.0%
Return on Equity (ROE)
~101%
~151%
~170%
192.8%
134.5%
115.1%
Net Debt
$0.0
$0.0
$0.0
$0.0
$270.6M
$132.5M
Key Takeaways from its Financial History
Profitability & Margins: Net profit tracks the volume of iron ore mined by BHP at MAC and broader iron ore market prices. Because Deterra does not fund mine operational costs or capital expansions, its EBITDA margins routinely sit at an elite 94% to 96%. [1, 2, 3, 4]
The Debt Shift: From listing in 2020 through 2024, Deterra maintained a fortress balance sheet with zero debt. This changed significantly in FY25 when management chose to draw down a credit facility to fund large overseas diversified royalty acquisitions (such as Trident Royalties). Net debt peaked at $270.6 million in 2025 but was aggressively reduced to $132.5 million in FY26 following the $124 million (US$82M) divestment of some non-core precious metal assets. [1, 2, 3, 4]
Return on Equity (ROE): Because the business model requires almost no physical capital or machinery assets, its equity base is incredibly small. This results in an explosive ROE consistently above 100%. [1, 2, 3]
Dividends: Deterra targets a payout ratio of 75% to 100% of NPAT. For FY26, it paid out 23.2 cents per share fully franked. It continues to be a popular pure-play income stock on the ASX, yielding roughly 5.0% to 5.8% over recent cycles. [1, 2, 3, 4, 5]
...............................
Buffett analysis
Deterra Royalties (ASX:DRR) strongly aligns with Warren Buffett's core qualitative investment principles but introduces significant cyclical and allocation variables that would require careful scrutiny under his value system.
Buffett’s framework can be systematically applied to Deterra's asset-light royalty model, which currently commands a market cap of AUD 2.10 billion.
1. The Economic Moat (Excellent)
Buffett prioritizes businesses with a durable competitive advantage that protects cash flow. Deterra has a structural, "wide-moat" profile: [1]
Toll-booth Model: As a pure-play royalty company, DRR collects a 1.232% royalty over BHP's Mining Area C (MAC). It acts like a toll collector on 9% of global seaborne iron ore trade, capturing revenue without paying for mining operations, labor, or heavy capital expenditure. [1, 2, 3]
Inflation Protection: Buffett famously loves businesses that withstand inflation. Because Deterra takes a percentage of top-line revenue rather than bottom-line profits, it is structurally shielded from the mining cost inflation that compresses regular miners' margins. [1, 2]
2. Financial Performance (Exceptional)
Buffett looks for high capital efficiency and strong, transparent returns:
Profit Margins: Deterra operates at a jaw-dropping operating margin of 98.1% and a net profit margin of 67.7% in FY26. [1]
Return on Equity (ROE): Buffett values a high ROE achieved with minimal debt. For FY26, DRR achieved a Return on Equity of 115.1%. This is distortedly high because its capital base is tiny—it requires virtually no reinvestment to maintain operations. [1]
3. Management and Capital Allocation (The Question Mark)
Buffett states that a management team's skill is proven by how they allocate excess cash. This is where DRR deviates from a classic Buffett stock:
The Traditional Income Play: Historically, DRR paid out 100% of net profits as dividends. Buffett generally prefers companies to retain earnings if they can reinvest them at high rates of return, but he accepts high payouts if internal options are weak. [1]
The Growth Shift: Management has recently pivoted to retaining cash (lowering the payout target to 75%) to aggressively buy non-iron ore royalties, such as its Thacker Pass lithium royalty and the Santa Cruz copper acquisition. Reinvesting certain cash from a tier-one iron ore asset into unproven or speculative greenfield projects (like lithium projects still under construction) introduces execution risk that might give Buffett pause. [1, 2, 3, 4]
4. Valuation & Margin of Safety (Borderline)
Value investing mandates buying a stock at a significant discount to its intrinsic value. At a trailing P/E ratio of roughly 12.7x, DRR looks optically cheap compared to the broader market, but value models diverge: [1, 2]
The "Fair Value" View: A standard 2-stage Discounted Cash Flow (DCF) model tracking its current A$169.5 million trailing free cash flow values the stock right around its current trading price (~A$3.92 to A$3.95). [1]
The Conservative View: Independent fundamental valuation tools (like Alpha Spread) peg its base-case intrinsic value much lower (~A$2.12), viewing the stock as overvalued due to future commodity price risks. [1]
The Verdict
DRR possesses the exact asset-light, high-margin, wide-moat DNA that Buffett admires. However, because its revenue is entirely bound to cyclical commodity prices and management is increasingly deploying cash into higher-risk asset diversification, it doesn't offer the predictable, steady earnings growth found in ultimate Buffett holdings like Coca-Cola or Geico. It fits the value checklist structurally, but lacks the predictable underlying economic environment he prefers
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