Australian Broker Call *Extra* Edition – Jul 06, 2026

This story features BEETALOO ENERGY AUSTRALIA LIMITED, and other companies.
For more info SHARE ANALYSIS: BTL
The company is included in ALL-ORDS

An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena’s team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

BTL   BTR   CBE   EMR   EXR   FFM   GHM   GMD   IMB (2)   IMR   MYG   MYX   NST   OCL (2)   RPL   SPZ (2)   SVR   TLX   VAU   VMM  

BTL    BEETALOO ENERGY AUSTRALIA LIMITED

Energy – Overnight Price: $0.26

Canaccord Genuity rates ((BTL)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating for Beetaloo Energy Australia with a $0.45 target price following successful flow back results from the reopened Carpentaria-5H production well.

Initial operations have tracked a peak flow exceeding 14TJ/d before settling down to establish a highly encouraging intermediate production profile.

The analyst notes management is purposefully running restricted choke settings to optimise long-term fracture conductivity and extend well longevity ahead of final pilot plant connection.

First corporate gas sales remain firmly on schedule for completion by the end of 2026 under a 10-year binding agreement with the local government.

Long-term commercial development economics are expected to see material improvements following a strategic funding commitment to build the basin’s first regional frac sand mining operation.

This report was published on July 5, 2026.

Target price is $0.45 Current Price is $0.26 Difference: $0.19
If BTL meets the Canaccord Genuity target it will return approximately 73% (excluding dividends, fees and charges).

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.35

Shaw and Partners rates ((BTR)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Brightstar Resources with a $1.15 target price following an operational update, confirming the Goldfields project remains on budget and schedule for first gold in the June quarter of FY27.

Bulk earthworks have been completed for the mill and leaching circuit pads, while civil works for the tank foundations commenced with the first concrete pour.

The analyst expects a realistic production path to reach 275kozpa by FY31 as the successive Sandstone development project rolls online in FY30.

Balance sheet risks during project delivery are backstopped by the purchase of 60koz of new gold put options over the first 24 months of production.

The investment thesis highlights a highly favourable upside potential versus a modest risk profile, as the market heavily discounts asset delivery despite construction being fully funded, the broker explains.

This report was published on July 3, 2026.

Target price is $1.15 Current Price is $0.35 Difference: $0.795
If BTR meets the Shaw and Partners target it will return approximately 224% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.86.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 3.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.14.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CBE    COBRE LIMITED

Copper – Overnight Price: $0.36

Canaccord Genuity rates ((CBE)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating for Cobre with a $0.35 target price following an exploration and project consolidation update for the Sierra Atacama asset in Chile.

Work programs are currently focused on converting a foreign historical resource estimate into a JORC-compliant metric by integrating extensive historical datasets and a freshly launched geological model.

A 40,000 m surface and underground drilling campaign has commenced to define shallow starter pits and delineate high-grade mixed zones at the oxide-sulphide boundary.

Exploration footprints along the mineralised fault corridor have materially expanded following a binding option agreement to acquire 25 nearby mining concessions.

The investment thesis centres on a systematic six-point plan designed to transition operations from underground extraction to a larger, longer-life open-pit mining scenario.

This report was published on July 1, 2026.

Target price is $0.35 Current Price is $0.36 Difference: minus $0.015 (current price is over target).
If CBE meets the Canaccord Genuity target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

EMR    EMERALD RESOURCES NL

Gold & Silver – Overnight Price: $5.70

Canaccord Genuity rates ((EMR)) as Buy (1) –

Canaccord Genuity maintains a Buy rating for Emerald Resources with an $8.20 target price, following a preliminary production and cash update.

The company reported gold production of 27koz from the Okvau mine in Cambodia, bringing total FY26 production to 100koz and missing the lower end of management’s annual guidance range.

The analyst points out a robust operational cost profile with expected quarterly all-in sustaining costs of US$880/oz, keeping the entity positioned as the lowest-cost gold producer under broker ASX coverage.

Total cash, bullion, and listed investments increased to $468m, tracking below initial expectations due to potentially accelerated development expenditures across regional multi-mine growth projects.

The investment thesis remains intact because, as Canaccord Genuity explains, the producer continues to generate substantial underlying cash flow to fully fund its asset expansion strategy.

This report was published on July 5, 2026.

Target price is $8.20 Current Price is $5.70 Difference: $2.5
If EMR meets the Canaccord Genuity target it will return approximately 44% (excluding dividends, fees and charges).

Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

EXR    ELIXIR ENERGY LIMITED

NatGas – Overnight Price: $0.12

Canaccord Genuity rates ((EXR)) as Speculative Buy (1) –

Canaccord Genuity initiates coverage on Elixir Energy with a Speculative Buy rating and a $0.25 target price, noting the company holds the largest net acreage position in Queensland’s liquids-rich Taroom Trough.

The investment thesis centres on the high-quality Tinowon Dunk Sandstone reservoir targeted by the Lorelle-3H well, which represents the longest lateral drilled in the play to date.

Geological data from adjacent successful appraisal programs, including Shell’s Dunk-5H, suggests that commercial flow rates are achievable, de-risking the broader western flank of the basin, the analyst explains.

Canaccord highlights strong political and infrastructure support, evidenced by the Queensland government’s Taroom Trough Development Plan and ongoing pipeline feasibility studies targeting the Wallumbilla Gas Hub.

Capital deployment is currently focused on imminent stimulation and flow testing at Lorelle-3H, which the analyst identifies as a pivotal catalyst for establishing the company’s maiden reserve booking and future commercialisation pathway.

This report was published on June 24, 2026.

Target price is $0.25 Current Price is $0.12 Difference: $0.135
If EXR meets the Canaccord Genuity target it will return approximately 117% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 57.50.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 38.33.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

FFM    FIREFLY METALS LIMITED

Gold & Silver – Overnight Price: $1.92

Canaccord Genuity rates ((FFM)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating for FireFly Metals with a $3.00 target price following newly released infill drill results from the Green Bay copper project.

Commentary states the data confirm excellent thickness and grade continuity throughout the core zone at the Ming Mine.

These high-grade intersections are expected to directly enhance initial project economics as early mine planning prioritises the convergence areas to maximise near-term cash generation.

Operational focus is currently fixed on upgrading inferred parameters to higher confidence resource categories ahead of an impending preliminary economic assessment.

The analyst highlights a robust funding profile featuring $220m in cash and liquid reserves to comfortably sustain intensive multi-rig exploration and parallel regional testing campaigns.

This report was published on July 4, 2026.

Target price is $3.00 Current Price is $1.92 Difference: $1.08
If FFM meets the Canaccord Genuity target it will return approximately 56% (excluding dividends, fees and charges).

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GHM    GOLDEN HORSE MINERALS LIMITED

Gold & Silver – Overnight Price: $0.47

Shaw and Partners rates ((GHM)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Golden Horse Minerals with its target price decreased to $1.25 following strong infill drill results from the Hopes Hill project.

Drilling has successfully intersected multiple high-grade targets across three distinct zones within a 3km mineralised corridor.

The latest standout intercept returned 8m at 9.15g/t gold from the southern zone, while new data out of the main pit confirmed parallel hanging wall and footwall lode structures.

Work on an inaugural JORC mineral resource estimate will commence soon, supported by nearly 100km of cumulative drilling since the start of 2025.

The reduction to the final valuation reflects broader adjustments to the broker’s underlying commodity price assumptions, though the analyst suggests the company is building an inventory profile well beyond current market capitalisation levels.

This report was published on July 3, 2026.

Target price is $1.25 Current Price is $0.47 Difference: $0.78
If GHM meets the Shaw and Partners target it will return approximately 166% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 23.50.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 31.33.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $6.29

Moelis rates ((GMD)) as Buy (1) –

Moelis maintains a Buy rating for Genesis Minerals with a $8.50 target price following a “strong” fourth-quarter preliminary production update.

Production of 70.8koz gold for the quarter pushed total FY26 output to 285.4koz, keeping the result squarely within the company’s annual guidance range.

Strong underlying cash generation of $258m was achieved during the period, successfully absorbing cost pressures from diesel, contractor transitions, and third-party ore purchases.

Operational momentum is building as mining commences at Tower Hill and the Jupiter project transitions to sourcing 100% owned ore for the Laverton processing hub.

The analyst highlights the September 2026 strategy update as a critical catalyst for defining the production and capital pathway towards the company’s ASPIRE 500 growth ambition.

This report was published on July 5, 2026.

Target price is $8.50 Current Price is $6.29 Difference: $2.21
If GMD meets the Moelis target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $9.29, suggesting upside of 58.0%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 50.0, implying annual growth of 146.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY27:

Current consensus EPS estimate is 59.7, implying annual growth of 19.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.8.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IMB    INTELLIGENT MONITORING GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $0.65

Canaccord Genuity rates ((IMB)) as Buy (1) –

Canaccord Genuity maintains a Buy rating for Intelligent Monitoring with its target price increased to $1.25 following what the broker labels a “transformational” $346m acquisition of ADT UK.

The transaction involves purchasing the recognised British residential security provider from Johnson Controls International utilising $298m in cash funded by new debt facilities alongside $48m in scrip consideration.

On a pro-forma basis, group revenue scales to $433m and operating earnings more than double to $130m, supported by the addition of over 160,000 direct customers holding multi-year subscription contracts.

The analyst anticipates the integration will be highly cashflow accretive, prompting 69% and 122% upgrades to FY27 and FY28 operating earnings forecasts, respectively.

Commentary concludes the investment thesis highlights deep value at an implied forward earnings multiple of 6x, with the acquired video-guard technology offering material cross-selling opportunities across the newly expanded global subscriber base.

This report was published on July 5, 2026.

Target price is $1.25 Current Price is $0.65 Difference: $0.605
If IMB meets the Canaccord Genuity target it will return approximately 94% (excluding dividends, fees and charges).

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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Moelis rates ((IMB)) as Buy (1) –

Moelis maintains a Buy rating for Intelligent Monitoring with its target price increased to $1.19 following a binding agreement to acquire ADT UK for approximately $345m.

This transaction establishes a second major geographical growth platform by adding over 160,000 residential customers and expanding the addressable security monitoring footprint into the underpenetrated British market.

Funding centers on a combination of $48m in equity issuance alongside new debt facilities via Ares Capital to fully refinance existing banking lines.

The analyst applies a conservative December completion date, leaving FY26 estimates unchanged while boosting FY27 and FY28 earnings per share estimates by 57.8% and 29.4% respectively.

The investment thesis highlights strong pro forma accretion exceeding 40% alongside clear structural opportunities to leverage proprietary video guarding solutions into the newly acquired customer base.

This report was published on July 3, 2026.

Target price is $1.19 Current Price is $0.65 Difference: $0.545
If IMB meets the Moelis target it will return approximately 84% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.73.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 9.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.01.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IMR    IMRICOR MEDICAL SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $1.99

Canaccord Genuity rates ((IMR)) as Buy (1) –

Canaccord Genuity maintains a Buy rating for Imricor Medical Systems with a $2.28 target price following the announcement of pediatric FDA 510(k) clearances for NorthStar and the Vision-MR diagnostic catheter.

This label expansion opens an early commercial pathway into a large diagnostic market by broadening the underlying iMR platform directly into diagnostic cardiology.

The analyst notes the pediatric clearances effectively consolidate separate procedures into a single, radiation-free workflow to eliminate duplicated setups and multiple anesthetic events.

Strong commercial pull is expected in the adult setting where shifting low-reimbursed diagnostic catheter work out of cath labs can free up capacity for higher-value procedures.

Near-term commercial focus is centered on establishing initial software-enabled pricing and contract metrics as early capital system placements roll out.

This report was published on July 4, 2026.

Target price is $2.28 Current Price is $1.99 Difference: $0.29
If IMR meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

MYG    MAYFIELD GROUP HOLDINGS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.81

Canaccord Genuity rates ((MYG)) as Initiation of coverage with Buy (1) –

Canaccord Genuity initiates coverage on Mayfield Group with a Buy rating and a $3.60 target price, noting structural supply deficits across critical electrical infrastructure manufacturing.

Strong multi-year demand tailwinds stem from rapid expansion across Australian data centres, mine electrification, and large-scale utility grid upgrade programs.

Active footprint expansions target a footprint of 74,000m² by late 2026 to effectively double annual operational revenue capacity to approximately $240m.

The analyst projects revenue reaching $213m in FY27, tracking 3% ahead of wider consensus expectations on positive organic scale and acquisition benefits.

The suggestion is the equity represents an attractive entry point because it trades on a -10% discount to global sector peers despite offering a significantly superior forward operating earnings growth profile.

This report was published on July 4, 2026.

Target price is $3.60 Current Price is $2.81 Difference: $0.79
If MYG meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.76

Canaccord Genuity rates ((MYX)) as Speculative Buy (1) –

Canaccord Genuity lowers its rating on Mayne Pharma to Speculative Buy from Buy with its target price decreased to $3.83 following an updated valuation framework.

Optically weak FY26 earnings are anticipated, but the company successfully stabilises core performance milestones across main operating units despite extended disruptions following a contract termination.

The refreshed sum-of-the-parts model factors in an expected $70m divestment of the international Salisbury facility to fully repay $42m in convertible notes.

Long-term commercial leverage remains centred on high-single-digit portfolio growth inside the women’s health arm alongside accelerating direct-to-patient volumes rolling through the digital DistributeRx platform.

The analyst tracks near-term stock overhangs to a pending state supreme court appeal decision, though a worst-case financial penalty carries a low likelihood.

This report was published on July 5, 2026.

Target price is $3.83 Current Price is $2.76 Difference: $1.07
If MYX meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $22.16

Canaccord Genuity rates ((NST)) as Buy (1) –

Canaccord Genuity maintains a Buy rating for Northern Star Resources with a $31.45 target price following a robust preliminary production update.

The company reported preliminary Jun Q’26 sales of 433koz, pushing total FY26 sales to 1,543koz and slightly exceeding revised group guidance.

The analyst highlights a strong cash position of $1,255m at the end of the quarter, bolstered by an underlying cash and bullion generation of $201m alongside significant share buyback activity.

Strategic leadership changes were announced alongside the operational metrics, with Suresh Vadnagra appointed to succeed Stuart Tonkin as CEO effective 5 October 2026.

The investment thesis remains supported by the impending stage 1 commissioning of the KCGM mill expansion in the September quarter, which will determine future production guidance, the report highlights.

This report was published on July 4, 2026.

Target price is $31.45 Current Price is $22.16 Difference: $9.29
If NST meets the Canaccord Genuity target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $27.03, suggesting upside of 21.9%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 127.9, implying annual growth of 13.5%.
Current consensus DPS estimate is 53.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 17.3.

Forecast for FY27:

Current consensus EPS estimate is 184.7, implying annual growth of 44.4%.
Current consensus DPS estimate is 65.8, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 12.0.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

OCL    OBJECTIVE CORPORATION LIMITED

IT & Support – Overnight Price: $6.75

Moelis rates ((OCL)) as Buy (1) –

Moelis retains a Buy rating for Objective Corp with its target price decreased to $14.94 following news of one large customer not renewing its contract.

The Department of Defence declined to renew its upgrade and support programme for the legacy enterprise content management software, sparking an immediate -34.5% share price decline.

This contract setback prompts an -11.9% reduction to FY27 earnings per share estimates, reflecting a -$10m lower revenue outlook before factoring in cost mitigation strategies.

The analyst points out underlying business momentum remains positive as recurring annualised revenue gains from new global business and artificial intelligence adoption offset the near-term defence headwind.

Long-term annual growth estimates headlines beyond FY27 remain unchanged because the non-renewal appears to be an isolated, customer-specific pricing outcome rather than direct software substitution, the report stipulates.

This report was published on July 1, 2026.

Target price is $14.94 Current Price is $6.75 Difference: $8.19
If OCL meets the Moelis target it will return approximately 121% (excluding dividends, fees and charges).
Current consensus price target is $13.87, suggesting upside of 105.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 22.10 cents and EPS of 36.60 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.7, implying annual growth of 4.1%.
Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 17.5.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 20.80 cents and EPS of 34.40 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.3, implying annual growth of 1.6%.
Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 17.2.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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Shaw and Partners rates ((OCL)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Objective Corp with its target price decreased to $10.80 following the non-renewal of a major defence support contract.

The Defence Digital Group declined to renew a 25-year support and maintenance agreement for the legacy on-premise enterprise content management platform, cutting off engineering support and security upgrades.

The analyst views this as an isolated, customer-specific setback and conservatively removes the contract from FY27 forecasts, leading to an -11% reduction in revenue and a -35% reduction in cash earnings projections.

The long-term investment case remains intact, supported by a healthy balance sheet holding approximately $100m in net cash and ongoing momentum across products like Build and RegWorks, the broker assures.

Commentary highlights the valuation multiple screens attractively below historical averages, offering an appealing entry point for long-term investors despite the near-term earnings headwind.

This report was published on July 3, 2026.

Target price is $10.80 Current Price is $6.75 Difference: $4.05
If OCL meets the Shaw and Partners target it will return approximately 60% (excluding dividends, fees and charges).
Current consensus price target is $13.87, suggesting upside of 105.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 21.00 cents and EPS of 34.60 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.7, implying annual growth of 4.1%.
Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 17.5.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 19.00 cents and EPS of 31.70 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.3, implying annual growth of 1.6%.
Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 17.2.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RPL    REGAL PARTNERS LIMITED

Wealth Management & Investments – Overnight Price: $3.11

Canaccord Genuity rates ((RPL)) as Initiation of coverage with Buy (1) –

Canaccord Genuity initiates coverage on Regal Partners with a Buy rating and a $3.75 target price, noting the market undervalues its earnings diversification across hedge funds, private markets, and real assets.

The analyst expects performance fees and earnings to track ahead of consensus forecasts for 1H and FY26 as looming fee crystallisations from PM Capital underpin near-term performance.

Medium-term earnings are expected to receive support from an accelerating trickle of carried interest from Taurus Funds starting in FY28 alongside inflows from active fundraising.

A projected post-June cash war chest exceeding $400m provides significant capacity to execute strategic corporate acquisitions, potentially de-risking the broader hedge fund strategies and enhancing overall earnings resilience.

The investment thesis centers on an unjustified valuation discount to key peers, with the stock screening attractively while trading at a forward price-to-earnings multiple of around 8x.

This report was published on July 4, 2026.

Target price is $3.75 Current Price is $3.11 Difference: $0.64
If RPL meets the Canaccord Genuity target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $4.60, suggesting upside of 48.9%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 31.2, implying annual growth of -16.0%.
Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 9.9.

Forecast for FY27:

Current consensus EPS estimate is 32.4, implying annual growth of 3.8%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 9.5.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SPZ    SMART PARKING LIMITED

Hardware & Equipment – Overnight Price: $0.82

Canaccord Genuity rates ((SPZ)) as Buy (1) –

Canaccord Genuity maintains a Buy rating for Smart Parking with a $1.80 target price following the acquisition of US operator American Parking for a total consideration of US$12m.

The transaction introduces 54 manual locations across Oklahoma, Texas, and Arkansas, expanding the firm’s total US site count to over 200 units.

The analyst notes these newly acquired manual operations will serve as the primary focus for automated plate recognition upgrades via integration into its proprietary SmartCloud software platform.

Commercial growth across North America continues to develop as a primary strategic priority, supported by sequential sales force investments and the planned relocation of the chief executive officer in 1H27.

The suggestion is that the platform is positioned for a breakout period by FY28 as a projected flip into material positive free cash flow significantly scales up self-funded acquisition capacity.

This report was published on July 5, 2026.

Target price is $1.80 Current Price is $0.82 Difference: $0.98
If SPZ meets the Canaccord Genuity target it will return approximately 120% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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Shaw and Partners rates ((SPZ)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Smart Parking with a $1.55 target price after reviewing the strategic, multi-jurisdictional acquisition of American Parking.

This bolt-on expansion incorporates 54 sites across proximate territories, delivering established regional footprints and localised infrastructure to complement existing operations.

Operating leverage is projected to expand significantly via deep technological and administrative cost synergies as proprietary automated management infrastructure is introduced.

The analyst tracks an exceptionally healthy capital position, with the firm maintaining a net cash backing that safely underpins ongoing international commercial expansion plans.

The suggestion is that current market multiples remain highly attractive relative to peers, considering a robust forward operating growth path that is targeted to average over 20% annually.

This report was published on July 3, 2026.

Target price is $1.55 Current Price is $0.82 Difference: $0.73
If SPZ meets the Shaw and Partners target it will return approximately 89% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.58 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.91.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.21 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.74.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SVR    SOLVAR LIMITED

Business & Consumer Credit – Overnight Price: $1.49

Canaccord Genuity rates ((SVR)) as Buy (1) –

Canaccord Genuity maintains a Buy rating for Solvar with its target price decreased to $1.80 following earnings forecast revisions despite positive underlying loan volume momentum.

Robust commercial conditions in the Australian automotive and consumer finance segments support accelerating origination growth, further aided by the sequential scaling of the Bennji commercial lending arm.

The analyst expects annualised asset book growth to expand into double-digit percentages during FY27, which unwinds headwinds seen from changing cash rates and past geographical structural exits.

Revisions to the near-term outlook reflect higher credit collection costs, bad debt expenses, and interest cost pressures, matching wider consensus numbers.

The investment thesis centers on undemanding valuation multiples alongside an active share buyback program and a robust dividend distribution layout.

This report was published on July 5, 2026.

Target price is $1.80 Current Price is $1.49 Difference: $0.315
If SVR meets the Canaccord Genuity target it will return approximately 21% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 19.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 12.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.74.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 EPS of 16.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.05.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $16.88

Canaccord Genuity rates ((TLX)) as Buy (1) –

Canaccord Genuity maintains a Buy rating for Telix Pharmaceuticals with a $30.00 target price following FDA alignment on the ProstACT GLOBAL trial protocol.

The regulatory agency agreed to proceed with the GLOBAL-2 study while preserving docetaxel as a standard-of-care option, giving the TLX591 asset unusual flexibility across global treatment consensuses.

The analyst views the trial design as highly powerful because it represents the only live phase 3 radioligand therapy study in metastatic castration-resistant prostate cancer with a chance to hit an overall survival endpoint.

Assuming equivalent efficacy to rival treatments, the suggestion is TLX591 can capture significant market share due to superior revenue intensity for treating centres.

Separately, the OPTIMAL-PSMA phase 2 trial for TLX597 recently completed enrolment to test specific dosing strategies directed toward earlier-stage patients.

This report was published on July 5, 2026.

Target price is $30.00 Current Price is $16.88 Difference: $13.12
If TLX meets the Canaccord Genuity target it will return approximately 78% (excluding dividends, fees and charges).
Current consensus price target is $26.10, suggesting upside of 51.6%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is -3.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY27:

Current consensus EPS estimate is 32.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 52.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

VAU    VAULT MINERALS LIMITED

Gold & Silver – Overnight Price: $4.56

Moelis rates ((VAU)) as Buy (1) –

Moelis maintains a Buy rating for Vault Minerals with a $7.70 target price following a fourth-quarter preliminary operational update.

Total group FY26 production reached 336.5koz gold, successfully beating the broker’s standalone estimates and satisfying full-year market guidance parameters.

Operational outperformance was primarily driven by strong output tracking across the Mount Munger asset, alongside steady on-budget development progress for the Stage 2 upgrades at the King of the Hills site.

Under-the-surface development has concurrently launched at the Sugar Zone asset to position the regional site layout for a planned operational processing plant restart by early FY28.

The suggestion is these preliminary metrics significantly reinforce short-term balance sheet momentum ahead of an impending formal quarterly financial release.

This report was published on July 5, 2026.

Target price is $7.70 Current Price is $4.56 Difference: $3.14
If VAU meets the Moelis target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $7.13, suggesting upside of 41.3%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 39.6, implying annual growth of 74.8%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY27:

Current consensus EPS estimate is 72.1, implying annual growth of 82.1%.
Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 7.0.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

VMM    VIRIDIS MINING AND MINERALS LIMITED

Rare Earth Minerals – Overnight Price: $3.89

Canaccord Genuity rates ((VMM)) as Initiation of coverage with Speculative Buy (1) –

Canaccord Genuity initiates coverage on Viridis Mining and Minerals with a Speculative Buy rating and a $6.30 target price, highlighting the pre-production scale of the Colossus Rare Earth Project in Brazil.

The asset features high concentrations of critical heavy rare earth oxides, positioning it as an essential non-Chinese supply alternative in an environment outstripping ex-China downstream processing capacity additions.

Base-case modelling targets a 5Mtpa operation across a 20-year mine life, generating an average NdPr production of 3.4ktpa with initial commercial outputs projected in FY29.

Strategic expansion options incorporate a potential capacity doubling to 10Mtpa from FY33, heavily expanding the unrisked corporate net asset value calculation.

Canaccord Genuity labels the company a highly compelling corporate takeover candidate ahead of a catalyst-rich calendar period featuring an imminent definitive feasibility study and a final investment decision late in 2026.

This report was published on July 5, 2026.

Target price is $6.30 Current Price is $3.89 Difference: $2.41
If VMM meets the Canaccord Genuity target it will return approximately 62% (excluding dividends, fees and charges).

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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