Australian Broker Call *Extra* Edition – Jul 29, 2026

This story features ASTRAL RESOURCES NL, and other companies.
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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)

AAR   AL3   ALK   BGL   BM1   BMN   CCR   CNB   FDC   HGO   MYR   PLT   PNI   SNL  

AAR    ASTRAL RESOURCES NL

Gold & Silver – Overnight Price: $0.13

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

Shaw and Partners maintains a Buy rating for Astral Resources with its target price reduced to $0.30 from $0.45 following the release of the June quarter activities report.

An updated mineral resource estimate for the Mandilla gold project lifted total resources to 53.5mt at 1.0g/t gold for 1.74moz, underpinned by the cornerstone Theia deposit.

Deep drilling at Theia confirmed mineralisation extending up to 350m below the base of the planned pit shell, while technical workstreams advance the Definitive Feasibility Study towards target completion in Q1 2027.

Land access and approval pathways were simplified via the $850,000 acquisition of the nearby Mandilla Homestead, leaving a cash balance of $65m as at 30 June.

The analyst notes the target price adjustment reflects lower near-term gold price assumptions, maintaining conviction in the project’s development potential.

This report was published on July 28, 2026.

Target price is $0.30 Current Price is $0.13 Difference: $0.17
If AAR meets the Shaw and Partners target it will return approximately 131% (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 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 130.00.

Forecast for FY27:

Shaw and Partners 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 43.33.

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

AL3    AML3D LIMITED

Commercial Services & Supplies – Overnight Price: $0.10

Shaw and Partners rates ((AL3)) as Buy (1) –

Shaw and Partners maintains a Buy rating for AML3D with its target price reduced to $0.30 from $0.40 following the June quarter Appendix 4C update.

FY26 customer receipts reached $10m, representing a 197% increase on the prior corresponding period, while operating cash flow approached break-even in the June quarter.

Open FY27 orders stand at $16.8m within a global sales pipeline of $78m, supported by expanding wire additive manufacturing contracts across US, UK, and Australian naval defence sectors.

The analyst adopts more conservative revenue assumptions, lowering FY27 revenue forecasts to $19.6m as the $9.9m Newport News contract is structured as a lease recognised over two years through FY29.

Discounted cash flow valuation models now project $100m in revenue by FY32, while US reshoring initiatives and key partnerships with Boeing and the US Navy position the business for long-term growth.

This report was published on July 28, 2026.

Target price is $0.30 Current Price is $0.10 Difference: $0.195
If AL3 meets the Shaw and Partners target it will return approximately 186% (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 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.75.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.50.

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

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.30

Moelis rates ((ALK)) as Buy (1) –

Moelis maintains a Buy rating for Alkane Resources with its target price reduced to $1.70 from $2.20 following the June quarter production report detailing a $104m quarterly cash build to $432m.

Fourth-quarter gold-equivalent production reached 42.5koz at an all-in sustaining cost of $3,011/oz, supported by a $20m security bond refund and lower capital outlays.

Management outlined a flat FY27 production outlook alongside elevated capital expenditure forecasts of $343m for FY27 and $186m for FY28.

The analyst reduces the valuation multiple to 5.0x adjusted cash flow reflecting a diminished free cash flow outlook, while incorporating a 2.0c per share annual dividend.

Sound valuation support underpins the rating despite clearer growth catalysts identified across alternative gold coverage.

This report was published on July 28, 2026.

Target price is $1.70 Current Price is $1.30 Difference: $0.395
If ALK meets the Moelis target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $1.90, suggesting upside of 45.0%(ex-dividends)
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 19.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.4, implying annual growth of 237.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.1.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 2.00 cents and EPS of 20.60 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.9, implying annual growth of 24.5%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 5.7.

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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.34

Moelis rates ((BGL)) as Buy (1) –

Moelis maintains a Buy rating for Bellevue Gold with a $2.10 target price following the release of June quarter 2026 results.

Fourth-quarter gold production reached 41.4koz, taking FY26 total production to 143.5koz, which sits well within full-year guidance of 130-150koz.

FY27 guidance is set at 150-170koz at AISC of $2,800-$3,100/oz, higher than prior estimates due to growth capital reallocations into sustaining capital.

The analyst notes surface stockpiles provide operational contingency during the ongoing contractor transition, while the balance sheet remains strong with $204.0m in cash and bullion.

With hedge obligations set to conclude by the end of 2026, the analyst views the company as increasingly well-positioned for cash flow generation.

This report was published on July 28, 2026.

Target price is $2.10 Current Price is $1.34 Difference: $0.755
If BGL meets the Moelis target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $1.87, suggesting upside of 38.3%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is -0.1, 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 22.8, implying annual growth of N/A.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 5.9.

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

BM1    BALLARD MINING LIMITED

Gold & Silver – Overnight Price: $0.61

Moelis rates ((BM1)) as Buy (1) –

Moelis maintains a Buy rating for Ballard Mining with a $0.87 target price following high-grade drilling results from the ongoing exploration campaign at the Mt Ida gold project.

Assays from the West Knell deposit returned intercepts including 9m at 27.1g/t gold, with mineralisation remaining open both at depth and along a potential 3.7km strike corridor.

A mining lease application for the prospect remains on track for approval by the end of the current quarter.

The analyst highlights the promising geological scale of the Ballard Fault, drawing structural parallels to regional high-grade deposits across Western Australia.

Positioned as an inexpensive exploration opportunity surrounded by mill-short producers, commentary suggests the company represents an attractive corporate target for regional consolidation.

This report was published on July 27, 2026.

Target price is $0.87 Current Price is $0.61 Difference: $0.255
If BM1 meets the Moelis target it will return approximately 41% (excluding dividends, fees and charges).

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

BMN    BANNERMAN ENERGY LIMITED

Uranium – Overnight Price: $2.91

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

Shaw and Partners maintains a Buy rating for Bannerman Energy with a $7.60 target price following the release of the June quarter activities report.

The joint venture with CNNC continues to progress towards September quarter completion, securing full construction funding for the Etango uranium project in Namibia.

Early construction works remain on schedule with first uranium production targeted for 2028, coinciding with an anticipated commodity super-cycle.

Scoping studies on the Etango-XP expansion option, which would double processing capacity to 16Mtpa, have been incorporated into base-case models.

The analyst views global uranium supply as structurally deficient, expecting market prices to surpass US$100/lb to incentivise necessary production capacity.

This report was published on July 28, 2026.

Target price is $7.60 Current Price is $2.91 Difference: $4.69
If BMN meets the Shaw and Partners target it will return approximately 161% (excluding dividends, fees and charges).
Current consensus price target is $4.92, suggesting upside of 69.0%(ex-dividends)
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 3.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 85.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, 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:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 242.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.6, 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 N/A.

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

CCR    CREDIT CLEAR LIMITED

Diversified Financials – Overnight Price: $0.11

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

Shaw and Partners retains a Buy rating for Credit Clear with a $0.40 target price following an upgraded trading update for FY26.

Full-year revenue reached $60m to outperform previous management guidance ranges, while underlying EBITDA expanded 41% to $10.4m.

Strong operational performance was supported by utility clients resuming collections alongside five-month contributions from recent acquisitions DTS and ARC Europe.

The analyst projects 30% EBITDA growth for FY27, driven by full-year acquisition contributions and continued market share expansion within Australian receivables management.

Commentary suggests uncertainty around ongoing regulatory proceedings with consumer protection authorities appears to overshadow cheap earnings multiples and a strong net cash balance sheet supporting share buybacks.

This report was published on July 28, 2026.

Target price is $0.40 Current Price is $0.11 Difference: $0.29
If CCR meets the Shaw and Partners target it will return approximately 264% (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 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.86.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.47.

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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.74

Moelis rates ((CNB)) as Buy (1) –

Moelis maintains a Buy rating for Carnaby Resources with a $1.10 target price following Evolution Mining’s ((EVN)) intent to acquire 100% of the company via a scheme of arrangement.

The proposed transaction offers 0.0682 new Evolution Mining shares for each Carnaby Resources Limited share, implying an offer price of 77c and an equity value of $213m.

The deal secures supplemental ore feed for Evolution Mining’s Ernest Henry operation and grants access to regional acreage whilst presenting potential savings on processing and offtake terms.

The analyst considers the offer a reflection of corporate value recognition which institutional markets were unwilling to reward, potentially explaining recent slow progress towards a final investment decision.

Shareholders are advised to hold the stock pending any further corporate developments, though competing bids are considered unlikely.

This report was published on July 27, 2026.

Target price is $1.10 Current Price is $0.74 Difference: $0.355
If CNB meets the Moelis target it will return approximately 48% (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

FDC    FDC CONSOLIDATED HOLDINGS LIMITED

REITs – Overnight Price: $3.44

Moelis rates ((FDC)) as Initiation of coverage with Buy (1) –

Moelis initiates coverage on FDC Consolidated with a Buy rating and a $4.56 target price.

The report states robust work in hand reaching $2.4bn as at April 2026 underpins revenue visibility across non-residential construction, fitout, and refurbishment operations.

An ultra capital-light business model combined with a favourable working capital cycle supports projected operating cash flow conversion above 100% across FY27 and FY28.

Strong customer relationships and disciplined project selection are expected to drive annual earnings growth of 14% through FY28.

The analyst considers valuation metrics undemanding, citing a 23% discount relative to domestic peer earnings multiples despite an estimated closing cash position of $344m at end-FY26.

This report was published on July 27, 2026.

Target price is $4.56 Current Price is $3.44 Difference: $1.12
If FDC meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 7.40 cents and EPS of 21.50 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.00.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 20.70 cents and EPS of 24.40 cents.
At the last closing share price the estimated dividend yield is 6.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.10.

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

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.05

Moelis rates ((HGO)) as Buy (1) –

Moelis reiterates a Buy rating for Hillgrove Resources with a $0.095 target price following June quarter production matching expectations.

Second-quarter copper production reached 3.2kt at an all-in sustaining cost of $5.76/lb, supporting a debt-free cash balance of $32.2m.

Management committed to developing the Emily Star deposit as a third mining area, expanding production capacity by an estimated 15%-20%.

The roll-off of legacy hedging contracts alongside improving production cadence in the second half of 2026 is expected to accelerate free cash flow generation.

The analyst notes strong valuation support and positive momentum in copper markets reinforce the investment thesis.

This report was published on July 28, 2026.

Target price is $0.10 Current Price is $0.05 Difference: $0.042
If HGO meets the Moelis target it will return approximately 79% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.30.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.79.

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

MYR    MYER HOLDINGS LIMITED

Household & Personal Products – Overnight Price: $0.21

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

Canaccord Genuity maintains a Buy rating for Myer with its target price lowered to $0.53 from $0.63 following an unaudited full-year trading update through 25 July 2026.

Group sales for the full year reached $4,089m, up 0.3% on a pro forma basis, as late-period promotional activity failed to offset weaker consumer sentiment in June and July.

Management expects operating gross profit between $1,601m and $1,607m, reflecting an operating gross profit margin contraction of approximately -100bps versus the prior corresponding period.

To incorporate weaker trading trends, the analyst reduces FY26 net profit after tax estimate by -29% and FY27 forecast by -26%.

Ongoing execution across strategic initiatives, strong loyalty program engagement, and a net cash balance sheet support the long-term investment thesis, the report concludes.

This report was published on July 28, 2026.

Target price is $0.53 Current Price is $0.21 Difference: $0.315
If MYR meets the Canaccord Genuity target it will return approximately 147% (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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.75

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

Canaccord Genuity maintains a Buy rating for Plenti Group with its target price lowered to $1.59 from $1.63 following a strong first-quarter operational update featuring originations of $535m.

First-quarter revenue expanded 39% on the prior corresponding period to $84.6m, supported by a $2.2m debt sale and robust June exit run rates.

Management expects quarterly originations reaching $600m during FY27, driven by the commercial auto product launch alongside expansion within government battery financing initiatives.

Credit quality remained disciplined with loan losses stable at 0.98% of the portfolio, underpinning expectations for continued solid performance across the second half of 2026.

The analyst considers the non-bank lender attractive at approximately 6x forward earnings, highlighting a projected three-year revenue compound annual growth rate of 15%.

This report was published on July 28, 2026.

Target price is $1.59 Current Price is $0.75 Difference: $0.84
If PLT meets the Canaccord Genuity target it will return approximately 112% (excluding dividends, fees and charges).

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $15.73

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

Canaccord Genuity retains a Buy rating for Pinnacle Investment Management with an unchanged target price of $24.53 following an updated mark-to-market evaluation ahead of full-year results.

Fourth-quarter net funds under management flows of $6.9bn pushed total funds under management estimates up 3%-4% to reach $224.6bn, supported by strong performance across affiliate managers.

Underlying net profit after tax estimates for FY26 were lowered by -4% to $132.9m due to reduced performance fee income and higher second-half financing costs.

Full 100% ownership of Pacific Asset Management provides a significant earnings tailwind entering FY27, commentary points out, with key affiliates set to broaden profit contributions.

The analyst considers the company well positioned to deliver accelerating medium-term earnings growth as retail inflows and new mandate wins expand recurring service fees.

This report was published on July 27, 2026.

Target price is $24.53 Current Price is $15.73 Difference: $8.8
If PNI meets the Canaccord Genuity target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $22.29, suggesting upside of 41.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 56.00 cents and EPS of 59.10 cents.
At the last closing share price the estimated dividend yield is 3.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.0, implying annual growth of 4.4%.
Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 75.00 cents and EPS of 85.80 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.6, implying annual growth of 31.2%.
Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 18.2.

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

SNL    SUPPLY NETWORK LIMITED

Automobiles & Components – Overnight Price: $32.72

Moelis rates ((SNL)) as Buy (1) –

Moelis maintains a Buy rating for Supply Network with a $41.10 target price following a strong preliminary FY26 result exceeding expectations.

Full-year revenue reached $403.1m alongside a record second-half net profit margin of 12.2%, achieved despite macroeconomic headwinds including shipping lane closures and New Zealand dollar weakness.

Management outlined an aggressive expansion pipeline for FY27 featuring new branch openings and footprint doublings across key locations to capture ongoing aftermarket growth.

The analyst views the targeted $50m revenue increase for FY27 as highly achievable given historical performance and accelerating market share shifts away from original equipment suppliers.

Forward earnings estimates remain broadly unchanged, incorporating expectations for continued double-digit growth driven predominantly by operating leverage.

This report was published on July 27, 2026.

Target price is $41.10 Current Price is $32.72 Difference: $8.38
If SNL meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 80.00 cents and EPS of 109.40 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.91.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 96.60 cents and EPS of 127.90 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.58.

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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