Daily Market Reports | 10:30 AM
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.
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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)
BGD CU6 EMR EQR FFM FPR LMG LRV MM1 NWL PNR RXL SGC SLS SLX TCG TRE WLC
FFM FIREFLY METALS LIMITED
Gold & Silver - Overnight Price: $1.72
Canaccord Genuity rates ((FFM)) as Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for FireFly Metals with its target price increased to $3.45 from $3.00 following the release of a preliminary economic assessment for the Green Bay copper-gold project.
The base case study evaluating a 1.8m tonnes per annum operation outlines a 32-year mine life producing 872k tonnes of payable copper for a gross initial capital expenditure of $571m.
Canaccord Genuity views the expanded development scenario detailing a staged ramp-up to 4.6m tonnes per annum as positioning the asset among top-tier Canadian copper developers, yielding 1.05m tonnes of copper over a 22-year period.
Project economics are underpinned by an updated mineral resource containing 1.88m tonnes of copper equivalent, with Measured and Indicated categories increasing 21% to represent 77% of the total inventory.
The analyst notes the business is well capitalised to pursue further resource growth and conversion drilling ahead of a definitive feasibility study targeted for the March quarter of 2027, following a recent $180m equity raise.
This report was published on September 15, 2026.
Target price is $3.45 Current Price is $1.72 Difference: $1.735
If FFM meets the Canaccord Genuity target it will return approximately 101% (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
FPR FLEETPARTNERS GROUP LIMITED
Vehicle Leasing & Salary Packaging - Overnight Price: $4.67
Canaccord Genuity rates ((FPR)) as Hold (3) -
Canaccord Genuity maintains a Hold rating for FleetPartners Group with a $4.50 target price following an update on multiple non-binding indicative acquisition offers.
Three interested parties submitted revised bids ranging from $4.55 to $4.65 per share, with ORIX and the Sumitomo Consortium offering the higher figure while SG Fleet Topco ((SGF)) proposed the lower amount.
A fourth potential suitor opted against revising its original proposal and dropped out of contention.
The analyst considers a binding agreement likely given the sustained interest and notes the $4.65 proposals represent an FY27 price-to-earnings multiple of 11.7x.
Canaccord Genuity views further price escalation as probable to consolidate bidders, highlighting unpriced potential synergies of $20m to $25m which could add $1.10 to $1.40 per share in value.
This report was published on September 15, 2026.
Target price is $4.50 Current Price is $4.67 Difference: minus $0.17 (current price is over target).
If FPR meets the Canaccord Genuity target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.61, suggesting downside of -22.7%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 33.5, implying annual growth of -0.2%.
Current consensus DPS estimate is 23.4, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 13.9.
Forecast for FY27:
Current consensus EPS estimate is 35.2, implying annual growth of 5.1%.
Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 13.3.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LMG LATROBE MAGNESIUM LIMITED
Industrial Metals - Overnight Price: $0.01
Shaw and Partners rates ((LMG)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Latrobe Magnesium with a $0.06 target price as the company pursues a 50k tonnes per annum primary magnesium metal plant in South Carolina.
The analyst notes the project has attracted non-binding letters of intent covering 32k tonnes per annum, representing 64% of phase one capacity, alongside a 20-year ferronickel slag feedstock agreement with Eramet.
Indicative project economics point to US$1.1bn to US$1.5bn in capital expenditure alongside US$2,600 to US$4,000 per tonne in operating costs, excluding potential state incentives.
Shaw and Partners highlights the company is targeting collaborative funding through the US Defense Industrial Base Consortium, with a submission deadline set for mid-September 2026 to help address structural domestic supply vulnerabilities.
Management has prioritised the US expansion as the most capital-efficient path to commercial production, placing the Victorian Stage 2 commercial plant on hold pending the resolution of local liability schemes.
This report was published on September 16, 2026.
Target price is $0.06 Current Price is $0.01 Difference: $0.046
If LMG meets the Shaw and Partners target it will return approximately 329% (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 0.00 cents.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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