Daily Market Reports | 11:00 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
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
CDA DYL GL1 GLN HLS ORE PDI PEN PNR RMD SLS TGN TOR WLC
CDA CODAN LIMITED
Hardware & Equipment - Overnight Price: $64.43
Moelis rates ((CDA)) as Buy (1) -
Moelis retains a Buy rating for Codan with its target price increased to $73.55 from $57.56 following a trading update highlighting elevated 1H27 demand within the Communications segment.
Management expects first-half revenue between $400m and $410m with an EBIT margin near 40%, driving group NPAT to no less than $160m.
Full-year FY27 Communications revenue growth is targeted between 30% and 40%, prompting Moelis to upgrade FY27 NPAT estimates by 23.4% to $272.1m.
The Minelab division continues to track ahead of expectations as new detector sales ramp up and run-rates sit slightly above 2H26 levels.
The analyst sees positive earnings asymmetry and a credible pathway to medium-term EPS upgrades, alongside further upside risk stemming from potential M&A activity supported by a well-capitalised balance sheet.
This report was published on September 29, 2026.
Target price is $73.55 Current Price is $64.43 Difference: $9.12
If CDA meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $60.93, suggesting downside of -5.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 74.80 cents and EPS of 148.70 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 137.0, implying annual growth of 42.0%.
Current consensus DPS estimate is 67.8, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 47.0.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 83.30 cents and EPS of 165.20 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 156.4, implying annual growth of 14.2%.
Current consensus DPS estimate is 76.2, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 41.2.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DYL DEEP YELLOW LIMITED
Uranium - Overnight Price: $1.24
Canaccord Genuity rates ((DYL)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Deep Yellow with an unchanged $2.90 target price following accelerated physical development at the Tumas project.
The analyst notes bulk earthworks are complete and major civil and concrete works have commenced, alongside the execution of crucial water and power supply agreements.
With a debt-free balance sheet holding $159.6m in cash, commentary concludes the business remains well-funded for near-term activities leading up to a stretched final investment decision target in the December quarter of 2026.
Canaccord Genuity models an increased capital expenditure estimate of -US$520m to account for the inflationary backdrop compared to the current -US$474m estimate.
Canaccord Genuity views the deliberately uncontracted strategy as highly attractive, offering significant leverage to rising spot and term uranium prices within an increasingly tight global market.
This report was published on September 28, 2026.
Target price is $2.90 Current Price is $1.24 Difference: $1.665
If DYL meets the Canaccord Genuity target it will return approximately 135% (excluding dividends, fees and charges).
Current consensus price target is $2.05, suggesting upside of 66.0%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is -1.2, 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 FY28:
Current consensus EPS estimate is -3.2, 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: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GL1 GLOBAL LITHIUM RESOURCES LIMITED
New Battery Elements - Overnight Price: $0.96
Shaw and Partners rates ((GL1)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Global Lithium Resources with a $1.75 target price following the announcement of a binding Scheme Implementation Deed with Titan Australia Mining to acquire 100% of the company for $1.15 cash per share.
The all-cash, unconditional-on-financing offer values the business at $333m on a fully diluted basis, representing a 73% premium to the last closing price but a -50% discount to Shaw and Partners' valuation.
To support the Manna Lithium Project through the scheme period, the acquirer will provide a bridging facility of up to $120m, materially de-risking the asset's development schedule regardless of the final transaction outcome.
The analyst views the deal as a clean, reasonably premiumed cash exit removing key funding and execution overhangs heading into the impending construction decision.
A materially higher counter-bid is considered unlikely given the board has recommended the offer alongside the specific downstream integration rationale of the acquirer.
This report was published on September 29, 2026.
Target price is $1.75 Current Price is $0.96 Difference: $0.79
If GL1 meets the Shaw and Partners target it will return approximately 82% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.87.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 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 27.43.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three source
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