Weekly Reports | 10:30 AM
A summary of the highlights from Broker Call Extra updates throughout the week past.
No broker rating changes were recorded by the BC Extra Report post Thursday last week.
Price Target Changes (Post Thursday Last Week)
| Company | Last Price | Broker | New Target | Old Target | Change | |
|---|---|---|---|---|---|---|
| AHL | Adrad | $1.47 | Taylor Collison | 1.85 | 1.60 | 15.63% |
| AWJ | Auric Mining | $0.22 | Research as a Service (RaaS) | 0.54 | 0.43 | 25.47% |
| BM1 | Ballard Mining | $0.83 | Moelis | 0.97 | 0.87 | 11.49% |
| CDA | Codan | $67.49 | Moelis | 73.55 | 57.56 | 27.78% |
| GDF | Garda Property | $1.07 | Moelis | 1.58 | 1.61 | -1.86% |
| HLS | Healius | $0.42 | Jarden | 0.54 | 0.50 | 8.00% |
| PDI | PDI Gold | $5.08 | Canaccord Genuity | 7.00 | 1.40 | 400.00% |
| PEN | Peninsula Energy | $0.25 | Canaccord Genuity | 0.75 | 0.80 | -6.25% |
| PMV | Premier Investments | $11.98 | Jarden | 15.00 | 15.50 | -3.23% |
| PNR | Pantoro Gold | $2.95 | Moelis | 3.80 | 3.65 | 4.11% |
| TGN | Tungsten Mining | $0.26 | Canaccord Genuity | 0.45 | N/A | N/A |
| Company | Last Price | Broker | New Target | Old Target | Change | |
More Highlights
AHL ADRAD HOLDINGS LIMITED
Automobiles & Components – Overnight Price: $1.40
Taylor Collison rates ((AHL)) as Outperform (2) –
Taylor Collison rates Adrad Outperform with its target price increased to $1.85 following an FY26 result that missed the broker’s forecasts, featuring revenue of $156.6m and EBIT of $10.3m.
The earnings shortfall against Taylor Collison’s estimates reflects lower margins within the distribution business, though margin rectification work completed at the end of the period is expected to return EBIT margins closer to historic double-digit levels over time.
The analyst highlights the company provides exposure to the growing data centre capital expenditure cycle without the premium valuation multiples seen elsewhere in the sector, given its role in supplying cooling systems to critical infrastructure generators.
Growing pipelines across the mining and defence industries offer additional revenue diversification.
Taylor Collison lifts the FY27 earnings per share forecast to 13.7c from 12.8c to reflect increased conviction in management initiatives to improve margins, noting the stock trades on an attractive 10.6x price-to-earnings multiple while paying an approximate 4.7% dividend yield.
This report was published on September 22, 2026.
Target price is $1.85 Current Price is $1.40 Difference: $0.45
If AHL meets the Taylor Collison target it will return approximately 32% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY27:
Taylor Collison forecasts a full year FY27 dividend of 6.90 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.22.
Forecast for FY28:
Taylor Collison forecasts a full year FY28 dividend of 7.60 cents and EPS of 15.20 cents.
At the last closing share price the estimated dividend yield is 5.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.21.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
AWJ AURIC MINING LIMITED
Gold & Silver – Overnight Price: $0.24
Research as a Service (RaaS) rates ((AWJ)) as No Rating (-1) –
Auric Mining shares continue to trade at a significant discount to Research as a Service’s (RaaS) valuation, hence why the latest research update reiterates the stock represents a compelling opportunity amongst emerging gold producers.
Following two recent acquisitions, the analyst notes the company has proforma net cash of circa $30m as of September 2026, which continues to support further exploration, tolling opportunities, asset acquisitions, and still potentially provide a material contribution towards funding Burbanks.
The latter, commentary points out, is according to a recently released study a mining operation that can produce 141koz over five years, with first production and cash flows targeted for early 2028.
Updated modelling has lifted RaaS’s valuation to $0.537/share from $0.428/share, which remains at a substantial premium to the current share price.
RaaS research doesn’t carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.
This report was published on September 28, 2026.
Target price is $0.54 Current Price is $0.24 Difference: $0.292
If AWJ meets the Research as a Service (RaaS) target it will return approximately 119% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.
Forecast for FY26:
Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.07 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.04.
Forecast for FY27:
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 2.04 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.01.
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: $0.81
Moelis rates ((BM1)) as Buy (1) –
Moelis maintains a Buy rating for Ballard Mining with its target price increased to $0.97 from $0.87 following the release of an FY26 financial result featuring an adjusted NPAT of -$3.0m and EBITDA of -$4.8m.
The earnings beat against Moelis’s estimates is considered largely immaterial to the underlying investment thesis, with the company remaining focused on progressing the Mt Ida Gold Project towards a final investment decision in 2027.
A recent mineral resource estimate update added 658k ounces to the inventory, prompting the analyst to increase the project’s exploration valuation by $62m to $145m.
Exploration expenditure of -$32m is forecast for FY27, shifting drilling focus towards infill and ore reserve definition ahead of a mid-2027 feasibility study.
Moelis views the $61.8m cash balance as sufficient to fully fund the planned work program alongside key development activities.
This report was published on September 30, 2026.
Target price is $0.97 Current Price is $0.81 Difference: $0.155
If BM1 meets the Moelis target it will return approximately 19% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 81.50.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.05.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CVN CARNARVON ENERGY LIMITED
Crude Oil – Overnight Price: $0.10
Jarden rates ((CVN)) as Overweight (2) –
Jarden maintains an Overweight rating for Carnarvon Energy with an unchanged $0.14 target price following an FY26 result featuring an NPAT beat driven by lower employee expenses and advisory costs.
Further exploratory drilling in the Bedout Basin is scheduled for April 2027 to inform options for development concepts and backfill opportunities.
The analyst expects gradual progress across the asset, noting the operator is unlikely to commit to new projects over the next two to three years.
The 19.9% shareholding in Strike Energy ((STX)) provides exposure to near-term catalysts including the South Erregulla Power Project and Walyering West development, as well as potential to develop West Erregulla gas through the proposed Belisama Gas Plant, commentary suggests.
This report was published on September 30, 2026.
Target price is $0.14 Current Price is $0.10 Difference: $0.035
If CVN meets the Jarden target it will return approximately 33% (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
GDF GARDA PROPERTY GROUP
REITs – Overnight Price: $1.04
Moelis rates ((GDF)) as Buy (1) –
Moelis maintains a Buy rating for Garda Property with its target price decreased to $1.58 from $1.61 following the contracted sale of two industrial assets representing 15% of the portfolio.
The Heathwood and Pinkenba properties are set to be divested for $17.5m and $33.3m respectively, achieving a blended 0.7% premium to book value.
Pro-forma gearing falls to 24% upon settlement, while net tangible assets remain largely unchanged at $1.64 per share.
The analyst notes the transactions should prove accretive to funds from operations given the blended 6.0% implied capitalisation rate sits below the 6.5% marginal cost of debt.
Moelis views the stock as offering compelling value at current levels considering the -37% discount to net tangible assets and an estimated 10.9% funds from operations yield for FY27.
This report was published on September 30, 2026.
Target price is $1.58 Current Price is $1.04 Difference: $0.54
If GDF meets the Moelis target it will return approximately 52% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 9.00 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 8.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.29.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 9.30 cents and EPS of 11.10 cents.
At the last closing share price the estimated dividend yield is 8.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.37.
Market Sentiment: 1.0
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: $0.57
Shaw and Partners rates ((GHM)) as Buy (1) –
Shaw and Partners maintains a Buy rating for Golden Horse Minerals with a $1.25 target price following the release of the best gold drilling result to date from the Hopes Hill prospect.
Reverse circulation drilling intercepted four metres at 73.3 grams per tonne of gold from 88 metres, situated within a broader 48-metre zone grading 6.3 grams per tonne of gold.
Shaw notes panned drill spoil revealed numerous millimetre-scale gold grains, providing strong indications of a high-grade, nuggety gold system.
Additional diamond tail drilling extended mineralisation at depth in the southern end of the existing pit, returning one metre at 46.5 grams per tonne of gold from 305 metres.
The broker believes the presence of visible gold and significant grade-metre intercepts highlight substantial upside, supporting its own expectation for a maiden mineral resource estimate of 1m ounces to be delivered prior to the end of the March quarter of 2027.
This report was published on September 30, 2026.
Target price is $1.25 Current Price is $0.57 Difference: $0.68
If GHM meets the Shaw and Partners target it will return approximately 119% (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 28.50.
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 38.00.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
KMD KMD BRANDS LIMITED
Sports & Recreation – Overnight Price: $1.52
Jarden rates ((KMD)) as Neutral (3) –
Jarden maintains a Neutral rating for KMD Brands with its target price increased to NZ$2.10 from NZ$2.05 following an FY26 result featuring sales of NZ$1,053m and underlying EBITDA of NZ$42.0m.
The earnings result came in ahead of Jarden’s estimates of NZ$38.7m, supported by a 120-basis point gross margin expansion to 57.7% alongside continued cost discipline.
Commentary states the Kathmandu brand performed strongly with sales up 11.1% and EBITDA improving to NZ$16.1m from a NZ$1.3m loss, while Rip Curl EBITDA increased 12% to NZ$34.4m and Oboz returned to positive earnings.
Jarden observes early FY27 trading remains constructive with management guiding to sales between NZ$1,055m and NZ$1,075m and underlying EBITDA of NZ$52m to NZ$55m, driven by further expected gross margin expansion and annualised cost-saving initiatives.
While acknowledging significant scope for earnings improvement, Jarden sees a balanced risk-reward profile given execution risks and successive failures to deliver against previous targets.
This report was published on September 25, 2026.
Current Price is $1.52. Target price not assessed.
This company reports in NZD. 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
PNR PANTORO GOLD LIMITED
Gold & Silver – Overnight Price: $2.94
Moelis rates ((PNR)) as Buy (1) –
Moelis maintains a Buy rating for Pantoro Gold with its target price increased to $3.80 from $3.65 following an FY26 result featuring adjusted NPAT of $115.0m and EBITDA of $267.3m.
The earnings beat against the broker’s estimates is driven largely by favourable cost-of-sales movements and lower expensed exploration, despite production output of 77.4k ounces falling short of the 88k to 92k ounce guidance.
The company generated $276.2m of operating cash flow to end the year with a $202.9m cash balance, while an updated resource and reserve statement outlined a 9% increase in total ore reserves to 0.9m ounces of gold.
The analyst incorporated the updated mineral resource and ore reserve estimates, increasing the exploration component of the valuation by $22m to $343m.
Moelis believes sustained performance and execution should narrow the current credibility discount and allow investors to place greater weight on the balance sheet and exploration upside of the business.
This report was published on September 30, 2026.
Target price is $3.80 Current Price is $2.94 Difference: $0.86
If PNR meets the Moelis target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $4.25, suggesting upside of 44.5%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 31.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.27.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 46.4, implying annual growth of 61.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.3.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 54.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.36.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is N/A, 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: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
RMD RESMED INC
Medical Equipment & Devices – Overnight Price: $31.68
Canaccord Genuity rates ((RMD)) as Buy (1) –
Canaccord Genuity maintains a Buy rating for ResMed with a $40.00 target price following discussions with an industry executive highlighting the emergence of a concierge model in obstructive sleep apnoea care.
The analyst notes GLP-1 weight-loss medications and wearable consumer devices act as material tailwinds expanding the diagnostic funnel by encouraging patients to seek formal evaluation.
While home sleep testing infrastructure appears largely built out across the United States, Canaccord Genuity identifies the brief telemedicine sleep specialist consultation as the true bottleneck and most economically attractive segment of the clinical pathway.
Canaccord Genuity suggests acquiring or partnering with telemedicine networks could prove more strategically valuable for the company than further investment in diagnostic infrastructure to capture greater influence over the patient journey.
Traditional continuous positive airway pressure treatment remains firmly established as the primary intervention, with alternative therapies viewed as complementary or second-line options.
This report was published on September 28, 2026.
Target price is $40.00 Current Price is $31.68 Difference: $8.32
If RMD meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $38.88, suggesting upside of 22.7%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is 174.1, implying annual growth of N/A.
Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 18.2.
Forecast for FY28:
Current consensus EPS estimate is 188.8, implying annual growth of 8.4%.
Current consensus DPS estimate is 40.7, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 16.8.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
TGN TUNGSTEN MINING NL
Tungsten – Overnight Price: $0.24
Canaccord Genuity rates ((TGN)) as Speculative Buy (1) –
Canaccord Genuity maintains a Speculative Buy rating for Tungsten Mining with a $0.45 target price following a funding update for the fully owned Watershed Tungsten Project in Queensland.
The company has received non-binding indicative debt terms from several financiers supporting gearing of up to 70% against the $274m pre-production capital expenditure, implying potential debt funding approaching $200m.
Management aims to release the outcomes of a definitive feasibility study in October 2026 to provide further clarity on project economics and advance the final funding mix ahead of a targeted final investment decision before the end of the year.
A proposed US listing is intended to broaden access to international capital, potential customers, and strategic partners as Western industrial groups increasingly seek ex-China supply sources.
The analyst notes the stock is currently trading -20% below the recent $50m equity raise price of 0.32 per share, presenting an opportunity for investors while Western ammonium paratungstate pricing remains strong above US$2,900 per metric tonne unit.
This report was published on September 28, 2026.
Target price is $0.45 Current Price is $0.24 Difference: $0.205
If TGN meets the Canaccord Genuity target it will return approximately 84% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources