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.
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)
AUE DRO HLO IMD (2) LYC OBL PLS SKC TGN VUL
LYC LYNAS RARE EARTHS LIMITED
Rare Earth Minerals - Overnight Price: $11.35
Canaccord Genuity rates ((LYC)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Lynas Rare Earths with its target price increased to $22.00 from $20.00 following updated modelling that integrates Meteoric Resources' Caldeira ionic clay project in Brazil.
The proposed acquisition offers an array of strategic operating benefits, providing a lower capital intensity and lower-cost feedstock option compared to hard rock expansion or external supply.
Integration of Caldeira increases total Measured & Indicated TREO Mineral Resources by approximately 79% and Ore Reserves by approximately 27% while providing higher heavy rare earth concentrations.
Updated production modelling supports an expanded separation capacity of 16ktpa from 2032 and indicates the transaction is net asset value accretive with a pro forma NAV of $16.9bn.
The analyst views the 50%-plus fall in the share price from April 2026 peaks as an attractive entry point supported by stable rare earth prices and upcoming heavy rare earth production.
This report was published on October 16, 2026.
Target price is $22.00 Current Price is $11.35 Difference: $10.65
If LYC meets the Canaccord Genuity target it will return approximately 94% (excluding dividends, fees and charges).
Current consensus price target is $15.63, suggesting upside of 37.7%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is 48.8, implying annual growth of 120.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 23.3.
Forecast for FY28:
Current consensus EPS estimate is 81.1, implying annual growth of 66.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.0.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
OBL OMNI BRIDGEWAY LIMITED
Diversified Financials - Overnight Price: $1.53
Moelis rates ((OBL)) as Initiation of coverage with Buy (1) -
Moelis initiates coverage on Omni Bridgeway with a Buy rating and a $2.83 target price, highlighting the group's transition from a balance-sheet funder to a scaled, capital-light legal asset investment manager.
Moelis forecasts gross funds under management growth of 10.0% annually through FY29, supported by rising global legal spend and an expanding footprint in adjacent litigation products.
Operating efficiency continues to improve, with cost coverage expected to rise from 52.8% in FY26 towards a target of 70% in FY28, driving a 37.3% annual expansion in realised income over the same period.
The analyst notes that conservative fair value assumptions, including a modelled 33% loss rate compared with an actual 21% historical track record, offer substantial potential upside for co-investment returns and carried interest.
The report suggests multiple expansion remains likely as repeatable cash earnings replace lumpy portfolio realisations, narrowing the gap between equity value and underlying book value.
This report was published on October 19, 2026.
Target price is $2.83 Current Price is $1.53 Difference: $1.3
If OBL meets the Moelis target it will return approximately 85% (excluding dividends, fees and charges).
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.27.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 26.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.69.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PLS PLS GROUP LIMITED
New Battery Elements - Overnight Price: $2.90
Jarden rates ((PLS)) as Underweight (4) -
Jarden retains its Underweight rating for PLS Group with its target price reduced to $3.00 from $3.20 following the final investment decision on P2000.
Jarden notes valuation pressure from incremental supporting capex of -$600m-650m compared to its previous -$200m forecast, alongside annual mine development capex of -$180m over the first decade of production.
While the company quotes a project IRR of 29.5% using a SC6 price of US$1,620/t real, Jarden models an IRR of approximately 19% based on a US$1,200/t real benchmark.
Slightly delayed delivery leads Jarden to cut its FY27 EBITDA forecast by -3% and its FY29 EBITDA forecast by -18%.
The analyst highlights elevated execution risks for P2000 and a complete lack of free cash flow generation across FY27 through FY29.
This report was published on October 19, 2026.
Target price is $3.00 Current Price is $2.90 Difference: $0.1
If PLS meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.70, suggesting upside of 62.1%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is 27.8, implying annual growth of 70.2%.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 10.4.
Forecast for FY28:
Current consensus EPS estimate is 24.4, implying annual growth of -12.2%.
Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 11.9.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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