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.
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)
CDA DNL KAR LAU MMI NST OFX PFP (2) PHX QBE SLS SMI SXE USL VNT WTM
CDA CODAN LIMITED
Hardware & Equipment - Overnight Price: $57.15
Moelis rates ((CDA)) as Buy (1) -
Moelis maintains its Buy rating for Codan with its target price increased to $75.63 from $73.55 following the acquisition of US-based Eventide Communications for an enterprise value of $244m.
The transaction brings critical recording, evidence management, and AI analytics to the existing Zetron portfolio, priced at a multiple of approximately 14x 2026 EBITDA which drops to roughly 10x including run-rate synergies.
The analyst expects mid-single-digit EPS accretion in the first full year of ownership, alongside broader strategic benefits as the public safety network modernises.
Moelis incorporates four months of Eventide contribution into FY27 earnings estimates, assuming the transaction closes by the end of February 2027 funded primarily via existing debt facilities.
This report was published on November 9, 2026.
Target price is $75.63 Current Price is $57.15 Difference: $18.48
If CDA meets the Moelis target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $70.24, suggesting upside of 22.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 75.50 cents and EPS of 150.10 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.07.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 153.1, implying annual growth of 58.7%.
Current consensus DPS estimate is 76.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 37.3.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 85.60 cents and EPS of 169.70 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 175.3, implying annual growth of 14.5%.
Current consensus DPS estimate is 85.5, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 32.6.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DNL DYNO NOBEL LIMITED
Mining Sector Contracting - Overnight Price: $3.36
Jarden rates ((DNL)) as Overweight (2) -
Jarden retains its Overweight rating for Dyno Nobel with its target price reduced to $4.00 from $4.10 following an FY26 result featuring net profit after tax of $332m, 1% ahead of consensus expectations.
Operational performance was driven by strength in the DNA and DNAP segments, whereas earnings in the DNEL segment proved softer due to lower demand and elevated supply chain costs.
Management's FY27 EBIT guidance aligned broadly with expectations, though financial leverage and net interest costs both exceeded predictions.
Cash conversion is projected to normalise to 60% to 70% levels in FY27, albeit from a leverage starting point near the upper limit of the 1.75x to 2.25x target range.
This report was published on November 10, 2026.
Target price is $4.00 Current Price is $3.36 Difference: $0.64
If DNL meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $4.09, suggesting upside of 21.8%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is 18.5, implying annual growth of 33.6%.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 18.2.
Forecast for FY28:
Current consensus EPS estimate is 20.7, implying annual growth of 11.9%.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 16.2.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
KAR KAROON ENERGY LIMITED
Crude Oil - Overnight Price: $1.55
Jarden rates ((KAR)) as Overweight (2) -
Jarden retains its Overweight rating for Karoon Energy with a $2.05 target price following the announcement of a revised Neon Phase 1 development concept.
The updated strategy involves one fewer development well and a smaller-capacity production vessel, alongside a -17% reduction in capital expenditure at the midpoint of the new range.
The analyst notes the revised plan delivers similar recovery rates and an improved internal rate of return, albeit dependent on higher forecast oil prices.
Moving forward, attracting a farm-in partner ahead of the final investment decision in the next 12 months serves as a key catalyst for the stock.
This report was published on November 10, 2026.
Target price is $2.05 Current Price is $1.55 Difference: $0.495
If KAR meets the Jarden target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $1.88, suggesting upside of 21.2%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 26.2, implying annual growth of N/A.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 5.9.
Forecast for FY27:
Current consensus EPS estimate is 36.5, implying annual growth of 39.3%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 4.3.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LAU LINDSAY AUSTRALIA LIMITED
Transportation & Logistics - Overnight Price: $0.68
Shaw and Partners rates ((LAU)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Lindsay Australia with a $1.00 target price following a softer operating environment flagged at the 2026 AGM.
The analyst notes that freight volumes are impacted by weaker produce harvests, cost-of-living pressures, and subdued customer demand, leading to a -2.3% reduction in FY27 EBITDA forecasts and -2% reductions for FY28 and FY29.
Despite near-term headwinds, Shaw highlights the company's long-term growth potential driven by the rollout of the Primary Connect contract servicing Woolworths stores in Far North Queensland, integration benefits from SRT Logistics, and improved transport network utilisation.
The report states the stock is trading at an attractive 8.8x FY28 PE with a forecast 47% total return, suggesting the market underappreciates the company's earnings potential.
This report was published on November 10, 2026.
Target price is $1.00 Current Price is $0.68 Difference: $0.32
If LAU meets the Shaw and Partners target it will return approximately 47% (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 3.80 cents and EPS of 7.10 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.58.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 3.90 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.50.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
The full story is for FNArena subscribers only. To read the full story plus enjoy a free two-week trial to our service SIGN UP HERE
If you already had your free trial, why not join as a paying subscriber? CLICK HERE