Daily Market Reports | 10:45 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 CXL DUG FDC FLC IGO L1G PSC RCL SHV SIQ SLC VNT VUL WC8
CDA CODAN LIMITED
Hardware & Equipment - Overnight Price: $57.90
Canaccord Genuity rates ((CDA)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Codan with a $75.26 target price following an agreement to acquire US-based 911 call recording and analytics provider Eventide Communications for an enterprise value of $244m.
The transaction is valued at 14x 2026 EBITDA or 10x when including an implied $7m in run-rate synergies, which Canaccord estimates will deliver a 4% EPS accretion in FY28.
The analyst notes this is a low-risk, natural growth acquisition that further embeds the company into the public safety sector, complementing existing Zetron products that have been resold alongside Eventide for over ten years.
The balance sheet retains substantial capacity for further M&A, with funding sourced from $233m in cash and debt alongside $11m in deferred shares for the Eventide managing director.
The acquisition is expected to complete in early 2027, with Canaccord incorporating four months of earnings contribution into its FY27 estimates.
This report was published on November 11, 2026.
Target price is $75.26 Current Price is $57.90 Difference: $17.36
If CDA meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $70.24, suggesting upside of 21.3%(ex-dividends)
Forecast for FY27:
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 37.8.
Forecast for FY28:
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 33.0.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CXL CALIX LIMITED
Industrial Sector Contractors & Engineers - Overnight Price: $0.23
Shaw and Partners rates ((CXL)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Calix with a $1.30 target price following a $10m strategic investment commitment for the Zesty Green Iron Demonstration Project.
Commentary explains the funding strengthens the project's capital position and advances the proprietary technology towards a Final Investment Decision.
This capital injection builds on an existing support consortium featuring a $44.9m grant from ARENA and over $35m in cash and in-kind contributions from Rio Tinto ((RIO)).
The analyst highlights growing industry confidence in the project to supply the expanding Direct Reduced Iron market and facilitate low-carbon steel production.
Shaw leaves its earnings models unchanged at this time, anticipating the business will reach cash-flow neutrality during 2026.
This report was published on November 11, 2026.
Target price is $1.30 Current Price is $0.23 Difference: $1.075
If CXL meets the Shaw and Partners target it will return approximately 478% (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 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.63.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of minus 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.00.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DUG DUG TECHNOLOGY LIMITED
Cloud services - Overnight Price: $1.73
Canaccord Genuity rates ((DUG)) as Buy (1) -
Canaccord Genuity retains its Buy rating for Dug Technology with a $2.90 target price after the company secured an immediate four-year software and high-performance computing infrastructure contract.
The US$33.7m agreement with an undisclosed National Oil Company translates to roughly US$8.4m in annual revenue, representing approximately 8% of the broker's FY27 sales revenue forecast and 55% of assumed incremental revenue growth.
The analyst views the award as strategically significant, providing multi-year revenue visibility, validating the DUG Insight toolkit, and shifting the revenue base away from Services towards longer-duration software streams.
Strong incremental margins are anticipated given the software nature of the contract, which is supported by newly installed infrastructure.
Canaccord leaves forecasts unchanged pending further trading updates at the upcoming Annual General Meeting, modelling 18% revenue growth and 29% EBITDA growth for FY27.
This report was published on November 11, 2026.
Target price is $2.90 Current Price is $1.73 Difference: $1.175
If DUG meets the Canaccord Genuity target it will return approximately 68% (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
FDC FDC CONSOLIDATED HOLDINGS LIMITED
REITs - Overnight Price: $3.63
Moelis rates ((FDC)) as Buy (1) -
Moelis maintains a Buy rating for FDC Consolidated with its target price increased to $4.67 from $4.57 following a strong start to the year and a 14% increase in Work in Hand to $2.85bn since June.
The company upgraded FY27 revenue guidance to between $2.00bn and $2.08bn alongside normalised EBIT guidance of $105m to $110m while keeping margins stable at 5.3%.
Moelis's estimates for FY27 to FY29 EPS increase by 4.6% to 1.0%, driven by volume growth and Work in Hand replenishment across diversified sectors including industrial, education, and data centres.
The broker highlights FDC offers a capital-light model driving over 100% operating cash flow conversion from FY27 to FY29 to support an estimated 6% near-term dividend yield.
The stock is seen trading on 14.1x FY27 earnings at a -15% discount to the domestic peer average despite a strong balance sheet and solid earnings growth profile.
This report was published on November 11, 2026.
Target price is $4.67 Current Price is $3.63 Difference: $1.04
If FDC meets the Moelis target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $4.55, suggesting upside of 25.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 21.80 cents and EPS of 25.70 cents.
At the last closing share price the estimated dividend yield is 6.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.12.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 25.2, implying annual growth of N/A.
Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 14.4.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 23.60 cents and EPS of 27.70 cents.
At the last closing share price the estimated dividend yield is 6.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.10.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.1, implying annual growth of 11.5%.
Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.9.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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