Daily Market Reports | 1:49 PM
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.
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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)
ABB ADH AEL (2) APA AUB (2) AVA CIP CNU DMP (2) EOS EVO EVT FCL GEM (2) GTN HLI INA (2) JLG KGN LFG LIC (2) LOV LRK (2) MAC (2) MAD MHJ MTO NEC (2) NHF NSR OBM PPS PRU PTM (2) QAL QOR RUL RWC SDF SGM STK SVR SYL SYR VEA WDS WGX
SYL SYMAL GROUP LIMITED
Industrial Sector Contractors & Engineers - Overnight Price: $1.95
Jarden rates ((SYL)) as Buy (1) -
Symal Group's interim earnings (EBITDA) came in 20% ahead of Jarden's forecast and management believes the company is on track to meet its pro forma prospectus forecast for FY25 earnings.
The broker highlights a recent contract win for the Gawara Baya Wind Farm, expected to begin in FY26, which could significantly boost earnings across FY26-FY27, contributing an estimated $194m in revenue and $20m in earnings.
Despite a strong share price performance, the analysts feel there are several upcoming catalysts for further share price upside.
The target rises to $2.30 from $2.15. Buy.
This report was published on February 25, 2025.
Target price is $2.30 Current Price is $1.95 Difference: $0.35
If SYL meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 8.60 cents and EPS of 23.60 cents.
At the last closing share price the estimated dividend yield is 4.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.26.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 11.50 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.48.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SYR SYRAH RESOURCES LIMITED
New Battery Elements - Overnight Price: $0.23
Jarden rates ((SYR)) as Neutral (3) -
Syrah Resources has signed a new offtake agreement with US EV manufacturer Lucid Group to supply 7kt of natural graphite active anode material (NG AAM) from its Vidalia plant over three years.
Jarden notes the transaction represents around 20-25% of the facility's stage 2 capacity. This agreement, coupled with the earlier Tesla deal, positions Vidalia to secure most of its 11.25ktpa capacity once product qualifications are met, highlights the broker.
The agreement with Lucid, along with product certification from Tesla and Lucid, further validates Vidalia as a strategic asset and enhances Syrah's competitive position in the natural graphite market, according to the analysts.
Neutral rating and 29c target are unchanged.
This report was published on March 4, 2025.
Target price is $0.29 Current Price is $0.23 Difference: $0.06
If SYR meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $0.41, suggesting upside of 76.1%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 17.27 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -18.3, 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 FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 16.36 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.41.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -6.8, 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.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VEA VIVA ENERGY GROUP LIMITED
Crude Oil - Overnight Price: $1.78
Goldman Sachs rates ((VEA)) as Buy (1) -
Goldman Sachs notes Viva Energy's 2024 earnings (EBITDA) was in line, but underlying net profit after tax was below estimates by -7% due to higher depreciation and finance costs.
The implied 2025 guidance for C&M and C&I segments is -9% below prior estimates.
Retail fuel margins fell -3c/L year-on-year in early 2025, impacting earnings by -$18m. The analysts note the company faces continued headwinds from declining tobacco sales and operating costs in Convenience.
Management expects $105m in 2H25 earnings improvements from cost synergies, Liberty Convenience, and new cost reductions, with further gains into FY26-27.
The broker lowers 2025/2026 earnings (EBITDA) forecasts by -10%/-3% and reduces the target price by -6% to $3.05. Buy.
This report was published on February 26, 2025.
Target price is $3.05 Current Price is $1.78 Difference: $1.27
If VEA meets the Goldman Sachs target it will return approximately 71% (excluding dividends, fees and charges).
Current consensus price target is $3.09, suggesting upside of 77.6%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.18.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.4, implying annual growth of N/A.
Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 13.0.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 EPS of 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.37.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.1, implying annual growth of 79.9%.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 8.0%.
Current consensus EPS estimate suggests the PER is 7.2.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WDS WOODSIDE ENERGY GROUP LIMITED
NatGas - Overnight Price: $25.25
Goldman Sachs rates ((WDS)) as Neutral (3) -
Goldman Sachs notes Woodside Energys 2024 underlying earnings (EBITDA) and net profit were in line with guidance, with a final dividend 10% above estimates.
2025 production guidance remains 186-196mmboe, with -US$4.5-5bn capex. Management expects a final investment decisions for Louisiana LNG by 1Q25, referring to strong partner interest.
Trion progresses ahead, avoiding US tariffs, while Scarborough and Pluto Train 2 remain on track for first LNG cargo in 2H26, the broker points out.
Goldman Sachs adjusts FY24-26 EBITDA slightly and maintains a Neutral rating with a $24.50 target price.
This report was published on February 26, 2025.
Target price is $24.50 Current Price is $25.25 Difference: minus $0.75 (current price is over target).
If WDS meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.73, suggesting upside of 9.4%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 71.84 cents and EPS of 139.10 cents.
At the last closing share price the estimated dividend yield is 2.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.15.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 253.9, implying annual growth of N/A.
Current consensus DPS estimate is 153.1, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 9.6.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 35.16 cents and EPS of 65.73 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.42.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 200.9, implying annual growth of -20.9%.
Current consensus DPS estimate is 121.0, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 12.2.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WGX WESTGOLD RESOURCES LIMITED
Gold & Silver - Overnight Price: $2.48
Canaccord Genuity rates ((WGX)) as Buy (1) -
Westgold Resources has announced the sale of its Lakewood mill to Black Cat Syndicate ((BC8)) for $85m, consisting of $70m in cash payments and $15m in Black Cat Syndicate shares.
This sale allows Westgold to retain access to the mills processing capacity under a toll-treating agreement for the next two years., highlights the broker.
The sale is part of a broader strategy to increase production at the Beta Hunt site, explains the broker.
Management has initiated a study on expanding its Higginsville mill, aiming to boost capacity from 1.6Mtpa to between 2.6Mtpa and 4Mtpa, likely supported by increased mining rates at Beta Hunt.
Management's current FY25 guidance is for 330-350koz at a cost (AISC) of between $2,400-2,600/oz.
Buy rating maintained but target reduces slightly to $4.15 from $4.20.
This report was published on February 26, 2025.
Target price is $4.15 Current Price is $2.48 Difference: $1.67
If WGX meets the Canaccord Genuity target it will return approximately 67% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 2.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 0.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.08.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 1.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 0.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.90.
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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