article 3 months old

Australian Broker Call *Extra* Edition – Mar 24, 2025

Daily Market Reports | Mar 24 2025

This story features ASTRAL RESOURCES NL, and other companies. For more info SHARE ANALYSIS: AAR

The company is included in

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)

AAR   ANG   ARU   AUE   BC8   BXB (2)   CMM   CY5   FMG   GOR   HGO   MYR   NAN   NSR   NWC   PNI   QOR   WAF   WJL (2)  

AAR    ASTRAL RESOURCES NL

Gold & Silver – Overnight Price: $0.15

Petra Capital rates ((AAR)) as Initiation of coverage with Buy (1) –

Petra Capital has initiated coverage of Astral Resources with a Buy rating and target price of 29c.

The broker notes the September 2023 scoping study for the Mandilla Gold Project showed mine inventory of 883koz, delivering a net present value (discount rate 8%) of $442m at $2,750/oz gold price.

This will nearly double to $876m as the broker forecasts a 50% lift in mine inventory ahead of the pre-feasibility study in the June quarter to 1.3Moz and $3,300/oz gold price.

The broker believes the acquisition of Maximus Resources ((MXR)) will expand the company’s regional footprint as its flagship Spargoville project borders the Mandilla project.

This report was published on March 19, 2025.

Target price is $0.29 Current Price is $0.15 Difference: $0.135
If AAR meets the Petra Capital target it will return approximately 87% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ANG    AUSTIN ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.56

Petra Capital rates ((ANG)) as Buy (1) –

Petra Capital cut the dividend payout ratio for Austin Engineering after factoring in a higher net debt position due to capex and inventory, and likely M&A.

The broker also revised FY25-26 forecasts down by -1% on a lower exchange rate and higher capex/depreciation. The broker estimates a 20% rise in EPS in FY26 on top of a 20% rise in FY25 based on the company’s guidance.

Target price cut to 58c from 60c. Buy retained.

This report was published on March 20, 2025.

Target price is $0.58 Current Price is $0.56 Difference: $0.02
If ANG meets the Petra Capital target it will return approximately 4% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 1.50 cents and EPS of 5.80 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.66.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 2.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.00.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ARU    ARAFURA RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $0.19

Canaccord Genuity rates ((ARU)) as Speculative Buy (1) –

Arafura Rare Earths signed a binding offtake deal for Ndpr oxide with Traxys Europe which takes the total offtake deals signed so far to 2,320tpa.

Based on ongoing negotiations, Canaccord Genuity notes the company will reach the 80% coverage target required for the final investment decision.

On the funding side, the broker notes the remaining equity gap is around -$1.2bn for which the company might target strategic investors.

Target price is 30c and rating retained at Speculative Buy.

This report was published on March 19, 2025.

Target price is $0.30 Current Price is $0.19 Difference: $0.11
If ARU meets the Canaccord Genuity target it will return approximately 58% (excluding dividends, fees and charges).

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AUE    AURUM RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.36

Petra Capital rates ((AUE)) as Buy (1) –

Petra Capital notes Aurum Resources reported high-grade intercepts at the Boundiali Gold Project, including some intersections around the current resource of 1.59Moz.

The additional intercepts raise the prospect of resource upgrades expected in the June quarter. 

Target price of 93c and Buy rating are maintained. The broker highlights Aurum Resources is trading cheaply at an EV/Resource of $29/oz vs peer average of $93/oz.

This report was published on March 20, 2025.

Target price is $0.93 Current Price is $0.36 Difference: $0.57
If AUE meets the Petra Capital target it will return approximately 158% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BC8    BLACK CAT SYNDICATE LIMITED

Gold & Silver – Overnight Price: $0.84

Petra Capital rates ((BC8)) as Buy (1) –

Black Cat Syndicate’s strategy following a $65m share placement is to accelerate mine development at the Kal East Gold Operations to supply the recently acquired 1.2Mtpa Lakewood Mill. 

Petra Capital revised its production profile to account for the new schedule, lowering the FY25 production forecast for Paulsens Gold Operation by -12% and FY26 Kal East by -2%, but lifting FY27 Kal East estimate by 6%.

The valuation rose by 8% but share dilution resulted in a cut in the target price to $1.53 from $1.62.

Buy maintained.

This report was published on March 20, 2025.

Target price is $1.53 Current Price is $0.84 Difference: $0.69
If BC8 meets the Petra Capital target it will return approximately 82% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 60.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 23.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.62.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $20.35

Jarden rates ((BXB)) as Neutral (3) –

Jarden highlights Brambles’ free cash flow story which is assisted by moderating capex and working capital. The company upgraded its FY25 pre-dividends free cash flow guidance to US$850-950m from US$750-850m.

The company’s 1H25 core net profit of US$446m was in line with consensus, and operating guidance for FY25 was maintained. Underneath the guidance, the broker anticipates a stronger skew in revenue growth to 2H25, but a tempering of EBIT growth in line with the company’s commentary.

Rating maintained at Neutral, and target price rises to $19.80 from $19.45 on updates to forex, earnings forecasts and peer valuation multiples.

This report was published on March 21, 2025.

Target price is $19.80 Current Price is $20.35 Difference: minus $0.55 (current price is over target).
If BXB meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $21.24, suggesting upside of 4.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 37.70 cents and EPS of 92.98 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.7, implying annual growth of N/A.
Current consensus DPS estimate is 63.6, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 40.20 cents and EPS of 103.09 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.6, implying annual growth of 12.2%.
Current consensus DPS estimate is 69.2, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 18.6.

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


Jarden rates ((BXB)) as Neutral (3) –

Jarden highlights Brambles’ margins could come under pressure if current industry conditions continue unless it reduces costs. The broker notes lumber input costs have risen but wood pallet prices, while improving, are still -4.3% lower year-to-date in 2H25.

One positive is an improvement in transport costs in 2H and a rise in US food and beverage retailer inventory levels, which bodes well for Brambles’ business.

No change to forecasts. Target price of $19.80 and Neutral rating retained.

This report was published on March 19, 2025.

Target price is $19.80 Current Price is $20.35 Difference: minus $0.55 (current price is over target).
If BXB meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $21.24, suggesting upside of 4.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 37.70 cents and EPS of 92.98 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.7, implying annual growth of N/A.
Current consensus DPS estimate is 63.6, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 40.20 cents and EPS of 103.09 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.6, implying annual growth of 12.2%.
Current consensus DPS estimate is 69.2, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 18.6.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $8.14

Canaccord Genuity rates ((CMM)) as Downgrade to Hold from Buy (3) –

Capricorn Metals closed its gold hedge book and purchased put options, funding it with $7m cash and a share issue at a -6% discount to the hedge and debt financier Macquarie Bank ((MQG)).

Canaccord Genuity believes it was a prudent decision and leaves the company with cash/bullion balance of $356m to develop its projects.

The broker updated its model to reflect the hedge closure, put options, and share issuance. Target price dropped to $8.70 from $8.85.

Rating downgraded to Hold from Buy on valuation grounds. 

This report was published on March 19, 2025.

Target price is $8.70 Current Price is $8.14 Difference: $0.56
If CMM meets the Canaccord Genuity target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $8.45, suggesting upside of 3.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 28.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.7, implying annual growth of 54.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 43.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.8, implying annual growth of 22.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.6.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CY5    CYGNUS METALS LIMITED

Gold & Silver – Overnight Price: $0.11

Canaccord Genuity rates ((CY5)) as Speculative Buy (1) –

Cygnus Metals recently acquired the Chibougamau Cu-Au project in Canada following a merger with Dore Copper. The second batch of drilling from the brownfield project confirmed the intercepts were in line with the block model.

Canaccord Genuity notes the project is in an area with a rich production history totalling 945kt copper and 3.5moz gold from 16 historic mines.

The broker expects more drilling newsflow over coming quarters with two diamond rigs active there. Target price of 30c and Speculative Buy maintained.

Coverage for this stock has been transferred to Paul Howard from Reg Spencer.

This report was published on March 18, 2025.

Target price is $0.30 Current Price is $0.11 Difference: $0.19
If CY5 meets the Canaccord Genuity target it will return approximately 173% (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

FMG    FORTESCUE LIMITED

Iron Ore – Overnight Price: $15.79

Jarden rates ((FMG)) as Upgrade to Neutral from Underweight (3) –

Jarden conducted a deeper analysis of iron ore outlook and P58 discount to the benchmark P62, noting a widening discount of -30% would lead to a significant reduction in Fortescue EPS estimates.

A narrower discount of -5% is a less likely scenario but would push up EPS significantly. The broker has assumed a -14% discount in its forecasts and a US$76/t long-term price for P62.

The analyst adjusted Mindy South and Nyidinghu mine sequencing assumptions, leading to a cut in target price to $16.91 from $17.08.

Rating upgraded to Neutral from Underweight on valuation grounds.

This report was published on March 19, 2025.

Target price is $16.91 Current Price is $15.79 Difference: $1.12
If FMG meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $18.16, suggesting upside of 15.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 122.00 cents and EPS of 178.00 cents.
At the last closing share price the estimated dividend yield is 7.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 171.1, implying annual growth of N/A.
Current consensus DPS estimate is 95.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 9.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 80.00 cents and EPS of 135.00 cents.
At the last closing share price the estimated dividend yield is 5.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 156.4, implying annual growth of -8.6%.
Current consensus DPS estimate is 81.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 10.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.38

Canaccord Genuity rates ((GOR)) as Buy (1) –

Gold Road Resources expects lower production at Gruyere in the March quarter due to an interruption caused by the failure of two conveyor belts and a primary crusher. The company now estimates production of 70-73koz compared with Canaccord Genuity’s 89koz.

While the company left the FY25 production and cost forecast unchanged, the broker lowered production estimate to 326koz from 345koz, and increased the cost forecast to $2,515/oz from $2,475/oz.

Target price cut to $2.75 from $2.80. Buy retained.

This report was published on March 19, 2025.

Target price is $2.75 Current Price is $2.38 Difference: $0.37
If GOR meets the Canaccord Genuity target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.85, suggesting upside of 19.7%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 2.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 0.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of 79.8%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 4.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 1.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.2, implying annual growth of -2.1%.
Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 10.3.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.04

Wilsons rates ((HGO)) as Overweight (1) –

Wilsons has reviewed relative preferences amongst copper stocks. The broker reckons its copper price assumption is conservative compared with the market, forecasting a 2025 price of US$4.25/lb, rising to US$4.80/lb in 2028, and long-term of US$4.50/lb.

The broker believes Hillgrove Resources has largely flown under the radar among investors and has significant resource potential.

The broker has factored in a 25% higher sustainable production rate in its forecasts, offset by dilution from recent capital raise.

Target price rises to 9c from 8c. Overweight maintained.

This report was published on March 19, 2025.

Target price is $0.09 Current Price is $0.04 Difference: $0.049
If HGO meets the Wilsons target it will return approximately 120% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.13.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.13.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

MYR    MYER HOLDINGS LIMITED

Household & Personal Products – Overnight Price: $0.71

Canaccord Genuity rates ((MYR)) as Buy (1) –

Myer’s 1H result (July year-end) was slightly better-than-expected by Canaccord Genuity with sales and earnings (EBIT) “solid” in light of the macroeconomic backdrop.

Putting to one side National Distribution Centre complications and ramp-up delays, the analyst highlights flat sales and a -4% decrease in earnings compared to last year.

Management noted a ‘reset’ is underway to position for the future, and the broker sees scope to drive revenue synergies via cross-shop (with Apparel Brands customers) and eCommerce upsell.

While a stronger consumer and macro backdrop is not central to the broker’s medium-term forecast, it could materially contribute to earnings growth.

The Buy rating and $1.15 target are unchanged.

This report was published on March 20, 2025.

Target price is $1.15 Current Price is $0.71 Difference: $0.44
If MYR meets the Canaccord Genuity target it will return approximately 62% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 3.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.20.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 3.00 cents and EPS of 5.80 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.24.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $5.02

Wilsons rates ((NAN)) as Overweight (1) –

The US FDA granted a de novo clearance for Nanosonics’ Coris system which Wilsons reckons is like an umbrella approval as the company could secure 510k approval by citing this approval.

The company plans a commercial launch of Coris (an automated endoscope cleaning system) in 1Q26, and is obtaining approvals in the UK, Europe and Australia. The broker has already factored in a Coris launch in the US in FY26.

Overweight rating and $6.00 target price maintained.

This report was published on March 20, 2025.

Target price is $6.00 Current Price is $5.02 Difference: $0.98
If NAN meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.67, suggesting downside of -7.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 92.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of 44.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 81.0.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 106.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 21.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 66.9.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.17

Moelis rates ((NSR)) as Upgrade to Buy from Hold (1) –

Moelis upgrades National Storage REIT to Buy from Hold and now prefers this storage REIT compared with Abacus Storage King ((ASK)).

The broker believes capital will continue to chase the storage sector because of a growing population, densification, lifestyle purchases etc. The sector too has performed well with the REIT’s cap rate moving just 3bps since June 2022.

The broker reckons there is little downside risk in the REIT, given it is trading at a wide -16.7% discount to net tangible asset

Target price unchanged at $2.37.

This report was published on March 19, 2025.

Target price is $2.37 Current Price is $2.17 Difference: $0.2
If NSR meets the Moelis target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.53, suggesting upside of 16.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 11.10 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, implying annual growth of -29.6%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 18.2.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 11.20 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 5.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of 4.2%.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 17.5.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NWC    NEW WORLD RESOURCES LIMITED

Copper – Overnight Price: $0.02

Wilsons rates ((NWC)) as Overweight (1) –

Wilsons has reviewed relative preferences amongst its copper stocks. The broker reckons its copper price assumption is conservative compared with the market, forecasting a 2025 price of US$4.25/lb, rising to US$4.80/lb in 2028, and long-term of US$4.50/lb.

The broker believes there’s potential for positive newsflow from New World Resources throughout this year. For now, the broker updated its forex forecast and factored in the recent capital raise which it views as modest dilutionary.

Target price is 7c and rating is Overweight.

This report was published on March 19, 2025.

Target price is $0.07 Current Price is $0.02 Difference: $0.05
If NWC meets the Wilsons target it will return approximately 250% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.00.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.67.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $18.61

Wilsons rates ((PNI)) as Overweight (1) –

Wilsons notes a media article about Count Financial ((CUP)) recommending its 550 financial advisers to sell holdings in some of Metrics’ funds, and a subsequent investor call by Metrics CEO Andrew Lockhart. 

Lockhart highlighted Count network’s FUM exposure to Metrics funds was immaterial with just $100-200m, and there has been no recent deterioration in credit quality.

The broker is focusing more on earnings implications from the National Pension Service of Korea taking a 4.17% stake in Metrics, which it estimates will reduce Pinnacle Investment Management’s share of profit from Metrics by -1.46%.

The broker will update forecasts and estimated Q3 flow in the coming weeks. Target price of $26.5 and Overweight rating are unchanged.

This report was published on March 19, 2025.

Target price is $26.50 Current Price is $18.61 Difference: $7.89
If PNI meets the Wilsons target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $27.02, suggesting upside of 45.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 58.00 cents and EPS of 61.10 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.9, implying annual growth of 46.0%.
Current consensus DPS estimate is 56.8, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 27.8.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 72.60 cents and EPS of 74.30 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.7, implying annual growth of 16.1%.
Current consensus DPS estimate is 64.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 24.0.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

QOR    QORIA LIMITED

Software & Services – Overnight Price: $0.44

Wilsons rates ((QOR)) as Overweight (1) –

No change at this time to Wilsons’ earnings forecasts for Qoria following news the company has been selected as the preferred technology provider for the Management Council of the Ohio Education Computer Network.

The broker sees this as an additive win by the company, with Ohio’s 1.8m students around one-third the size of the current engagement in Texas.

Overweight rating and 69c target price are unchanged.

This report was published on March 19, 2025.

Target price is $0.69 Current Price is $0.44 Difference: $0.25
If QOR meets the Wilsons target it will return approximately 57% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.88.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 146.67.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WAF    WEST AFRICAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.25

Canaccord Genuity rates ((WAF)) as Buy (1) –

Canaccord Genuity notes West African Resources’ scoping study for the Toega underground deposit at Sanbrado operations showed a higher proportion in inferred category, making it a low-confidence resource.

The company plans to do more infill drilling over the next quarter to increase resource confidence before releasing 10-year production plan in the middle of the year.

The broker will wait for further details before modelling the mining scenario but has increased nomimal exploration and project value based on the rise in total group resources.

Target price rises to $4.00 from $3.95. Buy maintained. 

This report was published on March 19, 2025.

Target price is $4.00 Current Price is $2.25 Difference: $1.75
If WAF meets the Canaccord Genuity target it will return approximately 78% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 30.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.50.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 11.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.95.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WJL    WEBJET GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.53

Jarden rates ((WJL)) as Overweight (2) –

Jarden believes Webjet Group’s plan to increase its addressable market by spending -$10m in FY26, including -$6m in brand relaunch, is the right move. The company published an ambitious plan to double total transaction value by FY30 to $3.2bn.

The broker sees the brand investment as delivering an immediate return. The broker’s main concern, however, is the lack of index inclusion, noting the company is falling well short of the required $500m market cap.

Target price lifted to $1.20 from $1.10. Overweight maintained.

This report was published on March 20, 2025.

Target price is $1.20 Current Price is $0.53 Difference: $0.67
If WJL meets the Jarden target it will return approximately 126% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.00.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 2.00 cents and EPS of 5.70 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.30.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources


Wilsons rates ((WJL)) as Overweight (1) –

Webjet Group reiterated guidance for FY25 EBITDA but now expects FY26 to be steady due to higher brand/marketing costs.

The company unveiled a plan to double total transaction value by FY30 and this requires -$10m brand/marketing spending in FY26.

Wilsons left FY25 forecasts unchanged but cut FY26-27 EBITDA forecasts by -10-16%. 

Target price cut to 90c from 97c. Overweight maintained.

This report was published on March 20, 2025.

Target price is $0.90 Current Price is $0.53 Difference: $0.37
If WJL meets the Wilsons target it will return approximately 70% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.60.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 2.90 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.39.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources


Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don’t have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

To share this story on social media platforms, click on the symbols below.

Click to view our Glossary of Financial Terms

CHARTS

AAR ANG ARU ASK AUE BC8 BXB CMM CUP CY5 FMG GOR HGO MQG MXR MYR NAN NSR NWC PNI QOR WAF WJL

For more info SHARE ANALYSIS: AAR - ASTRAL RESOURCES NL

For more info SHARE ANALYSIS: ANG - AUSTIN ENGINEERING LIMITED

For more info SHARE ANALYSIS: ARU - ARAFURA RARE EARTHS LIMITED

For more info SHARE ANALYSIS: ASK - ABACUS STORAGE KING

For more info SHARE ANALYSIS: AUE - AURUM RESOURCES LIMITED

For more info SHARE ANALYSIS: BC8 - BLACK CAT SYNDICATE LIMITED

For more info SHARE ANALYSIS: BXB - BRAMBLES LIMITED

For more info SHARE ANALYSIS: CMM - CAPRICORN METALS LIMITED

For more info SHARE ANALYSIS: CUP - COUNT LIMITED

For more info SHARE ANALYSIS: CY5 - CYGNUS METALS LIMITED

For more info SHARE ANALYSIS: FMG - FORTESCUE LIMITED

For more info SHARE ANALYSIS: GOR - GOLD ROAD RESOURCES LIMITED

For more info SHARE ANALYSIS: HGO - HILLGROVE RESOURCES LIMITED

For more info SHARE ANALYSIS: MQG - MACQUARIE GROUP LIMITED

For more info SHARE ANALYSIS: MXR - MAXIMUS RESOURCES LIMITED

For more info SHARE ANALYSIS: MYR - MYER HOLDINGS LIMITED

For more info SHARE ANALYSIS: NAN - NANOSONICS LIMITED

For more info SHARE ANALYSIS: NSR - NATIONAL STORAGE REIT

For more info SHARE ANALYSIS: NWC - NEW WORLD RESOURCES LIMITED

For more info SHARE ANALYSIS: QOR - QORIA LIMITED

For more info SHARE ANALYSIS: WAF - WEST AFRICAN RESOURCES LIMITED

For more info SHARE ANALYSIS: WJL - WEBJET GROUP LIMITED

Australian investors stay informed with FNArena – your trusted source for Australian financial news. We deliver expert analysis, daily updates on the ASX and commodity markets, and deep insights into companies on the ASX200 and ASX300, and beyond. Whether you're seeking a reliable financial newsletter or comprehensive finance news and detailed insights, FNArena offers unmatched coverage of the stock market news that matters. As a leading financial online newspaper, we help you stay ahead in the fast-moving world of Australian finance news.