Daily Market Reports | Mar 27 2025
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.
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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)
ACF AEE AEL (3) ALD ANZ BRE CMM COL CWY CY5 FFM GOR HLI JHX (2) MAQ MM8 OPT PMV (2) SDF SLC SM1 SYR TCG TLC WOW
ACF ACROW LIMITED
Building Products & Services - Overnight Price: $1.10
Petra Capital rates ((ACF)) as Buy (1) -
Petra Capital notes Acrow has renewed its equipment and hire contract with BHP Mitsubishi Alliance for another three years for $60m.
The contract terms are the same as the previous one in November 2023 and the contract is expected to contribute $4.42m to FY25 gross profit.
The broker believes there's potential for additional contracts in the near term. Target price $1.62. Buy retained.
This report was published on March 25, 2025.
Target price is $1.62 Current Price is $1.10 Difference: $0.52
If ACF meets the Petra Capital target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $1.30, suggesting upside of 18.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 6.00 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.7, implying annual growth of 20.6%.
Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 10.3.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 7.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 6.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.86.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.2, implying annual growth of 14.0%.
Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 9.0.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AEE AURA ENERGY LIMITED
Energy - Overnight Price: $0.15
Petra Capital rates ((AEE)) as Buy (1) -
Petra Capital highlights Aura Energy made further progress with debt financing and potential strategic investors have also made headway with due diligence and term sheet negotiations in progress.
The timeline for the final investment decision is, however, likely to extend to the September quarter from the March quarter targeted earlier, but the broker expects the company to be re-rated on funding news.
Petra considers the company to be the closest uranium stock to a FID decision. Buy rating and 36c target price are unchanged.
This report was published on March 25, 2025.
Target price is $0.36 Current Price is $0.15 Difference: $0.205
If AEE meets the Petra Capital target it will return approximately 132% (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 minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 51.67.
Forecast for FY26:
Petra Capital 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 51.67.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AEL AMPLITUDE ENERGY LIMITED
Crude Oil - Overnight Price: $0.21
Goldman Sachs rates ((AEL)) as Neutral (3) -
Goldman Sachs notes Amplitude Energy has approved the development of the East Coast Supply Project by signing a JV with O.G. Energy, which is acquiring the 50% stake from Mitsui.
The broker believes this is a significant milestone as it de-risks funding requirements. The company is confident of funding its share from existing cash and debt facilities, and the broker notes it has the potential to return to a net cash position in FY29.
No change to FY25-27 EBITDA estimates. Target price rises to 27c from 26c and Neutral retained.
This report was published on March 24, 2025.
Target price is $0.27 Current Price is $0.21 Difference: $0.055
If AEL meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 21.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.65 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.8, 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 27.5.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.65 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.2, implying annual growth of 175.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.0.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((AEL)) as Overweight (2) -
Jarden notes Amplitude Energy has signed a formal agreement with O.G. Energy for a 50:50 JV for the East Coast Supply Project, also called the 3-well Otway Basin drilling program. O.G. Energy will essentially replace Mitui in the JV.
The cost estimate for the two-phase approach of -$380-455m was in line with the broker's estimate. The broker expects the company to have access to sufficient liquidity to fund its share of the project.
The broker has updated its valuation for the Otway Basin which has resulted in a lift in target price to 27c from 25c. Overweight maintained.
This report was published on March 25, 2025.
Target price is $0.27 Current Price is $0.21 Difference: $0.055
If AEL meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 21.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.75.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.8, 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 27.5.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.2, implying annual growth of 175.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.0.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Wilsons rates ((AEL)) as Downgrade to Market Weight from Overweight (3) -
Wilsons is pleased with Amplitude Energy's 50:50 JV deal with O.G. Energy to progress the East Coast Supply Project after it purchases Mitsui's 50% interest in the project.
The broker believes the deal offers a clear visibility of the work program. The broker has factored in -$260m phase 1 capex and -$180m phase 2 capex, and increased debt borrowing by $200m in FY27 in its forecasts.
Rating downgraded to Market Weight from Overweight. Target price is 24c.
This report was published on March 25, 2025.
Target price is $0.24 Current Price is $0.21 Difference: $0.025
If AEL meets the Wilsons target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 21.6%(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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.8, 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 27.5.
Forecast for FY26:
Wilsons forecasts a full year FY26 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 15.36.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.2, implying annual growth of 175.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.0.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ALD AMPOL LIMITED
Consumer Products & Services - Overnight Price: $23.76
Goldman Sachs rates ((ALD)) as Buy (1) -
Ampol flagged a -$35m cost impact to repair a damaged crude storage tank at the Lytton refinery due to Cyclone Alfred in addition to demurrage costs. The company expects to recover half the costs via insurance.
Goldman Sachs notes this and the lower refining margin due to a reduction in throughput ahead of the cyclone making landfall.
This resulted in -4% decline in the broker's FY25 EBITDA forecast and a cut in target price to $31.30 from 32.00. Buy maintained.
This report was published on March 25, 2025.
Target price is $31.30 Current Price is $23.76 Difference: $7.54
If ALD meets the Goldman Sachs target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $30.85, suggesting upside of 28.1%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 44.00 cents and EPS of 89.00 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 26.70.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 187.3, implying annual growth of 264.3%.
Current consensus DPS estimate is 100.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 12.9.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 158.00 cents and EPS of 218.00 cents.
At the last closing share price the estimated dividend yield is 6.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.90.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 219.3, implying annual growth of 17.1%.
Current consensus DPS estimate is 175.5, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 11.0.
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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