Australian Broker Call *Extra* Edition – Apr 07, 2025

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

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 (2)   ADT   AEL   AMA   ANZ   AOV   APE   APZ   ARB   ARG   ASL   BRG   BRI   BSL   BXB   CIA   EGG   EGL   GNP   GQG   HMC   HVN   LAM   LGP   LOT   MDR   MFG   MM8   MMI   MPA   MYR   NXG   PNI   PPT   PTM   PXA   QAL   TCG   TYR   WGX   XRO  

AAR    ASTRAL RESOURCES NL

Gold & Silver – Overnight Price: $0.15

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

Astral Resources published an updated resource for Mandila gold project which rose by 114% since the maiden resource in 2021.

Canaccord Genuity notes the resource increase happened at a low discovery cost of $26/oz.

Speculative Buy. Target price 41c.

The analyst highlights the next catalyst is share purchase of Maximum Resources ((MXR)) reaching the 90% compulsory acquisition threshold.

This report was published on April 3, 2025.

Target price is $0.41 Current Price is $0.15 Difference: $0.255
If AAR meets the Canaccord Genuity target it will return approximately 165% (excluding dividends, fees and charges).

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

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

Astral Resources published a mineral resource estimate for the Mandilla Gold Project, which showed a 13% increase. Resource in the Indicated category rose by 49%.

Petra Capital believes a consolidated resource of 1.62Moz makes the company the largest junior mine developer in the region. The company is due to release the pre-feasibility study in the June quarter.

Buy. Target unchanged at 29c.

This report was published on April 4, 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

ADT    ADRIATIC METALS PLC

Gold & Silver – Overnight Price: $4.11

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

After further analysis of Adriatic Metals’ operations update and factoring in its expectation for a delay in commercial production, the broker lowered FY25 milled tonnes forecast to 558kt vs guidance of 625-675kt.

This resulted in a cut to forecast for Silver-equivalent production to 11Moz vs guidance of 12-13Moz. The analyst also increased cost forecasts.

FY25 EBITDA forecast lowered to US$92m from US$118m, and FY26 estimate pushed down to US$165m from US$194m.

Target cut to $4.30 from $4.75. Speculative Buy stays.

This report was published on April 2, 2025.

Target price is $4.30 Current Price is $4.11 Difference: $0.19
If ADT meets the Canaccord Genuity target it will return approximately 5% (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 32.22 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.76.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 53.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.65.

Market Sentiment: 1.0
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: $0.17

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

Amplitude Energy advised the decommissioning cost of the Minerva gas field has risen over 100% and will be spread across FY25 and FY26.

Canaccord Genuity notes the additional pre-tax expense will be approximately -$24m in FY25 for the company’s 10% share. 

Target price cut to 34c from 35c. Buy maintained.

This report was published on April 1, 2025.

Target price is $0.34 Current Price is $0.17 Difference: $0.165
If AEL meets the Canaccord Genuity target it will return approximately 94% (excluding dividends, fees and charges).
Current consensus price target is $0.26, suggesting upside of 50.0%(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 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 58.33.

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 21.9.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.58.

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 8.0.

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

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.06

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

AMA Group has updated the Motor Repair Services Agreement with insurer Suncorp Group ((SUN))  with the parties agreeing to use industry-specific inflationary measures to adjust prices. The details are confidential.

The two parties committed to using the company’s Capital SMART and AMA Collision network, targeting 12 new locations and 40,000 additional annual repairs over the next four years.

Buy. Target unchanged at 10c.

This report was published on April 1, 2025.

Target price is $0.10 Current Price is $0.06 Difference: $0.041
If AMA meets the Canaccord Genuity target it will return approximately 69% (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 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.67.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.80.

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

ANZ    ANZ GROUP HOLDINGS LIMITED

Banks – Overnight Price: $28.18

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

No changes to ANZ Bank’s forecasts following APRA’s move to impose an additional capital overlay of $250m after a review of risk governance issues conducted by Oliver Wyman.

The capital overlay now increased to $1bn. Jarden expects costs to address non-financial issues and risk culture to cost “tens of millions” but expects this to be covered by the existing investment budget.

Overweight. Target unchanged at $30.50.

This report was published on April 3, 2025.

Target price is $30.50 Current Price is $28.18 Difference: $2.32
If ANZ meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $27.95, suggesting downside of -0.8%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 168.00 cents and EPS of 235.20 cents.
At the last closing share price the estimated dividend yield is 5.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 231.3, implying annual growth of 6.1%.
Current consensus DPS estimate is 166.3, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 171.00 cents and EPS of 240.10 cents.
At the last closing share price the estimated dividend yield is 6.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 231.5, implying annual growth of 0.1%.
Current consensus DPS estimate is 168.3, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.2.

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

AOV    AMOTIV LIMITED

Automobiles & Components – Overnight Price: $7.32

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

Canaccord Genuity notes March national vehicle sales rose 1.8% y/y, a very strong result considering the mid-to-high single-digit declines seen in recent months.

The broker highlights sales for Amotiv’s top 20 models fell -3% y/y, but this was in line with FY25 forecasts.

Buy. Target maintained at $14.40.

This report was published on April 3, 2025.

Target price is $14.40 Current Price is $7.32 Difference: $7.08
If AOV meets the Canaccord Genuity target it will return approximately 97% (excluding dividends, fees and charges).
Current consensus price target is $11.65, suggesting upside of 59.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 41.00 cents and EPS of 88.00 cents.
At the last closing share price the estimated dividend yield is 5.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.8, implying annual growth of 14.3%.
Current consensus DPS estimate is 39.4, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 9.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 42.00 cents and EPS of 98.00 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 7.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.9, implying annual growth of 5.1%.
Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 8.6.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $15.01

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

Canaccord Genuity notes March national vehicle sales rose 1.8% y/y, a very strong result considering the mid-to-high single-digit declines seen in recent months.

In the case of Eagers Automotive, the broker highlights BYD sales were up 3,189 units thanks to Shark 6 and Sealion 6&7 sales, which were not part of last year’s numbers. The analyst expects this to lift 1H25 BYD-related income.

The broker notes Chery and Toyota sales also rose strongly.

Buy. Target maintained at $17.

This report was published on April 3, 2025.

Target price is $17.00 Current Price is $15.01 Difference: $1.99
If APE meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $15.56, suggesting upside of 3.6%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 100.9, implying annual growth of 25.8%.
Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY26:

Current consensus EPS estimate is 106.1, implying annual growth of 5.2%.
Current consensus DPS estimate is 71.2, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 14.1.

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

APZ    ASPEN GROUP LIMITED

Real Estate – Overnight Price: $2.92

Moelis rates ((APZ)) as Buy (1) –

Aspen Group signed a conditional contract for a brand new residential accommodation in Australind, two hours south of Perth for -$32.25m.

The site has a community clubhouse, transportable dwellings and spare land, and the company’s strategy includes an Aspen-managed community with a clubhouse and facilities. The alternative plans include reconfiguring transportable dwellings or developing the property for the over-50s community.

Moelis expects the acquisition to be earnings-neutral in the near term but sees benefits in the medium term.

Buy. Target raised to $3.30 from $3.15.

This report was published on April 3, 2025.

Target price is $3.30 Current Price is $2.92 Difference: $0.38
If APZ meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 10.00 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.49.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 11.60 cents and EPS of 19.50 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.97.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $28.49

Canaccord Genuity rates ((ARB)) as Hold (3) –

Canaccord Genuity notes March national vehicle sales rose 1.8% y/y, a very strong result considering the mid-to-high single-digit declines seen in recent months.

The broker highlights sales for ARB Corp’s top 11 models were down -2% y/y, but this was still a strong result vs recent months that saw bigger declines.

The analyst believes US tariffs pose a risk, along with weakness in the Australian market.

Hold. Target unchanged at $34.70.

This report was published on April 3, 2025.

Target price is $34.70 Current Price is $28.49 Difference: $6.21
If ARB meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $40.95, suggesting upside of 43.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 69.00 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 2.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 125.9, implying annual growth of 0.8%.
Current consensus DPS estimate is 69.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 73.00 cents and EPS of 132.00 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 141.7, implying annual growth of 12.5%.
Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 20.1.

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

ARG    ARGO INVESTMENTS LIMITED

Overnight Price: $8.52

Jarden rates ((ARG)) as Neutral (3) –

Jarden believes opportunities are emerging in the NZ listed property vehicles, but with cap rate spreads thin and earnings outlook benign, it would rather be patient.

The upcoming reporting season would be an opportunity to re-assess things.

In the case of Argo Investments, the broker sees upside and downside risks from demand and rents for office and industrial sectors, and investment execution.

Neutral. Target price NZ$1.18.

This report was published on April 1, 2025.

Current Price is $8.52. Target price not assessed.

Forecast for FY24:

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 6.05 cents.
At the last closing share price the estimated dividend yield is 0.71%.

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

ASL    ANDEAN SILVER LIMITED

Gold & Silver – Overnight Price: $0.96

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

Andean Silver published an updated resource for the Cerro Bayo silver-gold project, which showed over four-fold increase since the company acquired the project in early 2024.

Canaccord Genuity notes the resource growth has come at a low all-in cost of 22c silver-equivalent. The company is well-funded to progress the project with $20m cash at the end of March.

Speculative Buy. Target $2.85.

This report was published on April 1, 2025.

Target price is $2.85 Current Price is $0.96 Difference: $1.89
If ASL meets the Canaccord Genuity target it will return approximately 197% (excluding dividends, fees and charges).

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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $26.44

Jarden rates ((BRG)) as Neutral (3) –

Jarden notes Breville Group confirmed guidance for 5-10% EBIT growth in FY25, noting no material impact from US tariffs. However, beyond FY25, the outlook is uncertain as tariffs on China and Mexico are expected to increase cost of goods sold (COGS).

The broker’s estimate is the tariffs will lift COGS by 15%, which would require 20% price increases to offset the impact. There are uncertainties, though, including whether production will be shifted to Mexico, which has lower tariffs.

EPS forecasts for FY25-28 cut by -1-3%.

Neutral rating. Target declines to $32.10 from $32.60.

This report was published on April 3, 2025.

Target price is $32.10 Current Price is $26.44 Difference: $5.66
If BRG meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $37.64, suggesting upside of 42.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 93.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.8, implying annual growth of 12.2%.
Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 28.5.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 103.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.6, implying annual growth of 12.7%.
Current consensus DPS estimate is 42.6, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 25.3.

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

BRI    BIG RIVER INDUSTRIES LIMITED

Building Products & Services – Overnight Price: $1.25

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

The Petra Capital analyst reaffirms the housing sector is in the early stages of recovery, citing approvals data for February from the Australian Bureau of Statistics.

The broker acknowledges this doesn’t tie well with company updates stating approvals are yet to convert into building starts, but at least it indicates further material weakness is unlikely.

The broker expects the RBA’s -25bps cut in February and likely further cuts this year to provide support.

Buy. Target price $1.78.

This report was published on April 2, 2025.

Target price is $1.78 Current Price is $1.25 Difference: $0.53
If BRI meets the Petra Capital target it will return approximately 42% (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 3.00 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 2.40%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.60.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 5.00 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.45.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $20.50

Jarden rates ((BSL)) as Upgrade to Overweight from Underweight (2) –

Jarden increased its forecasts for BlueScope Steel’s 2H25 earnings, with the key driver being a widening in the US and Asian steel spreads.

The broker expects the Trump administration’s tariffs to benefit local US steelmakers via higher demand and reduced competition.

The analyst also increased the 2H25 spread estimate for benchmark Asian steel to US$195/t from US$190/t, with the revised numbers now in line with the company’s guidance.

Target rises to $24.00 from $23.20. Rating upgraded to Overweight from Underweight on recent share price pullback.

This report was published on April 3, 2025.

Target price is $24.00 Current Price is $20.50 Difference: $3.5
If BSL meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $27.04, suggesting upside of 31.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 60.00 cents and EPS of 104.60 cents.
At the last closing share price the estimated dividend yield is 2.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.9, implying annual growth of -43.9%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 176.70 cents.
At the last closing share price the estimated dividend yield is 2.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 210.1, implying annual growth of 108.2%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 9.8.

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $20.38

Jarden rates ((BXB)) as Neutral (3) –

Following two years of operating leverage improvement and free cash flow, Jarden is now assessing the sustainability of these factors for Brambles’ outlook to FY28.

The broker believes it is unclear if improvements have been driven by factors exogenous to the company or structural changes.

The broker’s current forecasts lag consensus but Jarden reckons it is too early to consider upgrades. Among the metrics it will be closely watching are drivers of operating leverage in FY26-28, contributors to free cash flow and factors driving the overall outlook.

Neutral rating. Target unchanged at $19.80.

This report was published on April 2, 2025.

Target price is $19.80 Current Price is $20.38 Difference: minus $0.58 (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 4.2%(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 93.13 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 21.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.3, implying annual growth of N/A.
Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 40.20 cents and EPS of 103.25 cents.
At the last closing share price the estimated dividend yield is 1.97%.
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 112.5, implying annual growth of 12.2%.
Current consensus DPS estimate is 71.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 18.1.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $4.35

Jarden rates ((CIA)) as Upgrade to Buy from Overweight (1) –

Jarden is forecasting below-consensus production and sales for Champion Iron in the March quarter due to the planned semi-annual mill relining. The broker’s costs forecast is also above consensus.

Additionally, the broker has pushed back the forecast for DRPF commissioning to the December quarter from September quarter, though it didn’t cite a reason.

Target price drops to $7.02 from $7.34 due to revised timing for DRPF start and ramp-up, plus lower near-term sales price.

Rating upgraded to Buy from Overweight to factor in potential value in DRPF, including further pricing premiums and undeveloped resources.

This report was published on April 3, 2025.

Target price is $7.02 Current Price is $4.35 Difference: $2.67
If CIA meets the Jarden target it will return approximately 61% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 11.02 cents and EPS of 31.19 cents.
At the last closing share price the estimated dividend yield is 2.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.95.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 30.42 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.30.

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

EGG    ENERO GROUP LIMITED

Media – Overnight Price: $0.65

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

Enero Group guided to significant revenue and EBITDA decline in FY25 in the trading update, mainly on weak performance in the OBMedia business. The company expects -10-12% y/y decline in FY25 net revenue and -30-40% fall in EBITDA (including 100% OBMedia).

Canaccord Genuity lowered FY25 estimates to match the company’s guidance and also adjusted forecasts lower for following years.

One positive was a lift in the FY25 EBITDA estimate for the technology, healthcare and consumer business, which is performing well, with key client wins.

Buy. Target drops to $1.50 from $2.00.

This report was published on April 4, 2025.

Target price is $1.50 Current Price is $0.65 Difference: $0.85
If EGG meets the Canaccord Genuity target it will return approximately 131% (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 2.98 cents and EPS of 9.90 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.57.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 2.80 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 4.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.99.

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

EGL    ENVIRONMENTAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.24

Moelis rates ((EGL)) as Buy (1) –

Environmental Group is acquiring Advanced Boiler and Combustion for $5.5m cash, with completion expected on April 5. Moelis notes the company had $8m cash at the end of 2024 and recently increased its overdraft facility by $3m and bond facility by $1.5m.

The broker believes the acquisition is EPS accretive as it’s complementary to the company’s existing business and provides a pathway for further growth.

EPS estimates for FY25/26/27 lifted by 1%/6%/6% after factoring in the acquisition. Target price rises to 36c from 35c.

Buy maintained. 

This report was published on April 2, 2025.

Target price is $0.36 Current Price is $0.24 Difference: $0.12
If EGL meets the Moelis target it will return approximately 50% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.46.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.00.

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

GNP    GENUSPLUS GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $2.65

Moelis rates ((GNP)) as Buy (1) –

Moelis notes GenusPlus Group is acquiring MGC Group Holdings for a mix of cash and contingent earnout payments.

The broker lifted FY26-27 earnings estimates by 7% and 8%, respectively, after factoring in the acquisition and expectations of growth in the company’s recurring revenue.

Buy rating. Target price pushed up to $3.39 from $3.22.

This report was published on April 3, 2025.

Target price is $3.39 Current Price is $2.65 Difference: $0.74
If GNP meets the Moelis target it will return approximately 28% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 3.00 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.41.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 3.40 cents and EPS of 19.30 cents.
At the last closing share price the estimated dividend yield is 1.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.73.

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

GQG    GQG PARTNERS INC

Wealth Management & Investments – Overnight Price: $1.89

Jarden rates ((GQG)) as Buy (1) –

Jarden marked-to-market asset manager stocks for the quarter ended March 31, which mostly resulted in a downgrade to FY25 and FY26 EPS estimates.

The cuts reflect a fall in domestic and global equities, and in some cases, the stronger AUD/USD was also a headwind. The broker notes credit spreads were stable in Australia, but in the US, non-investment grade spreads widened due to increased default risk and a risk-off environment.

The broker cut the FUM estimate for GQG Partners by -2.3%. Buy. Target cut to $3.05 from $3.25.

GQG Partners remains the broker’s top pick.

This report was published on April 2, 2025.

Target price is $3.05 Current Price is $1.89 Difference: $1.165
If GQG meets the Jarden target it will return approximately 62% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 49.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 22.71 cents and EPS of 25.01 cents.
At the last closing share price the estimated dividend yield is 12.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.1, implying annual growth of N/A.
Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 12.7%.
Current consensus EPS estimate suggests the PER is 7.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 25.01 cents and EPS of 27.62 cents.
At the last closing share price the estimated dividend yield is 13.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.6, implying annual growth of 9.6%.
Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 13.6%.
Current consensus EPS estimate suggests the PER is 6.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

HMC    HMC CAPITAL LIMITED

Wealth Management & Investments – Overnight Price: $5.33

Goldman Sachs rates ((HMC)) as Buy (1) –

Goldman Sachs notes HMC Capital will receive $150m interim FY25 dividend in mid-April from its private equity fund HMC Capital Partners Fund 1 (HMCCP) and retain $230m ongoing investment in the fund.

The fund name will change to HMC Capital Partners Fund II with a shift in strategy towards both listed and unlisted opportunities, and the performance fee hurdle will be lifted to 9% from 7%.

The broker cut FY25/26/27 EPS estimates by -7%/-16%/-8%, respectively, to reflect lower management fees and investment incomes and higher expenses.

Target cut to $10.90 from $12.30. Buy retained.

This report was published on April 1, 2025.

Target price is $10.90 Current Price is $5.33 Difference: $5.57
If HMC meets the Goldman Sachs target it will return approximately 105% (excluding dividends, fees and charges).
Current consensus price target is $10.46, suggesting upside of 96.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 12.00 cents and EPS of 51.00 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.9, implying annual growth of 180.2%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 12.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.4, implying annual growth of -19.8%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 12.6.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

HVN    HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics – Overnight Price: $4.83

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

Jarden notes retail sales fell slightly short of expectations in February according to data from the Australian Bureau of Statistics, rising 3.6% y/y vs 3.8% y/y in January.

The broker sees some near-term risk for retailers from declining confidence and moderation in spending ahead of the elections and Easter/Anzac Day holiday timing. Beyond that, the analyst has a positive view, expecting spending to re-accelerate into June and FY26.

Harvey Norman should benefit from the AI/replacement cycle, the broker reckons.

Overweight. Target price $5.40.

This report was published on April 1, 2025.

Target price is $5.40 Current Price is $4.83 Difference: $0.57
If HVN meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $5.18, suggesting upside of 7.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 27.00 cents and EPS of 34.70 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 13.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.3, implying annual growth of 17.7%.
Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 32.00 cents and EPS of 41.20 cents.
At the last closing share price the estimated dividend yield is 6.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.8, implying annual growth of 7.5%.
Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.5.

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

LAM    LARAMIDE RESOURCES LIMITED

Uranium – Overnight Price: $0.73

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

Not much to report from Laramide Resources’ FY24 result, but Canaccord Genuity is looking for positive news flows this FY, including final permit approval at the Churchrock-Crownpoint project in New Mexico.

The broker also expects a repeal of the Queensland uranium ban, noting Boss Energy’s ((BOE)) move last month to raise its interest in Laramide to 18.4% from 9.4% was with an eye on this possibility. If this happens, the broker sees a significant lift in interest in the stock.

Speculative Buy. Target $1.25.

This report was published on April 2, 2025.

Target price is $1.25 Current Price is $0.73 Difference: $0.52
If LAM meets the Canaccord Genuity target it will return approximately 71% (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 minus 7.06 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.34.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 7.36 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.91.

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

LGP    LITTLE GREEN PHARMA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.12

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

Canaccord Genuity highlights Little Green Pharma is generating solid results with revenue in the nine months of FY25 exceeding FY24, and cash receipts up 90% y/y. The broker is forecasting positive free cash flow in FY26.

The broker notes the company is well-funded for growth plans, and the Health House acquisition is supporting the strategy of a vertically integrated model. 

Speculative Buy. Target unchanged at 21c.

This report was published on April 1, 2025.

Target price is $0.21 Current Price is $0.12 Difference: $0.09
If LGP meets the Canaccord Genuity target it will return approximately 75% (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 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.00.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.15

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

Lotus Resources signed a power implementation and power supply agreement with Malawi’s Electricity Supply Corp for supply to the Kayelekera project.

Petra Capital notes this news is in addition to the binding agreement signed with US utility PSEG for an offtake deal from the Kayelekara mine announced last month.

The broker reckons the mine remains on track for a restart in the September quarter, with onsite diesel being used until the new power is supplied in FY26.

Buy. Target retained at 28c.

This report was published on April 2, 2025.

Target price is $0.28 Current Price is $0.15 Difference: $0.13
If LOT meets the Petra Capital target it will return approximately 87% (excluding dividends, fees and charges).
Current consensus price target is $0.45, suggesting upside of 200.0%(ex-dividends)
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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.7, 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 FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.7, 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.

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

MDR    MEDADVISOR LIMITED

Healthcare services – Overnight Price: $0.10

Moelis rates ((MDR)) as Hold (3) –

Moelis highlights MedAdvisor’s materially downgraded FY25 guidance, with 2H revenue forecast implying a decline of -8% to -21% y/y. The company now expects negative EBITDA in the 2H, and FY25.

MedAdvisor also raised $5m via institutional placement at -9.1% discount to the share price, and is launching a share purchase plan (SPP) for up to $2m. The broker’s forecasts don’t capture further share dilution from SPP.

The company will complete a strategic review by June, and flagged it has received strong conditional, non-binding proposals from third parties.

Hold rating. Target price cut to 11c from 19c.

This report was published on April 2, 2025.

Target price is $0.11 Current Price is $0.10 Difference: $0.01
If MDR meets the Moelis target it will return approximately 10% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.33.

Forecast for FY26:

Moelis 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 12.50.

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $7.07

Jarden rates ((MFG)) as Underweight (4) –

Jarden marked-to-market asset manager stocks for the quarter ended March 31, which mostly resulted in a downgrade to FY25 and FY26 EPS estimates.

The cuts reflect a fall in domestic and global equities, and in some cases, the stronger AUD/USD was also a headwind. The broker notes credit spreads were stable in Australia, but in the US, non-investment grade spreads widened due to increased default risk and a risk-off environment.

The broker lowered FUM estimate for Magellan Financial by -3.1%. Underweight rating. Target $8.60.

This report was published on April 2, 2025.

Target price is $8.60 Current Price is $7.07 Difference: $1.53
If MFG meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $8.84, suggesting upside of 25.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 49.90 cents and EPS of 80.90 cents.
At the last closing share price the estimated dividend yield is 7.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.3, implying annual growth of -36.8%.
Current consensus DPS estimate is 54.1, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 8.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 38.10 cents and EPS of 71.20 cents.
At the last closing share price the estimated dividend yield is 5.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.4, implying annual growth of -14.3%.
Current consensus DPS estimate is 47.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 9.9.

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

MM8    MEDALLION METALS LIMITED

Gold & Silver – Overnight Price: $0.23

Petra Capital rates ((MM8)) as Buy (1) –

Medallion Metals reported a new lode discovery at the Gem deposit, which is outside the current mineral resource.

Petra Capital reckons this discovery, together with recent exceptional drilling results, reinforces the quality of the Kundip Mining Centre. The broker sees potential for an increase in the mine life beyond 5.5 years in the scoping study to its forecast of 7.5 years.

Buy maintained. Target price rises to 36c from 31c.

This report was published on April 4, 2025.

Target price is $0.36 Current Price is $0.23 Difference: $0.13
If MM8 meets the Petra Capital target it will return approximately 57% (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 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 28.75.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.91.

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

MMI    METRO MINING LIMITED

Coal – Overnight Price: $0.05

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

Petra Capital revised Metro Mining’s sales forecasts for the March and September quarters after the company shipped just 184kt in the March quarter due to bad weather vs the broker’s 300kt estimate.

The revised forecasts, however, didn’t change the broker’s 6.63Mt FY25 sales forecast as the March shortfall was shifted to the September quarter.

The broker lifted FY25-26 cost estimates by 3.2% and 1.5%, respectively and added US$5m debt drawdown to the forecasts.

Buy. Target unchanged at 13c.

This report was published on April 3, 2025.

Target price is $0.13 Current Price is $0.05 Difference: $0.077
If MMI meets the Petra Capital target it will return approximately 145% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.12.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.90 cents and EPS of 1.90 cents.
At the last closing share price the estimated dividend yield is 16.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.79.

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

MPA    MAD PAWS HOLDINGS LIMITED

Consumer Products & Services – Overnight Price: $0.07

Taylor Collison rates ((MPA)) as Outperform (2) –

Mad Paws’s 1H25 result met Taylor Collison’s expectations, with EBITDA coming slightly above. The broker notes the company’s marketplace is growing, thanks to a media deal with Seven West Media ((SWM)).

The broker believes the company’s valuation is materially more than the share price, and a likely asset sale could unlock some of this valuation.

Outperform rating. Target 13c.

This report was published on March 28, 2025.

Target price is $0.13 Current Price is $0.07 Difference: $0.062
If MPA meets the Taylor Collison target it will return approximately 91% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.49 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.56.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.34 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.00.

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: $0.60

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

Petra Capital has initiated coverage of Myer with a Buy rating and target price of 90c.

The broker reckons the company’s merger with Apparel Brands was timely as it occurred after both undertook initiatives to manage costs and boost growth.

The merger will offer cost and revenue synergies, with the broker expecting this to exceed the company’s expectation of at least $30m over the short to medium term.

The soft 1H25 has opened an attractive entry opportunity to gain exposure to a cyclical recovery, the analyst believes. The target price is at an “undemanding” estimated FY26 PE multiple of 12.7x.

This report was published on April 2, 2025.

Target price is $0.90 Current Price is $0.60 Difference: $0.3
If MYR meets the Petra Capital target it will return approximately 50% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 3.00 cents and EPS of 3.60 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.67.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 3.10 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 5.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.00.

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

NXG    NEXGEN ENERGY LIMITED

Uranium – Overnight Price: $6.94

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

Petra Capital notes volumes in both the term and contract uranium markets continue to be lacklustre despite obvious carry trade arbitrage and major producers selling more than they produce.

The broker views broad negativity in the sector as a Buy signal.

In the case of NexGen Energy, the broker continues to expect corporate interest to emerge.

Buy. Target price $14.10.

This report was published on April 3, 2025.

Target price is $14.10 Current Price is $6.94 Difference: $7.16
If NXG meets the Petra Capital target it will return approximately 103% (excluding dividends, fees and charges).

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
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: $15.46

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

Jarden marked-to-market asset manager stocks for the quarter ended March 31, which mostly resulted in a downgrade to FY25 and FY26 EPS estimates.

The cuts reflect a fall in domestic and global equities, and in some cases, the stronger AUD/USD was also a headwind. The broker notes credit spreads were stable in Australia, but in the US, non-investment grade spreads widened due to increased default risk and a risk-off environment.

The broker lowered FUM estimate for Pinnacle Investment Management by -3.6%. 

Overweight. Target cut to $22.05 from $22.60..

This report was published on April 2, 2025.

Target price is $22.05 Current Price is $15.46 Difference: $6.59
If PNI meets the Jarden target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $25.59, suggesting upside of 65.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 57.70 cents and EPS of 61.80 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.02.

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 3.7%.
Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.40 cents and EPS of 62.40 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.78.

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 4.2%.
Current consensus EPS estimate suggests the PER is 19.9.

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

PPT    PERPETUAL LIMITED

Wealth Management & Investments – Overnight Price: $17.74

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

Jarden marked-to-market asset manager stocks for the quarter ended March 31, which mostly resulted in a downgrade to FY25 and FY26 EPS estimates.

The cuts reflect a fall in domestic and global equities, and in some cases, the stronger AUD/USD was also a headwind. The broker notes credit spreads were stable in Australia, but in the US, non-investment grade spreads widened due to increased default risk and a risk-off environment.

The broker’s downgrade of -12% to FY26 EPS forecasts reflects Perpetual’s elevated cost-to-income ratio of 72%.

Overweight. Target cut to $22.75 from $25.30.

This report was published on April 2, 2025.

Target price is $22.75 Current Price is $17.74 Difference: $5.01
If PPT meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $22.97, suggesting upside of 29.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 111.50 cents and EPS of 160.00 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 183.8, implying annual growth of N/A.
Current consensus DPS estimate is 128.3, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 119.90 cents and EPS of 158.40 cents.
At the last closing share price the estimated dividend yield is 6.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.0, implying annual growth of 6.1%.
Current consensus DPS estimate is 138.8, implying a prospective dividend yield of 7.8%.
Current consensus EPS estimate suggests the PER is 9.1.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $0.55

Jarden rates ((PTM)) as Neutral (3) –

Jarden marked-to-market asset manager stocks for the quarter ended March 31, which mostly resulted in a downgrade to FY25 and FY26 EPS estimates.

The cuts reflect a fall in domestic and global equities, and in some cases, the stronger AUD/USD was also a headwind. The broker notes credit spreads were stable in Australia, but in the US, non-investment grade spreads widened due to increased default risk and a risk-off environment.

The broker lowered FUM estimate for Platinum Asset Management by -4.5%. 

Neutral. Target cut to 59c from 69c.

This report was published on April 2, 2025.

Target price is $0.59 Current Price is $0.55 Difference: $0.045
If PTM meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 24.50 cents and EPS of 5.70 cents.
At the last closing share price the estimated dividend yield is 44.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.56.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 4.70 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 8.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.63.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $11.28

Jarden rates ((PXA)) as Neutral (3) –

Jarden notes the latest settlement activity was mixed, with March NSW volumes up 4% y/y vs -4% y/y in February, while Queensland saw volume growth slow to 2% y/y in February (latest data) vs 5% in January.

Refinancing activity in both states accelerated, but transfers were weak. 

The broker’s FY25 EPS estimate for Pexa Group is based on 3% y/y volume growth in 2H25 which was left unchanged following the latest data.

Target price cut modestly to $15.50 from $15.55, mainly on a lower market multiple and higher risk-free rate. Neutral maintained.

This report was published on April 1, 2025.

Target price is $15.50 Current Price is $11.28 Difference: $4.22
If PXA meets the Jarden target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $15.35, suggesting upside of 36.1%(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 minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5640.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.8, 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 194.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 17.40 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.0, implying annual growth of 589.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 28.2.

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

QAL    QUALITAS LIMITED

Wealth Management & Investments – Overnight Price: $2.29

Jarden rates ((QAL)) as Buy (1) –

Jarden marked-to-market asset manager stocks for the quarter ended March 31, which mostly resulted in a downgrade to FY25 and FY26 EPS estimates.

The cuts reflect a fall in domestic and global equities, and in some cases, the stronger AUD/USD was also a headwind. The broker notes credit spreads were stable in Australia, but in the US, non-investment grade spreads widened due to increased default risk and a risk-off environment.

The broker made negligible changes to Qualitas’ FUM estimate.

Buy. Target price cut to $3.95 from $4.00.

This report was published on April 2, 2025.

Target price is $3.95 Current Price is $2.29 Difference: $1.66
If QAL meets the Jarden target it will return approximately 72% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden 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 4.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.41.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 13.60 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 5.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.79.

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

TCG    TURACO GOLD LIMITED

Gold & Silver – Overnight Price: $0.41

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

Results from 21 holes of the 32-hole drilling program within and around Turaco Gold’s Afema gold project indicated the presence of higher-grade shoots.

Canaccord Genuity notes the company’s various sites have returned good drilling intercepts and reiterated expectations for over 3Moz in the upcoming resource update.

Speculative Buy. Target 75c.

This report was published on April 2, 2025.

Target price is $0.75 Current Price is $0.41 Difference: $0.335
If TCG meets the Canaccord Genuity target it will return approximately 81% (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 minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.75.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 41.50.

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

TYR    TYRO PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $0.70

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

Canaccord Genuity hosted a briefing with Tyro Payments’ management to gain deeper insights into the rationale for Smartpay Holdings ((SMP)) takeover and the company’s plans to expand into the Aged Care vertical.

The broker notes the company’s plans to enter three verticals in 2025 translates to $200m revenue from a combined addressable market of $21bn, with gross margin estimate of over 50%.

With the Smartpay takeover, the broker estimates cost synergies of $25-35m, which would push up the combined entitiies’ FY26 EBITDA forecast to $117m and FY27 to $134m. The broker also expects valuation to fall to 4.7x and 4x times respectively, which is well below listed payment peers of 12.5x.

Buy retained. Target unchanged at $1.65.

This report was published on April 4, 2025.

Target price is $1.65 Current Price is $0.70 Difference: $0.95
If TYR meets the Canaccord Genuity target it will return approximately 136% (excluding dividends, fees and charges).
Current consensus price target is $1.34, suggesting upside of 91.8%(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 4.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.5, implying annual growth of -28.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.3, implying annual growth of 22.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.8
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: $2.87

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

Westgold Resources’ sale of the Lakewood processing facility to Black Cat Syndicate ((BC8)) was completed on March 31.

Petra Capital notes this resulted in reduced mill availability to Westgold because of Black Cat’s accelerated mine development plan. The broker cut the FY25 output estimate from Southern Goldfields to 120koz from 128koz, and for FY26 to 115koz from 135koz.

Buy retained. Target price drops to $4.29 from $4.36.

This report was published on April 3, 2025.

Target price is $4.29 Current Price is $2.87 Difference: $1.42
If WGX meets the Petra Capital target it will return approximately 49% (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 2.50 cents and EPS of 20.90 cents.
At the last closing share price the estimated dividend yield is 0.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.73.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 10.00 cents and EPS of 45.60 cents.
At the last closing share price the estimated dividend yield is 3.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.29.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $145.54

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

At the time of 1H25 result in November, Jarden believed Xero’s FY25 opex ratio was conservative at 73%, given 1H was only 71.2%.

However, the broker has now increased opex ratio forecast to 72.9% from 72.1% following a significant revision to CEO Sukhinder Singh Cassidy’s remuneration and an increase in hiring activity. Additionally, the FY26 forecast will also be impacted by the new CFO’s sign-on incentives and compensation.

The broker cut FY25-26 EPS estimates by -3.2% and -6.5%, respectively, after factoring in higher operating cost assumptions, updated forex and some changes to subscriber forecasts.

Target rises to $180 from $177. Overweight maintained.

This report was published on April 3, 2025.

Target price is $180.00 Current Price is $145.54 Difference: $34.46
If XRO meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $196.15, suggesting upside of 34.8%(ex-dividends)
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 155.39 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 93.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.1, 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 106.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 98.68 cents and EPS of 160.40 cents.
At the last closing share price the estimated dividend yield is 0.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 90.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 209.2, implying annual growth of 53.7%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 0.0%.
Current consensus EPS estimate suggests the PER is 69.6.

This company reports in NZD. 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

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