Australian Broker Call *Extra* Edition – Apr 10, 2025

Daily Market Reports | Apr 10 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.

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)

ARF   ASK   BGL   CMM (2)   DEG   EVN (2)   GOR   GYG   HUB   IPX   LIC   NEM   NST   NWL   PPS   PTM (2)   RRL   TLC   TLS   TPG   VAU   WDS  

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver - Overnight Price: $3.00

Goldman Sachs rates ((GOR)) as Buy (1) -

Noting the outperformance of gold stocks in 1Q25 vs the gold price, Goldman Sachs believes gold equities will continue to outperform the commodity this year. This would be on a combination of rising gold prices and lower unit costs.

In the medium term, the broker expects performance to be driven by margins/cash generation, improving balance sheet, and exploration upside, with M&A likely continuing.

The broker believes an unhedged company like Gold Road Resources is set to benefit the most from improved gold pricing.

Buy. Target rises to $3.40 from $2.80.

This report was published on April 4, 2025.

Target price is $3.40 Current Price is $3.00 Difference: $0.4
If GOR meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.93, suggesting downside of -3.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 6.10 cents and EPS of 29.70 cents.
At the last closing share price the estimated dividend yield is 2.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.3, implying annual growth of 84.4%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 13.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.3, implying annual growth of N/A.
Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 12.6.

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

GYG    GUZMAN Y GOMEZ LIMITED

Food, Beverages & Tobacco - Overnight Price: $31.77

Wilsons rates ((GYG)) as Overweight (1) -

Following Guzman y Gomez's 3Q25 update, Wilsons made changes to forecasts for FY25, factoring in higher same-store sales growth for the Australian market but cutting Australian stores by two, while raising US stores by one.

This results in a lift in the profit before tax forecast for FY25 by 3%.

Overweight. Target rises to $42.88 from $42.47.

This report was published on April 9, 2025.

Target price is $42.88 Current Price is $31.77 Difference: $11.11
If GYG meets the Wilsons target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $38.33, suggesting upside of 13.2%(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 27.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 117.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 275.4.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 38.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 82.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of 108.9%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 131.8.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors - Overnight Price: $7.16

Moelis rates ((LIC)) as Buy (1) -

Moelis notes monthly net sales for Lifestyle Communities' improved in the 3Q25 to around 17 from 10 back in July last year, though it is still not enough to maintain development earnings. However, on a per-unit basis it still makes development profits.

The company managed to reduce inventory in line with its strategy, with a fall to 242 homes in March from 269 in December, but this is also falling short of management's optimal range of 113-148 homes.

The broker expects gearing to rise to 29% by June from 25% in December and sees that as a peak 

No change to forecasts. Buy rating with $11.50 target price.

This report was published on April 7, 2025.

Target price is $11.50 Current Price is $7.16 Difference: $4.34
If LIC meets the Moelis target it will return approximately 61% (excluding dividends, fees and charges).
Current consensus price target is $9.57, suggesting upside of 32.2%(ex-dividends)
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 26.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.3, implying annual growth of -16.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 44.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.5, implying annual growth of -2.1%.
Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 19.3.

Market Sentiment: 0.6
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.