Australian Broker Call *Extra* Edition – May 01, 2025

This story features 29METALS LIMITED, and other companies. For more info SHARE ANALYSIS: 29M

The company is included in ALL-ORDS

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)

29M (2)   ALQ   ARX   BGL   BPT   CCP   CYG   DVP   DXB   EBR   FCL   FLT (2)   FMG   GDG   HGO   JHX   M7T   MAC   MIN   MMI   OBM   PNR (2)   PYC   QOR   SFR (3)   TLS   TLX   VAU   WDS  

29M    29METALS LIMITED

Copper – Overnight Price: $0.12

Canaccord Genuity rates ((29M)) as Sell (5) –

29Metals’s Golden Grove mine missed Canaccord Genuity’s copper production forecasts, down -23% quarter-on-quarter to 4.1kt, but zinc and gold exceeded estimates.

Costs were a major positive surprise, highlight the analysts, with C1 costs of US$0.76/lb and AISC of US$2.07/lb, well below consensus.

Despite lower costs, free cash flow remained negative due to debt repayments, stamp duty, and heavy capex across Golden Grove and Capricorn Copper, explains the broker.

The Gossan Valley development at Golden grove remains on track for second half 2026, with early-stage works advancing, observes the broker.

Canaccord lowers its target price to 12c from 13c and retains a Sell rating due to balance sheet pressure, forecast cash outflows through to 2H of 2026, and peak debt forecast of $120m in June 2026.

This report was published on April 29, 2025.

Target price is $0.12 Current Price is $0.12 Difference: $0
If 29M meets the Canaccord Genuity target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $0.22, suggesting upside of 85.4%(ex-dividends)
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 0.00 cents.

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 15.0.

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 12.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of 12.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.3.

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

---

Jarden rates ((29M)) as Overweight (2) –

29Metals reported March quarter copper production of 4.1kt, below Jarden’s forecast by -23%, due to lower throughput and grade at Golden Grove.

Zinc production of 17kt exceeded the analyst’s expectations and revenue of $142m missed consensus by -24%. Jarden notes the Capricorn Copper insurance payout of $54m expected in the June quarter as a positive, reducing net debt to  around $2m.

Operational disruptions at Xantho Extended, including mechanical and seismic issues, led to a revised mine schedule substituting 100kt of higher-grade ore with lower-grade material, increasing risk of future guidance downgrades.

Cash fell by -$86m to $166m, while net debt rose to $57m. Jarden lowers FY25 earnings (EBITDA) by 17%.

Target price unchanged at $0.32. Overweight rating retained.

This report was published on April 30, 2025.

Target price is $0.32 Current Price is $0.12 Difference: $0.2
If 29M meets the Jarden target it will return approximately 167% (excluding dividends, fees and charges).
Current consensus price target is $0.22, suggesting upside of 85.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.57.

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 15.0.

Forecast for FY26:

Jarden forecasts a full year FY26 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 60.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of 12.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.3.

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

ALQ    ALS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $17.19

Jarden rates ((ALQ)) as Neutral (3) –

Jarden notes ALS reaffirmed FY25 net profit guidance of $310313m, broadly in line with consensus, though the broker questions the timing of the trading update given limited material deviation.

Geochemistry sampling volumes improved, but operating leverage appears constrained, raising concerns about potential price deflation in the Commodities segment. Life Sciences performance remains steady, though greater transparency is needed to evaluate recent acquisitions.

Jarden raises FY25 EPS slightly by 0.4%, with modest upgrades also made to FY2627.

Despite earnings resilience, Jarden sees limited upside due to muted margin expansion and elevated balance sheet leverage, which may restrict acquisition options in FY26.

Target price lifted to $14.50 from $14.40. Neutral rating retained.

This report was published on April 29, 2025.

Target price is $14.50 Current Price is $17.19 Difference: minus $2.69 (current price is over target).
If ALQ meets the Jarden target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.75, suggesting upside of 3.3%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 37.40 cents and EPS of 63.80 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.4, implying annual growth of 2274.5%.
Current consensus DPS estimate is 38.2, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 42.50 cents and EPS of 72.10 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.6, implying annual growth of 16.1%.
Current consensus DPS estimate is 44.6, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 23.4.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.44

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

Aroa Biosurgery closed FY25 with solid sales and positive cash flow in a highly competitive wound care and reconstructive surgery market, according to Wilsons.

Q4 cash receipts of NZ$20.1m and FY25 revenue guidance of NZ$8184m were in line with expectations, with earnings (EBITDA) guided at NZ$24m.

Operating cash flow was positive for a second consecutive quarter, and Aroa ended the period with NZ$22m in cash and no debt.

Wilsons forecasts 14% year-on-year growth in OviTex and 39% for Myriad, with minimal impact from US tariffs at around -1.5% of net revenue.

The analyst’s FY2527 earnings estimates are unchanged apart from FX adjustments. The stock is viewed as undervalued. Overweight rating maintained with 75c target price.

This report was published on April 30, 2025.

Target price is $0.75 Current Price is $0.44 Difference: $0.31
If ARX meets the Wilsons target it will return approximately 70% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.91 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 48.30.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.18 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 241.76.

This company reports in NZD. 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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $0.91

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

Bellevue Gold reported March quarter production of 25.1koz and all-in-sustaining-costs of $3,124/oz, with pro forma cash of $89m post-placement.

Management’s FY25 guidance was downgraded to 129134koz, with longer-term output also revised lower. Jarden expects strong June quarter output (4045koz), forecasting free cash flow of $130m by FY-end, but remains cautious on FY2629 delivery and financing headroom.

Jarden lifts FY25/26/27 EPS forecasts with lower costs, though risks remain around hedge mark-to-market losses, of -$350m, and $100m debt maturity from 2027.

Jarden warns the mine plan remains provisional and requires lender re-approval mid-year.

Underweight rating retained. Jarden highlights potential for M&A interest, but also sees operational confidence as a pre-requisite for re-rating.

Target price lifts to 77c from 71c.

This report was published on April 30, 2025.

Target price is $0.77 Current Price is $0.91 Difference: minus $0.14 (current price is over target).
If BGL meets the Jarden target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.33, suggesting upside of 45.6%(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 4.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.3, implying annual growth of -34.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of 134.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.0.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.18

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

Jarden notes Beach Energy reported a 3Q25 revenue beat of 20% versus its forecast, while production guidance points to FY25 output of 19.5mmboe, below prior consensus of 20.2mmboe.

Flooding in the Cooper Basin and delays in Western Flank drilling affected production and pushed capex to the lower end of guidance.

Meanwhile, the Otway Basin drilling campaign and restoration costs are now forecast at -$400500m in FY26, well above consensus, with gearing expected to rise, the broker notes.

Waitsia Stage 2 start-up was delayed again, with first gas now targeted mid-2025 versus prior at 2Q 2025. Jarden raises FY25 EPS estimate by 11% and FY26 EPS by 17%, mainly on higher realised LNG pricing.

Despite this, the free cash flow investment thesis weakens due to rising costs and continued uncertainty around Waitsia execution.

Target price cut to $1.17 from $1.19. Underweight rating retained.

This report was published on April 30, 2025.

Target price is $1.17 Current Price is $1.18 Difference: minus $0.005 (current price is over target).
If BPT meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.39, suggesting upside of 18.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 8.50 cents and EPS of 21.30 cents.
At the last closing share price the estimated dividend yield is 7.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.4, implying annual growth of N/A.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 5.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.50 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 6.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of 7.4%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 5.4.

Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CCP    CREDIT CORP GROUP LIMITED

Business & Consumer Credit – Overnight Price: $13.54

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

Canaccord Genuity maintains a positive view on Credit Corp, noting the stock’s -22% decline calendar year-to-date appears sentiment-driven rather than fundamentally justified.

Resilient US collections dynamics, a robust Australian lending book, and constructive tax refund data underpin comfort with the broker’s FY25 earnings forecast of $94m, which sits near the low end of guidance.

The analyst sees a longer-term pathway via building a scaled $200m lending book with a 15% return on equity.

Canaccord retains a Buy rating and $20.60 target.

This report was published on April 30, 2025.

Target price is $20.60 Current Price is $13.54 Difference: $7.06
If CCP meets the Canaccord Genuity target it will return approximately 52% (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 69.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.81.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 77.00 cents and EPS of 152.00 cents.
At the last closing share price the estimated dividend yield is 5.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.91.

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

CYG    COVENTRY GROUP LIMITED

Hardware & Equipment – Overnight Price: $0.93

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

Petra Capital attributes a disappointing March quarter for Coventry Group to weaker revenue performances from Konnect NZ and the Fluids division. These setbacks led to a -41% year-on-year drop in group earnings (EBITDA) and a group margin contraction to 2.8%.

Despite the soft update, Konnect Australia showed an encouraging performance with sales and margins up by 12% and 410bps respectively, reinforcing the broker’s thesis FY26 remains the key inflection point for the company.

The analyst cuts FY25 and FY26 earnings forecasts by -20% and -8% respectively, mainly due to revised revenue and margin assumptions for the Fluids business, although it views the reductions as conservative given immediate cost-cutting actions underway.

Petra Capital lowers the target price to $1.24 from $1.41 and retains a Buy rating.

This report was published on April 29, 2025.

Target price is $1.24 Current Price is $0.93 Difference: $0.31
If CYG meets the Petra Capital target it will return approximately 33% (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 2.40 cents and EPS of 1.40 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 66.43.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 3.20 cents and EPS of 10.90 cents.
At the last closing share price the estimated dividend yield is 3.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.53.

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

DVP    DEVELOP GLOBAL LIMITED

Industrial Metals – Overnight Price: $3.24

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

Develop Global is on track for first cash flow in the June quarter, following earlier-than-expected ore production and copper concentrate dispatches from Woodlawn, Canaccord Genuity explains.

Underground ore mined totalled 93.4kt, with stoping commenced at the high-grade Kate Lens and a build-up of 77.2kt in run-of-mine stockpiles. Processing ramp-up is progressing ahead of schedule, with first copper concentrate meeting specification and shipment set for May.

Canaccord lifts FY25 earnings (EBITDA) forecast to $29m (from $27.8m) and –more significantly– upgrades FY26 and FY27 on earlier production ramp-up.

Target price raised to $5.05 from $4.80. Speculative Buy rating maintained.

This report was published on April 29, 2025.

Target price is $5.05 Current Price is $3.24 Difference: $1.81
If DVP meets the Canaccord Genuity target it will return approximately 56% (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 0.00 cents.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 61.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.31.

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

DXB    DIMERIX LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.46

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

Dimerix has received a key positive from the FDA, in Petra Capital’s view, allowing proteinuria-based endpoints for the approval of DMX-200 in focal segmental glomerulosclerosis (FSGS), with a secondary endpoint of eGFR slope.

Note: sustained eGFR stabilisation supports long-term kidney preservation.

This decision lowers the efficacy hurdle and aligns with existing supportive data, highlights the broker. Recruitment in the Phase 3 Action3 trial is accelerating, with 183 out of 286 patients dosed and enrolment expected to be completed in the September quarter.

The analyst believes Dimerix could seek accelerated approval based on 12-month data, though full approval based on 24-month data remains possible.

No changes have been made to the broker’s forecasts, with a US launch still modelled for FY28 and the company fully funded for the current trial through existing cash and milestone payments.

Petra Capital retains a Buy rating and a $1.28 target price.

This report was published on April 29, 2025.

Target price is $1.28 Current Price is $0.46 Difference: $0.825
If DXB meets the Petra Capital target it will return approximately 181% (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 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 28.44.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.44.

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

EBR    EBR SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $1.22

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

Wilsons maintains its Overweight rating and $3.50 target price on EBR Systems following the world’s first reported co-implantation of the WiSE-CRT system with Abbott’s Aveir DR dual chamber leadless pacemaker and a subcutaneous implantable defibrillator.

The case supports the feasibility of EBR’s leadless CRT-D strategy, expanding validation beyond its prior FDA-approved pairing with Medtronic’s Micra. the analyst explains.

The broker sees this combination as targeting a significantly larger market, particularly the high-risk upgrade population, estimated to be 56 times the size of the single-chamber segment.

There are no earnings changes from Wilsons at this stage, but the broker views the case as a key milestone for broader system compatibility and clinical validation.

This report was published on April 28, 2025.

Target price is $3.50 Current Price is $1.22 Difference: $2.28
If EBR meets the Wilsons target it will return approximately 187% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 18.91 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.45.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 21.06 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.79.

This company reports in USD. 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

FCL    FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $2.19

Moelis rates ((FCL)) as Buy (1) –

Moelis highlights Fineos Corp’s strong start to 2025, with first quarter cash flow of EUR51.7m, or 37% of revenue guidance.

Management reaffirmed FY25 revenue guidance of EUR138-143m and sees the company on track to return to positive free cash flow for the year.

Fineos is now the preferred vendor for six new Absence and Claims contracts in North America, up from four, though no conversions were noted, observes the analyst.

Moelis expects most growth to come from expanding work with existing clients and migrating legacy systems onto the Fineos platform.

The broker raises the target price to $2.47 from $2.17 and retains a Buy rating.

This report was published on April 29, 2025.

Target price is $2.47 Current Price is $2.19 Difference: $0.28
If FCL meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 EPS of minus 0.66 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 330.32.

Forecast for FY26:

Moelis forecasts a full year FY26 EPS of 0.99 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 220.32.

This company reports in EUR. 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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $12.77

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

Canaccord Genuity cuts its FY25-FY27 earnings forecasts for Flight Centre by up to -13.7% and lowers the target price to $13.25 from $17.10 following a downgrade to underlying profit (PBT) guidance to $305-335m from $365-385m.

The broker notes trading has normalised post-covid and now lacks recovery tailwinds. April activity appears soft and while May and June are typically stronger months, expectations have moderated.

The analysts argue Flight Centre remains fundamentally sound and offers long-term value, though strong operating leverage means forecasts remain vulnerable to downgrades in the near term.

Canaccord retains a Hold rating.

This report was published on April 28, 2025.

Target price is $13.25 Current Price is $12.77 Difference: $0.48
If FLT meets the Canaccord Genuity target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $18.23, suggesting upside of 42.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 30.40 cents and EPS of 91.80 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.3, implying annual growth of 66.8%.
Current consensus DPS estimate is 44.6, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 35.40 cents and EPS of 107.90 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 123.0, implying annual growth of 15.7%.
Current consensus DPS estimate is 49.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 10.4.

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

---

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

Wilsons observes Flight Centre downgraded FY25 pre-tax profit guidance by 15% to $300335m due to weaker trading from US trade policies impacting corporate and leisure sales.

The broker highlights March-quarter trends continued into April, with soft growth across key months.

Management is adopting cost actions including a $20m/month GBS cost base reduction and -15 to -20% lower FY26 capex. StudentUniverse is under review due to ongoing losses.

Wilsons cuts FY2526 earnings by 15% and 16% and trims FY25 total transaction value forecasts by 3%.

A $150m buyback supports earnings per share.

Overweight rating maintained. Target price lowered to $19.00 from $21.40.

This report was published on April 29, 2025.

Target price is $19.00 Current Price is $12.77 Difference: $6.23
If FLT meets the Wilsons target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $18.23, suggesting upside of 42.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 26.00 cents and EPS of 95.90 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.3, implying annual growth of 66.8%.
Current consensus DPS estimate is 44.6, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 29.00 cents and EPS of 115.70 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 123.0, implying annual growth of 15.7%.
Current consensus DPS estimate is 49.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 10.4.

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

FMG    FORTESCUE LIMITED

Iron Ore – Overnight Price: $16.19

Jarden rates ((FMG)) as Neutral (3) –

Fortescue reported strong 3Q25 cash generation, with Pilbara hematite operations benefiting from lower C1 costs at US$17.52/wmt and forex tailwinds, beating expectations with a US$3.3bn cash position, according to Jarden.

Iron ore volume guidance for FY25 remains unchanged at 190200Mt, though year-to-date production of 143Mt suggests a result near the lower end. The broker trims FY25 production forecast slightly to 195.9Mt and improves cost assumptions.

Iron Bridge ramp-up was again disappointing, the broker comments, with processed volumes down -24% on the previous quarter and nameplate capacity now pushed out to FY28.

Despite shipping improvements, realisation remains below benchmark. Management raised capex guidance marginally to -US$3.5US$3.8bn. Working capital benefits helped offset lower capex, keeping net debt stable at US$2.1bn.

Jarden lifts FY25 forecast EPS by 1.3% on lower costs, while FY26 EPS is cut by 3% on weaker Iron Bridge output. Target price slips to $16.49 from $16.91. Neutral rating retained.

This report was published on April 29, 2025.

Target price is $16.91 Current Price is $16.19 Difference: $0.72
If FMG meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $17.29, suggesting upside of 6.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 117.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.5, implying annual growth of N/A.
Current consensus DPS estimate is 101.3, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 85.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 146.1, implying annual growth of -13.3%.
Current consensus DPS estimate is 95.4, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 11.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $4.12

Moelis rates ((GDG)) as Buy (1) –

Generation Development Group reported solid third quarter growth, assesses Moelis, with investment bond funds under management (FUM) up 23% year-on-year to $3.95bn and sales inflows of $239m outperforming the broker’s estimates.

The broker highlights Lonsec delivered net inflows of $685m and launched a new growth alternatives strategy. FUM for newly acquired Evidentia rose 53% year-on-year to $13.5bn, with strong client mandate momentum expected to support inflows into FY26.

Headline FUM figures for Evidentia were negatively influenced by timing, but the analyst expects this to normalise over coming quarters.

Earnings growth continues to be driven by high-margin investment bond inflows, notes the broker, while Lonsec is on track to deliver an around 26% compound annual growth rate (CAGR) in FUM over FY24-FY27.

Moelis reduces the target price to $5.72 from $5.92, but retains a Buy rating.

This report was published on April 29, 2025.

Target price is $5.72 Current Price is $4.12 Difference: $1.6
If GDG meets the Moelis target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $5.45, suggesting upside of 32.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 2.00 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 0.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of 179.5%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 49.6.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.70 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of 42.2%.
Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 34.9.

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

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.04

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

Hillgrove Resources reported 1Q 2025 copper production of 2,952 tonnes, up 12% on the December quarter, though all-in-costs of US$3.79/lb were above Wilsons’ US$3.55/lb forecast.

Capex was lower at -$7.7m versus the $12m estimate. Despite high fixed-cost leverage, anticipated unit cost improvements have yet to materialise, and pressure from Nugent development spend has led Wilsons to raise its FY25 all-in-cost forecast to US$3.70/lb.

The broker lowers 2025 earnings forecasts by -15% due to higher costs and a reduced copper price forecast of US$4.00/lb for the next two quarters.

Wilsons sees a major cost step-down in 2026 as Nugent ramps up, supporting longer-term free cash flow yields of 4060% p.a.

Following the $18m capital raise, cash concerns are eased, but ongoing operational cash flow delivery is critical to unlocking future shareholder returns, the broker suggests.

Target price lowered to $0.08 from $0.09. Overweight rating maintained.

This report was published on April 30, 2025.

Target price is $0.08 Current Price is $0.04 Difference: $0.045
If HGO meets the Wilsons target it will return approximately 129% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.75.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.89.

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

JHX    JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $37.00

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

Jarden maintains an Overweight rating on James Hardie with a $45.00 target price, but notes a shift in risk profile following the proposed US$8.75bn acquisition of Azek.

The analyst believes the deal is strategically sound, offering synergy potential and deeper exposure to the US renovation and remodel market, but dilutes existing shareholders and lifts pro forma gearing to 2.8 times. Jarden estimates the transaction is not earnings accretive in FY27 without the support of a US$500m buyback.

Governance concerns have heightened after the ASX granted Hardie an exemption from a shareholder vote despite material equity issuance.

The broker sees this as further reason to require a higher margin of safety. Despite execution risks, Jarden sees long-term upside as market conditions stabilise and synergies are realised. Overweight rated with $45 target.

This report was published on April 29, 2025.

Target price is $45.00 Current Price is $37.00 Difference: $8
If JHX meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $52.74, suggesting upside of 42.5%(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 229.63 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 252.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 189.52 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 276.2, implying annual growth of 9.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

M7T    MACH7 TECHNOLOGIES LIMITED

Healthcare services – Overnight Price: $0.34

Wilsons rates ((M7T)) as Overweight (1) –

Mach7 Technologies reported a $24.4m annual recurring revenue (ARR) run rate and $30.8m contracted ARR, both slightly below the Wilsons’ forecasts, while operating cash flow of $2.6m marked the second consecutive positive quarter.

Total contract value for the quarter was $5.1m, driven primarily by renewals, with no new customer wins reported, observes the broker.

Management reiterated FY25 guidance of 15-25% year-on-year growth in ARR and contracted ARR, though fourth-quarter wins are required to meet targets, cautions the analyst.

Veterans Affairs implementation, once expected in mid-2024, may now slip to FY26, reducing the broker’s FY26 and FY27 forecasts.

Wilsons lowers the target price to 85c from $1.00 and retains an Overweight rating.

This report was published on April 30, 2025.

Target price is $0.85 Current Price is $0.34 Difference: $0.515
If M7T meets the Wilsons target it will return approximately 154% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.41.

Forecast for FY26:

Wilsons 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 33.50.

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

MAC    MAC COPPER LIMITED

Copper – Overnight Price: $14.82

Moelis rates ((MAC)) as Buy (1) –

MAC Copper’s March quarter production of 8.6kt was slightly below Moelis’ 9.0kt forecast, impacted by seasonal softness and mine sequencing, though access to higher-grade stopes improved late in the month.

Sales reached 7.4kt at US$4.27/lb, with C1 cash costs of US$1.91/lb and total cash costs of US$2.47/lb, both better than forecast by the analyst.

March marked a record low for operating costs at US$1.49/lb, and the broker expects continued downward cost trends as productivity improves.

Moelis retains a Buy rating and $25.00 target price, highlighting an attractive valuation and strong earnings (EBITDA) margin outlook.

This report was published on April 30, 2025.

Target price is $25.00 Current Price is $14.82 Difference: $10.18
If MAC meets the Moelis target it will return approximately 69% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $20.59

Jarden rates ((MIN)) as Downgrade to Sell from Underweight (5) –

Jarden downgrades Mineral Resources to Sell from Underweight, cutting the target price to $15.50 from $16.20.

The downgrade reflects escalating balance sheet risk, with net debt rising to $5.4bn at March-end and potential liabilities exceeding $7bn including payables and prepayments.

The analyst points to improved lithium cost performance, but Onslow guidance was reduced again, with shipment targets seen as unachievable without significant ramp-up.

Mining services volumes were weak and commentary suggests risks remain elevated across liquidity, debt serviceability, and governance.

Jarden lifts FY25 earnings (EBITDA) forecast by 11%, though earnings per share remain negative (loss-making) across FY2527.

The stock’s share price valuation assumes no equity dilution, but highlights risk of recapitalisation if funding markets become inaccessible.

The share price has rallied 43% and is now trading around 30% above valuation, which has prompted the downgrade.

This report was published on April 30, 2025.

Target price is $15.50 Current Price is $20.59 Difference: minus $5.09 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 25% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.66, suggesting upside of 39.2%(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 133.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -85.7, 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:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 66.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 31.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 146.0, 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 14.1.

Market Sentiment: 0.9
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) –

Metro Mining shipped 184kt of bauxite in the March quarter, up from 80kt a year earlier, with shipments restarting after the wet season in late March, observes Petra Capital.

Costs remained under control, notes the analyst, and unit earnings (EBITDA) margins are expected to reach around $33/t in the June quarter, aided by a stronger negotiated pricing mix. 

2025 production guidance is unchanged at 6.5-7.0mt.

End-March cash stood at $12.2m, while final Nebari debt drawdown was completed, and Petra Capital notes the company is forecast to move to a net cash position by the September quarter.

Petra Capital raises its valuation to 13c from 12.5c and retains a Buy rating.

This report was published on April 29, 2025.

Target price is $0.13 Current Price is $0.05 Difference: $0.078
If MMI meets the Petra Capital target it will return approximately 150% (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 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.93.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 1.10 cents and EPS of 2.10 cents.
At the last closing share price the estimated dividend yield is 21.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.48.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $0.99

Moelis rates ((OBM)) as Hold (3) –

Ora Banda Mining reported March quarter production of 23.2koz, missing the Moelis 25.8koz estimate, due to a slower-than-expected ramp-up at Sand King.

Costs (AISC) of $2,470/oz included $102/oz in non-cash share-based payments, and sales of 23.6koz at $4,571/oz supported a $23m quarter-on-quarter cash build to $80.7m, explains the broker.

Production guidance for FY25 was narrowed to 100-105koz from 100-110koz, while cost guidance lifted to $2,350-2,500/oz due to input pressures and royalties, explains the analyst.

The broker expects Sand King to reach steady-state by the June quarter, positioning the company for a stronger FY26.

Moelis maintains a Hold rating and $1.00 target price, noting near-term execution risk is balanced by cash generation, growth potential, and long-term upside from underexplored tenements.

This report was published on April 30, 2025.

Target price is $1.00 Current Price is $0.99 Difference: $0.005
If OBM meets the Moelis target it will return approximately 1% (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.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents.

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

PNR    PANTORO GOLD LIMITED

Gold & Silver – Overnight Price: $2.92

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

Canaccord Genuity’s observation is Pantoro Gold’s 3Q25 production of 18.3koz missed guidance and estimates, down 6% quarter-on-quarter, with all-in-sustaining-costs (AISC) of $2,427/oz above forecast due to lower production and delayed stoping at Scotia Underground.

Cash and bullion rose by $13m to $132m, below expectations due to lower revenue and higher growth expenditure.

Management’s FY25 production guidance of 90koz, plus or minus 5% remains, but the company is tracking toward the low end, requiring 26koz in the June quarter to meet guidance, the analyst explains.

Canaccord Genuity revises FY25 forecast to 84koz at AISC of $2,280/oz and lowers FY25 free cash flow estimate by 26% to $86m. Target price cut to $3.82 from $3.91. Speculative Buy rating maintained.

This report was published on April 29, 2025.

Target price is $3.82 Current Price is $2.92 Difference: $0.9
If PNR meets the Canaccord Genuity target it will return approximately 31% (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 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 139.05.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 66.36.

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

---

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

Pantoro produced 18,334oz of gold in the March quarter at a cost (AISC) of $2,427/oz, missing guidance of 20,700-23,000oz, observes Petra Capital.

First ore was delivered from Princess Royal ahead of expectations, and rehabilitation and drilling commenced at Bullen.

The overall production shortfall was primarily due to lower output from the Scotia underground mine caused by a shortage of long hole drill operators, explains the broker.

The contractor is now fully staffed and throughput is expected to improve in the June quarter, alongside a production lift at OK underground.

Despite the production shortfall and -$29.5m in growth and exploration capex, the broker highlights Pantoro generated positive free cash flow, increasing its cash position by $13.4m to $132.4m.

While the broker’s FY25 production forecasts have been lowered by -5%, with minor increases to cost assumptions, forecasts for FY26 and FY27 have been upgraded due to higher expected gold prices and stronger operational leverage.

Petra Capital raises the target price to $4.45 from $3.71 and retains a Buy rating. Note: The company undertook a 1-for-17 share consolidation following shareholder approval received on April 1, 2025.

This report was published on April 29, 2025.

Target price is $4.45 Current Price is $2.92 Difference: $1.53
If PNR meets the Petra Capital target it will return approximately 52% (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 49.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.96.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 65.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.44.

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

PYC    PYC THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.18

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

Canaccord Genuity highlights PYC Therapeutics reported strong Phase 1/2 data for VP-001 in retinitis pigmentosa type 11, showing clinically and statistically meaningful gains in low-luminance visual acuity (LLVA) and retinal sensitivity, with no safety concerns.

Two patients dosed to week 52 showed a 13-14 letter improvement in vision, approaching the 15-letter threshold preferred by the FDA for registrational trials, notes the broker, with consistent improvements in microperimetry further reinforcing efficacy.

Management will meet with the FDA in June to define Phase 3 trial design, with potential updates from two additional clinical programs expected in the second half of 2025.

The company remains fully funded for key trials, reassures the broker.

Canaccord retains a Buy rating and a $2.40 target price.

This report was published on April 28, 2025.

Target price is $2.40 Current Price is $1.18 Difference: $1.225
If PYC meets the Canaccord Genuity target it will return approximately 104% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 117.50.

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 117.50.

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

QOR    QORIA LIMITED

Software & Services – Overnight Price: $0.40

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

Qoria added $21m in annual recurring revenue over the first three quarters of FY25, already surpassing FY24’s full-year result, with the strongest quarter still ahead, explains the Wilsons analyst.

The weighted pipeline rose 72% on a year earlier, supporting an upgraded FY25 annual recurring revenue forecast of $151m, up 30%.

Service margins remain high at 93%, and, as per commentary, key contract renewals in Texas, new wins in Ohio and New Zealand reinforce the company’s K12 education growth trajectory.

Wilsons raises earnings (EBITDA) forecasts by up to $8m across FY2527, with FY25 margin forecast at 13.8%.

The target price is cut to $0.66 from $0.69 after reducing the valuation multiple. Wilsons expects further upgrades as the company converts its strong pipeline and accelerates product roll-out into FY26.

Overweight rating maintained.

This report was published on April 29, 2025.

Target price is $0.66 Current Price is $0.40 Difference: $0.265
If QOR meets the Wilsons target it will return approximately 67% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 23.24.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $9.97

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

Sandfire Resources reported March quarter copper equivalent production of 35.9kt, down -3% quarter-on-quarter, as both Matsa and Motheo operations were affected by severe weather, explains Canaccord Genuity.

Copper production from Matsa rose 4% to 13.4kt, broadly in line with the broker’s expectations, while zinc and lead output fell short.

C1 costs at Matsa were US$1.54/lb and rose to US$1.34/lb at Motheo, the latter beating the analysts’ expectations, despite rainfall-related throughput disruptions.

Earnings (EBITDA) for the quarter of US$126m missed the broker’s US$143m estimate, while net debt improved to US$243m.

Group copper production guidance was maintained, but Matsa cost guidance was raised to US$1.58/lb. Capex at Motheo was revised down to -US$85m from -US$96m due to project timing shifts. 

Canaccord raises its target price to $10.75 from $10.50 and retains a Buy rating.

This report was published on April 29, 2025.

Target price is $10.75 Current Price is $9.97 Difference: $0.78
If SFR meets the Canaccord Genuity target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $10.81, suggesting upside of 8.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 7.69 cents and EPS of 43.04 cents.
At the last closing share price the estimated dividend yield is 0.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.9, 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 23.2.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 15.37 cents and EPS of 79.93 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 12.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.2, implying annual growth of 49.7%.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

---

Jarden rates ((SFR)) as Buy (1) –

Jarden concludes Sandfire Resources delivered strong operational and financial results despite severe rainfall at both Motheo and Matsa.

Quarterly copper equivalent production of 35.9kt missed the broker’s forecasts slightly, though strong cost control and reduced capital expenditure helped offset the impact.

Net debt was reduced by -US$45m during the quarter, totalling a -US$238m reduction over 12 months. Management’s FY26 production guidance for Motheo was upgraded to 60kt copper equivalent, consistent with Jarden’s 61kt forecast.

A strong June quarter is needed to meet unchanged FY25 guidance of 154kt, with management confident higher-grade ore is accessible.

Jarden lowers earnings (EBITDA) forecasts by 6% in FY25 and 3% for FY2627 due to updated cost estimates.

Target price slips to $10.90 from $11.20. Buy rating retained.

This report was published on April 30, 2025.

Target price is $10.90 Current Price is $9.97 Difference: $0.93
If SFR meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $10.81, suggesting upside of 8.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 3.07 cents and EPS of 41.81 cents.
At the last closing share price the estimated dividend yield is 0.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.9, 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 23.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 9.22 cents and EPS of 82.85 cents.
At the last closing share price the estimated dividend yield is 0.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.2, implying annual growth of 49.7%.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

---

Wilsons rates ((SFR)) as Market Weight (3) –

Sandfire Resources’ March quarter production was 35.9kt copper equivalent, slightly below Wilsons’ 37.6kt estimate due to severe rainfall impacting Motheo output.

Matsa’s costs met the analyst’s expectations, while Motheo beat cost forecasts with recovery rates rising to 94% and C1 costs at US$1.34/lb.

Group earnings (EBITDA) of US$145m and net debt of US$243m were both in line with the broker, and the company delivered a further -US$45m net debt reduction.

Despite weather-related challenges and reduced throughput guidance, Sandfire reaffirmed FY25 guidance, though it requires a material grade uplift in the June quarter, cautions the broker.

The target price is raised to $11.00 from $10.80, with an unchanged Market Weight rating maintained.

This report was published on April 30, 2025.

Target price is $11.00 Current Price is $9.97 Difference: $1.03
If SFR meets the Wilsons target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $10.81, suggesting upside of 8.4%(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 37.35 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.9, 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 23.2.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 81.77 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.2, implying annual growth of 49.7%.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

TLS    TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $4.51

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

Jarden maintains an Overweight rating and $4.45 target price on Telstra Group, highlighting improved capital management and strategic simplification under the upcoming T30 strategy.

Telstra is expected to return around 90% of cash earnings per share from FY26, through dividends, with additional $3.36bn in buybacks forecast to FY30. Dividend growth is expected to be 1c per annum, limited by franking capacity, the broker explains.

Earnings growth will be driven by mobile ARPU improvements, InfraCo Fixed cash flow uplift post-strategic capex, and further cost-outs from portfolio simplification.

Telstra Health and NAS businesses remain under review, with commentary suggesting potential exits provide margin upside.

InfraCo Fixed is seen as underappreciated, with pre-tax free cash flow forecast to rise from $987m in FY25 to $1,483m by FY28.

Overweight rating and $4.45 target price retained.

This report was published on April 30, 2025.

Target price is $4.45 Current Price is $4.51 Difference: minus $0.06 (current price is over target).
If TLS meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.24, suggesting downside of -6.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 19.00 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 4.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of 35.9%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 23.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 20.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.0, implying annual growth of 9.9%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 21.5.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $27.13

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

The US Food and Drug Administration issued a Complete Response Letter for Telix Pharmaceuticals’ Pixclara (18F-FET) application, requesting more confirmatory evidence.

Wilsons notes the company is seeking a hearing with the FDA and aims to resolve the issue by year-end 2025.

Pixclara remains accessible under the expanded access program and the broker emphasises no safety or manufacturing concerns were raised and sees the market reaction as overdone.

The analyst remains confident Telix will validate Pixclara alongside therapeutic asset TLX101, with companion diagnostic potential in future registrational trials.

Wilsons’ earnings forecasts are under review but Pixclara contributes only 0.11.7% to FY2527 revenue forecasts.

Overweight rating and $35 risked target price maintained.

This report was published on April 28, 2025.

Target price is $35.00 Current Price is $27.13 Difference: $7.87
If TLX meets the Wilsons target it will return approximately 29% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 31.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 86.96.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 58.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.14.

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

VAU    VAULT MINERALS LIMITED

Gold & Silver – Overnight Price: $0.43

Jarden rates ((VAU)) as Buy (1) –

Vault Minerals reported weaker-than-expected 3Q25 production of 87koz, below Jarden’s 91koz forecast and consensus at 100koz.

Group all-in-sustaining-costs rose to $2,553/oz, up 10% a quarter earlier and 6% above estimates, driven by lower grades at Mt Monger and Koth.

Free cash flow of $52m was flat quarter-on-quarter and below Jarden’s $118m estimate, with 44% of sales hedged at $2,782/oz.

Despite near-term operational softness, Jarden sees value in the long-term strategy to leverage established mill capacity, optimise open pit and underground operations, and unlock strong free cash flow yields as hedges unwind by FY27.

Cash and bullion rose to $655m, with no debt. Jarden’s FY25 production forecast is trimmed to 383koz from 387koz and AISC raised to $2,404/oz (from $2,241/oz), with forecast EPS downgraded by 13% in FY25 and 5% in FY26.

Target price lowered slightly to $0.57 from $0.58. Buy rating maintained.

This report was published on April 30, 2025.

Target price is $0.57 Current Price is $0.43 Difference: $0.14
If VAU meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
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 4.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.24.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.68.

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $20.74

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

Jarden highlights Woodside Energy has sanctioned its largest-ever capital project with the -US$17.5bn Louisiana LNG (LALNG) development, committing -US$11.8bn to a 16.5mtpa, 3-train build.

The broker notes the cash breakeven is Henry Hub plus US$1.80/mmbtu, and the internal rate of return is forecast above 13% under Woodside’s price deck.

Dividends are expected to be maintained during the four-year investment phase, supported by the Stonepeak carry, Scarborough cash flows, and recent divestments.

As per the commentary, Woodside’s management intends to sell a -30% stake in HoldCo, which owns the commercial rights, to reduce its funding burden, with talks reportedly underway.

Target price raised to $24.00 from $23.85. Overweight rating maintained.

This report was published on April 30, 2025.

Target price is $24.00 Current Price is $20.74 Difference: $3.26
If WDS meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $25.47, suggesting upside of 22.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 116.82 cents and EPS of 146.33 cents.
At the last closing share price the estimated dividend yield is 5.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.8, implying annual growth of N/A.
Current consensus DPS estimate is 130.6, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 50.72 cents and EPS of 64.71 cents.
At the last closing share price the estimated dividend yield is 2.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.5, implying annual growth of -35.7%.
Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 20.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

---

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.

Click to view our Glossary of Financial Terms