Australian Broker Call *Extra* Edition – May 15, 2025

This story features LIFE360 INC, and other companies. For more info SHARE ANALYSIS: 360

The company is included in ASX100, ASX200, ASX300, ALL-ORDS and ALL-TECH

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)

360   ASK   CEN   CSL   CYL   DNL   FPR   GQG   HLS   IEL   MYX   NEC   PXA (2)   QBE (2)   REA (2)   TCL   TNE   WJL  

360    LIFE360 INC

Software & Services – Overnight Price: $29.75

Goldman Sachs rates ((360)) as Buy (1) –

Life360’s 1Q result was ahead of Goldman Sachs’ expectations, with revenue, gross profit, and adjusted earnings (EBITDA) all exceeding consensus.

Adjusted earnings of US$15.9m significantly beat consensus of US$9.1m, supported by strong subscription revenue growth of 33% year-on-year, explain the analysts.

International monthly active users (MAUs) grew by 39% and US MAUs by 17%. International monetisation remains relatively low, suggesting to the broker a significant long-term growth opportunity.

Hardware revenue declined slightly year-on-year due to fewer bundled offerings and higher discounts, explains Goldman.

FY25 guidance was unchanged, with higher subscriptions offsetting weaker hardware sales, observes the broker.

Buy. Target rises to $31 from $27.

This report was published on May 13, 2025.

Target price is $31.00 Current Price is $29.75 Difference: $1.25
If 360 meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $30.12, suggesting upside of 1.7%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 43.54 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 68.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.7, 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 49.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 65.54 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.1, implying annual growth of -1.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 50.1.

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

ASK    ABACUS STORAGE KING

REITs – Overnight Price: $1.51

Moelis rates ((ASK)) as Hold (3) –

Abacus Storage King has revalued 100% of its portfolio, delivering a 5.5% valuation uplift equating to a 13c rise in net tangible assets (NTA) to $1.73. The cap rate tightened by 7-bps to 5.49%, with most of the uplift driven by income growth.

Moelis notes this NTA level compares favourably to the $1.47 bid from a consortium comprising US-listed Public Storage and Ki Corporation.

Following the revaluation, the company’s Independent Board Committee has rejected the non-binding indicative proposal.

National Storage REIT ((NSR)) has also taken a 5.11% stake, potentially complicating shareholder approval unless the bid is raised or restructured to include asset transfers to National Storage REIT, highlights the broker.

Moelis sees scope for the consortium to increase its offer by around 8% to reflect the higher NTA, contingent on due diligence. Failing that, other options such as replacing Abacus as manager and internalising operations could emerge, suggests the analyst.

The broker maintains a Hold rating and lifts the target price to $1.59 from $1.47.

This report was published on May 12, 2025.

Target price is $1.59 Current Price is $1.51 Difference: $0.075
If ASK meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $1.47, suggesting downside of -2.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 6.20 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 4.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of -41.1%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 6.30 cents and EPS of 6.60 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 3.2%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 23.6.

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

CEN    CONTACT ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $8.82

Jarden rates ((CEN)) as Buy (1) –

Jarden notes the April operating stats for Contact Energy infer earnings of around NZ$96m versus the broker’s estimate of NZ$88m and up from NZ$33m in the prior year.

The analyst believes the result points to strong geothermal output, higher thermal volumes and more robust netbacks for both retail and C&I channels, with a slight pick up in hydro.

Buy rating retained with target price NZ$11.11.

This report was published on May 12, 2025.

Current Price is $8.82. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 35.56 cents and EPS of 21.34 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 41.34.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 35.56 cents and EPS of 32.37 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.25.

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

CSL    CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $239.81

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

Goldman Sachs lowers its Seqirus revenue forecasts for CSL in FY25 and FY26 by -3.1% and -3.9%, respectively, to reflect weakness in pricing of flu vaccines.

The broker’s forecasts for CSL’s core Behring segment are unchanged.

With CSL well positioned to navigate potential changes in its operating environment, the analysts see policy clarity on tariffs and US government pricing as key catalysts for a potential multiple re-rating.

The target falls to $304.60 from $307.30. Buy.

This report was published on May 13, 2025.

Target price is $304.60 Current Price is $239.81 Difference: $64.79
If CSL meets the Goldman Sachs target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $327.51, suggesting upside of 37.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 455.39 cents and EPS of 998.46 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1010.1, implying annual growth of N/A.
Current consensus DPS estimate is 462.4, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 23.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 480.00 cents and EPS of 1146.15 cents.
At the last closing share price the estimated dividend yield is 2.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1161.0, implying annual growth of 14.9%.
Current consensus DPS estimate is 526.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 20.5.

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

CYL    CATALYST METALS LIMITED

Gold & Silver – Overnight Price: $6.61

Taylor Collison rates ((CYL)) as Speculative Buy (1) –

Taylor Collison views Catalyst Metals’ acquisition of the Old Highway gold project from Sandfire Resources ((SFR)) as a strategic fit for its hub-and-spoke model centred on the Plutonic Belt.

The project, located just 40km from the Plutonic mill, offers near-term, high-margin production of circa 35kozpa, highlights the broker, and will more than offset the around -24kozpa loss from the recently divested Henty asset.

The Henty sale also lifts group margins and grants a 12-year option on a permitted mill in Victoria, observes Taylor Collison, unlocking value at Four Eagles without new permitting risks.

Production at Plutonic underground remains consistent, and ramp-up at Plutonic East is underway, with first stoping ore delivered in 3Q of FY25, notes the analyst.

Guidance for the Plutonic Belt remains unchanged despite recent weather impacts. Target $6.43. Speculative Buy. 

This report was published on May 12, 2025.

Target price is $6.43 Current Price is $6.61 Difference: minus $0.18 (current price is over target).
If CYL meets the Taylor Collison target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 EPS of 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1101.67.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 EPS of 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 826.25.

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

DNL    DYNO NOBEL LIMITED

Mining Sector Contracting – Overnight Price: $2.66

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

Goldman Sachs makes minor adjustments to Dyno Nobel’s forecasts following its 1H25 result.

The analyst raises earnings before interest and tax by 4% for FY25 and 2% for FY26.

Buy rating retained, with the target price lowered to $3.05 from $3.10.

This report was published on May 12, 2025.

Target price is $3.05 Current Price is $2.66 Difference: $0.39
If DNL meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.92, suggesting upside of 9.5%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 9.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 3.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.8, implying annual growth of N/A.
Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 10.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 3.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 2.8%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 14.6.

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

FPR    FLEETPARTNERS GROUP LIMITED

Vehicle Leasing & Salary Packaging – Overnight Price: $3.03

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

Canaccord Genuity views FleetPartners Group’s 1H25 result as unsurprising. Net profit after tax came in at the upper end of recent guidance from management, issued March 26.

The analyst observes a fall in new business written of -17%, which was flagged in the update. Management offered scant commentary around the cutover of the Accelerate system, which also created a temporary cash drag.

Target price raised to $3.75 from $3.40 with an unchanged Buy rating. The broker tweaks EPS estimates.

This report was published on May 12, 2025.

Target price is $3.75 Current Price is $3.03 Difference: $0.72
If FPR meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $3.72, suggesting upside of 24.9%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 33.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.6, implying annual growth of 6.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 40.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.1, implying annual growth of -1.4%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 8.7.

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: $2.28

Jarden rates ((GQG)) as Buy (1) –

The highlight of GQG Partners’ 1Q25 update has been identified as the US3.78c in dividend that beat Jarden’s forecast, pointing to a higher-than-expected net profit margin.

Net inflow of $1.4bn in April was ahead of the broker’s $1.1bn forecast, while funds under management matched expectations.

The broker lifted FY25 net profit margin forecast to 29.0bps from 28.7bps, and raised the net inflow estimate for FY26. 

FY25 EPS forecast increases by 1.3% and FY26 by 3.4%. Buy. Target rises to $3.20 from $3.10.

This report was published on May 9, 2025.

Target price is $3.20 Current Price is $2.28 Difference: $0.92
If GQG meets the Jarden target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $2.87, suggesting upside of 28.1%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 23.08 cents and EPS of 25.54 cents.
At the last closing share price the estimated dividend yield is 10.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of N/A.
Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 9.8%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 26.15 cents and EPS of 28.92 cents.
At the last closing share price the estimated dividend yield is 11.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of 10.8%.
Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 10.6%.
Current consensus EPS estimate suggests the PER is 8.4.

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

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $1.07

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

Jarden is now valuing Healius ex-dividend following the completion of the sale of Lumus and a fully-franked special dividend of 41.3c with a record date of May 12. As a result, the DCF-based target price falls to $0.93 from $1.35.

The broker remains cautious about the company’s ability to reach its ambitious EBIT goal of “high single digits” by FY27, but sees some positives on the horizon, including the government’s initiative to incentivise bulk-bulking that could push up pathology volumes.

Cash proceeds from the Lumus sales will be used to pay down debt, and the company expects to move to a net cash position by the end of FY25. Underweight retained.

This report was published on May 9, 2025.

Target price is $0.93 Current Price is $1.07 Difference: minus $0.145 (current price is over target).
If HLS meets the Jarden target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.26, suggesting upside of 18.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 41.30 cents and EPS of minus 0.50 cents.
At the last closing share price the estimated dividend yield is 38.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 215.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.3, implying annual growth of N/A.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 12.5%.
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 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 82.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.2, implying annual growth of N/A.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 48.2.

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

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $9.40

Goldman Sachs rates ((IEL)) as Neutral (3) –

Goldman Sachs assesses the recent election outcomes in Australia and Canada which provide incremental policy clarity but do not remove volume risks.

The analyst highlights new Australian visa rules (MD111) and reduced student visa caps in Canada could lead to a -19% and -10% reduction in student placements year-on-year, respectively. IDP Education has guided to FY25 core volume declines of -20 to -30%.

While long-term structural growth opportunities remain intact, the broker says evidence of sustainable student placement growth in Australia, stabilisation in Canada, and direct IELTS testing in China are needed before turning more positive.

Goldman maintains earnings forecasts. Buy rating and $11.10 target price unchanged.

This report was published on May 9, 2025.

Target price is $11.10 Current Price is $9.40 Difference: $1.7
If IEL meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $14.74, suggesting upside of 57.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 23.00 cents and EPS of 39.00 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 24.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.3, implying annual growth of -19.7%.
Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 24.5.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 30.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.8, implying annual growth of 24.8%.
Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 19.6.

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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $5.73

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

Mayne Pharma received a letter from FDA suggesting a violation of regulations after a promotional communication made false or misleading claims about the risks of Nextstellis.

The company withdrew the speaking notes and is responding to the FDA.

Canaccord Genuity highlights the unfortunate timing of this event given there is already more scrutiny on pharma companies related to US drug pricing and reimbursement changes.

Still, the broker sees the acquisition by Cosette as a likely outcome but is less confident than before. Hold. Target unchanged at $7.40.

This report was published on May 14, 2025.

Target price is $7.40 Current Price is $5.73 Difference: $1.67
If MYX meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).

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

NEC    NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV – Overnight Price: $1.53

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

Jarden updates forecasts for Nine Entertainment, raising its FY25 EPS estimate by 1.2% on a stronger Publishing performance, though lowering FY26 EPS by -1.1% due to softness in TV and radio.

The broker’s target price is trimmed to $1.80 from $1.85, incorporating the sale of Domain Holdings Australia ((DHG)) but excluding any special dividend.

The broker views the key near-term uncertainty as the TV advertising market, with a 1% revenue swing equating to an around $5m EBITDA impact.

Following the expected Domain sale, the broker believes Nine could pay a fully franked 47-49c special dividend, with the market valuing the remaining business at circa $1.05 per share. 

Post-Domain, Jarden expects Nine to be in a strong net cash position of $120-170m by June 2025, with around $300m in M&A or capital management capacity.

In an earlier update, the broker commented Nine Entertainment, with a 60.1% stake in Domain Holdings Australia ((DHG)), expects to pay 47-49c full franked special dividend from the sale proceeds to CoStar, assuming the deal takes effect.

Jarden estimates the company to be in a significantly net cash position of $120-160m after the likely dividend payment, leaving about $300m room for potential M&A.

This is on an assumption of leverage of 0.5x EBITDA, with a higher leverage opening up scope for up to $500m of M&A or capital management initiatives.

This report was published on May 13, 2025.

Target price is $1.80 Current Price is $1.53 Difference: $0.265
If NEC meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $1.82, suggesting upside of 18.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 5.70 cents and EPS of 8.20 cents.
At the last closing share price the estimated dividend yield is 3.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 41.2%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 6.40 cents and EPS of 9.20 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.1, implying annual growth of 35.1%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 11.7.

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: $12.07

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

Pexa Group reported 3Q25 trading update with exchange volumes up 4% on a robust lift in refi activity according to Goldman Sachs and transfer volume growth was “resilient” at 2%.

Management reiterated FY25 operating targets but pointed to potential issues including ongoing UK remortgaging volumes and completion volumes for Optima/Smoove expected to decline.

The broker also notes the NatWest remortgage transaction remains in doubt and there has been no update in the Exchange July 2025 pricing review.

Target price slips to $14.20. No change to Buy rating.

This report was published on May 12, 2025.

Target price is $14.20 Current Price is $12.07 Difference: $2.13
If PXA meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $15.26, suggesting upside of 28.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 402.33.

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 204.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 294.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.5, implying annual growth of 581.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 30.1.

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

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Jarden rates ((PXA)) as Neutral (3) –

Jarden views the 3Q25 trading update from Pexa Group as mixed with exchange volume growth meeting expectations, up 4.2% on a year earlier which was offset by softer transfers. Market share in Australia remains flat at circa 90% on a year earlier.

The analyst notes weaker UK results from Optima and stronger results from Smoove with no change on the Pexa platform progress.

Management highlighted possible downside risks to FY25 EPS due to significant items and depreciation/amortisation.

The stock remains Neutral rated with target set at $15.25, awaiting more positive catalysts from the UK operations.

This report was published on May 12, 2025.

Target price is $15.25 Current Price is $12.07 Difference: $3.18
If PXA meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $15.26, suggesting upside of 28.5%(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 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 574.76.

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 204.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.70 cents and EPS of 43.40 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.5, implying annual growth of 581.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 30.1.

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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $22.40

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

QBE Insurance reported a positive 1Q25 trading update, Goldman Sachs notes, highlighting premium rate increases are holding up better than expected, particularly in offshore markets.

Underlying growth excluding rates, crop, and exits was strong, especially in Australia. Commentary highlights perils are tracking in line with allowances for 1H25 despite the LA wildfires, and running yield was in line at 4.1% despite weaker April performance from risk assets.

Management has retained FY25 guidance. Buy rating retained with target price moving to $25.50 from $25.

This report was published on May 11, 2025.

Target price is $25.50 Current Price is $22.40 Difference: $3.1
If QBE meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $23.73, suggesting upside of 5.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 58.00 cents and EPS of 175.39 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.8, implying annual growth of N/A.
Current consensus DPS estimate is 89.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 63.00 cents and EPS of 196.92 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 196.8, implying annual growth of 8.8%.
Current consensus DPS estimate is 98.1, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 11.4.

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

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Jarden rates ((QBE)) as Buy (1) –

Jarden notes QBE Insurance’s 1Q25 update revealed strong volume growth, suggesting revenue momentum can be sustained at mid-to-high single-digit levels.

The broker sees headwinds for gross written premium growth in the Asia-Pacific region, but upgraded the FY25 forecast to 5.6% from 5.1% on a positive outlook for international and North America.

Despite seeing risks to FY25 catastrophe costs after 77% of the budget was spent in only four months, the broker lowered the combined operating ratio estimate to 92.5% from 92.6% on crop pricing and discount unwind benefits.

Buy. Target rises to $24.60 from $24.10.

This report was published on May 9, 2025.

Target price is $24.60 Current Price is $22.40 Difference: $2.2
If QBE meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $23.73, suggesting upside of 5.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 93.00 cents and EPS of 178.15 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.8, implying annual growth of N/A.
Current consensus DPS estimate is 89.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 103.00 cents and EPS of 199.23 cents.
At the last closing share price the estimated dividend yield is 4.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 196.8, implying annual growth of 8.8%.
Current consensus DPS estimate is 98.1, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 11.4.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $247.98

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

Goldman Sachs views REA Group’s 3Q25 update as solid and in line with expectations, with 15% buy yield growth within management’s guidance of 13%-15% for FY25.

Australian revenue was steady despite a -3% deferral impact, which will reverse in 4Q. The analyst highlights 50% growth in seller leads and a rising unique audience.

However, India growth stalled, and higher 3Q costs resulted in a -2% earnings (EBITDA) miss. The analyst lowers EPS forecasts for FY2527 by -1% to -3%. The $269 target price is unchanged. Buy. 

This report was published on May 11, 2025.

Target price is $269.00 Current Price is $247.98 Difference: $21.02
If REA meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $269.57, suggesting upside of 9.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 230.00 cents and EPS of 418.00 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 59.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 432.5, implying annual growth of 88.6%.
Current consensus DPS estimate is 235.6, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 56.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 266.00 cents and EPS of 483.00 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 520.5, implying annual growth of 20.3%.
Current consensus DPS estimate is 284.8, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 47.3.

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

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

REA Group’s 3Q25 revenue missed Jarden’s forecast by -4%, but half of the miss was accounted for by revenue deferrals, which the broker expects will be reversed in 4Q.

The broker notes yield was the key driver for Australian revenue growth, with add-ons providing a boost. Jarden is confident yield growth will continue at a double-digit rate in FY26. The analyst also expects momentum in Indian volumes will continue.

Two key risks include any shortfall in listing volumes vs flat forecast, and marketing spending pressures if CoStar gains control of Domain Holdings Australia ((DHG)).

Underweight. Target unchanged at $210.

This report was published on May 9, 2025.

Target price is $210.00 Current Price is $247.98 Difference: minus $37.98 (current price is over target).
If REA 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 $269.57, suggesting upside of 9.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 235.40 cents and EPS of 433.90 cents.
At the last closing share price the estimated dividend yield is 0.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 57.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 432.5, implying annual growth of 88.6%.
Current consensus DPS estimate is 235.6, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 56.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 278.70 cents and EPS of 513.20 cents.
At the last closing share price the estimated dividend yield is 1.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 48.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 520.5, implying annual growth of 20.3%.
Current consensus DPS estimate is 284.8, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 47.3.

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

TCL    TRANSURBAN GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $13.95

Jarden rates ((TCL)) as Neutral (3) –

Transurban Group announced a cost management program via -300 job cuts that will provide annualised cost savings of over $50m. 

Jarden notes this represents around -14% of the workforce and its estimate of $56.4m cost savings is in line with the company’s forecast.

FY25-29 EBITDA forecast lifted by 0.3% after factoring in net annualised cost savings and recent softer March traffic update.

Neutral. Target rises to $13.60 from $12.40.

This report was published on May 9, 2025.

Target price is $13.60 Current Price is $13.95 Difference: minus $0.35 (current price is over target).
If TCL 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 $13.66, suggesting downside of -1.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 65.00 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 90.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.7, implying annual growth of 200.5%.
Current consensus DPS estimate is 65.0, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 43.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 69.00 cents and EPS of 23.40 cents.
At the last closing share price the estimated dividend yield is 4.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 59.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.4, implying annual growth of -0.9%.
Current consensus DPS estimate is 69.1, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 44.3.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $32.40

Goldman Sachs rates ((TNE)) as Neutral (3) –

Goldman Sachs expects a solid 1H25 result from TechnologyOne, forecasting annual recurring revenue (ARR) growth of 19% to $504m, in line with guidance and slightly below the consensus estimate.

The broker forecasts revenue will rise by 14% to $278m, with profit before tax expected to accelerate 24% to $76m.

The broker anticipates FY25 guidance to include ARR growth of 17% (consensus 21%) and pre-tax profit growth of 18% (consensus19%).

Management is also expected to re-iterate its long-term targets of $1bn ARR by FY30 and 35% profit margin.

This report was published on May 13, 2025.

Target price is $24.05 Current Price is $32.40 Difference: minus $8.35 (current price is over target).
If TNE meets the Goldman Sachs target it will return approximately minus 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $29.85, suggesting downside of -8.2%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 26.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 0.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 75.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.4, implying annual growth of 17.0%.
Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 76.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 30.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 64.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.5, implying annual growth of 19.1%.
Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 64.4.

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

WJL    WEBJET GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.91

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

BGH Capital has made an unsolicited, non-binding proposal to acquire a controlling interest in Webjet Group at $0.80 per share, which is below the last close of $0.89 and materially below Jarden’s $1.20 target price.

BGH already holds a 10.76% stake and the offer is conditional on assumptions including no external debt, no dividends, and no capital changes.

It’s thought Helloworld’s ((HLO)) 5.015% stake disclosed on May 9 could introduce competitive tension in any future process.

Jarden considers the offer undervalues Webjet Group, particularly if medium-term targets are met, though acknowledges the execution risks tied to an unproven new strategy.

The broker believes risk/reward remains skewed to the upside, supported by the group’s brand investment, opportunity to lift attachment rates, and potential buyback capacity. The broker retains an Overweight rating.

This report was published on May 13, 2025.

Target price is $1.20 Current Price is $0.91 Difference: $0.295
If WJL meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.08.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 2.00 cents and EPS of 5.70 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.88.

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

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