Australian Broker Call *Extra* Edition – May 26, 2025

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

An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena’s team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

AAR   ANG   APA   APZ   BRI   CAT   DDR   GOR   HGO   IFT   JHX   LNW (2)   MVF   MYR   NUF   NWC   OFX (2)   RHC   RIO   RMD   SEK   SPZ   TLS (2)   TNE (2)   WHF   WJL (2)   WOR  

AAR    ASTRAL RESOURCES NL

Gold & Silver – Overnight Price: $0.17

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

Astral Resources reported strong results from maiden metallurgical testing at deposits within Feysville gold project. Petra Capital expects the results to be included in the Mandilla gold project’s PFS, due in June.

The analyst forecasts mine inventory of 40.1Mt, up 13.6Mt from the September 2023 scoping study and inclusive of 3.25Mt from Feysville.

The broker expects the company to attract interest from investors and gold producers.

Buy. Target rises to 36c from 29c.

This report was published on May 23, 2025.

Target price is $0.36 Current Price is $0.17 Difference: $0.19
If AAR meets the Petra Capital target it will return approximately 112% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 56.67.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 170.00.

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

ANG    AUSTIN ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.38

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

Petra Capital believes Austin Engineering shares are oversold, and the risk from here is to the upside.

The broker has taken into account macro-economic uncertainty and downside risk to FY25 EBIT guidance and risks associated with the incoming CEO transitioning into the position. But these risks are already priced into the share price, the broker highlights.

Buy. Target unchanged at 58c.

This report was published on May 22, 2025.

Target price is $0.58 Current Price is $0.38 Difference: $0.2
If ANG meets the Petra Capital target it will return approximately 53% (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 1.50 cents and EPS of 5.80 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.55.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 1.90 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.67.

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

APA    APA GROUP

Infrastructure & Utilities – Overnight Price: $8.13

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

Ahead of the 2025 winter demand, Jarden reckons the risk of imminent gas shortages has eased due to a positive outlook for Longford production, high gas storage levels and a warm start to autumn.

But with supply shortages likely to increase, the broker estimates a 600 TJ/day shortfall by 2030. The analyst expects increased southern gas production, increased pipeline capacity from Queensland, more gas storage and LNG imports to all be needed to meet the shortfall.

APA Group’s proposed East Coast gas grid expansion plans are positive in the broker’s view.

Overweight. Target rises to $8.85 from $8.50.

This report was published on May 19, 2025.

Target price is $8.85 Current Price is $8.13 Difference: $0.72
If APA meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $7.81, suggesting downside of -4.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 57.00 cents and EPS of 14.40 cents.
At the last closing share price the estimated dividend yield is 7.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 56.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of -79.7%.
Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 51.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 58.00 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 7.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 41.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of 41.4%.
Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 36.6.

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

APZ    ASPEN GROUP LIMITED

Real Estate – Overnight Price: $3.39

Moelis rates ((APZ)) as Buy (1) –

Moelis raises Aspen Group’s target price to $3.83 from $3.30 and maintains a Buy rating.

An institutional placement raised $68m at $2.90/sh with potential for a further $4m via SPP, representing a 13% increase in shares on issue and reducing gearing to 13%.

Moelis estimates fair value of Aspen’s portfolio at $2.98/sh, identifying latent uplift of 4071cps from conservative valuations.

The analyst justifies a platform premium of 24% based on Aspen’s 21% average ROE over 4.5 years. Several WA and SA assets are held at deep discounts to market, notably Meadowbrooke and Viveash, which offer material development upside.

 Aspen trades at a 41% premium to NAV, but the broker views this as justified by development and valuation upside.

This report was published on May 21, 2025.

Target price is $3.83 Current Price is $3.39 Difference: $0.44
If APZ meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 10.00 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.30.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 11.60 cents and EPS of 19.30 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.56.

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

BRI    BIG RIVER INDUSTRIES LIMITED

Building Products & Services – Overnight Price: $1.22

Taylor Collison rates ((BRI)) as Upgrade to Speculative Buy from Hold (1) –

Taylor Collison notes the outlook for Big River Industries’ is improving, and the recent share price fall at the same time as rising dwelling approvals, has opened an attractive entry point for investors.

The broker has upgraded the company to Speculative Buy from Hold.

The analyst highlights the housing construction outlook has improved, and showroom foot traffic has increased. While the delay in policy rate cuts is a key risk, the analyst’s base view is multi-year sustained demand rather than a one-off rebound.

No target price set.

This report was published on May 20, 2025.

Current Price is $1.22. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 3.80 cents and EPS of 6.10 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.00.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 7.70 cents and EPS of 12.80 cents.
At the last closing share price the estimated dividend yield is 6.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.53.

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

CAT    CATAPULT GROUP INTERNATIONAL LIMITED

Medical Equipment & Devices – Overnight Price: $5.31

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

Canaccord Genuity assesses Catapult International’s FY25 results as solid, with revenue rising 17% y/y to US$117m vs the broker’s US$116m forecast. Annual contract value grew at an 18% rate.

Cash EBITDA beat the broker’s forecast, but the bigger beat was in incremental management EBITDA margin of 65%, which was well above the broker’s 30% target.

The analyst doesn’t expect this elevated rate to sustain and has forecast FY26-27 margin at 39% and 37% respectively.

Commentary highlights cash balance is growing and M&A is becoming an optionality, and will likely be a theme over FY26-28.

Upgrade to forecasts resulted in the target price lifting to $5.00 from $4.20. Buy retained.

This report was published on May 22, 2025.

Target price is $5.00 Current Price is $5.31 Difference: minus $0.31 (current price is over target).
If CAT meets the Canaccord Genuity target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in March.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1149.35.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 132.62.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

DDR    DICKER DATA LIMITED

Hardware & Equipment – Overnight Price: $8.31

Jarden rates ((DDR)) as Buy (1) –

Jarden notes Dicker Data’s trading update for the Jan-Apr period showed strong y/y sales growth despite weaker comp, election period and holiday timing. However, gross profit margin was lower due mainly to a large AI deal.

The Jan-Apr profit before tax margin (PBT) of 2.9% suggests the company might miss the consensus forecast for 1H/FY25 of 3.3% and 3.5%, respectively. The company, however, flagged margin improvement as the year progresses.

The broker upgraded FY25 revenue forecasts but downgraded FY25-27 forecasts on lower gross profit margin expectations.

Buy. Target lifts to $11.00 from $10.88 on valuation roll forward.

The broker highlights the company offers good value for patient investors, especially given positive tailwinds including interest rate cuts, recovery in PC and networking sales.

This report was published on May 22, 2025.

Target price is $11.00 Current Price is $8.31 Difference: $2.69
If DDR meets the Jarden target it will return approximately 32% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 45.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.18.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 50.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.46.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $3.36

Moelis rates ((GOR)) as Hold (3) –

Moelis notes the Commonwealth Government’s announcement it has no objection to Gold Fields acquiring Gold Road Resources, and FIRB approval is expected to be a formality.

The broker believes there is better exposure in local/small-mid cap stocks such as Vault Minerals ((VAU)) and Alkane Resources ((ALK)).

This report was published on May 21, 2025.

Target price is $3.20 Current Price is $3.36 Difference: minus $0.16 (current price is over target).
If GOR meets the Moelis target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.34, suggesting downside of -0.7%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 26.8, implying annual growth of 103.3%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY26:

Current consensus EPS estimate is 29.8, implying annual growth of 11.2%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 11.3.

Market Sentiment: 0.3
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

Moelis rates ((HGO)) as Buy (1) –

Hillgrove Resources reported further positive drill results at Nugent, adjacent to Kanmantoo, including 26m at 1.21% Cu and 0.27g/t Au, and 8.4m at 1.3% Cu and 0.23g/t Au. These results are consistent with current run-of-mine grades.

First ore remains on track for 4Q CY25, as does the updated resource estimate.

Moelis sees the results as validating the aggressive exploration strategy and supportive of the asset’s mineral potential. Drilling confirms continuity and favourable reconciliation against the existing resource. Cash stands at $15.2m, backing ongoing exploration efforts.

Buy rating retained with a $0.07 target price.

This report was published on May 22, 2025.

Target price is $0.07 Current Price is $0.04 Difference: $0.031
If HGO meets the Moelis target it will return approximately 79% (excluding dividends, fees and charges).

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

IFT    INFRATIL LIMITED

Wealth Management & Investments – Overnight Price: $10.27

Jarden rates ((IFT)) as Buy (1) –

Ahead of Infratil’s FY25 results, Jarden re-assessed its views on the investment company’s three largest assets.

The broker acknowledges it previously underestimated the pace of value accretion mainly for CDC, and also Longroad.

Target price rises to NZ$14.57 from NZ$13.00 after the broker applied a growth premiun to the rolled-forward valuation modeling for these two assets.

Buy retained. 

This report was published on May 21, 2025.

Current Price is $10.27. Target price not assessed.
The company’s fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 19.15 cents and EPS of minus 39.76 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.83.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 20.15 cents and EPS of minus 9.48 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 108.30.

Market Sentiment: 1.0
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: $36.51

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

Jarden lowers its target price for James Hardie Industries to $42.00 from $44.00 and retains an Overweight rating, following softer FY26 guidance and elevated execution risks.

The broker anticipates greater share price volatility due to heightened exposure to the US housing market and uncertainty around the timing of the buyback and realisation of potential merger-related synergies.

The broker’s FY26 earnings forecast has been revised down due to weaker primary demand growth, lower average selling price increases, and reduced cost savings amid rising input costs.

Guidance now includes US market volume contraction, a lower EBIT margin of around 35% in North America, and group EBITDA growth downgraded to low single digits, note the analysts.

Jarden sees increased financial and operational risk from the Azek acquisition, with rising leverage and buyback deferral likely. Despite these concerns, the broker continues to expect above-market earnings growth in the longer term.

This report was published on May 22, 2025.

Target price is $42.00 Current Price is $36.51 Difference: $5.49
If JHX meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $48.76, suggesting upside of 33.5%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 181.89 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 265.5, 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 13.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 210.53 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 268.5, implying annual growth of 1.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.6.

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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $128.76

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

No surprises from Light & Wonder’s strategy day updates, wth the company’s US$2.0bn adjusted EBITDA target for FY28 and EPSA of over US$10.55/share in line with Canaccord Genuity’s forecasts.

The broker highlights risks to these forecasts include tougher macro conditions and slower growth in the gaming market share. In the near term, the analyst believes an acceleration of adjusted EBITDA growth to around mid-teens will be required to meet the FY25 target of US$1.4bn.

The broker has also assumed a US$300m share buyback per annum until FY28 and warns this could see the EPSA target fall below the company’s goal of US$10.55/share.

Buy. Target unchanged at $195.

This report was published on May 22, 2025.

Target price is $195.00 Current Price is $128.76 Difference: $66.24
If LNW meets the Canaccord Genuity target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $193.20, suggesting upside of 50.0%(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 743.88 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 872.6, implying annual growth of 52.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 954.87 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1066.4, implying annual growth of 22.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.1.

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 ((LNW)) as Buy (1) –

Jarden considers Light & Wonder’s FY28 goals bold but achievable based on recent track record, increased scale and new opportunities.

The FY28 adjusted EBITDA target of US$2.0bn is 9.4% above consensus, but the broker believes the adjusted EPS goal of over US$10.55/share is conservative. This may be due to no additional share buybacks and leverage going below targeted levels.

Overall, the analyst has a positive view on the stock pending the successful execution of the growth strategy and the near-term litigation uncertainty.

Buy. Target unchanged at $189.

This report was published on May 21, 2025.

Target price is $189.00 Current Price is $128.76 Difference: $60.24
If LNW meets the Jarden target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $193.20, suggesting upside of 50.0%(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 856.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 872.6, implying annual growth of 52.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1038.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1066.4, implying annual growth of 22.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.1.

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

MVF    MONASH IVF GROUP LIMITED

Healthcare services – Overnight Price: $0.80

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

Monash IVF downgraded underlying FY25 net profit guidance to $27.5m from a previous forecast of $30-31m, which is -8% lower than Wilsons’ estimate.

The company cited softer market and operating conditions in March and April, and while there was a rebound in May, it is not enough to offset the March-April period’s weakness.

On the positive side, there’s some comfort from the minimal impact so far of the embryo mix-up incident. The broker has kept forecasts under review.

Overweight with $1.40 target price.

This report was published on May 20, 2025.

Target price is $1.40 Current Price is $0.80 Difference: $0.6
If MVF meets the Wilsons target it will return approximately 75% (excluding dividends, fees and charges).
Current consensus price target is $1.13, suggesting upside of 40.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 5.40 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 6.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of N/A.
Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 5.70 cents and EPS of 8.20 cents.
At the last closing share price the estimated dividend yield is 7.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of -5.5%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 11.6.

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

MYR    MYER HOLDINGS LIMITED

Household & Personal Products – Overnight Price: $0.78

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

Ahead of Myer’s investor day on May 28, Canaccord Genuity lowered 2H25 estimates after factoring in higher promotional activity.

The broker’s FY26 apparel brands’ EBIT is now forecast to be -$17m lower than FY25. Net profit forecasts have been reduced for FY25 and FY26.

The analyst expects the company to emphasise the benefits of the apparel brands and “reset” private label strategy. Clear communication around capital management and ROIC targets are also expected.

Buy. Target cut to $1.10 from $1.15.

This report was published on May 21, 2025.

Target price is $1.10 Current Price is $0.78 Difference: $0.32
If MYR meets the Canaccord Genuity target it will return approximately 41% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 3.00 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.92.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 3.00 cents and EPS of 5.40 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.44.

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

NUF    NUFARM LIMITED

Agriculture – Overnight Price: $2.47

Wilsons – Cessation of coverage

This report was published on May 21, 2025.

Forecast for FY25:

Current consensus EPS estimate is 4.6, implying annual growth of N/A.
Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 53.7.

Forecast for FY26:

Current consensus EPS estimate is 18.0, implying annual growth of 291.3%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 13.7.

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

NWC    NEW WORLD RESOURCES LIMITED

Copper – Overnight Price: $0.05

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

Central Asia Metals has proposed and signed a scheme implementation deed with New World Resources to acquire all shares for 5c/share.

The price is a 79% premium to the company’s last close on May 21. The board has recommended shareholders vote in favour of the scheme in the absence of a superior proposal.

Canaccord Genuity believes the offer is sensible, given permitting and development risk.

Speculative Buy. Target unchanged at 7c.

This report was published on May 21, 2025.

Target price is $0.07 Current Price is $0.05 Difference: $0.023
If NWC meets the Canaccord Genuity target it will return approximately 49% (excluding dividends, fees and charges).

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

OFX    OFX GROUP LIMITED

Diversified Financials – Overnight Price: $0.76

Canaccord Genuity rates ((OFX)) as Downgrade to Hold from Buy (3) –

OFX Group’s FY25 result missed Canaccord Genuity’s forecasts at all levels, and the implied net operating income (NOI) in 2H fell -8% to $104m, lower than company guidance of over $112m.

Commentary suggests the key takeaway from the result was the company’s focus on accelerating the rollout of its New Corporate Platform, and hence the requirement of -$24m higher capex and -$5m higher opex in FY26.

No NOI guidance was provided for FY26-27, but the company maintained the target of over 15% NOI growth for FY28 and beyond.

The broker cut FY26-28 NOI forecasts, which, together with higher opex, led to a -49% cut to FY26 EBITDA,  -44% cut to FY27 EBITDA and -42% cut to FY28.

Rating downgraded to Hold from Buy. Target price $1.

This report was published on May 21, 2025.

Target price is $1.00 Current Price is $0.76 Difference: $0.24
If OFX meets the Canaccord Genuity target it will return approximately 32% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.03.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.07.

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

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Wilsons rates ((OFX)) as Downgrade to Market Weight from Overweight (3) –

Wilsons downgraded OFX Group following a disappointing FY25 result and an accelerated reinvestment strategy that defers material benefits of its New Corporate Platform (NCP) to FY28 and beyond.

FY25 net operating income fell -6% and 2H25 missed revenue growth guidance. FY25 EBITDA declined -11% to $57.7m and EPS fell -16% to 10.7cps.

The broker expects a 15% lift in opex in FY26. Earnings (EBITDA) margin is forecast to fall to around 16%.

The accelerated spend triggers execution risk, macro uncertainty, and likely ASX300 removal in the near term, Wilsons explains.

The analyst’s earnings forecasts for FY26-27 are cut by -48% to -83%. FY26 EPS is now expected at 2.7cps, down from 13.8cps. 

Target price falls to 94c.

This report was published on May 21, 2025.

Target price is $0.94 Current Price is $0.76 Difference: $0.18
If OFX meets the Wilsons target it will return approximately 24% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Wilsons forecasts a full year FY26 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 28.15.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.21.

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

RHC    RAMSAY HEALTH CARE LIMITED

Healthcare services – Overnight Price: $36.13

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

Ramsay Health Care’s 52.79%-owned European subsidiary Ramsay Sante’s 3Q25 quarter update showed an increase in revenue growth, which Goldman Sachs reckons is a solid outcome.

Growth was achieved despite the headwind from the French government’s revenue guarantee removal. EBITDA margin was flat vs 1H25 but EBITA margins expanded by 70bps on lower operating costs.

The broker upgraded Ramsay Sante’s FY25 EBITA margin to reflect the 3Q improvement and also raised the revenue estimate. Net interest expenses were also lifted.

The result was a lift in the company’s FY25 and FY26 EPS forecasts. Neutral. Target rises to $39.00 from $38.70.

This report was published on May 19, 2025.

Target price is $39.00 Current Price is $36.13 Difference: $2.87
If RHC meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $38.19, suggesting upside of 5.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 80.00 cents and EPS of 9.00 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 401.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 121.8, implying annual growth of -68.1%.
Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 29.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 95.00 cents and EPS of 148.00 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 158.9, implying annual growth of 30.5%.
Current consensus DPS estimate is 101.4, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 22.7.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $117.00

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

Rio Tinto has signed a JV with Chilean copper miner Codelco and is acquiring a 49.99% stake in the Maricunga salar lithium project in Chile.

The total price is -US$900m, with -US$350m going toward further studies to FID, -US$500m towards construction costs, and -US$50m if first production is achieved by the end of 2030.

Goldman Sachs notes it had flagged this JV potential in 2023 and estimates the Maricunga project could potentially support a 60ktpa operation by 2035 and increase the company’s equity share of lithium production to over 250ktpa.

Buy. Target unchanged at $140.80.

This report was published on May 20, 2025.

Target price is $140.80 Current Price is $117.00 Difference: $23.8
If RIO meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $122.25, suggesting upside of 4.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 554.44 cents and EPS of 939.47 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 988.1, implying annual growth of N/A.
Current consensus DPS estimate is 626.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 569.84 cents and EPS of 954.87 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 957.8, implying annual growth of -3.1%.
Current consensus DPS estimate is 595.9, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 12.2.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $38.30

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

Goldman Sachs believes the market overreacted to the progress made by potential ResMed competitor Apnimed in the drug trial for AD109 for obstructive sleep apnea (OSA).

The broker reminds the drug works differently to the company’s CPAP and won’t displace it as the initial targets are those who refused or failed CPAP.

In any case, the analyst estimates CPAP’s penetration to reach 34% in the US by 2030, which provides ample room for alternative forms of OSA treatment.

Buy. Target unchanged at $49.30.

This report was published on May 20, 2025.

Target price is $49.30 Current Price is $38.30 Difference: $11
If RMD meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $45.64, suggesting upside of 19.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 33.88 cents and EPS of 146.31 cents.
At the last closing share price the estimated dividend yield is 0.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 146.9, implying annual growth of N/A.
Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 26.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 40.04 cents and EPS of 167.87 cents.
At the last closing share price the estimated dividend yield is 1.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 162.7, implying annual growth of 10.8%.
Current consensus DPS estimate is 36.7, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 23.5.

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

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $23.70

Jarden rates ((SEK)) as Buy (1) –

Jarden maintains a Buy rating on Seek and keeps its target price unchanged at $27.50, following a modest FY25 forecast upgrade and improved confidence in medium-term operating leverage.

Guidance for FY25 revenue and earnings (EBITDA) was upgraded to the top half of prior ranges, prompting a 3% uplift to the broker’s FY25 EPS forecast.

The earnings margin is expected to rise to 45.7% in FY27 from 42.7% in FY25 , assuming yield growth in A&NZ and SME expansion in Asia.

Despite limited volume growth, cost discipline and a high single-digit yield aspiration support margin expansion, in the broker’s view.

This report was published on May 23, 2025.

Target price is $27.50 Current Price is $23.70 Difference: $3.8
If SEK meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $27.81, suggesting upside of 17.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 42.00 cents and EPS of 44.10 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.4, implying annual growth of N/A.
Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 57.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 42.20 cents and EPS of 52.80 cents.
At the last closing share price the estimated dividend yield is 1.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 44.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.6, implying annual growth of 44.0%.
Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 39.8.

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

SPZ    SMART PARKING LIMITED

Hardware & Equipment – Overnight Price: $0.89

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

Smart Parking’s trading update for FY25 year-to-date (July-April) showed strong volume growth in parking breach notices in NZ, Germany, Denmark and UK. However, in the UK, the 15% volume growth was offset by softer revenue per notice.

Petra Capital notes revenue growth across the group (ex US) at 19% is tracking below its FY25 forecast of 25%, though it excludes the two seasonally strong months in Q4.

The company’s automatic number plate recognition sites rose to 1,678 from 1,361, but this still is slightly below the broker’s forecast.

Buy. Target cut to $1.56 from $1.63.

This report was published on May 23, 2025.

Target price is $1.56 Current Price is $0.89 Difference: $0.67
If SPZ meets the Petra Capital target it will return approximately 75% (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 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.38.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.82.

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

TLS    TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $4.75

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

Goldman Sachs raises its target for Telstra Group to $4.90 from $4.50 and retains a Buy rating, following stronger-than-expected mobile plan price increases and upgraded mobile service revenue forecasts.

Mobile and internet plans have been raised by $3-5/month. The broker forecasts postpaid average revenue per user (ARPU) will grow 2% in FY25 and 4% in FY26, supporting service revenue growth of 3.7% and 4.6%, respectively.

Telstra’s pricing premium over competitors has widened, highlight the analysts, with rational pricing and low churn maintaining margin expansion into FY26.

Free cash flow (FCF) is forecast to rise to $2.8bn in FY25 and $3.4bn in FY26, but Goldman’s dividend forecasts remain unchanged.

This report was published on May 20, 2025.

Target price is $4.90 Current Price is $4.75 Difference: $0.15
If TLS meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.24, suggesting downside of -10.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 19.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.39.

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 4.0%.
Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY26:

Goldman Sachs 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 4.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.62.

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 4.2%.
Current consensus EPS estimate suggests the PER is 22.6.

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

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

Jarden raises its target for Telstra Group to $4.60 from $4.45 and maintains an Overweight rating, citing stronger-than-expected mobile pricing and potential upside to the FY26 dividend.

Postpaid mobile plans were lifted by $5/month, driving the broker’s average revenue per user (ARPU) forecast uplift of $2.30 in FY26 and a 4.3% upgrade to the FY26 EPS estimate.

Telstra’s multi-brand strategy is seen as key to monetising across segments, though the analysts note future price increases may be limited without meaningful product innovation. 

Jarden raises the target price to $4.60 from $4.45 and retains an Overweight rating.

This report was published on May 21, 2025.

Target price is $4.60 Current Price is $4.75 Difference: minus $0.15 (current price is over target).
If TLS 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 $4.24, suggesting downside of -10.8%(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 19.00 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.00.

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 4.0%.
Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 20.00 cents and EPS of 21.90 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 21.69.

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 4.2%.
Current consensus EPS estimate suggests the PER is 22.6.

Market Sentiment: 0.3
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: $38.61

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

Goldman Sachs raises its target price for TechnologyOne to $38.10 from $26.90 and maintains a Neutral rating, following a stronger-than-expected interim result.

Pre-tax profit (PBT) beat the broker forecasts by 7%, driven by 50% year-on-year growth in UK annual recurring revenue (ARR) and continued traction in its SaaS-Plus offering.

Free cash flow improved to $24m from -$3.8m in 1H24, while churn hit a record low of 0.3%.

Although FY25 guidance implies slower growth in the second half, Goldman Sachs believes the company is historically conservative in its forecasts and continues to view 15%-20% growth as the “new normal”.

This report was published on May 20, 2025.

Target price is $38.10 Current Price is $38.61 Difference: minus $0.51 (current price is over target).
If TNE meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $36.43, suggesting downside of -5.6%(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 0.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 89.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.1, implying annual growth of 16.2%.
Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 91.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 31.00 cents and EPS of 51.00 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 75.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.0, implying annual growth of 18.8%.
Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 77.2.

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

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

Wilsons raises its target price for TechnologyOne to $40.99 from $32.69 and retains an Overweight rating following a strong interim result and upgraded FY25 profit guidance.

Profit before tax rose 33% year-on-year to $81.9m, while annual recurring revenue (ARR) climbed 21% to $511m. The broker observes broad-based growth across core verticals and strong momentum in the UK.

SaaS and recurring revenue now account for 91% of total operating revenue, and net cash of $212m enhances financial flexibility, point out the analysts.

Wilsons makes modest upgrades to FY25-27 earnings (EBITDA) forecasts. The analysts see further upside from SaaS-Plus and its next-generation, Australian-made Digital Experience Platform (DXP) for Local Government.

This report was published on May 21, 2025.

Target price is $40.99 Current Price is $38.61 Difference: $2.38
If TNE meets the Wilsons target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $36.43, suggesting downside of -5.6%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 24.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 0.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 89.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.1, implying annual growth of 16.2%.
Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 91.7.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 26.70 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 0.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 74.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.0, implying annual growth of 18.8%.
Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 77.2.

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

WHF    WHITEFIELD INDUSTRIALS LIMITED

Wealth Management & Investments – Overnight Price: $5.73

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

Taylor Collison notes Whitefield Industrials is now trading at the third-highest discount to pre-tax net tangible assets (NTA) compared with the second-highest discount when it issued a report in March. This equates to a Z-score of -1.57 vs -1.78 in March.

Currently, the stock is at a discount of -13.43% to pre-tax net tangible assets compared with a -14.36% discount in March, the broker explains.

The broker reckons the stock offers both a margin of safety and yield boost to the investor by 15.47%, compared to the underlying holdings.

Outperform rating retained. No target price is set.

This report was published on May 19, 2025.

Current Price is $5.73. Target price not assessed.

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: $0.89

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

Jarden notes Webjet Group’s FY25 result was in line with guidance, and the flat EBITDA is likely to be replicated in FY26. 

With a $118m cash balance, the company planned to launch a buyback but paused it given the takeover offer from BGH Capital, which it rejected. The broker believes there may be potential for further engagement.

The analyst cut FY26-27 earnings forecasts but left FY28 largely unchanged. The risk/reward remains skewed to the upside, the broker notes, as the company has a brand investment strategy to boost growth.

Overweight. Target unchanged at $1.20.

This report was published on May 21, 2025.

Target price is $1.20 Current Price is $0.89 Difference: $0.31
If WJL meets the Jarden target it will return approximately 35% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

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 2.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.61.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 6.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.09.

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

Wilsons note Webjet Group reported FY25 earnings EBITDA of $39.4m, 1.5% above expectations, with earnings supported by lower corporate costs.

WebOTA performance was softer, with rev/TTV of 9.1% and margin of 43%, both below forecast.

Management guided FY26 earnings (EBITDA) to be broadly in line with FY25, assuming no further trading deterioration. The first seven weeks of FY26 were soft due to timing of Easter and Anzac Day.

The broker notes investor focus is split following recent register changes and that confidence must be restored post strategy update.

Earnings outlook is under review pending the earnings call. The board intends to launch an on-market buyback once register dynamics allow. Target price and rating remain under review.

This report was published on May 21, 2025.

Current Price is $0.89. Target price not assessed.

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

WOR    WORLEY LIMITED

Energy Sector Contracting – Overnight Price: $12.90

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

Goldman Sachs lowers its FY26 earnings (EBITA) forecast for Worley by -11% due to CP2 project phasing and broader market uncertainty. The broker’s target price is lowered by -4% to $17.25.

The company is working on Venture Global’s CP2 LNG terminal in Louisiana.

FY25 guidance was reaffirmed with an 8.0-8.5% earnings margin and low double-digit growth, consistent with consensus and Goldman Sachs estimates.

The backlog increased by $300m to $13bn, with a 14% rise in the factored sales pipeline quarter-on-quarter, supporting confidence in project flow, assess the analysts. Buy.

This report was published on May 20, 2025.

Target price is $17.25 Current Price is $12.90 Difference: $4.35
If WOR meets the Goldman Sachs target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $17.91, suggesting upside of 38.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 55.00 cents and EPS of 80.00 cents.
At the last closing share price the estimated dividend yield is 4.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.3, implying annual growth of 51.9%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 62.00 cents and EPS of 91.00 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 105.0, implying annual growth of 20.3%.
Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 12.3.

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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