Australian Broker Call *Extra* Edition – Jun 12, 2025

This story features ARGENICA THERAPEUTICS LIMITED, and other companies. For more info SHARE ANALYSIS: AGN

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)

AGN   ANG   ASB   ASN   BMT   CIP   CLW   CMM   COF   CQE   CQR   GDG   HDN   INA   LIC   MTS   MVF   NSR   NXG   NXT   PRU   QAN   RGN   SIG   SKC   SVL   WPR  

AGN    ARGENICA THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.72

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

The FDA in the US has placed a clinical hold on Argenica Therapeutics’ Inestigational New Drug (IND) application for ARG-007, citing a need for additional non-clinical data. Management expects formal feedback in July.

The hold is not expected to impact the timing of its fully enrolled Phase 2 stroke trial in Australia, observes Petra Capital, where top-line results are still expected in the September quarter of 2025.

The IND hold is not uncommon among Australian neurology companies, highlights the analyst,. There’s considered to be limited risk to Argenica’s Phase 3 start timeline in mid-2026.

The broker views the hold as manageable, especially given ARG-007’s clean safety record in earlier studies and ample time for management to address FDA requirements.

Petra Capital maintains a Buy rating and a $1.19 target price.

This report was published on June 11, 2025.

Target price is $1.19 Current Price is $0.72 Difference: $0.47
If AGN meets the Petra Capital target it will return approximately 65% (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 5.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.33.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 24.83.

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: $0.32

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

Austin Engineering has downgraded FY25 underlying earnings (EBIT) guidance to around $41m from circa $50m due to ongoing operational challenges at its Chile facility.

Lower earnings were partially offset by stronger-than-expected revenue guidance, lifted to $370m, and a growing order book, both of which support higher 1H FY26 revenue, highlights the broker.

The analyst reduces FY25 and FY26 earnings per share estimates by -19% and -12%, respectively, and lifts FY27 by 3%, reflecting a phased recovery in margins and segment-level improvements.

Petra forecasts an FY25 earnings decline across South America and North America, while Asia Pacific is expected to deliver modest growth.

No change has been made to the FY25 production guidance.

Petra Capital raises its target price to 59c from 58c and retains a Buy rating.

This report was published on June 12, 2025.

Target price is $0.59 Current Price is $0.32 Difference: $0.27
If ANG meets the Petra Capital target it will return approximately 84% (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 1.20 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.81.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 1.70 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 5.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.42.

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

ASB    AUSTAL LIMITED

Commercial Services & Supplies – Overnight Price: $6.01

Petra Capital rates ((ASB)) as Hold (3) –

Note: The analyst at Petra Capital penned the latest research on Austal (summarised below) prior to news the US is reviewing its role in AUKUS. Austal is well-placed to be a major beneficiary from AUKUS via both direct submarine work and broader naval shipbuilding and sustainment contracts.

Petra Capital views South Korea’s Hanwha’s claim of receiving clearance from the US Committee on Foreign Investment in the United States (CFIUS) to acquire 100% of Austal as a significant development. Hanwha’s current stake is 9.9% in Austal.

The broker would maintain this view even if Australia’s Foreign Investment Review Board (FIRB) ultimately blocks the transaction.

The move opens the door for Austal to potentially divest its US operations (Austal USA), which the broker considers the company’s most valuable asset and a potential value realisation opportunity.

Austal is seeking formal clarification from CFIUS, as it believes the approval scope may differ from Hanwha’s interpretation.

If Hanwha fails to secure FIRB approval or a sale of Austal USA does not materialise, Petra expects the share price could retreat to fundamental levels.

Petra Capital lifts its target price to $6.19 from $3.77 and maintains a Hold rating.

This report was published on June 11, 2025.

Target price is $6.19 Current Price is $6.01 Difference: $0.18
If ASB meets the Petra Capital target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.81, suggesting downside of -22.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 4.00 cents and EPS of 13.70 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 43.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.3, implying annual growth of 248.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 43.2.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 6.50 cents and EPS of 13.40 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 44.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 14.7%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 37.7.

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

ASN    ANSON RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.05

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

Anson Resources has released a maiden JORC Resource of 103kt lithium carbonate equivalent (LCE) for its Green River Project in Utah.

While smaller than initially expected by Petra Capital, the analyst notes Anson has a history of growing its resource base from modest beginnings. For example, the Paradox project expanded from 118kt to 1.5mt LCE.

Green River is favoured for its higher lithium grades, lower impurities, and better infrastructure access, observes the analyst. A second well re-entry is planned to test the Mississippian brine layer, which could increase the resource further.

The company has a binding offtake agreement with South Korean LG for 4ktpa, and further agreements are anticipated mid-2025, highlights Petra.

Also, the company remains well positioned to benefit from US domestic supply initiatives, in the broker’s view, and has access to a $30m equity facility and a potential US$330m Exim Bank debt facility to support future development.

Petra Capital maintains a Buy rating and a 31c target.

This report was published on June 12, 2025.

Target price is $0.31 Current Price is $0.05 Difference: $0.26
If ASN meets the Petra Capital target it will return approximately 520% (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 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.14.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.00.

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

BMT    BEAMTREE HOLDINGS LIMITED

Healthcare services – Overnight Price: $0.31

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

Beamtree Holdings has secured a five-year partnership with the UK NHS Confederation, observes Petra Capital.

This launches the Evolve Collaborative, a strategic partnership between Australian health technology company Beamtree and the UK’s NHS Confederation to deploy predictive analytics and benchmarking tools to up to 120 hospital trusts.

The broker notes initial pricing is GBP50,000 per trust, with rollout from late-2025 and full implementation by January 2026, offering upside risk to FY27 revenue forecasts if uptake is strong.

While no changes have been made to the analyst’s earnings forecasts, Petra sees the opportunity as highly strategic. Potential downstream benefits are noted for Beamtree’s suite of hospital coding tools including PICQ and autonomous coding.

Petra Capital retains a Buy rating and 50c target price.

This report was published on June 11, 2025.

Target price is $0.50 Current Price is $0.31 Difference: $0.19
If BMT meets the Petra Capital target it will return approximately 61% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 22.14.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 103.33.

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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.20

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

Centuria Industrial REIT is among the broker’s highest conviction stocks. For FY26, the broker forecasts 1.6% FFO growth, slightly ahead of 1.5% consensus.

Overweight. Target rises to $3.50 from $3.30.

This report was published on June 6, 2025.

Target price is $3.50 Current Price is $3.20 Difference: $0.3
If CIP meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.30, suggesting upside of 3.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.30 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 5.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.6, implying annual growth of 132.2%.
Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.60 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 1.7%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 17.7.

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

CLW    CHARTER HALL LONG WALE REIT

REITs – Overnight Price: $4.26

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

The broker’s FY25 forecasts for Charter Hall Long WALE REIT are in line with guidance. For FY26, the analyst expects initial guidance to be -1% lower y/y on moderating rental growth and higher weighted average cost of debt.

Underweight. Target lifted to $4.05 from $3.80.

This report was published on June 6, 2025.

Target price is $4.05 Current Price is $4.26 Difference: minus $0.21 (current price is over target).
If CLW meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.08, suggesting downside of -4.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 25.00 cents and EPS of 25.10 cents.
At the last closing share price the estimated dividend yield is 5.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of N/A.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 24.70 cents and EPS of 24.70 cents.
At the last closing share price the estimated dividend yield is 5.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.7, implying annual growth of -0.8%.
Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 17.4.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $9.12

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

Capricorn Metals has closed its remaining gold hedge, incurring a -$50m cost to exit a 16.7koz call option and purchase new $5,000/oz gold put options through March 2026, explains Canaccord Genuity.

This strategy will enhance exposure to high spot prices, contributing around $52m in additional revenue to date and raising the broker’s FY25 earnings (EBITDA) forecast by 19% to $277m. Free cash flow is forecast to rise by 25% to $153m.

Capricorn remains well capitalised with $355m in pro-forma cash and bullion, highlight the analysts, and no further debt or mandatory hedging is expected to fund the Karlawinda expansion and Mt Gibson development.

Canaccord retains a Buy rating and $10.60 target price.

This report was published on June 12, 2025.

Target price is $10.60 Current Price is $9.12 Difference: $1.48
If CMM meets the Canaccord Genuity target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $8.94, suggesting downside of -6.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 38.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.3, implying annual growth of 56.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 57.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.2, implying annual growth of 38.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.1.

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

COF    CENTURIA OFFICE REIT

REITs – Overnight Price: $1.26

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

No surprises expected at the FY25 results for Centuria Office REIT, but for FY26, the broker expects FFO growth of 1.4% vs the consensus of 2.1%. The broker sees risk in the suburban office market space.

Underweight. Target rises to $1.24 from $1.17. 

This report was published on June 6, 2025.

Target price is $1.24 Current Price is $1.26 Difference: minus $0.02 (current price is over target).
If COF meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.16, suggesting downside of -8.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.10 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 8.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.7, implying annual growth of N/A.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 8.0%.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 10.10 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 8.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.0, implying annual growth of 2.6%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 8.2%.
Current consensus EPS estimate suggests the PER is 10.5.

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

CQE    CHARTER HALL SOCIAL INFRASTRUCTURE REIT

Childcare – Overnight Price: $3.08

Jarden rates ((CQE)) as Neutral (3) –

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

The broker notes Charter Hall Social Infrastructure REIT is on track to meet the FY25 dividend guidance, and its forecast for FY26 is 16.1c, marginally lower than the 16.2c consensus.

Target lifted to $3.25 from $2.95. Neutral retained.

This report was published on June 6, 2025.

Target price is $3.25 Current Price is $3.08 Difference: $0.17
If CQE meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 15.20 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 4.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.00.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.00 cents and EPS of 16.10 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.13.

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

CQR    CHARTER HALL RETAIL REIT

REITs – Overnight Price: $4.07

Jarden rates ((CQR)) as Downgrade to Neutral from Overweight (3) –

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

The broker’s FY25 operating EPS forecast for Charter Hall Retail REIT is for a -7% y/y decline, which is in line with guidance. For FY26, the broker expects the REIT to guide to a 2-3% EPS growth.

Rating downgraded to Neutral from Overweight on valuation. Target lifted to $4.30 from 3.70.

This report was published on June 6, 2025.

Target price is $4.30 Current Price is $4.07 Difference: $0.23
If CQR meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.77, suggesting downside of -7.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 24.70 cents and EPS of 25.40 cents.
At the last closing share price the estimated dividend yield is 6.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.2, implying annual growth of 751.4%.
Current consensus DPS estimate is 24.7, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 24.80 cents and EPS of 26.10 cents.
At the last closing share price the estimated dividend yield is 6.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.6, implying annual growth of 1.6%.
Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 15.8.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $5.75

Petra Capital rates ((GDG)) as Downgrade to Hold from Buy (3) –

Petra Capital reviews its investment case for Generation Development after taking into account prospective Division 296 changes to superannuation and the recent Blackrock investment in the group’s share register.

Blackrock brings to the table proven US annuities experience and risk management systems. The tie-up is expected to strengthen Generation Development’s annuities position in the market.

Working to Generation Development’s advantage, the broker now sees potential for investment advisers to pitch Investment Bonds as an alternative asset class to superannuation.

The analyst highlights the company has gradually broadened from a long-tail defensive life insurance style business to a managed accounts/equities operation.

The target rises to $5.65 from $5.58 and the rating is downgraded to Hold from Buy.

This report was published on June 11, 2025.

Target price is $5.65 Current Price is $5.75 Difference: minus $0.1 (current price is over target).
If GDG meets the Petra Capital target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 2.00 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 0.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 65.34.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 3.70 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 0.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.75.

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

HDN    HOMECO DAILY NEEDS REIT

REITs – Overnight Price: $1.31

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

In the small and mid-cap REIT arena, one of the broker’s highest conviction stocks is HomeCo Daily Needs REIT.

The broker’s FY25 FFO forecast is in line with the company’s guidance, and for FY26, the analyst expects initial guidance for around 2% growth.

Rating upgraded to Buy from Overweight. Target rises to $1.50 from $1.38.

This report was published on June 6, 2025.

Target price is $1.50 Current Price is $1.31 Difference: $0.19
If HDN meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $1.30, suggesting downside of -1.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 8.50 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 6.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of 122.8%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 8.60 cents and EPS of 8.90 cents.
At the last closing share price the estimated dividend yield is 6.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.0, implying annual growth of 2.3%.
Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 14.7.

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $5.60

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

The broker likes the residential recovery theme but believes FY26 EPS growth expectation for Ingenia Communities may not be matched by initial guidance, leading to stock volatility.

For FY25, the broker’s EPS forecast of 29.8c is at the top end of the 29-30c guidance. For FY26, the analyst is forecasting 8.4% growth but sees upside risk on ramp-up in developments, rental income and tourism.

Overweight. Target rises to $6.50 from $6.40.

This report was published on June 6, 2025.

Target price is $6.50 Current Price is $5.60 Difference: $0.9
If INA meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $6.30, suggesting upside of 12.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.40 cents and EPS of 29.80 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 18.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.1, implying annual growth of 716.9%.
Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 19.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 11.30 cents and EPS of 32.30 cents.
At the last closing share price the estimated dividend yield is 2.02%.
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 31.2, implying annual growth of 11.0%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 17.9.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $6.83

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

For Lifestyle Communities, the broker highlighted downside risk to its above-consensus FY25 underlying EPS forecast, given low volumes, higher discounting and lower secondary sales.

The recovery pathway is also expected to take time due to elevated uncertainty around the VCAT resolution.

Underweight. Target cut to $7.20 from $8.60.

This report was published on June 6, 2025.

Target price is $7.20 Current Price is $6.83 Difference: $0.37
If LIC meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $9.40, suggesting upside of 34.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 39.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of -16.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 8.00 cents and EPS of 39.60 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of N/A.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 18.3.

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

MTS    METCASH LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.64

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

Jarden highlights Metcash’s FY25 profit is tracking about 1% above consensus, with strength in food offsetting softness in liquor and hardware.

The broker notes a restructure will merge IHG and Total Tools under a single pillar, delaying any near-term demerger catalyst but offering synergy potential.

The analysts’ operating earnings (EBIT) forecasts for FY25-27 are cut by -2-4% due to lower volumes and margin pressure in food and liquor, while hardware forecasts remain unchanged. The target is reduced to $4.00 from $4.10.

Jarden views Metcash as undervalued on a sum-of-the-parts basis an retains an Overweight rating.

This report was published on June 12, 2025.

Target price is $4.00 Current Price is $3.64 Difference: $0.36
If MTS meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.79, suggesting upside of 2.7%(ex-dividends)
The company’s fiscal year ends in April.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 21.00 cents and EPS of 24.90 cents.
At the last closing share price the estimated dividend yield is 5.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of -2.7%.
Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 23.00 cents and EPS of 26.60 cents.
At the last closing share price the estimated dividend yield is 6.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.4, implying annual growth of 9.2%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.5.

Market Sentiment: 0.8
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: $0.61

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

The analysts at Wilsons express concern over reputational risk for Monash IVF following a second embryo transfer error, this time at its Clayton laboratory, disclosed in June 2025. (Indeed, Chief Executive Michael Knaap has since resigned).

The broker highlights the close timing of this incident with a prior Brisbane clinic error could weigh on short-term Australian market share, despite management’s assurance the two events occurred years apart.

The company has launched an internal investigation, extended the scope of an existing independent review, notified ART regulators, and will temporarily enhance verification procedures beyond standard practice.

The broker notes FY25 guidance for underlying profit of circa $27.5m remains unchanged, and insurance coverage is expected to mitigate financial impact.

Wilsons makes no changes to financial forecasts but places its Overweight rating and $1.25 target under review.

This report was published on June 12, 2025.

Target price is $1.25 Current Price is $0.61 Difference: $0.64
If MVF meets the Wilsons target it will return approximately 105% (excluding dividends, fees and charges).
Current consensus price target is $1.13, suggesting upside of 70.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 4.80 cents and EPS of 6.90 cents.
At the last closing share price the estimated dividend yield is 7.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.84.

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 7.4%.
Current consensus EPS estimate suggests the PER is 9.0.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 5.00 cents and EPS of 7.10 cents.
At the last closing share price the estimated dividend yield is 8.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.59.

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 7.3%.
Current consensus EPS estimate suggests the PER is 9.6.

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

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.42

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

In the small and mid-cap REIT space, National Storage REIT is among the broker’s highest conviction stocks. The analyst’s FY26 pre-tax operating EPS growth is 5.5% compared with 5.1% consensus.

Rating upgraded to Buy from Overweight. Target lifted to $2.80 from $2.75.

This report was published on June 6, 2025.

Target price is $2.80 Current Price is $2.42 Difference: $0.38
If NSR meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.53, suggesting upside of 3.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 11.20 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, implying annual growth of -29.6%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 11.80 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of 4.2%.
Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 19.7.

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

NXG    NEXGEN ENERGY LIMITED

Uranium – Overnight Price: $9.82

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

Petra Capital believes the uranium market is transitioning from being inventory-driven to supply-driven, with 2024 production at 156mlbs, covering just 89% of consumption.

Utilities remain complacent despite contracting volumes falling short of annual burn since 2012, explains the analyst, with current low inventories and supply constraints pointing to structurally higher prices.

Top producers Kazatomprom and Cameco continue to show supply discipline, with the former’s FY25 guidance down -17% versus late-2023 and costs worsening by -29% year-on-year.

Within Petra’s research coverage, Bannerman Energy ((BMN)) is most exposed to short interest. 

Petra Capital maintains Buy ratings across select ASX uranium developers and producers, highlighting increasing scarcity of quality resources and global undercoverage of utility demand. The target for NexGen Energy is $10.80. 

This report was published on June 12, 2025.

Target price is $10.80 Current Price is $9.82 Difference: $0.98
If NXG meets the Petra Capital target it will return approximately 10% (excluding dividends, fees and charges).

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $13.93

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

NextDC has secured a 16MW contract win with a hyperscale customer, increasing total contracted utilisation by 7% to 244MW and marking its first major offshore deal, highlights Wilsons.

The broker expects most of the associated revenue to begin in 2027, with full ramp-up by 2028, while the forward order book has reached a record 135MW.

The analysts’ forecast earnings (EBITDA) for 2026 are trimmed by -3% to $235m due to increased corporate costs linked to elevated capex, while 2027 forecasts rise 3% to $294m.

Wilsons sees strong medium-term growth supported by robust customer demand, high recurring revenue, and global expansion potential.

The broker also flags capital intensity as a risk, with forecast capex reaching around -$2bn in 2026 and net debt to earnings rising to 7.8x times.

Wilsons raises its target price to $17.69 from $17.19 and retains an Overweight rating.

This report was published on June 12, 2025.

Target price is $17.69 Current Price is $13.93 Difference: $3.76
If NXT meets the Wilsons target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $19.57, suggesting upside of 41.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 16.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 85.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 24.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 57.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -17.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

PRU    PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $3.62

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

Management at Perseus Mining plans to lift average annual gold production to circa 525koz from 2026-2030, supported by mine life extensions at Edikan and Sissingue, explains Canaccord Genuity.

Higher prospective production represents a 16% increase versus the broker’s prior forecast and 9% above consensus. Capital of US$878m over five years will support site expansion and Nyanzaga development.

Near-term free cash flow will fall due to capex, but is forecast to rebound post-2028 with free cash flow from 2029-2032 expected to be 25% higher than the broker’s prior estimates.

Production guidance for 2025 is unchanged at 470-505koz at costs (AISC) of US$1,250-1,280/oz, while long-term costs are expected to average US$1,400-,500/oz, or 12% above the analysts’ prior assumptions.

Canaccord raises its target price to $5.25 from $5.00 and retains a Buy rating.

This report was published on June 12, 2025.

Target price is $5.25 Current Price is $3.62 Difference: $1.63
If PRU meets the Canaccord Genuity target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $3.89, suggesting upside of 2.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 7.71 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.5, implying annual growth of N/A.
Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 9.9.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 6.17 cents and EPS of 43.17 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.2, implying annual growth of -3.4%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 10.2.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $10.50

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

Jarden notes Qantas Airways will close Jetstar Asia by the end of 2025, citing persistent losses driven by rising costs.

The move is expected to reduce 2H earnings by -$25m but improve long-term returns, with 13 aircraft to be redeployed and circa $500m in fleet capital benefits realised.

FY25 guidance remains unchanged, though Jarden trims its 2025 core EPS forecast  by -1% due to Jetstar Asia losses, Cyclone Alfred impacts, and lower-than-expected international capacity.

The broker raises FY26-27 forecasts by 2.5% on higher domestic capacity and yield. Upside is expected from fuel cost tailwinds and Jarden notes Qantas remains capital disciplined with strong operational delivery.

Jarden raises its target price to $10.50 from $9.75 and retains an Overweight rating.

This report was published on June 12, 2025.

Target price is $10.50 Current Price is $10.50 Difference: $0
If QAN meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $10.70, suggesting downside of -0.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 31.70 cents and EPS of 106.80 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.8, implying annual growth of 43.3%.
Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 9.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 33.60 cents and EPS of 119.30 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 119.6, implying annual growth of 9.9%.
Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 9.0.

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

RGN    REGION GROUP

REITs – Overnight Price: $2.40

Jarden rates ((RGN)) as Downgrade to Neutral from Overweight (3) –

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

The broker’s FY25 FFO forecast is in line with guidance for Region Group. For FY26, the broker expects initial FFO guidance for around 3% growth as the earnings profile is expected to improve from capital recycling and additional hedging.

Rating downgraded to Neutral from Overweight on valuation. Target lifted to $2.60 from $2.40.

This report was published on June 6, 2025.

Target price is $2.60 Current Price is $2.40 Difference: $0.2
If RGN meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.33, suggesting downside of -3.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 13.70 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of 900.0%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 14.20 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 5.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of 1.3%.
Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 15.9.

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

SIG    SIGMA HEALTHCARE LIMITED

Health & Nutrition – Overnight Price: $3.15

Jarden rates ((SIG)) as Initiation of coverage with Overweight (2) –

Jarden initiates coverage of Sigma Healthcare with an Overweight rating and $3.30 target price.

The analyst believes Sigma has an extended growth outlook due to market share gains, margin improvement, and being able to achieve synergies post the merger with Chemist Warehouse.

Total addressable market of around $60bn with a 30% market share could create circa 200bps of gains annually to FY32, with upside for international expansion, with only an estimated 24c per share currently priced in.

Jarden views Sigma’s position as a “category killer”.

This report was published on June 6, 2025.

Target price is $3.30 Current Price is $3.15 Difference: $0.15
If SIG meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.96, suggesting downside of -6.5%(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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 63.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.0, implying annual growth of 809.1%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 79.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 3.60 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.1, implying annual growth of 52.5%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 51.8.

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

SKC    SKYCITY ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $0.87

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

Jarden notes SkyCity Entertainment has filed legal proceedings against Fletcher Building (FBU) seeking damages for losses generated from ongoing delays to the completion of the NZ International Convention Centre.

Under the terms of the contract, the analyst highlights SkyCity is entitled to liquidated damages of over NZ$330m.

At 1H25 results, SkyCity recorded a contingent asset, not provision, of NZ$74m against Fletcher Building, inferring the additional magnitude reflects lost earnings from the convention not taking place.

Overweight rating with a NZ$1.75 target price retained.

This report was published on June 6, 2025.

Current Price is $0.87. Target price not assessed.
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 7.66 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.36.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.66 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.36.

This company reports in NZD. 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

SVL    SILVER MINES LIMITED

Gold & Silver – Overnight Price: $0.13

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

Petra Capital notes Silver Mines’ valuation has decoupled from the 26% rally in silver over the past 10 weeks, creating upside ahead of a Bowdens development approval expected by December.

The broker forecasts first production by December 2027 with 4.2mozpa output for the first 10 years at costs (AISC) of $23.18/oz, generating average annual earnings (EBITDA) of $102m.

Petra raises its target price to 17c from 16c and retains a Buy rating.

This report was published on June 12, 2025.

Target price is $0.17 Current Price is $0.13 Difference: $0.04
If SVL meets the Petra Capital target it will return approximately 31% (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 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 65.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 65.00.

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

WPR    WAYPOINT REIT LIMITED

REITs – Overnight Price: $2.65

Jarden rates ((WPR)) as Downgrade to Neutral from Overweight (3) –

Ahead of the FY25 reporting season (1H25 for Waypoint REIT) in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

The broker’s FY25 dividend forecast for Waypoint REIT is in line with the guidance. Looking ahead, the analyst sees upside risks with Viva Energy’s ((VEA)) OTR conversion in FY26.

Rating downgraded to Neutral from Overweight. Target lifted to $2.85 from $2.70.

This report was published on June 6, 2025.

Target price is $2.85 Current Price is $2.65 Difference: $0.2
If WPR meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.57, suggesting downside of -3.1%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.50 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 6.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of -16.7%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.80 cents and EPS of 16.80 cents.
At the last closing share price the estimated dividend yield is 6.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of 1.8%.
Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 16.0.

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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This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

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