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

This story features AIC MINES LIMITED, and other companies.
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The company is included in ALL-ORDS

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

A1M   AD8   AMI   AUC   CAY   CKF (2)   CMM   CNB   CXO   EDV   EMR   FBU   GGP   IEL   JIN   LNW   PDI   PDN   SHA   SMP   TWE   WGX   XRO  

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.30

Moelis rates ((A1M)) as Buy (1) –

AIC Mines will raise $55m via placement and up to $10m via a share purchase plan (SPP) at 30c, notes Moelis, alongside securing a US$40m prepayment facility with Trafigura linked to Jericho offtake.

The broker believes FY25 guidance will be exceeded, forecasting 12.8kt copper and 5.3koz gold.

Moelis incorporates materially higher capex for the Jericho development and Eloise plant expansion, which now impacts valuation due to delayed cash flow and dilution from the equity raise.

Cash levels are not expected to recover to current levels until September 2028. Moelis lowers its target to 43c from 70c. Buy retained.

This report was published on June 25, 2025.

Target price is $0.43 Current Price is $0.30 Difference: $0.13
If A1M meets the Moelis target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $0.76, suggesting upside of 153.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.5, implying annual growth of 114.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of 71.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 5.0.

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

AD8    AUDINATE GROUP LIMITED

Hardware & Equipment – Overnight Price: $7.10

Moelis rates ((AD8)) as Upgrade to Buy from Hold (1) –

Moelis notes Audinate Group had strong revenue momentum until 2H24, except for a brief interruption during covid, but sales have slowed down sharply in the past 12 months.

Inventory overhang by key clients and US tariffs are adding to the company’s uncertain outlook, and two of its Asia-listed partners echoed similar concerns. The broker cut the FY26 revenue forecast down by -5%. 

Rating upgraded to Buy from Hold. Target cut to $9.86 from $10.27.

This report was published on June 25, 2025.

Target price is $9.86 Current Price is $7.10 Difference: $2.76
If AD8 meets the Moelis target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $9.41, suggesting upside of 31.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 9.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 74.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -11.2, 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:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 308.70.

How do these forecasts compare to market consensus projections?

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

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

AMI    AURELIA METALS LIMITED

Gold & Silver – Overnight Price: $0.20

Moelis rates ((AMI)) as Buy (1) –

After a detailed analysis of Aurelia Metals’ significantly higher costs and capital guidance, Moelis has downgraded earnings and cash flow forecasts.

FY26 EPS forecast cut by -59% and FY27 by -74%.

Buy. Target cut to 31c from 40c.

This report was published on June 23, 2025.

Target price is $0.31 Current Price is $0.20 Difference: $0.115
If AMI meets the Moelis target it will return approximately 59% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.42.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.93.

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

AUC    AUSGOLD LIMITED

Gold & Silver – Overnight Price: $0.74

Canaccord Genuity rates ((AUC)) as Initiation of coverage with Speculative Buy (1) –

Canaccord Genuity has initiated coverage of Ausgold with a Speculative Buy rating and target price of $1.60.

The company’s Katanning gold project in Western Australia was measured to have a resource of 3Moz in September 2023 under the previous management.

The broker believes new management has the experience across all work areas to bring the project to fruition.

A definitive feasibility study is expected in the near term, where an updated resource and reserve are expected. The broker has modelled a 3.6Mtpa operation producing 118kozpa over a 10-year mine life at a cost of $2,326/oz.

The broker has factored in a $50m equity raise at 60c/share in the September quarter for working capital and potential land acquisitions. A further $150m equity raise at the same price is expected in the September 2026 quarter, along with a $250m debt facility.

This report was published on June 23, 2025.

Target price is $1.60 Current Price is $0.74 Difference: $0.855
If AUC meets the Canaccord Genuity target it will return approximately 115% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.63.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.63.

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

CAY    CANYON RESOURCES LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.24

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

Canaccord Genuity visited Canyon Resources’ Minim-Martap project in Cameroon to verify conditions on the ground. The key takeaway was the country is actively supporting efforts to modernise the mining industry.

The broker notes the company expects to release DFS for the project in the September quarter, which will allow it to sign further funding deals and/or offtake agreements.

Speculative Buy. Target unchanged at 35c.

This report was published on June 24, 2025.

Target price is $0.35 Current Price is $0.24 Difference: $0.11
If CAY meets the Canaccord Genuity target it will return approximately 46% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 24.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.00.

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

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $9.22

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

Jarden explains FY25 was a tough year for Collins Foods, with earnings (EBITDA) ending flat, but 2H25 showed an improvement of 5% growth as cost of goods sold declined and labour optimisation assisted.

There are also indications of improving same-store sales growth, and management has guided to mid-to-teens net profit after tax growth for FY26 of around 17% ex-Taco Bell, which is in line with consensus.

Jarden believes Germany offers upside with new restaurant guidance of 4070 by FY28, alongside ongoing productivity gains.

Overweight rating unchanged. Target price lifts to $10.10 from $9.95.

This report was published on June 24, 2025.

Target price is $10.10 Current Price is $9.22 Difference: $0.88
If CKF meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $9.91, suggesting upside of 6.0%(ex-dividends)
The company’s fiscal year ends in April.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 50.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.6, implying annual growth of 548.0%.
Current consensus DPS estimate is 27.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 19.2.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 60.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.9, implying annual growth of 19.1%.
Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.1.

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

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

Wilsons highlights a strong FY25 result for Collins Foods, which came in above consensus estimates, with management looking to underlying net profit after tax growth for FY26, including Taco Bell, of around the low-to-mid teens.

For the first eight weeks of FY26, same-store sales growth was 1.6% for Australia and up 1.3% for Germany, with the Netherlands down -0.2%.

The broker treats Taco Bell as a discontinued business, with pre-tax losses for FY26FY28 assumed to be significant items.

Key highlights included margin improvement in 2H25 with cost of goods sold deflation and labour efficiencies, with momentum expected to continue. The analyst also considered the unit economics for Germany as impressive and reinforcing the strategic investment into the country.

No change to Overweight rating. Target lifts to $10.20 from $10.13.

This report was published on June 25, 2025.

Target price is $10.20 Current Price is $9.22 Difference: $0.98
If CKF meets the Wilsons target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $9.91, suggesting upside of 6.0%(ex-dividends)
The company’s fiscal year ends in April.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 32.00 cents and EPS of 53.20 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.6, implying annual growth of 548.0%.
Current consensus DPS estimate is 27.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 19.2.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 39.00 cents and EPS of 64.70 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.9, implying annual growth of 19.1%.
Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.1.

Market Sentiment: 0.8
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: $9.90

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

Capricorn Metals extended the Karlawinda mining contract with MACA for a further five-year term and has selected the company as a preferred contractor for the Mt Gibson project.

Canaccord Genuity notes the contract extension will see the project expanded to 6.5Mtpa and production of 150kozpa. The unit price for the preferred contractor bid aligns with the reserve model costing for the Mt Gibson project.

The broker has currently modelled a 15-month development and construction period for Mt Gibson starting in 1H26, with first production in 4Q2026. The analyst expects cash/bullion of $359m at end-June and no debt.

Buy. Target unchanged at $10.60.

This report was published on June 24, 2025.

Target price is $10.60 Current Price is $9.90 Difference: $0.7
If CMM meets the Canaccord Genuity target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.44, suggesting downside of -3.9%(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 26.05.

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 27.1.

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 17.37.

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 19.6.

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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.36

Moelis rates ((CNB)) as Buy (1) –

Moelis highlights encouraging drilling results at Carnaby Resources’ Trekelano project near Mt Isa, with intercepts including 115m @ 0.4% copper and 0.2g/t gold, and higher-grade zones such as 9m at 1.6% copper and 1.1g/t gold.

The broker sees signs of expanding mineralisation at Trekelano, contrasting earlier discrete zones with a potentially larger halo of lower-grade copper surrounding high-grade cores.

The results are promising, particularly given the capital-light development strategy and existing toll treatment and offtake agreement with Glencore, explains the analyst.

With an updated feasibility study expected later in 2025 and a final investment decision to follow, the broker believes further drilling success could materially enhance the project’s scale and value.

Moelis maintains a Buy rating and a target price of 80c.

This report was published on June 25, 2025.

Target price is $0.80 Current Price is $0.36 Difference: $0.44
If CNB meets the Moelis target it will return approximately 122% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.47.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.63.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.09

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

Following a site visit to Core Lithium’s Finniss operations, Canaccord Genuity reckons the site is well-maintained and ready to restart operations as lithium markets correct.

The analyst notes the sub-vertical pegmatites like BP33 present efficient underground mining opportunities due to low dilution and strong structural integrity. 

With a lead time of 12 months to full production rates, the broker believes the mine could represent incremental tonnes to the market as the supply/demand balance shifts

Hold. Target unchanged at 10c.

This report was published on June 23, 2025.

Target price is $0.10 Current Price is $0.09 Difference: $0.013
If CXO meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.70.

Forecast for FY26:

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

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

EDV    ENDEAVOUR GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $4.00

Jarden rates ((EDV)) as Neutral (3) –

Jarden highlights budgets of the key NSW, Queensland and Victoria states had no negative surprises with respect to electronic gaming machines.

Across the three states, the compounded annual tax revenue growth rate for electronic gaming machines over FY25-29 is forecast at 4.1%.

No change in forecasts for Endeavour Group, with the broker believing the company remains well-placed to outpace hotel market growth via investment in both gaming machines and premises.

Neutral. Target price $4.20.

This report was published on June 26, 2025.

Target price is $4.20 Current Price is $4.00 Difference: $0.2
If EDV meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.52, suggesting upside of 13.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 23.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.7, implying annual growth of -13.6%.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 26.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.2, implying annual growth of 10.1%.
Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 5.0%.
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

EMR    EMERALD RESOURCES NL

Gold & Silver – Overnight Price: $4.06

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

Emerald Resources downgraded 4Q25 production guidance to 21koz at a cost of US$1,200/oz from 25-30koz at US$900-1,000/oz.

Canaccord Genuity notes the downgrade was due to the continuation of issues in the early part of 4Q from 3Q where cut-back activities restricted floor access to the ore zone.

Despite the broker’s conservative forecast, it had to revise its forecasts to 21koz for 4Q at US$1,220/oz.

Normal activities resumed in the latter part of the quarter, and the company expects FY26 to deliver 105-125koz vs previous guidance of 110-125koz at a cost of US$966/oz.

Canaccord Genuity is forecasting 113koz at US$1,007/oz cost. Buy. Target cut to $5.10 from $5.95.

This report was published on June 24, 2025.

Target price is $5.10 Current Price is $4.06 Difference: $1.04
If EMR meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 19.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.37.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 36.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.28.

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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $2.67

Jarden rates ((FBU)) as Buy (1) –

At Fletcher Building’s investor day, the company indicated the NZ business seems to have bottomed, with Australia still trying to bottom, and FY26 likely to be another challenging year operationally.

The analyst also noted a lift in significant items of around NZ$345m, which was not expected. Jarden has lowered earnings before interest and tax forecasts for FY25FY27.

Buy rating retained. Target cut to NZ$4.14 from NZ$4.30.

This report was published on June 24, 2025.

Current Price is $2.67. Target price not assessed.
Current consensus price target is $3.04, suggesting upside of 14.3%(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 22.34 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 17.51 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of 30.0%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 14.6.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GGP    GREATLAND RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.01

Moelis rates ((GGP)) as Initiation of coverage with Hold (3) –

Moelis has initiated coverage of Greatland Resources with a Hold rating and target price of $7.50.

The stock made its debut on the ASX on June 24 and is now dual-listed here and London Stock Exchange’s AIM market.

The company acquired 100% ownership of Telfer in December 2024 from Newmont Corp ((NEM)), and the broker notes the next 12 months will see significant cash generation from record gold prices. 

The broker expects the cash build to be used for development and other infrastructure required to bring the Havieron mine online. The analyst is forecasting $970m cash and no undrawn debt at the end of FY26. 

This report was published on June 24, 2025.

Target price is $7.50 Current Price is $0.01 Difference: $7.494
If GGP meets the Moelis target it will return approximately 124900% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.30.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.88 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.68.

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

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $3.57

Jarden rates ((IEL)) as Neutral (3) –

After another substantial downgrade to guidance from IDP Education, Jarden reconsiders the outlook for the company and concludes the long-term view remains positive despite the recent ongoing weakness in student placements and IELTS volumes.

The analyst believes foreign student demand will return to major western markets once immigration policies settle and sentiment improves.

In the short term, earnings remain challenged as volumes are uncertain, which impacts the company’s market share and costs.

Jarden highlights while the valuation is attractive, there are ongoing risks to earnings downgrades; hence a Neutral rating is retained.

Target price slips to $6.25 from $6.95.

This report was published on June 24, 2025.

Target price is $6.25 Current Price is $3.57 Difference: $2.68
If IEL meets the Jarden target it will return approximately 75% (excluding dividends, fees and charges).
Current consensus price target is $5.55, suggesting upside of 54.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.50 cents and EPS of 24.20 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of -42.3%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 8.40 cents and EPS of 19.40 cents.
At the last closing share price the estimated dividend yield is 2.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.8, implying annual growth of 4.7%.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 12.5.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $9.73

Jarden rates ((JIN)) as Buy (1) –

Jarden attributes the decline in Jumbo Interactive’s share price by -9% over the last three months to consensus downgrades on lower lotteries turnover.

The analyst highlights total Powerball/Oz Lotto jackpots are down by -13% on a year earlier in 2H25 year-to-date. Powerball sales are estimated to be down by -40% on last year, with zero over $100m jackpots in 2H25.

Commentary highlights the company maintains a robust balance sheet with a cash position of $73m and optionality around M&A.

Jarden lowers EPS forecasts by an average -6.6%. No change to Buy rating. Target price slips to $13.40 from $14.20.

This report was published on June 24, 2025.

Target price is $13.40 Current Price is $9.73 Difference: $3.67
If JIN meets the Jarden target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $13.37, suggesting upside of 37.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 52.00 cents and EPS of 62.00 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.2, implying annual growth of -9.7%.
Current consensus DPS estimate is 48.0, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 54.70 cents and EPS of 75.70 cents.
At the last closing share price the estimated dividend yield is 5.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.8, implying annual growth of 15.4%.
Current consensus DPS estimate is 53.3, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.5.

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: $142.20

Jarden rates ((LNW)) as Buy (1) –

Jarden notes recent updates from the District Court of Nevada and the Federal Court of Australia regarding Light & Wonder’s litigation with Aristocrat Leisure ((ALL)) were largely positive.

The main takeaway is the contagion across multiple games and studios will likely be limited, and the requirement for Aristocrat to be specific about claims likely strengthens Light & Wonder’s defence.

The broker has assumed Dragon Train’s legal liability of -US$100m into forecasts. Overall, the broker believes the share price fall on litigation uncertainty is overdone.

Buy. Target unchanged at $189.

This report was published on June 26, 2025.

Target price is $189.00 Current Price is $142.20 Difference: $46.8
If LNW meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $194.00, suggesting upside of 32.7%(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 858.18 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 904.1, implying annual growth of 58.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1040.28 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1114.5, implying annual growth of 23.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.1.

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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.38

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

Predictive Discovery published a definitive feasibility study (DFS) for the Bankan gold project, and Canaccord Genuity notes the biggest improvement was a -7% lower cost to a competitive US$1,057/oz.

Overall, commentary concludes, the DFS confirms the project’s long mine life and is targeting commercial production by the June quarter of 2028.

Next catalyst is the grant of an exploration licence. Speculative Buy. Target unchanged at 56c.

This report was published on June 25, 2025.

Target price is $0.56 Current Price is $0.38 Difference: $0.185
If PDI meets the Canaccord Genuity target it will return approximately 49% (excluding dividends, fees and charges).

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $7.75

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

Canaccord Genuity notes the CEO succession at Paladin Energy is a no-drama event, and incoming CEO Paul Hemburrow’s skillsets would benefit the greenfield development in Canada and optimisation of Langer Heinrich mine.

The broker’s forecast for June quarter production is 0.75Mlb, up 4% q/q, and 2.8Mlb for full FY25. The forecast for FY26 is 4.6Mlb.

Buy. Target unchanged at $12.80.

This report was published on June 25, 2025.

Target price is $12.80 Current Price is $7.75 Difference: $5.05
If PDN meets the Canaccord Genuity target it will return approximately 65% (excluding dividends, fees and charges).
Current consensus price target is $8.54, suggesting upside of 10.3%(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 minus 6.99 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 110.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.7, 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:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 25.15 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.1, 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 25.7.

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

SHA    SHAPE AUSTRALIA CORPORATION LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $4.15

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

Shape Australia’s FY25 EBITDA guidance of $32-33m beat Petra Capital’s forecast of $30m as the core revenue miss was offset by a marginal increase in gross profit margin.

The broker notes the company’s pipeline is strong at $4.0bn, and newer businesses are performing well, making its forecasts look conservative. But the analyst will wait for FY25 results for a more detailed commentary.

For now, the broker lifted FY25 EBITDA forecast to the mid-point of the guidance range, and made minor changes to FY26-27 forecasts.

Rating downgraded to Hold from Buy on share price rise. Target rises to $3.60 from $3.50.

This report was published on June 24, 2025.

Target price is $3.60 Current Price is $4.15 Difference: minus $0.55 (current price is over target).
If SHA meets the Petra Capital target it will return approximately minus 13% (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 22.20 cents and EPS of 24.60 cents.
At the last closing share price the estimated dividend yield is 5.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.87.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 23.60 cents and EPS of 26.20 cents.
At the last closing share price the estimated dividend yield is 5.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.84.

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

SMP    SMARTPAY HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $1.03

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

Wilsons notes SmartPay’s board has endorsed the 100% takeover offer from Shift4 and it sees a high likelihood the deal will progress successfully this year.

The broker looked at the key details of the scheme, noting any adverse RBA outcomes from payments review are not a ground for breaking the deal.

The scheme also stipulates directors continue supporting the transaction, and any withdrawal would give Shift4 the right to terminate.

Overweight. Target unchanged at $1.20, with the -10% discount to offer price reflecting scheme implementation and shareholder register risks.

This report was published on June 23, 2025.

Target price is $1.20 Current Price is $1.03 Difference: $0.17
If SMP meets the Wilsons target it will return approximately 17% (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 0.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 161.44.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.65 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.23.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $7.84

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

Post Treasury Wine Estates’ investor update, Jarden emphasises that against a very challenging backdrop for the global wine market, the company is “outperforming”.

Luxury wine is still growing, but concerns remain over Treasury Collective, which represents around 14% of earnings before interest and tax (EBIT).

Earnings outlook and forecasts have been cut again, with additional risks attached to the new distribution agreement in California. 

Management also announced a share buyback of up to 5%, which, commentary suggests, should underpin the stock’s valuation.

Jarden lowers EPS estimates by around -3% to -4% for FY26/FY27, respectively, with an assumption that half of the share buyback will be completed over the period.

Rating remains at Overweight. Target is lowered to $10 from $10.60.

This report was published on June 24, 2025.

Target price is $10.00 Current Price is $7.84 Difference: $2.16
If TWE meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $9.58, suggesting upside of 24.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 38.00 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 4.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.7, implying annual growth of 354.3%.
Current consensus DPS estimate is 38.9, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 45.00 cents and EPS of 62.70 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.8, implying annual growth of 10.6%.
Current consensus DPS estimate is 41.8, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.0.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.91

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

Petra Capital highlights Westgold Resources’ acquisition of Karora Resources has paid dividends, with an initial mineral resource estimate for the Fletcher zone at the Beta Hunt mine. The 31Mt resource is effectively a doubling of the resource.

The broker notes there is potential for the resource to triple to 90Mt, with the company now doing an accelerated drilling program.

Buy. Target price $4.74, incorporating the increased resource.

This report was published on June 24, 2025.

Target price is $4.74 Current Price is $2.91 Difference: $1.83
If WGX meets the Petra Capital target it will return approximately 63% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 2.50 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.93.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 10.00 cents and EPS of 59.80 cents.
At the last closing share price the estimated dividend yield is 3.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.87.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $194.21

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

Wilsons believes Xero’s acquisition of Melio will materially accelerate its US expansion and enhance the overall product offering.

The deal is worth -US$2.6bn upfront, with up to -US$0.5bn in earn-outs over three years.

Funding will come from a mix of equity (including a $1.2bn placement at $176 per share), existing cash, debt, and a non-underwritten share purchase plan (SPP) for circa $200m.

Melio, with 80,000 customers and US$153m in FY25 revenue, recorded 88% revenue growth, highlights Wilsons, and boasts an average revenue per user (ARPU) 14 times higher than Xero’s current US levels.

Wilsons increases its target price to $217.26 from $213.00 and retains an Overweight rating.

This report was published on June 26, 2025.

Target price is $217.26 Current Price is $194.21 Difference: $23.05
If XRO meets the Wilsons target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $211.50, suggesting upside of 14.7%(ex-dividends)
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 314.36 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 61.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 198.4, 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 92.9.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 429.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 268.1, implying annual growth of 35.1%.
Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 68.8.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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