Australian Broker Call *Extra* Edition – Jul 07, 2025

Daily Market Reports | Jul 07 2025

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   ALK   ALL   AMI   AMP   AUB   BGL   BOQ   BTR   BWP   CGF   CNB   CSC   FFM   GEM   GGP   GMD   GOR   HGO   HLS   HUB   IAG   LNW   MAC   MPL   NAN   NHF   NWL   OBM   PME   PNI   PNR   QBE   SDF   SHL   SMI   SRG   VAU (2)  

SMI    SANTANA MINERALS LIMITED

Gold & Silver - Overnight Price: $0.55

Canaccord Genuity rates ((SMI)) as Speculative Buy (1) -

Santana Minerals published pre-feasibility study (PFS) for its Bendigo-Ophir gold project in New Zealand which outlined average production of 90kozpa at a cost of $1,842/oz over an initial 13.8-year mine life.

Canaccord Genuity adjusted its forecasts to align with the PFS, except for first production, which it expects in September 2027 quarter vs March 2027 quarter in the PFS.

The revisions resulted in the broker's cost assumption rising by 29% vs previous forecasts, throughput estimate down -20%, and total capex -14% lower.

Speculative Buy. Target cut to $1.40 from $1.56.

This report was published on July 2, 2025.

Target price is $1.40 Current Price is $0.55 Difference: $0.85
If SMI meets the Canaccord Genuity target it will return approximately 155% (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 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.33.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.33.

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

SRG    SRG GLOBAL LIMITED

Mining Sector Contracting - Overnight Price: $1.68

Moelis rates ((SRG)) as Initiation of coverage with Buy (1) -

Moelis initiates coverage of SRG Global with a Buy rating and a $2 target price.

The analyst highlights improved earnings quality, with around 75% recurring revenue, which has helped achieve a compound growth rate in EPS of 32% from FY21FY24. The company has record work in hand of $3.4bn, which is expected to underpin near-term growth, the broker explains.

Looking ahead, Moelis forecasts a higher-than-consensus 14% compound average growth rate in EPS from FY24FY27, underpinned by management's strong track record in delivery and execution alongside the recurring revenue base.

Aging infrastructure and outsourcing of work to maintain asset life, utility, and production levels are seen providing positive tailwinds for SRG Global.

This report was published on July 3, 2025.

Target price is $2.00 Current Price is $1.68 Difference: $0.32
If SRG meets the Moelis target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $1.68, suggesting upside of 0.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 5.50 cents and EPS of 9.90 cents.
At the last closing share price the estimated dividend yield is 3.27%.
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 8.8, implying annual growth of 33.1%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 5.70 cents and EPS of 10.50 cents.
At the last closing share price the estimated dividend yield is 3.39%.
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 9.9, implying annual growth of 12.5%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.9.

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

VAU    VAULT MINERALS LIMITED

Gold & Silver - Overnight Price: $0.41

Canaccord Genuity rates ((VAU)) as Buy (1) -

Vault Minerals FY25 gold sales of 385koz came below its guidance of 390-410koz and missed Canaccord Genuity's forecast by -8%. June quarter sales of 96koz also missed the broker's forecast by -5% due to lower sales at KOTH.

The company will provide cost details in the full June quarterly release. Cash and bullion at the end of the quarter was $686m vs the broker's forecast of $731m.

Buy. Target unchanged at 68c.

This report was published on July 3, 2025.

Target price is $0.68 Current Price is $0.41 Difference: $0.275
If VAU meets the Canaccord Genuity target it will return approximately 68% (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 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.10.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.79.

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

Moelis rates ((VAU)) as Buy (1) -

Moelis updated its models for small caps to account for revisions to gold, copper and silver price estimates. This resulted in higher earnings forecasts and valuations for most gold producers while copper producers saw modest downgrades to FY25 earnings forecasts, and flat FY26.

Gold price estimates lifted throughout the forecast period with increases of 9-17%, silver saw modest price revisions of 3-8%, and copper price forecasts were mostly lowered, especially in FY26-27.

The broker lifted Vault Minerals' FY25 and FY26 EBITDA forecasts by 5% and 19%, respectively.

Buy. Target rises to 75c from 70c.

This report was published on July 3, 2025.

Target price is $0.75 Current Price is $0.41 Difference: $0.345
If VAU meets the Moelis target it will return approximately 85% (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 11.25.

Forecast for FY26:

Moelis forecasts a full year FY26 EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.10.

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

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

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

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.