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

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            [1] => ((ALK))
            [2] => ((ALL))
            [3] => ((AMI))
            [4] => ((AMP))
            [5] => ((AUB))
            [6] => ((BGL))
            [7] => ((BOQ))
            [8] => ((BTR))
            [9] => ((BWP))
            [10] => ((WES))
            [11] => ((CGF))
            [12] => ((CNB))
            [13] => ((CSC))
            [14] => ((FFM))
            [15] => ((GEM))
            [16] => ((GGP))
            [17] => ((GMD))
            [18] => ((GOR))
            [19] => ((HGO))
            [20] => ((HLS))
            [21] => ((SHL))
            [22] => ((HUB))
            [23] => ((IAG))
            [24] => ((LNW))
            [25] => ((ALL))
            [26] => ((MAC))
            [27] => ((MPL))
            [28] => ((NAN))
            [29] => ((NHF))
            [30] => ((NWL))
            [31] => ((OBM))
            [32] => ((PME))
            [33] => ((PNI))
            [34] => ((PNR))
            [35] => ((QBE))
            [36] => ((SDF))
            [37] => ((SHL))
            [38] => ((HLS))
            [39] => ((SMI))
            [40] => ((SRG))
            [41] => ((VAU))
            [42] => ((VAU))
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    [1] => Array
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            [0] => A1M
            [1] => ALK
            [2] => ALL
            [3] => AMI
            [4] => AMP
            [5] => AUB
            [6] => BGL
            [7] => BOQ
            [8] => BTR
            [9] => BWP
            [10] => WES
            [11] => CGF
            [12] => CNB
            [13] => CSC
            [14] => FFM
            [15] => GEM
            [16] => GGP
            [17] => GMD
            [18] => GOR
            [19] => HGO
            [20] => HLS
            [21] => SHL
            [22] => HUB
            [23] => IAG
            [24] => LNW
            [25] => ALL
            [26] => MAC
            [27] => MPL
            [28] => NAN
            [29] => NHF
            [30] => NWL
            [31] => OBM
            [32] => PME
            [33] => PNI
            [34] => PNR
            [35] => QBE
            [36] => SDF
            [37] => SHL
            [38] => HLS
            [39] => SMI
            [40] => SRG
            [41] => VAU
            [42] => VAU
        )

)

This story features AIC MINES LIMITED, and other companies.
For more info SHARE ANALYSIS: A1M
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   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)  

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.32

Moelis rates ((A1M)) 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 trimmed AIC Mines’ FY25 EBITDA forecast by -1% and FY26 by -2%.

Buy. Target unchanged at 43c.

This report was published on July 3, 2025.

Target price is $0.43 Current Price is $0.32 Difference: $0.11
If A1M meets the Moelis target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $0.59, suggesting upside of 83.3%(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 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.0, implying annual growth of 84.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.4, implying annual growth of 46.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.3.

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

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.69

Moelis rates ((ALK)) 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 Alkane Resources’ FY25 and FY26 EBITDA forecasts by 6% and 15%, respectively, with larger impacts on net profits.

Buy. Target price $1.15.

This report was published on July 3, 2025.

Target price is $1.15 Current Price is $0.69 Difference: $0.46
If ALK meets the Moelis target it will return approximately 67% (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 6.33 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.90.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 13.76 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.01.

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

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $67.82

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

Jarden revises its view on Aristocrat Leisure following a share price recovery post a weaker-than-expected interim result, marked by a drop in Gaming Ops Fee Per Day.

The broker believes the recent Monopoly licence acquisition is a tactical move in response to increased competition and efforts to sustain market-leading installations above historical averages.

While the analysts remain constructive on the gaming supplier sector and Aristocrat’s long-term prospects, they highlight concerns around incremental returns from recent investments, particularly in the nascent Interactive business.

The broker cautions on the financial justification of recent high-profile licence acquisitions but acknowledges management’s ability to leverage a strong balance sheet.

Jarden downgrades to a Neutral rating from Overweight on a risk/reward basis and retains a $64.00 target price.

This report was published on July 2, 2025.

Target price is $64.00 Current Price is $67.82 Difference: minus $3.82 (current price is over target).
If ALL meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $73.23, suggesting upside of 8.1%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 91.00 cents and EPS of 243.20 cents.
At the last closing share price the estimated dividend yield is 1.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 245.1, implying annual growth of 19.7%.
Current consensus DPS estimate is 85.9, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 27.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 106.00 cents and EPS of 282.70 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 275.6, implying annual growth of 12.4%.
Current consensus DPS estimate is 94.7, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 24.6.

Market Sentiment: 0.9
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: $0.18

Moelis rates ((AMI)) 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 cut Aurelia Metals’ FY25 EBITDA forecast by -2% and FY26 by -3%.

Buy. Target rises to 32c from 31c.

This report was published on July 3, 2025.

Target price is $0.32 Current Price is $0.18 Difference: $0.135
If AMI meets the Moelis target it will return approximately 73% (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 3.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.29.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.23.

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

AMP    AMP LIMITED

Wealth Management & Investments – Overnight Price: $1.43

Jarden rates ((AMP)) as Neutral (3) –

Jarden marked-to-market investment movements for insurance and wealth stocks for the June quarter, noting a fall in risk-free rates, a strong rebound in global equities, USD depreciation and credit spread compression.

The sharp recovery in equity markets drove upgrades to FUA/FUM for wealth and diversified financials stocks.

EPS forecast for AMP lifted by 5.8% for FY25 and by 10.4% for FY26.

Neutral. Target rises to $1.40 from $1.20.

This report was published on July 3, 2025.

Target price is $1.40 Current Price is $1.43 Difference: minus $0.025 (current price is over target).
If AMP 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 $1.45, suggesting upside of 1.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 4.00 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of 35.4%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 5.00 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, implying annual growth of 13.5%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 13.0.

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

AUB    AUB GROUP LIMITED

Insurance – Overnight Price: $34.13

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

Jarden marked-to-market investment movements for insurance and wealth stocks for the June quarter, noting a fall in risk-free rates, a strong rebound in global equities, USD depreciation and credit spread compression.

The broker highlights scope for insurance brokers to grow earnings organically and via M&A, and sees the strongest appeal in AUB Group among brokers.

EPS forecast lifted by 0.1% for FY25 and by 0.4% for FY26.

Overweight. Target rises to $38.25 from $37.25.

This report was published on July 3, 2025.

Target price is $38.25 Current Price is $34.13 Difference: $4.12
If AUB meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $35.76, suggesting upside of 4.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 99.00 cents and EPS of 169.10 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 161.2, implying annual growth of 28.3%.
Current consensus DPS estimate is 92.5, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 21.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 115.00 cents and EPS of 198.10 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 182.5, implying annual growth of 13.2%.
Current consensus DPS estimate is 105.1, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 18.8.

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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $0.93

Moelis rates ((BGL)) as Hold (3) –

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 Bellevue Gold’s FY25 and FY26 EBITDA forecasts by 15% and 20%, respectively.

Hold. Target rises to $1.05 from $0.85.

This report was published on July 3, 2025.

Target price is $1.05 Current Price is $0.93 Difference: $0.125
If BGL meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $1.15, suggesting upside of 18.6%(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 6.48 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.3, implying annual growth of -34.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.35 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of 134.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.6.

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

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $7.83

Jarden rates ((BOQ)) as Downgrade to Underweight from Neutral (4) –

Jarden downgraded Bank of Queensland to Underweight from Neutral due to valuation reasons. This follows a 13% rally in the stock price since the 1H25 result on April 16.

No change to forecasts or target price of $6.70.

This report was published on July 1, 2025.

Target price is $6.70 Current Price is $7.83 Difference: minus $1.13 (current price is over target).
If BOQ meets the Jarden target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.38, suggesting downside of -18.0%(ex-dividends)
The company’s fiscal year ends in August.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 36.00 cents and EPS of 53.10 cents.
At the last closing share price the estimated dividend yield is 4.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.7, implying annual growth of 26.1%.
Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 38.00 cents and EPS of 55.80 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 14.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.4, implying annual growth of 4.9%.
Current consensus DPS estimate is 39.2, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 13.6.

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

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.47

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

Brightstar Resources published a definitive feasibility study (DFS) for the staged development of the Menzies and Laverton gold projects in Western Australia.

Canaccord Genuity notes the company plans to use cash from the current operating Fish and Second Fortune underground mines to repay $14m debt and partially fund Menzies and Laverton capex. Peak funding is expected to be $120m

The Menzies and Laverton cash flow will be used to fund the flagship Sandstone gold project, which is expected to be in production by late 2028.

Speculative Buy. Target cut to $1.40 from $1.50.

This report was published on July 3, 2025.

Target price is $1.40 Current Price is $0.47 Difference: $0.935
If BTR meets the Canaccord Genuity target it will return approximately 201% (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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 23.25.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.81.

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

BWP    BWP TRUST

REITs – Overnight Price: $3.61

Moelis rates ((BWP)) as Hold (3) –

BWP Trust is internalising its management functions by acquiring management rights from its largest shareholder, manager and primary tenant, Wesfarmers ((WES)). The consideration is -$142.6m, comprising -$100m cash and -$42.6m in equity.

Moelis reckons the transaction makes strategic sense and will help the REIT in attracting an improved cost of capital.

The REIT expects the deal to be 2.3% accretive to earnings, with the 2.0% expected in FY26. The cost savings equate to an acquisition yield of 7.4% vs the borrowing cost of 5%.

The broker notes the weighted average lease expiry of the REIT’s Bunnings stores will increase to 9.5 years from 4.6 years, taking the portfolio WALE to 8.0 years from 4.4 years.

Hold. Target rises to $3.80 from $3.76 as the broker incorporates the deal into its estimates while noting it remains subject to shareholder approval.

This report was published on July 3, 2025.

Target price is $3.80 Current Price is $3.61 Difference: $0.19
If BWP meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.82, suggesting upside of 6.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 18.60 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of -31.1%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 19.40 cents and EPS of 18.90 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.4, implying annual growth of 3.2%.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 18.6.

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

CGF    CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $8.04

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

Jarden marked-to-market investment movements for insurance and wealth stocks for the June quarter, noting a fall in risk-free rates, a strong rebound in global equities, USD depreciation and credit spread compression.

The broker believes Challenger offers compelling value at current levels, with further support to come from capital changes.

EPS forecast for FY25 lifted by 1.2% and by 4.3% for FY26.

Overweight. Target rises to $8.70 from $7.50.

This report was published on July 3, 2025.

Target price is $8.70 Current Price is $8.04 Difference: $0.66
If CGF meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $7.64, suggesting downside of -4.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 26.10 cents and EPS of 60.20 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.3, implying annual growth of 207.2%.
Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 27.40 cents and EPS of 64.70 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.9, implying annual growth of 9.6%.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 12.5.

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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.44

Moelis rates ((CNB)) 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.

No change to near-term forecasts for Carnaby Resources.

Buy. Target rises to 87c from 80c.

This report was published on July 3, 2025.

Target price is $0.87 Current Price is $0.44 Difference: $0.43
If CNB meets the Moelis target it will return approximately 98% (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 11.58.

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 6.88.

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

CSC    CAPSTONE COPPER CORP.

Copper – Overnight Price: $9.69

Moelis rates ((CSC)) 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 trimmed Capstone Copper’s FY25 and FY26 EBITDA forecasts by -6% and -1%, respectively.

Buy. Target price $12.50.

This report was published on July 3, 2025.

Target price is $12.50 Current Price is $9.69 Difference: $2.81
If CSC meets the Moelis target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $11.45, suggesting upside of 18.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 32.43 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of 76.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 32.7.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 46.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.5, implying annual growth of 128.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.3.

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

FFM    FIREFLY METALS LIMITED

Gold & Silver – Overnight Price: $1.10

Moelis rates ((FFM)) 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.

No changes to FireFly Metals’ earnings forecasts from commodity price updates.

Buy. Target cut to $1.40 from $1.50.

This report was published on July 3, 2025.

Target price is $1.40 Current Price is $1.10 Difference: $0.295
If FFM meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $1.68, suggesting upside of 51.7%(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 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 58.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 5.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.4, 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 N/A.

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

GEM    G8 EDUCATION LIMITED

Childcare – Overnight Price: $0.96

Moelis rates ((GEM)) as Downgrade to Hold from Buy (3) –

Moelis notes occupancy improvements were already looking challenging for G8 Education for the rest of 2025, and an additional headwind has emerged with the incident at its Creative Garden Point Cook childcare centre.

The broker believes there is high uncertainty about the potential impact of the incident in terms of occupancy and regulatory risks across the sector.

The analyst downgraded FY25/26/27 EPS forecasts by -3.5%/-4.7%/-5.6%, respectively.

Rating downgraded to Hold from Buy. Target cut to $1.15 from $1.49.

This report was published on July 3, 2025.

Target price is $1.15 Current Price is $0.96 Difference: $0.19
If GEM meets the Moelis target it will return approximately 20% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 5.97 cents and EPS of 8.70 cents.
At the last closing share price the estimated dividend yield is 6.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.03.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 6.40 cents and EPS of 9.90 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.70.

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: $7.00

Moelis rates ((GGP)) as Hold (3) –

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 trimmed Greatland Resources’ FY25 and FY26 EBITDA forecasts by -2% and -3%, respectively.

Hold. Target unchanged at $7.50.

This report was published on July 3, 2025.

Target price is $7.50 Current Price is $7.00 Difference: $0.5
If GGP meets the Moelis target it will return approximately 7% (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 1521.74.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.86 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 813.95.

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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $4.23

Moelis rates ((GMD)) as Hold (3) –

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 Genesis Minerals’ FY25 and FY26 EBITDA forecasts by 6% and 14%, respectively.

Hold. Target rises to $4.50 from $4.25.

This report was published on July 3, 2025.

Target price is $4.50 Current Price is $4.23 Difference: $0.27
If GMD meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.48, suggesting upside of 5.7%(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 21.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.7, implying annual growth of 154.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.5.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 34.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.6, implying annual growth of 60.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.4.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $3.25

Moelis rates ((GOR)) as Hold (3) –

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 Gold Road Resources’ FY25 and FY26 EBITDA forecasts by 11% and 20%, respectively.

Hold. Target unchanged at $3.20, given the ongoing acquisition proposal from Gold Fields.

This report was published on July 3, 2025.

Target price is $3.20 Current Price is $3.25 Difference: minus $0.05 (current price is over target).
If GOR meets the Moelis target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.34, suggesting upside of 3.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 4.08 cents and EPS of 13.17 cents.
At the last closing share price the estimated dividend yield is 1.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.8, implying annual growth of 103.3%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.97 cents and EPS of 28.93 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.8, implying annual growth of 11.2%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 10.8.

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

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.04

Moelis rates ((HGO)) as Buy (1) –

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 cut Hillgrove Resources’ FY25 EBITDA forecast by -5% but left FY26 estimates unchanged.

Buy. Target unchanged at 7c.

This report was published on July 3, 2025.

Target price is $0.07 Current Price is $0.04 Difference: $0.029
If HGO meets the Moelis target it will return approximately 71% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 EPS of 0.37 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.08.

Forecast for FY26:

Moelis forecasts a full year FY26 EPS of 0.93 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.41.

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

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $0.73

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

Jarden highlights Ramsay Health Care’s largest hospital, Hollywood Private, with 950 beds, has put its pathology contract up for tender, which Healius has held while running an onsite lab and collection centre.

Sonic Healthcare’s ((SHL)) CliniPath has secured the contract and is constructing a new state-of-the-art laboratory, which could generate over $15m from the hospital and an additional $5m from the specialist clinics.

Jarden lowers earnings before interest and tax forecasts for Healius by -66.4% for FY25 and -13.3% for FY26, which results in a decline in the target price by -15.8% to 79c from 93c.

No change to Underweight rating.

This report was published on July 3, 2025.

Target price is $0.79 Current Price is $0.73 Difference: $0.06
If HLS meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.14, suggesting upside of 53.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 41.30 cents and EPS of minus 3.20 cents.
At the last closing share price the estimated dividend yield is 56.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 22.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.3, implying annual growth of N/A.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 18.0%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 81.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.0, implying annual growth of N/A.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 37.0.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $91.75

Jarden rates ((HUB)) as Downgrade to Underweight from Neutral (4) –

Jarden marked-to-market investment movements for insurance and wealth stocks for the June quarter, noting a fall in risk-free rates, a strong rebound in global equities, USD depreciation and credit spread compression.

The sharp recovery in equity markets drove upgrades to FUA/FUM for wealth and diversified financials stocks.

EPS forecast for Hub24 lifted by 2.6% for FY25 and by 13.6% for FY26.

Target rises to $79.50 from $63.00. Rating downgraded to Underweight from Neutral.

This report was published on July 3, 2025.

Target price is $79.50 Current Price is $91.75 Difference: minus $12.25 (current price is over target).
If HUB meets the Jarden target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $83.61, suggesting downside of -11.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 57.80 cents and EPS of 117.60 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 78.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 111.1, implying annual growth of 91.1%.
Current consensus DPS estimate is 53.2, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 85.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 76.90 cents and EPS of 153.80 cents.
At the last closing share price the estimated dividend yield is 0.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 59.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 138.8, implying annual growth of 24.9%.
Current consensus DPS estimate is 68.1, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 68.0.

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

IAG    INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $8.65

Jarden rates ((IAG)) as Neutral (3) –

Jarden lifted Insurance Australia Group’s target price to $8.45 from $8.40, following a review of insurance and wealth stocks.

Neutral remains. 

Earlier in the week, the broker revised forecasts for the insurer, resulting in revisions to EPS forecasts and a rise in the target price.

This report was published on July 4, 2025.

Target price is $8.45 Current Price is $8.65 Difference: minus $0.2 (current price is over target).
If IAG 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 $8.98, suggesting upside of 4.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 36.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.9, implying annual growth of 28.4%.
Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 31.00 cents and EPS of 42.80 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.6, implying annual growth of -11.1%.
Current consensus DPS estimate is 30.4, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 20.1.

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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $149.94

Jarden rates ((LNW)) as Buy (1) –

Aristocrat Gaming ((ALL)) has secured the Monopoly brand licence for global land-based slots, ending Light & Wonder’s long-held relationship with the franchise, observes Jarden.

While Light & Wonder has had commercial success with Monopoly, the analysts estimate the financial impact is minimal.

Jarden attributes the licence loss not to performance, branding, or cadence of game releases, but rather to Aristocrat’s greater financial firepower in what was clearly a competitive bidding process.

Despite the setback, the analysts remain constructive on Light & Wonder, which it sees as undervalued relative to Aristocrat. The broker cites potential for double-digit earnings (EBITDA) growth, increasing recurring revenues, and strong free cash flow generation.

Jarden maintains a Buy rating and $189.00 12-month target price, with upside risk to medium-term earnings on execution of FY28 targets. Buy rating unchanged.

This report was published on July 2, 2025.

Target price is $189.00 Current Price is $149.94 Difference: $39.06
If LNW meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $194.00, suggesting upside of 28.9%(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 858.84 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 904.7, implying annual growth of 58.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1041.08 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1115.3, 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 13.5.

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

MAC    MAC COPPER LIMITED

Copper – Overnight Price: $18.15

Moelis rates ((MAC)) as Hold (3) –

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 lowered MAC Copper’s FY25 and FY26 EBITDA forecasts by -4% and -9%, respectively.

Hold. Target cut to $18.50 from $18.93.

This report was published on July 3, 2025.

Target price is $18.50 Current Price is $18.15 Difference: $0.35
If MAC meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 149.96 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.10.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 318.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.70.

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

MPL    MEDIBANK PRIVATE LIMITED

Insurance – Overnight Price: $5.01

Jarden rates ((MPL)) as Neutral (3) –

Jarden marked-to-market investment movements for insurance and wealth stocks for the June quarter, noting a fall in risk-free rates, a strong rebound in global equities, USD depreciation and credit spread compression.

The broker highlights the stronger equity market provides EPS support for FY25 for private health insurers.

EPS forecast for Medibank Private lifted by 2.5% for FY25 but trimmed by -0.5% for FY26.

Neutral. Target rises to $4.65 from $4.45.

This report was published on July 3, 2025.

Target price is $4.65 Current Price is $5.01 Difference: minus $0.36 (current price is over target).
If MPL meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.95, suggesting downside of -1.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 17.70 cents and EPS of 20.20 cents.
At the last closing share price the estimated dividend yield is 3.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of 27.5%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 18.70 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 4.4%.
Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 21.2.

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

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $3.85

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

Canaccord Genuity notes Nanosonics has underperformed in the past month, likely due to worries about FY25 results and fund outflows. The broker reviewed the company’s outlook, noting a competitor for its Trophon technology, Lumicare, is gaining some traction in Australia but lacks FDA approval.

The analyst cut FY25 forecasts for new installed base additions to 2,207 and has upgraded units to 1,485, but expects services revenue per device to beat expectations and consumables sales to remain robust.

Overall, the broker cut FY25 revenue forecast to $188.6m (from $192.9m) vs the company’s $188.7-193.8m guidance.

Buy. Target reduced to $5.15 from $5.74. The valuation comprises of $2.41 for Trophon, $0.51 cash and $2.23 for Coris.

This report was published on July 2, 2025.

Target price is $5.15 Current Price is $3.85 Difference: $1.3
If NAN meets the Canaccord Genuity target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $4.66, suggesting upside of 17.1%(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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 77.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of 44.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 64.2.

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 55.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.4, implying annual growth of 19.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 53.8.

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $7.08

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

Jarden marked-to-market investment movements for insurance and wealth stocks for the June quarter, noting a fall in risk-free rates, a strong rebound in global equities, USD depreciation and credit spread compression.

The broker highlights the stronger equity market provides EPS support for FY25 for private health insurers.

EPS forecast for nib Holdings lifted by 3.4% for FY25 but trimmed by -0.7% for FY26.

Overweight. Target rises to $7.75 from $7.20.

This report was published on July 3, 2025.

Target price is $7.75 Current Price is $7.08 Difference: $0.67
If NHF meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.97, suggesting downside of -2.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 29.00 cents and EPS of 37.70 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 8.3%.
Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 31.00 cents and EPS of 44.70 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.7, implying annual growth of 10.1%.
Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 15.6.

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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $34.18

Jarden rates ((NWL)) as Downgrade to Underweight from Neutral (4) –

Jarden marked-to-market investment movements for insurance and wealth stocks for the June quarter, noting a fall in risk-free rates, a strong rebound in global equities, USD depreciation and credit spread compression.

The sharp recovery in equity markets drove upgrades to FUA/FUM for wealth and diversified financials stocks.

EPS forecast for Netwealth Group lifted by 2.2% for FY25 and by 5.1% for FY26.

Target rises to $27.90 from $24.95. Rating downgraded to Underweight from Neutral.

This report was published on July 3, 2025.

Target price is $27.90 Current Price is $34.18 Difference: minus $6.28 (current price is over target).
If NWL meets the Jarden target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.51, suggesting downside of -17.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 39.80 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 69.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.1, implying annual growth of 37.9%.
Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 73.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 46.30 cents and EPS of 56.80 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 60.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.3, implying annual growth of 15.3%.
Current consensus DPS estimate is 44.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 63.5.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $0.74

Moelis rates ((OBM)) as Hold (3) –

Moelis upgrades Ora Banda Mining to Buy from Hold with a 92c target price due to the fall in the share price and a de-risked target for higher capital and operating costs in future forecasts, not just the June quarter update.

The analyst explains the downgrade in the miner’s production and cost outlook for the balance of FY25, which is now over, and notes it could raise further risks to the FY26 outlook, which is flagged for next week in the quarterly update (no date given).

The broker’s EPS estimate for FY25 falls by -48.5% and lifts by 5.8% for FY26.

This report was published on July 3, 2025.

Target price is $0.92 Current Price is $0.74 Difference: $0.18
If OBM meets the Moelis target it will return approximately 24% (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 5.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.70.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.73.

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $307.89

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

Wilsons maintains a Market Weight rating on Pro Medicus and raises its price target to $325 from $297 following the $170m, 10-year UCHealth contract win. The higher target essentially tracks with the broker’s long-term free cash flow upgrades.

UCHealth is a large, not-for-profit health network, whose complexity and scope necessitates large scale investment in IT infrastructure to support productivity and security, explains the broker.

The deal includes cardiology and strengthens the company’s foothold in large, expanding US not-for-profit hospital networks, believe the analysts.

Wilsons upgrades its FY27 revenue forecast by 5% and lifts FY26 and FY27 profit forecasts by 8% and 9%, respectively, citing margin expansion from recent large contract wins.

The broker notes UCHealth now becomes a high-profile reference site for Visage 7 in the US Midwest.

While the analysts view the Pro Medicus valuation as high, it is seen as justified by long-term, GDP-plus free cash flow growth potential and the stock’s undeniable corporate appeal.

This report was published on July 7, 2025.

Target price is $325.00 Current Price is $307.89 Difference: $17.11
If PME meets the Wilsons target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $274.57, suggesting downside of -10.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 54.50 cents and EPS of 109.30 cents.
At the last closing share price the estimated dividend yield is 0.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 281.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.2, implying annual growth of 37.8%.
Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 281.6.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 73.10 cents and EPS of 147.90 cents.
At the last closing share price the estimated dividend yield is 0.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 208.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 153.5, implying annual growth of 40.6%.
Current consensus DPS estimate is 75.4, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 200.3.

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $21.22

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

Wilsons maintains an Overweight rating for Pinnacle Investment Management and raises its price target to $25.75 from $25.00.

This change follows a model revision by the broker incorporating a stronger funds under management (FUM) base and improved affiliate performance.

The analyst’s FY25 profit forecast stands at $133.6m, supported by $171.5bn of FUM and $43.9m in gross performance fees for 2H25.

A one-off accrual reversal at Metrics led to a -6% downgrade to reported 2H25 performance fees. Excluding this, the broker’s underlying estimates rose 14%, driven by strong showings from Plato, Langdon Global, Firetrail, and Palisade.

Wilsons forecasts $171.5b in funds under management (FUM) for Pinnacle Investment Management at the August results.

This report was published on July 4, 2025.

Target price is $25.75 Current Price is $21.22 Difference: $4.53
If PNI meets the Wilsons target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $23.63, suggesting upside of 14.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 58.00 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 39.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.0, implying annual growth of 41.9%.
Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 31.9.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 64.00 cents and EPS of 64.90 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 32.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.6, implying annual growth of 10.2%.
Current consensus DPS estimate is 62.9, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 28.9.

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

PNR    PANTORO GOLD LIMITED

Gold & Silver – Overnight Price: $3.23

Moelis rates ((PNR)) 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 Pantoro Gold’s FY25 and FY26 EBITDA forecasts by 6% and 19%, respectively.

Buy. Target price $3.44.

This report was published on July 3, 2025.

Target price is $3.44 Current Price is $3.23 Difference: $0.21
If PNR meets the Moelis target it will return approximately 7% (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 13.48 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.96.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 36.39 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.88.

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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $22.60

Jarden rates ((QBE)) as Buy (1) –

QBE Insurance is Jarden’s preferred exposure across the insurance and wealth coverage.

The broker notes equity markets rebounded following the sharp sell-off in April from Liberation Day, and margins for general insurers are well supported by equity returns.

The broker lifted the insurer’s FY25 earnings forecast by 4.3% on strong equity returns, but lowered FY26 slightly on lower risk-free rates.

The analyst sees downside risk for 1H25 catastrophe costs. Buy. Target lifted to $25.40 from $24.60.

This report was published on July 3, 2025.

Target price is $25.40 Current Price is $22.60 Difference: $2.8
If QBE meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $24.31, suggesting upside of 7.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 94.00 cents and EPS of 186.72 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 182.1, implying annual growth of N/A.
Current consensus DPS estimate is 91.7, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 12.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 101.00 cents and EPS of 199.23 cents.
At the last closing share price the estimated dividend yield is 4.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.6, implying annual growth of 7.4%.
Current consensus DPS estimate is 98.4, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 11.6.

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

SDF    STEADFAST GROUP LIMITED

Insurance – Overnight Price: $6.00

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

Jarden marked-to-market investment movements for insurance and wealth stocks for the June quarter, noting a fall in risk-free rates, a strong rebound in global equities, USD depreciation and credit spread compression.

The broker highlights scope for insurance brokers to grow earnings organically and via M&A.

EPS forecast for Steadfast Group lifted by 0.5% for FY25 and by 3.7% for FY26.

Overweight. Target rises to $6.75 from $6.25.

This report was published on July 3, 2025.

Target price is $6.75 Current Price is $6.00 Difference: $0.75
If SDF meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.79, suggesting upside of 11.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 21.40 cents and EPS of 31.30 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.0, implying annual growth of 32.1%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 23.10 cents and EPS of 32.90 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.4, implying annual growth of 8.6%.
Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 20.0.

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

SHL    SONIC HEALTHCARE LIMITED

Healthcare services – Overnight Price: $27.16

Jarden rates ((SHL)) as Neutral (3) –

Jarden highlights Ramsay Health Care’s largest hospital, Hollywood Private, with 950 beds, has put its pathology contract up for tender, which Healius ((HLS)) has held while running an onsite lab and collection centre.

Sonic Healthcare’s CliniPath has secured the contract and is constructing a new state-of-the-art laboratory, which could generate over $15m from the hospital and an additional $5m from the specialist clinics.

No change to Jarden’s Neutral rating and $29.84 target price for Sonic. The broker’s earnings forecasts remain intact.

This report was published on July 3, 2025.

Target price is $29.84 Current Price is $27.16 Difference: $2.68
If SHL meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $29.34, suggesting upside of 8.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 106.80 cents and EPS of 108.90 cents.
At the last closing share price the estimated dividend yield is 3.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.7, implying annual growth of 3.1%.
Current consensus DPS estimate is 104.9, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 110.30 cents and EPS of 138.50 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 128.6, implying annual growth of 16.2%.
Current consensus DPS estimate is 107.0, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 21.0.

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

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

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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.

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