Australian Broker Call *Extra* Edition – Jul 10, 2025

This story features AURELIA METALS LIMITED, and other companies.
For more info SHARE ANALYSIS: AMI
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)

AMI   ARB   ASX   AZJ   BXB   CEN   CNB   CWY   GNE   HUB   LIC   NWL   PPS   PTM   QAN   STK   THL  

AMI    AURELIA METALS LIMITED

Gold & Silver – Overnight Price: $0.20

Moelis rates ((AMI)) as Buy (1) –

On the same day as Aurelia Metals’ June quarter production release, an initial assessment by Moelis describes a mixed outcome. Production of gold, copper, and lead came in below the analyst’s expectations, while zinc beat the estimate.

FY25 production landed within guidance across all metals, broadly aligning with midpoints, and costs and capital are expected to be in line.

The balance sheet remains sound, highlights the broker, supported by $110m in cash and an undrawn US$23.6m facility to fund key growth initiatives.

Moelis expects cash outflows of -$31m in FY26 as Great Cobar and plant expansion capex accelerates, with inflection targeted by mid-FY27.

The broker maintains a Buy rating and 32c target price.

This report was published on July 10, 2025.

Target price is $0.32 Current Price is $0.20 Difference: $0.12 If AMI meets the Moelis target it will return approximately 60% (excluding dividends, fees and charges). Current consensus price target is $0.35, suggesting upside of 76.7%(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 3.50 cents. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.0, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 6.7.

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 15.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.8, implying annual growth of -40.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 11.1.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $34.30

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

Sales for ARB Corp’s top 11 vehicle models rose 15% in June, highlights Canaccord Genuity, largely driven by the rebound in Prado sales as the new model enters full production and laps last year’s near-zero volumes.

More importantly, the broker highlights models like Ranger, HiLux, D-Max, and Triton also showed improvement, suggesting early signs of a broader recovery in Australian demand.

Despite this positive trend, Canaccord urges caution, as June figures were likely boosted by heavy end-of-financial-year promotions, with a clearer picture to emerge from July data.

The analysts also point out stronger June volumes are more likely to benefit FY26 earnings, due to the typical lag between vehicle sales and ARB product fitment.

Hold. Target unchanged at $34.70.

This report was published on July 7, 2025.

Target price is $34.70 Current Price is $34.30 Difference: $0.4 If ARB meets the Canaccord Genuity target it will return approximately 1% (excluding dividends, fees and charges). Current consensus price target is $38.98, suggesting upside of 12.7%(ex-dividends) The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 69.00 cents and EPS of 124.00 cents. At the last closing share price the estimated dividend yield is 2.01%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.7, implying annual growth of -0.2%. Current consensus DPS estimate is 68.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 27.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 73.00 cents and EPS of 132.00 cents. At the last closing share price the estimated dividend yield is 2.13%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 138.7, implying annual growth of 11.2%. Current consensus DPS estimate is 75.1, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.9.

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $70.39

Jarden rates ((ASX)) as Neutral (3) –

Jarden highlights a strong 2H finish to FY25 for ASX, supported by a 4.7% gain in the ASX200, heightened market volatility, and robust activity across equities, futures, and capital raisings.

Key metrics in H2 included a 19.4% lift in daily equity turnover, 20.1% growth in futures and options volumes, and a 125% surge in capital raisings. The latter was aided by the Chemist Warehouse/Sigma Healthcare ((SIG)) merger and the Virgin Australia ((VGN)) IPO.

Despite this momentum, Jarden remains cautious due to the outlook for elevated regulatory and compliance costs in FY26 and beyond, as well as higher depreciation and amortisation expenses post-FY27.

Jarden retains a Neutral rating and raises its target to $69.20 from $68.25.

This report was published on July 7, 2025.

Target price is $69.20 Current Price is $70.39 Difference: minus $1.19 (current price is over target). If ASX 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 $66.00, suggesting downside of -7.3%(ex-dividends) The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 226.50 cents and EPS of 266.70 cents. At the last closing share price the estimated dividend yield is 3.22%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 264.1, implying annual growth of 7.9%. Current consensus DPS estimate is 223.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 27.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 228.50 cents and EPS of 268.90 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 26.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 268.2, implying annual growth of 1.6%. Current consensus DPS estimate is 225.4, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 26.5.

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

AZJ    AURIZON HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $3.15

Jarden rates ((AZJ)) as Neutral (3) –

In a preview of the transport and waste sector ahead of the FY25 result, Jarden observes share price gains in the last five months have been driven largely by earnings multiples rather than positive earnings expectations. The broker believes this could mean an implicit expectation for a stronger earnings outlook.

Such an expectation would drive greater share price volatility, should companies disappoint in their guidance, the broker notes.

For Aurizon Holdings, the broker is forecasting FY25 underlying EBITDA of $1.575bn in line with guidance. For FY26, the broker’s forecast is $1.693bn, which is -1.6% below consensus.

No change to forecasts. Neutral with unchanged target price of $3.10.

This report was published on July 9, 2025.

Target price is $3.10 Current Price is $3.15 Difference: minus $0.05 (current price is over target). If AZJ 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 $3.15, suggesting downside of -0.6%(ex-dividends) The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 15.90 cents and EPS of 19.80 cents. At the last closing share price the estimated dividend yield is 5.05%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.5, implying annual growth of -7.1%. Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 20.20 cents and EPS of 25.60 cents. At the last closing share price the estimated dividend yield is 6.41%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of 27.8%. Current consensus DPS estimate is 20.8, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 12.1.

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $23.14

Jarden rates ((BXB)) as Neutral (3) –

In a preview of the transport and waste sector ahead of the FY25 result, Jarden observes share price gains in the last five months have been driven largely by earnings multiples rather than positive earnings expectations. The broker believes this could mean an implicit expectation for a stronger earnings outlook.

Such an expectation would drive greater share price volatility, should companies disappoint in their guidance, the broker notes.

For Brambles, the broker’s revenue and underlying EBIT growth forecast is at the lower end of the company’s guidance and below consensus forecasts.

The broker lifted FY26 core EPS by 2% and FY27 by 3% on the expectation the company will take more cost-cutting measures to drive EBIT margin and on lower IPEP expenses.

Neutral. Target rises to $21.65 from $19.80.

This report was published on July 9, 2025.

Target price is $21.65 Current Price is $23.14 Difference: minus $1.49 (current price is over target). If BXB 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 $21.94, suggesting downside of -7.1%(ex-dividends) The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 37.70 cents and EPS of 93.76 cents. At the last closing share price the estimated dividend yield is 1.63%. 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 93.5, implying annual growth of N/A. Current consensus DPS estimate is 58.1, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 25.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 41.00 cents and EPS of 106.12 cents. At the last closing share price the estimated dividend yield is 1.77%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.7, implying annual growth of 12.0%. Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 22.6.

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

CEN    CONTACT ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $8.26

Jarden rates ((CEN)) as Buy (1) –

Jarden believes wholesale electricity prices have likely peaked in NZ after four years of elevated prices, and will moderate towards the end of 2030 on rising supply and greater market certainty.

At the same time, the broker expects a recovery into the 2030s as widespread electrification drives an increase in structural demand growth of 32% through to 2040 from the current levels.

Underpinning this outlook is an improving price capture for hydro assets, economic challenges in solar due to seasonal mismatches, and the ongoing critical role of thermal generation for system security.

Contact Energy is the broker’s top pick in the electricity sector. The broker, however, cut its target price on a worse-than-expected hydro price spread and after including the Manawa acquisition. 

 Buy. Target cut to NZ$10.83 from NZ$11.11.

This report was published on July 8, 2025.

Current Price is $8.26. Target price not assessed. The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 35.59 cents and EPS of 49.92 cents. At the last closing share price the estimated dividend yield is 4.31%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.55.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 36.50 cents and EPS of 46.91 cents. At the last closing share price the estimated dividend yield is 4.42%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.61.

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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.43

Moelis rates ((CNB)) as Buy (1) –

Carnaby Resources published the latest drilling results from the Mount Hope North deposit and the recently acquired Trekelano deposit at the Great Duchess copper project.

Moelis notes the Trekelano deposit is being fast tracked to be included in the next feasilbility study in 2H2025, and has potential to materially lift the base case production scenario in the May 2024 scoping study.

Buy. Target unchanged at 87c.

This report was published on July 9, 2025.

Target price is $0.87 Current Price is $0.43 Difference: $0.44 If CNB meets the Moelis target it will return approximately 102% (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 11.32.

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 6.72.

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

CWY    CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.81

Jarden rates ((CWY)) as Buy (1) –

In a preview of the transport and waste sector ahead of the FY25 result, Jarden observes share price gains in the last five months have been driven largely by earnings multiples rather than positive earnings expectations.

The broker believes this could mean an implicit expectation for a stronger earnings outlook. Such an expectation would drive greater share price volatility, should companies disappoint in their guidance, the broker notes.

The broker suggests Cleanaway Waste Management’s FY25 underlying EBIT guidance is likely to be met, so the focus will shift to FY26 and whether the company can deliver on the EBIT ambition of greater than $450m.

The analyst is forecasting $465m EBIT for FY26.

Buy. Target unchanged at $3.20.

This report was published on July 9, 2025.

Target price is $3.20 Current Price is $2.81 Difference: $0.39 If CWY meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges). Current consensus price target is $3.09, suggesting upside of 8.8%(ex-dividends) The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 5.60 cents and EPS of 9.10 cents. At the last closing share price the estimated dividend yield is 1.99%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 26.6%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 31.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.30 cents and EPS of 11.70 cents. At the last closing share price the estimated dividend yield is 2.60%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.0, implying annual growth of 23.6%. Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 25.8.

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

GNE    GENESIS ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $2.17

Jarden rates ((GNE)) as Buy (1) –

Jarden believes wholesale electricity prices have likely peaked in NZ after four years of elevated prices, and will moderate towards the end of 2030 on rising supply and greater market certainty.

At the same time, the broker expects a recovery into the 2030s as widespread electrification drives an increase in structural demand growth of 32% through to 2040 from the current levels.

Underpinning this outlook is an improving price capture for hydro assets, economic challenges in solar due to seasonal mismatches, and the ongoing critical role of thermal generation for system security.

Genesis Energy is the broker’s value pick for yield due to low payout ratio and underappreciated hydro assets.

Buy. Target price NZ$2.99.

This report was published on July 8, 2025.

Current Price is $2.17. Target price not assessed. The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 13.05 cents and EPS of 12.78 cents. At the last closing share price the estimated dividend yield is 6.01%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.98.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 13.51 cents and EPS of 19.89 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 10.91.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $94.56

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

Wilsons revised 4Q25 forecasts for Hub24 to reflect the sharp reversal in the markets since the last update in April.

The broker now expects custodial funds under administration to end FY25 at $112.2bn from $107.3bn previous estimate. EPS forecast for FY25 lifted by 1% and by 4% for FY26.

Target price rises to $90.62 from $71.50 on EPS revisions and valuation roll-forward. Rating downgraded to Market Weight from Overweight on valuation.

This report was published on July 9, 2025.

Target price is $90.62 Current Price is $94.56 Difference: minus $3.94 (current price is over target). If HUB meets the Wilsons target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss). Current consensus price target is $83.61, suggesting downside of -10.9%(ex-dividends) The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 51.00 cents and EPS of 115.20 cents. At the last closing share price the estimated dividend yield is 0.54%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 82.08.

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 84.5.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 67.50 cents and EPS of 151.40 cents. At the last closing share price the estimated dividend yield is 0.71%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 62.46.

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 67.6.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $4.42

Moelis rates ((LIC)) as Buy (1) –

A Victorian Civil and Administration Tribunal (VCAT) ruling voids Lifestyle Communities’ existing deferred management fee (DMF) contracts, observes Moelis. It was found management failed to specify the monetary amount of the exit fee.

The outcome creates a material downside surprise versus the broker’s prior expectations.

Management will appeal the ruling and amend future contracts to cap DMFs at 20% of the home’s entry price, notes the analyst, reducing future DMF asset values.

A trading update shows FY24 new home settlements at 268, ahead of expectations, but sales remained below replacement rate and reputational risks may hinder FY26 settlements, suggests Moelis.

The broker cuts its target price to $7.90 from $11.60 and maintains a Buy rating.

This report was published on July 9, 2025.

Target price is $7.90 Current Price is $4.42 Difference: $3.48 If LIC meets the Moelis target it will return approximately 79% (excluding dividends, fees and charges). Current consensus price target is $5.92, suggesting upside of 26.0%(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 33.60 cents. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.5, implying annual growth of -20.1%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 33.40 cents. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.8, implying annual growth of -12.9%. Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: 0.3 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: $35.12

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

Wilsons revised 4Q25 forecasts for Netwealth Group to reflect the sharp reversal in the markets since the last update in April. The broker now expects custodial funds under administration to end FY25 at $112.1bn, up 28% y/y.

EPS forecasts for FY26 and FY27 lifted by 4%.

Target price rises to $34.08 from $27.66 on EPS revisions and valuation roll-forward. Rating downgraded to Market Weight from Overweight on valuation.

This report was published on July 9, 2025.

Target price is $34.08 Current Price is $35.12 Difference: minus $1.04 (current price is over target). If NWL meets the Wilsons target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss). Current consensus price target is $28.51, suggesting downside of -18.3%(ex-dividends) The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 36.30 cents and EPS of 47.80 cents. At the last closing share price the estimated dividend yield is 1.03%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 73.47.

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 74.1.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 45.00 cents and EPS of 57.00 cents. At the last closing share price the estimated dividend yield is 1.28%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 61.61.

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 64.3.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.67

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

Wilsons marked-to-market funds under administration (FUA) for Praemium ahead of the 4Q25 update, noting the increased trading activity on ASX and CBOE is an encouraging near-term signal for the platform.

The broker forecasts custodial FUA of $30.9bn, up 10% y/y, and total FUA of $64bn, up 12% y/y.

EPS forecast for FY25 lifted by 2%, and by 3% for FY26.

Market Weight. Target price 71c.

This report was published on July 9, 2025.

Target price is $0.71 Current Price is $0.67 Difference: $0.04 If PPS meets the Wilsons target it will return approximately 6% (excluding dividends, fees and charges). The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 2.10 cents and EPS of 3.40 cents. At the last closing share price the estimated dividend yield is 3.13%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.71.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 2.10 cents and EPS of 3.50 cents. At the last closing share price the estimated dividend yield is 3.13%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.14.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $0.50

Jarden rates ((PTM)) as Neutral (3) –

Jarden believes the proposed merger between Platinum Asset Management and L1 Capital is strategically sound.

The new entity will combine complementary funds under management (FUM) and target $20m in cost synergies on top of Platinum’s existing cost-out plans, explain the analysts.

The broker estimates the merger would be around 11% EPS accretive within a year and 38% by FY27, with potential upside if L1’s FUM grows faster than forecast or Platinum’s outflows improve.

L1 shareholders would own 74% of the merged entity, with escrow conditions applied, and the deal remains subject to a Platinum shareholder vote in September and a $3m break fee.

Jarden raises its 12-month target price to 53c from 37c and retains a Neutral rating.

This report was published on July 9, 2025.

Target price is $0.53 Current Price is $0.50 Difference: $0.03 If PTM meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges). The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 22.20 cents and EPS of 3.50 cents. At the last closing share price the estimated dividend yield is 44.40%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.29.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 3.20 cents and EPS of 3.30 cents. At the last closing share price the estimated dividend yield is 6.40%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.15.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $10.83

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

In a preview of the transport and waste sector ahead of the FY25 result, Jarden observes share price gains in the last five months have been driven largely by earnings multiples rather than positive earnings expectations.

The broker believes this could mean an implicit expectation for a stronger earnings outlook. Such an expectation would drive greater share price volatility, should companies disappoint in their guidance, the broker notes.

The broker expects focus on Qantas Airways’ FY26 guidance, and sees fuel cost guidance as a source of upside surprise. The analyst is forecasting $4.7bn vs the consensus of $4.89bn.  

Additional positive catalysts come from growth outlook or the plan to distribute surplus capital, the broker notes.

Target cut to $10.20 from $10.50. Rating downgraded to Neutral from Overweight on strong share price gains.

This report was published on July 9, 2025.

Target price is $10.20 Current Price is $10.83 Difference: minus $0.63 (current price is over target). If QAN 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 $10.70, suggesting downside of -1.2%(ex-dividends) The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 31.70 cents and EPS of 106.80 cents. At the last closing share price the estimated dividend yield is 2.93%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.8, implying annual growth of 43.3%. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 33.60 cents and EPS of 119.30 cents. At the last closing share price the estimated dividend yield is 3.10%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 119.6, implying annual growth of 9.9%. Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 9.1.

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

STK    STRICKLAND METALS LIMITED

Mining – Overnight Price: $0.15

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

Strickland Metals sold its Yandal gold project in Western Australia to Gateway Mining ((GML)) for $45m in exchange for shares, and will now fully focus on the Rogozna mine in Serbia.

Canaccord Genuity estimates the company has $41m in liquidity, and with seven rigs operating at the Rogozna project, it will be able to advance towards resource updates and mining studies.

The broker sees potential for 1Moz at 3g/t gold at Rogozna’s Gradina deposit and has included it in its valuation modeling.

Speculative Buy. Target rises to 36c from 19c.

This report was published on July 7, 2025.

Target price is $0.36 Current Price is $0.15 Difference: $0.21 If STK meets the Canaccord Genuity target it will return approximately 140% (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 0.00 cents.

Forecast for FY26:

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

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

THL    TOURISM HOLDINGS LIMITED

Travel, Leisure & Tourism – Overnight Price: $1.98

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

Wilsons notes Tourism Holdings Rentals’ FY25 net profit guidance was at the lower end of the NZ$27.0-34.4m range due to weakness in recreation vehicle (RV) sales. 

The broker cut FY25 net profit forecast by -17% following the guidance, but lifted FY26-27 forecasts by 8% on a stronger rental outlook. This followed the company’s update that forward rental income is trending well in Australia/NZ while the US market is recovering.

Additionally, the analyst highlights the recent Canadian remission order for RV movements across the US-Canada border has removed a potential headwind for RV sales and logistics.

Market Weight. Target cut to $2.12 from $2.18.

This report was published on July 9, 2025.

Target price is $2.12 Current Price is $1.98 Difference: $0.14 If THL meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges). Current consensus price target is $2.33, suggesting upside of 19.5%(ex-dividends) The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 2.46 cents and EPS of 11.32 cents. At the last closing share price the estimated dividend yield is 1.24%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of N/A. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 9.22 cents and EPS of 17.52 cents. At the last closing share price the estimated dividend yield is 4.66%. At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.4, implying annual growth of 41.7%. Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 9.6.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values. Market Sentiment: 0.3 All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

---

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.

Click to view our Glossary of Financial Terms