Australian Broker Call *Extra* Edition – Sep 09, 2025

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(
    [0] => Array
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            [0] => ((AGN))
            [1] => ((AIM))
            [2] => ((AUE))
            [3] => ((BOT))
            [4] => ((BWN))
            [5] => ((CKF))
            [6] => ((CSC))
            [7] => ((CWY))
            [8] => ((CYG))
            [9] => ((CYL))
            [10] => ((D2O))
            [11] => ((DUG))
            [12] => ((DXB))
            [13] => ((EGG))
            [14] => ((WBC))
            [15] => ((FEX))
            [16] => ((GDG))
            [17] => ((GMD))
            [18] => ((FML))
            [19] => ((GMD))
            [20] => ((GOR))
            [21] => ((HVN))
            [22] => ((IPH))
            [23] => ((IPX))
            [24] => ((LOT))
            [25] => ((LYC))
            [26] => ((MAP))
            [27] => ((MAQ))
            [28] => ((MM8))
            [29] => ((MMI))
            [30] => ((NDO))
            [31] => ((NDO))
            [32] => ((NEC))
            [33] => ((NXD))
            [34] => ((NXG))
            [35] => ((NXT))
            [36] => ((PYC))
            [37] => ((RUL))
            [38] => ((SYL))
            [39] => ((TLC))
            [40] => ((WBC))
            [41] => ((NAB))
            [42] => ((CBA))
            [43] => ((WGX))
            [44] => ((WPR))
        )

    [1] => Array
        (
            [0] => AGN
            [1] => AIM
            [2] => AUE
            [3] => BOT
            [4] => BWN
            [5] => CKF
            [6] => CSC
            [7] => CWY
            [8] => CYG
            [9] => CYL
            [10] => D2O
            [11] => DUG
            [12] => DXB
            [13] => EGG
            [14] => WBC
            [15] => FEX
            [16] => GDG
            [17] => GMD
            [18] => FML
            [19] => GMD
            [20] => GOR
            [21] => HVN
            [22] => IPH
            [23] => IPX
            [24] => LOT
            [25] => LYC
            [26] => MAP
            [27] => MAQ
            [28] => MM8
            [29] => MMI
            [30] => NDO
            [31] => NDO
            [32] => NEC
            [33] => NXD
            [34] => NXG
            [35] => NXT
            [36] => PYC
            [37] => RUL
            [38] => SYL
            [39] => TLC
            [40] => WBC
            [41] => NAB
            [42] => CBA
            [43] => WGX
            [44] => WPR
        )

)

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

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

AGN   AIM   AUE   BOT   BWN   CKF   CSC   CWY   CYG   CYL   D2O   DUG   DXB   EGG   FEX   GDG   GMD (2)   GOR   HVN   IPH   IPX   LOT   LYC   MAP   MAQ   MM8   MMI   NDO (2)   NEC   NXD   NXG   NXT   PYC   RUL   SYL   TLC   WBC   WGX   WPR  

AGN    ARGENICA THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.25

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

Argenica Therapeutics reported a FY25 net loss of -$7.2m, a rise of 31% on the prior year and above Petra Capital’s forecast of -$5.5m, due to a rise in R&D costs. Cash of $10.5m was in line with expectations and sufficient to fund the company through to the stroke trial results.

The results from the Phase 2 Seancon stroke trial are believed to be imminent, with early September flagged by Argenica as the release period.

Petra Capital believes if the result is positive, it will de-risk ARG-007, and the financial model currently only assumes a 23% probability of success.

Target price lifts to $1.24 from $1.22. Buy rating retained.

This report was published on September 1, 2025.

Target price is $1.24 Current Price is $0.25 Difference: $0.99
If AGN meets the Petra Capital target it will return approximately 396% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.43.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.21.

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

AIM    AI-MEDIA TECHNOLOGIES LIMITED

Commercial Services & Supplies – Overnight Price: $0.60

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

Petra Capital assesses Ai-Media Technologies’ FY25 result as better than expected, with underlying EBITDA beating its forecast. Gross margin widened to 69% from 65% driven by a shift from services to technology.

Key priorities for FY26 include a broader rollout of LEXI Voice (LV) across all regions, entry into US & Canadian Government sectors and push into Enterprise marketplace.

The broker has a positive view on the company but lowered expectations for LV until there’s more certainty on the ramp-up profile.

FY26 revenue forecast trimmed by -5.6% and FY27 by -8.5%.

Buy. Target cut to $1.24 from $1.35. 

This report was published on August 29, 2025.

Target price is $1.24 Current Price is $0.60 Difference: $0.64
If AIM meets the Petra Capital target it will return approximately 107% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.55.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.18.

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

AUE    AURUM RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.61

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

Aurum Resources is acquiring 35% interest in an Ivorian company Major Star Plus, which will give it earn-in rights up to 87% in three exploration licence applications.

The price is -$19k plus another -$63k towards administration and ongoing operations.

Petra Capital reckons the acquisition strengthens the company’s land position around Boundiali (2.41Moz gold resource) and Napie (0.87Moz gold resource) and enhances its long-term growth pipeline.

Buy. Target unchanged at 93c.

This report was published on September 2, 2025.

Target price is $0.93 Current Price is $0.61 Difference: $0.315
If AUE meets the Petra Capital target it will return approximately 51% (excluding dividends, fees and charges).

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

BOT    BOTANIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.14

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

Botanix Pharmaceuticals is in a holding patter as investors await stronger Sofdra traction, says Canaccord Genuity. Sofdra is a topical gel developed for treating primary axillary hyperhidrosis, or excessive underarm sweating.

The broker notes 30 sales reps are converting patients at expected rates, supporting forecast script growth. Profitability is expected by 2Q27.

FY25 revenue of $5.8m was driven by Sofdra sales, with 16,689 prescriptions at a 20% gross-to-net yield. Operating expenses were -$94.1m, slightly worse than the broker’s forecasts, leading to a -$86.4m loss.

Botanix ended FY25 with $65m in cash after a $40m raise.

The broker sees the next two quarters as critical for market trust. A Buy rating and 27c target price are retained.

This report was published on September 1, 2025.

Target price is $0.27 Current Price is $0.14 Difference: $0.13
If BOT meets the Canaccord Genuity target it will return approximately 93% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.67.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.33.

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

BWN    BHAGWAN MARINE LIMITED

Overnight Price: $0.52

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

Bhagwan Marine’s FY25 result was slightly ahead of Petra Capital’s forecasts, with earnings (EBITDA) of $50.6m versus the broker’s $48m forecast. Profit of $12.5m fell short of the broker’s $13.3m forecast, impacted by higher depreciation and tax.

Revenue rose 5% to $283m, or 26% excluding lower-margin decommissioning work, while margins improved 282bps to 17.8%.

The broker notes operating cash flow (OCF) of $35.8m rose 23% year-on-year with conversion at 98%, though net debt increased to $17m on higher growth capex.

Despite no formal guidance, outlook commentary remains positive, notes Petra Capital, supported by tighter vessel supply.

The broker lifts its earnings (EBITDA) forecasts but cuts profit forecasts. Buy rating. Target 61 cents.

This report was published on September 2, 2025.

Target price is $0.61 Current Price is $0.52 Difference: $0.09
If BWN meets the Petra Capital target it will return approximately 17% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 1.50 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.06.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 1.50 cents and EPS of 5.30 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.81.

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

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $10.57

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

Same-store sales growth of 2.3% for Collins Foods has continued into 2H25, as updated at the QSR’s AGM, which suggests to Wilsons that momentum has improved to over 3% growth in the last ten weeks.

Company sales for the first 18 weeks of 2H25 are up 7.7%, due to KFC Australia sales up 5.1%, Netherlands up 4.8%, and Germany up 8.4%.

FY26 guidance was reconfirmed, with net profit after tax targeted to grow in the low-to-mid teens. New store development is also on track, while same-store sales growth is expected to become more challenging as the year evolves.

Target rises to $12.23 from $10.20. No change in Overweight rating.

This report was published on September 3, 2025.

Target price is $12.23 Current Price is $10.57 Difference: $1.66
If CKF meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $10.11, suggesting downside of -4.3%(ex-dividends)
The company’s fiscal year ends in April.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 32.00 cents and EPS of 53.20 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.7, implying annual growth of 549.3%.
Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 39.00 cents and EPS of 64.70 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.7, implying annual growth of 18.5%.
Current consensus DPS estimate is 32.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 18.3.

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

CSC    CAPSTONE COPPER CORP.

Copper – Overnight Price: $10.81

Moelis rates ((CSC)) as Buy (1) –

Moelis has updated its assumptions on Capstone Copper following reporting season and the processing issue at Mantoverde, which is expected to cut around -3kt of copper production. The valuation treatment of Santo Domingo is also revised.

Group tax modeling changes increase the drag from taxation, reducing the broker’s sum-of-the-parts valuation. Offsetting this, rolling forward the model and including next twelve months’ earnings lifts the implied EV/earnings contribution.

Moelis considers Capstone Copper a unique opportunity for small-cap investors seeking copper exposure in a diversified, large-cap-style miner. Compared with peers, the broker sees lower risk given geographic spread and balance sheet strength.

The broker maintains a Buy rating and a $12.50 target price.

This report was published on September 3, 2025.

Target price is $12.50 Current Price is $10.81 Difference: $1.69
If CSC meets the Moelis target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $11.90, suggesting upside of 10.1%(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 20.16 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 43.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 45.0.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 43.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.2, implying annual growth of 167.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.8.

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: $2.74

Jarden rates ((CWY)) as Buy (1) –

Jarden has revisited Cleanaway Waste Management’s FY26 guidance, highlighting the cautious EBIT guidance undermines the momentum narrative from FY25.

Free cash flow, leverage and capex intensity remain key investor debates, in the broker’s view. 

The broker notes core EPS momentum has turned negative, which will weigh on near-term share price performance.

Buy. Target unchanged at $3.20.

This report was published on September 2, 2025.

Target price is $3.20 Current Price is $2.74 Difference: $0.46
If CWY meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.20, suggesting upside of 16.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.40 cents and EPS of 10.90 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 50.8%.
Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 25.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 8.60 cents and EPS of 12.60 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.6, implying annual growth of 18.9%.
Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 21.7.

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

CYG    COVENTRY GROUP LIMITED

Hardware & Equipment – Overnight Price: $0.70

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

Cygnet Group’s FY25 result reflected a difficult second half, highlights Petra Capital, particularly in Trade Distribution where margins contracted by -500bps. Fluids also weakened, though less severely. Group revenue and earnings were pre-announced.

The broker highlights strong cash conversion of 137%, with operating cash flow (OCF) of $26.5m ahead of expectations. Net debt closed at $56.3m, equating to 4.6 times earnings (EBITDA), with management targeting a reduction to around 2 times by June 2026.

FY26 guidance points to underlying earnings above $20m and excludes benefits from a -$10m cost-out program, leaving the broker’s $24m forecast unchanged.

The analyst sees scope for value creation from management’s cost savings, industry consolidation opportunities, and operational improvements from a new ERP system.

The broker maintains a Buy rating and a $1.24 target price.

This report was published on September 2, 2025.

Target price is $1.24 Current Price is $0.70 Difference: $0.535
If CYG meets the Petra Capital target it will return approximately 76% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 10.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.47.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.76.

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

CYL    CATALYST METALS LIMITED

Gold & Silver – Overnight Price: $7.82

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

Catalyst Metals reported FY25 earnings in line with Canaccord Genuity and consensus, with earnings (EBITDA) of $193m at a 43% margin and profit of $119m.

Operating cash flow (OCF) of $196m was strong, with free cash flow (FCF) of $55m after $141m of investment.

The balance sheet is debt free, with $230m in cash and bullion plus an undrawn $100m facility, giving total liquidity of circa $330m, highlights the broker.

Guidance for FY26 and FY27 is unchanged at 105-130koz and 150-190koz, respectively, with costs expected to fall to $2,100/oz from $2,200/oz.

Canaccord lifts its target price to $8.75 from $7.90 and maintains a Buy rating.

This report was published on September 1, 2025.

Target price is $8.75 Current Price is $7.82 Difference: $0.93
If CYL meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 85.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.20.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 135.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.79.

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

D2O    DUXTON WATER LIMITED

Agriculture – Overnight Price: $1.48

Petra Capital rates ((D2O)) as Buy (1) –

Petra Capital assesses Duxton Water’s 1H25 result as strong with lease income of $2.9m beating its forecast, and spot sales also higher vs its estimate and the highest since 2H20.

Entitlement sales were also ahead of expectations, and costs were well-controlled. The broker expects costs to decline once internalisation is complete, though it retained transition service costs in the forecasts for now.

Next 6-8 weeks are crucial due to water price dynamics with the broker seeing upside risk from drier-than-average winter, and downside from wetter-than-average autumn. 

FY25 EPS forecast lifted by 1.6% but FY26 trimmed by -3.8% reflecting higher net debt balance.

Buy. Target price $2.07.

This report was published on September 1, 2025.

Target price is $2.07 Current Price is $1.48 Difference: $0.59
If D2O meets the Petra Capital target it will return approximately 40% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 7.40 cents and EPS of 18.40 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.04.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 7.70 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 5.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.80.

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

DUG    DUG TECHNOLOGY LIMITED

Cloud services – Overnight Price: $2.18

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

Dug Technology announced a SaaS and high-performance computing-as-a-service letter of award with Petronas to provide dedicated compute and storage capacity.

Wilsons notes the initial three-year term is estimated at US$18.2m, inferring annualised incremental revenue of around US$6m and circa US$4.8m in earnings (EBITDA) at an 80% margin, which would boost FY25’s earnings (EBITDA) of $15m.

The minimum total contract value stands at US$23.8m, with additional upside potential of US$18.2m. The project is expected to be commissioned in 1Q2026.

Overweight retained. Target set at $2.35. The analyst lifts earnings (EBITDA) forecasts by 3% to 15% for FY26-FY28.

This report was published on September 3, 2025.

Target price is $2.35 Current Price is $2.18 Difference: $0.17
If DUG meets the Wilsons target it will return approximately 8% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 66.06.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 6.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.59.

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

DXB    DIMERIX LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.51

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

Dimerix’s FY25 underlying net loss of -$26.6m was worse than Petra Capital’s forecast of -$20.8m due to higher opex and R&D rebate accounted against tax rather than as cash inflow.

The company ended FY25 with a cash balance of $68.3m, and the broker reckons it is well-funded for ongoing trials and pipeline development. Still, the broker flagged significant cash outflows in 1Q26 for licensing fees and CRO milestone payments.

Large downgrades made to FY26-27 net profit forecasts due mainly to $10m increase in opex forecasts. Key catalysts in the next 6-12 months include US accelerated approval data, China licensing and ACTION 3 enrolment.

Buy. Target cut to $1.46 from $1.58.

This report was published on August 29, 2025.

Target price is $1.46 Current Price is $0.51 Difference: $0.95
If DXB meets the Petra Capital target it will return approximately 186% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital 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 56.67.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 102.00.

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

EGG    ENERO GROUP LIMITED

Media – Overnight Price: $0.94

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

Enero Group, having fully exited the troubled OBMedia division, is demonstrating renewed momentum across its core agency businesses, observes Canaccord Genuity following FY25 results.

The broker highlights a net cash balance of $27.5m, equal to 32% of market capitalisation, and improved second-half trading with agencies returning to year-on-year growth.

In the second half of FY25, the analyst highlights Hotwire lifted earnings despite revenue decline, BMF secured the Westpac ((WBC)) account and returned to growth, while Orchard ended the year with stronger momentum.

Buy. Target eases to $1.45 from $1.55.

This report was published on September 1, 2025.

Target price is $1.45 Current Price is $0.94 Difference: $0.505
If EGG meets the Canaccord Genuity target it will return approximately 53% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 3.70 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.12.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 4.30 cents and EPS of 8.40 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.25.

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

FEX    FENIX RESOURCES LIMITED

Iron Ore – Overnight Price: $0.36

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

Fenix Resources has entered into a Right to Mine Agreement (RTMA) with Sinosteel, securing 290Mt of hematite direct shipping ore (DSO) surrounding its existing Weld Range operations.

Petra Capital describes this as a transformational RTMA, quadrupling scale and extending mine life significantly, and positioning the company as the premier independent hematite DSO play on the ASX.

Total consideration is -$60m cash payable over 24 months, production royalty of $4-5/dmt, and profit share royalty. The broker expects the cash portion to be funded from cash reserves and operational cash flow from existing operations.

Buy. Target rises to $1.03 from $0.40 after assigning a risk-weighted valuation of $885m for the Weld Range RTMA.

This report was published on September 2, 2025.

Target price is $1.03 Current Price is $0.36 Difference: $0.67
If FEX meets the Petra Capital target it will return approximately 186% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 1.00 cents and EPS of 4.20 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.57.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 1.00 cents and EPS of 1.70 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.18.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $6.10

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

Petra Capital believes Generation Development achieved the FY25 earnings needed to support the stock’s weighty valuation, with revenue up 191% and underlying net profit after tax up 170%, with the consolidation of Lonsec and a first-time contribution from Evidentia.

Lonsec was noted for beating expectations, and Life achieved a robust result with total FUM at $4.4bn and financial advisers writing investment bonds up 16%.

The analyst anticipates additional investment in the company’s annuity products this year in partnership with Blackrock.

Hold retained. Target lifts to $7.17 from $6.08 previously.

This report was published on September 1, 2025.

Target price is $7.17 Current Price is $6.10 Difference: $1.07
If GDG meets the Petra Capital target it will return approximately 18% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 3.30 cents and EPS of 11.20 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 54.46.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 4.90 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 0.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 43.88.

Market Sentiment: 0.8
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: $5.27

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

Genesis Minerals has delivered strong drill results at Laverton and Leonora, according to Canaccord Genuity.

The broker highlights growth potential near existing mills, aided by the Laverton gold project purchase from Focus Minerals ((FML)), with FY26 exploration spend of -$40-50m more than double FY25.

The analysts also point to resumed mining at Jupiter with higher-grade zones identified, and Beasley Creek showing strong grades and growth potential. Drilling at Gwalia supports mine life with standout intercepts, while Admiral continues to return encouraging results.

Canaccord sees rationale in expanding both Laverton and Leonora mills and in redirecting Tower Hill ore to Leonora to lower haulage costs. An updated long-term plan due 2H FY26 may include expansions and revised cost assumptions.

The broker retains a Buy rating and $5.51 target price.

This report was published on September 1, 2025.

Target price is $5.55 Current Price is $5.27 Difference: $0.28
If GMD meets the Canaccord Genuity target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.01, suggesting downside of -4.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 36.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.8, implying annual growth of 56.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 44.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of -6.0%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 17.6.

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

Moelis rates ((GMD)) as Hold (3) –

Genesis Minerals had lifted the FY26 exploration budget to -$40-50m from -$19m in FY25, and this has already translated into strong intercepts across multiple deposits, Moelis notes.

The company published drilling results from exploration in the Laverton and Leonara districts. Positive results were also announced from the recently acquired Beasley Creek project.

The broker believes the key challenge for the company is converting the large resource base into production and free cash flow, but the exploration results are an upside risk.

Hold. Target unchanged at $4.30.

This report was published on September 1, 2025.

Target price is $4.30 Current Price is $5.27 Difference: minus $0.97 (current price is over target).
If GMD meets the Moelis target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.01, suggesting downside of -4.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 27.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.8, implying annual growth of 56.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 37.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of -6.0%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 17.6.

Market Sentiment: 0.4
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: $3.39

Moelis rates ((GOR)) as Hold (3) –

Moelis might have considered Gold Road Resources’ 1H25 result as a soft outcome if it were not for the bid from Gold Fields.

Revenue was broadly in line with the broker’s forecast, but EBITDA missed due to higher corporate overheads, expensed exploration and share-based payments. The broker reckons the overhead increases were likely linked to the Gold Fields’ takeover process.

The broker expects a special dividend of 17c based on its estimate of $190m franking credit availability post-June, subject to final tax payments in 3Q25.

Hold. Target unchanged at $3.20.

This report was published on September 1, 2025.

Target price is $3.20 Current Price is $3.39 Difference: minus $0.19 (current price is over target).
If GOR meets the Moelis target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.24, suggesting downside of -4.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 2.40 cents and EPS of 25.90 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 13.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.0, implying annual growth of 112.4%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 5.00 cents and EPS of 33.60 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of -5.0%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 12.7.

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

HVN    HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics – Overnight Price: $7.36

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

Jarden assesses Harvey Norman’s FY25 result as strong, with revenue up 6% y/y and 1% ahead of its forecast. Profit before tax was 9% higher y/y and 1% above forecast.

The highlights were a strong franchising operating margin in Australia, market share gain and a solid start to FY26 sales. Australian margins rose 84bps y/y, and franchisee fee margin was up 49bps y/y in 2H vs +14bps in 1H.

Sales rose 10% y/y in July and like-for-like sales grew 8.7% y/y. The broker lifted FY26-28 EBITDA forecasts by 3-5% to reflect a strong start to FY26 and higher operating margin.

FY26-29 EPS growth is forecast at a compounded annual rate of 7%.

Overweight. Target rises to $6.70 from $5.40.

This report was published on August 29, 2025.

Target price is $6.70 Current Price is $7.36 Difference: minus $0.66 (current price is over target).
If HVN meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.98, suggesting downside of -5.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 29.00 cents and EPS of 41.80 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.2, implying annual growth of -5.7%.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 32.00 cents and EPS of 48.20 cents.
At the last closing share price the estimated dividend yield is 4.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.5, implying annual growth of 11.0%.
Current consensus DPS estimate is 33.9, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.9.

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

IPH    IPH LIMITED

Legal – Overnight Price: $4.38

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

Petra Capital sees no reason to change its forecasts for IPH Ltd based on the broker’s analysis of recent patent filing applications, which provide a measure of market share and a window into forward workflow.

The broker highlights FY25 rolling 12-month filings fell -9.1% for IPH versus -0.8% for the market, mainly from weaker Patent Cooperation Treaty (PCT) volumes.

US PCT filings remain weak, down -6% year-to-date to May 2025, following declines in 2023 and 2024. Chinese applications rose 8.5% year-on-year, in line with the company’s strategy to diversify its base.

Petra Capital sees external pressures persisting but points to strong execution on pricing, cost control, case transfers, and China exposure.

The broker retains a Buy rating with an unchanged $8.00 target price.

This report was published on September 2, 2025.

Target price is $8.00 Current Price is $4.38 Difference: $3.62
If IPH meets the Petra Capital target it will return approximately 83% (excluding dividends, fees and charges).
Current consensus price target is $6.23, suggesting upside of 42.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 37.50 cents and EPS of 50.40 cents.
At the last closing share price the estimated dividend yield is 8.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.4, implying annual growth of 91.1%.
Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 39.50 cents and EPS of 53.30 cents.
At the last closing share price the estimated dividend yield is 9.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.2, implying annual growth of 1.6%.
Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 8.7%.
Current consensus EPS estimate suggests the PER is 8.7.

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

IPX    IPERIONX LIMITED

Industrial Metals – Overnight Price: $7.43

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

Management at IperionX has upgraded its titanium outlook, with Citi highlighting Stage One nameplate production lifted 60% to 200tpa without additional capex and operating costs cut -26% to US$55/kg.

Long-term costs are now expected at -US$25/kg, down from -US$30/kg, driving higher near-term margins and the broker’s price target upgrade to $9.90 from $8.21. Buy retained.

The company is fully funded for expansion to 1,400tpa, with -US$75m capex covered by a US$47.1m Department of Defence grant, US$101m cash and US$99m in Small Business Innovation Research (SBIR) task orders.

Defence and aviation demand, alongside constrained supply, underpin the titanium growth outlook, with IperionX positioned to lower costs and expand usage beyond traditional markets.

Citi also points to fasteners as a case study, where IperionX’s HSPT technology delivers a 90% yield versus 16% for peers, supported by its Hydrogen Assisted Magnesiothermic Reduction (HAMR) cost advantage.

This report was published on September 3, 2025.

Target price is $9.90 Current Price is $7.43 Difference: $2.47
If IPX meets the Petra Capital target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 323.04.

Forecast for FY26:

Petra Capital 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 239.68.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.20

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

Lotus Resources has produced first yellowcake at Kayelekera, achieving its Q3 2025 goal, highlights Canaccord Genuity.

Management targets nameplate output of 200klbs per month by Q1 2026, ahead of the broker’s modeling, with first dispatch expected late 2025.

The broker notes stockpiles are performing to plan, and upcoming acid plant and grid connection in Q1 2026 should lower costs. It is noted Lotus will avoid the spot market, instead building inventory with western converters.

Contracted volumes of 3.5-3.8mlbs and forward sales near US$80/lb are expected to support some of the strongest realisations in the sector.

The Speculative Buy rating and 31c target are maintained.

This report was published on September 1, 2025.

Target price is $0.31 Current Price is $0.20 Difference: $0.11
If LOT meets the Canaccord Genuity target it will return approximately 55% (excluding dividends, fees and charges).
Current consensus price target is $0.30, suggesting upside of 47.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 40.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, 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:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 40.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $14.41

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

Lynas Rare Earths has unveiled its growth strategy to 2030. The plan centres on expanding Mt Weld’s resource and mine plan, lifting Malaysian separation capacity, and pursuing partnerships for ex-China metal and magnet production, explains Canaccord Genuity.

The broker notes expansion includes boosting NdPr oxide output to 12ktpa and adding heavy rare earth capacity, alongside potential samarium and yttrium production.

The company has raised $750m via placement and is completing a $75m SPP, taking pro forma liquidity to around $990m. Planned allocations include -$150m for Mt Weld, -$310m for Malaysian separation and -$200m for magnet and metallisation initiatives.

FY25 earnings of US$101m exceeded the broker’s forecast of $85m and matched consensus. Net income of $8m also exceeded the analysts’ estimate but fell short of consensus.

No dividend declared. Net cash of $9m was reported at June.

The broker raises production forecasts. Stronger NdPr prices, up 35% since June to US$84/kg, also support higher pricing assumptions of US$115/kg from FY27.

Canaccord Genuity raises its target price to $13.70 from $9.65 and retains a Hold rating.

This report was published on September 1, 2025.

Target price is $13.70 Current Price is $14.41 Difference: minus $0.71 (current price is over target).
If LYC meets the Canaccord Genuity target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $12.20, suggesting downside of -15.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 25.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 57.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 3794.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 43.5.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 68.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.3, implying annual growth of 70.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 25.6.

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

MAP    MICROBA LIFE SCIENCES LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.09

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

FY25 results for Microba Life Sciences were in line with Canaccord Genuity’s expectations.

Revenue grew 30% to $15.7m, driven by MetaXplore and MetaPanel uptake in Australia and the UK, with group margins steady at 47.5%, highlights the broker.

The company reported a -$14.9m loss, reflecting a lower R&D spend, notes the broker.

Management is seeking partners for its Therapeutics division. FY26 guidance is for Australian/EU diagnostics to break even in FY26 on doubled test volumes of around 24,000. 

Pro forma cash stands at circa $23.2m after the recent equity raise and expected R&D Tax Incentive receipts, explains Canaccord.

The broker retains a Buy rating and 19c target price.

This report was published on September 1, 2025.

Target price is $0.19 Current Price is $0.09 Difference: $0.1
If MAP meets the Canaccord Genuity target it will return approximately 111% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.82 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.95.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.63 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.52.

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

MAQ    MACQUARIE TECHNOLOGY GROUP LIMITED

Cloud services – Overnight Price: $59.45

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

Macquarie Technology’s FY25 earnings report was in line with revised guidance, although net profit after tax came in a little weaker than anticipated due to higher D&A, Petra Capital observes.

Strong cash conversion supported the balance sheet, which was stronger than expected, including an undrawn debt facility of $430m.

With limited data centre capacity to sell, management has flagged only marginal growth in FY26, with pressure on other divisions like telco, with only $20m in earnings (EBITDA) for FY26.

There is only 5% of capacity to sell across the group. Macquarie Technology continues to invest on a longer-term horizon, with the analyst noting near-term headwinds.

Buy rating retained. Target falls to $87.33 from $101.89.

This report was published on August 29, 2025.

Target price is $87.33 Current Price is $59.45 Difference: $27.88
If MAQ meets the Petra Capital target it will return approximately 47% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 125.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 47.22.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 136.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 43.43.

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

MM8    MEDALLION METAL LIMITED

Gold & Silver – Overnight Price: $0.39

Petra Capital rates ((MM8)) as Buy (1) –

Medallion Metal reported an increase in Sulphide mineral resource estimate at the Kundip Mining Centre within the Ravensthorpe gold project to 840koz gold and 37kt copper.

This compares with the February 2023 estimate of 770koz gold and 36kt copper. Petra Capital highlights the updated resource underpins the feasibility study due in October, with the final investment decision expected in December.

Buy. Target rises to 49c from 45c.

This report was published on August 29, 2025.

Target price is $0.49 Current Price is $0.39 Difference: $0.105
If MM8 meets the Petra Capital target it will return approximately 27% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 64.17.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 29.62.

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

MMI    METRO MINING LIMITED

Coal – Overnight Price: $0.08

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

Metro Mining reported adjusted 1H25 net profit after tax of $1.6m, compared to Petra Capital’s forecast of a loss of -$2.6m, with 1.87Mt of bauxite shipped, a rise of 25% on the prior period.

Cash came in at the end of June at $28.7m, with debt of -$81.2m, with monthly payments of around -$4m starting from July 2025 to March 2027.

Management retained 2025 guidance at 6.5-7Mt, with the analyst’s forecast at 6.32Mt.

Target price retained at 10.2c, with a Buy rating retained.

This report was published on September 1, 2025.

Target price is $0.10 Current Price is $0.08 Difference: $0.02
If MMI meets the Petra Capital target it will return approximately 24% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.83.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.80 cents and EPS of 1.60 cents.
At the last closing share price the estimated dividend yield is 9.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.13.

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

NDO    NIDO EDUCATION LIMITED

Childcare – Overnight Price: $0.66

Moelis rates ((NDO)) as Buy (1) –

Nido Education posted 1H25 revenue of $82.8m, up 8%, with service EBITDA up 8% y/y to $12.8m as the 6% margin was maintained.

Moelis notes group EBITDA was down -12% y/y to $6.6m as the company chose not to lift fees in January, and net profit was down -17% y/y.

The broker observes occupancy remains pressured by cost-of-living constraints, flat population growth, new centre supply and hybrid work patterns. But the outlook for FY26 is for an improvement due to government reforms, easing inflation and rate cuts.

FY25 EBITDA forecast trimmed by -17% and FY26 by -14% mainly on lower occupancy forecasts.

Buy. Target cut to $1.03 from $1.21.

This report was published on September 1, 2025.

Target price is $1.03 Current Price is $0.66 Difference: $0.375
If NDO meets the Moelis target it will return approximately 57% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 4.40 cents and EPS of 6.40 cents.
At the last closing share price the estimated dividend yield is 6.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.23.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 5.70 cents and EPS of 8.70 cents.
At the last closing share price the estimated dividend yield is 8.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.53.

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

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

Nido Education’s 1H25 group EBITDA missed Wilsons’ forecast by -15%, reflecting a miss in service EBITDA and support costs 5% higher than the broker’s estimate.

Group net profit was broadly in line as lower interest expenses offset the EBITDA miss. The company didn’t provide formal FY25 guidance, but its commentary indicated occupancy is stabilising after a -3.7% decline in 1H to -5.9% on a spot basis.

Revenue forecasts left largely unchanged as a 1% lift in average daily rate is offset by a -1% decline in occupancy. Group EBITDA forecast cut by -10-12% across FY25-27 on an increase in centre costs and a 6-9% increase in support office costs.

Overweight. Target cut to 81c from 95c (was $1.04 in March).

This report was published on September 1, 2025.

Target price is $0.81 Current Price is $0.66 Difference: $0.155
If NDO meets the Wilsons target it will return approximately 24% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 4.10 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 6.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.10.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 4.60 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 7.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.36.

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

NEC    NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV – Overnight Price: $1.66

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

Jarden assesses Nine Entertainment’s FY25 result as strong, with net profit before minorities 9% ahead of the consensus and beating its forecast by 16%.

The company is positive about the underlying momentum but is unsure about the ad market conditions. The broker is forecasting 1% EBITDA growth in 1H26, and -7% y/y decline in FY26 to $316m.

The broker removed Domain from estimates, resulting in a -21% cut to FY26 EPS forecast and a -16% cut to FY27 EPS estimate.

Overweight. Target rises to $1.85 from $1.80.

This report was published on September 3, 2025.

Target price is $1.85 Current Price is $1.66 Difference: $0.19
If NEC meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting downside of -0.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 5.30 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.2, implying annual growth of 40.2%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 6.60 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 3.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 15.2%.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 15.7.

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

NXD    NEXTED GROUP LIMITED

Education & Tuition – Overnight Price: $0.21

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

NextEd Group’s FY25 result exceeded Canaccord Genuity’s expectations. Revenue of $95.9m was in line with the broker’s forecasts, while earnings of $13.5m were materially ahead, supported by cost reductions.

Closing cash of $18.9m came in well above the analyst’s expectation.

The broker highlights improved operating cash flow (OCF) of $11.3m, with free cash flow (FCF) neutral after leases.

International vocational revenue was softer year-on-year, but the company gained share in both English and vocational education, with Hospitality and Healthcare growing in mix, explains Canaccord.

Management has launched a new strategy targeting profitability, portfolio enhancement and expansion into new verticals.

The broker retains a Buy rating and 35c target price.

This report was published on September 1, 2025.

Target price is $0.35 Current Price is $0.21 Difference: $0.135
If NXD meets the Canaccord Genuity target it will return approximately 63% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 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 10.75.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.50.

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

NXG    NEXGEN ENERGY LIMITED

Uranium – Overnight Price: $11.94

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

Petra Capital notes the latest drilling results at NexGen Energy’s Patterson Corridor East deposit at the Rook I project strongly validate the continuity of mineralisation.

The broker reckons the ongoing exploration success suggests there are further deposits to be uncovered on the landholdings.

Commentary highlights industry supply dynamics provide a potential upside after Cameco recently cut 2025 production guidance, highlighting the fragile state of global uranium supply.

Buy. Target rises to $17.14 from $17.12.

This report was published on September 1, 2025.

Target price is $17.14 Current Price is $11.94 Difference: $5.2
If NXG meets the Petra Capital target it will return approximately 44% (excluding dividends, fees and charges).

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $16.58

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

Wilsons identifies (again) that AI workloads are “faster” and more “intense” than cloud workloads, which are more “linear” and “modest”.

NextDC confirmed these propositions at its FY25 earnings presentation, with billing utilisation expected to lift by 57MW in FY26 and 58MW in FY27, for a total of 115MW. The analyst’s forecast already stood at 116MW.

The analyst stresses both the revenue generation and the speed of deployment had been underestimated. Wilsons’ FY26 earnings forecasts are largely unchanged, with FY27 earnings (EBITDA) rising by 19% to include the speed and scale of AI workload deployments.

FY25 results are viewed as confirming NextDC’s place as a “material, scale” operator in the global data centre sector.

Target price rises 13% to $19.98. Remain Overweight rated.

This report was published on September 1, 2025.

Target price is $19.98 Current Price is $16.58 Difference: $3.4
If NXT meets the Wilsons target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $20.10, suggesting upside of 21.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 19.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 84.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -18.0, 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 N/A.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 21.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 76.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -16.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

PYC    PYC THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.26

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

PYC Therapeutics announced its initial safety data from the ongoing Phase 1a trial in ADPKD, with the initial efficacy data from Phase 1b expected in 2026.

Wilsons points to rising competition in the space, with several large companies moving in, including GlaxoSmithKline, Vertex, and AbbVie.

Details around competition remain scant, but the analyst remains upbeat on PYC-003 addressing the main cause of the disease, with the upside potential to become a “best-in-class” asset.

Overweight and $3 target unchanged.

This report was published on September 2, 2025.

Target price is $3.00 Current Price is $1.26 Difference: $1.74
If PYC meets the Wilsons target it will return approximately 138% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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

RUL    RPMGLOBAL HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $4.65

Moelis rates ((RUL)) as No Rating (-1) –

RPMGlobal received a non-binding acquisition proposal from Caterpillar for $5/share via a scheme of arrangement. 

Moelis notes the proposal values the company at an enterprise value of $1.048bn, representing a 32.6% premium to the last closing price.

There’s a six-week exclusivity period for negotiations, and the Board has stated its intention to recommend the proposal to shareholders.

The broker is appointed as a financial advisor, and hence, it has research restrictions. No rating or target price.

This report was published on September 1, 2025.

Current Price is $4.65. Target price not assessed.

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

SYL    SYMAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.76

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

Symal Group’s FY25 earnings (EBITDA) at $106.1m came in above guidance, but compositionally the result was very different to what Petra Capital expected.

The outlook is robust, with management pointing to work-in-hand growth of 35% for FY26 and earnings (EBITDA) range of $115m-$125m, with consensus at $124.2m. Symal remains focused on scaling its Sycle and Searo business via both organic growth and acquisition.

Contracting missed prospectus revenue forecasts, while Plant & Equipment underpinned the gross profit and earnings beat against the analyst’s forecast.

Petra Capital forecasts revenue growth of 16% for FY26-FY28, with earnings (EBITDA) margins averaging 10.5% and capex peaking in FY26 at -$86.3m.

EPS forecasts are lowered by -6.2% for FY26, and the target slips by -3.5% to $2.75. Buy rating retained.

This report was published on August 27, 2025.

Target price is $2.75 Current Price is $1.76 Difference: $0.99
If SYL meets the Petra Capital target it will return approximately 56% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 11.30 cents and EPS of 22.50 cents.
At the last closing share price the estimated dividend yield is 6.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.82.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 12.60 cents and EPS of 25.20 cents.
At the last closing share price the estimated dividend yield is 7.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.98.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.90

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

Jarden notes Lottery Corp’s share price has outperformed in the past month, rising 9%, with the FY25 result providing an additional boost.

The share price is up 18% year-to-date. As a result, rating downgraded to Underweight from Neutral. Target unchangedat $5.65.

This report was published on September 2, 2025.

Target price is $5.65 Current Price is $5.90 Difference: minus $0.25 (current price is over target).
If TLC meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.81, suggesting downside of -1.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 17.00 cents and EPS of 19.30 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.6, implying annual growth of 13.2%.
Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 31.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 19.50 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.5, implying annual growth of 10.2%.
Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 28.8.

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

WBC    WESTPAC BANKING CORPORATION

Banks – Overnight Price: $37.96

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

Westpac presented its business banking offering, now under the new head Paul Fowler, who joined four months ago.

Jarden notes business banking is a core growth and return engine for the bank, and the strategy reset under Fowler suggests renewed competitive push vs National Australia Bank ((NAB)) and CommBank ((CBA)).

Profitability is underpinned by a higher net interest margin profile and strong deposit funding base, the broker highlights, though execution in SME and digitisation will be critical to sustaining momentum.

Underweight. Target unchanged at $30.

This report was published on September 2, 2025.

Target price is $30.00 Current Price is $37.96 Difference: minus $7.96 (current price is over target).
If WBC meets the Jarden target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $31.80, suggesting downside of -16.2%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 153.00 cents and EPS of 198.00 cents.
At the last closing share price the estimated dividend yield is 4.03%.
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 201.6, implying annual growth of 0.4%.
Current consensus DPS estimate is 153.8, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 155.00 cents and EPS of 196.00 cents.
At the last closing share price the estimated dividend yield is 4.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 203.5, implying annual growth of 0.9%.
Current consensus DPS estimate is 159.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 18.7.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $3.74

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

Petra Capital describes Westgold Resources’ FY25 result as strong, as it included almost full year of Karora Resources acquisition. Revenue rose 90% y/y to $1.36bn but still beat the broker’s forecast.

Underlying EBITDA rose 93% y/y to $513m, coming ahead of the broker’s estimate of $501m. The broker expects EBITDA to cross $1bn in FY26 due to a combination of higher production and the benefit from unhedged gold price.

A 5% share buyback was announced along with a 3c dividend.

Buy. Target rises to $4.86 from $4.62 (Was $4.74 in late June).

This report was published on August 29, 2025.

Target price is $4.86 Current Price is $3.74 Difference: $1.12
If WGX meets the Petra Capital target it will return approximately 30% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 10.00 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.93.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 12.00 cents and EPS of 72.10 cents.
At the last closing share price the estimated dividend yield is 3.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.19.

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

WPR    WAYPOINT REIT LIMITED

REITs – Overnight Price: $2.73

Moelis rates ((WPR)) as Buy (1) –

Waypoint REIT’s 1H25 distributable EPS came in at 8.31c, prompting an upgrade to FY25 distributable EPS guidance to 16.64c from 16.48c. Discounted share buyback and lower interest costs drove the upgrade, partly offset by asset divestments.

Moelis notes the REIT continues to execute on portfolio curation and capital management while benefiting from falling rates and cap rate compression.

Near-term catalysts include execution of flagged divestments and continued cap rate tailwinds.

Modest changes to forecasts from share buybacks and asset sales.

Buy. Target rises to $2.99 from $2.84.

This report was published on August 29, 2025.

Target price is $2.99 Current Price is $2.73 Difference: $0.26
If WPR meets the Moelis target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.57, suggesting downside of -6.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 16.60 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 6.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of -16.7%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 16.80 cents and EPS of 16.80 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 4.3%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 16.1.

Market Sentiment: -0.2
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.

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