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

Daily Market Reports | Sep 09 2025

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

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  

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

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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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