Australian Broker Call *Extra* Edition – Oct 28, 2025

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            [1] => ((ARB))
            [2] => ((ARX))
            [3] => ((AVH))
            [4] => ((BMN))
            [5] => ((ERD))
            [6] => ((FFM))
            [7] => ((GDG))
            [8] => ((HUB))
            [9] => ((IFT))
            [10] => ((CEN))
            [11] => ((IMR))
            [12] => ((NSR))
            [13] => ((PLT))
            [14] => ((PPS))
            [15] => ((QAN))
            [16] => ((VGN))
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            [2] => ARX
            [3] => AVH
            [4] => BMN
            [5] => ERD
            [6] => FFM
            [7] => GDG
            [8] => HUB
            [9] => IFT
            [10] => CEN
            [11] => IMR
            [12] => NSR
            [13] => PLT
            [14] => PPS
            [15] => QAN
            [16] => VGN
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This story features AURELIA METALS LIMITED, and other companies.
For more info SHARE ANALYSIS: AMI
The company is included in ALL-ORDS

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

AMI   ARB   ARX   AVH   BKW   BMN   ERD   FFM   GDG   HUB   IFT   IMR   NSR   PLT   PPS   QAN   VGN  

AMI    AURELIA METALS LIMITED

Gold & Silver – Overnight Price: $0.24

Moelis rates ((AMI)) as Buy (1) –

Moelis assesses a stable first quarter performance by Aurelia Metals, with production and costs broadly in line with the broker’s forecasts.

Output of 10.4koz gold, 0.5kt copper, 6.5kt zinc, and 3.8kt lead was supported by stronger commodity prices across all metals, observe the analysts. Cash ended the quarter at $88.1m after -$22m of outflows.

A highlight, in the broker’s view, was the updated Mineral Resources and Ore Reserves (MROR), which lifted copper reserves by 40% at Peak but reduced zinc, lead, and gold reserves at Federation by -26%, -25%, and -23%, respectively.

The broker retains a Buy rating and raises its target price to 37c from 35c.

This report was published on October 22, 2025.

Target price is $0.37 Current Price is $0.24 Difference: $0.13
If AMI meets the Moelis target it will return approximately 54% (excluding dividends, fees and charges).
Current consensus price target is $0.40, suggesting upside of 65.3%(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 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.4, implying annual growth of 17.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.1.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.1, implying annual growth of 50.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 4.7.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $36.80

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

ARB Corp’s first quarter AGM update showed modest sales growth offset by margin pressure, Canaccord Genuity highlights. Total sales rose 3.8% year-on-year, led by 17.6% export growth and a 1% lift in the Australian aftermarket, partly offset by a -33.4% fall in OEM sales.

Gross margins weakened further from the second half of FY25, and the broker sees modest downside risk to first-half FY26 profit despite solid export trends.

While management indicated the gross margin decline evident in 2H25 had continued into 1Q26, the analysts feel manufacturing expansion should aid 2H margins.

Hold maintained. Target unchanged at $35.60.

This report was published on October 16, 2025.

Target price is $35.60 Current Price is $36.80 Difference: minus $1.2 (current price is over target).
If ARB meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $43.05, suggesting upside of 17.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 69.00 cents and EPS of 123.00 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.2, implying annual growth of 5.5%.
Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 29.6.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 78.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.6, implying annual growth of 14.8%.
Current consensus DPS estimate is 81.8, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 25.8.

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

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.77

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

Canaccord Genuity notes Aroa Biosurgery’s 2Q26 result was in line with expectations, highlighted by record Myriad sales of NZ$10.2m (up 30% y/y).

FY26 guidance was maintained, but the broker sees upside risks if an IDN win materialises earlier than expected. TELA Bio remains in a “show me” phase, but salesforce and strategy improvements support the broker’s optimism.

Operating leverage is seen strengthening in FY26-27, with only 15% revenue growth needed to double EBITDA.

Buy. Target unchanged at 90c.

This report was published on October 16, 2025.

Target price is $0.90 Current Price is $0.77 Difference: $0.13
If ARX meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AVH    AVITA MEDICAL INC

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.21

Canaccord Genuity rates ((AVH)) as Sell (5) –

Canaccord Genuity was disappointed by Avita Medical’s third quarter update involving another revenue miss and a leadership change.

Sales of around US$17m were -9% below the analysts’ forecast due to continued reimbursement disruptions following changes in US payment codes.

Missed revenue covenants may again test lender tolerance, suggests the broker, while recent field sales restructuring may have weakened surgeon engagement.

Canaccord’s FY25 revenue forecast is cut by -5% to US$72m, with further capital raisings likely required to strengthen the balance sheet. The Sell rating and $1.25 target price are maintained.

NB: Before re-engaging with the stock, the broker would like to see adequate capital raised to repay debt and a revitalisation of the sales and service structure. A re-focused effort on generating new clinical evidence to support Recell’s growth outlook is also needed.

This report was published on October 17, 2025.

Target price is $1.25 Current Price is $1.21 Difference: $0.04
If AVH meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 45.14 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2.68.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 21.79 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.55.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BKW    BRICKWORKS LIMITED

Building Products & Services – Overnight Price: $34.72

Jarden – Cessation of coverage

This report was published on September 15, 2025.

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

BMN    BANNERMAN ENERGY LIMITED

Uranium – Overnight Price: $3.22

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

In the wake of Bannerman Energy’s 1Q operational report, Canaccord Genuity feels advanced early construction works at the Etango operations are progressing in line with plan.

The broker explains -$15.2m in net spending was incurred during the September quarter, with -$6.9m on plant and equipment and -$6.4m on exploration. Cash rose to $111.8m plus $13.1m in liquid assets following an $85m equity raise.

All key workstreams remain on time and on budget, with bulk earthworks 42% complete and detailed engineering for the dry and wet plants at 86% and 22%, respectively, observe the analysts.

Canaccord raises its target price to $4.27 from $3.86 and retains a Speculative Buy rating.

Initial offtake agreements with two of North America’s largest energy providers are seen as supportive of ongoing financing discussions and the company’s progression towards a final investment decision (FID).

This report was published on October 17, 2025.

Target price is $4.27 Current Price is $3.22 Difference: $1.05
If BMN meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.67 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 68.95.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 9.34 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 34.48.

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

ERD    EROAD LIMITED

Transportation & Logistics – Overnight Price: $1.85

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

Management at Eroad has shifted focus toward A&NZ operations following weaker-than-expected performance in North America, explains Jarden.

FY26 annual recurring revenue (ARR) guidance was downgraded (on October 17) to NZ$175-183m from more than NZ$188m. 

Management changes were also announced aimed at capitalising on the opportunity in New Zealand electronic road user charges (eRUC), which Jarden values at around NZ$0.91 per share.

While viewing the strategic refocus as logical, the analyst points to ongoing execution risks in North America and rising local competition.

The broker’s revenue forecasts have been reduced by -4-8% to reflect slower progress offshore. The target price is lowered to NZ$1.85 from NZ$2.30. Underweight rating unchanged.

This report was published on October 20, 2025.

Current Price is $1.85. Target price not assessed.

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

FFM    FIREFLY METALS LIMITED

Gold & Silver – Overnight Price: $1.78

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

FireFly Metals’ latest drilling results at the Ming Mine confirm to Canaccord Genuity strong resource expansion potential.

The broker highlights a standout intersection of 49m at 6.1% copper equivalent 650m beyond the current 59mt Resource, signaling increasing grade and width at depth.

Additional step-out holes across both the high-grade volcanogenic massive sulphide (VMS) and footwall zones support continued mineralisation over a 700m electromagnetic anomaly, explain the analysts.

Canaccord expects a meaningful Resource increase by mid-2026 and a preliminary economic study in early 2026. A Speculative Buy rating and $2.15 target price are maintained..

This report was published on October 16, 2025.

Target price is $2.15 Current Price is $1.78 Difference: $0.37
If FFM meets the Canaccord Genuity target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $1.67, suggesting downside of -6.4%(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 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.9, 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:

Canaccord Genuity forecasts a full year FY27 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 89.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $7.50

Moelis rates ((GDG)) as Buy (1) –

Generation Development delivered a strong first quarter, assesses Moelis, with momentum across all divisions.

The broker highlights record Generation Life inflows of $330m, up 58% year-on-year, driving net inflows of $275m and closing funds under management (FUM) of $4.8bn.

Progress on the BlackRock partnership and the LifeIncome solution reinforces the company’s positioning in retirement income, suggests the broker.

Evidentia Group reported 46% FUM growth to $32.6bn and over $2bn in net inflows. New separately managed accounts (SMA)/managed discretionary account (MDA) launches and a strategic alliance with Vanguard supported this performance, explains the analyst.

Elsewhere, Lonsec Research continued steady growth with an expanded product coverage, highlights the broker.

Moelis lifts its target price to $8.44 from $8.12 and retains a Buy rating.

This report was published on October 21, 2025.

Target price is $8.44 Current Price is $7.50 Difference: $0.94
If GDG meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $7.97, suggesting upside of 6.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.20 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 0.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 73.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of -8.9%.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 70.8.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 6.00 cents and EPS of 14.70 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 51.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of 37.7%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 51.4.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $113.85

Moelis rates ((HUB)) as Hold (3) –

Moelis saw Hub24 delivering another strong quarterly update, with 1Q results either meeting or exceeding expectations.

Platform net flows of $5.2bn were in line with the broker’s forecast and well ahead of consensus, driving funds under administration (FUA) to $122bn. Adviser numbers rose 11% year-on-year to 5,229, and Hub24 now commands 9% market share.

Flows momentum and market gains underpin ongoing growth into FY26-27, suggests the analyst, supported by new high-net-worth product offerings and adviser expansion.

While execution remains strong, Moelis sees valuation fully reflected in the share price. A Hold rating is kept while the broker’s target price is raised to $126.12 from $117.02.

This report was published on October 21, 2025.

Target price is $126.12 Current Price is $113.85 Difference: $12.27
If HUB meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $107.96, suggesting downside of -5.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 73.70 cents and EPS of 154.00 cents.
At the last closing share price the estimated dividend yield is 0.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 73.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 155.4, implying annual growth of 58.3%.
Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 73.3.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 90.80 cents and EPS of 189.80 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 59.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 186.5, implying annual growth of 20.0%.
Current consensus DPS estimate is 91.7, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 61.0.

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

IFT    INFRATIL LIMITED

Wealth Management & Investments – Overnight Price: $10.89

Jarden rates ((IFT)) as Buy (1) –

Infratil has agreed to acquire a further 4.92% stake (now a total of 14.3%) in NZ-listed Contact Energy ((CEN)) for -$437.7m. Jarden sees the transaction as both value-accretive and consistent with the company’s long-term investment strategy.

Funding will be equally through debt and equity, with $218.8m in new Infratil shares issued at $21.843 per share.

The analysts explain the acquisition strengthens Infratil’s exposure to New Zealand’s renewable energy transition and integrated generation-retail model.

Even though Infratil may eventually sell the stake into its managed platforms, the broker notes the move broadens the company’s domestic renewable footprint.

Buy rating. Target NZ$14.79.

This report was published on October 20, 2025.

Current Price is $10.89. Target price not assessed.
Current consensus price target is N/A

Forecast for FY26:

Current consensus EPS estimate is 7.7, implying annual growth of N/A.
Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 141.4.

Forecast for FY27:

Current consensus EPS estimate is 12.2, implying annual growth of 58.4%.
Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 89.3.

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

IMR    IMRICOR MEDICAL SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $1.46

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

Imricor Medical Systems is well positioned for US expansion, according to a recent survey conducted by Canaccord Genuity.

Of 162 cardiologists and electrophysiologists surveyed, the broker notes 80% of respondents already had an MRI within their cardiology departments. This suggests 8-10 potential early adopters once the Imricor’s NorthStar mapping system gains FDA approval.

Awareness of Imricor remains low at 14% versus an industry average of 73%, suggesting to the analysts commercial success will depend on aggressive sales and marketing alongside partnerships with GE, Siemens, and Philips.

Canaccord sees strong clinical support for MRI-guided cardiac ablation, particularly for redo atrial fibrillation and ventricular tachycardia cases.

The broker maintains a Buy rating and $2.06 target price.

This report was published on October 17, 2025.

Target price is $2.06 Current Price is $1.46 Difference: $0.6
If IMR meets the Canaccord Genuity target it will return approximately 41% (excluding dividends, fees and charges).

This company reports in USD. 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

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.42

Jarden rates ((NSR)) as Buy (1) –

National Storage REIT’s FY25 operating EPS marginally missed Jarden’s forecast by -0.3%. The key takeway for the broker was earnings and valuation upside from the company’s disclosure, though execution will remain a risk.

Specifically, the broker notes only 38% of the assets are in the mature bucket, indicating significant runway to lift occupancy and pricing acoss the rest.

Development pipeline of 489sqm of net lettable area across 54 projects suggests further upside potential. FY26 FFO forecast trimmed by -0.6% but FY27 lifted by 1.1%.

Buy. Target lifted to $2.90 from $2.80.

This report was published on August 21, 2025.

Target price is $2.90 Current Price is $2.42 Difference: $0.48
If NSR meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.58, suggesting upside of 6.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 11.80 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.5, implying annual growth of -26.7%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 12.30 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 5.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.2, implying annual growth of 5.6%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 18.3.

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $1.50

Moelis rates ((PLT)) as Buy (1) –

Moelis highlights Plenti Group experienced a strong second quarter (March year-end), marking a clear profitability inflection. Originations grew 47% year-on-year and 9% quarter-on-quarter to $475m, lifting the loan portfolio to $2.83bn.

Cash profit rose to $12.8m for 1H26, up 133% year-on-year and 49% above the analysts’ forecast, supported by broad-based growth across automotive, renewables, and personal loans.

Credit quality remained robust with a -0.94% annualised net loss rate and improved arrears, though the broker notes front-book margins faced modest pressure.

Moelis raises earnings forecasts by 18-25% through FY28 and expects accelerating EPS growth as scale benefits build. The target is increased to $1.85 from $1.53. Buy rating retained.

This report was published on October 21, 2025.

Target price is $1.85 Current Price is $1.50 Difference: $0.35
If PLT meets the Moelis target it will return approximately 23% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 13.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.28.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.34.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.93

Moelis rates ((PPS)) as Buy (1) –

Praemium’s September quarter delivered inflows 74% above the Moelis forecast, driven by strength across Spectrum, separately managed accounts (SMA), and Powerwrap products.

Spectrum is the company’s next-generation technology and administration system, which combines custodial and non-custodial administration designed for high-net-worth (HNW) advisers and clients.

Group platform funds under administration (FUA) rose 4% quarter-on-quarter to $32bn, with Spectrum exceeding $1bn in organic inflows just ten months post-launch, observes the analyst.

Powerwrap returned to positive net flows, while Scope/Scope Plus FUA rose 15% year-on-year.

Moelis sees improving Powerwrap trends and sustained Spectrum momentum as key earnings drivers. The target is increased to $1.07 from $1.03. Buy rating retained.

This report was published on October 21, 2025.

Target price is $1.07 Current Price is $0.93 Difference: $0.14
If PPS meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 2.50 cents and EPS of 3.70 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.14.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 3.00 cents and EPS of 4.40 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.14.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $10.87

Jarden rates ((QAN)) as Upgrade to Buy from Overweight (1) –

Jarden believes conditions in the Australian aviation market are the most favourable in two decades, citing stable market share, high load factors, and yield growth.

Ongoing cost benefits from fleet renewal and transformation programs are also noted as sector tailwinds.

Reflecting these factors, Jarden upgrades its rating for Qantas Airways to Buy from Overweight, maintaining its $12.90 target price. 

The broker sees both Qantas Airways and Virgin Australia as attractive investments amid strong competitive and demand settings.

This report was published on October 20, 2025.

Target price is $12.90 Current Price is $10.87 Difference: $2.03
If QAN meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $13.00, suggesting upside of 19.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 36.40 cents and EPS of 122.50 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 123.4, implying annual growth of 17.3%.
Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 8.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 38.10 cents and EPS of 129.40 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 129.4, implying annual growth of 4.9%.
Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 8.4.

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

VGN    VIRGIN AUSTRALIA HOLDINGS LIMITED

Overnight Price: $3.42

Jarden rates ((VGN)) as Initiation of coverage with Overweight (2) –

Jarden believes conditions in the Australian aviation market are the most favourable in two decades, citing stable market share, high load factors, and yield growth.

Ongoing cost benefits from fleet renewal and transformation programs are also noted as sector tailwinds.

The broker sees both Qantas Airways and Virgin Australia as attractive investments amid strong competitive and demand settings.

Jarden initiates research coverage on Virgin Australia with an Overweight rating and $3.90 target price.

This report was published on October 20, 2025.

Target price is $3.90 Current Price is $3.42 Difference: $0.48
If VGN meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.00, suggesting upside of 17.0%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 48.5, implying annual growth of -25.8%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 7.1.

Forecast for FY27:

Current consensus EPS estimate is 52.0, implying annual growth of 7.2%.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 6.6.

Market Sentiment: 0.7
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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