article 3 months old

Australian Broker Call *Extra* Edition – Nov 05, 2025

Daily Market Reports | Nov 05 2025

Array
(
    [0] => Array
        (
            [0] => ((COF))
            [1] => ((CSC))
            [2] => ((CWP))
            [3] => ((EMR))
            [4] => ((IGO))
            [5] => ((JIN))
            [6] => ((KCN))
            [7] => ((LOT))
            [8] => ((LYC))
            [9] => ((PEN))
            [10] => ((PWR))
            [11] => ((SVL))
        )

    [1] => Array
        (
            [0] => COF
            [1] => CSC
            [2] => CWP
            [3] => EMR
            [4] => IGO
            [5] => JIN
            [6] => KCN
            [7] => LOT
            [8] => LYC
            [9] => PEN
            [10] => PWR
            [11] => SVL
        )

)
List StockArray ( [0] => COF [1] => CSC [2] => CWP [3] => EMR [4] => IGO [5] => JIN [6] => KCN [7] => LOT [8] => LYC [9] => PEN [10] => PWR [11] => SVL )

This story features CENTURIA OFFICE REIT, and other companies.
For more info SHARE ANALYSIS: COF

The company is included in ASX300 and 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)

COF   CSC   CWP   EMR   IGO   JIN   KCN   LOT   LYC   PEN   PWR   SVL  

COF    CENTURIA OFFICE REIT

REITs – Overnight Price: $1.17

Moelis rates ((COF)) as Buy (1) –

Moelis notes Centuria Office REIT secured heads of agreement over 23.4k sqm of leasing in 1Q26, equivalent to 8.5% of the total portfolio, largely addressing FY26 expiries.

Vacancy edged higher to 8.9% from 8.8%, though the new leasing activity has materially de-risked the near-term expiry profile.

Around 75% of leases were renewals, with major deals at 8 Central, Eveleigh and 101 Moray, South Melbourne.

Management retained guidance for FY26 FFO of 11.1–11.5c per unit, with the analyst’s estimates and forecasts unchanged.

Moelis retains a Buy rating and $1.61 target, viewing the portfolio’s medium-term prospects positively despite persistent office market vacancy.

This report was published on October 31, 2025.

Target price is $1.61 Current Price is $1.17 Difference: $0.445
If COF meets the Moelis target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $1.19, suggesting upside of 1.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 10.10 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 8.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of N/A.
Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 10.10 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 8.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.0, implying annual growth of 6.6%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 9.0.

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: $13.26

Moelis rates ((CSC)) as Hold (3) –

Capstone Copper’s September quarter result delivered slightly lower production but stronger financial performance, supported by better sales and realised prices, Moelis comments.

Group output of 55.3kt copper came in below the analyst’s expectations, though adjusted earnings of US$243.5m exceeded forecasts, with EPS in line at US$0.06 per share.

The broker highlighted disruptions at Mantoverde due to two mill motor failures, with the root cause identified and remediated to avoid further impact in the final quarter.

Capstone reaffirmed FY25 guidance of 220–255kt copper at cost -US$2.20–2.50/lb, with Moelis refining forecasts to 227kt at US$2.31/lb.

Following the update and stronger commodity pricing, Moelis lifts its valuation by around 8% to $13.50 and maintains a positive view on the company’s outlook. Hold rating retained.

This report was published on October 31, 2025.

Target price is $13.50 Current Price is $13.26 Difference: $0.24
If CSC meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $15.91, suggesting upside of 20.0%(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 72.24 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.7, implying annual growth of 113.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 37.1.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 53.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.8, implying annual growth of 199.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.4.

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

CWP    CEDAR WOODS PROPERTIES LIMITED

Infra & Property Developers – Overnight Price: $8.78

Moelis rates ((CWP)) as Buy (1) –

Cedar Woods Properties reported a solid 1Q26 update with gross sales of 389, up 7% q/q and 17% y/y, driven largely by strong performance in Western Australia, Moelis explains.

Total presales rose from $660m at June 2025 to $763m, covering more than 90% of forecast FY26 settlements, with most sales activity concentrated in WA and southeast Queensland.

Management upgraded FY26 net profit after tax growth guidance to 15% from 10% previously, supported by higher embedded margins from land acquired in earlier years.

No new land acquisitions were made during the quarter, with restocking flagged as a strategic priority as the existing project pipeline covers around three years of activity.

Moelis upgrades its forecasts in line with guidance, raising its target price to $9.52 from $8.36 and maintaining a Buy rating, expecting ongoing housing demand in key markets to sustain earnings momentum.

This report was published on October 31, 2025.

Target price is $9.52 Current Price is $8.78 Difference: $0.74
If CWP meets the Moelis target it will return approximately 8% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 33.50 cents and EPS of 68.30 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.86.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 37.50 cents and EPS of 77.90 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.27.

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

EMR    EMERALD RESOURCES NL

Gold & Silver – Overnight Price: $4.80

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

Emerald Resources’ September quarter update was largely in line with preliminary results, Canaccord Genuity notes, with guidance maintained and development progress at Memot and Dingo Range.

Okvau production rose to 22koz from 19koz, below guidance but generating $82m pre-tax cash flow at costs (AISC) of -US$1,186/oz, highlight the analysts.

The broker points to strong processing throughput, solid margins, and a robust balance sheet with $304m cash, noting Emerald remains debt-free and unhedged. Upside is seen from advancing Dingo Range and Memot toward development as approvals progress.

Canaccord retains a Buy rating and $6.80 target.

This report was published on October 30, 2025.

Target price is $6.80 Current Price is $4.80 Difference: $2
If EMR meets the Canaccord Genuity target it will return approximately 42% (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 45.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.67.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 9.00 cents and EPS of 60.00 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 8.00.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $5.19

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

IGO Ltd’s September quarter missed Canaccord Genuity’s expectations across Greenbushes and Nova, while Kwinana outperformed but still posted an earnings (EBITDA) loss of -$19.6m.

Heavy rainfall, lower grades, and reduced recoveries drove Greenbushes SC6 output down -6% quarter-on-quarter to 320kt, increasing costs to -$388/t, explain the analysts.

The broker highlights weaker Tianqi Lithium Energy Australia (TLEA) joint venture and Nova results, with nickel and copper production down -33% and -41%, respectively. It’s noted the delayed Greenbushes optimisation study continues to test investor patience.

Canaccord Genuity retains a Hold rating and $5.40 target.

This report was published on October 30, 2025.

Target price is $5.40 Current Price is $5.19 Difference: $0.21
If IGO meets the Canaccord Genuity target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.33, suggesting upside of 2.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 5.00 cents and EPS of 2.00 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 259.50.

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 0.3, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 10.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 1.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of N/A.
Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 38.4.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $10.74

Jarden rates ((JIN)) as Buy (1) –

Jumbo Interactive will acquire US prize draw operator Dream Giveaway for -$55m, marking a second offshore move following the UK purchase of Dream Car Giveaways, notes Jarden.

While broadening Jumbo’s B2C footprint, the analysts also explain the acquisition adds integration risk and weakens the balance sheet.

The broker expects upgrades to group earnings (EBITDA) of around 6% across FY26-29, viewing the US entry as strategically consistent with diversification away from Lottery Corp (TLC) lottery reliance.

The report notes Jumbo’s debt capacity is now largely exhausted, though net leverage remains manageable near 1.0x.

Jarden downgrades to Overweight from Buy and cuts its target to $13.70 from $14.10.

This report was published on October 30, 2025.

Target price is $13.70 Current Price is $10.74 Difference: $2.96
If JIN meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $13.83, suggesting upside of 28.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 50.40 cents and EPS of 84.40 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.9, implying annual growth of 18.3%.
Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 66.10 cents and EPS of 104.40 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 10.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.7, implying annual growth of 22.1%.
Current consensus DPS estimate is 62.5, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 11.6.

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

KCN    KINGSGATE CONSOLIDATED LIMITED

Gold & Silver – Overnight Price: $4.32

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

Kingsgate Consolidated’s September quarter met Canaccord Genuity’s expectations on production and exceeded on costs. Output was 24koz while costs (AISC) of -US$1,880/oz compared to the broker’s forecast of -US$2,061/oz.

Stronger ore feed and improved grades underpinned a -15% quarter-on-quarter cost reduction, explain the analysts, while sales of 26.3koz generated free cash flow of around $40m.

The broker sees FY26 guidance of 85-95koz at -US$1,550-1,750/oz as achievable, noting its modelling now assumes 96koz at -US$1,500/oz ex-royalty. 

Canaccord retains a Buy rating and lifts its target to $7.65 from $6.95.

This report was published on October 30, 2025.

Target price is $7.65 Current Price is $4.32 Difference: $3.33
If KCN meets the Canaccord Genuity target it will return approximately 77% (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 0.83 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 520.48.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.09 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 396.33.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.19

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

Canaccord Genuity notes Lotus Resources marked a key milestone in the September quarter with first yellowcake production from Kayelekera since 2014. It’s thought this indicates progress on acid plant refurbishment and grid connection works.

These upgrades are expected to materially reduce ramp-up costs (AISC) to around -US$45/lb from -US$64.1/lb once steady state is reached.

The broker notes ongoing drilling and positive metallurgical testwork at Letlhakane, indicating potential for lower acid consumption, while capex reached -US$75.1m of the -US$105.6m budget.

The analysts see liquidity management and infrastructure improvements as positioning the company for cost-efficient production growth.

Canaccord retains a Speculative Buy rating and 31c target.

This report was published on October 30, 2025.

Target price is $0.31 Current Price is $0.19 Difference: $0.12
If LOT meets the Canaccord Genuity target it will return approximately 63% (excluding dividends, fees and charges).
Current consensus price target is $0.34, suggesting upside of 77.2%(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 minus 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 47.50.

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.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 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 17.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.9, 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 10.0.

Market Sentiment: 1.0
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: $13.85

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

Lynas Rare Earths delivered a September quarter production beat against Canaccord Genuity’s forecast but faced softer pricing.

NdPr/REO output of 2kt/3.9kt came in ahead of the broker’s forecasts though average selling prices fell to $54/kg from expectations of $65/kg. Higher sales volumes and lower costs supported stronger cashflow, lifting cash to $1.06bn.

Canaccord notes new heavy rare earth capacity in Malaysia, targeting 300tpa DyTb oxides and 1.1kt of other rare earths by 2027, funded from the recent capital raising.

The analysts view the MoU with Noveon Magnetics as a potential valuation catalyst pending downstream expansion.

Canaccord retains a Hold rating and raises its target to $14.15 from $13.70.

This report was published on October 30, 2025.

Target price is $14.15 Current Price is $13.85 Difference: $0.3
If LYC meets the Canaccord Genuity target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $13.61, suggesting downside of -1.7%(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 23.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 60.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.3, implying annual growth of 4170.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 38.2.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 70.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.4, implying annual growth of 58.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 24.1.

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.56

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

Canaccord Genuity observes September quarter focused on funding and establishing the foundation for the company to become a key US domestic producer.

Peninsula Energy’s first yellowcake production was a milestone, with all guidance retained and commissioning progressing smoothly, though still in early stages.

As per the broker, operational improvements from the reset include tighter well spacing, improved oxidant use, and a streamlined workforce to enhance recovery and efficiency.

With $36m in cash, corrosion rectification underway, and production ramp-up targeted to 50klbs targeted for 2025, the broker views the restart as moderately conservative yet achievable.

Canaccord Genuity maintains a Speculative Buy rating and $1.03 target price.

This report was published on October 30, 2025.

Target price is $1.03 Current Price is $0.56 Difference: $0.47
If PEN meets the Canaccord Genuity target it will return approximately 84% (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

PWR    PETER WARREN AUTOMOTIVE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $1.85

Jarden rates ((PWR)) as Buy (1) –

Jarden observes Peter Warren Automotive offered a positive AGM update with progress in recovery from recent margin lows. Management is now forecasting a significant increase in FY26 earnings rather than modest growth as previously guided.

Used car sales rose 14% year to date, well ahead of industry trends, while growth in service, parts, and finance operations continued to underpin performance.

The broker lifts its FY26 EPS forecasts by around 4%, supported by stronger used car sales and margin expansion, partly offset by higher interest costs, resulting in an expected pre-tax profit margin improvement to 1.22% from 0.90% in FY25.

Target price moves up to $2.45 from $2.30 and a Buy rating is maintained.

This report was published on October 30, 2025.

Target price is $2.45 Current Price is $1.85 Difference: $0.595
If PWR meets the Jarden target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $2.08, suggesting upside of 12.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.80 cents and EPS of 12.60 cents.
At the last closing share price the estimated dividend yield is 4.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of 67.9%.
Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 10.80 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.0, implying annual growth of 35.6%.
Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 11.6.

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

SVL    SILVER MINES LIMITED

Gold & Silver – Overnight Price: $0.16

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

Petra Capital notes Silver Mines’ engagement with the Department of Planning, Housing and Infrastructure (DPHI) and other agencies regarding Development Approval for the Bowdens Silver Project is ongoing.

In the September quarter (1Q26) update, the company explained the DPHI report has yet to be submitted to the Independent Planning Commission.

While the company remains confident of approval, the timeline has been pushed out to 1Q2026, delaying first production to 2Q2028.

The broker incorporated a $30m capital raise and a $4.07m share purchase plan into its forecasts, and also factored in a 21% higher silver price in FY28 and a 19% higher price from FY30 onwards.

Buy. Target price 28c.

This report was published on November 3, 2025.

Target price is $0.28 Current Price is $0.16 Difference: $0.12
If SVL meets the Petra Capital target it will return approximately 75% (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 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 53.33.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 80.00.

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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CHARTS

COF CSC CWP EMR IGO JIN KCN LOT LYC PEN PWR SVL

For more info SHARE ANALYSIS: COF - CENTURIA OFFICE REIT

For more info SHARE ANALYSIS: CSC - CAPSTONE COPPER CORP.

For more info SHARE ANALYSIS: CWP - CEDAR WOODS PROPERTIES LIMITED

For more info SHARE ANALYSIS: EMR - EMERALD RESOURCES NL

For more info SHARE ANALYSIS: IGO - IGO LIMITED

For more info SHARE ANALYSIS: JIN - JUMBO INTERACTIVE LIMITED

For more info SHARE ANALYSIS: KCN - KINGSGATE CONSOLIDATED LIMITED

For more info SHARE ANALYSIS: LOT - LOTUS RESOURCES LIMITED

For more info SHARE ANALYSIS: LYC - LYNAS RARE EARTHS LIMITED

For more info SHARE ANALYSIS: PEN - PENINSULA ENERGY LIMITED

For more info SHARE ANALYSIS: PWR - PETER WARREN AUTOMOTIVE HOLDINGS LIMITED

For more info SHARE ANALYSIS: SVL - SILVER MINES LIMITED

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