Australian Broker Call *Extra* Edition – Nov 06, 2025

Array
(
    [0] => Array
        (
            [0] => ((AMA))
            [1] => ((BC8))
            [2] => ((CIA))
            [3] => ((CIA))
            [4] => ((COL))
            [5] => ((WOW))
            [6] => ((COV))
            [7] => ((CYM))
            [8] => ((EQT))
            [9] => ((GEM))
            [10] => ((IGO))
            [11] => ((PLS))
            [12] => ((IMB))
            [13] => ((IMR))
            [14] => ((JBH))
            [15] => ((LGP))
            [16] => ((LOT))
            [17] => ((MIN))
            [18] => ((MM8))
            [19] => ((NDO))
            [20] => ((NVX))
            [21] => ((ORI))
            [22] => ((SBM))
            [23] => ((SVL))
            [24] => ((TLS))
            [25] => ((TM1))
            [26] => ((UNI))
            [27] => ((VAU))
            [28] => ((VUL))
            [29] => ((WBC))
            [30] => ((WES))
        )

    [1] => Array
        (
            [0] => AMA
            [1] => BC8
            [2] => CIA
            [3] => CIA
            [4] => COL
            [5] => WOW
            [6] => COV
            [7] => CYM
            [8] => EQT
            [9] => GEM
            [10] => IGO
            [11] => PLS
            [12] => IMB
            [13] => IMR
            [14] => JBH
            [15] => LGP
            [16] => LOT
            [17] => MIN
            [18] => MM8
            [19] => NDO
            [20] => NVX
            [21] => ORI
            [22] => SBM
            [23] => SVL
            [24] => TLS
            [25] => TM1
            [26] => UNI
            [27] => VAU
            [28] => VUL
            [29] => WBC
            [30] => WES
        )

)

This story features AMA GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: AMA
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)

AMA   BC8   CIA (2)   COL   COV   CYM   EQT   GEM   IGO   IMB   IMR   JBH   LGP   LOT   MIN   MM8   NDO   NVX   ORI   SBM   SVL   TLS   TM1   UNI   VAU   VUL   WBC   WES  

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.09

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

AMA Group reported a solid 1Q26 update, with earnings (EBITDA) of $20.1m, up 36% on the prior year, and FY26 guidance maintained at $70–75m.

Canaccord Genuity viewed the results positively noting it was driven by ongoing strength in the AMA Collision division, lifting group earnings margins to 7.4% from 6.8% in 2H25, partly offset by softer performance in the Wales Heavy Truck business.

Revenue rose 6.5% y/y to $273.2m, with a higher average repair price helping to offset slightly lower repair volumes. Excluding delayed receipts, underlying operating cash flow was $5.6m versus $0.9m a year earlier.

The result was underpinned by improved efficiency and profitability, and the broker continues to expect progress toward AMA’s medium-term earnings margin target of 10%.

No change to Buy rating and 15c target.

This report was published on November 2, 2025.

Target price is $0.15 Current Price is $0.09 Difference: $0.057
If AMA meets the Canaccord Genuity target it will return approximately 61% (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 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.60.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.29.

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

BC8    BLACK CAT SYNDICATE LIMITED

Gold & Silver – Overnight Price: $0.90

Petra Capital rates ((BC8)) as Buy (1) –

Black Cat Syndicate delivered a solid September quarter, with production up 68% on the prior quarter at Paulsens to 7.7koz and 10koz from Kal East under the MMS joint venture.

Petra Capital notes the Lakewood mill is in transition as mining at Myhree winds down and new feed from Fingals and Majestic builds toward first processing in March quarter 2026. Mill capacity has been maintained through 290kt of third-party ore purchases.

With a strong $90m cash position, Paulsens generating positive cash flow, and additional inflows expected from the MMS JV and toll milling, the analyst sees Black Cat as well funded and unhedged to pursue growth.

Petra revises its production forecasts lower to 59koz in FY26 and 120koz in FY27 due to adjusted ramp-up timing but still expects a run rate above 100koz per annum by June quarter 2026.

The rating is maintained at Buy, with the target price reduced to $2.30 from $2.50 

This report was published on October 31, 2025.

Target price is $2.30 Current Price is $0.90 Difference: $1.405
If BC8 meets the Petra Capital target it will return approximately 157% (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 27.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.29.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 47.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.90.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $5.50

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

Canaccord Genuity describes Champion Iron’s September quarter as a solid operating period, with production and costs exceeding expectations despite planned maintenance.

Revenue of CA$493m and adjusted EBITDA of CA$175m were well above consensus, supported by strong rail performance and accelerated de-stocking.

Bloom Lake outperformed forecasts through effective blending strategies that offset harder ore challenges, resulting in higher production and lower costs. Shipments reached a record 3.85mt, aided by improved rail logistics, while on-site inventory fell to 1.7mt.

The CA$500m DRPF project is nearing completion, with commissioning expected by year-end and a gradual ramp-up through 2026 as customers test the product.

The KAMI JV with Nippon Steel and Sojitz has completed its initial closing, with a Definitive Feasibility Study due by end-2026.

Buy rating reiterated with CA$6.50 target price.

This report was published on October 30, 2025.

Current Price is $5.50. Target price not assessed.

This company reports in CAD. 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

Jarden rates ((CIA)) as Buy (1) –

Jarden comments Champion Iron delivered a strong 1Q26, with record sales of 3.85Mt, about 5% ahead of consensus and supported by improved rail logistics and inventory drawdown despite a scheduled shutdown. Production rose 1% q/q to 3.55Mt.

C1 costs of CA$76/t were -4% below consensus, reflecting sustained operational efficiencies and stronger ore recovery, Jarden notes.

Revenue of CA$493m and earnings (EBITDA) of CA$175m materially exceeded expectations, lifting cash to CA$326m.

The DRPF project remains on track for commissioning in December 2025, with capex slightly above plan at CA$508m. Jarden expects the higher-grade 69% Fe product to achieve a US$15/t premium once in full production.

Jarden lifts its earnings (EBITDA) forecasts with FY26 raised 25% to CA$476m and FY27–FY28 lifted modestly on stronger realised pricing and continued cost discipline.

Buy. Target moved down to $5.55 from $6.

This report was published on November 4, 2025.

Target price is $5.55 Current Price is $5.50 Difference: $0.05
If CIA meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 33.68 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.33.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 47.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.59.

This company reports in CAD. 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

COL    COLES GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $21.97

Jarden rates ((COL)) as Neutral (3) –

Coles Group achieved another strong 1Q26, with sales up 3.9% on the previous year, led by food at up 4.8% and around up 7% excluding tobacco.

Jarden notes growth was broad-based across own brand, everyday categories, and online, while liquor remained weak with like-for-like sales down -1.4%.

Coles retained much of the $120m in sales gained from Woolworths Group’s ((WOW)) prior strike disruption, though October commentary suggested Woolworths has started to close the sales gap.

Earnings forecasts are largely unchanged, with liquor remaining a drag, and Jarden forecasting a three-year EPS CAGR of 11.5%.

Neutral rated. Target price lifts to $22.40 from $21.70, noting Coles’ strong execution but expecting Woolworths to outperform on share price over the coming year.

This report was published on October 30, 2025.

Target price is $22.40 Current Price is $21.97 Difference: $0.43
If COL meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $24.90, suggesting upside of 13.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 78.00 cents and EPS of 93.90 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.0, implying annual growth of 17.6%.
Current consensus DPS estimate is 78.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 85.00 cents and EPS of 102.80 cents.
At the last closing share price the estimated dividend yield is 3.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.3, implying annual growth of 9.8%.
Current consensus DPS estimate is 87.1, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 21.1.

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

COV    CLEO DIAGNOSTICS LIMITED

Overnight Price: $0.40

Petra Capital rates ((COV)) as Initiation of coverage with Buy (1) –

Petra Capital initiates coverage on Cleo Diagnostics with a Buy rating and a $1.15 target price, highlighting significant upside potential.

Cleo is developing blood tests to detect ovarian cancer early. Its first pre-surgical triage product is a pivotal validation trial ahead of expected US FDA approval in 3Q2026.

Petra views clearance as likely, which would mark the company’s transition to commercial stage and drive strong revenue growth toward forecast profitability in FY30.

The tests target a market worth over US$1bn, leveraging Cleo’s proprietary CXCL10 biomarker to address a major unmet need in ovarian cancer diagnosis.

Petra forecasts peak risk-adjusted revenue of around $197m in FY36, with high margins and strong scalability. 

Cleo held $4.6m cash at end 1Q2026, with an expected $1.5m R&D rebate in 4Q2025.

This report was published on November 3, 2025.

Target price is $1.15 Current Price is $0.40 Difference: $0.755
If COV meets the Petra Capital target it will return approximately 191% (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 3.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.68.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.98.

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

CYM    CYPRIUM METALS LIMITED

Copper – Overnight Price: $0.04

Canaccord Genuity rates ((CYM)) as No Rating (-1) –

Canaccord Genuity recently visited Cyprium Metals’ Nifty Copper complex in WA with a restart of operations in stages which allows the miner to leverage the existing infrastructure to grow copper production,

The 2024 PFS outlines a heap leach restart in early 2026 to produce 4–6ktpa of copper cathode at an AISC of -US$4,806/t.

A larger-scale open pit and concentrator redevelopment could deliver 40ktpa over 20 years for -$413m in capex, while an optimised low-capex option could bring forward production by one year.

Regional upside includes the Maroochydore deposit with 1.6Mt of contained copper and significant exploration tenure in the Paterson Province.

Canaccord Genuity views the restart as a low-cost, staged path to renewed production and leverage to higher copper prices.

No rating or target price.

This report was published on October 30, 2025.

Current Price is $0.04. Target price not assessed.

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

EQT    EQT HOLDINGS LIMITED

Diversified Financials – Overnight Price: $25.22

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

Canaccord Genuity believes EQT Holdings’ shares are oversold due to regulatory uncertainty and retains a Buy rating and $34.57 target, from $37 previously.

The broker views market fears around Shield and First Guardian exposure are overstated, noting EQT’s strong balance sheet with more than $70m net cash and potential access to over $50m in insurance recovery.

In a worst-case scenario, the analyst expects any remediation costs to be manageable, supported by the possibility of suspending dividends or obtaining government assistance under the SIS Act.

First-quarter funds under management and administration rose 4% q/q to $263.3b, with revenue up 15% y/y to $49.9m, supported by strong inflows and new managed investment scheme launches, the broker notes.

This report was published on October 31, 2025.

Target price is $34.57 Current Price is $25.22 Difference: $9.35
If EQT meets the Canaccord Genuity target it will return approximately 37% (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 117.00 cents and EPS of 168.00 cents.
At the last closing share price the estimated dividend yield is 4.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.01.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 122.00 cents and EPS of 178.00 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.17.

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

GEM    G8 EDUCATION LIMITED

Childcare – Overnight Price: $0.70

Moelis rates ((GEM)) as Hold (3) –

G8 Education continues to face a difficult operating environment, with affordability pressures and weak inquiries weighing on occupancy.

As of early November, spot occupancy was 68.3%, down -6.6% y/y and year-to-date occupancy was 65.7%, down -4.5%. The usual October seasonal uplift did not occur, leaving expectations softer for the remainder of the year.

Moelis points to an earnings (EBIT) guidance downgrade to $91–$98m, around -14% below prior management estimates, reflecting subdued occupancy and higher regulatory investment. Cost management initiatives continue to provide some earnings support.

The analyst cuts its earnings forecasts by -15% for 2025, -14% for 2026, and -11% for 2027. 

Hold rating retained. Target slips to 75c from 92c.

This report was published on November 5, 2025.

Target price is $0.75 Current Price is $0.70 Difference: $0.05
If GEM meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 4.70 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 6.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.97.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 5.40 cents and EPS of 9.20 cents.
At the last closing share price the estimated dividend yield is 7.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.61.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $5.06

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

IGO Ltd’s September quarter showed weaker Greenbushes production and limited near-term cash generation.

Greenbushes output of 320kt was -13% below Jarden’s expectations due to lower grades and weather impacts, with sales also underperforming guidance.

The broker comments the joint venture structure continues to limit operational transparency.

Material cash generation in FY26 now appears unlikely, with high corporate and exploration costs offsetting limited free cash flow and uncertainty around Kwinana distributions.

With Nova nearing closure in late 2026, Jarden questions IGO’s long-term value proposition given ongoing costs and limited returns from prior investments.

The analyst cuts its FY26 earnings (EBITDA) forecast by -18% to $236m. The stock is downgraded to Neutral, citing preference for simpler lithium exposure through Pilbara Minerals ((PLS)). No change to $4.84 target.

This report was published on October 31, 2025.

Target price is $4.84 Current Price is $5.06 Difference: minus $0.22 (current price is over target).
If IGO 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 $5.33, suggesting upside of 5.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 7.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 65.71.

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:

Jarden forecasts a full year FY27 EPS of 13.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.40.

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 37.5.

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

IMB    INTELLIGENT MONITORING GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $0.65

Moelis rates ((IMB)) as Buy (1) –

Moelis notes Intelligent Monitoring’s 1Q26 update was solid, with positive cash flow and a growing project pipeline.

Net operating cash flow was $0.5m, impacted by one-off costs and a -$3.2m working capital outflow tied to equipment restocking ahead of future installations. October cash flow improved materially, with group cash rising to $16.2m by $0.7m despite a- $4.2m acquisition payment.

The pipeline expanded 23.5% to $45.2m, reflecting strong commercial demand. Australian operations performed well, while some NZ projects were delayed due to timing factors outside the company’s control.

Moelis keeps forecasts largely unchanged, with slight timing adjustments for NZ offset by stronger pipeline growth and expectations for a robust fourth quarter. The broker remains conservative on tax assumptions but sees potential upside if prior tax losses can be utilised.

No change to Buy rating and 91c target price.

This report was published on November 3, 2025.

Target price is $0.91 Current Price is $0.65 Difference: $0.265
If IMB meets the Moelis target it will return approximately 41% (excluding dividends, fees and charges).
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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.90.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.21.

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: $1.45

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

Canaccord Genuity maintains a Buy rating and $2.06 target on Imricor Medical Systems after a key milestone in its VISABL-VT trial.

The company successfully performed the first MRI-guided ablation for a complex ventricular tachycardia patient, confirming safety and capability for left-heart access.

The analyst believes the result de-risks most future VT and atrial fibrillation procedures, which make up about 80% of long-term revenue forecasts.

Upcoming catalysts including US and EU trial expansion and FDA approval of the NorthStar mapping system are highlighted.

This report was published on November 4, 2025.

Target price is $2.06 Current Price is $1.45 Difference: $0.61
If IMR meets the Canaccord Genuity target it will return approximately 42% (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

JBH    JB HI-FI LIMITED

Consumer Electronics – Overnight Price: $100.73

Jarden rates ((JBH)) as Neutral (3) –

JB Hi-Fi  delivered a solid first-quarter result, with sales up around 6%, slightly below expectations as The Good Guys slowed on tougher comparisons and softer September trading according to Jarden.

New product launches and early signs of the replacement cycle supported growth, while promotional activity remained high but rational ahead of the key Cyber period.

Earnings forecasts are largely unchanged, with a minor -1% EPS downgrade and small adjustments across segments, including a -2.5% EBIT cut for The Good Guys and upgrades to JB Hi-Fi New Zealand.

Jarden views the earnings outlook as positive but increasingly priced in, with limited catalysts for further re-rating amid rising competition.

The broker retains a Neutral rating and trims its target price to $95.20 from $95.70.

This report was published on October 30, 2025.

Target price is $95.20 Current Price is $100.73 Difference: minus $5.53 (current price is over target).
If JBH meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $108.50, suggesting upside of 7.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 357.00 cents and EPS of 464.10 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 462.0, implying annual growth of 9.2%.
Current consensus DPS estimate is 368.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 382.00 cents and EPS of 497.00 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 492.2, implying annual growth of 6.5%.
Current consensus DPS estimate is 388.1, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 20.5.

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

LGP    LITTLE GREEN PHARMA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.13

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

Little Green Pharma’s 1Q26 result was broadly in line with Canaccord Genuity’s expectations, highlighting renewed revenue momentum and an improving outlook supported by potential regulatory tailwinds globally.

Quarterly revenue rose 11% to $10.1m on the 4Q25, with cash receipts of $11.3m and largely neutral cash flow due to disciplined cost control and minimal capex.

Strong growth was seen in flower sales (up 15%), in-house brand CherryCo (up 35%), and the Australian market (up 15%). Signs of improvement were also noted in Germany, with Europe expected to remain a key driver longer term.

LGP ended the quarter with $2.3m in cash and $4.9m in undrawn debt, maintaining a stable net debt position.

The broker highlights shifting sentiment across global cannabis markets, driven by expectations of possible US regulatory reform and a broader sector re-rating.

Speculative Buy rated with 18c target.

This report was published on October 31, 2025.

Target price is $0.18 Current Price is $0.13 Difference: $0.05
If LGP meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.18

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

Lotus Resources conducted minimal mining at Kayelekera during 1Q26, with ore mining scheduled to commence in the December quarter. First drummed uranium production has been achieved, and the company targets a steady-state production rate of 200klbs per month by end of 1Q26.

A recent site visit reinforced the substantial sunk capital base at Kayelekera, estimated at around US$300m, supporting a conservative but credible restart approach. While no brownfield uranium restart has been seamless, Petra Capital sees continued re-rating potential.

Lotus ended the quarter with $96.7m in cash following a $65m equity raise. Although no revenue is expected until June quarter 2026, prepayment arrangements could provide earlier cash flow once shipments commence.

Buy rated with a 25c target price from 27c previously.

This report was published on October 31, 2025.

Target price is $0.25 Current Price is $0.18 Difference: $0.07
If LOT meets the Petra Capital target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $0.34, suggesting upside of 87.0%(ex-dividends)
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 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 180.00.

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.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.86.

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 9.5.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $44.45

Jarden rates ((MIN)) as Sell (5) –

Jarden notes strong sales and a $52m Onslow loan receipt for Mineral Resources in 1Q26 yet net debt was unchanged at about $5.4bn, with heavy first-half capex spending.

Onslow shipments rose 50% on the prior quarter to 8.6mt, with costs and production tracking in line, and FY26 shipment forecasts lifted to 34.5mt.

Pricing remained strong across commodities, with iron ore realisations at US$90/dmt and lithium prices outperforming peers. FY26 guidance was retained, and contingent payments of $241m are expected by November.

Jarden lifts its forecast FY26 earnings (EBITDA) by around 15% and target by 4% to $15.60 but retains a Sell rating, citing high leverage, limited free cash flow, and valuation more than 200% above intrinsic value.

This report was published on October 30, 2025.

Target price is $15.60 Current Price is $44.45 Difference: minus $28.85 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 65% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $44.63, suggesting upside of 0.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 86.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.3, 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 29.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 54.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 81.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 157.4, implying annual growth of 3.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 28.2.

Market Sentiment: -0.1
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: $0.41

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

Medallion Metals has selected Trafigura to provide a secured prepayment facility of up to US$50m and an associated seven-year copper-gold concentrate offtake agreement, with a separate gold arrangement.

The report highlights funding underpins development of the Ravensthorpe Gold Project and processing operations at Forrestania, representing a strong endorsement of the project and supporting plans to commence gold and copper production by early 2027.

The facility includes a four-year term with a one-year grace period and three-year repayment, tied to delivery of up to 105kt of concentrate. 

Environmental approvals are progressing, with the federal submission complete, feasibility study due in November, and a final investment decision targeted for December.

Petra Capital retains a Buy rating with a 90c target price, up from 89c previously.

This report was published on October 31, 2025.

Target price is $0.90 Current Price is $0.41 Difference: $0.485
If MM8 meets the Petra Capital target it will return approximately 117% (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 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 27.67.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.39.

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: $0.62

Moelis rates ((NDO)) as Buy (1) –

Nido Education’s trading update reflects ongoing sector challenges, with cost-of-living pressures, hybrid work trends, and lower birth rates weighing on demand. However, improving demographic data suggest early signs of recovery, Moelis comments.

Management lowered 2025 guidance with service earnings (EBITDA) expected at $28.5–$30m (down -14%) and group earnings (EBITDA) at $16.5–$18m (down – 25%) from prior estimates.

Nido’s incubator expansion strategy remains on track, with 10 new centres to open in 2025 and 16 already trading. Management is also assessing selective acquisitions to build scale amid lower sector valuations.

Moelis expects government policy changes, including the 3-Day Guarantee from January 2026, to drive stronger sector demand.

The analyst lowers its earnings forecasts by -30% for 2025 and  -23% for 2026. Buy rating retained. Target price falls to 84c from $1.03.

This report was published on November 5, 2025.

Target price is $0.84 Current Price is $0.62 Difference: $0.22
If NDO meets the Moelis target it will return approximately 35% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 3.10 cents and EPS of 4.50 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 13.78.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.40 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 7.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.25.

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

NVX    NOVONIX LIMITED

New Battery Elements – Overnight Price: $0.48

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

Novonix achieved a key milestone in 1Q26 with first commercial production of synthetic graphite from its 3ktpa Riverside plant, making it the only large-scale supplier in North America

Petra Capital notes a ramp up in deliveries to industrial and battery customers for qualification, supported by protection from 160% tariffs on Chinese graphite imports and reinforced by US grants and tax credits.

Cash at quarter end was US$45m, excluding an additional US$49m received in October from the final tranche of its Yorkville Advisors debenture agreement. Revenue rose to US$2.8m, driven by stronger performance from the Battery Technology Solutions division, while operating cash outflow was US$9.2m and quarterly capex US$13.7m.

Buy rating retained. Target price rises to 83c from 74c, reflecting quarterly updates and new share issuance.

This report was published on October 31, 2025.

Target price is $0.83 Current Price is $0.48 Difference: $0.35
If NVX meets the Petra Capital target it will return approximately 73% (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 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.33.

Forecast for FY26:

Petra Capital 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 24.00.

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

ORI    ORICA LIMITED

Mining Sector Contracting – Overnight Price: $22.25

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

Jarden expects Orica to post a solid FY25 result on 13 November, supported by continued pricing strength and improved performance from Specialty Mining Chemicals and Digital Solutions following recent acquisitions.

Net profit after tax is forecast at $525m, around -1% below consensus, with financial leverage expected at 1.1x, toward the lower end of the target range, leaving room for further buybacks.

Jarden raises its target price to $25.60 from $19.70 and maintains an Overweight rating.

This report was published on November 3, 2025.

Target price is $25.60 Current Price is $22.25 Difference: $3.35
If ORI meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $23.64, suggesting upside of 6.3%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 56.50 cents and EPS of 107.50 cents.
At the last closing share price the estimated dividend yield is 2.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.2, implying annual growth of -3.2%.
Current consensus DPS estimate is 56.8, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 65.40 cents and EPS of 122.40 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.8, implying annual growth of 10.8%.
Current consensus DPS estimate is 63.6, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 18.7.

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

SBM    ST. BARBARA LIMITED

Gold & Silver – Overnight Price: $0.48

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

Petra Capital notes St Barbara produced 11.2koz in the September quarter, -6.7% below guidance, due to lower grades and fleet underperformance, though AISC of $4,487/oz came in better than forecast.

Fleet performance has since improved following the addition of new Volvo A60 trucks, with further units due this quarter. FY26 guidance is unchanged at 54–70koz at an AISC of -$4,000–4,400/oz.

The Sulphide Expansion Feasibility Study remains on track, but the unresolved PNG tax issue has delayed FID to March quarter 2026, pushing first production to September quarter 2028.

Buy rating retained with the target price reduced to $1.06 from $1.18.

This report was published on October 31, 2025.

Target price is $1.06 Current Price is $0.48 Difference: $0.58
If SBM meets the Petra Capital target it will return approximately 121% (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 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.33.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.43.

Market Sentiment: 0.0
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: $0.15

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

Petra Capital notes Silver Mines continues to progress the Bowdens Silver Project approval process, working with the Department of Planning, Housing and Infrastructure and other government bodies.

The department has yet to submit its assessment to the Independent Planning Commission, delaying approval to 1Q2026 and first production to 2Q2028.

The project remains highly leveraged to silver, with around 85% of forecast revenue from the metal. Bowdens is planned to produce 3.8Moz of silver annually over a 16.5-year mine life at an AISC of -$27.7/oz, with higher early-year output and strong margins at spot prices.

Petra values Silver Mines at $0.28 per share, up from $0.21, and retains a Buy rating, citing robust leverage to higher silver prices and a solid balance sheet with $43.7m cash and no debt.

This report was published on November 3, 2025.

Target price is $0.28 Current Price is $0.15 Difference: $0.125
If SVL meets the Petra Capital target it will return approximately 81% (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 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 77.50.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.84.

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

TLS    TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $4.91

Jarden rates ((TLS)) as Neutral (3) –

Jarden believes 2026 will be a pivotal year for Telstra, with around $5bn of federal government agency tenders expiring across the sector.

Telstra has about $3.5bn in total contract value expiring, including major contracts with Services Australia and the Department of Defense, while Optus faces $1.5bn in expiries with the ATO and Department of Home Affairs.

The analyst sees minimal risk to Telstra’s Defense contract but some renewal risk for Optus given recent challenges.

A $160m extension of Telstra’s Services Australia contract into 2026 suggests delays in migration to Optus and provides upside of around $20–25m in EBITDA.

With Optus’ major government contracts due to expire, Telstra could increase its share of total contract value, with potential ATO wins adding roughly $120m in annual revenue and 1.4% near-term EPS upside.

Jarden views Telstra as well positioned to benefit from industry disruption, supported by simplification efforts and stronger capital efficiency, though acknowledges short-term investment risks from regulatory scrutiny. Neutral rated. Target unchanged at $4.80.

This report was published on October 30, 2025.

Target price is $4.80 Current Price is $4.91 Difference: minus $0.11 (current price is over target).
If TLS meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.89, suggesting downside of -0.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 20.00 cents and EPS of 20.50 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, implying annual growth of 9.8%.
Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 23.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 21.50 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 7.7%.
Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 22.0.

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

TM1    TERRA METALS LIMITED

Overnight Price: $0.14

Petra Capital rates ((TM1)) as Initiation of coverage with Buy (1) –

Petra Capital initiates coverage of Terra Metals with a Buy rating and 19c target price, noting Terra is advancing its large-scale, multi-metal Dante Project in the West Musgrave region of WA.

Initial exploration has defined a resource of 148Mt at 1.38% copper equivalent from only 10% of the 80km mineralised strike, within a 1,200km² tenement package. 

Multiple mineralised reefs host titanium, vanadium, copper, gold, and platinum group elements, with recent drilling also confirming magmatic nickel–copper sulphides. Early metallurgical test work indicates a simple flowsheet capable of producing three high-value concentrates.

The analyst’s preliminary modeling assumes mining 40Mt at 2Mtpa over 20 years, generating around $130m earnings (EBITDA) and $360m in net present value, with significant upside potential as exploration progresses.

This report was published on November 3, 2025.

Target price is $0.19 Current Price is $0.14 Difference: $0.05
If TM1 meets the Petra Capital target it will return approximately 36% (excluding dividends, fees and charges).

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $8.55

Jarden rates ((UNI)) as Buy (1) –

Jarden reiterates its Buy rating following the AGM update, which supports the view that first-half forecasts appear achievable against consensus.

The trading update for the first 17-weeks was against a more challenging comparison last year versus the first 7 weeks trading.

The broker notes like-for-like sales growth remains solid, led by Perfect Stranger, while Universal Store and CTC moderated slightly on tougher comparables.

Gross profit margins are tracking at 61.7%, around 50bps above expectations, supported by brand mix and improved seasonal category sales.

The store rollout remains on track, with 11–17 new stores planned for FY26 and several openings before Christmas.

Target $10.69 and Buy rating retained. Universal Store is Jarden’s preferred small-cap fashion exposure given strong execution, management quality, and attractive valuation relative to peers.

This report was published on October 30, 2025.

Target price is $10.69 Current Price is $8.55 Difference: $2.14
If UNI meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $10.56, suggesting upside of 23.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 52.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 71.3%.
Current consensus DPS estimate is 39.8, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 59.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.1, implying annual growth of 13.7%.
Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.5.

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

VAU    VAULT MINERALS LIMITED

Gold & Silver – Overnight Price: $0.69

Moelis rates ((VAU)) as Buy (1) –

Moelis notes Vault Minerals will transition to an owner-miner model at its King of the Hills project from 1 January 2027, allowing ample time to recruit staff and procure equipment.

The change aligns with the company’s goals of improving efficiency, cost control, and operational flexibility as mining activity lifts 35% under the new Ore Reserve plan and plant expansion to 7.5Mtpa.

The analyst sees the move as well-considered and not unexpected. The long lead time should support a smooth transition, though performance from the outgoing contractor could moderate in the interim. The broker assumes a neutral cash flow impact, noting funding for equipment should be available at competitive rates.

While Moelis is cautious about expecting a major drop in unit mining costs, it highlights the strategic and operational benefits of owning the fleet, particularly greater control and reliability. Overall, the change is viewed as sensible and not detrimental to the investment case.

Buy rated. Target 93c.

This report was published on November 5, 2025.

Target price is $0.93 Current Price is $0.69 Difference: $0.235
If VAU meets the Moelis target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $0.92, suggesting upside of 31.9%(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 5.80 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 4.9, implying annual growth of 40.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of 106.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.9.

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

VUL    VULCAN ENERGY RESOURCES LIMITED

New Battery Elements – Overnight Price: $6.35

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

 Germany has reintroduced EV subsidies through a EUR4bn program, offering up to EUR4k per vehicle for fully electric cars priced under EUR45k, with plug-in hybrids excluded. For the first time, used EVs will also qualify, a move expected to support mass-market adoption and help counter competition from low-cost Chinese models.

Vulcan Energy Resources highlights renewed consumer incentives align with Germany’s broader backing of the EV supply chain, including significant government support for Vulcan Energy’s Lionheart Project, which has already received EUR204m in grants with a further EUR150m potentially available.

The EU’s energy storage market is emerging as another strong source of lithium demand, with battery capacity expected to expand rapidly by 2029.

The company ended the quarter with EUR47m cash and plans to complete financing and FID before year-end.

Target is lifted to $10.00 from $9.75. No change to Speculative Buy rating.

This report was published on November 3, 2025.

Target price is $10.00 Current Price is $6.35 Difference: $3.65
If VUL meets the Canaccord Genuity target it will return approximately 57% (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 18.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 35.28.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 9.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 70.56.

This company reports in EUR. 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

WBC    WESTPAC BANKING CORPORATION

Banks – Overnight Price: $40.21

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

Jarden concludes Westpac delivered a sound 2H25 result, with FY25 cash NPAT of $6,972m down -2% y/y, with 2H25 cash NPAT of $3,515m up 2% on the 1H, a 4% beat to Jarden’s forecast and in line with consensus.

Core net interest margin was 1.82%, up 2bps on 1H but down -6bps in the final quarter. The analyst expects further compression through FY26 as volume and margin trade-offs persist.

Loan growth remained solid in business and institutional banking, up 8% and 10% respectively, but remains subdued in home lending, up just 3% and tracking below system growth. Deposits rose 4% with an improving mix.

Bad debts remain minimal at 4bps of loans, but Jarden highlights execution risk in FY26–27

Jarden lifts FY26 cash earnings forecast by 4% and increases its target price to $32.00 from $30. No change to Underweight rating.

This report was published on November 3, 2025.

Target price is $32.00 Current Price is $40.21 Difference: minus $8.21 (current price is over target).
If WBC meets the Jarden target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $34.48, suggesting downside of -14.2%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 155.00 cents and EPS of 200.70 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 206.6, implying annual growth of 2.3%.
Current consensus DPS estimate is 155.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 157.00 cents and EPS of 198.40 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 211.9, implying annual growth of 2.6%.
Current consensus DPS estimate is 158.4, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 19.0.

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

WES    WESFARMERS LIMITED

Consumer Products & Services – Overnight Price: $82.13

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

Wesfarmers’ AGM update was slightly softer, with sales broadly in line but cost pressures and Officeworks restructuring leading to modest downgrades in earnings estimates for Jarden.

Officeworks now expects around a -20% decline in segment earnings (EBIT), reflecting -$15 to –$25m in combined restructuring and trading headwinds. Bunnings’ sales are tracking ahead of last half, led by the consumer segment, while Kmart and Health divisions are performing in line with trends.

The analyst lowers its EPS forecasts by 1–2% for FY26–28, mainly due to Officeworks and weaker industrials trading, partly offset by strength in Health.

Jarden retains an Underweight rating, citing valuation concerns and limited near-term catalysts, with the next phase of growth likely to require more capital-intensive investment. Target price falls to $70.50 from $73.40.

This report was published on October 30, 2025.

Target price is $70.50 Current Price is $82.13 Difference: minus $11.63 (current price is over target).
If WES meets the Jarden target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $86.47, suggesting upside of 5.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 374.00 cents and EPS of 253.70 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 32.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 249.4, implying annual growth of -3.3%.
Current consensus DPS estimate is 251.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 32.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 248.00 cents and EPS of 282.90 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.6, implying annual growth of 9.7%.
Current consensus DPS estimate is 234.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 30.0.

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

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don’t have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

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