Australian Broker Call *Extra* Edition – Nov 10, 2025

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            [5] => ((BTR))
            [6] => ((CGF))
            [7] => ((CNB))
            [8] => ((COI))
            [9] => ((CRD))
            [10] => ((CVN))
            [11] => ((STX))
            [12] => ((FLX))
            [13] => ((FPH))
            [14] => ((GEM))
            [15] => ((GLL))
            [16] => ((GTK))
            [17] => ((ORG))
            [18] => ((HSN))
            [19] => ((NEU))
            [20] => ((PPE))
            [21] => ((PXA))
            [22] => ((QAL))
            [23] => ((REH))
            [24] => ((SS1))
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            [28] => ((VSL))
            [29] => ((WDS))
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            [5] => BTR
            [6] => CGF
            [7] => CNB
            [8] => COI
            [9] => CRD
            [10] => CVN
            [11] => STX
            [12] => FLX
            [13] => FPH
            [14] => GEM
            [15] => GLL
            [16] => GTK
            [17] => ORG
            [18] => HSN
            [19] => NEU
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            [21] => PXA
            [22] => QAL
            [23] => REH
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            [25] => STN
            [26] => TNE
            [27] => USL
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This story features ALS LIMITED, and other companies.
For more info SHARE ANALYSIS: ALQ
The company is included in ASX100, ASX200, 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)

ALQ   ANG   ASG (2)   BC8   BTR   CGF   CNB   COI   CRD   CVN   FLX   FPH   GEM   GLL   GTK   HSN   NEU   PPE   PXA   QAL   REH   SS1   STN   TNE   USL   VSL   WDS  

ALQ    ALS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $21.77

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

On November 18, Jarden expects ALS Ltd to report first-half FY26 core profit of $173m, about -1% below the consensus forecast, with investor focus on the FY26-27 outlook, especially for Commodities.

The broker sees Geochemistry volumes improving as gold, copper, and lithium prices rise, while Life Sciences should post solid EBIT growth aided by the Nuvisan turnaround and FX tailwinds.

The share price has already largely re-rated on multiple expansion and offers little room for disappointment, the analysts caution.

Jarden retains an Underweight rating pending clearer evidence of sustained volume and pricing recovery. Target rises to $14.85 from $14.60.

This report was published on November 5, 2025.

Target price is $14.85 Current Price is $21.77 Difference: minus $6.92 (current price is over target).
If ALQ meets the Jarden target it will return approximately minus 32% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $22.29, suggesting upside of 2.3%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 43.00 cents and EPS of 72.60 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.6, implying annual growth of 37.2%.
Current consensus DPS estimate is 43.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 30.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 49.60 cents and EPS of 82.70 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.3, implying annual growth of 14.7%.
Current consensus DPS estimate is 50.2, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 26.2.

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

ANG    AUSTIN ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.20

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

Petra Capital notes Austin Engineering’s FY26 guidance downgrade reflects short-term growing pains, cutting forecast revenue to $370-380m and EBIT to $30-34m from prior respective guidance of $390-410m and $40-46m.

Lower productivity in South America and Batam (stemming from the OEM contract in the region), alongside contract delays and North American expansion costs, account for most of the earnings shortfall, explains the analyst.

The broker expects impacts to be largely confined to FY26, with improvement once the uneconomic OEM contract is exited in 3Q26.

The analyst’s EPS forecasts are reduced by -22-24% across FY26-2.8. The target falls to 29c from 46c. Petra Capital retains a Buy rating.

This report was published on November 6, 2025.

Target price is $0.29 Current Price is $0.20 Difference: $0.095
If ANG meets the Petra Capital target it will return approximately 49% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 1.00 cents and EPS of 3.60 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.42.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 1.50 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 7.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.98.

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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $4.08

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

Canaccord Genuity highlights continued strength in luxury vehicle sales, which rose 11% y/y in October and 12% over the past three months, outpacing the broader market. The broker attributes this to improved supply, a stronger new model line-up, and favourable pricing dynamics that support higher gross margins and operating leverage.

Autosports Group’s key luxury brands performed strongly, with Audi sales up 28% y/y, BMW up 17%, and Mercedes up 20%. The analyst sees this momentum supporting like-for-like sales growth and earnings upside.

No change to Buy rating. Target lifts to $4.91 from $3.79.

This report was published on November 6, 2025.

Target price is $4.91 Current Price is $4.08 Difference: $0.83
If ASG meets the Canaccord Genuity target it will return approximately 20% (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 15.20 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.13.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 20.80 cents and EPS of 34.70 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.76.

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

Moelis rates ((ASG)) as Buy (1) –

Moelis notes the Australian auto market continues to strengthen into 2026, with October 2025 new vehicle deliveries up 0.7% y/y, marking five consecutive months of growth and averaging 3.2% for 2H2025.

Autosports Group’s key luxury brands —BMW, Audi, and Mercedes-Benz— are outperforming amid normalised inventories and renewed consumer preference for PHEV, hybrid, and ICE models.

New SUV model launches across these brands are expected to support sales growth through 2026–2028.

Any additional interest rate cuts will further benefit dealer margins and consumer demand, with full-year tailwinds expected in 2026.

Moelis upgrades its EPS estimates, reflecting stronger confidence in the auto cycle, upcoming model releases, and improved back-end margins from parts, service, and finance.

The broker retains a Buy rating, lifting its target price to $4.85 from $3.63.

This report was published on November 7, 2025.

Target price is $4.85 Current Price is $4.08 Difference: $0.77
If ASG meets the Moelis target it will return approximately 19% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 11.60 cents and EPS of 26.90 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.17.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 14.50 cents and EPS of 33.70 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 12.11.

Market Sentiment: 1.0
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: $0.94

Moelis rates ((BC8)) as Initiation of coverage with Buy (1) –

Moelis initiates coverage on Black Cat Syndicate as a leveraged emerging gold producer in Western Australia with a Buy rating and $1.60 target price.

The company operates the Paulsens mine and recently acquired the Lakewood processing plant, enabling in-house processing from FY26. The Coyote project also offers restart potential with over 600koz in resources.

Moelis highlights a strong balance sheet with $53m cash and forecasts production to rise from 90koz in FY26 to 120koz by mid-FY27.

Trading multiples appear undemanding, with FY27 EV/EBITDA below around 2x and an average 30% FCF yield.

This report was published on November 10, 2025.

Target price is $1.60 Current Price is $0.94 Difference: $0.665
If BC8 meets the Moelis target it will return approximately 71% (excluding dividends, fees and charges).

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

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.44

Taylor Collison rates ((BTR)) as Speculative Buy (1) –

Taylor Collison comments Brightstar Resources achieved another strong operational quarter as the Fish and Second Fortune mines moved toward steady-state production.

Under the processing agreement with Genesis, 5.2koz of gold was sold, with a further 5.7koz in stockpiles for the November campaign, expected to deliver record tonnage.

September’s annualised production rate of 2.8koz tracks at the top end of the 29–34kozpa guidance, positioning Brightstar to strengthen cash generation and reduce external funding needs.

Taylor Collison notes positive mine-level cash flow, with group outflows reflecting continued investment in exploration and development. Brightstar ended the quarter with $41.9m in cash and working capital, providing strong internal funding capacity.

The broker maintains a Speculative Buy rating and trims its target price to $1.27 from $1.38, reflecting updated Laverton output assumptions and higher refurbishment costs.

This report was published on November 5, 2025.

Target price is $1.27 Current Price is $0.44 Difference: $0.83
If BTR meets the Taylor Collison target it will return approximately 189% (excluding dividends, fees and charges).

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

CGF    CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $9.06

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

Jarden expects Challenger to unlock at least $1.2bn of surplus capital over the next two to three years following the implementation of APRA’s new capital standards.

The broker highlights a potential early release of $442m in July 2026 and further upside from reduced growth asset exposure and a lower capital target range.

The analysts point to deployment options including buybacks, higher annuity rates, or acquisitions, with buybacks potentially lifting return on equity (ROE) by around 310bps to 15%.

Jarden views the structural backdrop as supportive and sees risks skewed to the upside. The broker maintains an Overweight rating and a $9.20 target.

This report was published on November 5, 2025.

Target price is $9.20 Current Price is $9.06 Difference: $0.14
If CGF meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.31, suggesting upside of 2.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 28.00 cents and EPS of 65.50 cents.
At the last closing share price the estimated dividend yield is 3.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.1, implying annual growth of 128.9%.
Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 29.20 cents and EPS of 69.10 cents.
At the last closing share price the estimated dividend yield is 3.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.3, implying annual growth of 9.7%.
Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 13.0.

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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.36

Moelis rates ((CNB)) as Buy (1) –

Moelis remains constructive on Carnaby Resources, citing its position as a low-capex, near-term copper developer with a clear pathway to production.

The broker highlights ongoing exploration success and strong drilling results at Trekelano, which reinforce the broader growth potential of the Greater Duchess project.

The recent $12.5m equity raising strengthens the balance sheet, reducing near-term funding risk and supporting the company through upcoming feasibility studies.

Moelis notes the pre-feasibility study is due in 1Q26, with FID targeted for 3Q26.

The broker retains a Buy rating but lowers its target price to 76c from 87c to account for share dilution.

This report was published on November 5, 2025.

Target price is $0.76 Current Price is $0.36 Difference: $0.4
If CNB meets the Moelis target it will return approximately 111% (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 minus 3.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.29.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 11.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.08.

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

COI    COMET RIDGE LIMITED

NatGas – Overnight Price: $0.12

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

Canaccord Genuity notes East Coast gas prices rose slightly during the quarter to average $12.62/GJ, up from $12.38/GJ in the June quarter and flat y/y. Domestic demand declined modestly by -3.4PJ, mainly due to lower power generation use.

Key developments included the federal gas market review, XRG withdrawing its bid for Santos, and the start of exploration drilling in the Otway Basin.

For Comet Ridge, the broker highlights continued progress at Mahalo, with FEED work advancing and Jemena conducting geotechnical sampling along the proposed pipeline route.

The company holds 266PJ of 2P reserves, reinforcing Mahalo’s potential as a key East Coast gas supplier. At Mahalo East, 2P reserves were independently certified at 51.8PJ, with 3P reserves at 118PJ.

Comet Ridge closed the period with $13.3m cash and $9.5m debt. Canaccord maintains a Hold rating. Target slips to 14c from 15c.

This report was published on November 5, 2025.

Target price is $0.14 Current Price is $0.12 Difference: $0.015
If COI meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).

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

CRD    CONRAD ASIA ENERGY LIMITED

Crude Oil – Overnight Price: $0.68

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

East Coast gas prices rose slightly during the quarter to average $12.62/GJ, up from $12.38/GJ in the June quarter and flat year-on-year. Domestic demand declined modestly by -3.4PJ, mainly due to lower power generation use.

Key developments included the federal gas market review, XRG withdrawing its bid for Santos, and the start of exploration drilling in the Otway Basin.

Canaccord Genuity notes Conrad Asia Energy has executed a Gas Sales Agreement with PT PLN Energi Primer Indonesia for gas from the Mako field.

The contract covers the current Duyung PSC period to January 2037, allowing for sales of up to 117TJ per day. The broker sees this as a key milestone likely paving the way for a sell-down of Mako interests and final investment decision readiness by year-end.

Upcoming announcements on updated cost estimates (Canaccord estimates -US$325m capex gross), funding, and sell-down details are expected. Conrad ended the period with US$2.8m cash and no debt. Speculative Buy with $1.60 target unchanged.

This report was published on November 5, 2025.

Target price is $1.60 Current Price is $0.68 Difference: $0.92
If CRD meets the Canaccord Genuity target it will return approximately 135% (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 8.88 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.66.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.23 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.92.

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

CVN    CARNARVON ENERGY LIMITED

Crude Oil – Overnight Price: $0.09

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

Canaccord Genuity notes East Coast gas prices rose slightly during the quarter to average $12.62/GJ, up from $12.38/GJ in the June quarter and flat year-on-year. Domestic demand declined modestly by -3.4PJ, mainly due to lower power generation use.

Key developments included the federal gas market review, XRG withdrawing its bid for Santos, and the start of exploration drilling in the Otway Basin.

Carnarvon Energy has completed its strategic investment in Strike Energy ((STX)), acquiring up to 19.9% of issued capital for up to $89m.

The broker describes the cross-holding as unusual, citing limited strategic rationale or synergy given Strike’s onshore focus. Dorado JV timelines are being reassessed, leading Canaccord to delay first production to 2028 and reduce risk weightings.

As a result, target price falls to $0.12 from $0.14, with the Hold rating maintained. Carnarvon ended the quarter with $99m cash, no debt, and retains a US$90m development cost carry for Dorado.

This report was published on November 5, 2025.

Target price is $0.12 Current Price is $0.09 Difference: $0.028
If CVN meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).

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

FLX    FELIX GROUP HOLDINGS LIMITED

Overnight Price: $0.18

Taylor Collison rates ((FLX)) as Speculative Buy (-1) –

Taylor Collison sees 1Q26 as a transformational period for Felix Group, following its $12m acquisition of Nexvia, a SaaS platform for construction SMEs.

The deal increases ARR by 38% to $12.1m, with Nexvia near earnings (EBITDA) breakeven and showing strong customer metrics. A concurrent $16.5m capital raise boosts balance sheet flexibility, leaving Felix with $7.8m cash post-transaction.

The broker notes CEO Mike Davis’s resignation post-acquisition as unexpected but pragmatic, given operations are consolidating in Brisbane. The interim CEO is CFO James Frayne, with a permanent appointment expected to focus on enterprise software or integration experience.

The broker retains a Speculative Buy rating but lowers its target price to 25c from 30c, reflecting dilution from the capital raise and near-term leadership transition.

This report was published on November 4, 2025.

Target price is $0.25 Current Price is $0.18 Difference: $0.065
If FLX meets the Taylor Collison target it will return approximately 35% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.50.

Forecast for FY27:

Taylor Collison forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 185.00.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $33.26

Jarden rates ((FPH)) as Neutral (3) –

On November 17, Jarden expects Fisher & Paykel Healthcare to report first-half FY26 revenue of NZ$1.08bn and profit of NZ$201m, both in line with guidance and driven by Hospital growth. It’s felt the results will be supported by FX tailwinds and a stronger flu season.

Potential Section 232 US tariffs on medical devices pose a near-term risk, with worst-case impacts of -NZ$92-184m on FY27 earnings, assesses the broker.

 Jarden’s review of nasal high flow research confirms growing clinical support, aligning with the company’s new product launches such as Airvo 3 and Thrive. 

Neutral. Target rises to NZ$38.90 from NZ$34.50.

This report was published on November 5, 2025.

Current Price is $33.26. Target price not assessed.
Current consensus price target is N/A
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 44.46 cents and EPS of 69.14 cents.
At the last closing share price the estimated dividend yield is 1.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 48.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.1, implying annual growth of N/A.
Current consensus DPS estimate is 40.2, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 52.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 50.81 cents and EPS of 78.58 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.7, implying annual growth of 18.4%.
Current consensus DPS estimate is 46.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 44.3.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GEM    G8 EDUCATION LIMITED

Childcare – Overnight Price: $0.65

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

Canaccord Genuity believes G8 Education is near trough earnings, with valuation at multi-year lows suggesting longer-term value, though near-term catalysts remain limited.

The broker notes weakening occupancy trends, with November 2025 spot occupancy at 68.3%, down -660bps y/y, driving an FY25 EBIT downgrade of around -18% to $91–98m.

The broker expects a slow start to 2026 but sees potential improvement as the year progresses, supported by policy changes such as the removal of the Activity Test and easing supply pressures.

While management continues to control costs effectively and the share buyback provides valuation support, occupancy softness remains the key earnings headwind, the report highlights.

Canaccord cuts its 2026 revenue, EBIT, and EPS forecasts by -4%, -19%, and -21% respectively and lowers its target price to $0.80 from $1.06, maintaining a Hold rating.

This report was published on November 5, 2025.

Target price is $0.80 Current Price is $0.65 Difference: $0.15
If GEM meets the Canaccord Genuity target it will return approximately 23% (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 4.50 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 6.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.13.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 5.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 7.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.22.

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

GLL    GALILEE ENERGY LIMITED

NatGas – Overnight Price: $0.01

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

East Coast gas prices rose slightly during the quarter to average $12.62/GJ, up from $12.38/GJ in the June quarter and flat year-on-year. Domestic demand declined modestly by -3.4PJ, mainly due to lower power generation use.

Key developments included the federal gas market review, XRG withdrawing its bid for Santos, and the start of exploration drilling in the Otway Basin.

For Galilee Energy the analyst notes progress at Glenaras remains slow, with no wells currently online.

Operational efforts have centred on monitoring reservoir pressure to enhance understanding of reservoir behaviour.

Following quarter-end, the company appointed Joseph Graham as CEO, bringing significant oil and gas experience, and indicated plans to actively pursue new opportunities.

Hold rated with a 3c target price.

This report was published on November 5, 2025.

Target price is $0.03 Current Price is $0.01 Difference: $0.021
If GLL meets the Canaccord Genuity target it will return approximately 233% (excluding dividends, fees and charges).

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

GTK    GENTRACK GROUP LIMITED

Software & Services – Overnight Price: $7.46

Moelis rates ((GTK)) as Hold (3) –

Moelis reviews Kraken Technologies, noting plans for a demerger from parent Octopus Energy, the UK’s largest electricity supplier.

The broker highlights Kraken’s rapid growth and consistent profitability since 2020, driven by strong implementation capability and efficient large-scale migrations.

While Octopus has excelled using Kraken’s platform, Moelis notes other customers have not achieved similar success, suggesting room for multiple competitors in utility billing software.

Analysis of Origin Energy’s ((ORG)) data shows Kraken has helped contain customer costs, supporting its reputation for operational efficiency.

Gentrack Group is Hold rated with an $11.59 target price.

This report was published on November 7, 2025.

Target price is $11.59 Current Price is $7.46 Difference: $4.13
If GTK meets the Moelis target it will return approximately 55% (excluding dividends, fees and charges).
Current consensus price target is $12.83, suggesting upside of 69.3%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 16.61 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 44.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 63.2.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 24.32 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 49.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 42.3.

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

HSN    HANSEN TECHNOLOGIES LIMITED

IT & Support – Overnight Price: $5.90

Moelis rates ((HSN)) as Buy (1) –

Moelis notes Hansen Technologies has announced the acquisition of UK-based Digitalk Group Holdings for approximately $66.4m, funded by a mix of debt and cash.

The broker highlights that Digitalk, which provides software for mobile virtual network operators, is a high-quality business with recurring revenue, strong margins above 30%, and long-term customer relationships.

The analyst expects the acquisition to be EPS accretive from the second half of FY26, offering cross-sell opportunities across Hansen’s customer base, particularly among utilities and internet service providers.

While some upside was already factored into forecasts, longer-term earnings estimates have been raised to reflect Digitalk’s contribution.

The broker views the acquisition as strategically sound and financially compelling, raising its target price modestly to $6.60 from $6.50 and maintaining a Buy rating.

This report was published on November 6, 2025.

Target price is $6.60 Current Price is $5.90 Difference: $0.7
If HSN meets the Moelis target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $7.03, suggesting upside of 17.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 10.40 cents and EPS of 28.10 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of 15.2%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 12.90 cents and EPS of 32.40 cents.
At the last closing share price the estimated dividend yield is 2.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of 20.4%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 20.2.

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $18.58

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

Petra Capital views Neuren Pharmaceuticals’ partner Acadia’s 3Q25 result as encouraging, with Daybue revenue of US$101m slightly below expectations but showing solid volume growth and improved persistency.

It’s thought the expanding sales force is beginning to deliver benefits, with referral and prescriber numbers rising, particularly in community settings outside centres of excellence.

The broker highlights strong patient retention, ongoing geographic expansion, and early traction from named patient programs in Europe and other regions.

Petra Capital remains confident in Daybue’s accelerating global growth trajectory.

Buy. Target $31.38.

This report was published on November 6, 2025.

Target price is $31.38 Current Price is $18.58 Difference: $12.8
If NEU meets the Petra Capital target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $25.70, suggesting upside of 38.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 11.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 156.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.3, implying annual growth of -87.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 130.1.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 229.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.2, implying annual growth of 125.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 57.8.

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

PPE    PEOPLEIN LIMITED

Jobs & Skilled Labour Services – Overnight Price: $0.90

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

Canaccord Genuity initiates coverage on PeopleIN with a Buy rating and a $1.45 target price, citing strong positioning to benefit from QLD’s $116.8bn infrastructure program and the 2032 Brisbane Olympics.

Around 42% of revenue is generated in QLD, and the analyst expects demand for workers to rise materially from 2H26, accelerating through FY27. The broker also notes improving macro conditions and business confidence should drive renewed demand for staffing solutions as interest rates ease.

Short-term disruption from delays in the Pacific Australia Labour Mobility program is expected to normalise in late 2H26, with expansion into new sectors such as aged care, early learning, hospitality, and construction.

The company’s growing diversification across healthcare, community, and professional services is seen as appealing. Further opportunity is seen in defence contracts following the Pukpuk treaty.

This report was published on November 6, 2025.

Target price is $1.45 Current Price is $0.90 Difference: $0.555
If PPE meets the Canaccord Genuity target it will return approximately 62% (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 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.59.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 4.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 4.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.71.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $15.23

Jarden rates ((PXA)) as Buy (1) –

Jarden maintains a Buy rating on Pexa Group, viewing risk as skewed to the upside despite softer-than-expected UK pricing.

The broker argues the current share price places little value on the UK business, which remains a long-term growth opportunity.

UK Sale and Purchase (S&P) fees are about -16% lower than Australia’s, seen as a strategic move to drive adoption, while new anti money laundering requirements from July 2026 provide additional upside.

First-quarter growth was solid, assesses Jarden, with Australian transactions up 6% year-on-year and UK Optima and Smoove completions up 25%.

Jarden trims its target to $17.40 from $17.70. Buy rating retained.

This report was published on November 5, 2025.

Target price is $17.40 Current Price is $15.23 Difference: $2.17
If PXA meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $17.81, suggesting upside of 18.6%(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 29.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.5, 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 73.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 29.80 cents and EPS of 42.60 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.5, implying annual growth of 53.7%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 47.7.

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

QAL    QUALITAS LIMITED

Wealth Management & Investments – Overnight Price: $3.80

Jarden rates ((QAL)) as Buy (1) –

Jarden believes ASIC’s latest reports on private credit and capital markets adopt a constructive but cautious stance, favouring a wait-and-see approach to regulation.

The broker notes recommendations are not severe but could significantly affect retail and wholesale funds with weaker governance or opaque fee structures.

It’s felt proposed reforms, particularly higher thresholds to qualify as a wholesale investor, may create fundraising headwinds for smaller managers.

In contrast, Jarden views increased regulatory scrutiny as a positive for Qualitas, which already applies institutional-grade governance and transparency.

ASIC changes are expected to support fund deployment and capital raising, reinforcing Qualitas’ position as a best-practice private credit manager, according to the broker. Unchanged $4.26 target and Buy rating.

This report was published on November 5, 2025.

Target price is $4.26 Current Price is $3.80 Difference: $0.46
If QAL meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 12.90 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 3.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.54.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 15.70 cents and EPS of 16.90 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.49.

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

REH    REECE LIMITED

Furniture & Renovation – Overnight Price: $10.96

Jarden rates ((REH)) as Neutral (3) –

Jarden assesses investor sentiment on Reece remains cautious post the FY25 earnings reset, with discussions centred on competition, US positioning, and capital management.

The analysts met with a broad range of investors. They question Reece’s US strategy and the value of the Morsco acquisition amid strong competitors, yet acknowledged improving gross margins and dual-trade opportunities.

US-based competitor STAline’s expansion is seen as a limited revenue risk, though profitability pressure is possible, suggests the broker.

Jarden highlights the $365m off-market buyback as a sign of management confidence and healthy cash flow. While housing and labour cost risks persist, the broker maintains a positive long-term outlook supported by strong cash generation and strategic flexibility.

Unchanged Neutral rating and $12.30 target.

This report was published on November 7, 2025.

Target price is $12.30 Current Price is $10.96 Difference: $1.34
If REH meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $12.05, suggesting upside of 10.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.90 cents and EPS of 44.20 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.9, implying annual growth of -10.8%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 20.20 cents and EPS of 51.40 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 19.8%.
Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 20.8.

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

SS1    SUN SILVER LIMITED

Overnight Price: $0.98

Canaccord Genuity rates ((SS1)) as Initiation of coverage with Speculative Buy (1) –

Canaccord Genuity has initiated coverage of Sun Silver with a Speculative Buy rating and target price of $2.20.

The company is advancing the 100%-owned Maverick Springs Silver-Gold Project in Nevada, hosting an Inferred Resource of 480Moz at 68g/t silver-equivalent (AgEq). It has scope for further resource growth and potential antimony by-product.

Sun Silver’s resource grade compares favourably with the industry average of 53g/t AgEq, positioning it as the third-largest undeveloped silver asset in the US, the broker explains.

An upside is from US policy momentum that supports silver’s designation as a strategic critical mineral, with FAST-41 permitting reform and government loan programs providing funding pathways for domestic producers.

The broker’s base-case open-pit development assumes 97Mt at 50g/t AgEq (209Moz) over 10 years, producing 15Moz AgEq per annum, with AISC of US$28/oz and initial capex of -US$1.4bn

This report was published on November 10, 2025.

Target price is $2.20 Current Price is $0.98 Difference: $1.22
If SS1 meets the Canaccord Genuity target it will return approximately 124% (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 0.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9800.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9800.00.

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

STN    SATURN METALS LIMITED

Gold & Silver – Overnight Price: $0.49

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

Petra Capital maintains a Buy rating on Saturn Metals, highlighting the company’s strong exploration momentum at its Apollo Hill project. Apollo is being developed as a single bulk mine open pit, and a 10Mtpa heap leach operation.

The broker believes capital raisings, supported by substantial institutional backing, reflect investor confidence in the gold-focused developer.

The analyst sees upside potential via resource growth and early project development steps, making Saturn Metals one of its preferred levered positions in the gold sector.

This report was published on November 6, 2025.

Target price is $1.93 Current Price is $0.49 Difference: $1.435
If STN meets the Petra Capital target it will return approximately 290% (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 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 61.88.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 99.00.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $35.79

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

Canaccord Genuity highlights TechnologyOne’s launch of its agentic-AI solution “Plus” as a material growth catalyst and a key driver of sustained net revenue retention above 115%.

“Plus” is an integrated AI system embedded in the company’s products, priced at $75k per year, with management expecting 10–15% customer uptake by 1H27 (around $10–15m ARR) and 75% by 1H30 (over  $70m ARR). New AI-enabled product features will also lift price books by 10%, likely pulling forward procurement in 1H26.

The broker upgrades ARR forecasts by 1–6%, reflecting stronger confidence in long-term NRR above 115%. While short-term margins may moderate due to investment, the growth outlook has strengthened.

Canaccord raises its target price to $45.60 from $40.99 with an unchanged Buy rating.

This report was published on November 5, 2025.

Target price is $45.60 Current Price is $35.79 Difference: $9.81
If TNE meets the Canaccord Genuity target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $38.42, suggesting upside of 7.8%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 27.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 83.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.2, implying annual growth of 16.4%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 84.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 32.00 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 0.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 68.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.0, implying annual growth of 18.5%.
Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 71.3.

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

USL    UNICO SILVER LIMITED

Gold & Silver – Overnight Price: $0.56

Canaccord Genuity rates ((USL)) as Initiation of coverage with Speculative Buy (1) –

Canaccord Genuity has initiated coverage of Unico Silver with a Speculative Buy rating and a target price of $1.30.

The company is an emerging silver developer in Santa Cruz, Argentina, aiming for rapid resource growth and staged development.

Its PLUS 150 and BEYOND 300 strategies target 150Moz near-term and over 300Moz silver-equivalent (AgEq) longer-term through oxide and sulphide resource expansion, the broker explains.

The company currently holds 231Moz @152 g/t AgEq, including 162Moz @161 g/t AgEq at Cerro Leon, achieved at a low US$0.10/oz discovery cost. A maiden Joaquin resource due this quarter has the potential to lift global resources beyond 300Moz.

The broker has modelled a combined Joaquin–Cerro Leon operation, delivering 8.1Moz AgEq per year over 10 years, at AISC US$18/oz and US$350m capex.

This report was published on November 10, 2025.

Target price is $1.30 Current Price is $0.56 Difference: $0.735
If USL meets the Canaccord Genuity target it will return approximately 130% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5650.00.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5650.00.

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

VSL    VULCAN STEEL LIMITED

Steel & Scrap – Overnight Price: $7.33

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

Jarden explains Vulcan Steel’s -NZ$88m acquisition of Roofing Industries Ltd will add about NZ$11m to FY26 earnings (EBITDA), with full consolidation from October 2026.

The broker observes the deal is funded by a NZ$96m equity raise at $5.95 per share and remains accretive despite Roofing’s expected earnings halving in FY26.

Despite a softer first-quarter update, management forecast a second-half rebound, leaving FY26 earnings guidance unchanged at NZ$130m but lifting FY27 to NZ$202m.

Reflecting the acquisition and lower discount rate, Jarden’s target price increases to NZ$8.27 from NZ$7.60. The rating is downgraded to Neutral from Overweight.

This report was published on November 5, 2025.

Current Price is $7.33. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.80 cents and EPS of 17.97 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.80.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 28.85 cents and EPS of 48.09 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.24.

This company reports in NZD. 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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $25.84

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

Woodside Energy’s Capital Markets day reaffirmed progress across its growth portfolio, in Jarden’s view, led by optimism around Louisiana LNG (LALNG).

With 2025 guidance unchanged and no 2026 outlook issued, the analysts note attention centred on plans to sell a further -20% LALNG stake and advance Trains 4 and 5 toward a final investment decision (FID).

The broker expects Scarborough to remain on schedule, potentially producing first LNG by mid-2026, while noting minor 2026 earnings impact from planned Pluto Train 1 maintenance.

Jarden raises its target by 2.8% to $25.40, supported by sell-down gains and new project value, and retains an Overweight rating with further LALNG progress seen as a key catalyst.

This report was published on November 4, 2025.

Target price is $25.40 Current Price is $25.84 Difference: minus $0.44 (current price is over target).
If WDS 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 $25.78, suggesting downside of -0.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 143.26 cents and EPS of 178.92 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 175.3, implying annual growth of N/A.
Current consensus DPS estimate is 155.5, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 68.51 cents and EPS of 91.09 cents.
At the last closing share price the estimated dividend yield is 2.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 103.3, implying annual growth of -41.1%.
Current consensus DPS estimate is 89.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 25.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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

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

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