Australian Broker Call *Extra* Edition – May 19, 2026

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            [0] => ((ALK))
            [1] => ((ASX))
            [2] => ((AVH))
            [3] => ((BAP))
            [4] => ((COG))
            [5] => ((EOS))
            [6] => ((FBU))
            [7] => ((GNC))
            [8] => ((GTK))
            [9] => ((IMR))
            [10] => ((MP1))
            [11] => ((OBM))
            [12] => ((PPM))
            [13] => ((STM))
            [14] => ((WZR))
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            [0] => ALK
            [1] => ASX
            [2] => AVH
            [3] => BAP
            [4] => COG
            [5] => EOS
            [6] => FBU
            [7] => GNC
            [8] => GTK
            [9] => IMR
            [10] => MP1
            [11] => OBM
            [12] => PPM
            [13] => STM
            [14] => WZR
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)

This story features ALKANE RESOURCES LIMITED, and other companies.
For more info SHARE ANALYSIS: ALK
The company is included in 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)

ALK   ASX   AVH   BAP   COG   EOS   FBU   GNC   GTK   IMR   MP1   OBM   PPM   STM   WZR  

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.47

Moelis rates ((ALK)) as Buy (1) –

Moelis Australia retains a Buy rating on Alkane Resources and an unchanged target price of $2.30 following the release of the March quarter earnings report.

Commentary states the integration of Mandalay’s assets has led to the emergence of a high margin, cash-generating mid-tier producer.

FY26 net profit after tax estimates have increased modestly on lower depreciation and amortisation, while FY26-FY28 projections are effectively unchanged.

Operationally, the assets are executing on internal production and cost targets while enjoying a macro tailwind, the broker suggests, adding the market is likely underappreciating the scale of the company’s transformation.

This report was published on May 18, 2026.

Target price is $2.30 Current Price is $1.47 Difference: $0.83
If ALK meets the Moelis target it will return approximately 56% (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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $58.24

Jarden rates ((ASX)) as Neutral (3) –

Jarden retains a Neutral rating for ASX with a target price increase to $58.75 following the appointment of a new chief executive officer.

Commentary suggests the leadership change resolves a key market overhang, while robust year-to-date revenue trends point toward a stronger finish for FY26.

Potential for softer trading activity from federal budget impacts and uncertainty surrounding FY27 cost guidance add complexity to the medium-term outlook, the broker concludes.

Longer-dated risks regarding the execution of the CHESS replacement and the strategic intentions of competitors remain a focus.

Earnings per share forecasts increase 2.1% in FY26 and 2.0% in FY27 to reflect the underlying strength in market activity.

This report was published on May 15, 2026.

Target price is $58.75 Current Price is $58.24 Difference: $0.51
If ASX meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $58.35, suggesting upside of 0.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 198.30 cents and EPS of 264.20 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.1, implying annual growth of 5.4%.
Current consensus DPS estimate is 204.7, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 209.20 cents and EPS of 274.20 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 276.3, implying annual growth of 1.2%.
Current consensus DPS estimate is 212.1, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

AVH    AVITA MEDICAL INC

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.23

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

Canaccord Genuity maintains a Hold rating for Avita Medical with a $1.25 target price following a first-quarter revenue result of US$19.3m.

The broker comments the business showed discipline recovering from previous reimbursement dislocation, with operating expenses falling -11% year-on-year to US$24.5m.

Management reiterated FY26 revenue guidance of US$80m to US$85m alongside the announcement of a ten-year BARDA contract worth up to US$25.5m.

Early adoption of Cohealyx and Permeaderm generated US$1.8m in sales, prompting an upgrade to revenue forecasts.

The broker considers the valuation undemanding as the field force accelerates product utilisation, despite higher capital requirements expected for future growth.

This report was published on May 18, 2026.

Current Price is $1.23. Target price not assessed.

This company reports in USD. 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

BAP    BAPCOR LIMITED

Automobiles & Components – Overnight Price: $0.37

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

Canaccord Genuity retains a Hold rating for Bapcor alongside a reduced target price of $0.45, down from $0.87, following the latest profit warning.

FY26 earnings before interest, tax, depreciation and amortisation guidance has been lowered to between $144m and $150m due to gross margin pressure and rising costs of doing business.

While management points to improving sales as evidence of an operational turnaround, the inability to pass supplier price increases onto customers suggests a longer recovery timeline, the broker suggests.

A recent capital raise keeps the business within debt covenants for June 2026, yet commentary concludes underlying earnings must stabilise to alleviate ongoing balance sheet concerns.

Earnings per share estimates have been reduced by -62.8% for FY26 and -59.2% for FY27, prompting a -40% discount to the valuation model to account for heightened uncertainty.

This report was published on May 18, 2026.

Target price is $0.45 Current Price is $0.37 Difference: $0.08
If BAP meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $0.41, suggesting upside of 10.8%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 1.7, implying annual growth of -71.7%.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY27:

Current consensus EPS estimate is 2.8, implying annual growth of 64.7%.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 13.2.

Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

COG    COG FINANCIAL SERVICES LIMITED

Business & Consumer Credit – Overnight Price: $1.61

Shaw and Partners rates ((COG)) as Buy (1) –

Shaw and Partners retains a Buy rating for COG Financial Services with an unchanged $2.45 target price following a presentation at an emerging companies conference.

The broker notes the leasing division is accelerating momentum and gaining market share amid a 35% quarterly increase in industry volumes for battery electric vehicle leases.

The report highlights the broking and aggregation division delivered a 7% expansion in volume during the first half as the company maintains a commanding presence in asset finance for small-to-medium enterprises.

Earnings projections remain unchanged as management expresses confidence in scaling the business within the new regulatory framework for novated leases.

The suggestion made is the company offers solid growth and the stock good value with an estimated free cash flow yield of 15%.

This report was published on May 14, 2026.

Target price is $2.45 Current Price is $1.61 Difference: $0.835
If COG meets the Shaw and Partners target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $2.10, suggesting upside of 29.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 8.00 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 4.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, implying annual growth of 45.6%.
Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 9.20 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of 5.1%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 11.3.

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

EOS    ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED

Hardware & Equipment – Overnight Price: $8.82

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

Canaccord Genuity retains a Buy rating for Electro Optic Systems with its target price increased to $14.00 from $12.50 following an update on the Marss group acquisition terms.

The maximum earnout rises to EUR140m, contingent on achieving EUR700m in new order intake within twelve months of closing.

Demand for counter-drone solutions in the Middle East drove EUR102m worth of orders in May, lifting the combined group backlog to $726m.

The transaction is funded by drawing -$70m from an existing debt facility, leaving pro-forma net cash at $45m.

The broker considers the integration of these proprietary solutions a transformational step for the business, upgrading revenue forecasts by 15% in FY26 and 28% in FY27.

This report was published on May 18, 2026.

Target price is $14.00 Current Price is $8.82 Difference: $5.18
If EOS meets the Canaccord Genuity target it will return approximately 59% (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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $2.44

Jarden rates ((FBU)) as Buy (1) –

Jarden retains a Buy rating for Fletcher Building with a reduced target price of NZ$4.01 from NZ$4.16.

Commentary suggests a strategic shift toward a simpler, more focused business model has resulted in a refreshed board and the initiation of several non-core asset divestments.

A recent capital raise was materially dilutive but created a defensive balance sheet, with the broker arguing this positions the business better to navigate an extended downturn.

A potential sale of the Residential and Development division could close the valuation gap and accelerate value unlock, the broker notes.

Underlying earnings per share forecasts have been reduced to -14.3c for FY26 and -19.9c for FY27 due to a deteriorating volume backdrop and lower mid-cycle house build assumptions.

This report was published on May 17, 2026.

Target price is $4.01 Current Price is $2.44 Difference: $1.57
If FBU meets the Jarden target it will return approximately 64% (excluding dividends, fees and charges).
Current consensus price target is $2.76, suggesting upside of 13.1%(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 12.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, 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 21.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 17.39 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of 34.8%.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 16.2.

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

GNC    GRAINCORP LIMITED

Agriculture – Overnight Price: $4.93

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

Canaccord Genuity maintains a Buy rating for GrainCorp with its target price lowered to $6.88 from $7.51 following a soft but in-line half-year result.

First-half earnings before interest, tax, depreciation and amortisation of $138m beat consensus by 3%, while the core net cash position disappointed due to a larger seasonal increase in working capital.

The agribusiness segment experienced weaker margins despite flat volume, and the nutrition and energy segment suffered a -25% earnings miss driven by mark-to-market impacts on derivatives.

Management reaffirmed FY26 earnings guidance, noting favourable winter crop planting conditions in southern states and robust global supply.

The broker notes the current share price excessively discounts the lack of a special dividend and potential margin contraction, presenting significant upside to fundamental fair value.

This report was published on May 18, 2026.

Target price is $6.88 Current Price is $4.93 Difference: $1.95
If GNC meets the Canaccord Genuity target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $6.17, suggesting upside of 25.1%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

Current consensus EPS estimate is 16.8, implying annual growth of -7.5%.
Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 29.3.

Forecast for FY27:

Current consensus EPS estimate is 18.9, implying annual growth of 12.5%.
Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 26.1.

Market Sentiment: 0.1
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: $3.32

Moelis rates ((GTK)) as Buy (1) –

Moelis retains a Buy rating for Gentrack Group with an unchanged target price of $7.86 following a review of the half-year results and recent acquisitions.

The utilities division accounted for 82% of revenue in the half. Commentary suggests resilient margins in the airport division may be overlooked in the current market valuation.

The broker notes the acquisition of ‘Factor’, an AI-powered forecasting toolkit, offers cross-selling opportunities with minimal existing customer overlap and a shorter sales cycle.

While the new customer pipeline includes ten opportunities in the utilities division, FY27 earnings remain dependent on successful conversions over the next year.

Forecasts are largely unchanged, with a tax credit lifting FY26 net profit estimates offset by higher depreciation and amortisation weighing slightly on outer years.

This report was published on May 18, 2026.

Target price is $7.86 Current Price is $3.32 Difference: $4.54
If GTK meets the Moelis target it will return approximately 137% (excluding dividends, fees and charges).
Current consensus price target is $4.14, suggesting upside of 24.6%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 11.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.2, 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 36.1.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 22.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 78.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.2.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
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: $1.79

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

Canaccord Genuity maintains a Buy rating for Imricor Medical Systems with its target price lowered to $2.28 from $2.33 following the completion of a US$43m capital raise.

The funding round bolsters pro forma cash to US$74m and introduces -2.7% dilution compared to previous estimates.

The broker expects early commercial wins in the United States, anticipating the first sales for the NorthStar system will occur within the paediatric hospital setting.

Upcoming milestones for the third quarter of 2026 include the completion of the VISABL-AFL trial, FDA submission, and initial integration with GE magnetic resonance imaging units.

Feedback from industry specialists suggests strong potential for off-label use in complex procedures, leading the broker to view a 2027 industry conference as a major inflection point for adoption.

This report was published on May 18, 2026.

Target price is $2.28 Current Price is $1.79 Difference: $0.49
If IMR meets the Canaccord Genuity target it will return approximately 27% (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

MP1    MEGAPORT LIMITED

Cloud services – Overnight Price: $12.87

Canaccord Genuity rates ((MP1)) as Buy (1) –

Canaccord Genuity maintains a Buy rating for Megaport with its target price increased to $15.85 from $14.30 following the announcement of material new Compute-as-a-Service contracts.

These agreements for GPU deployment carry a combined total contract value of US$183m and bring the pro forma segment annual recurring revenue to US$132m, effectively satisfying the Latitude earnout threshold, the broker points out.

Group revenue and earnings estimates for FY27 increase by 10% and 20% respectively to reflect the accelerated build in compute recurring revenue.

The broker expects the business will access $150m in debt during FY27 to assist with funding investments in the capital-intensive compute segment, with projected capital expenditure doubling to -$254m.

The revised target price trails the earnings upgrades to reflect the significant upfront capital burden required to capture this robust compute demand.

This report was published on May 18, 2026.

Target price is $15.85 Current Price is $12.87 Difference: $2.98
If MP1 meets the Canaccord Genuity target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $16.08, suggesting upside of 24.9%(ex-dividends)

Forecast for FY26:

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 N/A.

Forecast for FY27:

Current consensus EPS estimate is 17.4, 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 74.0.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $1.32

Moelis rates ((OBM)) as Buy (1) –

Moelis maintains a Buy rating for Ora Banda Mining with a $1.71 target price following an updated mineral resource and ore reserve statement.

Total mineral resources increased by 1.46Moz to 3.57Moz while ore reserves rose 136% to 555koz alongside the sanctioning of a new 3.0Mtpa processing plant at Davyhurst for -$375m.

The company also approved the Waihi underground development for -$90m and upsized its debt facility to $200m to fund the combined -$465m capital program.

Commentary posits the strategic logic is well understood as it aims to increase mill capacity, reduce reliance on third-party ore processing, and create a pathway toward an annual production aspiration of 300koz.

Moelis suggests the formal targeting of this production scale should appeal to investors despite the stepped-up capital requirements.

This report was published on May 18, 2026.

Target price is $1.71 Current Price is $1.32 Difference: $0.385
If OBM meets the Moelis target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $1.87, suggesting upside of 40.4%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 12.3, implying annual growth of 20.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY27:

Current consensus EPS estimate is 15.8, implying annual growth of 28.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.4.

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

PPM    PEPPER MONEY LIMITED

Business & Consumer Credit – Overnight Price: $1.65

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

Jarden maintains an Overweight rating for Pepper Money with an unchanged target price of $2.00.

Statutory net profit after tax reached $57.6m for the half, driven by whole of loan sale gains and improved lending fee income.

Net interest margins improved due to pricing strategies on customer rates, while lending assets under management expanded 5% year-on-year.

Proposed negative gearing changes for investor home loans may present an opportunity for non-bank lenders to expand market share, the broker notes.

Earnings forecasts are left effectively unchanged, as higher projected bad debt expenses are offset by greater non-interest income.

This report was published on May 15, 2026.

Target price is $2.00 Current Price is $1.65 Difference: $0.355
If PPM meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 15.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 9.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.09.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 15.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 9.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.31.

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

STM    SUNSTONE METALS LIMITED

Copper – Overnight Price: $0.34

Shaw and Partners rates ((STM)) as Buy (1) –

Shaw and Partners retains a Buy rating for Sunstone Metals with an unchanged $2.10 target price following strong assay results at the Bramaderos Project.

Mineralised intersections up to 250m at the Porotillo and Melonal prospects confirm gold-copper zones outside the existing 3.6moz resource footprint.

The broker comments that this consistent discovery of porphyry systems supports an overarching strategy to scale the project and de-risk a significant exploration target.

Engagement with potential strategic partners continues as corporate-level transactions and project-level earn-ins are explored amid record gold prices.

The broker considers the Ecuadorian assets significantly undervalued and capable of evolving into a tier 1 production hub.

This report was published on May 14, 2026.

Target price is $2.10 Current Price is $0.34 Difference: $1.76
If STM meets the Shaw and Partners target it will return approximately 518% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 28.33.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.78.

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

WZR    WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.02

Shaw and Partners rates ((WZR)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Wisr with an unchanged target price of $0.07 following a presentation at an emerging companies conference.

The loan book reached $1bn in the March quarter as the business continues to take market share from major lenders retreating from personal and vehicle finance.

Improved credit quality and a reduction in net losses are offsetting higher funding costs to maintain a stable risk-adjusted net interest margin.

Operating leverage is anticipated as headcount remains flat despite 68% growth in loan originations.

Earnings forecasts are unchanged, with management upgrading revenue guidance and targeting a cash net profit in the second half of FY26.

This report was published on May 14, 2026.

Target price is $0.07 Current Price is $0.02 Difference: $0.049
If WZR meets the Shaw and Partners target it will return approximately 233% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 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 4.20.

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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