Australian Broker Call *Extra* Edition – May 21, 2026

Array
(
    [0] => Array
        (
            [0] => ((AIA))
            [1] => ((ALQ))
            [2] => ((AQI))
            [3] => ((BXB))
            [4] => ((EBR))
            [5] => ((ELD))
            [6] => ((GGP))
            [7] => ((GNP))
            [8] => ((GTK))
            [9] => ((IMR))
            [10] => ((NEU))
            [11] => ((OBM))
            [12] => ((OBM))
            [13] => ((ORE))
            [14] => ((SDR))
            [15] => ((SX2))
            [16] => ((SYL))
            [17] => ((TNE))
            [18] => ((TOR))
        )

    [1] => Array
        (
            [0] => AIA
            [1] => ALQ
            [2] => AQI
            [3] => BXB
            [4] => EBR
            [5] => ELD
            [6] => GGP
            [7] => GNP
            [8] => GTK
            [9] => IMR
            [10] => NEU
            [11] => OBM
            [12] => OBM
            [13] => ORE
            [14] => SDR
            [15] => SX2
            [16] => SYL
            [17] => TNE
            [18] => TOR
        )

)

This story features AUCKLAND INTERNATIONAL AIRPORT LIMITED, and other companies.
For more info SHARE ANALYSIS: AIA
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)

AIA   ALQ   AQI   BXB   EBR   ELD   GGP   GNP   GTK   IMR   NEU   OBM (2)   ORE   SDR   SX2   SYL   TNE   TOR  

AIA    AUCKLAND INTERNATIONAL AIRPORT LIMITED

Infrastructure & Utilities – Overnight Price: $6.57

Jarden rates ((AIA)) as Neutral (3) –

Jarden retains a Neutral rating for Auckland International Airport with a target price of NZ$7.94 following a draft regulatory decision.

The Commerce Commission published corrections to its weighted average cost of capital parameter estimates ahead of the upcoming price setting period spanning FY28-FY32.

The revised methodology lowers the asset beta to 0.62 from 0.715, implying a -5% annual reduction to estimated earnings before interest, tax, depreciation and amortisation.

A review of historical processes indicates meaningful scope for the asset beta estimate to be revised upward in the final decision, the broker notes.

This report was published on May 20, 2026.

Current Price is $6.57. Target price not assessed.
Current consensus price target is N/A

Forecast for FY26:

Current consensus EPS estimate is 15.1, implying annual growth of N/A.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 43.5.

Forecast for FY27:

Current consensus EPS estimate is 15.8, implying annual growth of 4.6%.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 41.6.

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

ALQ    ALS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $23.15

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

Jarden maintains an Underweight rating for ALS Ltd while lifting the 12-month target price to $18.90 from $18.10 following changes to long-run earnings models.

The company delivered a FY26 core net profit after tax of $381m, marking 26% growth on the prior year.

Commentary highlights strong performance within the commodities division through the second half, offset ongoing structural volume challenges inside the North American environmental operations of the life sciences business.

Potential transaction risks from foreign exchange translation headwinds and a -$5m to -$10m procurement cost drag in the Middle East are expected to limit near-term outperformance.

Core earnings per share forecasts have been adjusted by -0.4% for FY27 and -1.2% for FY28, with current high relative trading multiples suggesting to Jarden the valuation is fully stretched.

This report was published on May 19, 2026.

Target price is $18.90 Current Price is $23.15 Difference: minus $4.25 (current price is over target).
If ALQ meets the Jarden target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $25.18, suggesting upside of 8.8%(ex-dividends)

Forecast for FY27:

Current consensus EPS estimate is 87.3, implying annual growth of 32.8%.
Current consensus DPS estimate is 50.2, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 26.5.

Forecast for FY28:

Current consensus EPS estimate is 100.2, implying annual growth of 14.8%.
Current consensus DPS estimate is 56.1, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 23.1.

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

AQI    ALICANTO MINERALS LIMITED

Gold & Silver – Overnight Price: $1.51

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

Canaccord Genuity initiates coverage on Alicanto Minerals with a Speculative Buy rating and a price target of $3.35 following the acquisition of the Mt Henry Gold Project.

The project hosts a resource of 915koz across three deposits along a 16km mineralised corridor in Western Australia.

Exploration activities include a fully funded 50,000m multi-rig drilling campaign to target resource growth beyond existing shallow pits.

Strategic earn-out transactions for the company’s Swedish asset portfolio have potential to deliver up to $9m in cash and milestones alongside third-party funded exploration expenditure.

Pro-forma cash sits at $19.3m with nil debt, providing runway ahead of a comprehensive mineral resource update scheduled for late 2026.

This report was published on May 19, 2026.

Target price is $3.35 Current Price is $1.51 Difference: $1.835
If AQI meets the Canaccord Genuity target it will return approximately 121% (excluding dividends, fees and charges).

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $16.40

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

Jarden maintains an Overweight rating for Brambles with its 12-month target price lowered to $23.50 from $25.15 following an operational trading update.

Third-party repair centre friction points across the network have required an additional investment of -US$60m to fund handling, relocation, and customer service shortfalls.

Ongoing margin headwinds from bringing previously outsourced repair functions in-house within the CHEP Americas division prompt a more conservative medium-term outlook.

Inability to pass these elevated costs to serve directly through to customers presents structural challenges, according to the report.

Core earnings per share revisions reflect a -5% decline for FY26 and -8% downgrades for FY27 and FY28, which are expected to temporarily weigh on forward price-to-earnings multiples.

This report was published on May 19, 2026.

Target price is $23.50 Current Price is $16.40 Difference: $7.1
If BXB meets the Jarden target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $22.23, suggesting upside of 35.5%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 92.7, implying annual growth of N/A.
Current consensus DPS estimate is 58.5, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY27:

Current consensus EPS estimate is 102.2, implying annual growth of 10.2%.
Current consensus DPS estimate is 62.4, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 16.0.

This company reports in USD. 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

EBR    EBR SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $0.52

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

Canaccord Genuity retains a Buy rating for EBR Systems with an unchanged target price of $2.43 following upbeat feedback from a leading electrophysiologist and recent management commentary.

Early data from the post-approval study indicates a commercial complication rate around 4%, tracking significantly below the 19% observed in prior clinical trials.

The commercial case mix is tilting toward leadless upgrades and septal pacing, commentary highlights, representing a substantial growth driver within a widening patient pool.

While alternative conduction system pacing presents a near-term headwind, the broker foresees a material future opportunity for the WiSE device as durability concerns regarding competing methods emerge.

System-wide purchasing agreements with major hospital networks like HCA and Advocate Health are expected to streamline reimbursement pathways and incentivise further clinical adoption.

This report was published on May 20, 2026.

Target price is $2.43 Current Price is $0.52 Difference: $1.915
If EBR meets the Canaccord Genuity target it will return approximately 372% (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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $5.51

Canaccord Genuity rates ((ELD)) as Downgrade to Hold from Buy (3) –

Canaccord Genuity downgrades Elders to a Hold rating from Buy and lowers its target price to $5.34 from $8.64 following a disappointing first-half result.

While group gross profit of $397m beat estimates by 7%, operating costs surged 25% on the prior corresponding period to -$276m.

The significant cost escalation is primarily attributed to the ongoing information technology system modernisation program, entirely overshadowing improved cash conversion and an initial five-month contribution from the Delta Agribusiness acquisition.

Sudden trajectory changes in operating expenses reduce forecasting confidence, prompting the broker to lower earnings per share estimates by -11% to -16% over the next three years.

The revised valuation reflects a lower 8.0x enterprise value to earnings multiple to account for reduced near-term predictability.

This report was published on May 20, 2026.

Target price is $5.34 Current Price is $5.51 Difference: minus $0.17 (current price is over target).
If ELD meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.13, suggesting upside of 29.4%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 48.6, implying annual growth of 78.5%.
Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY27:

Current consensus EPS estimate is 58.6, implying annual growth of 20.6%.
Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 9.4.

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

GGP    GREATLAND RESOURCES LIMITED

Gold & Silver – Overnight Price: $12.30

Moelis rates ((GGP)) as Sell (5) –

Moelis maintains a Sell rating for Greatland Resources with its target price increased to $12.10 from $11.90 following an update on near-term financial projections.

Diluted earnings per share forecasts are revised downwards by -1.4% for FY26 and -2.8% for FY27 to reflect mark-to-market adjustments on volatile gold prices.

Medium-term free cashflow is expected to contract as legacy mine production declines and capital investment scales up for upcoming growth initiatives.

Ongoing exploration success at West Dome underground may supplement future output, but this optimism is already fully captured within existing valuation models, the broker notes.

Shares currently trade at an outlier premium compared to domestic industry peers without matching valuation support, the report concludes.

This report was published on May 19, 2026.

Target price is $12.10 Current Price is $12.30 Difference: minus $0.2 (current price is over target).
If GGP meets the Moelis target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.67, suggesting upside of 35.5%(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 122.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.4, implying annual growth of 84.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 107.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.5, implying annual growth of -38.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.0.

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

GNP    GENUSPLUS GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $9.95

Moelis rates ((GNP)) as Buy (1) –

Moelis maintains a Buy rating for GenusPlus Group with its target price increased to $12.33 from $9.49 following a trading update and acquisition announcement.

The company agreed to acquire MPC Kinetic Holdings, a move expected to provide complementary pipeline and civil capabilities alongside sector diversification.

Management upgraded FY26 guidance, now expecting earnings before interest, tax, depreciation and amortisation between $96m and $100m.

Commentary explains the revised outlook implies annual earnings growth of up to 48%, driven by a strong recurring revenue element.

Earnings per share estimates are lifted by 47% in FY27 and 49% in FY28 to reflect the integration of the newly acquired entity, the broker notes.

This report was published on May 20, 2026.

Target price is $12.33 Current Price is $9.95 Difference: $2.38
If GNP meets the Moelis target it will return approximately 24% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 6.60 cents and EPS of 26.70 cents.
At the last closing share price the estimated dividend yield is 0.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.27.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 10.10 cents and EPS of 44.70 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.26.

Market Sentiment: 1.0
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: $3.30

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

Shaw and Partners retains a Buy rating for Gentrack Group but lowers the target price to $7.40 from $8.00 following the release of first-half results.

The broker notes the NZ$24m acquisition of Factor, a pricing and forecasting vendor, enhances strategic positioning and supports growth in utilities recurring revenue.

First-half revenue of NZ$110.1m and earnings met previous guidance, though higher underlying cash costs impacted short-term margin forecasts.

Management is maintaining elevated delivery capacity ahead of anticipated pipeline conversions, targeting up to four new customer wins by March 2027.

Underlying earnings per share estimates are set at NZ8.8c for FY26 and NZ9.2c for FY27, with the new acquisition expected to become earnings accretive by FY28.

This report was published on May 19, 2026.

Target price is $7.40 Current Price is $3.30 Difference: $4.1
If GTK meets the Shaw and Partners target it will return approximately 124% (excluding dividends, fees and charges).
Current consensus price target is $4.17, suggesting upside of 26.4%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.69 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.1, 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 36.3.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.04 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 41.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 80.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.1.

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: $1.77

Jarden rates ((IMR)) as Initiation of coverage with Buy (1) –

Jarden initiates coverage on Imricor Medical Systems with a Buy rating and a $3.30 target price.

The company has developed the only MRI-compatible cardiac ablation platform allowing procedures inside a scanner in real-time.

This technology provides 3D visualisation of cardiac anatomy and myocardial scar tissue alongside live catheter tracking through the NorthStar system.

Addressing the soft-tissue blindness of conventional X-ray fluoroscopy guidance delivers improved clinical outcomes, faster procedure times, and zero radiation exposure at a lower cost.

Widespread adoption of interventional cardiac MRI is inevitable, according to the broker.

This report was published on May 20, 2026.

Target price is $3.30 Current Price is $1.77 Difference: $1.525
If IMR meets the Jarden target it will return approximately 86% (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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $12.42

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

Canaccord Genuity retains a Buy rating for Neuren Pharmaceutical with an unchanged target price of $24.00 following a review of the upcoming European regulatory re-examination.

The European Medicines Agency published grounds for refusal of Daybue regarding efficacy interpretability and long-term benefit evaluation, requiring the sponsor to neutralise these criticisms with additional analyses for a successful resubmission.

A US-only valuation model implies the company’s share of the drug is worth $11.17 per share, increasing to $13.09 when incorporating the Japanese market.

Adding a risk-adjusted $8.40 per share for the NNZ-2591 asset yields an overall valuation range between $19.57 and $21.49 should the European approval fail.

The rollout of the new Daybue Stix formulation is expected to drive incremental uptake among treatment-naive patients and prior discontinuations by addressing key administration limitations, the broker notes.

This report was published on May 20, 2026.

Target price is $24.00 Current Price is $12.42 Difference: $11.58
If NEU meets the Canaccord Genuity target it will return approximately 93% (excluding dividends, fees and charges).
Current consensus price target is $23.87, suggesting upside of 92.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 9.6, implying annual growth of -59.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 129.4.

Forecast for FY27:

Current consensus EPS estimate is 33.4, implying annual growth of 247.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 37.2.

Market Sentiment: 1.0
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: $1.31

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

Canaccord Genuity maintains a Buy rating for Ora Banda Mining with its target price increased to $2.25 from $1.75.

The broker highlights the new “Drive to 300” strategy, an aspirational pathway targeting 300koz of annual gold production by FY29.

To support this growth, management has approved a -$375m standalone processing plant and a -$90m underground development at Waihi.

Maiden ore reserves were also announced for Waihi and Round Dam, with a final investment decision for the latter expected in the second half of FY27.

The expansion capital expenditure will be funded through existing cash, operational cash flows, and a newly expanded $200m debt facility, the report notes.

This report was published on May 18, 2026.

Target price is $2.25 Current Price is $1.31 Difference: $0.94
If OBM meets the Canaccord Genuity target it will return approximately 72% (excluding dividends, fees and charges).
Current consensus price target is $1.87, suggesting upside of 42.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.73.

How do these forecasts compare to market consensus projections?

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 10.7.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.36.

How do these forecasts compare to market consensus projections?

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 8.3.

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

Moelis rates ((OBM)) as Buy (1) –

Moelis maintains a Buy rating for Ora Banda Mining with a slightly modified target price of $1.70.

The board has formally sanctioned a new 3Mtpa processing plant and outlined a growth pathway to peak production just above 300koz per annum between FY29-FY34.

The corporate strategy has evolved to keep the legacy Davyhurst mill in operation alongside commitments to develop the Waihi underground mine.

Aggressive exploration spend of -$150m is planned before the new plant is commissioned in the first quarter of 2028, pushing aggregate growth capital expenditure from -$600m to -$1.03bn.

Net profit after tax estimates have been revised down by -3.1% to $269.1m for FY26 and -3.9% to $300.8m for FY27, with delayed near-term free cash flow offset by stronger long-dated production volumes.

This report was published on May 19, 2026.

Target price is $1.70 Current Price is $1.31 Difference: $0.39
If OBM meets the Moelis target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $1.87, suggesting upside of 42.5%(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 14.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.29.

How do these forecasts compare to market consensus projections?

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 10.7.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 15.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 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 8.3.

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

ORE    OREZONE GOLD CORPORATION CDI

Gold & Silver – Overnight Price: $2.36

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

Canaccord Genuity retains a Buy rating for Orezone Gold Corp CDI with a $5.00 target price following the release of initial drill results from the recently acquired Casa Berardi gold mine in Quebec.

An extensive FY26 exploration program aims to drill up to 100,000m to target resource expansion across near-surface and deep down-plunge extensions.

Recent high-grade intercepts within the F160 and F134 zones support ongoing trade-off studies evaluating pit expansions and the potential reopening of the underground East Mine.

Current valuation models incorporate conservative resource assumptions yielding a $2.0bn net asset value for the asset, and successful delineation at depth presents further upside to annual production rates, the broker notes.

This report was published on May 20, 2026.

Target price is $5.00 Current Price is $2.36 Difference: $2.64
If ORE meets the Canaccord Genuity target it will return approximately 112% (excluding dividends, fees and charges).

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $2.66

Jarden rates ((SDR)) as Buy (1) –

Jarden transfers coverage of SiteMinder with a Buy rating and a revised target price of $5.80, down from $7.65.

The stock experienced a severe de-rating of -64% on a next-twelve-months enterprise value to sales basis since October 2025.

This contraction exceeded closest technology peers, which compressed -50% due to artificial intelligence disruption fears and an increase of 90bps in the Australian 10-year bond yield.

The equity trades at a -60% discount to its historical post-initial public offering average and a -52% discount to the benchmark technology index, the report points out.

Revenue projections sit -4% below forward consensus expectations due to foreign exchange translation headwinds, though the broker views these macro and technology concerns as overstated.

This report was published on May 19, 2026.

Target price is $5.80 Current Price is $2.66 Difference: $3.14
If SDR meets the Jarden target it will return approximately 118% (excluding dividends, fees and charges).
Current consensus price target is $6.49, suggesting upside of 143.9%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is -1.6, 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:

Current consensus EPS estimate is 3.9, 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 68.2.

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

SX2    SOUTHERN CROSS GOLD CONSOLIDATED LIMITED CHEES DEPOSITORY INTEREST REPR 1

Gold & Silver – Overnight Price: $9.45

Shaw and Partners rates ((SX2)) as Buy (1) –

Shaw and Partners retains a Buy rating for Southern Cross Gold with its price target increased to $14.40 from $6.03 following the transfer of company coverage to a new senior analyst.

Valuation methodologies have shifted to a discounted cash flow approach, which, commentary suggests, highlights substantial project upside potential at the flagship Sunday Creek asset.

Ongoing drilling results and geological extension potential could extend the overall mine life or facilitate a larger mining capacity.

Exceptional site grades averaging 9g/t gold equivalent are expected to supercharge future project expansion returns.

Earnings per share projections are revised to -0.6c for FY26 and -0.2c for FY27, with a maiden mineral resource estimate anticipated in early 2027.

This report was published on May 19, 2026.

Target price is $14.40 Current Price is $9.45 Difference: $4.95
If SX2 meets the Shaw and Partners target it will return approximately 52% (excluding dividends, fees and charges).
The company’s fiscal year ends in May.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1575.00.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4725.00.

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

SYL    SYMAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.46

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

Canaccord Genuity retains a Buy rating for Symal Group with an unchanged target price of $3.50 following a detailed investor day.

The broker reports management demonstrated a proactive pivot away from slowing Victorian government infrastructure spending toward structural growth anchors including data centres, defence, and the energy transition.

The interstate opportunity pipeline builds significantly toward calendar year 2027, driven by a $30bn defence package in South Australia and Olympics-related infrastructure procurement in Queensland.

Emerging in-house electrical capabilities through the Searo division are expected to deepen customer wallet share across a $122bn grid-scale renewable investment market.

Canaccord Genuity concludes the valuation remains compelling at 6.5x FY27 enterprise value to earnings ratios against a median industry multiple of 10x.

This report was published on May 20, 2026.

Target price is $3.50 Current Price is $2.46 Difference: $1.04
If SYL meets the Canaccord Genuity target it will return approximately 42% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 8.50 cents and EPS of 21.10 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.66.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 9.40 cents and EPS of 23.10 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.65.

Market Sentiment: 1.0
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: $29.84

Jarden rates ((TNE)) as Upgrade to Overweight from Neutral (2) –

Jarden upgrades TechnologyOne to an Overweight rating from Neutral with its target price increased to $31.00 from $30.00 following the release of half-year results.

First-half revenue grew 12% to $318m, missing consensus estimates by -4% due to the timing of contract wins.

Earnings before interest, tax, depreciation and amortisation met expectations, rising 12% to $131m, alongside a 9% increase in profit before tax to $89m.

Full-year guidance was maintained in anticipation of a strong second-half skew, leaving FY26 earnings per share estimates virtually unchanged.

The broker expects profit before tax growth could accelerate from the guided 18% to 20% range in FY26 to approximately 30% in FY27, underpinning the rating upgrade.

This report was published on May 20, 2026.

Target price is $31.00 Current Price is $29.84 Difference: $1.16
If TNE meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $31.46, suggesting upside of 5.4%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 49.8, implying annual growth of 18.2%.
Current consensus DPS estimate is 33.6, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 59.9.

Forecast for FY27:

Current consensus EPS estimate is 59.5, implying annual growth of 19.5%.
Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 50.2.

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

TOR    TORQUE METALS LIMITED

Gold & Silver – Overnight Price: $0.35

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

Canaccord Genuity maintains a Speculative Buy rating for Torque Metals with a target price of $0.55 following an update on the Paris Gold Project.

Drilling at the Paris deposit returned multiple high-grade intercepts, confirming the down-plunge extension of the multi-lode gold system up to 350m beyond the current resource boundary.

Commentary suggests shallow drill results at the Strauss prospect highlight accelerating exploration momentum along the associated fault line.

The broker anticipates a material increase in resource scale and confidence in the upcoming mineral resource estimate, targeting an expansion toward 500koz.

Canaccord concludes Torque Metals’ valuation remains anchored to a median enterprise value per resource metric, with ongoing geological studies supported by a newly integrated management team.

This report was published on May 18, 2026.

Target price is $0.55 Current Price is $0.35 Difference: $0.195
If TOR meets the Canaccord Genuity target it will return approximately 55% (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

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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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