Australian Broker Call *Extra* Edition – May 25, 2026

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            [3] => ((TLS))
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            [5] => ((TLS))
            [6] => ((AQI))
            [7] => ((ASG))
            [8] => ((BML))
            [9] => ((CAR))
            [10] => ((CAT))
            [11] => ((CDA))
            [12] => ((COI))
            [13] => ((DUG))
            [14] => ((EOL))
            [15] => ((FLC))
            [16] => ((GMD))
            [17] => ((GTK))
            [18] => ((GTK))
            [19] => ((HGO))
            [20] => ((HGO))
            [21] => ((ILA))
            [22] => ((IMR))
            [23] => ((IMR))
            [24] => ((IPG))
            [25] => ((IPG))
            [26] => ((MIN))
            [27] => ((MYE))
            [28] => ((NCK))
            [29] => ((OBM))
            [30] => ((OML))
            [31] => ((PLT))
            [32] => ((PSC))
            [33] => ((REA))
            [34] => ((SEK))
            [35] => ((SNT))
            [36] => ((SSM))
            [37] => ((TLS))
            [38] => ((TWR))
            [39] => ((VGL))
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            [7] => ASG
            [8] => BML
            [9] => CAR
            [10] => CAT
            [11] => CDA
            [12] => COI
            [13] => DUG
            [14] => EOL
            [15] => FLC
            [16] => GMD
            [17] => GTK
            [18] => GTK
            [19] => HGO
            [20] => HGO
            [21] => ILA
            [22] => IMR
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            [24] => IPG
            [25] => IPG
            [26] => MIN
            [27] => MYE
            [28] => NCK
            [29] => OBM
            [30] => OML
            [31] => PLT
            [32] => PSC
            [33] => REA
            [34] => SEK
            [35] => SNT
            [36] => SSM
            [37] => TLS
            [38] => TWR
            [39] => VGL
            [40] => VGL
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)

This story features AFT PHARMACEUTICALS LIMITED, and other companies.
For more info SHARE ANALYSIS: AFP

An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.

By Rudi Filapek-Vandyck

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)

AFP   AGE   ALC (2)   AQI   ASG   BML   CAR   CAT   CDA   COI   DUG   EOL   FLC   GMD   GTK (2)   HGO (2)   ILA   IMR (2)   IPG (2)   MIN   MYE   NCK   OBM   OML   PLT   PSC   REA   SEK   SNT   SSM   TLS   TWR   VGL (2)  

AFP    AFT PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.05

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

Jarden retains an Overweight rating for AFT Pharmaceuticals with its target price increased to NZ$4.25 from NZ$4.20 following the FY26 results.

The company reported a 22% increase in revenue to NZ$255m alongside operating earnings of NZ$24.4m, outperforming both guidance and broker expectations.

Asian market disruptions from the previous period have normalised, and international operating losses narrowed as revenues scaled, though elevated inventories weighed on cash flows and net debt.

Management provided FY27 revenue guidance exceeding NZ$300m, supported by compounding home market growth and an expanded set of international distribution partnerships across more than 100 countries.

Modest operating earnings upgrades are applied to factor in the improved operating leverage, with the broker highlighting the underappreciated research and development portfolio as a key growth driver.

This report was published on May 21, 2026.

Current Price is $3.05. Target price not assessed.
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 2.62 cents and EPS of 16.05 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.00.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 2.97 cents and EPS of 19.28 cents.
At the last closing share price the estimated dividend yield is 0.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.82.

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

AGE    ALLIGATOR ENERGY LIMITED

Uranium – Overnight Price: $0.04

Argonaut rates ((AGE)) as Initiation of coverage with Speculative Buy (2) –

Argonaut initiates coverage on Alligator Energy with a Speculative Buy rating and a $0.07 target price.

The recent success of the field recovery trial and pilot plant at the Samphire project has technically and economically de-risked the development, the broker states.

This milestone clears the pathway toward a potential first production scenario in 2031.

Material exploration upside remains around the existing 18mlb mineral resource estimate, supporting a base case output of 1.0mlb to 1.2mlb of uranium annually over a 12-year mine life.

Near-term catalysts include ongoing exploration results, resource updates, and the eventual release of a definitive feasibility study alongside licensing approvals, the broker notes.

This report was published on May 8, 2026.

Target price is $0.07 Current Price is $0.04 Difference: $0.032
If AGE meets the Argonaut target it will return approximately 84% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Argonaut forecasts a full year FY26 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 38.00.

Forecast for FY27:

Argonaut 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 38.00.

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

ALC    ALCIDION GROUP LIMITED

Healthcare services – Overnight Price: $0.11

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

Canaccord Genuity maintains a Buy rating for Alcidion Group with a $0.14 target price following the acquisition of the Kyra Flow product suite from Telstra Health ((TLS)).

The transaction involves an upfront cash consideration of -$3.0m alongside a -$1.0m earn-out component payable 12 months post-completion.

Management expects the acquired asset to generate $3.7m in revenue and $1.1m in underlying earnings in FY26, bringing 31 new customers into the business ecosystem.

Earnings projections across FY27-FY28 are lifted by 14% to 15% to reflect the integration of the highly recurring revenue stream.

The broker views the strategic purchase as an attractively priced and complementary bolt-on capable of driving future cross-selling opportunities across the broader platform.

This report was published on May 23, 2026.

Target price is $0.14 Current Price is $0.11 Difference: $0.03
If ALC meets the Canaccord Genuity target it will return approximately 27% (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

Moelis rates ((ALC)) as Buy (1) –

Moelis maintains a Buy rating for Alcidion Group with a $0.16 target price following an update on contracting and acquisitions.

The company expects FY26 revenue and earnings before interest, tax, depreciation and amortisation to exceed $50m and $5m, respectively.

Achieving this guidance relies on finalising a seven-year $35m contract with UH Sussex targeted for May.

Commentary adds the strategic acquisition of the Kyra patient flow product suite from Telstra Health ((TLS)) at 2.7x FY26 earnings consolidates market share and enhances upselling opportunities.

The broker outlines upcoming FY27 catalysts, including expansion into Canada or the Middle East, alongside sustained pipeline growth within the United Kingdom.

This report was published on May 21, 2026.

Target price is $0.16 Current Price is $0.11 Difference: $0.05
If ALC meets the Moelis target it will return approximately 45% (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 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 110.00.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 110.00.

Market Sentiment: 1.0
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: $1.55

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

Canaccord Genuity initiates coverage on Alicanto Minerals with a Speculative Buy rating and a $3.35 target price.

The gold developer is advancing the fully owned Mt Henry-Selene Gold Project in Western Australia, which currently hosts a 915koz resource constrained by a legacy $2,160/oz pit shell.

A 50,000m multi-rig drilling campaign is underway to rapidly expand the shallow mineralisation footprint across the 16km corridor and test lower-grade halos excluded from previous models.

Management recently executed earn-out agreements for the Swedish asset portfolio to generate up to $9m in cash and milestones, while concurrently expanding the Mt Henry footprint via a strategic tenement acquisition.

Valuation models assume the resource grows to 2Moz to support a 3.5Mtpa operation over a seven-year mine life, positioning the company for a material re-rating, the broker notes.

This report was published on May 23, 2026.

Target price is $3.35 Current Price is $1.55 Difference: $1.8
If AQI meets the Canaccord Genuity target it will return approximately 116% (excluding dividends, fees and charges).

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: $2.11

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

Jarden retains an Overweight rating for Autosports Group with its target price decreased to $3.30 from $4.05 following a re-assessment of the earnings outlook.

Interest rates have increased significantly since the previous financial result, prompting the broker to cut medium-term earnings forecasts due to elevated corporate debt and bailment expenses.

At a headline level, new vehicle demand appears resilient, supported by a clear shift toward electric vehicles as order rates triple year-on-year.

This dynamic has allowed the company to build high-margin order banks across several models, providing support for early FY27 earnings despite broader macroeconomic pressures, the report suggests.

The broker notes a potential risk if electric vehicle demand moderates without an equivalent shift back to internal combustion engine models.

This report was published on May 21, 2026.

Target price is $3.30 Current Price is $2.11 Difference: $1.19
If ASG meets the Jarden target it will return approximately 56% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 9.60 cents and EPS of 23.20 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.09.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 11.10 cents and EPS of 25.60 cents.
At the last closing share price the estimated dividend yield is 5.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.24.

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

BML    BOAB METALS LIMITED

Mining – Overnight Price: $0.40

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

Shaw and Partners retains a Buy rating for Boab Metals with a $1.70 target price following the successful acquisition of the Degrussa processing plant.

The -$10m purchase from Sandfire is expected to deliver significant savings compared to building a new facility budgeted at -$136m, de-risking construction schedules.

Early works at the flagship Sorby Hills silver-lead project are complete, and the disassembly and relocation of the plant will pave the way for commercial production in the second half of 2027.

A 5,000m drilling campaign commences in late May to target resource growth and convert reserves to extend the overall mine life.

The project is fully funded after raising $117m in equity alongside a clean debt package devoid of royalties or warrants.

This report was published on May 21, 2026.

Target price is $1.70 Current Price is $0.40 Difference: $1.305
If BML meets the Shaw and Partners target it will return approximately 330% (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 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 56.43.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 23.24.

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

CAR    CAR GROUP LIMITED

Automobiles & Components – Overnight Price: $24.82

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

Jarden retains an Overweight rating for CAR Group with a $29.50 target price following a monthly online classifieds industry update.

Australian new car sales accelerated in April, growing 11.3% compared to a 4.6% increase in March.

International markets displayed mixed momentum, with Brazilian new car sales surging 23% year-on-year while United States light and heavy truck sales contracted.

The broker highlights the company trades on an estimated FY26 price-to-earnings multiple of 23.8x, supported by an 11% two-year earnings per share compound annual growth rate to FY28.

This report was published on May 21, 2026.

Target price is $29.50 Current Price is $24.82 Difference: $4.68
If CAR meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $33.90, suggesting upside of 36.6%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 108.6, implying annual growth of 48.8%.
Current consensus DPS estimate is 86.6, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 22.9.

Forecast for FY27:

Current consensus EPS estimate is 120.2, implying annual growth of 10.7%.
Current consensus DPS estimate is 96.4, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 20.6.

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

CAT    CATAPULT SPORTS LIMITED

Medical Equipment & Devices – Overnight Price: $3.57

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

Canaccord Genuity retains a Buy rating for Catapult Sports with a $8.00 target price following a “strong” FY26 financial result.

Annualised contract value grew 28% to US$133.8m, driving a 19% increase in total revenue to US$141m alongside expanding gross margins.

Operating earnings rose 67% to US$25m, reflecting strong operating leverage and an accelerated path toward the 30% long-term margin target.

The business remains self-funding with over US$53m in cash reserves and zero debt, providing material optionality for strategic acquisitions to expand the product suite.

Forward operating earnings estimates are upgraded by 11% to 14% across the medium term to reflect the sustained organic growth trajectory and resilient pro-team retention rates, the broker notes.

This report was published on May 23, 2026.

Target price is $8.00 Current Price is $3.57 Difference: $4.43
If CAT meets the Canaccord Genuity target it will return approximately 124% (excluding dividends, fees and charges).
Current consensus price target is $5.16, suggesting upside of 44.6%(ex-dividends)

Forecast for FY27:

Current consensus EPS estimate is -10.8, 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 FY28:

Current consensus EPS estimate is -2.9, 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.

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

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $39.96

Moelis rates ((CDA)) as Buy (1) –

Moelis maintains a Buy rating for Codan with a $48.74 target price following the acquisition of US-based engineering company Adaptive Dynamics.

The transaction involves an upfront and contingent consideration payment of -$21m and is expected to be earnings neutral in the first year of ownership.

The acquired entity specialises in anti-jamming and interference mitigation technologies for mission-critical communications and unmanned systems.

The technology intellectual property is applicable across land, maritime, and airborne applications with a strong focus on United States defence.

The broker views the acquisition as highly complementary to the existing product portfolio, positioning the business to capitalise on accelerated industry research and development demand.

This report was published on May 22, 2026.

Target price is $48.74 Current Price is $39.96 Difference: $8.78
If CDA meets the Moelis target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $42.00, suggesting upside of 5.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 46.80 cents and EPS of 93.40 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.9, implying annual growth of 59.2%.
Current consensus DPS estimate is 42.1, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 44.0.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 54.30 cents and EPS of 108.50 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.8, implying annual growth of 13.1%.
Current consensus DPS estimate is 48.9, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 38.9.

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

COI    COMET RIDGE LIMITED

NatGas – Overnight Price: $0.14

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

Canaccord Genuity retains a Hold rating for Comet Ridge with a $0.14 target price following a restructure of the Santos Mahalo acquisition.

The firm completion consideration for the asset purchase is materially reduced to -$28m, comprising -$18m in cash and -$10m in scrip, while contingent payments increase to -$30m.

Completion dates have been extended by three months as the company navigates uncertainty surrounding proposed federal domestic gas reservation schemes.

Outstanding conditions relating to project finance and gas processing for the CleanCo gas sales agreement are also deferred to June 2026.

The broker views the restructured terms as neutral, noting the reduced upfront funding requirement is offset by ongoing timeline slippage and development uncertainty.

This report was published on May 23, 2026.

Target price is $0.14 Current Price is $0.14 Difference: $0.005
If COI meets the Canaccord Genuity target it will return approximately 4% (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

DUG    DUG TECHNOLOGY LIMITED

Cloud services – Overnight Price: $2.25

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

Canaccord Genuity retains a Buy rating for Dug Technology with a $3.00 target price following a resilient industry update.

The business is seen as well positioned to execute on FY26-FY27 objectives following strong operating performances over recent quarters, generating an annualised earnings run rate of $33.6m.

Commentary suggests expanding the Elastic MP-FWI offering and pursuing proactive regional expansion across Brazil and the Middle East serve as key strategic growth pillars.

Capital investments between -$13m and -$15m in new compute capabilities are supported by a net debt neutral balance sheet boasting $2m in net cash.

The stock trades on an undemanding estimated FY27 enterprise value-to-earnings multiple of 8.5x compared to the broader peer average of 11x, the broker notes.

This report was published on May 23, 2026.

Target price is $3.00 Current Price is $2.25 Difference: $0.75
If DUG meets the Canaccord Genuity target it will return approximately 33% (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

EOL    ENERGY ONE LIMITED

Energy Sector Contracting – Overnight Price: $12.25

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

Canaccord Genuity maintains a Buy rating for Energy One, with its target price decreased to $17.85 from $20.79 following a trading and guidance update.

Full-year consensus guidance is maintained for revenue near $72m and cash earnings around $15m, while annual recurring revenue growth is guided lower to 13% due to billing delays and currency appreciation.

Commentary suggests the sales pipeline is expanding with larger tier-1 opportunities following recent security accreditations alongside energy market volatility accelerating broader digital transformation trends.

Revenue and earnings estimates are downgraded by -6% to -8% to conservatively capture potential billing cycle elongations and further currency fluctuations.

Accretive mergers and acquisitions remain the primary catalyst to increase operational scale and unlock shareholder value through improved liquidity, the broker notes.

This report was published on May 23, 2026.

Target price is $17.85 Current Price is $12.25 Difference: $5.6
If EOL meets the Canaccord Genuity target it will return approximately 46% (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

FLC    FLUENCE CORPORATION LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.09

Research as a Service (RaaS) rates ((FLC)) as No Rating (-1) –

Research as a Service (RaaS) assesses a solid first-quarter FY26 result by Fluence Corp despite seasonally weaker conditions and project timing delays.

FY26 guidance for double-digit revenue growth, margin expansion and strong earnings growth was reiterated.

Revenue and earnings improved year-on-year, supported by stronger project execution, margin expansion and disciplined cost control, the analyst explains. The gross margin increased to 29.2% from 26.2%.

New orders declined due to project delays rather than cancellations, with management emphasising these opportunities remain in the pipeline with strong visibility into the second and third quarters.

Valuation is steady at 18c.

Research as a Service (RaaS) research doesn’t carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

This report was published on May 22, 2026.

Target price is $0.18 Current Price is $0.09 Difference: $0.094
If FLC meets the Research as a Service (RaaS) target it will return approximately 109% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of 44.57 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.19.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 104.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.08.

This company reports in USD. 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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $5.90

Moelis rates ((GMD)) as Buy (1) –

Moelis maintains a Buy rating for Genesis Minerals with a $8.50 target price following the execution of an engineering, procurement, and construction contract.

A $229m agreement was signed with GR Engineering to construct the Tower Hill processing plant, advancing infrastructure development to support a 3.5 to 4.0Mtpa production capacity.

This milestone supports broader corporate ambitions to establish a larger, longer-life domestic gold platform with an expanded processing base, commentary suggests.

While the contract formalises plant-build metrics, the premium multiple remains dependent on delivering the expanded capacity without capital overruns or ramp-up delays, the broker notes.

This development is viewed as a moderately de-risking step, though broader capital envelopes and delivery schedules must be confirmed to act as a definitive valuation catalyst.

This report was published on May 22, 2026.

Target price is $8.50 Current Price is $5.90 Difference: $2.6
If GMD meets the Moelis target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $9.33, suggesting upside of 58.1%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 51.5, implying annual growth of 154.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.5.

Forecast for FY27:

Current consensus EPS estimate is 62.4, implying annual growth of 21.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.5.

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

GTK    GENTRACK GROUP LIMITED

Software & Services – Overnight Price: $3.18

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

Canaccord Genuity retains a Buy rating for Gentrack Group with a NZ$7.50 target price following an in-line first-half financial result.

Headline revenue contracted by -2% to NZ$110m reflecting an anticipated step-down in non-recurring project implementations, while annual recurring revenue grew 12% to NZ$85m.

Operating expenses increased 11% to NZ$102m as the business accelerated product development and sales capabilities ahead of expected utility contract awards.

Two recent strategic bolt-on acquisitions for a combined NZ$41m in cash will integrate directly into the core platform and support regional expansion.

Near-term cash earnings estimates are revised lower to reflect the investment cycle, while the broker views the stock as undervalued on a sum-of-the-parts basis assuming successful pipeline conversion.

This report was published on May 23, 2026.

Current Price is $3.18. Target price not assessed.
Current consensus price target is $4.17, suggesting upside of 31.1%(ex-dividends)

Forecast for FY26:

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 34.9.

Forecast for FY27:

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 19.4.

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

Jarden rates ((GTK)) as Upgrade to Neutral from Underweight (3) –

Jarden has upgraded its rating for Gentrack Group to Neutral from Underweight.

This report was published on May 21, 2026.

Current Price is $3.18. Target price not assessed.
Current consensus price target is $4.17, suggesting upside of 31.1%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

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 34.9.

Forecast for FY27:

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 19.4.

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

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.04

Moelis rates ((HGO)) as Buy (1) –

Moelis maintains a Buy rating for Hillgrove Resources with a $0.075 target price following the announcement of a staged farm-in and joint venture agreement.

The company partnered with Havilah Resources over the Mutooroo Copper Project to mine and crush ore locally before transporting it 600km by rail to the Kanmantoo processing facility.

The initial stage requires an upfront consideration of -$5m in scrip and options alongside funding a -$10m pre-feasibility study including a 5,000m drilling program over 24 months.

Stage two provides the right to acquire an 80% project interest for an additional -$35m upon reaching a final investment decision, creating a hub-and-spoke extension to utilise latent mill capacity.

Market focus remains on the delivery of FY26 production and cost outcomes as the primary driver of near-term share price movement, the broker notes.

This report was published on May 22, 2026.

Target price is $0.08 Current Price is $0.04 Difference: $0.03
If HGO meets the Moelis target it will return approximately 67% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.63.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.00.

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

Moelis rates ((HGO)) as Buy (1) –

Moelis retains a Buy rating for Hillgrove Resources with a $0.075 target price following the announcement of a staged farm-in joint venture over the Mutooroo Copper Project in South Australia.

The 24-month capital expenditure outlook increases by $10m to accommodate the obligation to deliver a pre-feasibility study for the asset.

Haulage costs to the Kanmantoo processing facility are estimated to equal a 0.3% copper grade, requiring mined ore to exceed 1.2% to cover the marginal cost of the 600km rail transport.

The agreement provides a cost-effective option to expand the project pipeline, with underlying asset performance expected to build throughout the year amid supportive copper prices.

This report was published on May 22, 2026.

Target price is $0.08 Current Price is $0.04 Difference: $0.03
If HGO meets the Moelis target it will return approximately 67% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.63.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.00.

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

ILA    ISLAND PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.43

Research as a Service (RaaS) rates ((ILA)) as No Rating (-1) –

Research as a Service highlights Island Pharmaceuticals has strengthened commercialisation prospects for antiviral candidate Galidesivir through two senior biodefence-focused appointments.

These hires materially improve the company’s scientific, procurement and US government funding expertise, the analyst suggests. This is particularly the case across FDA Animal Rule pathways and biodefence procurement programs.

The report highlights these appointments coincide with ongoing Ebola outbreaks in the Democratic Republic of Congo and Uganda, reinforcing the strategic relevance of broad-spectrum filovirus antivirals such as Galidesivir.

While the outbreaks do not alter the formal approval pathway, RaaS believes they may increase procurement interest and access to non-dilutive funding opportunities. Valuation remains at $1.24.

Research as a Service (RaaS) research doesn’t carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

This report was published on May 22, 2026.

Target price is $1.24 Current Price is $0.43 Difference: $0.805
If ILA meets the Research as a Service (RaaS) target it will return approximately 185% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.77 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 24.58.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 101.06 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.43.

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: $1.81

Jarden rates ((IMR)) as Buy (1) –

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

The company has developed the sole magnetic resonance imaging-compatible cardiac ablation platform, addressing a major structural deficiency within conventional electrophysiology.

The proprietary technology allows procedures to occur inside a scanner in real-time, utilising 3D mapping and navigation to correlate catheter tracking with anatomical and scar tissue visualisations.

Bypassing the soft-tissue blindness of standard X-ray fluoroscopy guidance delivers superior clinical outcomes, faster procedure times, and eliminates radiation exposure at a lower overall cost, the report points out.

Widespread industry adoption of interventional cardiac magnetic resonance imaging is considered inevitable.

This report was published on May 19, 2026.

Target price is $3.30 Current Price is $1.81 Difference: $1.485
If IMR meets the Jarden target it will return approximately 82% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 10.85 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.74.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 10.25 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.71.

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

Taylor Collison rates ((IMR)) as Outperform (2) –

Taylor Collison reiterates an Outperform rating for Imricor Medical Systems, with its target price increased to $3.45 from $2.78 following channel checks at the Heart Rhythm Society 2026 conference.

The broker observed growing physician consensus regarding the clinical utility of interventional cardiac magnetic resonance in visualising soft tissue and guiding treatments for ventricular arrhythmias.

The proprietary technology addresses critical visualisation gaps in standard electrophysiology, particularly around abnormal anatomy associated with longer procedure times.

Upward revisions to near-term projections for FY27-FY28 US atrial flutter procedures and laboratory installations drive revenue estimate upgrades.

The core investment thesis remains supported by a powerful convergence of clinician advocacy, external clinical data, and tangible regulatory momentum, the broker notes.

This report was published on May 15, 2026.

Target price is $3.45 Current Price is $1.81 Difference: $1.635
If IMR meets the Taylor Collison target it will return approximately 90% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 17.53 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.35.

Forecast for FY27:

Taylor Collison forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 13.82 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.14.

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

IPG    IPD GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $5.32

Moelis rates ((IPG)) as Buy (1) –

Moelis retains a Buy rating for IPD Group with a $6.12 target price following a trading update.

Maiden guidance for FY26 anticipates earnings before interest, tax, depreciation and amortisation between $54.5m and $55.3m, implying 18% growth at the midpoint compared to FY25.

Core operations are experiencing strong momentum, led by a 25% year-on-year revenue surge in data centres alongside a return to growth in the CMI business.

Second-half gross margins are expected to remain consistent with the 33% achieved during the first half, despite increasingly complex and competitive orders.

The broker makes modest adjustments to forward earnings per share estimates to incorporate the updated guidance, slightly tempered by margin recalibrations related to an evolving sales mix.

This report was published on May 22, 2026.

Target price is $6.12 Current Price is $5.32 Difference: $0.8
If IPG meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 14.50 cents and EPS of 29.40 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.10.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 15.90 cents and EPS of 31.90 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.68.

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

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

Shaw and Partners maintains its Buy rating for IPD Group with target price increased to $5.85 from $5.35 following a trading update.

The company provided FY26 guidance projecting earnings before interest and tax to grow by 19%, including a 10% expansion excluding the Platinum Cables acquisition.

Earnings estimates are marginally reduced as the result landed slightly below consensus expectations.

Valuation dates are rolled forward and beta assumptions are lowered to reflect the de-risking benefits of recent acquisitions.

The business remains well-positioned to capitalise on robust expenditure tailwinds across electrification and data centre markets, the broker notes.

This report was published on May 22, 2026.

Target price is $5.85 Current Price is $5.32 Difference: $0.53
If IPG meets the Shaw and Partners target it will return approximately 10% (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 14.60 cents and EPS of 29.50 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.03.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 16.70 cents and EPS of 33.50 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.88.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $69.66

Jarden rates ((MIN)) as Sell (5) –

Jarden maintains a Sell rating for Mineral Resources with its target price increased to $27.00 from $22.50 following a site visit to the Wodgina operation.

Commentary posits operating execution and consistency have improved under a refreshed board, yielding better financial outcomes and corporate governance.

Balance sheet repair is well progressed following the recent refinancing of US unsecured notes, which extended the tenor, lowered facility costs, and removed an iron-ore prepayment.

Favourable lithium market conditions alongside ongoing supply disruptions support a longer-term persistence of incentive prices, prompting material upgrades to near-term spodumene price assumptions.

Despite incorporating optimisation projects at Wodgina and Mt Marion into valuation models, the Sell rating is retained due to a lack of valuation support, the broker explains.

This report was published on May 22, 2026.

Target price is $27.00 Current Price is $69.66 Difference: minus $42.66 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 61% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $71.20, 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 0.00 cents and EPS of 325.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 384.6, 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 18.1.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 322.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 357.8, implying annual growth of -7.0%.
Current consensus DPS estimate is 104.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 19.5.

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

MYE    MASTERMYNE GROUP LIMITED

Mining Sector Contracting – Overnight Price: $0.21

Research as a Service (RaaS) rates ((MYE)) as No Rating (-1) –

Mastermyne Group has upgraded expectations for FY26, with revenue and underlying EBITDA now expected to be nearer $230m and $18m, respectively.

A strong second half performance has been driven by elevated strata consolidation activity amid favourable market conditions, the analyst points out.

The report highlights a robust backlog of work and strong balance sheet, with major projects like Centurion and Appin ramping up.

Valuation is upgraded by 17% to $0.41 a share, primarily reflecting the rolling forward of the valuation to FY27 earnings.

Research as a Service (RaaS) research doesn’t carry ratings or recommendations. Investors can draw conclusions from the valuation and commentary.

This report was published on May 21, 2026.

Target price is $0.41 Current Price is $0.21 Difference: $0.195
If MYE meets the Research as a Service (RaaS) target it will return approximately 91% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Research as a Service (RaaS) forecasts a full year FY26 EPS of 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.17.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 EPS of 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.38.

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

NCK    NICK SCALI LIMITED

Furniture & Renovation – Overnight Price: $13.38

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

Jarden downgrades Nick Scali to a Neutral rating from Overweight with its target price decreased to $16.60 from $20.68 following a transfer of analyst coverage.

A comprehensive business review highlights the recent United Kingdom market entry as a fresh growth lever with substantial value upside.

Slower domestic revenue outlooks tied to inflation, interest rates, and expected declines in housing turnover drive an approximate -10% reduction to FY27 earnings per share projections.

The company trades on an estimated FY26 price-to-earnings multiple of 14.9x, aligning closely with historical averages, commentary suggests.

The broker views the cyclical macroeconomic risks in Australia and New Zealand as appropriately balanced against the offshore expansion opportunity.

This report was published on May 21, 2026.

Target price is $16.60 Current Price is $13.38 Difference: $3.22
If NCK meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $17.36, suggesting upside of 29.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 78.00 cents and EPS of 91.80 cents.
At the last closing share price the estimated dividend yield is 5.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.8, implying annual growth of 28.6%.
Current consensus DPS estimate is 73.2, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 78.00 cents and EPS of 92.60 cents.
At the last closing share price the estimated dividend yield is 5.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.6, implying annual growth of 6.7%.
Current consensus DPS estimate is 76.8, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 14.4.

Market Sentiment: 0.5
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: $1.33

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 following the announcement of an aspirational three-year production growth pathway.

The “Drive to 300” strategy targets 300kozpa of gold production by FY29, underpinned by the approval of a new 3.0Mtpa processing plant and the development of the Waihi underground mine.

Total mill expansion capital expenditure is estimated at -$375m, funded internally through existing cash reserves, ongoing operating flows, and an expanded $200m debt facility.

Maiden reserves were released for both the Waihi underground and Round Dam open pit projects, with fast-tracked development at the high-grade Golden Pole lode intended to supply crucial feed during the mill-constrained transition period.

The broker upgrades medium-term production and free cash flow estimates to reflect the multi-mine expansion strategy, noting the combined infrastructure investments materially de-risk future baseload supply requirements.

This report was published on May 23, 2026.

Target price is $2.25 Current Price is $1.33 Difference: $0.92
If OBM meets the Canaccord Genuity target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 45.4%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 10.6, implying annual growth of 3.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY27:

Current consensus EPS estimate is 10.5, implying annual growth of -0.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.7.

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

OML    OOH!MEDIA LIMITED

Out of Home Advertising – Overnight Price: $1.37

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

Canaccord Genuity retains a Buy rating for oOh!media with its target price increased to $1.85 from $1.55 following an annual general meeting update.

First-quarter FY26 revenue grew by 4% year-on-year, with the Australian operations delivering 7% growth to match broader industry benchmarks.

Commentary highlights gross margins remain under near-term pressure due to softness within the high-margin billboards segment, reflecting new market entrants and a challenging broader advertising environment.

Proactive cost reductions, including the formal exit from a retail media investment, are guided to deliver $12m in pre-tax savings by FY27 and keep operating earnings forecasts unchanged.

The broker highlights an upward re-rating among international peers as the primary driver for the valuation uplift, alongside ongoing corporate appeal amid recent industry consolidation.

This report was published on May 23, 2026.

Target price is $1.85 Current Price is $1.37 Difference: $0.48
If OML meets the Canaccord Genuity target it will return approximately 35% (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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.82

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

Canaccord Genuity retains a Buy rating for Plenti Group with its target price increased to $1.63 from $1.51 following a strong FY26 financial result.

April net interest margins improved to 5.7% following successful repricing efforts on new originations, while portfolio loss rates remained consistent with historical averages at 1.04%.

The relaunch of the commercial auto product and revisions to the National Australia Bank agreement are expected to accelerate quarterly originations toward $600m during FY27.

Management expects solid cash profit before tax growth in the first half, supported by an impending bad debt sale and resilient credit performance.

The stock trades on an undemanding forward earnings multiple of 6x, which more than compensates for any near-term macroeconomic risks, the broker notes.

This report was published on May 23, 2026.

Target price is $1.63 Current Price is $0.82 Difference: $0.81
If PLT meets the Canaccord Genuity target it will return approximately 99% (excluding dividends, fees and charges).

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

PSC    PROSPECT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.31

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

Canaccord Genuity maintains a Speculative Buy rating for Prospect Resources with a $0.60 target price following an updated mineral resource estimate for the Mumbezhi copper project in Zambia.

The updated resource of 208.1Mt at 0.42% copper features a 106% increase in contained gold to 262koz following the re-assaying of over 2,800 existing drill hole intersections.

Emerging by-product potential from both gold and cobalt is expected to act as an important lever to reduce future cash costs at the operation, the broker notes.

An expanded phase three drill program comprising approximately 26,000m of drilling has commenced across Nyungu Central, West Mwombezhi, and several high-priority regional targets.

Ongoing technical workstreams including open pit optimisation and economic studies will culminate in an initial scoping study targeted for the December quarter of 2026.

This report was published on May 23, 2026.

Target price is $0.60 Current Price is $0.31 Difference: $0.29
If PSC meets the Canaccord Genuity target it will return approximately 94% (excluding dividends, fees and charges).

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $152.02

Jarden rates ((REA)) as Neutral (3) –

Jarden retains a Neutral rating for REA Group with a $178.00 target price following a monthly online classifieds industry update.

National listing volumes surged 19.4% year-on-year in April, aided by a softer comparative period when the Easter break coincided with Anzac Day.

Growth was robust across all major markets, with capital cities expanding 23.3% while regional areas increased by 12.8%.

Management guided to an overall volume contraction between -1% and -3% for FY26, which appears conservative to the broker given  strong April momentum.

The broker highlights the company trades on an estimated FY26 price-to-earnings multiple of 32.8x, supported by a 15% two-year earnings per share compound annual growth rate to FY28.

This report was published on May 21, 2026.

Target price is $178.00 Current Price is $152.02 Difference: $25.98
If REA meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $213.55, suggesting upside of 40.5%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 477.1, implying annual growth of -7.1%.
Current consensus DPS estimate is 275.7, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 31.9.

Forecast for FY27:

Current consensus EPS estimate is 553.1, implying annual growth of 15.9%.
Current consensus DPS estimate is 320.9, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 27.5.

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

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $12.71

Jarden rates ((SEK)) as Buy (1) –

Jarden retains a Buy rating for Seek with its target price decreased to $23.50 from $24.00 following a monthly online classifieds industry update.

Australian job advertisement volumes fell by -2.8% year-on-year in April on a seasonally adjusted basis, while New Zealand volumes increased by 9.5%.

The broker lowers FY27 regional listing volume estimates from 2% growth to flat to reflect softer momentum entering the new financial year.

Minor adjustments to depreciation and amortisation assumptions drive a -3% downgrade to forward earnings per share projections.

The stock remains the top industry pick for the broker, trading at a 19.1x FY26 price-to-earnings multiple excluding the Seek Growth Fund.

This report was published on May 21, 2026.

Target price is $23.50 Current Price is $12.71 Difference: $10.79
If SEK meets the Jarden target it will return approximately 85% (excluding dividends, fees and charges).
Current consensus price target is $21.81, suggesting upside of 71.6%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 55.3, implying annual growth of -19.5%.
Current consensus DPS estimate is 53.3, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 23.0.

Forecast for FY27:

Current consensus EPS estimate is 68.0, implying annual growth of 23.0%.
Current consensus DPS estimate is 61.3, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 18.7.

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

SNT    SYNTARA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.03

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

Canaccord Genuity maintains a Buy rating for Syntara with its target price decreased to $0.15 from $0.19 following a recent capital raise and positive regulatory feedback.

The Food and Drug Administration endorsed the proposed Phase IIb trial design for amsulostat in myelofibrosis, paving the way for a 105-patient study assessing combination therapies in the second half of 2026.

Interim safety and efficacy readouts for high-risk and low-risk myelodysplastic syndromes are anticipated across the near term, offering additional clinical validation alongside upcoming results in Parkinson’s disease and hypertrophic scarring.

An $8m capital raising diluted the valuation, which was further impacted by unfavourable currency movements as the Australian dollar to US dollar assumption was revised to 0.70 from 0.67.

Confirmation of the clinical pathway positions the company favourably for potential partnering discussions amid broader industry consolidation, the broker notes.

This report was published on May 23, 2026.

Target price is $0.15 Current Price is $0.03 Difference: $0.124
If SNT meets the Canaccord Genuity target it will return approximately 477% (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

SSM    SERVICE STREAM LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.30

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

Canaccord Genuity maintains a Buy rating for Service Stream with a $2.60 target price following the award of two new long-term maintenance contracts.

The company secured a nine-year agreement with Yarra Valley Water valued at an estimated $405m to deliver mechanical, electrical, and civil maintenance services across northern region networks.

An additional three-year, $50m contract with Millmerran Operating Company will support major and forced outage works at the Queensland power station.

These new contracts underpin ongoing revenue growth for the utilities division and effectively offset a recent strategic exit from $50m of low-margin work, Canaccord Genuity comments.

Divisional operating margins are expected to expand toward 6% heading into FY27, prompting the broker to retain existing revenue and earnings forecasts.

This report was published on May 23, 2026.

Target price is $2.60 Current Price is $2.30 Difference: $0.3
If SSM meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.72, suggesting upside of 18.3%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 11.7, implying annual growth of 21.1%.
Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY27:

Current consensus EPS estimate is 13.8, implying annual growth of 17.9%.
Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 16.7.

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

TLS    TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $5.38

Jarden rates ((TLS)) as Neutral (3) –

Jarden retains a Neutral rating for Telstra Group with a $5.05 target price following an industry analysis of the FY26 financial results from key competitor Optus.

Optus reported an acceleration in postpaid subscriber losses to 31,000 in the March quarter, reflecting an ongoing mobile spin-down trend at the broader market level.

Optus delivered 3.3% year-on-year growth in service revenues during the half driven by higher blended average revenue per user, effectively offsetting recent volume headwinds.

The result provides further evidence industry pricing remains rational, with the broker expecting this dynamic to persist heading into the upcoming spectrum renewal cycle.

Potential industry shifts remain a key watchpoint following Singtel’s explicit intent to introduce a local capital partner into the Optus business, the report concludes.

This report was published on May 21, 2026.

Target price is $5.05 Current Price is $5.38 Difference: minus $0.33 (current price is over target).
If TLS meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.35, suggesting downside of -0.7%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 20.7, implying annual growth of 9.8%.
Current consensus DPS estimate is 20.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 26.0.

Forecast for FY27:

Current consensus EPS estimate is 22.1, implying annual growth of 6.8%.
Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 24.3.

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

TWR    TOWER LIMITED

Insurance – Overnight Price: $1.53

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

Jarden retains an Overweight rating for Tower with its target price decreased to NZ$2.32 from NZ$2.42 following the first-half financial results.

A solid first-half normalised net profit of NZ$36.8m was reported, outperforming broker estimates as lower reinsurance and claims costs offset a miss on gross written premium.

The claims expense ratio landed at 51.1%, suggesting the insurer is well positioned to remain within the full-year large events guidance despite recent weather events in April, the broker suggests.

Management maintained FY26 earnings guidance of NZ$87m to NZ$97m while reducing gross written premium growth expectations to low-single digits reflecting a softer macroeconomic backdrop.

Forecast earnings per share are revised down by -5% to -6% across the medium term to account for the softer premium rating environment, partially offset by an uplift in dividend projections.

This report was published on May 22, 2026.

Current Price is $1.53. Target price not assessed.
The company’s fiscal year ends in September.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 10.47 cents and EPS of 17.45 cents.
At the last closing share price the estimated dividend yield is 6.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.76.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 11.60 cents and EPS of 19.63 cents.
At the last closing share price the estimated dividend yield is 7.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.78.

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

VGL    VISTA GROUP INTERNATIONAL LIMITED

Software & Services – Overnight Price: $1.87

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

Canaccord Genuity maintains a Buy rating for Vista International with a $4.00 target price following a major cloud transition agreement.

Cinepolis signed a six-year deal to migrate 504 sites in Mexico onto the Operational Excellence tier of Vista Cloud, marking the largest single contract for the full cloud offering.

The transition is expected to generate an annual recurring revenue uplift between NZ$5m and NZ$7m, adding to the recent migration of 88 Regal Cineworld sites in the United Kingdom.

Management retained FY26 revenue guidance of NZ$176m to NZ$182m and an earnings margin target of 18% to 20%, underpinned by strong momentum toward an objective of 1,300 operational sites.

The broker views the transaction as a critical reference case for other large cinema operators, paving the way for strong medium-term earnings expansion.

This report was published on May 23, 2026.

Target price is $4.00 Current Price is $1.87 Difference: $2.13
If VGL meets the Canaccord Genuity target it will return approximately 114% (excluding dividends, fees and charges).
Current consensus price target is $3.10, suggesting upside of 65.8%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 4.6, 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 40.7.

Forecast for FY27:

Current consensus EPS estimate is 5.1, implying annual growth of 10.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 36.7.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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

Shaw and Partners reiterates a Buy rating for Vista International with a $3.70 target price.

The company announced two major cloud migrations, including Cinepolis transitioning 504 Mexican cinema sites to Vista Cloud Operational Excellence under a six-year contract.

Regal Cineworld Group will also migrate its 88-site UK circuit to Vista Cloud Digital Enablement during 2026.

The broker expects these developments to materially de-risk the company’s full-year target of adding 576 net cloud sites.

Customer adoption is accelerating, supporting the NZ$75m free cash flow target set for 2030, according to the report.

This report was published on May 21, 2026.

Target price is $3.70 Current Price is $1.87 Difference: $1.83
If VGL meets the Shaw and Partners target it will return approximately 98% (excluding dividends, fees and charges).
Current consensus price target is $3.10, suggesting upside of 65.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.22 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 153.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.6, 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 40.7.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.88 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 64.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.1, implying annual growth of 10.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 36.7.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
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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