Australian Broker Call *Extra* Edition – Jan 23, 2025

This story features ANDEAN SILVER LIMITED, and other companies. For more info SHARE ANALYSIS: ASL

The company is included in ALL-ORDS

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

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena’s team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

ASL   ASN   BPT   BRE   BTR   CEH   CGS   CTM   EVO   FBU   GDG   HUB (2)   IAG   ILU   LTR (2)   LYC   NST (2)   ORI   PDI   PNR   QOR   S32   SUN   WDS   WES  

ASL    ANDEAN SILVER LIMITED

Gold & Silver – Overnight Price: $0.96

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

Canaccord Genuity notes over the December quarter Andean Silver continued to release high-grade silver assays from its Cristal and Pegaso 7 sites within the Cerro Bayo project.

The broker expects the results to lead to an upgrade in the next resource update in the March quarter to well over 100moz silver equivalent from 91moz.

Speculative Buy rating and $2.85 target is unchanged.

This report was published on January 21, 2025.

Target price is $2.85 Current Price is $0.96 Difference: $1.89
If ASL meets the Canaccord Genuity target it will return approximately 197% (excluding dividends, fees and charges).

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

ASN    ANSON RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.06

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

Petra Capital has pushed back timeline for Anson Resources’ Green River lithium project to FY28 from FY27 after considering the remaining timelines for production and construction permits, funding and offtake.

The broker has also updated numbers with its new commodity and forex forecasts, and incorporated additional dilution from a lower assumed future equity raising price for capex funding of $330m at 8c/share vs 10c previously.

Target price lowered to 31c from 35c. Buy rating maintained.

This report was published on January 21, 2025.

Target price is $0.31 Current Price is $0.06 Difference: $0.249
If ASN meets the Petra Capital target it will return approximately 408% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.71.

Forecast for FY26:

Petra Capital forecasts a full year FY26 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 30.50.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.48

Goldman Sachs rates ((BPT)) as Sell (5) –

Beach Energy reported slightly stronger December quarter result with sales volume of 6.8 mmboe, 4% above Goldman Sachs’ estimate and 12% above consensus.

The company retained FY25 production guidance at 17.5-21.5 mmboe versus the broker’s estimate of 20.1 mmboe.

Ahead of 1H25 result on February 6, the broker is forecasting $626m underlying EBIDTA, $260m underlying earnings and 6c interim dividend.

Goldman raised FY25 EBIDTA estimate by 22% but lowered FY26 estimate by -9%. 

Target price rises to $1.35 from $1.33. Sell rating retained.

This report was published on January 22, 2025.

Target price is $1.35 Current Price is $1.48 Difference: minus $0.13 (current price is over target).
If BPT meets the Goldman Sachs target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.56, suggesting upside of 3.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 11.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 7.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of N/A.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 10.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 6.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, implying annual growth of 20.9%.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 6.5.

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

BRE    BRAZILIAN RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $2.40

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

Canaccord Genuity highlights Brazilian Rare Earths’ Monte Alto drilling produced some of the highest rare earth grades seen anywhere.

The broker expects news flow to continue to pick up over 1H2025, with key events including ongoing assay results from Monte Alto drilling, maiden mineral resource estimate (MRE) for primary plus updated MRE for monazite sands in June quarter, and scoping study also in the June quarter.

No change to the $5.5 target price. Speculative Buy maintained.

This report was published on January 21, 2025.

Target price is $5.50 Current Price is $2.40 Difference: $3.1
If BRE meets the Canaccord Genuity target it will return approximately 129% (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

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.02

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

After completing the Alto and Montague East acquisitions, Brightstar Resources completed a $30m capital raise, executed a processing agreement and completed legal due diligence for a US$11.5m revolving stockpile finance facility in December 2024.

Canaccord Genuity notes the focus has turned to development, leading to a potential newsflow-rich 2025. Potential catalysts for the March quarter include the ore processing campaign and the commencement of the Fish Underground project.

Speculative Buy rating and 6c target price maintained.

This report was published on January 20, 2025.

Target price is $0.06 Current Price is $0.02 Difference: $0.039
If BTR meets the Canaccord Genuity target it will return approximately 186% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.10.

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

CEH    COAST ENTERTAINMENT HOLDINGS LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.47

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

Canaccord Genuity notes Coast Entertainment’s 1H25 trading update was “definitely” positive, reaffirming the positive operating trajectory the company is now on. The 1H25 result was for the period ending December 24, so new rides in Rivertown had only one day of contribution.

Revenue of $47.7m was in line with the broker’s estimate. With the company’s commentary suggesting multiple growth levers like new attractions, pricing initiatives and international visitation recovery, the broker will await more information to adjust FY25 operating forecasts.

No change to 60c target price and Buy rating.

This report was published on January 21, 2025.

Target price is $0.60 Current Price is $0.47 Difference: $0.135
If CEH meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 46.50.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

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

CGS    COGSTATE LIMITED

Medical Equipment & Devices – Overnight Price: $1.19

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

Canaccord Genuity notes Cogstate’s 1H25 trading update was in line with expectations and marked an improvement over last year’s softer result.

The broker is more confident in its US$47.2m FY25 revenue forecast after the update.

No change to $1.45 target price and Buy rating.

This report was published on January 19, 2025.

Target price is $1.45 Current Price is $1.19 Difference: $0.265
If CGS meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.41 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.85.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.33 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.25.

This company reports in USD. 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

CTM    CENTAURUS METALS LIMITED

Nickel – Overnight Price: $0.40

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

Canaccord Genuity notes the pilot plant at Centaurus Metals’ Jaguar Nickel Sulphide Project in Brazil produced a concentrate grading 34% nickel which is exceptionally high and class-leading.

The broker reckons high concentrate grades with low impurities have the potential to attract favorable payability terms and also implies lower freight costs.

The broker awaits the March quarter release of the findings of the Jaguar Value Engineering Process used at the pilot plant before reviewing its model.

Target price is 80c with Speculative Buy rating.

This report was published on January 21, 2025.

Target price is $0.80 Current Price is $0.40 Difference: $0.4
If CTM meets the Canaccord Genuity target it will return approximately 100% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.33.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 40.00.

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

EVO    EMBARK EARLY EDUCATION LIMITED

Education & Tuition – Overnight Price: $0.77

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

Canaccord Genuity notes Embark Early Education’s $18m new equity raise makes it well-funded to pursue acquisitions. The broker assumes four centre acquisitions in 2025 but sees capacity for more given its end-2025 net cash forecast of $12.6m.

Following share dilution, the broker has reduced the FY25 EPS forecast by -9%.

Target price is $1.02 and rating remains at Buy.

This report was published on January 21, 2025.

Target price is $1.02 Current Price is $0.77 Difference: $0.25
If EVO meets the Canaccord Genuity target it will return approximately 32% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 6.00 cents and EPS of 6.10 cents.
At the last closing share price the estimated dividend yield is 7.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.62.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 6.00 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 7.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.87.

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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $2.60

Jarden rates ((FBU)) as Change to Buy from Restricted (1) –

Following a period of restriction, Jarden has reinstated coverage of Fletcher Building with a Buy rating and target price of NZ$3.76

The broker notes Fletcher has been running with temporary leadership much of the time since February 2024 and facing a construction downturn materially deeper than anticipated. The interim results, due Feb 19, could mark the cycle trough for the company, as it has clearly indicated a 1H/2H earnings split of 40%/60%.

The broker sees the lack of momentum in announcing a strategic plan to unlock value as delaying potential share price catalysts, particularly because there may be value to unlock.

This report was published on January 21, 2025.

Target price is $3.76 Current Price is $2.60 Difference: $1.16
If FBU meets the Jarden target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $2.48, suggesting downside of -4.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 13.91 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, 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 18.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 10.98 cents and EPS of 18.67 cents.
At the last closing share price the estimated dividend yield is 4.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of 46.0%.
Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 13.0.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $4.27

Moelis rates ((GDG)) as Buy (1) –

Generation Development is going from strength to strength, Moelis states in response to the latest quarterly market update.

Sales inflow of $250 for the December quarter beat the broker’s forecast for $190m. In addition, growth in Lonsec Research remains solid, the broker observes, with new product growth underpinned by the continuing expansion of the private market offerings from fund managers.

New product initiatives saw the launch of Lonsec Research logos and SuperRatings enter into a new UK agreement. Forecasts have been upgraded.

Buy rating retained. The stock price valuation is supported by growth, Moelis highlights. The target price has improved to $4.91.

This report was published on January 23, 2025.

Target price is $4.91 Current Price is $4.27 Difference: $0.64
If GDG meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $4.67, suggesting upside of 8.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 3.20 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.2, implying annual growth of 172.4%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 52.3.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.30 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 1.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 39.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.8, implying annual growth of 31.7%.
Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 39.7.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $75.20

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

Canaccord Genuity has updated forecasts for Hub24 following “very strong” net inflow numbers in the 2Q25 update which it believes matches the 1Q record performance.

The broker has raised platform funds under administration forecast for FY25 by 5.4% to $109.9bn and FY26 forecast by 4.9%. 

Net profit forecast for 1H25 is $44.1m versus consensus of $42.9m.

Target price rises to $74.65 from $65.80 on higher EPS and DPS forecasts. However, the rating is lowered to Hold from Buy.

This report was published on January 21, 2025.

Target price is $74.65 Current Price is $75.20 Difference: minus $0.55 (current price is over target).
If HUB meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $72.12, suggesting downside of -3.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 59.00 cents and EPS of 115.00 cents.
At the last closing share price the estimated dividend yield is 0.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 65.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 111.5, implying annual growth of 91.7%.
Current consensus DPS estimate is 53.0, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 67.2.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 80.00 cents and EPS of 141.00 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 140.1, implying annual growth of 25.7%.
Current consensus DPS estimate is 68.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 53.5.

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

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

Following Hub24’s record 2Q25 platform inflow of $5.5bn that was well ahead of expectations, Jarden sees scope for continued gain in market share.  

The broker believes the FY26 outlook is increasingly underpinned by growing adviser numbers on the platform, new distribution agreements, and over $2bn from one-off migrations from EQT Holdings ((EQT)) and ClearView Wealth ((CVW)).

Accordingly, the broker views Hub24’s FY26 funds under administration guidance of $115-123bn as conservative versus its own forecast of $135bn.

Target price lifts to $60.05 from $50.85 but Underweight rating stays (see share price).

This report was published on January 21, 2025.

Target price is $60.05 Current Price is $75.20 Difference: minus $15.15 (current price is over target).
If HUB meets the Jarden target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $72.12, suggesting downside of -3.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 54.70 cents and EPS of 109.30 cents.
At the last closing share price the estimated dividend yield is 0.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 68.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 111.5, implying annual growth of 91.7%.
Current consensus DPS estimate is 53.0, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 67.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 71.40 cents and EPS of 142.70 cents.
At the last closing share price the estimated dividend yield is 0.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 52.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 140.1, implying annual growth of 25.7%.
Current consensus DPS estimate is 68.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 53.5.

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

IAG    INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $8.83

Goldman Sachs rates ((IAG)) as Neutral (3) –

Previewing the upcoming H1 financial result releases, Goldman Sachs is anticipating strong margins from ASX-listed insurers. The broker also flags regulatory risks could be rekindled.

The current forecast is that Insurance Australia Group’s underlying margin could be as high as 15% for FY25 on improved resilience in perils budgets.

Neutral rating retained alongside a price target of $8.10.

This report was published on January 22, 2025.

Target price is $8.10 Current Price is $8.83 Difference: minus $0.73 (current price is over target).
If IAG meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.72, suggesting downside of -1.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 30.50 cents and EPS of 42.90 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.5, implying annual growth of 13.9%.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 32.00 cents and EPS of 43.90 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.9, implying annual growth of 3.3%.
Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 20.0.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $4.95

Goldman Sachs rates ((ILU)) as Buy (1) –

Iluka Resources reported a slightly weaker-than-expected 4Q24 result with mineral sands revenue of $290m below Goldman Sachs’ estimate of $316m driven by lower zircon sales.

Cash flow was also weaker mainly on inventory build, and 2025 production and cost guidance was slightly below the broker’s estimate.

The broker revised FY24/25/26 EPS estimates by +9%/-33%/-9% after reducing its zircon and synthetic rutile price forecasts over the next six months, delaying the restart of SR1 kiln to 4Q25, and adjusting production and inventory accounting assumptions.

Target price lowered to $7.4. Buy rating is maintained.

This report was published on January 22, 2025.

Target price is $7.40 Current Price is $4.95 Difference: $2.45
If ILU meets the Goldman Sachs target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $6.13, suggesting upside of 32.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 8.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 1.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.3, implying annual growth of -37.5%.
Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 9.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 36.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 7.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.7, implying annual growth of -15.1%.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 10.8.

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

LTR    LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.70

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

Canaccord Genuity notes production of 88.6 dry metric tonnes (dmt) of Spodumene Concentrate grade 5.2 (SC5.2) at Liontown Resources’ Kathleen Valley project was ahead of its modelled 41dmt SC6 for the December quarter.

Sales were also stronger than anticipated, with $193m operating cash flow a solid outcome that will alleviate near-term liquidity concerns, the analyst surmises.

Target price rises to 70c from 60c due mainly to updated unit cost assumptions and revision of modelled concentrate grades to 5.2%. Rating remains at Hold.

This report was published on January 21, 2025.

Target price is $0.70 Current Price is $0.70 Difference: minus $0.005 (current price is over target).
If LTR meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.74, suggesting upside of 10.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 14.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 35.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.5, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 134.0.

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

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Goldman Sachs rates ((LTR)) as Neutral (3) –

Liontown Resources’ December quarter production was well ahead of estimates at 81kt of spodumene on the back of higher mine production and feed grades, notes Goldman Sachs.

Despite the stronger quarter and recent spodumene auctions implying further near-term pricing support, the broker expects the need for additional capital to maintain a cash buffer following its recent cost updates.

Goldman estimates $50-150m may be needed with scope for a $100m corporate debt option. A full capital raise at -10-30% discount could be -1-4% dilutive to its modelled NAV, the broker illustrates.

Target price 71c and rating maintained at Neutral.

This report was published on January 21, 2025.

Target price is $0.71 Current Price is $0.70 Difference: $0.005
If LTR meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $0.74, suggesting upside of 10.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 70.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 70.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.5, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 134.0.

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

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $6.78

Canaccord Genuity rates ((LYC)) as Upgrade to Buy from Hold (1) –

Lynas Rare Earths’ December quarter NdPr/REO production of 1.3kt/2.6kt, respectively, missed Canaccord Genuity’s and consensus forecasts, driven mainly by feedstock processing limits and impurity issues with Kalgoorlie.

Sales were in line with the broker’s forecast but below consensus, and pricing was also slightly lower vs the broker’s estimate.

The broker has lowered its average pricing forecast for FY25 by -10% and also lowered FY25 EBITDA by -18% on lower December quarter production numbers.

No change to price target of $7.5. Rating upgraded to Buy from Hold on valuation grounds.

This report was published on January 20, 2025.

Target price is $7.50 Current Price is $6.78 Difference: $0.72
If LYC meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.89, suggesting upside of 3.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.0, implying annual growth of 21.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 60.6.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 50.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.4, implying annual growth of 494.5%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 10.2.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $17.26

Goldman Sachs rates ((NST)) as Buy (1) –

Northern Star’s December quarter group gold production of 410koz was below Goldman Sachs and consensus estimates. 

The broker lowered FY25-26 EPS forecasts by -5%/-2% on the quarterly result, with adjustments to its near-term cost, capex and production numbers across the portfolio.

The target price is lowered to $19.8. Buy rating remains.

This report was published on January 21, 2025.

Target price is $19.80 Current Price is $17.26 Difference: $2.54
If NST meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $18.07, suggesting upside of 5.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 62.00 cents and EPS of 128.00 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 115.5, implying annual growth of 107.7%.
Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 74.20 cents and EPS of 209.00 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.8, implying annual growth of 24.5%.
Current consensus DPS estimate is 54.1, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 11.9.

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

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Jarden rates ((NST)) as Neutral (3) –

Jarden notes Northern Star’s December quarter production report was weak with cost again well above consensus.

The company retained FY25 guidance metrics but the broker reckons weak 1H operating performance puts guidance at risk and leaves little tolerance for any production disruption from weather, mill availability, etc.

Ahead of the 1H25 financial result on Feb 13, the broker forecasts EBITDA of $1.37bn, net profit of $533m and record interim dividend of 25c.

Target price is lowered to $15.4 from $15.80. Neutral rating maintained.

This report was published on January 22, 2025.

Target price is $15.40 Current Price is $17.26 Difference: minus $1.86 (current price is over target).
If NST meets the Jarden target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.07, suggesting upside of 5.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 40.00 cents and EPS of 94.20 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 115.5, implying annual growth of 107.7%.
Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 40.00 cents and EPS of 93.60 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.8, implying annual growth of 24.5%.
Current consensus DPS estimate is 54.1, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 11.9.

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

ORI    ORICA LIMITED

Mining Sector Contracting – Overnight Price: $16.95

Goldman Sachs rates ((ORI)) as Buy (1) –

Goldman Sachs highlights Orica shares have declined -8% since early December despite consistent outlook commentary at the AGM on December 17.

The broker notes the stock is pricing in next twelve months EPS of 91.3c which is -14% below its own estimate and -15% below consensus.

On an EV/EBIT basis, the stock is on a 10.4x multiple vs a 5-year average of 12.6x and thus pricing in NTM EBIT of $795m, -19% below Goldman’s and the consensus estimate.

No change to Buy rating and $21.4 target price.

This report was published on January 21, 2025.

Target price is $21.40 Current Price is $16.95 Difference: $4.45
If ORI meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $20.80, suggesting upside of 22.3%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 51.00 cents and EPS of 101.00 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.9, implying annual growth of -9.8%.
Current consensus DPS estimate is 53.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 58.00 cents and EPS of 115.00 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 115.6, implying annual growth of 15.7%.
Current consensus DPS estimate is 62.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 14.7.

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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.27

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

Canaccord Genuity highlights the approval of the Environment & Social Impact Assessment for Predictive Discovery’s Bankan Gold project in Guinea is a very important de-risking step for the project.

The broker expects the exploration permit to be granted before the end of the March quarter, which would only heighten M&A appeal.

Target price 52c and rating is Speculative Buy.

This report was published on January 19, 2025.

Target price is $0.52 Current Price is $0.27 Difference: $0.255
If PDI meets the Canaccord Genuity target it will return approximately 96% (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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.10

Moelis rates ((PNR)) as Buy (1) –

Moelis initiated coverage on Pantoro with a Buy rating and a target price of 14c in December.This week’s quarterly production update not only saw volumes underwhelming forecasts but management also sliced -10% off from prior FY25 guidance.

The broker’s response is by highlighting it already had forecasts below guidance and thus only minor changes need to be made.

Buy rating retained as, on Moelis’ assessment, following the completion of the new plant, the company has never been better positioned to capitalise on the mineralised potential of its tenements. Target 15c.

This report was published on January 23, 2025.

Target price is $0.15 Current Price is $0.10 Difference: $0.05
If PNR meets the Moelis target it will return approximately 50% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 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 12.50.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.69.

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

QOR    QORIA LIMITED

Software & Services – Overnight Price: $0.44

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

Canaccord Genuity notes Qoria’s 2Q25 result showed continuing positive underlying momentum in key operating metrics, setting up a platform for ongoing strong annual recurring revenue (ARR) growth and operating leverage into FY25-26

The broker has modestly revised higher its estimate for FY25-FY26 ARR, but lowered EBITDA for FY25-26 given its revised understanding of the company’s guidance.

No change to target price and Buy rating.

This report was published on January 21, 2025.

Target price is $0.55 Current Price is $0.44 Difference: $0.11
If QOR meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 22.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 44.00.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $3.56

Canaccord Genuity rates ((S32)) as Sell (5) –

In a flash update, Canaccord concludes South32’s December quarter activity report was net positive. 

Production numbers beat the broker’s estimate but partly offsetting that was a higher cost environment across most of South32’s businesses.

Target price unchanged at $2.35 and Sell rating maintained.

This report was published on January 20, 2025.

Target price is $2.35 Current Price is $3.56 Difference: minus $1.21 (current price is over target).
If S32 meets the Canaccord Genuity target it will return approximately minus 34% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.13, suggesting upside of 16.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 4.78 cents and EPS of 10.61 cents.
At the last closing share price the estimated dividend yield is 1.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.5, implying annual growth of N/A.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 5.28 cents and EPS of 11.75 cents.
At the last closing share price the estimated dividend yield is 1.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.3, implying annual growth of 27.1%.
Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 8.5.

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $20.16

Goldman Sachs rates ((SUN)) as Buy (1) –

Previewing the upcoming H1 financial result releases, Goldman Sachs is anticipating strong margins from ASX-listed insurers. The broker also flags regulatory risks could be rekindled.

Goldman Sachs rates Suncorp Group a Buy with a price target of $20.50. Suncorp is preferred in the sector as the insurer should report better volume growth than competitor Insurance Australia Group.

The broker also suggests there could be more competitive rates as Suncorp operates comfortably within its 10-12% margin range. Now the bank business has been sold, there should be an announcement on capital management, the report states.

This report was published on January 22, 2025.

Target price is $20.50 Current Price is $20.16 Difference: $0.34
If SUN meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $20.09, suggesting upside of 0.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 75.00 cents and EPS of 101.00 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.8, implying annual growth of 11.0%.
Current consensus DPS estimate is 94.0, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 83.00 cents and EPS of 115.00 cents.
At the last closing share price the estimated dividend yield is 4.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.0, implying annual growth of 10.7%.
Current consensus DPS estimate is 80.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 17.2.

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $25.25

Goldman Sachs rates ((WDS)) as Neutral (3) –

Goldman Sachs highlights Woodside Energy’s 4Q24 result was mixed with production and sales broadly in line with its estimates, but revenue was -3% below on weaker LNG pricing at the North West Shelf.

The broker revised its FY24/25/26 EBITDA estimates by 0%/0%/-1% to adjust for production and realised pricing across most assets.

Ahead of FY24 results on February 25, the broker forecasts US$9.4bn underlying EBITDA and a US$0.45 final dividend.

The target price is lowered to $25.0 from $25.9. Neutral rating stays.

This report was published on January 22, 2025.

Target price is $25.00 Current Price is $25.25 Difference: minus $0.25 (current price is over target).
If WDS meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $27.23, suggesting upside of 8.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 173.52 cents and EPS of 214.61 cents.
At the last closing share price the estimated dividend yield is 6.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 268.7, implying annual growth of N/A.
Current consensus DPS estimate is 203.7, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 62.41 cents and EPS of 124.81 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.5, implying annual growth of -32.8%.
Current consensus DPS estimate is 135.3, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.0.

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

WES    WESFARMERS LIMITED

Consumer Products & Services – Overnight Price: $73.42

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

Wesfarmers is shutting down Catch in 2H25, a decision Jarden views favourably but notes it signals the company is increasingly likely to pursue a centralised supply chain strategy in the near term which could be to its detriment in the longer term.

The broker has lifted FY26 EPS estimate by 1%.

Target price unchanged at $61 and Underweight rating maintained.

This report was published on January 22, 2025.

Target price is $61.00 Current Price is $73.42 Difference: minus $12.42 (current price is over target).
If WES meets the Jarden target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $65.67, suggesting downside of -9.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 202.00 cents and EPS of 231.40 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 237.4, implying annual growth of 5.2%.
Current consensus DPS estimate is 206.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 30.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 229.00 cents and EPS of 265.60 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 256.1, implying annual growth of 7.9%.
Current consensus DPS estimate is 222.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 28.3.

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

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