Daily Market Reports | Jan 28 2025
This story features 3P LEARNING LIMITED, and other companies. For more info SHARE ANALYSIS: 3PL
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
3PL A11 AEL (2) ALD ALL BPT CEN CRN CXO DYL EVN FCL FMG (2) GMD IFL IGO INA INR IPH KYP LIC LLL LTR MND MPL NAN NHF NWL (2) NXS PDN PMV PPS (2) QBE RDY REG RRL (2) STK STO (2) TCG TLC TWE WAF WDS WES WGX
3PL 3P LEARNING LIMITED
Education & Tuition – Overnight Price: $0.76
Taylor Collison rates ((3PL)) as Downgrade to Hold from Speculative Buy (3) –
Taylor Collison notes elevated Mathletics churn and muted B2C growth extrapolated from third-party web traffic and app download data foreshadowed 3P Learning’s FY24 guidance miss. Based on this, the broker anticipates another underwhelming result for 1H25.
Lack of liquidity also exacerbates share price volatility where results have the potential to underperform, the broker observes.
The broker remains optimistic due to a longer-term growth strategy bolstered by experienced management and the expected return of B2C consumers. But in the short-term rating is downgraded to Hold until management provides validation that the goal of 10% revenue growth is achievable, sustainable, and profitable.
No target price is mentioned.
This report was published on January 23, 2025.
Current Price is $0.76. Target price not assessed.
The company’s fiscal year ends in June.
Forecast for FY24:
Taylor Collison forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.67.
Forecast for FY25:
Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.21.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
A11 ATLANTIC LITHIUM LIMITED.
New Battery Elements – Overnight Price: $0.24
Wilsons rates ((A11)) as Overweight (1) –
In a report looking into 2025, Wilsons reviews seven key talking points for the lithium market covering demand, supply, inventories, geopolitical noise, M&A and how geography could be a key differentiator for new projects moving forward.
Despite being in the midst of an over-supplied market for lithium, the broker believes market rebalancing is underway but the pace will be relatively sedate.
The broker acknowledges its lithium price profile was too optimistic previously, lowering it to a broadly flat forecast versus spot price over the next three years — US$850/t SC6 and US$11,000/t carbonate, before progressively moving up. The new price profile sits slightly below consensus estimates for the coming years.
Wilsons notes Atlantic Lithium remains somewhat insulated from near-term price weakness since production is expected to kick off in FY27 but flags a material drop in earnings estimates over Ewoyaa’s early production years given the updated lithium prices.
The broker has revised its funding assumptions, now incorporating US$100m of JV-level debt and replacing offtake financing with Equity financing at the company level, which added a dilutionary impact to discounted cash flow valuation.
Target falls to 55c from 85c, Overweight retained.
This report was published on January 23, 2025.
Target price is $0.55 Current Price is $0.24 Difference: $0.305
If A11 meets the Wilsons target it will return approximately 124% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 40.83.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 49.00.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
AEL AMPLITUDE ENERGY LIMITED
Crude Oil – Overnight Price: $0.20
Canaccord Genuity rates ((AEL)) as Buy (1) –
Amplitude Energy’s group production of 72.5TJe/day in the December quarter was only marginally lower than the September quarter but 8% higher vs the same period the year before, notes Canaccord Genuity.
Production remained above the guidance range of 6572 TJe/day and despite scheduled maintenance in the 2H, the broker saw scope for a small upgrade.
Production forecast raised to 3% to 71TJe/day and FY25 EBITDA estimate increased to $161m from $146m.
No change to Buy rating but target price increases to 33c from 31c.
This report was published on January 23, 2025.
Target price is $0.33 Current Price is $0.20 Difference: $0.135
If AEL meets the Canaccord Genuity target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $0.26, suggesting upside of 31.3%(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 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 65.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.7, 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 28.6.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.25.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.6, implying annual growth of 271.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.7.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((AEL)) as Overweight (2) –
Amplitude Energy’s December quarter production of 1.12 mmboe was lower versus September quarter but higher than Jarden’s 1.02 mmboe estimate, contributing to higher revenue of $67.9m versus Jarden’s $62.3m forecast.
Net debt reduced to $254.2m end-December, ahead of Jarden’s $264m estimate.
Amplitude announced drilling intentions at the Otway project in FY25 which the broker believes is a sign of near-term resolution of Mitsui’s interest in the joint venture. Jarden notes the entry of a new JV partner would be a clear positive for the company.
The broker made small lifts to FY25 estimates on the back of revenue beat.
No change to Overweight rating and 25c target price.
This report was published on January 24, 2025.
Target price is $0.25 Current Price is $0.20 Difference: $0.055
If AEL meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $0.26, suggesting upside of 31.3%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 65.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.7, 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 28.6.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.19.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.6, implying annual growth of 271.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.7.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
ALD AMPOL LIMITED
Consumer Products & Services – Overnight Price: $29.48
Goldman Sachs rates ((ALD)) as Upgrade to Buy from Neutral (1) –
Goldman Sachs notes Ampol reported a weaker-than-expected 4Q24 result with $45m Lytton gross profit -$5m below its estimate.
The broker notes the international trading segment continued to struggle over Q4 impacted by low market volatility but assumes gradual recovery over 2025. Unaudited 2024 EBITDA of $1.2bn was 4% below Goldman’s $1.25 estimate.
Ahead of FY24 result on Feb 24, the broker estimates $1.2bn underlying EBITDA, $237m net profit, and $4.1bn net debt.
The broker revised FY24/25 EBITDA by -2/-2% primarily adjusting for lower international earnings and higher Lytton operating expense.
Target price reduces to $32.0 from $32.3. Rating upgraded to Buy on attractive valuation and defensive refining exposure, plus an anticipated 2025 earnings recovery.
This report was published on January 23, 2025.
Target price is $32.00 Current Price is $29.48 Difference: $2.52
If ALD meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $32.19, suggesting upside of 12.3%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 60.00 cents and EPS of 100.00 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 112.3, implying annual growth of -51.3%.
Current consensus DPS estimate is 72.5, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 25.5.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 31.00 cents and EPS of 119.00 cents.
At the last closing share price the estimated dividend yield is 1.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.77.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 202.3, implying annual growth of 80.1%.
Current consensus DPS estimate is 170.5, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 14.2.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
ALL ARISTOCRAT LEISURE LIMITED
Gaming – Overnight Price: $68.95
Goldman Sachs rates ((ALL)) as Upgrade to Buy from Neutral (1) –
Reflecting Goldman Sachs’ preference for high quality companies with a track record of delivering strong and certain earnings growth, the broker upgrades Aristocrat Leisure to Buy from Neutral after raising the target to $78 from $70.
The broker highlights Aristocrat’s record North American installations in 2024, reinforcing market dominance and enabling over 40% market share.
Earnings growth is further bolstered by currency tailwinds and synergies between Aristocrat’s land-based and social casino segments, explain the analysts.
Balance sheet strength also underpins the company’s capacity for buybacks and mergers and acquisitions, highlights Goldman Sachs.
This report was published on January 28, 2025.
Target price is $78.00 Current Price is $68.95 Difference: $9.05
If ALL meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $71.92, suggesting upside of 1.6%(ex-dividends)
The company’s fiscal year ends in September.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 100.00 cents and EPS of 286.00 cents.
At the last closing share price the estimated dividend yield is 1.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 263.8, implying annual growth of 28.8%.
Current consensus DPS estimate is 92.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 26.8.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 111.00 cents and EPS of 318.00 cents.
At the last closing share price the estimated dividend yield is 1.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 287.5, implying annual growth of 9.0%.
Current consensus DPS estimate is 95.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 24.6.
Market Sentiment: 0.9
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: $1.50
Jarden rates ((BPT)) as Neutral (3) –
Beach Energy’s quarterly report was solid with production in line with Jarden’s estimate but sales volume and revenue higher. Revenue of $563m beat the broker’s forecast of $517m partly due to higher condensate/LPG sales.
The company reported further delays in Waitsia Stage 2 construction but continues to target first gas sales in 4Q25. Jarden’s forecasts were based on June sales but now sees risks of further delays emerging.
The broker has lifted FY25-26 revenue, earnings and dividend forecasts after marking to market December quarter actuals and including one additional LNG cargo sale in the March quarter.
Target price rises to $1.42 from $1.40. Neutral rating maintained.
This report was published on January 23, 2025.
Target price is $1.42 Current Price is $1.50 Difference: minus $0.085 (current price is over target).
If BPT 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 $1.56, suggesting upside of 3.2%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 6.00 cents and EPS of 23.40 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.43.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:
Jarden forecasts a full year FY26 dividend of 14.00 cents and EPS of 28.10 cents.
At the last closing share price the estimated dividend yield is 9.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.36.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
CEN CONTACT ENERGY LIMITED
Infrastructure & Utilities – Overnight Price: $8.52
Jarden rates ((CEN)) as Buy (1) –
Following Contact Energy’s reporting of December month operating statistics, Jarden notes the company had a good first half considering the negative impact of the dry patch in July.
The broker believes the company’s announcement it has secured meaningful gas supply from 2026 to 2032 is good for de-risking the stock but as expected, it is expensive gas.
Jarden notes there were some one-offs in 1H25 with expensive gas bought in August sold at a loss, dampening November and
December profits. Corporate cost was -NZ$38m, up on the guided -NZ$26m mainly due to acquisition-related costs.
Customer netback rose to NZ$156.6/MWh in December, up 9% on the previous comparable period which should bode well for 2H25 growth, the broker suggests.
Target price NZ$10.89. Rating retained at Buy.
This report was published on January 23, 2025.
Current Price is $8.52. Target price not assessed.
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 33.30 cents and EPS of 33.30 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.59.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 31.38 cents and EPS of 31.38 cents.
At the last closing share price the estimated dividend yield is 3.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.15.
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
CRN CORONADO GLOBAL RESOURCES INC
Coal – Overnight Price: $0.67
Goldman Sachs rates ((CRN)) as Buy (1) –
Goldman Sachs notes Coronado Global Resources reported a slightly softer-than-expected 4Q24 result, with saleable coal production impacted more than anticipated by lower yields at Curragh and an expected longwall move at Buchanan, the analyst states.
Poor Chinese steel demand and sentiment contributed to weaker export demand for met coal sales, which were below the broker’s forecast by -10%.
The broker lowers EPS forecasts by -947% and -21% for 2024/2025, respectively.
Buy rating unchanged. Target price slips -13% to $1.05 from $1.20.
This report was published on January 24, 2025.
Target price is $1.05 Current Price is $0.67 Difference: $0.385
If CRN meets the Goldman Sachs target it will return approximately 58% (excluding dividends, fees and charges).
Current consensus price target is $1.17, suggesting upside of 74.6%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 EPS of 7.62 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.73.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -7.0, implying annual growth of N/A.
Current consensus DPS estimate is 1.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is N/A.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 EPS of 9.14 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.28.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 4.2, implying annual growth of N/A.
Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 16.0.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CXO CORE LITHIUM LIMITED
New Battery Elements – Overnight Price: $0.09
Wilsons rates ((CXO)) as Upgrade to Market Weight from Underweight (3) –
In a report looking into 2025, Wilsons reviews seven key talking points for the lithium market covering demand, supply, inventories, geopolitical noise, M&A and how geography could be a key differentiator for new projects moving forward.
Despite being in the midst of an over-supplied market for lithium, the broker believes market rebalancing is underway but the pace will be relatively sedate.
The broker acknowledges its lithium price profile was too optimistic previously, lowering it to a broadly flat forecast versus spot price over the next three years — US$850/t SC6 and US$11,000/t carbonate, before progressively moving up. The new price profile sits slightly below consensus estimates for the coming years.
In the case of Core Lithium, the broker is not forecasting a resumption of operations at Finniss project in the next two years and therefore sees minimal changes from its revised lithium prices and mark-to-market adjustments.
Target price retained at 10c but rating upgraded to Market Weight from Underweight.
This report was published on January 23, 2025.
Target price is $0.10 Current Price is $0.09 Difference: $0.008
If CXO meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 30.67.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
DYL DEEP YELLOW LIMITED
Uranium – Overnight Price: $1.46
Canaccord Genuity rates ((DYL)) as Speculative Buy (1) –
Canaccord Genuity saw no material changes announced in Deep Yellow’s December quarter report.
Speculative Buy rating retained. Target price $1.90.
This report was published on January 23, 2025.
Target price is $1.90 Current Price is $1.46 Difference: $0.445
If DYL meets the Canaccord Genuity target it will return approximately 31% (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 1.37 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 106.13.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 132.27.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
EVN EVOLUTION MINING LIMITED
Gold & Silver – Overnight Price: $5.56
Jarden rates ((EVN)) as Underweight (4) –
Jarden notes Evolution Mining’s December quarter production of 194.8koz at a cost of $1,543/oz compared with its estimate of 196koz at $1,506/oz and consensus of 194koz at $1,515/oz.
Copper production of 18.5kt was in line with the broker’s estimate and consensus of 19kt. The only real negative surprise was total capex of -$264m which was above Jarden’s estimate of -$213m but this was in the context of expedited delivery of the Mungari expansion, the broker notes.
Jarden revised its long-term gold price forecast to US$2,000/oz from US$1,800/oz from FY28 and made 5-10% increases to its FY26-FY28 forecasts.
FY26 EPS lifted by 45%. Target price rises to $4.72 from $3.54. Underweight rating maintained.
This report was published on January 28, 2025.
Target price is $4.72 Current Price is $5.56 Difference: minus $0.84 (current price is over target).
If EVN meets the Jarden target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.40, suggesting downside of -2.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 16.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.89.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 35.4, implying annual growth of 60.8%.
Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 15.7.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 11.00 cents and EPS of 35.90 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.49.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 45.4, implying annual growth of 28.2%.
Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 12.2.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
FCL FINEOS CORPORATION HOLDINGS PLC
Cloud services – Overnight Price: $1.76
Goldman Sachs – Cessation of coverage
This report was published on January 28, 2025.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.05 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 3591.84.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.07 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2666.67.
This company reports in EUR. 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
FMG FORTESCUE LIMITED
Iron Ore – Overnight Price: $18.81
Goldman Sachs rates ((FMG)) as Sell (5) –
Fortescue’s 2Q25 result was stronger than expected with iron ore shipments of 49mt 4% ahead of Goldman Sachs estimate, resulting in a slight cost beat (C1 unit costs of US$18.2/t was below the broker’s US$18.7/t estimate).
The broker notes Fortescue is tracking towards the top end of hematite shipments guidance and low end of unit costs. Iron Bridge production of 1.7mt beat the broker’s estimate of 1.4mt.
The broker retained FY25 EPS forecast but raised FY26 forecast by 5% on a slight increase in hematite and magnetite volumes and a reduction in cost assumptions.
Target price rises to $16.4 but Sell rating maintained.
This report was published on January 23, 2025.
Target price is $16.40 Current Price is $18.81 Difference: minus $2.41 (current price is over target).
If FMG meets the Goldman Sachs target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.55, suggesting downside of -2.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 100.52 cents and EPS of 169.05 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.13.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 176.8, implying annual growth of N/A.
Current consensus DPS estimate is 102.6, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 10.7.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 77.67 cents and EPS of 155.35 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 167.5, implying annual growth of -5.3%.
Current consensus DPS estimate is 100.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 11.3.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((FMG)) as Underweight (4) –
Jarden highlights Fortescue Metals’ net debt position remained static at US$2bn, above its and consensus forecasts which was notable given production and sales in the December quarter were marginally above both estimates.
The broker believes the company’s otherwise pristine balance sheet in recent times will be the subject of increasing interrogation as the capex calls ramp up over the remainder of the decade.
The broker lifts its sum-of-the-parts valuation after short- to medium-term forex reductions and higher benchmark pricing.
FY26 forecasts benefitted materially, with EPS estimate lifting 37%.
Target price rises to $17.24. Underweight rating maintained.
This report was published on January 27, 2025.
Target price is $17.24 Current Price is $18.81 Difference: minus $1.57 (current price is over target).
If FMG meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.55, suggesting downside of -2.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 121.00 cents and EPS of 116.30 cents.
At the last closing share price the estimated dividend yield is 6.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.17.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 176.8, implying annual growth of N/A.
Current consensus DPS estimate is 102.6, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 10.7.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 80.00 cents and EPS of 88.00 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.38.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 167.5, implying annual growth of -5.3%.
Current consensus DPS estimate is 100.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 11.3.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
GMD GENESIS MINERALS LIMITED
Gold & Silver – Overnight Price: $3.06
Moelis rates ((GMD)) as Hold (3) –
Genesis Minerals reported 2Q25 production report which was higher than Moelis’ forecasts mainly due to the commencement of production from the Laverton project. Costs were also lower which the broker assumes is due to additional production and credit from continued stockpiles.
The target price is raised to $3.05. Given the lack of greater upside to its valuation, the broker has retained the Neutral rating.
This report was published on January 16, 2025.
Target price is $3.05 Current Price is $3.06 Difference: minus $0.01 (current price is over target).
If GMD meets the Moelis target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.22, suggesting upside of 6.9%(ex-dividends)
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 14.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.82.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.4, implying annual growth of 124.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.3.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 23.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.86.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.3, implying annual growth of 39.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.4.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
IFL INSIGNIA FINANCIAL LIMITED
Wealth Management & Investments – Overnight Price: $4.57
Jarden rates ((IFL)) as Overweight (2) –
Against the backdrop of recent interest from Bain Capital and CC Capital, Jarden noted Insignia Financial is beginning to show green
shoots on its turnaround strategy, delivering 2Q25 funds under management 1.5% ahead of expectations.
Platform funds under administration of $231.4bn was $837m above consensus and $418m above Jarden’s, reflecting less negative
net flows across both key segments.
The broker has upgraded FY25-26 EPS outlook by 3-4% to reflect an improving net flow outlook across platforms.
Target price rises to $4.6 from $4.2, which is in line with the increase in indicative offer price from Bain Capital and CC Capital. Overweight rating maintained.
This report was published on January 23, 2025.
Target price is $4.60 Current Price is $4.57 Difference: $0.03
If IFL meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.53, suggesting downside of -0.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 37.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.35.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 38.3, implying annual growth of N/A.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 11.9.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 28.70 cents and EPS of 41.40 cents.
At the last closing share price the estimated dividend yield is 6.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.04.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 40.7, implying annual growth of 6.3%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 11.2.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
IGO IGO LIMITED
Nickel – Overnight Price: $5.25
Jarden rates ((IGO)) as Buy (1) –
After flagging a write-down of its carrying value for its interests in the Kwinana hydroxide precinct, IGO has confirmed that Tianqi Lithium Energy Australia (TLEA) has agreed to cease all further works relating to the second hydroxide train.
Jarden notes the update is negative for the company’s EPS in the short term but materially positive for the medium term. It would also result in dividend flow from TLEA from FY26 and, with this, a modest 1% return to IGO shareholders.
The broker lowered SC6 lithium price forecast to US$1,200/t from US$1,400, and reduced Greenbushes valuation by -15% but this is partially offset by lower forecast AUD/USD rates.
Target price drops to $6.20 from $8.28. Buy rating retained.
This report was published on January 27, 2025.
Target price is $6.20 Current Price is $5.25 Difference: $0.95
If IGO meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $5.46, suggesting upside of 5.8%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 11.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 44.49.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.6, implying annual growth of 1413.5%.
Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 92.1.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 5.00 cents and EPS of 22.80 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 23.03.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.9, implying annual growth of 237.5%.
Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 27.3.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
INA INGENIA COMMUNITIES GROUP
Aged Care & Seniors – Overnight Price: $5.52
Goldman Sachs – Cessation of coverage
This report was published on January 28, 2025.
Forecast for FY25:
Current consensus EPS estimate is 24.9, implying annual growth of 623.8%.
Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 22.3.
Forecast for FY26:
Current consensus EPS estimate is 28.3, implying annual growth of 13.7%.
Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 19.6.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
INR IONEER LIMITED
New Battery Elements – Overnight Price: $0.18
Wilsons rates ((INR)) as Underweight (5) –
In a report looking into 2025, Wilsons reviews seven key talking points for the lithium market covering demand, supply, inventories, geopolitical noise, M&A and how geography could be a key differentiator for new projects moving forward.
Despite being in the midst of an over-supplied market for lithium, the broker believes market rebalancing is underway but the pace will be relatively sedate.
The broker acknowledges its lithium price profile was too optimistic previously, lowering it to a broadly flat forecast versus spot price over the next three years — US$850/t SC6 and US$11,000/t carbonate, before progressively moving up. The new price profile sits slightly below consensus estimates for the coming years.
The broker has cut Ioneer’s earnings profile following the decrease in lithium price forecasts. Assumptions on project capex and deferral of production start to 2028 from 2027 have been maintained.
Wilsons notes its view on asset valuation is likely to change once the company releases updated project economic details.
Target price drops to 10c from 20c. Underweight rating maintained.
This report was published on January 23, 2025.
Target price is $0.10 Current Price is $0.18 Difference: minus $0.08 (current price is over target).
If INR meets the Wilsons target it will return approximately minus 44% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 39.39.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.31 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 59.02.
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
IPH IPH LIMITED
Legal – Overnight Price: $4.96
Goldman Sachs – Cessation of coverage
This report was published on January 28, 2025.
Forecast for FY25:
Current consensus EPS estimate is 46.2, implying annual growth of 84.2%.
Current consensus DPS estimate is 34.3, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 10.7.
Forecast for FY26:
Current consensus EPS estimate is 49.9, implying annual growth of 8.0%.
Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 9.9.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
KYP KINATICO LIMITED
Software & Services – Overnight Price: $0.17
Taylor Collison rates ((KYP)) as Outperform (2) –
Taylor Collison notes Kinatico’s SaaS revenue is growing at a nearly 50% pace with a pipeline to match and is cash accretive.
The broker remains attracted to the company’s simplified compliance solution, supported by a pre-existing base of over 10,000 corporate data verification customers and the imminent launch of its new platform.
The broker’s FY25 projections remain largely in line with Kinatico’s but FY26 estimates have been upgraded due to cost-base efficiencies and slight revenue increases. Free cash flow estimate for FY26 is raised to $3.3m from $1.7m due to decreasing software development spend.
Target price increases to 22c from 15c. Rating remains at Outperform.
This report was published on January 21, 2025.
Target price is $0.22 Current Price is $0.17 Difference: $0.055
If KYP meets the Taylor Collison target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.25 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 66.00.
Forecast for FY26:
Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.69 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.91.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
LIC LIFESTYLE COMMUNITIES LIMITED
Aged Care & Seniors – Overnight Price: $9.46
Goldman Sachs – Cessation of coverage
This report was published on January 28, 2025.
Forecast for FY25:
Current consensus EPS estimate is 45.0, implying annual growth of -1.5%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 21.0.
Forecast for FY26:
Current consensus EPS estimate is 63.6, implying annual growth of 41.3%.
Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 14.8.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
LLL LEO LITHIUM LIMITED
New Battery Elements – Overnight Price: $0.51
Wilsons rates ((LLL)) as Market Weight (3) –
In a report looking into 2025, Wilsons reviews seven key talking points for the lithium market covering demand, supply, inventories, geopolitical noise, M&A and how geography could be a key differentiator for new projects moving forward.
Despite being in the midst of an over-supplied market for lithium, the broker believes market rebalancing is underway but the pace will be relatively sedate.
The broker acknowledges its lithium price profile was too optimistic previously, lowering it to a broadly flat forecast versus spot price over the next three years — US$850/t SC6 and US$11,000/t carbonate, before progressively moving up. The new price profile sits slightly below consensus estimates for the coming years.
No impact on Leo Lithium from the updated forecasts but the broker has revisited the valuation following the finalisation of the sale of Goulamina to Genfeng.
Wilsons sees Leo as a cash box with a 55c valuation which includes 17c initial distribution to be paid in January and 20c tranche 2 payment to be received by the company in June.
Rating maintained at Market Weight and target price at 45c.
This report was published on January 23, 2025.
Target price is $0.45 Current Price is $0.51 Difference: minus $0.055 (current price is over target).
If LLL meets the Wilsons target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in December.
Forecast for FY24:
Wilsons forecasts a full year FY24 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 252.50.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 168.33.
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: $0.67
Wilsons rates ((LTR)) as Overweight (1) –
In a report looking into 2025, Wilsons reviews seven key talking points for the lithium market covering demand, supply, inventories, geopolitical noise, M&A and how geography could be a key differentiator for new projects moving forward.
Despite being in the midst of an over-supplied market for lithium, the broker believes market rebalancing is underway but the pace will be relatively sedate.
The broker acknowledges its lithium price profile was too optimistic previously, lowering it to a broadly flat forecast versus spot price over the next three years — US$850/t SC6 and US$11,000/t carbonate, before progressively moving up. The new price profile sits slightly below consensus estimates for the coming years.
After incorporating new lithium price forecasts, minimal changes to the cost profile and unchanged production estimates, Wilsons has revised lowered Liontown Resources earnings significantly in the short to mid-term.
The price target is cut to $1.0 from $1.4. Overweight rating stays.
This report was published on January 23, 2025.
Target price is $1.00 Current Price is $0.67 Difference: $0.33
If LTR meets the Wilsons target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $0.74, suggesting upside of 14.4%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.58.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:
Wilsons forecasts a full year FY26 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 39.41.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 0.8%.
Current consensus EPS estimate suggests the PER is 130.0.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MND MONADELPHOUS GROUP LIMITED
Mining Sector Contracting – Overnight Price: $14.88
Goldman Sachs rates ((MND)) as Sell (5) –
Goldman Sachs highlights Monadelphous Group announced 1H25 net profit after tax is expected to come in above consensus expectations, with guidance in the range of $40m-$43m compared to consensus at circa $33m.
The analyst attributes the difference to a favourable after-tax variance in non-operating items of $7m. Excluding this, the broker notes management’s updated range is approximately 5% above the forecast and consensus estimate.
Target price $12.95. No change to Sell rating.
This report was published on January 24, 2025.
Target price is $12.95 Current Price is $14.88 Difference: minus $1.93 (current price is over target).
If MND meets the Goldman Sachs target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.86, suggesting downside of -3.0%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 EPS of 72.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.2, implying annual growth of 11.1%.
Current consensus DPS estimate is 66.4, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 21.5.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 EPS of 80.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.60.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 76.7, implying annual growth of 7.7%.
Current consensus DPS estimate is 70.7, implying a prospective dividend yield of 4.6%.
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
MPL MEDIBANK PRIVATE LIMITED
Insurance – Overnight Price: $3.82
Goldman Sachs rates ((MPL)) as Neutral (3) –
Goldman Sachs believes industry policyholder growth has remained resilient through the 1H of FY25 within the Health Insurance sector.
With Medibank Private’s 1H25 result due on February 27, the analysts believes growth is likely tracking softer than the industry rate, noting risks to margins are building with inflationary pressures and low approved premium rate increases.
The broker forecasts underlying 1H profit of $273.3m and a group operating profit of $345.6m.
The Neutral rating and $4 target are retained.
This report was published on January 28, 2025.
Target price is $4.00 Current Price is $3.82 Difference: $0.18
If MPL meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.04, 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 17.20 cents and EPS of 21.50 cents.
At the last closing share price the estimated dividend yield is 4.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.77.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.9, implying annual growth of 16.9%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 18.4.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 17.90 cents and EPS of 22.40 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.05.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.0, implying annual growth of 5.3%.
Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 17.5.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
NAN NANOSONICS LIMITED
Medical Equipment & Devices – Overnight Price: $3.66
Canaccord Genuity rates ((NAN)) as Hold (3) –
Nanosonics released 1H25 trading update where revenue of $93.6m was 18% higher vs the same comparable period, and ahead of Canaccord Genuity’s $90.1m and consensus of $90.4m.
The beat was driven by consumables and services growth on improved procedure volumes, and forex tailwind, the broker observes.
The broker looks forward to more colour at the 1H update on 20 February, expecting continued upside risk on forex and improving volumes.
No change to Hold rating and $3.12 target price.
This report was published on January 23, 2025.
Target price is $3.12 Current Price is $3.66 Difference: minus $0.54 (current price is over target).
If NAN meets the Canaccord Genuity target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.58, suggesting upside of 1.6%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 EPS of 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 122.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.1, implying annual growth of 19.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 69.0.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 EPS of 4.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 74.69.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 6.0, implying annual growth of 17.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 58.7.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
NHF NIB HOLDINGS LIMITED
Insurance – Overnight Price: $5.45
Goldman Sachs rates ((NHF)) as Buy (1) –
Goldman Sachs believes industry policyholder growth has remained resilient through the 1H of FY25 within the Health Insurance sector.
With nib Holdings’ 1H25 result due on February 24, the analysts believe growth is likely tracking to guidance, though risks to margins are building with inflationary pressures and low approved premium rate increases.
The broker forecasts 1H profit of $82.2m and an underlying operating profit of $101.4m.
Buy rating and $6.50 target maintained.
This report was published on January 28, 2025.
Target price is $6.50 Current Price is $5.45 Difference: $1.05
If NHF meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 11.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 26.50 cents and EPS of 38.20 cents.
At the last closing share price the estimated dividend yield is 4.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.27.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 40.5, implying annual growth of 5.7%.
Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 13.7.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 29.30 cents and EPS of 43.30 cents.
At the last closing share price the estimated dividend yield is 5.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.59.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 43.9, implying annual growth of 8.4%.
Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 12.6.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
NWL NETWEALTH GROUP LIMITED
Wealth Management & Investments – Overnight Price: $30.57
Canaccord Genuity rates ((NWL)) as Hold (3) –
Netwealth Group produced another very strong net inflow result for 2Q25, slightly ahead of the previous record 1Q performance (excluding institutional inflows), observes Canaccord Genuity.
The broker has updated its forecasts to include the 1Q and 2Q outcomes, and improved spread on cash transaction accounts, leading to net profit upgrades of around 5-8% across the forecast period.
Hold rating and $31.2 target price.
This report was published on January 23, 2025.
Target price is $31.20 Current Price is $30.57 Difference: $0.63
If NWL meets the Canaccord Genuity target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $28.86, suggesting downside of -6.3%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 34.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 67.93.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 43.9, implying annual growth of 28.5%.
Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 70.1.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 42.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.59.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 54.5, implying annual growth of 24.1%.
Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 56.5.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((NWL)) as Underweight (4) –
Jarden notes Netwealth Group recorded 2Q25 net flows of $4.4bn despite domestic interest rates rising, hampering equity returns over the quarter.
The broker upgraded flow assumption from FY25 onwards by 5%-plus after Netwealth flagged confidence in the new business pipeline given new adviser and licensee relationships.
After factoring in revenue margin pressure from fee capping and higher cost growth, Jarden raised FY25 EPS forecasts by 1% and FY26 by 3%.
Target price rises to $24.0 from $21.1 but Underweight rating stays.
This report was published on January 23, 2025.
Target price is $24.00 Current Price is $30.57 Difference: minus $6.57 (current price is over target).
If NWL meets the Jarden target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.86, suggesting downside of -6.3%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 39.10 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 1.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 67.93.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 43.9, implying annual growth of 28.5%.
Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 70.1.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 48.90 cents and EPS of 56.30 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.30.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 54.5, implying annual growth of 24.1%.
Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 56.5.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
NXS NEXT SCIENCE LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.14
Canaccord Genuity rates ((NXS)) as Speculative Buy (1) –
Next Science reported December quarter result, again missing Canaccord Genuity’s expectations, noting a sluggish Durable Medical Equipment (DME) segment and balance sheet under pressure.
XPerience (XP) was the hero, growing 85% off a low base and one-off saline shortage, and offsetting DME weakness. The broker maintains XP will require successful clinical outcomes to warrant longer-term commercial success.
The broker notes balance sheet is very flexed with $1.7m in cash but additional capital and flawless execution will be required from here in order to stay out of the woods in the medium term.
The broker maintains a conservative to pessimistic view on Next Science in the near and medium term.
Rating retained at Speculative Buy and target price at 40c.
This report was published on January 23, 2025.
Target price is $0.40 Current Price is $0.14 Difference: $0.26
If NXS meets the Canaccord Genuity target it will return approximately 186% (excluding dividends, fees and charges).
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
PDN PALADIN ENERGY LIMITED
Uranium – Overnight Price: $9.00
Canaccord Genuity rates ((PDN)) as Buy (1) –
Paladin Energy had a strong end to the December quarter, increasing production to 308Klbs in December from 186Klbs in October, notes Canaccord Genuity.
Overall production of 0.638Mlbs was flat q/q but beat Canaccord’s estimate of 0.62Mlbs. Operating costs and sales missed forecasts but cash of US$166m beat the broker’s estimate of US$153.1m.
The most notable beat was average recovery rate of 88%, a significant improvement to the September quarter’s 69% and well within definitive feasibility study expectation of 85-90%.
With guidance unchanged, the broker is looking towards a strong 2H production, estimating a total of 3.33Mlbs for FY25.
Buy rating and $15.2 target price unchanged.
This report was published on January 23, 2025.
Target price is $15.20 Current Price is $9.00 Difference: $6.2
If PDN meets the Canaccord Genuity target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $11.56, suggesting upside of 46.3%(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 16.75 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.72.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 52.7.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 49.65 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.13.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 72.2, implying annual growth of 381.3%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 10.9.
This company reports in USD. 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
PMV PREMIER INVESTMENTS LIMITED
Apparel & Footwear – Overnight Price: $28.62
Petra Capital rates ((PMV)) as Hold (3) –
Petra Capital notes Premier Investments’ trading update on January 23 implied a weaker-than-expected 1H25 EBIT margin of 18.9% at mid-point, below its 22.7% estimate and down -500bps vs 1H24.
The broker has lowered FY25 and FY26 retail EBIT forecasts by -14.4% and -11.1% respectively. Together with a lower multiple for
Smiggle, given the brand’s continued underperformance, resulted in a decline in target price to $29.00 from $33.75.
Rating remains at Hold.
This report was published on January 22, 2025.
Target price is $29.00 Current Price is $28.62 Difference: $0.38
If PMV meets the Petra Capital target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $32.25, suggesting upside of 11.3%(ex-dividends)
The company’s fiscal year ends in July.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 119.30 cents and EPS of 149.80 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 141.1, implying annual growth of -12.8%.
Current consensus DPS estimate is 106.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 20.5.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 124.10 cents and EPS of 161.10 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.77.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 156.5, implying annual growth of 10.9%.
Current consensus DPS estimate is 117.8, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 18.5.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PPS PRAEMIUM LIMITED
Wealth Management & Investments – Overnight Price: $0.85
Canaccord Genuity rates ((PPS)) as Buy (1) –
Canaccord Genuity notes Praemium reported strong December quarter performance with platform funds under administration (FUA) growing to $30.2bn, up 4% quarter-on-quarter and 32% year-on-year.
The broker revised higher FUA forecasts for FY25 and FY26 by 3% and 3.9% respectively. Net profit forecasts are also revised up 1.8% and 2.8% for FY25 and FY26 respectively.
Target price upgraded to $1.05 from $0.95. Buy rating maintained.
This report was published on January 23, 2025.
Target price is $1.05 Current Price is $0.85 Difference: $0.195
If PPS meets the Canaccord Genuity target it will return approximately 23% (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 1.50 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.38.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.10.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Moelis rates ((PPS)) as Buy (1) –
Moelis highlights strong second-quarter FY25 flows for platform providers Praemium, Hub24, and Netwealth Group, supported by positive market movements.
For Praemium, platform funds under administration (FUA), excluding OneVue, reached $26.0bn, marking a 13.4% year-on-year increase.
The broker notes strong second-quarter performance for both SMA and Powerwrap, along with early Spectrum flows, which were previously expected in the second half of FY25.
During the investor call following the second-quarter results presentation, management stated the new Spectrum product has been well received by clients, according to Moelis.
Buy retained. Target rises to $1.03 from 87c.
This report was published on January 24, 2025.
Target price is $1.03 Current Price is $0.85 Difference: $0.175
If PPS meets the Moelis target it will return approximately 20% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 2.80 cents and EPS of 2.90 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.48.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 3.40 cents and EPS of 3.60 cents.
At the last closing share price the estimated dividend yield is 3.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.75.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
QBE QBE INSURANCE GROUP LIMITED
Insurance – Overnight Price: $20.15
Goldman Sachs rates ((QBE)) as Buy (1) –
Travelers reported 4Q24 result which Goldman Sachs’ US analyst flagged as a broad-based beat on core underlying loss trends, reserving and catastrophes with pricing broadly stable in Business Interruptions insurance.
The broker views the result as a positive read-through for QBE Insurance.
No change to the Buy rating and $22.5 target price.
This report was published on January 24, 2025.
Target price is $22.50 Current Price is $20.15 Difference: $2.35
If QBE meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $21.71, suggesting upside of 6.2%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 48.00 cents and EPS of 166.01 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.14.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 174.6, implying annual growth of N/A.
Current consensus DPS estimate is 72.8, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 11.7.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 53.00 cents and EPS of 176.67 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.41.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 182.5, implying annual growth of 4.5%.
Current consensus DPS estimate is 78.7, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 11.2.
This company reports in USD. 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
RDY READYTECH HOLDINGS LIMITED
Software & Services – Overnight Price: $3.15
Goldman Sachs – Cessation of coverage
This report was published on January 28, 2025.
Forecast for FY25:
Current consensus EPS estimate is 11.6, implying annual growth of 148.9%.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 27.2.
Forecast for FY26:
Current consensus EPS estimate is 15.1, implying annual growth of 30.2%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 20.9.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
REG REGIS HEALTHCARE LIMITED
Aged Care & Seniors – Overnight Price: $6.42
Jarden rates ((REG)) as Overweight (2) –
The Federal Government’s Aged Care Act has been legislated which Jarden notes is much more dedicated to incentivise providers to offer a high level of care whilst offering an appropriate return that encourages investment.
The broker incorporated various funding supplements and subsidies into Regis Healthcare’s numbers and the grandfathering of an attractive additional funding initiative represented by the 2% residential accommodation deposit (RAD) retention levy.
The broker has also included the recent acquisition of two sites bought from Ti Tree Operations and the ramp-up of earnings and RADs from the recent opening of the 112-bed greenfield site in Camberwell.
The result is a -10.2% cut to FY25 EPS forecast but a 3.0% rise in FY26, followed by a 26% lift in FY27 estimate.
Target price rises significantly to $7.10 from $4.46. Overweight rating stays.
This report was published on January 22, 2025.
Target price is $7.10 Current Price is $6.42 Difference: $0.68
If REG meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 12.40 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 1.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.48.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 16.30 cents and EPS of 23.10 cents.
At the last closing share price the estimated dividend yield is 2.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.79.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
RRL REGIS RESOURCES LIMITED
Gold & Silver – Overnight Price: $3.01
Canaccord Genuity rates ((RRL)) as Hold (3) –
Regis Resources’ December quarter group production was pre-reported and beat Canaccord Genuity’s forecasts by 10% at the time of the preliminary report.
Group costs of -$2,317 was -5% lower vs the broker’s estimate. The company generated free cash flow of $149m with cash/bullion increasing to $529m vs the broker’s estimate of $425m.
The broker highlights Regis Resources is now debt-free and unhedged, and fully exposed to current spot prices of $4,393/oz.
With a rapidly improved balance sheet, the company flagged that it is applying careful consideration across organic and inorganic growth opportunities, as well as shareholder returns.
Hold rating and $3.10 target price.
This report was published on January 23, 2025.
Target price is $3.10 Current Price is $3.01 Difference: $0.09
If RRL meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.03, suggesting upside of 1.2%(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 31.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.71.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.7, implying annual growth of N/A.
Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 11.2.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 0.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.27.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 38.5, implying annual growth of 44.2%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 7.8.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Goldman Sachs rates ((RRL)) as Sell (5) –
Regis Resources 2Q25 sales of 118koz was above Goldman Sachs 108koz estimate and the cost of $2,317/oz came in below the broker’s forecast of $2,450/oz
The broker has factored in a return to dividend payouts over the next six months and growing near-term returns at a payout of free cash flow, excluding.growth and acquisitions.
The broker cut FY25 EPS forecast by -19% and FY26 by -3% reflecting the quarterly update, costs, and lifting depreciation/amortisation.
Changes to the life of mine production/cost outlook (the broker is factoring in 100% resource conversion) increases the target price to $2.8 from $2.7. Rating retained at Sell.
This report was published on January 23, 2025.
Target price is $2.80 Current Price is $3.01 Difference: minus $0.21 (current price is over target).
If RRL meets the Goldman Sachs target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.03, suggesting upside of 1.2%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 4.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.38.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.7, implying annual growth of N/A.
Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 11.2.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 12.00 cents and EPS of 48.50 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.21.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 38.5, implying annual growth of 44.2%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 7.8.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
STK STRICKLAND METALS LIMITED
Mining – Overnight Price: $0.08
Canaccord Genuity rates ((STK)) as Speculative Buy (1) –
Strickland Metals’ drilling at the Shanac deposit within the Rogozna project in Serbia produced strong results, notes Canaccord Genuity.
The broker highlights it’s a busy year with the company scheduled to publish a maiden resource for Medenovac in late February, a resource update for Shanac in late March, and a maiden resource over Gradina in 2H25.
No change to Speculative Buy rating. Target price is 17c.
This report was published on January 21, 2025.
Target price is $0.17 Current Price is $0.08 Difference: $0.09
If STK meets the Canaccord Genuity target it will return approximately 113% (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 0.00 cents.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
STO SANTOS LIMITED
NatGas – Overnight Price: $7.12
Goldman Sachs rates ((STO)) as Buy (1) –
Santos’ reported strong 4Q24 results with production, sales volume and revenue 2%/1%, 4%/3% and 3%/0% above Goldman Sachs and consensus estimates respectively.
Ahead of FY24 result on Feb 19, the broker forecasts US$3.6bn EBITDA, US$1.2bn net profit and a final dividend of US10c.
The broker has revised FY25 and FY26 EBITDA by 6% and 5% respectively primarily on higher production at Varanus island and PNG.
Target price is $7.90. Rating retained at Buy.
This report was published on January 23, 2025.
Target price is $7.90 Current Price is $7.12 Difference: $0.78
If STO meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $8.04, suggesting upside of 13.4%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 35.03 cents and EPS of 54.83 cents.
At the last closing share price the estimated dividend yield is 4.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.99.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 67.8, implying annual growth of N/A.
Current consensus DPS estimate is 37.6, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 10.5.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 28.94 cents and EPS of 44.17 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.12.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 67.5, implying annual growth of -0.4%.
Current consensus DPS estimate is 34.8, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 10.5.
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
Jarden rates ((STO)) as Overweight (2) –
Jarden notes Santos’ 2025 production and unit production cost guidance vs consensus were the key positives in the release of the December quarterly report.
The broker updated its model for December 2024 quarterly with minor changes to forecasts, including increased WA gas production in FY25 and lower than previously forecast production/operating costs.
The broker has also factored in the company’s forex and oil hedges in FY25-26 forecasts, but this has minimal to flat earnings impact.
Target price $7.65 and rating retained at Overweight.
This report was published on January 23, 2025.
Target price is $7.65 Current Price is $7.12 Difference: $0.53
If STO meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $8.04, suggesting upside of 13.4%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 33.51 cents and EPS of 59.40 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.99.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 67.8, implying annual growth of N/A.
Current consensus DPS estimate is 37.6, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 10.5.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 36.70 cents and EPS of 60.01 cents.
At the last closing share price the estimated dividend yield is 5.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.87.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 67.5, implying annual growth of -0.4%.
Current consensus DPS estimate is 34.8, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 10.5.
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
TCG TURACO GOLD LIMITED
Gold & Silver – Overnight Price: $0.32
Canaccord Genuity rates ((TCG)) as Speculative Buy (1) –
Turaco Gold made another discovery at the Afema Gold project, through first pass, shallow RC drilling at Baffia.
Canaccord Genuity highlights Turaco has recommenced activities for 2025 with three rigs operating on the ground across Afema. At this juncture, the broker believes the company can elevate the total Afema resource to over 3Moz in the near term.
Speculative Buy rating maintained and target price is 75c.
This report was published on January 23, 2025.
Target price is $0.75 Current Price is $0.32 Difference: $0.43
If TCG meets the Canaccord Genuity target it will return approximately 134% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
TLC LOTTERY CORPORATION LIMITED
Gaming – Overnight Price: $4.92
Jarden rates ((TLC)) as Upgrade to Overweight from Neutral (2) –
Ahead of Lottery Corp’s 1H25 result, Jarden has marked to market reduced jackpot activity and base games which returned to growth following a -5% turnover drop in FY24.
The broker now sees a -4% downside risk to consensus 1H25 turnover of $3.4bn (Jarden’s estimate is $3.3bn). Beyond FY25, the broker assumes reversion to long-term growth of 4-5%.
Target price lifts slightly to $5.05 from $5.00 but rating upgraded to Overweight from Neutral.
This report was published on January 22, 2025.
Target price is $5.05 Current Price is $4.92 Difference: $0.13
If TLC meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $5.53, suggesting upside of 11.4%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 16.00 cents and EPS of 15.70 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.34.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.4, implying annual growth of -6.5%.
Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 28.5.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 17.00 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.31.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.9, implying annual growth of 8.6%.
Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 26.2.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
TWE TREASURY WINE ESTATES LIMITED
Food, Beverages & Tobacco – Overnight Price: $10.52
Goldman Sachs rates ((TWE)) as Buy (1) –
Ahead of Treasury Wines’ 1H25 results, Goldman Sachs has updated China wine/Penfolds tracking data before the China peak period and factored in recent AUD/USD weakness.
The broker’s FY25 EBIT estimate of $784m now sits at the lower range of the company’s $780-810m guidance.
Target price lowered to $13.0 from $15.2 reflecting the mark-to-market of lower valuation for Penfolds/US Luxury. Buy rating stays.
This report was published on January 23, 2025.
Target price is $13.00 Current Price is $10.52 Difference: $2.48
If TWE meets the Goldman Sachs target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $13.71, suggesting upside of 30.6%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 42.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 3.99%.
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 61.7, implying annual growth of 385.8%.
Current consensus DPS estimate is 41.4, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 17.0.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 49.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.03.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.5, implying annual growth of 15.9%.
Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 4.6%.
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
WAF WEST AFRICAN RESOURCES LIMITED
Gold & Silver – Overnight Price: $1.63
Canaccord Genuity rates ((WAF)) as Buy (1) –
Canaccord Genuity notes West African Resources’ 4Q24 production of 51koz at US$1,216/oz cost beat its estimate by 13% and 10% respectively and consensus by 4% and 5%.
The broker expects the company to release 2025 guidance next month and is estimating production of 199koz at US$1,350/oz cost at Sanbrado and 82koz at US$1,765/oz cost at ramped-up Kiaka, for total group production and cost of 281koz at US$1,471/oz.
Buy rating maintained. Target price is $3.95.
This report was published on January 23, 2025.
Target price is $3.95 Current Price is $1.63 Difference: $2.32
If WAF meets the Canaccord Genuity target it will return approximately 142% (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 25.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.52.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 29.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.62.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
WDS WOODSIDE ENERGY GROUP LIMITED
NatGas – Overnight Price: $24.48
Jarden rates ((WDS)) as Overweight (2) –
Jarden notes Woodside Energy reported an in-line quarter from a production and sales volume perspective but missed consensus revenue estimates by -9%, likely due to product sales mix.
The company released 2025 guidance for the first time, with both Jarden and consensus towards the upper end of this range.
The broker made minor changes to forecasts, including lower oil production in the Gulf of Mexico in 2025, which reduced its valuation and target price to $26.90 from $27.00.
Overweight rating is maintained on anticipation Woodside will achieve a positive sell-down outcome on its Louisiana LNG project.
This report was published on January 22, 2025.
Target price is $26.90 Current Price is $24.48 Difference: $2.42
If WDS meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $27.07, suggesting upside of 10.5%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 197.99 cents and EPS of 247.49 cents.
At the last closing share price the estimated dividend yield is 8.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.89.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 267.4, implying annual growth of N/A.
Current consensus DPS estimate is 202.9, implying a prospective dividend yield of 8.3%.
Current consensus EPS estimate suggests the PER is 9.2.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 135.55 cents and EPS of 172.56 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.19.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 183.8, implying annual growth of -31.3%.
Current consensus DPS estimate is 137.3, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 13.3.
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: $74.66
Goldman Sachs rates ((WES)) as Upgrade to Buy from Neutral (1) –
After a strong year of stock performance in 2024, Goldman Sachs continues to see new drivers of growth to give both earnings and valuation upside for Wesfarmers.
The broker forecasts 1H25 Bunnings sales growth of 2.6% y/y, above ABS Home Improvement category growth of 1%.
The broker has raised valuation multiples for Bunnings to 22x from 20x and for Kmart to 18x from 16x.
Goldman notes Wesfarmers will have the highest F24-27 EPS compounded growth of 10% in its top 5 consumer coverage consisting of Woolworths ((WOW)), Coles ((COL)), Endeavour Group ((EDV)) and JB Hi-Fi ((JBH)) while return on capital will expand by 6pts to 25% vs peers flat.
Target price increased to $78.7 from $69.50 and rating upgraded to Buy from Neutral.
This report was published on January 23, 2025.
Target price is $78.70 Current Price is $74.66 Difference: $4.04
If WES meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $65.67, suggesting downside of -12.2%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 199.00 cents and EPS of 230.00 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.46.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 31.5.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 232.00 cents and EPS of 264.00 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.28.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 3.0%.
Current consensus EPS estimate suggests the PER is 29.2.
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
WGX WESTGOLD RESOURCES LIMITED
Gold & Silver – Overnight Price: $2.62
Canaccord Genuity rates ((WGX)) as Buy (1) –
Westgold Resources’ group production in the December quarter was in line with Canaccord Genuity’s forecast but costs missed the forecast by -12%.
The company maintained its FY25 guidance of 400-420koz at a cost of $2,000-2,300/oz, and reiterated its 2H weighting.
After incorporating the December quarter result, the broker has revised down FY25 forecast by -1% to 396koz and cost higher by 2% to $2,286.
Buy rating is retained. Target price is $4.70.
This report was published on January 23, 2025.
Target price is $4.70 Current Price is $2.62 Difference: $2.08
If WGX meets the Canaccord Genuity target it will return approximately 79% (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 3.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.55.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 0.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.85.
Market Sentiment: 1.0
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.
Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.
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