Daily Market Reports | Feb 12 2025
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.
One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.
Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.
Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.
The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.
The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.
COMPANIES DISCUSSED IN THIS ISSUE
Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
AGE AIM AYA BC8 BPT BRG BSL BWP CAR (2) CLW COH CPU CSL CTP DMP (3) DXC IPL JAN JBH (2) LIN MEI MEK MYX NCK NWC NWS PLS RKN SGM SWM TPW TTM WA1 WEB
BC8 BLACK CAT SYNDICATE LIMITED
Gold & Silver - Overnight Price: $0.73
Petra Capital rates ((BC8)) as Buy (1) -
Petra Capital has resumed coverage of Black Cat Syndicate with a Buy rating and target price of $1.10.
The broker notes the company's Paulsens gold mine hosts one of the highest-grade gold resources in Australia (407koz at 9.4g/t gold). First gold at Paulsens in December added to the company's gold production at Myhree since October under an ore sale agreement.
The broker now forecasts Black Cat's gold output at a run-rate of over 95kozpa by end-FY25, with a third production centre at Coyote from 2027 lifting group output to +140kozpa.
Petra highlights the company is fully funded for a sequential mine development path, unhedged and has no debt.
This report was published on February 6, 2025.
Target price is $1.10 Current Price is $0.73 Difference: $0.37
If BC8 meets the Petra Capital target it will return approximately 51% (excluding dividends, fees and charges).
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.20.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 15.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.80.
Market Sentiment: 1.0
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: $1.43
Canaccord Genuity rates ((BPT)) as Sell (5) -
Beach Energy's 1H25 result was solid, benefitting from some "pay it forward" LNG swap arrangements, Canaccord Genuity highlights.
The broker notes the company's true gearing is likely higher with the obligation to reverse these swaps and forgo future revenues, dampening cash flows in the near term.
Beach is still targeting first gas at Waitsia for 4Q25 but the broker notes there have been several issues with quality during the build, increasing the risk of a volatile commissioning process.
The broker made model revisions around the LNG swap cargoes, with minor adjustments to timing and cost recognition. This has resulted in slight upgrades to FY25 sales, EBITDA and net income.
Sell rating retained. Target price $1.28.
This report was published on February 7, 2025.
Target price is $1.28 Current Price is $1.43 Difference: minus $0.145 (current price is over target).
If BPT meets the Canaccord Genuity target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.52, suggesting upside of 6.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 5.00 cents and EPS of 16.50 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.64.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.2, implying annual growth of N/A.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 7.1.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 4.00 cents and EPS of 13.60 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.6, implying annual growth of 16.8%.
Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 6.1.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BRG BREVILLE GROUP LIMITED
Household & Personal Products - Overnight Price: $36.89
Goldman Sachs rates ((BRG)) as Buy (1) -
Breville Group notched up another feather in its cap, reporting a strong 1H25 result, with revenue growing 10.1% and net profit after tax rising 16.1%, boosted by lower interest costs, Goldman Sachs notes.
On balance, the results were better than the analyst's expectations, with management guiding to earnings growth before interest and tax of 5%-10% for FY25, which is marginally below consensus expectations at the midpoint of forecasts.
Management highlighted there is some allowance in guidance for potential tariff impacts from the US. Including current tariff announcements, Breville is trending toward the upper end of guidance.
Goldman Sachs remains Buy-rated with a $40.80 target, pointing to long-term growth opportunities for Beanz, on top of direct market entry into the Middle East and China.
This report was published on February 11, 2025.
Target price is $40.80 Current Price is $36.89 Difference: $3.91
If BRG meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $37.19, suggesting upside of 2.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 37.00 cents and EPS of 93.00 cents.
At the last closing share price the estimated dividend yield is 1.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 93.5, implying annual growth of 13.1%.
Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 38.7.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 43.00 cents and EPS of 109.00 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.84.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 106.7, implying annual growth of 14.1%.
Current consensus DPS estimate is 42.4, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 33.9.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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