Australian Broker Call *Extra* Edition – Feb 18, 2025

This story features A2 MILK COMPANY LIMITED, and other companies. For more info SHARE ANALYSIS: A2M

The company is included in ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

A2M   AD8   AGN   AMP   AOV   ASB   ASL   BRG   BSL   CCP   CNB   COH   CQE   DVP   EMR   EVN   FFM   GDG   GQG   IMB   IMD   NHC   NST   OBM   PLY   PPS   RXL   SBM   TPW   WDS  

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $7.12

Wilsons rates ((A2M)) as Market Weight (3) –

Following stronger-than-expected first half results, Wilsons raises its target for a2 Milk Co to $7.06 from $5.75, driven by higher revenue growth, increased interest income, and a shift in first-half marketing spend to the second half.

Revenue exceeded the analysts’ forecast by 3% driven by stronger sales in China, Other Asia and the US, and profit was a 17% beat.

The broker highlights market share gains, new product launches, and continued strategic execution by management but maintains a Market Weight rating due to the supply chain transformation and challenges in the infant formula market.

This report was published on February 18, 2025.

Target price is $7.06 Current Price is $7.12 Difference: minus $0.06 (current price is over target).
If A2M meets the Wilsons target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.05, suggesting downside of -4.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 16.43 cents and EPS of 25.56 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of N/A.
Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 30.0.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 18.26 cents and EPS of 27.94 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.1, implying annual growth of 10.6%.
Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 27.1.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AD8    AUDINATE GROUP LIMITED

Hardware & Equipment – Overnight Price: $9.59

Moelis rates ((AD8)) as Hold (3) –

Moelis notes Audinate Group’s 1H25 result indicated improved momentum in the second quarter on higher gross margin and operating cost management plus currency tailwind.

The company expects moderate improvement from 1Q to 2Q FY25 to persist into 2H. The broker reckons this provides an encouraging sign Audinate’s volume growth can return to its longer-term trend.

The broker raised the gross profit estimate for FY25 to $49.7m from $47.6m, which combined with lower cost growth resulted in an upgrade to FY25’s net loss estimate.

The broker also revised longer-term estimates to account for higher margins, which pushed target price higher to $10.27 from $9.45. Hold rating retained.

This report was published on February 17, 2025.

Target price is $10.27 Current Price is $9.59 Difference: $0.68
If AD8 meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.45, suggesting downside of -3.1%(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 minus 9.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 106.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -11.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 737.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

AGN    ARGENICA THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.78

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

Argenica Therapeutics’ 1H25 net loss of -$1.2m was larger than Petra Capital’s forecast of -$0.7m loss and was driven by lower recognition of grant income. Cash of $15.1m was in line and funds the company through to key stroke trial results, the broker notes.

The broker highlights the top-line result in August from the stroke trial is the key value driver for the stock. The company is also preparing for phase 3 stroke trial and progressing partnering discussions.

The broker cut FY26 EPS forecast by -28%, largely driven by an increase in forecast general expenses. Target price reduces marginally to $1.19 from $1.20, and Buy maintained.

This report was published on February 14, 2025.

Target price is $1.19 Current Price is $0.78 Difference: $0.41
If AGN meets the Petra Capital target it will return approximately 53% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.93.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 26.90.

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

AMP    AMP LIMITED

Wealth Management & Investments – Overnight Price: $1.42

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

Goldman Sachs observes AMP shares fell sharply after the 2024 results were delivered, having missed guidance in terms of net interest margins and dividends as well as capital management expectations.

The headline results beat forecasts largely because of cost management. Goldman Sachs remains optimistic around further capital management, noting platform flows are improving. Neutral retained. Target is $1.48, lowered from $1.54.

This report was published on February 17, 2025.

Target price is $1.48 Current Price is $1.42 Difference: $0.06
If AMP meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.61, suggesting upside of 14.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 4.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.8, implying annual growth of 52.3%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 4.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.4, implying annual growth of 5.6%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 12.4.

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

AOV    AMOTIV LIMITED

Automobiles & Components – Overnight Price: $9.90

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

Amotiv reported 1H25 underlying earnings slightly behind consensus expectations.

The composition created angst among investors and Canaccord Genuity. At a minimum, the broker believes acquisition support costs and greenfield expansion costs should be above the line. 

In order to maintain consistency with the company, Canaccord has treated the adjustments in the same fashion, but does not agree with their application.

The other area of concern for the broker was the lack of organic growth in 4WD and Light, Power & Electrical.

Canaccord does not believe these issues are structural. Notwithstanding the factors above, the broker believes the share price reaction
was more extreme than was warranted in the context and where the company is priced and positioned.

Buy and $14.40 target retained.

This report was published on February 18, 2025.

Target price is $14.40 Current Price is $9.90 Difference: $4.5
If AOV meets the Canaccord Genuity target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $13.16, suggesting upside of 32.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 41.00 cents and EPS of 88.00 cents.
At the last closing share price the estimated dividend yield is 4.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.1, implying annual growth of 19.0%.
Current consensus DPS estimate is 40.9, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 42.00 cents and EPS of 98.00 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.8, implying annual growth of 10.3%.
Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 10.7.

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

ASB    AUSTAL LIMITED

Commercial Services & Supplies – Overnight Price: $3.60

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

Austal secured a $265-275m contract to design and construct a high-speed ferry for Gotlandsbolaget, which operates state-subsidised domestic Ropax ferries in Sweden.

This is in addition to the contract for two more Evolved Cape-class Patrol Boats for the Australian Board Force announced in late December.

Petra Capital left EPS estimate for FY25 unchanged but lifted FY26 by 4% to account for the two deals, noting its EBIT assumption for the Gotlandsbolaget contract is 4.3%.

Target price lifts to $4.07 from $3.70. Buy maintained.

This report was published on February 14, 2025.

Target price is $4.07 Current Price is $3.60 Difference: $0.47
If ASB meets the Petra Capital target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.46, suggesting downside of -4.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 3.00 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 0.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of 229.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.7.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 7.00 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 34.1%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 19.9.

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

ASL    ANDEAN SILVER LIMITED

Gold & Silver – Overnight Price: $1.19

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

Andean Silver has released the initial results from the largest geophysics campaign ever at Cerro Bayo and the first in over 15 years using modern exploration techniques. 

Initial results are positive along known trends, Canaccord Genuity comments, and indicate new shallow targets and extensions, which highlights longer term “blue sky” Resource growth potential.

Canaccord highlights Andean Silver as a top pick among precious metals developers.

The explorer is believed to be catalyst-rich, with significant Resource growth expected by the broker, as well as by the company over 2025, major sunk capex suggesting a very low-cost restart, exploration upside and favourable silver tailwinds.

Buy and $2.85 target retained.

This report was published on February 18, 2025.

Target price is $2.85 Current Price is $1.19 Difference: $1.66
If ASL meets the Canaccord Genuity target it will return approximately 139% (excluding dividends, fees and charges).

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: $37.02

Petra Capital rates ((BRG)) as Sell (5) –

Petra Capital notes Breville Group’s 1H25 result was strong, driven by double-digit sales growth across all regions. The company entered 2H with continued good sales momentum, with retailers replenishing stock levels post-Christmas.

The company announced direct entry into the Middle East in January and will be direct in China in 2H25.

The broker made preliminary allowances for China/Middle East markets and strengthened long-term forecasts. This pushed up the target price to $30.0 from $28.3. Sell maintained.

This report was published on February 12, 2025.

Target price is $30.00 Current Price is $37.02 Difference: minus $7.02 (current price is over target).
If BRG meets the Petra Capital target it will return approximately minus 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $38.36, suggesting upside of 3.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 36.70 cents and EPS of 92.80 cents.
At the last closing share price the estimated dividend yield is 0.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 39.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.8, implying annual growth of 12.2%.
Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 39.9.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 41.80 cents and EPS of 105.60 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.4, implying annual growth of 14.7%.
Current consensus DPS estimate is 42.4, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 34.8.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $25.25

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

BlueScope Steel’s first half results were ahead of Goldman Sachs estimates and at the top end of the EBIT guidance range. The beat was mostly driven by Australian steel products (ASP). Cash flow and the interim dividend were in line with expectations.

The company has announced a cost of productivity improvement program and a 2030 EBIT growth target of $500m from projects. Some land sales are also expected to be monetised of the next 18 months.

Goldman Sachs considers the outlook conservative and continues to rate the stock a Buy because of its compelling valuation and strong balance sheet. Target is raised to $27.70 from $26.70.

This report was published on February 17, 2025.

Target price is $27.70 Current Price is $25.25 Difference: $2.45
If BSL meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $25.84, suggesting upside of 3.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 60.00 cents and EPS of 105.00 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 24.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.2, implying annual growth of -58.2%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 60.00 cents and EPS of 225.00 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 11.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 201.4, implying annual growth of 167.8%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 12.4.

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

CCP    CREDIT CORP GROUP LIMITED

Business & Consumer Credit – Overnight Price: $15.56

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

What was a sharp reaction from the market following Credit Corp’s 1H25 result looks overblown to Canaccord Genuity.

The broker acknowledges a miss to profit expectations but, on balance, a million-dollar deviation here or there doesn’t alter the path forward, in Canaccord’s view.

Timing nuances around debt ledger purchases in the US have created a back-end weighted profile for FY25, but if it is proven that purchase run-rates into FY26 are positioning higher and closer to $200m, then the medium-term growth profile should be intact, the broker suggests.

At this stage, given the existing market structure, Canaccord would consider $100m purchasing in FY25 to be a strong result. Buy retained, target falls to $20.60 from $20.70.

This report was published on February 18, 2025.

Target price is $20.60 Current Price is $15.56 Difference: $5.04
If CCP meets the Canaccord Genuity target it will return approximately 32% (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 69.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.28.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 77.00 cents and EPS of 152.00 cents.
At the last closing share price the estimated dividend yield is 4.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.24.

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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.38

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

Carnaby Resources announced new, thick, high-grade copper sulphide intersections at its Greater Duchess Copper Gold Project, located 70km southeast of Mt Isa. 

Petra Capital notes an updated and significantly enlarged resource, including the recently acquired Trekelano Mine, will inform a pre-feasibility study in the September quarter.

The company previously announced a binding tolling and offtake term sheet with Glencore which Petra described as a significant milestone. The broker forecasts maiden production of 10,000t copper in FY27.

Target price of $1.26 and Buy rating maintained. 

This report was published on February 14, 2025.

Target price is $1.26 Current Price is $0.38 Difference: $0.88
If CNB meets the Petra Capital target it will return approximately 232% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.64.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.67.

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

COH    COCHLEAR LIMITED

Medical Equipment & Devices – Overnight Price: $275.00

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

Cochlear’s first half results were largely in line with Goldman Sachs forecasts. The broker expects growth across both the implant and services business to step up from FY26 although acknowledges the risks regarding deferred surgeries and tender market volatility.

Softness across the first half was largely driven by some market share loss and delays in emerging markets tender activity, Goldman Sachs points out. Target is reduced by -6.9% to $294.90. Neutral is retained.

This report was published on February 17, 2025.

Target price is $294.90 Current Price is $275.00 Difference: $19.9
If COH meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $285.54, suggesting upside of 5.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 439.00 cents and EPS of 627.00 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 43.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 576.7, implying annual growth of 5.9%.
Current consensus DPS estimate is 441.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 47.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 439.00 cents and EPS of 627.00 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 43.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 639.5, implying annual growth of 10.9%.
Current consensus DPS estimate is 493.5, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 42.5.

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

CQE    CHARTER HALL SOCIAL INFRASTRUCTURE REIT

Childcare – Overnight Price: $2.98

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

Charter Hall Social Infrastructure REIT delivered a result largely in line with Canaccord Genuity’s expectations, but the inclusion of a buyback and a small upgrade to guidance ensured some positive momentum in the stock.

The broker sees ongoing potential the current share price discount to net tangible asset valuation could narrow further.

The REIT’s current yield spread above the Australian ten-year bond rate is 1.6%.

The discount is not material, but Canaccord believes this level of yield support at the beginning of a potential interest rate cutting cycle, combined with a buyback, should provide share price support over the near-medium term.

Buy retained, target rises to $3.03 from $2.84.

This report was published on February 18, 2025.

Target price is $3.03 Current Price is $2.98 Difference: $0.05
If CQE meets the Canaccord Genuity target it will return approximately 2% (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 15.20 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.23.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 16.30 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.95.

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

DVP    DEVELOP GLOBAL LIMITED

Industrial Metals – Overnight Price: $2.94

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

Develop Global’s revenue from mining services in the Dec Q was 16% higher than Canaccord Genuity and up 10% quarter on quarter.

The beat was primarily driven by a 10% increase in development metres at Bellevue, with Bellevue Gold ((BGL)) contract revenue increasing 21%.

Mine development at Mt Marion underground was completed late in the Dec Q with an early termination payment received. At Beta Hunt, mining ended during the quarter with development performance above contract schedules.

Canaccord increases its FY25 forecast revenue for the mining services division and incorporates an updated commodity price deck. Speculative Buy retained, target rises to $4.80 from $4.70.

This report was published on February 18, 2025.

Target price is $4.80 Current Price is $2.94 Difference: $1.86
If DVP meets the Canaccord Genuity target it will return approximately 63% (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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 147.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 40.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.35.

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

EMR    EMERALD RESOURCES NL

Gold & Silver – Overnight Price: $4.07

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

Emerald Resources has released and updated Ore Reserve, Mineral Resource and resulting guidance for the Okvau gold mine in Cambodia. The Okvau resource has increased by 4% to 1moz at 1.9g/t gold.

This results in increased guidance but costs have also increased.

Upon updating its model for new guidance, updated strip ratios, recoveries and costs, Canaccord Genuity’s target reduces to $5.30 from $5.35, Buy retained.

On average, forecast FY25-26 costs have increased 7%-12%, while the broker’s modelled production over the same periods is essentially flat.

This report was published on February 18, 2025.

Target price is $5.30 Current Price is $4.07 Difference: $1.23
If EMR meets the Canaccord Genuity target it will return approximately 30% (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 21.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.38.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 26.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.65.

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: $6.21

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

Canaccord Genuity downgrades Evolution Mining to Hold from Buy with an unchanged target of $6.15 post 1H25 results, which were better than expected and ahead of consensus due to lower-than-forecast costs.

The 7c fully franked dividend per share compared to the broker’s forecast of 4c and 5c for consensus.

Management confirmed it is on track for FY25 production guidance of 710-780koz p.a., with a softer March quarter expected due to maintenance at Cowal.

Achieving a gearing target of around 15% by December 2025 would provide better capital management options, the analyst explains, with expected excess capital potential in FY26.

Hold. Target $6.15.

This report was published on February 12, 2025.

Target price is $6.15 Current Price is $6.21 Difference: minus $0.06 (current price is over target).
If EVN meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.80, suggesting downside of -6.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 11.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.7, implying annual growth of 93.9%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 13.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.8, implying annual growth of 14.3%.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 12.8.

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

FFM    FIREFLY METALS LIMITED

Gold & Silver – Overnight Price: $1.01

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

FireFly Metals reported mining results from drilling at Ming Mine within the Green Bay Copper Gold project, which Canaccord Genuity believes underwrites a “strong” start to 2025 for the company.

The broker highlights the drilling shows good mineralisation of copper and gold and infers further mineralisation beyond the current test drilling.

Speculative Buy rating unchanged. Target $1.95.

This report was published on February 12, 2025.

Target price is $1.95 Current Price is $1.01 Difference: $0.935
If FFM meets the Canaccord Genuity target it will return approximately 92% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 101.50.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 101.50.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $4.98

Petra Capital rates ((GDG)) as Hold (3) –

Generation Development Group acquired 100% of Evidentia, a provider of tailored managed account solutions with $12.7bn in funds under management, for -$320m.

Evidentia interlocks with Lonsec in the tailored managed account solutions segment and the combined group will now manage $25bn of funds under various portfolio offerings.

Petra Capital perceives this acquisition as offering a balance between taking on more market risk, offset by the benefit of scrip arbitrage and low double-digit earnings per share accretion in FY26.

Hold rating and target price is $5.18.

This report was published on February 13, 2025.

Target price is $5.18 Current Price is $4.98 Difference: $0.2
If GDG meets the Petra Capital target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.88, suggesting downside of -2.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 2.20 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 0.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 60.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.0, implying annual growth of 169.4%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 62.6.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 2.40 cents and EPS of 12.40 cents.
At the last closing share price the estimated dividend yield is 0.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.5, implying annual growth of 43.8%.
Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 43.6.

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

GQG    GQG PARTNERS INC

Wealth Management & Investments – Overnight Price: $2.52

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

GQG Partners delivered a 2024 result that was ahead of Goldman Sachs estimates, largely on the back of higher management fees and lower expenses.

The broker considers the investment case is intact with the company starting to witness some normalisation of flows.

The dividend payout ratio has changed to 50-95% to provide balance sheet flexibility to fund deals. Goldman Sachs points out there is no intention yet to cut the dividend. Earnings estimates are upgraded and the target rises to $3.20 from $3.00. Buy rating retained.

This report was published on February 16, 2025.

Target price is $3.20 Current Price is $2.52 Difference: $0.68
If GQG meets the Goldman Sachs target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $3.01, suggesting upside of 20.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 22.90 cents and EPS of 24.42 cents.
At the last closing share price the estimated dividend yield is 9.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of N/A.
Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 9.3%.
Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 25.95 cents and EPS of 27.48 cents.
At the last closing share price the estimated dividend yield is 10.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, implying annual growth of 9.4%.
Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 10.0%.
Current consensus EPS estimate suggests the PER is 8.9.

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

IMB    INTELLIGENT MONITORING GROUP LIMITED

Overnight Price: $0.53

Moelis rates ((IMB)) as Buy (1) –

Intelligent Monitoring Group announced it is acquiring Kobe Pty Ltd for an initial -$6.98m cash payment and a deferred -$1.92m. 

The company notes the acquisition will strengthen ADT’s ability to grow and diversify in Queensland and position it for scalable growth, and contribute $0.8m earnings to FY25 EBITDA and $2.5m annually.

Moelis has updated estimates to include Kobe which increased FY25 EPS estimate by 1c.

The broker expects the company to benefit from the group’s existing tax losses, and therefore operating earnings are expected to largely drop through to net profit over the next two years.

Target price rises to 91c from 88c. Buy maintained.

This report was published on February 17, 2025.

Target price is $0.91 Current Price is $0.53 Difference: $0.385
If IMB meets the Moelis target it will return approximately 73% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.17.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.29.

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

IMD    IMDEX LIMITED

Mining Sector Contracting – Overnight Price: $2.98

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

Canaccord Genuity was impressed with the first half earnings and cash flow from Imdex as it signals the company has returned to growth. The outlook for exploration expenditure globally continues to strengthen.

No specific guidance was provided although management has signalled a net cash position by early FY26. The broker points out the pending purchase of 49% of Datarock could mean that by the end of FY26 the company is back in net debt position.

Buy rating unchanged. Target rises to $3.04 from $2.67.

This report was published on February 12, 2025.

Target price is $3.04 Current Price is $2.98 Difference: $0.06
If IMD meets the Canaccord Genuity target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.92, suggesting downside of -1.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 3.20 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.5, implying annual growth of 49.4%.
Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 31.2.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 4.20 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.6, implying annual growth of 22.1%.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 25.5.

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

NHC    NEW HOPE CORPORATION LIMITED

Coal – Overnight Price: $4.45

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

New Hope’s January quarter saleable coal production was steady while coal sales were down -5% quarter on quarter. There was an improved performance at New Acland which offset lower volumes at Bengalla.

Goldman Sachs makes minor changes to EBITDA estimates, reducing FY25 by -7% and raising FY26 by 2%.

Although saleable coal production is increasing over the next 12 months the broker continues to rate the stock Sell based on an expectation that thermal coal market will soften in 2025, driven by soft global import demand and expanding supply.

Target is reduced to $4.40 from $4.50.

This report was published on February 17, 2025.

Target price is $4.40 Current Price is $4.45 Difference: minus $0.05 (current price is over target).
If NHC meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.11, suggesting upside of 17.3%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 39.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 8.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 233.0, implying annual growth of 313.8%.
Current consensus DPS estimate is 35.5, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 1.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 39.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 8.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.0, implying annual growth of -73.4%.
Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 7.8%.
Current consensus EPS estimate suggests the PER is 7.0.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $17.91

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

Northern Star Resources delivered underlying EBITDA of $1.4 bn in the first half, in line with Canaccord Genuity’s estimates. FY25 sales guidance is maintained.

The record interim dividend of $0.25 was ahead of expectations and represents a 25% payout of cash earnings.Target steady at $22.85, Buy retained.

This report was published on February 13, 2025.

Target price is $22.85 Current Price is $17.91 Difference: $4.94
If NST meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $18.77, suggesting upside of 5.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 51.00 cents and EPS of 109.00 cents.
At the last closing share price the estimated dividend yield is 2.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.5, implying annual growth of 91.5%.
Current consensus DPS estimate is 51.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 16.8.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 46.00 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 145.8, implying annual growth of 36.9%.
Current consensus DPS estimate is 55.2, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 12.2.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $0.96

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

Ora Banda Mining has reached 50% completion of its exploration program at Riverina, delivering significant results with the extension of the known structure and mineralisation.

As a result of the compelling results and increased flexibility in the budget due to higher gold prices the board has approved an additional $45m in FY25 for drill programs and infrastructure.

Canaccord Genuity extends assumed mine life for the underground by one year to eight years. Speculative Buy rating retained. Target increases to $1.05 from $0.85.

This report was published on February 13, 2025.

Target price is $1.05 Current Price is $0.96 Difference: $0.085
If OBM meets the Canaccord Genuity target it will return approximately 9% (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 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.79.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.77.

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

PLY    PLAYSIDE STUDIOS LIMITED

Gaming – Overnight Price: $0.24

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

Playside Studios posted a first half trading update with a “disappointing” downgrade to FY25 guidance, Canaccord Genuity observes.

The company has cited delays to work-for-hire contracts across several new customers that were in the late stages of discussions.

FY25 revenue is now anticipated at $50-54m with an EBITDA loss of -$6-10m. The broker expects a trough in earnings and cash balance in FY25, and upside in FY26 is predicated on the performance of the higher margin OIP development.

Buy rating. Target is lowered to $0.50 from $0.75.

This report was published on January 30, 2025.

Target price is $0.50 Current Price is $0.24 Difference: $0.255
If PLY meets the Canaccord Genuity target it will return approximately 104% (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 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.13.

Forecast for FY26:

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

Market Sentiment: 1.0
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: $0.86

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

Canaccord Genuity notes Praemium’s earn-out consideration for the acquisition of the One Vue platform business a year ago was to be calculated between $3-6bn FUA but has now fallen below the $3bn threshold at the first earn-out date of January 15, 2025.

Thus no earn-out payment will be made for the first period. There is little impact expected on current earnings and forecasts are unchanged given the positive momentum the company is taking into the second half. Buy rating and $1.05 target.

This report was published on February 13, 2025.

Target price is $1.05 Current Price is $0.86 Difference: $0.19
If PPS meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 1.50 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.50.

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 2.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.20.

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

RXL    ROX RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.24

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

Rox Resources is now into an aggressive three-phase diamond and RC drill program at Youanmi and Canaccord Genuity notes significant results from the latest drilling.

A definitive feasibility study is expected later in 2025 and the broker updates its modelling to account for the latest grades, retaining a Speculative Buy rating and an increased target of $0.56 from $0.55.

This report was published on February 17, 2025.

Target price is $0.56 Current Price is $0.24 Difference: $0.315
If RXL meets the Canaccord Genuity target it will return approximately 129% (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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.17.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 24.50.

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

SBM    ST. BARBARA LIMITED

Gold & Silver – Overnight Price: $0.26

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

St Barbara plans to separate its Atlantic gold projects in Nova Scotia, with options including sale, vend-in or demerger into a Canadian-listed company. 

This follows a review recommendation that separation would maximise shareholder value by advancing permitting and development under a Canadian company with a local leadership team.

Petra Capital reckons the separation would allow management to focus solely on its operating gold mine in Simberi and progress the valuable Simberi Expansion Gold Project without distraction from the Atlantic assets.

Buy rating maintained and target price is 67c.

This report was published on February 13, 2025.

Target price is $0.67 Current Price is $0.26 Difference: $0.41
If SBM meets the Petra Capital target it will return approximately 158% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 65.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.38.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $18.39

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

Petra Capital highlights Temple & Webster’s 1H25 EBITDA margin of 4.2% beat its 2.5% forecast, with revenue of $313.7m ahead of its own $304.8m estimate.

The company reaffirmed its FY25 EBITDA guidance of 1-3% and the broker is seeing a good chance of a ‘beat’ with a forecast at the top end of guidance.

The broker lifts margin assumptions and increased EV/sales multiple to 3.0x from 2.5x. This lifted FY25 and FY26 EPS estimates by 51% and 17% respectively.

Target price rises to $17.7 from $13.0. Buy maintained.

This report was published on February 14, 2025.

Target price is $17.70 Current Price is $18.39 Difference: minus $0.69 (current price is over target).
If TPW meets the Petra Capital target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.02, suggesting downside of -8.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 9.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 197.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.3, implying annual growth of 520.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 200.3.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 16.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 110.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 87.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 107.1.

Market Sentiment: 0.2
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: $23.84

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

Guidance from Woodside Energy for line items in 2024 and 2025 ahead of the full year results on February 25 was a mixed bag, Goldman Sachs asserts. A key variance was “other” expenses comprising exploration, administrative costs and lease D&A.

Goldman Sachs now forecasts US$1.24bn in underlying net profit for the second half of 2024 and closing gearing of 18%, which is approaching the top end of the company’s 10-20% target.

The broker assumes a final dividend payout of 65%, compared with 80% previously, and revises down 2025 and 2026 EBITDA estimates by -1%. Neutral retained. Target is reduced to $24.50 from $25.00.

This report was published on February 17, 2025.

Target price is $24.50 Current Price is $23.84 Difference: $0.66
If WDS meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $26.90, suggesting upside of 14.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 169.44 cents and EPS of 228.97 cents.
At the last closing share price the estimated dividend yield is 7.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 253.0, implying annual growth of N/A.
Current consensus DPS estimate is 199.9, implying a prospective dividend yield of 8.5%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 68.69 cents and EPS of 138.91 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 17.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 169.6, implying annual growth of -33.0%.
Current consensus DPS estimate is 125.5, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 13.9.

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

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.

Click to view our Glossary of Financial Terms