Daily Market Reports | Feb 24 2025
This story features AUTOSPORTS GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: ASG
The company is included in ALL-ORDS
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.
One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.
Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena’s team of journalists.
Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.
The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.
The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.
COMPANIES DISCUSSED IN THIS ISSUE
Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
ASG BC8 BMT CDA CTD CWP CWY CYG DTL (2) DUR DXB EBO EGL EHL EVS FBU (2) GMD GMG GOR HSN HUB ILU IPH JHX (2) LGL LNW (2) MGH MIN (2) NAB PWH PWR RFG SBM SGP SHA (2) STO SXE TLC UNI
ASG AUTOSPORTS GROUP LIMITED
Automobiles & Components – Overnight Price: $1.65
Moelis rates ((ASG)) as Hold (3) –
Autosports Group’s 1H25 result was line with the downgraded guidance provided in late January where the company cited challenging trading conditions in late-2024. Moelis highlights no quantified guidance was provided now but the company expects challenging new vehicle market conditions to continue in 2H25.
The broker downgraded FY25-27 EPS forecasts by -15% to -31%, reflecting a weaker topline and gross margin profile persisting throughout 2025, before recovering in 2026. This is on top of the -9% to -22% EPS forecast cuts following the late-January guidance.
Target price $1.66 and Hold rating remains.
This report was published on February 20, 2025.
Target price is $1.66 Current Price is $1.65 Difference: $0.01
If ASG meets the Moelis target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.85, suggesting upside of 14.2%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 6.80 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 4.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.69.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.2, implying annual growth of -49.8%.
Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 10.7.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 7.10 cents and EPS of 13.60 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.13.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.6, implying annual growth of 55.3%.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 6.9.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
BC8 BLACK CAT SYNDICATE LIMITED
Gold & Silver – Overnight Price: $0.86
Petra Capital rates ((BC8)) as Buy (1) –
Petra Capital points to a press article indicating Westgold Resources ((WGX)) is running a sale process for its Lakewood Mill, and sees Black Cat Syndicate as a potentially interested party in the sales process.
The broker notes Black Cat’s November Gold Acceleration and Expansion strategy for its Kal East Gold Project (KEGP) looked at expanding from a new build 0.8Mtpa to 1.2-1.5Mtpa either via construction or acquisition.
An expanded KEGP lifts the company’s valuation by 16% to $766M ($1.28/sh) vs base, the broker estimates.
Buy rating and $1.1 target price are unchanged.
This report was published on February 20, 2025.
Target price is $1.10 Current Price is $0.86 Difference: $0.235
If BC8 meets the Petra Capital target it will return approximately 27% (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 2.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.60.
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 5.69.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
BMT BEAMTREE HOLDINGS LIMITED
Healthcare services – Overnight Price: $0.24
Petra Capital rates ((BMT)) as Buy (1) –
In Petra Capital’s view, Beamtree Holdings’ 1H25 result indicated management has been proactively repositioning the cost structure of the business. This resulted in a marginally positive operating profit outcome from a loss y/y and an operating cashflow break-even outcome.
The step-down in guided FY25 revenue growth forecast to 10% from 20-30% was a disappointment, the broker comments, though this was partly offset by additional disclosure on opportunity pipeline.
The broker cut forecasts on the back of revised guidance. Target price drops to 50c from 56. Buy maintained.
This report was published on February 20, 2025.
Target price is $0.50 Current Price is $0.24 Difference: $0.26
If BMT meets the Petra Capital target it will return approximately 108% (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 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.46.
Forecast for FY26:
Petra Capital forecasts a full year FY26 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 80.00.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CDA CODAN LIMITED
Hardware & Equipment – Overnight Price: $16.16
Moelis rates ((CDA)) as Buy (1) –
Moelis notes Codan’s 1H25 result was solid across the group, but margins were driven mainly by the communications segment. Order book for communications expanded 35% y/y to $247m which is expected to support 2H growth.
The company expects communications revenue growth to top 15% including acquisition but was cautious about Minelab, expecting to maintain 1H revenue in 2H if conditions remain stable.
The broker has incorporated expectations of stronger communications performance and more conservative Minelab into the forecast.
Target price rises to $18.43 from $18.14, and Buy maintained.
This report was published on February 24, 2025.
Target price is $18.43 Current Price is $16.16 Difference: $2.27
If CDA meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $16.86, suggesting upside of 3.8%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 27.40 cents and EPS of 54.80 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.49.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 53.2, implying annual growth of 18.4%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 30.5.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 34.00 cents and EPS of 67.90 cents.
At the last closing share price the estimated dividend yield is 2.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.80.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 64.5, implying annual growth of 21.2%.
Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 25.2.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CTD CORPORATE TRAVEL MANAGEMENT LIMITED
Travel, Leisure & Tourism – Overnight Price: $17.66
Jarden rates ((CTD)) as Overweight (2) –
Jarden believes there’s a lot to like in Corporate Travel Management’s 1H25 result despite slightly softer FY25 guidance implying a -2% consensus EBITDA downgrade.
The broker is focusing more on the travel group’s contract wins, incremental margins of over 50% and that it remains on track to double EPS by FY29. If that’s achieved, market EPS forecasts would rise over 35%, the broker estimates.
The broker cut underlying FY25 EPS forecast by -0.5% but lifted FY26 by 12.4%. Target price rises to $17 from $14, and Overweight maintained.
This report was published on February 19, 2025.
Target price is $17.00 Current Price is $17.66 Difference: minus $0.66 (current price is over target).
If CTD meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.63, suggesting downside of -0.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 76.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.24.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 75.6, implying annual growth of 30.6%.
Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 23.5.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 102.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.28.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 93.5, implying annual growth of 23.7%.
Current consensus DPS estimate is 38.8, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 19.0.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CWP CEDAR WOODS PROPERTIES LIMITED
Infra & Property Developers – Overnight Price: $5.50
Moelis rates ((CWP)) as Buy (1) –
Cedar Woods Properties’ 1H25 net profit missed Moelis’ forecast, but the broker had included $6.8m profit contribution from land sale in William’s Landing and Eglington. The company recognised William’s Landing sale but not Eglington yet.
The company guided to a minimum of 10% operating net profit growth in FY25, which the broker reckons is a “soft upgrade” versus prior guidance of 10% growth and demonstrates increased confidence in the settlement pipeline.
Target price rises to $6.26 from $6.03, and Buy rating maintained.
This report was published on February 19, 2025.
Target price is $6.26 Current Price is $5.50 Difference: $0.76
If CWP meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $6.97, suggesting upside of 26.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 30.00 cents and EPS of 55.70 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.87.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 54.6, implying annual growth of 11.1%.
Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 10.1.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 32.00 cents and EPS of 61.60 cents.
At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.93.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 65.7, implying annual growth of 20.3%.
Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 8.4.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CWY CLEANAWAY WASTE MANAGEMENT LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $2.58
Jarden rates ((CWY)) as Overweight (2) –
Jarden notes Cleanaway Waste Management’s 1H25 net profit was largely in line with consensus but market chose to focus on operating earnings miss with underlying EBIT -2% below consensus.
The debate post-result centres around the implications for FY26 underlying EBIT forecast, where the broker expects consensus to be revised downwards from $479m (Jarden’s forecast $462m). The key question is whether the company just walked away from “Mission 500” which is $500m EBIT by FY26.
The broker cut FY25 EPS forecast by -1.6% and FY26 by -0.8%. Overweight rating and $3.05 target price.
This report was published on February 20, 2025.
Target price is $3.05 Current Price is $2.58 Difference: $0.47
If CWY meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.15, suggesting upside of 20.5%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 5.60 cents and EPS of 9.10 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.35.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.9, implying annual growth of 26.6%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 29.3.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 7.10 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.63.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.0, implying annual growth of 23.6%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 23.7.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CYG COVENTRY GROUP LIMITED
Hardware & Equipment – Overnight Price: $1.08
Petra Capital rates ((CYG)) as Buy (1) –
Petra Capital highlights Coventry Group’s 1H25 result confirmed its suspicion the fluids business was tracking below its forecast. While at least some of this can be attributable to an outsized disruption from the ERP implementation, presentation commentary also suggests a potential slowdown in WA, the broker notes.
The broker tapered fluids revenue growth forecasts, but sees profitability/cash generation in 2H and beyond to benefit from the completion of the ERP and a resumed growth focus.
Target price cut to $1.41. Buy rating maintained.
This report was published on February 20, 2025.
Target price is $1.41 Current Price is $1.08 Difference: $0.33
If CYG meets the Petra Capital target it will return approximately 31% (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 2.50 cents and EPS of 5.00 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 21.60.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 3.20 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.00.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
DTL DATA#3 LIMITED.
IT & Support – Overnight Price: $8.00
Goldman Sachs rates ((DTL)) as Neutral (3) –
Goldman Sachs observes Data#3’s 1H25 revenue was slightly below its forecasts but in line with consensus, with a miss in infrastructure offset by strength by services.
No FY25 guidance as usual, though the broker notes commentary was incrementally optimistic for FY25.
Specifically, the company pointed to improving trends in Infrastructure early in 2H, services continuing to exhibit strength and confidence in mitigating the near-term Microsoft impacts in software.
The broker raised target price to $8.45 from $8.25, driven mainly by upgrades to services. Neutral rating maintained.
This report was published on February 19, 2025.
Target price is $8.45 Current Price is $8.00 Difference: $0.45
If DTL meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $8.17, suggesting upside of 3.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 30.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.24.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.7, implying annual growth of 6.1%.
Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 26.5.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 32.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.86.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 32.4, implying annual growth of 9.1%.
Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 24.3.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((DTL)) as Overweight (2) –
Data#3’s 1H25 result beat Jarden and consensus forecasts, but the broker notes the company is currently attaching less services revenue per client relative to more mature peers.
The company reiterated guidance the changes to the Microsoft agreements effective January 1 will have an immaterial effect to FY25 earnings but would have a larger impact in FY26..
The broker continues to see a strong opportunity for long-term investors but believes there are still some short-term headwinds to navigate with the federal election and Microsoft transition.
The analyst upgraded FY25 net profit forecast by 6% and FY26 by 1%. Target price rises to $8.45 from $8.25. Overweight maintained.
This report was published on February 19, 2025.
Target price is $8.45 Current Price is $8.00 Difference: $0.45
If DTL meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $8.17, suggesting upside of 3.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 30.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.40.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.7, implying annual growth of 6.1%.
Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 26.5.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 32.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.62.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 32.4, implying annual growth of 9.1%.
Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 24.3.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
DUR DURATEC LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $1.71
Moelis rates ((DUR)) as Buy (1) –
Moelis notes Duratec’s 1H25 result revealed expanded EBITDA margin driven by mix shift and higher margin work within defence, and mining and industrial segments, and from self-perform contracts and early contract works.
The broker highlights the company’s order book stood at $410m as of January end ($405m in August 2024) with good win rates on small to medium sized projects. Tender pipeline and pipeline have also grown strongly, with the broker keenly anticipating conversions.
The analyst raised FY25-27 EPS estimates by 3-4%, with margin expansion driving upgrades. Target price rises to $1.93 from $1.56, and Buy maintained.
This report was published on February 20, 2025.
Target price is $1.93 Current Price is $1.71 Difference: $0.22
If DUR meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $1.86, suggesting upside of 7.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 4.20 cents and EPS of 10.30 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.60.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.3, implying annual growth of 18.9%.
Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 16.7.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 5.00 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.49.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.2, implying annual growth of 18.4%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 14.1.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
DXB DIMERIX LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.48
Petra Capital rates ((DXB)) as Buy (1) –
Findings from Parasol project group are changing the course of FSGS, Petra Capital notes, making it viable for Dimerix’s peer Travere to file for approval on data from a previously failed trial.
It also means Dimerix will re-engage with the FDA to discuss potentially easier endpoints and analysis time points for both accelerated and traditional approval.
FSGS stands for Focal Segmental Glomerulosclerosis (FSGS), a rare and serious kidney disease.
Petra has now conservatively assumed a 12-month proteinuria endpoint for full approval on full trial sample size and accordingly expects US launch in FY28 from FY27 expected before.
FY25-FY27 earnings lowered on more conservative assumptions on the approval timelines and US deal timing. Target price drops to $1.28 from $1.37. Buy maintained.
This report was published on February 21, 2025.
Target price is $1.28 Current Price is $0.48 Difference: $0.8
If DXB meets the Petra Capital target it will return approximately 167% (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 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 32.00.
Forecast for FY26:
Petra Capital 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 30.00.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
EBO EBOS GROUP LIMITED
Healthcare services – Overnight Price: $35.00
Jarden rates ((EBO)) as Overweight (2) –
Ebos Group navigated the loss of Chemist Warehouse Australian (CWA) contract, Jarden highlights, with 1H25 pharmacy revenue growth an impressive 12% y/y, and group revenue up 9.5%.
Cashflows were strong, reflecting the unwind of the CWA inventories, which was used to fund investments and maintain the interim dividend.
The group maintained FY25 EBITDA guidance at $575-600m, with the broker noting key near-term growth drivers are on track or ahead of plan for new pharmacy wholesale wins.
The broker left FY25-26 EBITDA forecasts largely unchanged and made modest downgrades at EPS level to reflect higher capital investment and net interest expense. Overweight rating and NZ$41.5 target price.
This report was published on February 19, 2025.
Current Price is $35.00. Target price not assessed.
Current consensus price target is $35.85, suggesting upside of 4.4%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 107.00 cents and EPS of 141.00 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.82.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 137.1, implying annual growth of -3.0%.
Current consensus DPS estimate is 107.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 25.1.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 111.00 cents and EPS of 159.00 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.01.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 154.9, implying annual growth of 13.0%.
Current consensus DPS estimate is 117.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 22.2.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
EGL ENVIRONMENTAL GROUP LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $0.25
Moelis rates ((EGL)) as Buy (1) –
Moelis highlights The Environmental Group’s 1H25 revenue growth of 16% beat its forecast of 15%, and while EBITDA was -4% lower, it was due to previously announced one-off cost overrun within the Baltec segment.
The company reiterated guidance of 10-15% increase in normalised FY25 EBITDA, which implies 80% sequential growth at the midpoint.
Moelis remains confident revenue growth, return to margin, and attractive near-term tender opportunities position the company for a vastly improved second half and into FY26.
The broker cut FY25 EPS forecast by -9% and FY25 by -1%. Target price maintained at 35c, Buy rating retained.
This report was published on February 20, 2025.
Target price is $0.35 Current Price is $0.25 Difference: $0.1
If EGL meets the Moelis target it will return approximately 40% (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 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.23.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.16.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
EHL EMECO HOLDINGS LIMITED
Mining Sector Contracting – Overnight Price: $0.89
Jarden rates ((EHL)) as Overweight (2) –
Jarden notes Emeco Holdings’ 1H25 net profit was ahead of consensus but it also revealed decline in EBITDA margins for both rental and workshops. The company maintained FY25 EBITDA guidance which reflects a slight skew to 2H earnings.
While some concerns were raised about the guidance being met in the light of margin contraction and wet weather impacts, the broker remains comfortable sticking to its forecast at $300m guidance.
With an improved balance sheet setting and earnings outlook, the broker sees the current valuation and earnings momentum as providing strong risk/reward for investors, all else remaining equal. Overweight rating and $1 target price retained.
This report was published on February 19, 2025.
Target price is $1.00 Current Price is $0.89 Difference: $0.11
If EHL meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
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 14.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.97.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 15.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.60.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
EVS ENVIROSUITE LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $0.04
Moelis rates ((EVS)) as Buy (1) –
Envirosuite’s gross margin increased sequentially to 53.8% in 1H25 and EBITDA was positive at $0.2m vs -$0.2m in 2H24, Moelis highlights. The company is reinvesting into sales and marketing (up 7%) as it targets growth opportunities
Apart from Hitachi’s $10m strategic investment announced in September, the broker comments the company has another promising opportunity with the scaling up of its partnership with NAV Canada.
With NAV Canada a reference customer, the company will pursue air navigation service providers globally. Target price 6c and Buy rating.
This report was published on February 20, 2025.
Target price is $0.06 Current Price is $0.04 Difference: $0.015
If EVS meets the Moelis target it will return approximately 33% (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 minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.50.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 22.50.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
FBU FLETCHER BUILDING LIMITED
Building Products & Services – Overnight Price: $3.01
Goldman Sachs rates ((FBU)) as Neutral (3) –
Fletcher Building’s 1H25 underlying EBIT of NZ$167m was down -37% y/y and in line with Goldman Sachs’ forecast.
Headwinds from volume decline in materials and distribution, and price weaknesses were partially mitigated by stronger-than-expected cost savings of NZ$91m vs Goldman’s NZ$66m estimate.
The company upgraded the gross cost out to -NZ$200m from -NZ$180m due to better than expected progress in the 1H. The broker’s own benchmarking analysis suggests significant headroom for a structural improvement in profitability.
If each business unit achieved the median margin of its global peer set, the overall margin would have been 12.6% vs the 6.6% reported in FY24, and 4.7% in 1H25, the broker’s analysis suggest.
A strategic review is underway to re-assess the portfolio, operating model and capital structure and update is expected in June. Target price rises to $2.85 from $2.65. Neutral retained.
This report was published on February 19, 2025.
Target price is $2.85 Current Price is $3.01 Difference: minus $0.16 (current price is over target).
If FBU meets the Goldman Sachs target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.04, suggesting upside of 0.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 14.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.62.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.2.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 14.60 cents and EPS of 21.90 cents.
At the last closing share price the estimated dividend yield is 4.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.75.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.5, implying annual growth of 43.4%.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 15.5.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((FBU)) as Buy (1) –
Fletcher Building’s 1H25 EBIT was slightly ahead of Jarden’s estimate, with the company’s FY25 EBIT implied guidance coming in at NZ$417m.
Australian volumes declined by -13%, and despite a 70bp improvement in gross margin, EBIT declined to NZ$30m from NZ$47m, worse than Jarden’s expectation
The broker lifts FY25 EBIT forecast to NZ$400m from NZ$387m on the back of improved construction performance and greater cost-out savings, which more than offset a softer Australian outlook.
Target price rises to NZ$3.86 from NZ$3.76 on improved cashflow expectations, and Buy maintained.
This report was published on February 19, 2025.
Current Price is $3.01. Target price not assessed.
Current consensus price target is $3.04, suggesting upside of 0.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 17.15 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.55.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.2.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 14.60 cents and EPS of 22.53 cents.
At the last closing share price the estimated dividend yield is 4.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.36.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.5, implying annual growth of 43.4%.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 15.5.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
GMD GENESIS MINERALS LIMITED
Gold & Silver – Overnight Price: $3.30
Moelis rates ((GMD)) as Hold (3) –
Genesis Minerals’ 1H25 revenue met Moelis’ forecast while EBITDA beat its estimate driven by slightly lower operating costs.
The broker reckons the result doesn’t shift its view a great deal, though the improving financial outcomes is validation the growth in ounces will deliver an increase in earnings.
The broker is keen to see EBITDA margins can be maintained as production more than doubles or if the flight towards 400koz yields is diminishing returns on incremental ounces.
The broker cut D&A forecast for FY25-26 to align with 1H25 unit rates. Target price rises to $3.20 from $3.05, and Hold rating retained.
This report was published on February 19, 2025.
Target price is $3.20 Current Price is $3.30 Difference: minus $0.1 (current price is over target).
If GMD meets the Moelis target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.39, suggesting upside of 5.3%(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 15.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.71.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.8, implying annual growth of 130.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.1.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 22.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.41.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.6, implying annual growth of 38.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.1.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
GMG GOODMAN GROUP
Infra & Property Developers – Overnight Price: $34.55
Jarden rates ((GMG)) as Buy (1) –
Jarden notes Goodman Group’s 1H25 result contained few surprises including $4bn equity raise, softer FY guidance and apparent delay in the announcement of the initial $10bn of projects.
The company maintained FY25 OEPS growth guidance at 9% (previously 9%) but the broker expected this to be 10% without the equity raise (forecast was 12.7%).
The equity raise makes sense to benefit from the strong share price performance and increase working capital.
The broker has lowered FY25-26 expectations but believes the growth and return profile will step up over the next 3-5 years as the $100bn datacenter pipeline hits and operating leverage delivers.
Investors will need some patience, the broker says. Target price cut to $39.5. Buy rating maintained.
This report was published on February 19, 2025.
Target price is $39.50 Current Price is $34.55 Difference: $4.95
If GMG meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $38.42, 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 30.00 cents and EPS of 118.80 cents.
At the last closing share price the estimated dividend yield is 0.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 120.2, implying annual growth of N/A.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 28.7.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 30.00 cents and EPS of 132.20 cents.
At the last closing share price the estimated dividend yield is 0.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.13.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 132.5, implying annual growth of 10.2%.
Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 26.0.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
GOR GOLD ROAD RESOURCES LIMITED
Gold & Silver – Overnight Price: $2.56
Moelis rates ((GOR)) as Hold (3) –
Moelis notes Gold Road’s FY25 result was slightly weaker at net profit level due to additional exploration and corporate costs.
The broker highlights higher D&A means lower tax payments but also lower earnings going forward. Slightly lower cash tax payments have lifted its valuation and target price to $2.65 from $2.55.
The broker notes dividend was lower than its forecast and is curious about the potential alternative uses of the incremental cash which could have been returned to shareholders.
The company has no debt and on the broker’s estimates likely to deliver another $140m cash in the 12 months ahead. Hold rating maintained.
This report was published on February 23, 2025.
Target price is $2.65 Current Price is $2.56 Difference: $0.09
If GOR meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 14.2%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 2.30 cents and EPS of 20.70 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.37.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.4, implying annual growth of 77.5%.
Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 10.6.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 3.20 cents and EPS of 22.30 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.5, implying annual growth of 4.7%.
Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 10.1.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
HSN HANSEN TECHNOLOGIES LIMITED
IT & Support – Overnight Price: $5.16
Goldman Sachs rates ((HSN)) as Buy (1) –
Hansen Technologies’ 1H25 revenue slightly missed Goldman Sachs’ forecast but underlying EBITDA beat by 10%.
The broker highlights the strong January monthly result with year-to-date guidance of $67m suggesting full year guidance of $92-101m is largely de-risked.
The broker has re-affirmed its confidence in the company’s ability to bring Powercloud margins toward 30% in FY27 with further room to cut costs in the mid-term.
On the negative side, the broker highlights there was greater than usual 2H skew with management noting some deferral of large customer implementations into 1H26.
The analyst pulled forward Powercloud profitability, and revised FY25-27 EBITDA and EPS forecasts by up to 2%. Target price $6.10 and rating remains at Buy.
This report was published on February 19, 2025.
Target price is $6.10 Current Price is $5.16 Difference: $0.94
If HSN meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $6.64, suggesting upside of 30.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 10.00 cents and EPS of 21.00 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 24.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.5, implying annual growth of 88.0%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 26.1.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 11.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.79.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.6, implying annual growth of 36.4%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 19.1.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
HUB HUB24 LIMITED
Wealth Management & Investments – Overnight Price: $79.26
Jarden rates ((HUB)) as Underweight (4) –
Jarden highlights Hub24 delivered a strong 1H25 result on stronger revenue margin, and lifted its FY26 funds under administration (FUA) guidance to $123-135bn, though this was in line with the broker’s previous estimate of $134.6bn.
Following a beat in revenues from less margin compression ex-cash account and more benign tiering/capping impacts, the broker has updated to a more modest easing revenue margin trajectory.
This was partially offset by a step down in medium-term FUA held as cash assumption to 6.75%. The broker continues to expect Hub24 to win market share and grow earnings over 30% for the next two years.
Target price rises to $66.65 from $60.05. Underweight retained.
This report was published on February 19, 2025.
Target price is $66.65 Current Price is $79.26 Difference: minus $12.61 (current price is over target).
If HUB meets the Jarden target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $85.18, suggesting upside of 7.8%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 54.90 cents and EPS of 111.60 cents.
At the last closing share price the estimated dividend yield is 0.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 71.02.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 111.9, implying annual growth of 92.4%.
Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 70.6.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 73.70 cents and EPS of 147.40 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.77.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 128.4, implying annual growth of 14.7%.
Current consensus DPS estimate is 68.9, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 61.5.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
ILU ILUKA RESOURCES LIMITED
Mineral Sands – Overnight Price: $4.51
Goldman Sachs rates ((ILU)) as Buy (1) –
Iluka Resources’ FY24 underlying EBITDA $499m beat Goldman Sachs’ $469m forecast, mainly due to differences in inventory accounting for mineral sands.
Capex guidance of -$1.1bn is above the broker’s -$1.0bn estimate on a modest increase in budget for the Balranald project in NSW.
The broker lowered FY25 EBITDA estimate by -12% but raised FYFY25 by 1%, after lowering synthetic rutile sales in 2025 and pushing first mineral sands sales from Balranald into 2026.
Target price cut to $7.0 from $7.4, mainly on higher Balranald capex and $80m increase in provisions associated with Cataby and Eneabba. Buy retained.
This report was published on February 19, 2025.
Target price is $7.00 Current Price is $4.51 Difference: $2.49
If ILU meets the Goldman Sachs target it will return approximately 55% (excluding dividends, fees and charges).
Current consensus price target is $5.64, suggesting upside of 26.7%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 5.00 cents and EPS of 23.00 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 19.61.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 37.6, implying annual growth of -30.6%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 11.8.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 48.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 10.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.51.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 49.5, implying annual growth of 31.6%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 9.0.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
IPH IPH LIMITED
Legal – Overnight Price: $4.88
Petra Capital rates ((IPH)) as Buy (1) –
IPH Ltd’s 1H25 EBITDA was up 11% y/y and beat Petra’s forecast by 3.5% but excluding contributions from acquisitions and forex, it was down -3%, Petra Capital explains.
The bropker comments the result reflected slight declines in Asia/Canada and higher corporate costs, partially offset by growth in Australia/NZ.
The broker expects 2H to benefit from Asia cycling weaker comps plus positive filings growth, Canada patent filings backlog release and mild forex tailwind.
Target price of $8 and Buy rating are retained.
This report was published on February 21, 2025.
Target price is $8.00 Current Price is $4.88 Difference: $3.12
If IPH meets the Petra Capital target it will return approximately 64% (excluding dividends, fees and charges).
Current consensus price target is $6.49, suggesting upside of 30.8%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 35.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 7.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.61.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 46.6, implying annual growth of 85.8%.
Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 10.6.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 36.40 cents and EPS of 47.90 cents.
At the last closing share price the estimated dividend yield is 7.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.19.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 49.4, implying annual growth of 6.0%.
Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 10.0.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
JHX JAMES HARDIE INDUSTRIES PLC
Building Products & Services – Overnight Price: $50.72
Goldman Sachs rates ((JHX)) as Buy (1) –
Goldman Sachs notes James Hardie’s 3Q24 EBIT declined 12%, but beat its forecasts by 6% on solid North America margin which was 107bps ahead of its forecast.
The quality of the margin beat was the highlight, the broker comments, as it was driven by gross margin, with depreciation higher than expected.
While management talked of a relatively stable outlook, the broker forecasts -4% Remove and Replace (R&R) volume decline in FY26, particularly as larger ticket spend categories (like siding) are underperforming in the current cycle.
The stronger 3Q pushed the broker’s FY24 net profit forecast up 1%, while FY26 is largely unchanged. Target price rises marginally to $59.45 from $59.30, and Buy retained.
This report was published on February 19, 2025.
Target price is $59.45 Current Price is $50.72 Difference: $8.73
If JHX meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $59.71, suggesting upside of 20.4%(ex-dividends)
The company’s fiscal year ends in March.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 184.79 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.45.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 254.2, 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 19.5.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 250.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.25.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 283.8, implying annual growth of 11.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.5.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((JHX)) as Overweight (2) –
Jarden notes James Hardie 3Q25 net income of US$153.6m beat its forecast of US$147m, driven by strong cost controls and product mix.
The broker is impressed with management’s focus on cost savings amidst a soft volume environment.
The company marginally pulled back FY25 capex guidance which suggests lack of confidence in any market recovery, the broker suggests.
Jarden notes leverage now sits at 0.52x (target 2.0x through-the-cycle), implying US$1.5-US$2.bn of balance sheet capacity for inorganic growth and/or buyback options.
The broker raised near-term cost estimates, driving -0.5% downgrade to EPS forecasts. Target price and Overweight rating are unchanged.
This report was published on February 20, 2025.
Target price is $54.00 Current Price is $50.72 Difference: $3.28
If JHX meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $59.71, suggesting upside of 20.4%(ex-dividends)
The company’s fiscal year ends in March.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 228.47 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.20.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 254.2, 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 19.5.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 243.59 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 283.8, implying annual growth of 11.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.5.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
LGL LYNCH GROUP HOLDING LIMITED
Agriculture – Overnight Price: $1.79
Jarden rates ((LGL)) as Overweight (2) –
No surprises from Lynch Group’s 1H25 result, Jarden notes, so the focus turns to any signs of green shoots across China and Australia. The broker notes 2H has started well in Australia with revenue up 7% year-to-date vs 3.9% growth in 1H.
China has shown some improvement in pricing following a tough 2024, and the broker sees scope for margins to improve materially.
Jarden continues to view Lynch as a unique, cash generative business with exposure to an improving Chinese consumer but notes there are few immediate catalysts
The analyst has lifted FY25 EBITDA forecast by 0.3%, raising Australian EBITDA by 7% but lowering forecasts for the business in China on weaker 1H and a more muted margin recovery into 2H.
Target price rises to $1.9 from $1.8. Overweight maintained.
This report was published on February 19, 2025.
Target price is $1.90 Current Price is $1.79 Difference: $0.11
If LGL meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 5.00 cents and EPS of 7.90 cents.
At the last closing share price the estimated dividend yield is 2.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.66.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 12.22 cents and EPS of 24.74 cents.
At the last closing share price the estimated dividend yield is 6.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.24.
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
LNW LIGHT & WONDER INC
Gaming – Overnight Price: $163.90
Goldman Sachs rates ((LNW)) as Buy (1) –
Light & Wonder entered into a definitive agreement to acquire the charitable gaming assets of Grover Gaming for -US$850m in cash, and up to -US$200m cash revenue-linked four-year earn out.
The transaction is expected to close in June quarter. The company will fund the acquisition with existing cash and incremental debt financing, and expects to remain within its target leverage range of 2.5x-3.5x post completion.
The company reaffirmed its FY25 US$1.4bn adjusted EBITDA guidance driven by strong organic growth across the existing business without any adjusted EBITDA contribution from Grover.
No change to Goldman Sachs’ Buy rating, and target price is $172.4.
This report was published on February 19, 2025.
Target price is $172.40 Current Price is $163.90 Difference: $8.5
If LNW meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $185.17, suggesting upside of 14.9%(ex-dividends)
Forecast for FY24:
Current consensus EPS estimate is 371.6, implying annual growth of 37.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 43.4.
Forecast for FY25:
Current consensus EPS estimate is 561.1, implying annual growth of 51.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 28.7.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((LNW)) as Buy (1) –
Light & Wonder announced debt-funded acquisition of Grover Gaming for up to -US$1.05bn which Jarden views positively from a strategic, financial and operational perspective.
Based on historical 2024 adjusted EBITDA, the deal implies 9.5x full consideration and compares favorably to the company’s FY25 adjusted EBITDA multiple of 13.4x EV/EBITDA, the broker highlights.
The deal is expected to close in 2Q25 and the broker anticipates high single-digit EPS accretion for the company in 2026, the first full calendar year post-acquisition.
Target price rises to $196 from $179, and Buy retained.
This report was published on February 19, 2025.
Target price is $196.00 Current Price is $163.90 Difference: $32.1
If LNW meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $185.17, suggesting upside of 14.9%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 532.07 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.80.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 371.6, implying annual growth of 37.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 43.4.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 937.08 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.49.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 561.1, implying annual growth of 51.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 28.7.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MGH MAAS GROUP HOLDINGS LIMITED
Building Products & Services – Overnight Price: $3.76
Moelis rates ((MGH)) as Buy (1) –
Maas Group’s 1H25 result was mixed, notes Moelis, with construction materials EBITDA up 24% y/y on contribution from acquisitions and modest organic growth, while residential real estate EBITDA was down -20% y/y.
As per the commentary, Civil construction and hire (CCH) segment was impacted by project delays and lower utilisation. The broker lowered FY25-26 EPS estimates on lower revenue and margins from CCH business.
Near-term outlook would be supported by return of organic growth in cash generative industrial operating segment, while the residential segment would benefit from the start of an easing cycle, the broker notes.
Target price cut to $5.19 from $5.81. Buy retained.
This report was published on February 21, 2025.
Target price is $5.19 Current Price is $3.76 Difference: $1.43
If MGH meets the Moelis target it will return approximately 38% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 7.70 cents and EPS of 24.80 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.16.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 7.70 cents and EPS of 31.10 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.09.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MIN MINERAL RESOURCES LIMITED
Iron Ore – Overnight Price: $27.13
Goldman Sachs rates ((MIN)) as Neutral (3) –
Mineral Resources’ 1H25 EBITDA was the lowest since 2016 but beat Goldman Sachs’ forecast on better-than-expected mining services EBITDA.
FY25 iron ore shipments guidance from Ashburton was cut due to wet weather impacts and group capex guidance was raised to -$2.1bn from -$1.8bn.
The broker notes a recent technical report on the Wodgina lithium mine published by JV partner Albemarle which outlined higher strip ratios/opex and capex, and lower recoveries relative to its modeled estimates.
The analyst cut FY25-27 EBITDA forecasts by -15-20% after pushing out the ramp-up of Ashburton and increasing stripping and costs at Wodgina over the medium to long run. Target price cut to $30 from $34 but Neutral retained.
This report was published on February 19, 2025.
Target price is $30.00 Current Price is $27.13 Difference: $2.87
If MIN meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $35.64, suggesting upside of 36.4%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 203.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.36.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -87.9, 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:
Goldman Sachs forecasts a full year FY26 dividend of 131.00 cents and EPS of minus 65.00 cents.
At the last closing share price the estimated dividend yield is 4.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 41.74.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 182.7, implying annual growth of N/A.
Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 14.3.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Jarden rates ((MIN)) as Sell (5) –
Mineral Resources’ balance sheet is not only inappropriately geared, highlights Jarden, but it is also now displaying signs of short-term stress. Current ratio softened to 1.19 from 1.55 a year ago, the broker notes.
The broker reiterates its view the likely FY25 proceeds from the Onslow carry loan will underperform the company’s expectations, given its lower forecast shipments from the asset.
Also, the broker wonders if the undrawn $800m revolver can indeed be drawn, as it is subject to (undisclosed) financial maintenance covenants.
The broker views the -21% share price fall in response to 1H25 as a rational response to another disappointing result from the company.
Target price of $20 and Sell rating are unchanged.
This report was published on February 20, 2025.
Target price is $20.00 Current Price is $27.13 Difference: minus $7.13 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $35.64, suggesting upside of 36.4%(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 minus 148.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.32.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -87.9, 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:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 32.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 84.25.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 182.7, implying annual growth of N/A.
Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 14.3.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
NAB NATIONAL AUSTRALIA BANK LIMITED
Banks – Overnight Price: $35.08
Jarden rates ((NAB)) as Overweight (2) –
Jarden notes National Australia Bank business NPS is now on par with CommBank ((CBA)) but it is not as profitable.
In the 1Q25 trading update, the bank pointed to a small decline in net interest margin which the broker assumes is around -2bps.
Unaudited cash net profit was $1.74bn, representing 49% of the broker’s 1H25 forecast. Hence, no change to forecasts.
Overweight rating and $38 target price.
This report was published on February 19, 2025.
Target price is $38.00 Current Price is $35.08 Difference: $2.92
If NAB meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $33.12, suggesting downside of -6.8%(ex-dividends)
The company’s fiscal year ends in September.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 171.00 cents and EPS of 230.80 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.20.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 224.4, implying annual growth of -0.1%.
Current consensus DPS estimate is 170.2, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 15.8.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 173.00 cents and EPS of 237.80 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.75.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 227.5, implying annual growth of 1.4%.
Current consensus DPS estimate is 170.2, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 15.6.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PWH PWR HOLDINGS LIMITED
Automobiles & Components – Overnight Price: $7.34
Moelis rates ((PWH)) as Hold (3) –
PWR Holdings’ 1H25 result was better than expected, Moelis notes, with net profit 19% higher than the weak guidance provided in late November. EBITDA margin compressed to 17.5% from 28.5% in 1H24.
The company guided to FY25 revenue -5-10% below FY24, noting it was largely a timing issue with only a part of the $8.9m defence contract announced in January to be released in FY25.
The company expects its new Australian facility to be fully operational by November 2025.
The broker downgraded FY25-27 EPS estimates by -18-48% reflecting the rebasing of FY25-26 revenue as the company adopts
a more cautious approach during the transition to the new facility. Target price $8.07 and Hold rating.
This report was published on February 23, 2025.
Target price is $8.07 Current Price is $7.34 Difference: $0.73
If PWH meets the Moelis target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $8.39, suggesting upside of 11.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 5.50 cents and EPS of 9.70 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 75.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.7, implying annual growth of -52.6%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 64.5.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 10.60 cents and EPS of 19.40 cents.
At the last closing share price the estimated dividend yield is 1.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.84.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 21.8, implying annual growth of 86.3%.
Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 34.6.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PWR PETER WARREN AUTOMOTIVE HOLDINGS LIMITED
Automobiles & Components – Overnight Price: $1.45
Moelis rates ((PWR)) as Hold (3) –
Moelis notes Peter Warren Automotive’s 1H25 profit before tax came at the mid-point of downgraded guidance provided in December. Gross profit margins fell to 16.1% from 16.3% in 2H24 and 17.6% in 1H24 due to difficult new car trading conditions.
The company didn’t provide FY25 guidance but expects margins on new cars to remain under pressure, and any further deterioration to be offset by management initiatives.
The broker lowered FY25-27 EPS estimates by -2-4% reflecting slightly higher operating expenses. Target price cut is to $1.49 from $1.55, Hold retained.
This report was published on February 23, 2025.
Target price is $1.49 Current Price is $1.45 Difference: $0.04
If PWR meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.49, suggesting upside of 4.0%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 3.80 cents and EPS of 6.60 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.97.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.4, implying annual growth of -74.3%.
Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 26.5.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 5.30 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 3.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.43.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.8, implying annual growth of 81.5%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 14.6.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
RFG RETAIL FOOD GROUP LIMITED
Food, Beverages & Tobacco – Overnight Price: $2.28
Petra Capital rates ((RFG)) as Buy (1) –
Petra Capital notes Retail Food’s 1H25 bettered its expectations mainly due to strong EBITDA margin in the CCB business (7.7% vs Petra’s 6.5% estimate).
QSR business was significantly down and still faces challenges, the broker believes, but may eventually be buoyed by the addition of the Firehouse Subs brand.
The broker upgraded forecasts mainly for CCB business but also lifted revenue growth expectations for QSR. The broker has not factored any positive impact from the RBA rate cut, and acknowledges it is an upside risk.
The Buy rating is retained and the target price increases sharply to $4.25 on 1:40 share price consolidation, earnings changes, lift in equity beat to 1.5x from 1.35x and reduction in terminal growth rate to 2.0% from 2.5%.
This report was published on February 20, 2025.
Target price is $4.25 Current Price is $2.28 Difference: $1.97
If RFG meets the Petra Capital target it will return approximately 86% (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 3.70 cents and EPS of 22.30 cents.
At the last closing share price the estimated dividend yield is 1.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.22.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 8.00 cents and EPS of 26.80 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 8.51.
Market Sentiment: 1.0
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’s 1H25 EBITDA loss of -$22.4m was significantly worse than Petra Capital’s forecast of -$9.3m, reflective of a challenging half year at the Simberi oxide gold mine impacted by oversize material, grade reconciliation and truck availability.
The company maintained FY25 guidance 65-75koz at cost of $3,200-3,600/oz but the broker has left its forecast unchanged at 59koz and cost of $4,002/oz.
The broker has lifted cost estimates in FY25, resulting in a more than -100% downgrade in FY25 EPS forecast and -15% in FY26. Target price drops to 64c from 67c, Buy maintained.
This report was published on February 20, 2025.
Target price is $0.64 Current Price is $0.26 Difference: $0.38
If SBM meets the Petra Capital target it will return approximately 146% (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 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.00.
Forecast for FY26:
Petra Capital forecasts a full year FY26 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 14.44.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
SGP STOCKLAND
Infra & Property Developers – Overnight Price: $5.13
Jarden rates ((SGP)) as Buy (1) –
Stockland’s 1H25 result was slightly below Jarden’s forecast but appeared to be a skew because the FY25 guidance was maintained.
The broker is forecasting 10% funds from operations compounded annual growth over FY25-28, but sees further upside from a more meaningful pick up in residential momentum.
The analyst reckons management continues to improve the portfolio and capital structure through non-core asset disposals, selective acquisitions and other initiatives.
Target price is $5.95, Buy rating retained.
This report was published on February 19, 2025.
Target price is $5.95 Current Price is $5.13 Difference: $0.82
If SGP meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $5.59, suggesting upside of 7.3%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 25.30 cents and EPS of 33.70 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.22.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 33.7, implying annual growth of 163.3%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 15.5.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 28.30 cents and EPS of 37.70 cents.
At the last closing share price the estimated dividend yield is 5.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.61.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 37.0, implying annual growth of 9.8%.
Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.1.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
SHA SHAPE AUSTRALIA CORPORATION LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $3.21
Moelis rates ((SHA)) as Buy (1) –
Shape Australia’s strong top-line growth was a highlight of the 1H25 result, Moelis notes, with revenue of $476.6m 5% higher than its forecast on continued execution of the diversification strategy.
The broker believes the increasingly diversified business model, underpinned by strong project wins and order backlogs, offers a promising growth outlook. The analyst upgraded FY25-26 EPS estimates by 9% and 3% respectively.
Target price rises to $3.56 from $3.24. Buy maintained.
This report was published on February 19, 2025.
Target price is $3.56 Current Price is $3.21 Difference: $0.35
If SHA meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 19.50 cents and EPS of 22.40 cents.
At the last closing share price the estimated dividend yield is 6.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.33.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 18.90 cents and EPS of 22.30 cents.
At the last closing share price the estimated dividend yield is 5.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.39.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Petra Capital rates ((SHA)) as Buy (1) –
Petra Capital was particularly encouraged by the gross margin expansion (+28.2bps vs Petra) in Shape Australia’s 1H25 result, given it expected margins to get diluted following several project cancellations in 2H24.
The broker highlights the order book size, stability in the sector and favourable competitive positions with key subcontractors have led management to be more confident of retaining or expanding gross margins in 2H.
The broker upgraded FY25 EBITDA forecast by 13.5% and FY26 by 16.4%. Buy maintained and target price is $3.59.
This report was published on February 20, 2025.
Target price is $3.59 Current Price is $3.21 Difference: $0.38
If SHA meets the Petra Capital target it will return approximately 12% (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 20.60 cents and EPS of 22.70 cents.
At the last closing share price the estimated dividend yield is 6.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.14.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 23.40 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 7.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.35.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
STO SANTOS LIMITED
NatGas – Overnight Price: $6.68
Goldman Sachs rates ((STO)) as Buy (1) –
Santos’ FY24 underlying EBITDA was -3% below Goldman Sachs’ estimate on slightly higher G&A costs and gain on sale adjustments. Underlying net profit of US$1.2bn was 3% higher mainly on lower D&A.
The broker highlights the company is targeting -US$100-150m in annual structural savings over the next 1-2 years, which should further support free cash flow and returns. The analyst is assuming -US$60m reduction by end-2025 and -US$125m by end-2026.
The broker made small revisions to EBITDA but EPS forecasts are unchanged. Target price of $7.9. Buy rating.
This report was published on February 21, 2025.
Target price is $7.90 Current Price is $6.68 Difference: $1.22
If STO meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $7.91, suggesting upside of 21.7%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 27.49 cents and EPS of 44.29 cents.
At the last closing share price the estimated dividend yield is 4.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.08.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 33.4, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 9.6.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 45.82 cents and EPS of 76.36 cents.
At the last closing share price the estimated dividend yield is 6.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.75.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 82.7, implying annual growth of 22.0%.
Current consensus DPS estimate is 42.2, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 7.9.
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
SXE SOUTHERN CROSS ELECTRICAL ENGINEERING LIMITED
Mining Sector Contracting – Overnight Price: $1.79
Moelis rates ((SXE)) as Buy (1) –
No change to Moelis’ EPS estimates despite Southern Cross Electrical Engineering posting record 1H25 result , beating the broker’s forecast on both EBITDA and net profit.
The broker notes pipeline conversion and continued strong growth in infrastructure work represent upside risks to its outer year forecasts.
Target price of $2.1 and Buy rating are unchanged.
This report was published on February 19, 2025.
Target price is $2.10 Current Price is $1.79 Difference: $0.305
If SXE meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 7.50 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 4.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.59.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 7.50 cents and EPS of 13.20 cents.
At the last closing share price the estimated dividend yield is 4.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.60.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
TLC LOTTERY CORPORATION LIMITED
Gaming – Overnight Price: $5.03
Goldman Sachs rates ((TLC)) as Neutral (3) –
Lottery Corp’s 1H25 revenue was -3% below consensus but EBITDA and net profit met expectations. Goldman Sachs notes demand for base games improving sequentially.
The broker believes the Saturday Lotto game change (confirmed for May) with 13% price increase and Powerball game innovation for FY26 should support long-term turnover growth.
Strong cost control is another positive but the -180bps decline in Keno margins is a negative, as is the likely negative lotteries turnover growth in FY25, despite a full year contribution from Weekday Windfall.
The broker cut FY25 EBIT forecast by -2%. Neutral rating and target price is $5.3.
This report was published on February 19, 2025.
Target price is $5.30 Current Price is $5.03 Difference: $0.27
If TLC meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.53, suggesting upside of 8.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 16.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.5, implying annual growth of -11.3%.
Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 31.0.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 17.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 3.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.47.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.7, implying annual growth of 13.3%.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 27.3.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
UNI UNIVERSAL STORE HOLDINGS LIMITED
Apparel & Footwear – Overnight Price: $9.17
Petra Capital rates ((UNI)) as Buy (1) –
Petra Capital notes Universal Store’s 1H25 result was strong with underlying EBITDA 4.8% ahead of its forecasts and gross margins expanding 90bps to 60.6%.
The broker notes sales accelerated further, with life-for-like sales for first seven weeks of 2H lifting across all platforms.
The company re-affirmed FY guidance for 9-15 additional stores, and the analyst notes this appears on track after seven opened in 1H and five confirmed so far for 2H.
The broker raised FY25-26 EPS forecasts by 0.1% and 3.3% respectively, but flagged upside risks. Target price rises to $10.00 from $8.25, Buy retained.
This report was published on February 21, 2025.
Target price is $10.00 Current Price is $9.17 Difference: $0.83
If UNI meets the Petra Capital target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $9.65, suggesting upside of 8.3%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 37.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.93.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 44.9, implying annual growth of -0.3%.
Current consensus DPS estimate is 34.7, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 19.8.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 43.10 cents and EPS of 53.90 cents.
At the last closing share price the estimated dividend yield is 4.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.01.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 53.8, implying annual growth of 19.8%.
Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 16.6.
Market Sentiment: 0.9
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
CHARTS
For more info SHARE ANALYSIS: ASG - AUTOSPORTS GROUP LIMITED
For more info SHARE ANALYSIS: BC8 - BLACK CAT SYNDICATE LIMITED
For more info SHARE ANALYSIS: BMT - BEAMTREE HOLDINGS LIMITED
For more info SHARE ANALYSIS: CBA - COMMONWEALTH BANK OF AUSTRALIA
For more info SHARE ANALYSIS: CDA - CODAN LIMITED
For more info SHARE ANALYSIS: CTD - CORPORATE TRAVEL MANAGEMENT LIMITED
For more info SHARE ANALYSIS: CWP - CEDAR WOODS PROPERTIES LIMITED
For more info SHARE ANALYSIS: CWY - CLEANAWAY WASTE MANAGEMENT LIMITED
For more info SHARE ANALYSIS: CYG - COVENTRY GROUP LIMITED
For more info SHARE ANALYSIS: DTL - DATA#3 LIMITED.
For more info SHARE ANALYSIS: DUR - DURATEC LIMITED
For more info SHARE ANALYSIS: DXB - DIMERIX LIMITED
For more info SHARE ANALYSIS: EBO - EBOS GROUP LIMITED
For more info SHARE ANALYSIS: EGL - ENVIRONMENTAL GROUP LIMITED
For more info SHARE ANALYSIS: EHL - EMECO HOLDINGS LIMITED
For more info SHARE ANALYSIS: EVS - ENVIROSUITE LIMITED
For more info SHARE ANALYSIS: FBU - FLETCHER BUILDING LIMITED
For more info SHARE ANALYSIS: GMD - GENESIS MINERALS LIMITED
For more info SHARE ANALYSIS: GMG - GOODMAN GROUP
For more info SHARE ANALYSIS: GOR - GOLD ROAD RESOURCES LIMITED
For more info SHARE ANALYSIS: HSN - HANSEN TECHNOLOGIES LIMITED
For more info SHARE ANALYSIS: HUB - HUB24 LIMITED
For more info SHARE ANALYSIS: ILU - ILUKA RESOURCES LIMITED
For more info SHARE ANALYSIS: IPH - IPH LIMITED
For more info SHARE ANALYSIS: JHX - JAMES HARDIE INDUSTRIES PLC
For more info SHARE ANALYSIS: LGL - LYNCH GROUP HOLDING LIMITED
For more info SHARE ANALYSIS: LNW - LIGHT & WONDER INC
For more info SHARE ANALYSIS: MGH - MAAS GROUP HOLDINGS LIMITED
For more info SHARE ANALYSIS: MIN - MINERAL RESOURCES LIMITED
For more info SHARE ANALYSIS: NAB - NATIONAL AUSTRALIA BANK LIMITED
For more info SHARE ANALYSIS: PWH - PWR HOLDINGS LIMITED
For more info SHARE ANALYSIS: PWR - PETER WARREN AUTOMOTIVE HOLDINGS LIMITED
For more info SHARE ANALYSIS: RFG - RETAIL FOOD GROUP LIMITED
For more info SHARE ANALYSIS: SBM - ST. BARBARA LIMITED
For more info SHARE ANALYSIS: SGP - STOCKLAND
For more info SHARE ANALYSIS: SHA - SHAPE AUSTRALIA CORPORATION LIMITED
For more info SHARE ANALYSIS: STO - SANTOS LIMITED
For more info SHARE ANALYSIS: SXE - SOUTHERN CROSS ELECTRICAL ENGINEERING LIMITED
For more info SHARE ANALYSIS: TLC - LOTTERY CORPORATION LIMITED
For more info SHARE ANALYSIS: UNI - UNIVERSAL STORE HOLDINGS LIMITED
For more info SHARE ANALYSIS: WGX - WESTGOLD RESOURCES LIMITED