Australian Broker Call *Extra* Edition – Feb 25, 2025

This story features AIC MINES LIMITED, and other companies. For more info SHARE ANALYSIS: A1M

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)

A1M   APZ   ASG (2)   CSC   CTD   DYL   EHL   EVS   GOZ   LNW   MGH   MP1   NAN (2)   NWL   RIC   STO   TLC   TLX   VCX   VGL   VNT  

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.40

Moelis rates ((A1M)) as Buy (1) –

Moelis analysts have maintained a Buy rating on AIC Mines, keeping the price target at $0.69.

The company’s 1H25 financial result was in line with expectations, with EBITDA of $26.1m matching forecasts, though adjusted NPAT of $3.5m came in slightly below due to higher net interest and depreciation.

Revenue of $93.2m met estimates, while operating cash flow of $17.5m proved marginally below expectations.

Management expects internally generated cash to fund the Eloise/Jericho expansion, with a cash balance projected to trough at $40.5m in September 2025.

The broker sees AIC Mines as undervalued, highlighting its clean exposure to copper and potential upside from exploration success at Jericho.

This report was published on February 21, 2025.

Target price is $0.69 Current Price is $0.40 Difference: $0.29
If A1M meets the Moelis target it will return approximately 72% (excluding dividends, fees and charges).
Current consensus price target is $0.74, suggesting upside of 85.8%(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 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.2, implying annual growth of 96.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.5, implying annual growth of 40.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.9.

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

APZ    ASPEN GROUP LIMITED

Real Estate – Overnight Price: $2.73

Moelis rates ((APZ)) as Buy (1) –

Moelis analysts have maintained a Buy rating on Aspen Group, raising the price target to $3.15 from $2.73. The company’s 1H25 financial result was in line with expectations, with operating earnings per share of 8.07c, up 18% year-on-year.

FY25 guidance was upgraded for the second time, now at 16.7c per share, reflecting strong operating momentum.

Management is accelerating its development business, with land lease settlements targeted to grow to 170 in FY27 from 110 in FY25.

The broker expects a 17% EPS compound annual growth rate through FY27, supported by an expanding development pipeline and higher rental income.

This report was published on February 21, 2025.

Target price is $3.15 Current Price is $2.73 Difference: $0.42
If APZ meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 10.00 cents and EPS of 16.70 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 16.35.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 11.60 cents and EPS of 19.40 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.07.

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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $1.67

Moelis rates ((ASG)) as Hold (3) –

Moelis analysts have maintained a Hold rating on Autosports Group, lowering the price target to $1.66 from $1.73.

The 1H25 financial result was in line with prior guidance, with revenue of $1.4bn up 2.1% year-on-year, while underlying EBITDA of $55.7m and NPAT of $14.5m both declined by -34% and -62%, respectively.

Gross profit margins fell to 18.3% from 19.7% in 1H24, impacted by discounting to clear excess inventory, while higher operating and interest costs further pressured earnings.

Management provided no formal guidance but expects 2H revenue to be supported by contributions from the Stillwell Motor Group acquisition and new Greenfield franchises, including Polestar and Zeekr.

The broker remains cautious, highlighting uncertainty in new vehicle demand and potential downside risk to margins.

This report was published on February 21, 2025.

Target price is $1.66 Current Price is $1.67 Difference: minus $0.01 (current price is over target).
If ASG meets the Moelis target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.85, suggesting upside of 10.8%(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 4.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of -53.1%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 11.8.

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 4.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 66.2%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 7.1.

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

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Wilsons rates ((ASG)) as Overweight (1) –

Autosports Group’s 1H25 financial result was in line with revised guidance but significantly weaker than prior expectations, with pre-tax profit of $19m down -65% year-on-year.

Revenue growth slowed to 1%, with negative like-for-like sales reducing gross profit and OEM incentives, while operating expenses remained in line.

Management provided no formal guidance but flagged continued near-term trading challenges, contrasting with prior expectations of margin recovery.

The broker sees long-term value if new vehicle sales improve and margins recover but notes low earnings visibility in the short term.

Wilsons analysts have maintained an Overweight rating on Autosports Group, lowering the price target to $2.58 from $2.86.

This report was published on February 21, 2025.

Target price is $2.58 Current Price is $1.67 Difference: $0.91
If ASG meets the Wilsons target it will return approximately 54% (excluding dividends, fees and charges).
Current consensus price target is $1.85, suggesting upside of 10.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 9.50 cents and EPS of 14.80 cents.
At the last closing share price the estimated dividend yield is 5.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of -53.1%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 15.50 cents and EPS of 24.70 cents.
At the last closing share price the estimated dividend yield is 9.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 66.2%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 7.1.

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

CSC    CAPSTONE COPPER CORP.

Copper – Overnight Price: $9.14

Moelis rates ((CSC)) as Buy (1) –

Capstone Copper’s FY24 financial result was weaker than expected, with EBITDA of US$476.3m falling -17% below forecasts due to lower-than-expected 4Q production and higher costs.

Moelis analysts have maintained a Buy rating, lowering their price target to $13.00 from $14.00.

Full-year copper production of 182.7kt missed estimates by -6%, while C1 cash costs of US$2.75/lb exceeded prior expectations.

Management reaffirmed FY25 guidance, with production expected at 220-255kt copper and cash costs in the range of US$2.20-2.50/lb.

Moelis remains positive on Capstone’s long-term volume growth potential, but has adopted a more conservative outlook on execution risks.

This report was published on February 21, 2025.

Target price is $13.00 Current Price is $9.14 Difference: $3.86
If CSC meets the Moelis target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $12.47, suggesting upside of 37.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.58 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 199.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, 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 83.1.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.11 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 149.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of 38.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 60.0.

Market Sentiment: 1.0
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: $17.28

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

Corporate Travel Management’s 1Q25 EBITDA beat Canaccord’s forecast but operating cash flow was weaker than expected and contribution from Asian business was weak.

On the positive side, Australia/NZ businesses showed more revenue growth potential and strong incremental margin contribution, the broker highlights. In the UK, Corporate Travel became the sole provider to the government rather than one of three, and in the US, margins were strong despite modest revenue increases.

The broker cut FY25 EPS forecast by -1.4% to account for UK government budget cuts but raised FY26-27 forecasts by 14%. Target price rises to $18.8 from $14.4, and Buy retained.

This report was published on February 19, 2025.

Target price is $18.80 Current Price is $17.28 Difference: $1.52
If CTD meets the Canaccord Genuity target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $17.63, suggesting upside of 3.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 34.00 cents and EPS of 74.40 cents.
At the last closing share price the estimated dividend yield is 1.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.23.

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 1.8%.
Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 49.50 cents and EPS of 98.80 cents.
At the last closing share price the estimated dividend yield is 2.86%.
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 93.5, implying annual growth of 23.7%.
Current consensus DPS estimate is 38.8, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 18.3.

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

DYL    DEEP YELLOW LIMITED

Uranium – Overnight Price: $1.10

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

Canaccord Genuity notes Jurgen Hoffman-controlled Tumas Granite made its fifth application to challenge the validity of Deep Yellow’s mining licence covering the Tumas Uranium Project.

The broker notes Hoffman has done this before with Bannerman Energy ((BMN)) in 2007 and the matter was settled with financial payment.

The current litigation could delay Deep Yellow’s final investment decision for the March quarter but the broker doesn’t believe it justifies a -9% share price fall. Speculative Buy rating and target price is $1.83.

This report was published on February 21, 2025.

Target price is $1.83 Current Price is $1.10 Difference: $0.725
If DYL meets the Canaccord Genuity target it will return approximately 66% (excluding dividends, fees and charges).
Current consensus price target is $1.81, suggesting upside of 64.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.37 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 80.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 100.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -6.9, 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.

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: $0.88

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

Emeco Holdings’ 1H25 EBIT beat Canaccord’s forecast by 12%, and operating cash flow was also 12% higher than the broker’s forecast. 

The analyst highlights the company trades at a material discount to its NTA despite strong cash flow and EBIT margins of 17%.

The broker notes capital management is on hold ahead of $250m of notes maturity in July 2026. But after refinancing, the broker sees scope for dividends and share buyback.

Target price rises to $1.13 from $1.07, with the broker noting FY26 estimated PE is 5.6x. Buy rating retained.

This report was published on February 19, 2025.

Target price is $1.13 Current Price is $0.88 Difference: $0.25
If EHL meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 14.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.03.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 3.20 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.50.

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

Wilsons rates ((EVS)) as Upgrade to Overweight from Market Weight (1) –

Wilsons analysts have upgraded Envirosuite to Overweight from Market Weight, maintaining the price target at $0.06. The company’s 1H25 financial result proved in line with expectations, with revenue flat at $29.5m and EBITDA improving to $0.2m.

Annual recurring revenue (ARR) grew 9% to $65.7m, exceeding forecasts, while project sales doubled to $6m, indicating stronger future growth.

Management highlighted progress with NAV Canada and NASA contracts, as well as an upcoming deal via the Hitachi partnership. The broker sees upside potential from further ARR expansion and increasing traction in environmental monitoring markets.

This report was published on February 21, 2025.

Target price is $0.06 Current Price is $0.04 Difference: $0.017
If EVS meets the Wilsons target it will return approximately 40% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.78.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.37.

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

GOZ    GROWTHPOINT PROPERTIES AUSTRALIA

Infra & Property Developers – Overnight Price: $2.45

Moelis rates ((GOZ)) as Buy (1) –

Growthpoint Properties Australia’s 1H25 financial result was better than expected, with FFO of $88.8m, exceeding the broker’s estimate of $80.0m due to higher transaction fees and amortisation adjustments.

Net Tangible Assets declined -7% to $3.21, reflecting a -4.7% drop in office asset valuations, though industrial assets saw a 1.5% valuation uplift.

Management reaffirmed FY25 guidance for FFO of 22.3-23.1cps and DPU of 20.3cps, with leasing spreads improving across industrial properties.

Moelis remains positive on Growthpoint’s valuation, citing its -25% discount to NTA and 7.6% distribution yield. Moelis analysts have maintained a Buy rating on Growthpoint Properties Australia, lowering the price target to $3.07 from $3.32.

This report was published on February 21, 2025.

Target price is $3.07 Current Price is $2.45 Difference: $0.62
If GOZ meets the Moelis target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $2.59, 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 20.30 cents and EPS of 22.60 cents.
At the last closing share price the estimated dividend yield is 8.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of N/A.
Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 8.3%.
Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 18.50 cents and EPS of 23.50 cents.
At the last closing share price the estimated dividend yield is 7.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.2, implying annual growth of 1.0%.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 12.2.

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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $160.00

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

Light & Wonder announced a definitive agreement to acquire charitable gaming assets of Grover Gaming and Canaccord Genuity notes it will provide access to adjacent and regulated markets in the early stages of digital legalisation.

The broker sees new market expansion as an important factor in the company’s growth and notes the upfront consideration of -US$850m (7.7x) falls towards 6.0x on its FY26 forecasts.

Target price lifted to $201 on a 10% rise to FY26 EBITDA forecast and 8.5% rise to net profit estimate. Buy rating maintained.

This report was published on February 19, 2025.

Target price is $201.00 Current Price is $160.00 Difference: $41
If LNW meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $185.17, suggesting upside of 16.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 490.23 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.64.

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 42.7.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 733.05 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.83.

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 28.3.

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: $3.58

Wilsons rates ((MGH)) as Overweight (1) –

Wilsons analysts have maintained an Overweight rating on Maas Group, lowering the price target to $4.75 from $6.01.

The company’s 1H25 financial result is categorised as “mixed”, with net profit of $32m down -17% year-on-year but 9% above estimates, supported by fair value gains.

Construction Materials EBITDA grew 24% on acquisitions but fell short of forecasts due to weaker margins and lower quarry volumes, while Civil Construction & Hire EBITDA declined -47% on project delays and losses.

Operating cash flow was significantly below expectations at -$3m, impacted by working capital movements and higher tax payments.

Wilsons sees long-term upside in the core business but has lowered earnings forecasts across key segments, citing higher costs and utilisation headwinds.

This report was published on February 21, 2025.

Target price is $4.75 Current Price is $3.58 Difference: $1.17
If MGH meets the Wilsons target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 8.50 cents and EPS of 22.90 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.63.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 12.50 cents and EPS of 30.50 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.74.

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

MP1    MEGAPORT LIMITED

Cloud services – Overnight Price: $11.35

Canaccord Genuity rates ((MP1)) as Buy (1) –

Canaccord Genuity highlights Megaport’s net recurring revenue (NRR) in 1H25 result rose by 100bps to 107%, stabilising after a period of decline. The broker suspects this data point was the reason for the share price gain post-result.

The broker believes along with NRR, provisioned port capacity and customer utilisation data showed the company’s growth story is intact. In particular, the broker notes the customer utilisation metric showed a positive trajectory, confirming investments in product and innovation are delivering an acceleration in usage.

Target price rises to $12.6 from $9.45. Buy rating is unchanged.

This report was published on February 21, 2025.

Target price is $12.60 Current Price is $11.35 Difference: $1.25
If MP1 meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $11.22, suggesting downside of -0.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 10.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 110.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of 102.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 92.6.

Forecast for FY26:

Canaccord Genuity 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 71.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.6, implying annual growth of 52.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 60.8.

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

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $4.62

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

Canaccord Genuity notes Nanosonics’ 1H24 result was strong, with the highlight being an upgrade to FY25 revenue guidance reflecting strong operating leverage from the Trophon business.

The broker believes the cadence of new installed base growth has finally re-set to sub-3,000 units/year, opening the opportunity for ongoing beats, especially if upgrade cycles play out. The broker also sees the opportunity for more customer wins in Japan.

The analyst upgraded FY26-27 forecasts on improving consumables/services business and incremental revenue from Coris. Target price lifts to $4.47 from $3.12, and Hold retained. 

This report was published on February 20, 2025.

Target price is $4.47 Current Price is $4.62 Difference: minus $0.15 (current price is over target).
If NAN meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.37, suggesting downside of -5.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 115.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of 44.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 74.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 115.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 21.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 61.6.

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

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Wilsons rates ((NAN)) as Overweight (1) –

Wilsons analysts have maintained an Overweight rating on Nanosonics, raising the price target to $6.00 from $4.00. The company’s 1H25 financial result was better than expected.

The broker notes revenue of $93.6m was up 18% year-on-year and 3% ahead of forecasts, while EBITDA of $12.7m exceeded estimates by 11%.

Gross margin remained strong at 78.4%, and operating cash flow improved significantly to $21.2m.

Management upgraded FY25 guidance, now forecasting 13-16% revenue growth, higher gross margins, and tighter cost control, with the upcoming Coris launch in 1QFY26 considered a key catalyst.

The broker sees further upside potential, citing growing Trophon adoption, regulatory approvals, and strong cash flow generation.

This report was published on February 21, 2025.

Target price is $6.00 Current Price is $4.62 Difference: $1.38
If NAN meets the Wilsons target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $4.37, suggesting downside of -5.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 85.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of 44.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 74.5.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 98.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 21.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 61.6.

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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $31.09

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

Wilsons analysts have maintained a Market Weight rating on Netwealth Group, raising their price target to $32.54 from $31.65.

The company’s 1H25 financial result was better than expected, with revenue of $155.4m exceeding forecasts by 4%, EBITDA of $78.0m beating by 6%, and EPS of 23.5c coming in 16% ahead, driven by strong transactional activity and a lower tax rate.

Funds under administration increased by $4.5bn year-to-date, though net flows have softened due to seasonally weak January inflows.

Management remained cautious on FY26 cost expectations, which the broker sees as a key risk to upgrading the stock. Wilsons acknowledges the strong growth outlook but stays at Market Weight due to valuation concerns.

This report was published on February 21, 2025.

Target price is $32.54 Current Price is $31.09 Difference: $1.45
If NWL meets the Wilsons target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $31.16, suggesting upside of 0.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 36.00 cents and EPS of 47.40 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 65.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.5, implying annual growth of 36.1%.
Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 66.6.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 44.00 cents and EPS of 55.30 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 56.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.2, implying annual growth of 20.9%.
Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 55.1.

Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RIC    RIDLEY CORPORATION LIMITED

Agriculture – Overnight Price: $2.49

Wilsons rates ((RIC)) as Overweight (1) –

Ridley Corp’s 1H25 financial result was weaker than expected, with EBITDA of $51m coming in -5% below forecasts due to softer performance in Bulk Stockfeeds, despite strong contributions from Packaged Feeds & Ingredients.

Net profit of $22m was down -2% year-on-year and -9% below estimates, primarily driven by higher depreciation and amortisation.

Management expects earnings growth in 2H25, supported by increased volumes, operational benefits from site expansions, and efficiency savings.

The broker remains positive on Ridley’s long-term outlook, citing strong reinvestment strategies and potential for sustained earnings growth.

Wilsons analysts have maintained an Overweight rating, lowering their price target slightly to $2.93 from $2.94.

This report was published on February 21, 2025.

Target price is $2.93 Current Price is $2.49 Difference: $0.44
If RIC meets the Wilsons target it will return approximately 18% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 9.80 cents and EPS of 14.10 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.66.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 11.30 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 4.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.66.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $6.46

Jarden rates ((STO)) as Overweight (2) –

Jarden reckons the -6% miss in Santos’ FY24 net profit was mainly due to non-cash items and overall not important to the company’s investment thesis.

The more important news was positive, with Barossa LNG on track for first gas in 3Q25 and capex tracking to the original budget of US$4.2bn, and the company is targeting annual cost savings of -US$100-150m.

The broker has taken a slightly more conservative view, lowering the production estimate for Barossa in 2025 by -4mmboe and for Pikka Phase 1 production by -1.2mmboe in 2025, partly offset by higher WA gas output forecast in 2025.

The broker has also lowered free cash flow generation forecasts from lower production. Target price cut marginally to $7.60 from $7.65. Overweight rating stays.

This report was published on February 20, 2025.

Target price is $7.60 Current Price is $6.46 Difference: $1.14
If STO meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $7.91, suggesting upside of 22.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 31.77 cents and EPS of 55.90 cents.
At the last closing share price the estimated dividend yield is 4.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.1, implying annual growth of N/A.
Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 36.04 cents and EPS of 72.39 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.1, implying annual growth of 22.0%.
Current consensus DPS estimate is 42.4, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 7.7.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.06

Jarden rates ((TLC)) as Overweight (2) –

Jarden notes Lottery Corp reported a strong 1H25 operational result, with the highlight being the FY25 opex guidance of $310-320m which the broker considers as “favourable” vs its previous estimate. 

Interim dividend of 8.0cps was at the higher end of the target payout ratio and leverage remained below the target range, with further deleveraging anticipated in the short term.

The broker notes lottery revenue was 2% higher y/y when adjusting for below-modelled jackpot sequences and highlights a strong, resilient result. A key negative was base games turnover of -3% y/y, despite full period benefit of Weekday Windfall refresh.

The analyst expects game changes and increased customer/digital engagement to drive mid single-digit top line, and greater operating leverage over time. 

Target price rises to $5.15 from $5.05, Overweight retained.

This report was published on February 19, 2025.

Target price is $5.15 Current Price is $5.06 Difference: $0.09
If TLC meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $5.53, suggesting upside of 10.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.50 cents and EPS of 16.10 cents.
At the last closing share price the estimated dividend yield is 3.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.43.

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 30.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.50 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.35.

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 3.7%.
Current consensus EPS estimate suggests the PER is 26.7.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $30.33

Wilsons rates ((TLX)) as Overweight (1) –

Telix Pharmaceuticals’ FY24 financial result proved better than expected, with revenue of $783m, up 56% year-on-year and 2% ahead of forecasts, while adjusted net profit of $88.3m exceeded estimates by 14%, Wilsons comments.

EBITDA of $99.3m grew 70% but came in -7% below expectations due to higher-than-anticipated SG&A expenses. Management has guided FY25 revenue of $1.18bn$1.23bn, excluding potential contributions from Gozellix, Pixclara and Zircaix, with Illucix sales upgraded by 14-15%.

The broker sees Telix as a leader in radiopharmaceuticals, with multiple product approvals expected to drive further upside.

Wilsons has maintained an Overweight rating, raising its price target to $35.00 from $25.00 (not a typo).

This report was published on February 21, 2025.

Target price is $35.00 Current Price is $30.33 Difference: $4.67
If TLX meets the Wilsons target it will return approximately 15% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 31.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 97.21.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 58.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.58.

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

VCX    VICINITY CENTRES

REITs – Overnight Price: $2.17

Jarden rates ((VCX)) as Overweight (2) –

Jarden notes Vicinity Centres’ 1H25 result was in line with expectations and showed ongoing strength in the leasing market. The broker sees the outlook stabilising as lost rent peaks in FY25 and administration-related backfill is re-leased.

Due to the stronger portfolio metrics, management upgraded the net operating income growth forecast for FY25 to 3.5-4.0% from 3.0-3.5%.  

The broker believes Vicinity’s earnings growth remains appealing across the passive REIT sector, with asset recycling, development deliveries, ongoing cost discipline and solid lease momentum, underpinned by a resilient consumer.

Target rises to $2.6 from $2.5, Overweight rating maintained.

This report was published on February 19, 2025.

Target price is $2.60 Current Price is $2.17 Difference: $0.43
If VCX meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.26, suggesting upside of 3.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 12.00 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 5.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of 24.0%.
Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 12.40 cents and EPS of 15.20 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of N/A.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 14.7.

Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

VGL    VISTA GROUP INTERNATIONAL LIMITED

Software & Services – Overnight Price: $2.92

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

Ahead of Vista International’s FY24 result on February 28, Canaccord Genuity expects total group revenue of NZ$148m and adjusted EBITDA of NZ$20m. 

The broker expects FY25 EBITDA margin guidance of 16-18% versus an estimated 13-14% for FY24.

The broker believes it’s inevitable the company will achieve cloud migration for its 300 enterprise customers.

This, coupled with a positive box office outlook, would leave the business on track to meet its long-term annual recurring revenue target of over NZ$300m, the broker highlights.

Target price of $3 and Buy rating are unchanged.

This report was published on February 19, 2025.

Target price is $3.00 Current Price is $2.92 Difference: $0.08
If VGL meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 456.96.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.47 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 84.25.

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

VNT    VENTIA SERVICES GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $4.25

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

Ventia Services’ FY24 EBITDA slightly missed Canaccord Genuity’s forecast but net profit beat the estimate, and cash flow was strong. Strong cash conversation pushed down net debt to $501m from $516.3m at the end of 1H.

Work-in-hand jumped with a balance of $19.4bn at the end of FY24 from $17.2bn in June, underpinned by a 5-year and $2bn agreement with Telstra ((TLS)) announced in December.

The broker sees material growth opportunities in the domestic maintenance services market, given the company’s relatively small market share currently.

The broker lifted FY26 EBITDA forecast by 1%, and raised FY25 and FY26 net profit estimates by 1% and 3% respectively. Target price rises to $4.88 from $4.75, Buy rating retained.

This report was published on February 19, 2025.

Target price is $4.88 Current Price is $4.25 Difference: $0.63
If VNT meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $4.33, suggesting upside of 2.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 22.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.6, implying annual growth of 11.1%.
Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 24.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.4, implying annual growth of 6.3%.
Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.8.

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

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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.

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