Australian Broker Call *Extra* Edition – Feb 27, 2025

This story features ABACUS GROUP, and other companies. For more info SHARE ANALYSIS: ABG

The company is included in ASX300 and ALL-ORDS

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

ABG   CEH   CRN   GDI   GNP   GOR (2)   LBL   MXI   MYX   QBE   SFR   SKC   SLC (2)   SLX   SUL   TAH   TCL   TRS   TYR   UNI   WAF   WES  

ABG    ABACUS GROUP

REITs – Overnight Price: $1.19

Moelis rates ((ABG)) as Buy (1) –

Abacus Group’s reported funds from operations of 4.5cps, beating Moelis’ forecast of 4.3c.

However, the trend in office earnings is labelled marginally weak with occupancy falling sequentially to 89.9% from 90.2%, and a further 5% of income is up for expiry in 2H. Leasing weighted average expiry also fell slightly to 3.7 years.

The broker revised forecasts to reflect office vacancy and leasing assumptions, lowering FY25 net profit forecast by -2.8%. Target price drops to $1.41 from $1.45, and Buy retained.

This report was published on February 24, 2025.

Target price is $1.41 Current Price is $1.19 Difference: $0.22
If ABG meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $1.26, suggesting upside of 5.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 8.50 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 7.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.0, implying annual growth of N/A.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 8.60 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 7.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of -3.3%.
Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 13.7.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CEH    COAST ENTERTAINMENT HOLDINGS LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.47

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

Canaccord Genuity notes Coast Entertainment’s 1H25 result was in line with expectation, and January trading was better due to a boost from the long-awaited Rivertown precinct.

The bigger news was some progress on the Gold Coast land development application which is now back to Council for final approval. the broker places the value at $20-60m assuming formal approval is received.

Minor revisions to FY25-26 revenue and EBITDA forecasts. Buy rating maintained and target price is unchanged at 60c.

This report was published on February 21, 2025.

Target price is $0.60 Current Price is $0.47 Difference: $0.135
If CEH meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY26:

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

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $0.55

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

Coronado Global Resources delivered 2024 underlying earnings that were in line, being largely pre-reported.

Goldman Sachs notes EBITDA was the second lowest on record for the company with the Curragh mine generating just US$3m because of higher costs from waste stripping and lower metallurgical coal prices.

Wth the metallurgical coal price under pressure, the broker asserts a balancing act is required to maximise operating cash flow until the onerous Stanwell rebate goes in early 2027.

Estimates for 2025 and 2026 EBITDA are reduced by -3%. Buy rating is maintained on valuation with the target unchanged at $1.05.

This report was published on February 21, 2025.

Target price is $1.05 Current Price is $0.55 Difference: $0.505
If CRN meets the Goldman Sachs target it will return approximately 93% (excluding dividends, fees and charges).
Current consensus price target is $0.92, suggesting upside of 67.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 1.53 cents and EPS of 6.11 cents.
At the last closing share price the estimated dividend yield is 2.80%.
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 0.3, implying annual growth of N/A.
Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 183.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 6.11 cents and EPS of 7.64 cents.
At the last closing share price the estimated dividend yield is 11.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.4, implying annual growth of 4366.7%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 7.8%.
Current consensus EPS estimate suggests the PER is 4.1.

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

GDI    GDI PROPERTY GROUP

REITs – Overnight Price: $0.64

Moelis rates ((GDI)) as Buy (1) –

GDI Property’s 1H25 funds from operations of 3.1cps fell short of Moelis’ forecast but distribution of 2.5cps was consistent with FY25 guidance of 5cps.

Net tangible assets (NTA) was unchanged at $1.19 per security as higher debt for capex and distribution offset valuation increases for the WS complex.

The broker made minor changes to forecasts, resulting in a small drop in target price to 97c from 98c. Buy retained.

This report was published on February 24, 2025.

Target price is $0.97 Current Price is $0.64 Difference: $0.33
If GDI meets the Moelis target it will return approximately 52% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 5.00 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 7.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.85.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 5.50 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 8.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.21.

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

GNP    GENUSPLUS GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $2.67

Moelis rates ((GNP)) as Buy (1) –

GenusPlus Group’s 1H25 net profit beat Moelis’ forecast by 10%, and the company reaffirmed guidance for at least 20% FY25 EBITDA growth implying $54m compared with 1H normalised EBITA of $27.4m.

The broker highlights the order book has almost trebled, growth continues across all business segments, and activity levels and contract momentum are very strong.

The analyst raised FY25 and FY26 EPS forecasts by 16% and 14% respectively after incorporating several acquisitions in the 1H and recent contract wins. Target price rises to $3.22 from $2.78. Buy maintained.

This report was published on February 24, 2025.

Target price is $3.22 Current Price is $2.67 Difference: $0.55
If GNP meets the Moelis target it will return approximately 21% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 3.00 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 1.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.52.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 3.20 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 1.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.75.

Market Sentiment: 1.0
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: $2.50

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

Canaccord Genuity notes Gold Road Resources’ FY24 EBITDA was in line with forecasts but net profit was a miss largely due to higher depreciation.

The company remains debt-free and unhedged, reporting free cash flow of $92m over FY24.

The broker estimates end-June cash, bullion and liquid investments of around $1.1bn, assuming Northern Star’s ((NST)) acquisition of De Grey Mining ((DEG)) is completed in May.

The broker made modest revisions to forecasts and marked to market the holding in De Grey Mining. This pushed the target price higher to $2.80. Buy retained.

This report was published on February 21, 2025.

Target price is $2.80 Current Price is $2.50 Difference: $0.3
If GOR meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.85, suggesting upside of 12.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 3.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 1.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 80.6%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 4.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of -8.0%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 11.6.

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

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

Gold Road Resources reported 2024 earnings that were largely in line with Goldman Sachs estimates.

The cash position increased at the end of the year to $166m, with an additional $8m in gold ore and bullion held in inventory, supported by a commitment to an unhedged strategy.

2025 guidance is unchanged at 325-355,000 ounces at AISC of $2400-2600/oz.

Goldman Sachs increases its target to $2.80 from $2.75 and retains a Buy rating, asserting the stock is the only gold producer in its coverage with strong “capital expenditure-light” free cash flow and no major growth expenditure.

This report was published on February 21, 2025.

Target price is $2.80 Current Price is $2.50 Difference: $0.3
If GOR meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.85, suggesting upside of 12.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 4.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 80.6%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 9.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of -8.0%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 11.6.

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

LBL    LASERBOND LIMITED

Mining Sector Contracting – Overnight Price: $0.42

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

Laserbond’s 1H25 result was mixed, noted Canaccord Genuity, with the products division struggling and services continuing on its strong trajectory.

The company is developing a new commercial strategy for the technology segment by re-engaging business development.

The company guided to 2H group revenue of $22-25m, bringing 1H revenue to $44m. Profit guidance of $2.4-3.1m in 2H is significantly higher than 1H’s $1.3m.

The broker cut its FY25 revenue forecast to align with the company’s guidance. FY25 revised EBITDA estimate is also down to $8.4m from $14m. Target price cut to $0.85 from $1.10, and Buy rating retained.

This report was published on February 21, 2025.

Target price is $0.85 Current Price is $0.42 Difference: $0.43
If LBL meets the Canaccord Genuity target it will return approximately 102% (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 0.80 cents and EPS of 2.50 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.80.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.90 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.24.

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

MXI    MAXIPARTS LIMITED

Automobiles & Components – Overnight Price: $1.94

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

Canaccord Genuity notes MaxiPARTS 1H25 result showed strong performance following integration with recently acquired WA-based Independent Parts and Forch Australia in Brisbane.

EBITDA was up 28.6% y/y to $13.7m, slightly ahead of the broker’s $13.4m forecast.

Strong operating cash flow helped reduce net debt to $10.4m from $15.9m in FY23, and the broker expects further improvement across FY25 to $5.6m.

No material forecast changes. Buy rating remains and target price is unchanged at $2.5.

This report was published on February 24, 2025.

Target price is $2.50 Current Price is $1.94 Difference: $0.56
If MXI meets the Canaccord Genuity target it will return approximately 29% (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 6.63 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.41.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 8.00 cents and EPS of 20.00 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 9.70.

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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $7.23

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

Cosette Pharma entered into a scheme of arrangement to acquire Mayne Pharma for $7.4/share or $672m. Canaccord Genuity believes this represents healthy value and upside for both parties.

The broker notes the board and majority shareholder Viburnum support the transaction, and the analyst would be surprised by a competing bid.

No changes to forecasts, with the broker looking forward to the 1H25 result for more colour on the transaction. Rating downgraded to Hold from Buy, and target price lifts to $7.40 from $6.25.

This report was published on February 24, 2025.

Target price is $7.40 Current Price is $7.23 Difference: $0.17
If MYX meets the Canaccord Genuity target it will return approximately 2% (excluding dividends, fees and charges).

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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $21.56

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

In the wake of the 2024 results, Goldman Sachs notes rates have moderated and expectations for 2025 are for an increase of 3-4% across the group, within QBE insurance’s mid single-digit gross written premium growth guidance.

The insurer has flagged persistent inflation in certain classes, including motor vehicle, home construction and A&H medical. Its priority is to grow volumes through the cycle, envisaging a number of opportunities across the business.

Goldman Sachs retains a Buy rating with a $22.50 target.

This report was published on February 21, 2025.

Target price is $22.50 Current Price is $21.56 Difference: $0.94
If QBE meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $22.96, suggesting upside of 6.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 53.00 cents and EPS of 177.21 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 12.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 185.7, implying annual growth of N/A.
Current consensus DPS estimate is 90.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 56.00 cents and EPS of 186.37 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.7, implying annual growth of 7.5%.
Current consensus DPS estimate is 97.4, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 10.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $10.58

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

Goldman Sachs incorporates the half-year results from Sandfire Resources, noting underlying EBITDA and net debt were previously disclosed.

No dividend was declared with management indicating one will be unlikely until net cash is reached. Credit approval has been obtained to replace the existing debt facility.

No change to FY25 guidance. Goldman Sachs considers the stock fairly valued and retains a Neutral rating, remaining bullish regarding copper over the medium to long term. Target is $10.40.

This report was published on February 21, 2025.

Target price is $10.40 Current Price is $10.58 Difference: minus $0.18 (current price is over target).
If SFR meets the Goldman Sachs target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $10.46, suggesting downside of -4.2%(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 45.83 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of N/A.
Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 26.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 22.15 cents and EPS of 94.71 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.2, implying annual growth of 66.7%.
Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 15.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SKC    SKYCITY ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $1.20

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

Jarden notes Skycity Entertainment’s 1H25 result was weak, with the key negatives being reduced spend per visit and increased risk transformation cost. 

The biggest negative was the Adelaide risk transformation spend quantified at -NZ$60m over the next three years.

For FY25, the company downgraded EBITDA guidance by -NZ$20m to NZ$225m on higher Adelaide cost of -NZ$8m plus -NZ$12m for other items.

The company’s view on pro-forma earnings power after adjusting for various factors is NZ$300m EBITDA, which the broker thinks is a positive signal but also an FY28 story.

The broker has cut FY25 EBITDA estimate to NZ$22m from NZ$251m with similar reductions in FY26-27. The longer-term earnings base is believed to be similar to NZ$300m pro-forma.

Target price of NZ$1.85 and Overweight rating are unchanged.

This report was published on February 20, 2025.

Current Price is $1.20. Target price not assessed.
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 9.21 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.03.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.94 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.43.

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

SLC    SUPERLOOP LIMITED

Telecommunication – Overnight Price: $2.17

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

Canaccord Genuity is impressed by Superloop’s 1H25 result, with the key highlight being gross cash conversion of 98% and 300bps expansion in EBITDA margin.

Consumer subscriber numbers rose further with 18k added in November/December alone to reach 360k versus the broker’s 340k forecast.

Net cash position increased to $11m and the broker notes the debt capacity provides flexibility for M&A. The broker left FY25 EBITDA forecast intact, but increased FY26 by 1%. Target price rises to $2.58 from $2.52, and Buy retained.

This report was published on February 24, 2025.

Target price is $2.58 Current Price is $2.17 Difference: $0.41
If SLC meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $2.61, suggesting upside of 20.4%(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 6.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.3, 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 40.9.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of 32.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 31.0.

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

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

Superloop delivered first half underlying EBITDA that was up 66%, albeit still slightly below Goldman Sachs’ estimate.

Consumer revenue growth increased 43%, amid continued market share gains and high-speed plans.

Business revenue declined by -1%, with price erosion on corporate data. Wholesale revenue increased by 52%, which the broker observes benefited from the transition of the Origin Energy ((ORG)) network.

The company has reiterated its FY26 ambitions and made no changes to FY25 guidance. Sell rating and $2.10 target.

This report was published on February 21, 2025.

Target price is $2.10 Current Price is $2.17 Difference: minus $0.07 (current price is over target).
If SLC meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.61, suggesting upside of 20.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.3, 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 40.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of 32.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 31.0.

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

SLX    SILEX SYSTEMS LIMITED

Uranium – Overnight Price: $4.16

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

Canaccord Genuity has trimmed Silex Systems’ target price to allow for minor delays to the first production date to 2H29.

The broker believes Silex is well-placed to benefit from the nuclear renaissance, noting Global Laser Enrichment (50% Silex) was selected by the US Department of Energy under the low-enriched uranium program.

Global Laser is targeting a US Nuclear Regulatory Commission licence in early 2028. Speculative Buy rating maintained and target price is $6.46.

This report was published on February 24, 2025.

Target price is $6.46 Current Price is $4.16 Difference: $2.3
If SLX meets the Canaccord Genuity target it will return approximately 55% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 4.13 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 100.85.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 0.92 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 453.65.

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

SUL    SUPER RETAIL GROUP LIMITED

Automobiles & Components – Overnight Price: $14.13

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

Jarden observes Super Retail Group’s 1H25 result was weak with EBITDA missing its forecast by -5%, but notes competitive pressures in auto have eased modestly in 2H to date. 

The broker cut FY25 EBIT forecast by -8% and margins by -110bps, and lowered FY26 EBIT forecast by -4%. The broker’s more positive view into FY26-27 reflects, among other things, loyalty — active members same as Wesfarmers ((WES)).

Near-term forecast cuts reflect a combination of weaker 1H25 results, higher distribution centre duplication costs and weaker margins.

Target price cut to $15.70 from $16.80. Overweight weight retained on view this should be the last of the negative EPS revisions.

This report was published on February 20, 2025.

Target price is $15.70 Current Price is $14.13 Difference: $1.57
If SUL meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $16.18, suggesting upside of 13.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 69.00 cents and EPS of 95.40 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.2, implying annual growth of -3.9%.
Current consensus DPS estimate is 90.6, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 72.00 cents and EPS of 105.10 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.1, implying annual growth of 10.7%.
Current consensus DPS estimate is 87.9, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.6.

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

TAH    TABCORP HOLDINGS LIMITED

Gaming – Overnight Price: $0.72

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

Jarden cheers the progress made by Tabcorp in a short time under new management, and while soft racing turnover remains a hurdle, the broker believes the building blocks are being put in place. 

The analyst is not ruling out the possibility of a sustained turnaround. In terms of result, 1H25 EBITDA rose 11.9% to $190m, and free cash flow translated to lower debt and balance sheet improvement.

The broker raised FY25 EBITDA forecast by 4% but lowered FY26 by -2%. Target price lifted to 75c from 65, and Overweight rating is maintained.

This report was published on February 21, 2025.

Target price is $0.75 Current Price is $0.72 Difference: $0.03
If TAH meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $0.67, suggesting downside of -8.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 1.50 cents and EPS of 1.60 cents.
At the last closing share price the estimated dividend yield is 2.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.7, implying annual growth of N/A.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 42.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 1.60 cents and EPS of 2.60 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.9, implying annual growth of 70.6%.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 25.2.

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

TCL    TRANSURBAN GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $13.21

Jarden rates ((TCL)) as Neutral (3) –

Jarden notes Transurban Group’s 1H25 proportional EBITDA beat consensus as softer proportional revenue offset an even softer cost.

The broker thinks the 4% FY25 cost growth guided by management previously is too conservative, and expects consensus to pull it back to 3.2%, with FY26 forecast at 7.7%.

The broker raised FY25-28 EBITDA forecasts by an average 1% on better-than-expected traffic recovery for Sydney, Brisbane and North America, while paring back FY25 cost growth forecast.

Target lifted to $12.40 from $12.30. Rating Neutral.

This report was published on February 21, 2025.

Target price is $12.40 Current Price is $13.21 Difference: minus $0.81 (current price is over target).
If TCL meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.44, suggesting upside of 0.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 65.00 cents and EPS of 16.40 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 80.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.7, implying annual growth of 191.0%.
Current consensus DPS estimate is 65.1, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 43.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 68.00 cents and EPS of 24.10 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of 1.3%.
Current consensus DPS estimate is 68.9, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 42.8.

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

TRS    REJECT SHOP LIMITED

Household & Personal Products – Overnight Price: $3.40

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

The surprise in The Reject Shop’s 1H25 result for Jarden was the 14% y/y rise in EBIT, driven by 60bps margin improvement.

Gross margins rose 125bps driven by mix improvements and the broker believes the retailer is on track to achieve 40.5% gross margin in FY25.

The broker notes sales in February year-to-date were up 3.8%, driven by growth in volume and average prices. 

The broker lifted FY25-27 EBITDA forecasts by 1-2% and raised net profit forecasts on higher general merchandise sales and new stores, plus gross margin improvement.

Target price of $5.1 and Overweight rating are unchanged.

This report was published on February 20, 2025.

Target price is $5.10 Current Price is $3.40 Difference: $1.7
If TRS meets the Jarden target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $3.97, suggesting upside of 16.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 17.00 cents and EPS of 20.80 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.1, implying annual growth of 62.2%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 34.00 cents and EPS of 42.30 cents.
At the last closing share price the estimated dividend yield is 10.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.1, implying annual growth of 29.9%.
Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 13.0.

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

TYR    TYRO PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $0.94

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

Ahead of Tyro Payments’ 1H25 result, Canaccord Genuity forecasts gross profit of $113m and EBITDA to increase 21% y/y to $33m.

The broker expects FY25 gross profit guidance of $218-$226m, and EBITDA margin of 28%.

Buy rating and $1.65 target price are unchanged.

This report was published on February 21, 2025.

Target price is $1.65 Current Price is $0.94 Difference: $0.705
If TYR meets the Canaccord Genuity target it will return approximately 75% (excluding dividends, fees and charges).
Current consensus price target is $1.33, suggesting upside of 41.7%(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 4.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.1, implying annual growth of -36.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 30.3.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.2, implying annual growth of 35.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.6
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: $8.86

Jarden rates ((UNI)) as Buy (1) –

Universal store’s 1H25 net profit was 6% ahead of Jarden’s forecast, but the bigger news was the stronger-than-expected trading update for the first seven weeks of 2H. 

The broker notes all brands performed exceptionally well, with the company not only gaining share from General Pants and Glue store closures but overall.

The broker sees the company’s strategic importance and bargaining power increasing with landlords following those store closures, which supports its long-term store roll out forecasts.

The broker upgraded FY25-27 net profit forecasts by 2-6%. Target price rises to $10.38 from $8.97, and Buy retained.

This report was published on February 20, 2025.

Target price is $10.38 Current Price is $8.86 Difference: $1.52
If UNI meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $9.65, suggesting upside of 7.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 45.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.34.

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 20.0.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 54.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.41.

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 4.2%.
Current consensus EPS estimate suggests the PER is 16.7.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WAF    WEST AFRICAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.73

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

West African Resources published 2025 guidance for the Sanbrado mine and Kiaka development, resulting in an increase in Canaccord’s Kiaka production forecast and a cut in costs.

Overall, the broker has increased its estimated exploration and growth capital spend in line with guidance.

Guidance for Sanbrado was in line with the broker at 200koz at US$1,350/oz cost while Kiaka production of 125koz beat the analyst’s 82koz forecast.

The broker revised the Kiaka production forecast up to 100koz, and marginally cut the cost forecast to US$1,700/oz from US$1,765/oz

Target price of $3.95 and Buy rating are unchanged.

This report was published on February 24, 2025.

Target price is $3.95 Current Price is $1.73 Difference: $2.225
If WAF meets the Canaccord Genuity target it will return approximately 129% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 29.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.95.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 11.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 6.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.03.

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

WES    WESFARMERS LIMITED

Consumer Products & Services – Overnight Price: $74.72

Jarden rates ((WES)) as Underweight (4) –

The only negative in Wesfarmers’ 1H25 result, according to Jarden, was a risk to consensus expectations around the pace of Mt Holland mine turning to profit. This is because it creates a -$50-100m risk to EBIT in FY26-27.

In the 1H, EBIT beat consensus by 2% and the company talked about positive momentum in 2H. The broker is less worried about a catalyst for de-rate, noting its Underweight rating is a relative sector call.

In the near term, the broker expects Kmart, Bunnings and health brands to be the drivers, lifting FY25 EPS by 2%.

Target price rises to $67.5 from $61.00, and Underweight rating stays.

This report was published on February 20, 2025.

Target price is $67.50 Current Price is $74.72 Difference: minus $7.22 (current price is over target).
If WES meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $70.29, suggesting downside of -6.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 207.00 cents and EPS of 234.10 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 237.1, implying annual growth of 5.1%.
Current consensus DPS estimate is 201.4, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 31.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 238.00 cents and EPS of 268.70 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 264.2, implying annual growth of 11.4%.
Current consensus DPS estimate is 227.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 28.3.

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

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