In Case You Missed It – BC Extra Upgrades & Downgrades – 28-02-25

This story features ANZ GROUP HOLDINGS LIMITED, and other companies. For more info SHARE ANALYSIS: ANZ

The company is included in ASX20, ASX100, ASX200, ASX300 and ALL-ORDS

Broker Rating Changes (Post Thursday Last Week)

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ANZ GROUP HOLDINGS LIMITED ((ANZ)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden believes ANZ Bank is on track to deliver super asset quality outcomes and its material relative valuation appeal is difficult to ignore. CommBank’s ((CBA)) PE is 2x premium vs ANZ, the broker notes, as it upgrades the bank to Overweight from Neutral.

The analyst likes the Suncorp ((SUN)) Bank acquisition and notes incoming CEO Nuno Matos brings valuable experience in retail banking.

The 1Q25 update showed a 4% q/q rise in net lending assets, driven mainly by insto. Asset quality remains benign and CET1 at 11.55% was a tad lighter than expected, the broker notes.

Target price is $30.50.

ENVIROSUITE LIMITED ((EVS)) Upgrade to Overweight from Market Weight by Wilsons.B/H/S: 0/0/0

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.

Downgrade

AUCKLAND INTERNATIONAL AIRPORT LIMITED ((AIA)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Auckland International Airport’s 1H25 normalised net profit missed Jarden’s forecast by -NZ$15m, though the miss at EBITDAFI line was somewhat smaller at -NZ$7m. The airport’s net profit guidance range of NZ$290-320m reflects a NZ$10m lift at the bottom end, the broker notes.

The broker highlights a worsening outlook for the fleet with ongoing engine maintenance delays alongside planned interior refurbishments suggesting 15-20% of its jet fleet will be out of service over the next two years.  The analyst has factored these worsening projections into the near-term forecasts, reducing overall passenger volumes by a further -3-5%.

Net profit forecasts for FY25-27 cut by -4-8% on lower aeronautical and retail revenues linked to lower passenger volumes.Target price cut to NZ$8.00 from NZ$8.21, and rating downgraded to Neutral from Overweight.

AUSTAL LIMITED ((ASB)) Downgrade to Hold from Buy by Petra Capital.B/H/S: 0/0/0

Austal’s 1H25 EBIT was ahead of Petra Capital’s forecast due to higher non-sales revenue, and margin improved 66bps to 5%.

The broker notes this bodes well for the outlook, given the order book and tender pipeline, current productivity initiatives and pending REA outcome.

The company tweaked FY25 guidance to “not less than $80m” EBIT from $80m, and consistent with this, the broker lifted EBIT estimate by 11%.

Target price unchanged at $4.07. Rating downgraded to Hold from Buy as stock is now considered trading at fair value.

MAYNE PHARMA GROUP LIMITED ((MYX)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0

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.

Order	Company	New Rating	Old Rating	Broker
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1	ANZ GROUP HOLDINGS LIMITED	Buy	Neutral	Jarden
2	ENVIROSUITE LIMITED	Buy	Neutral	Wilsons
Downgrade
3	AUCKLAND INTERNATIONAL AIRPORT LIMITED	Neutral	Buy	Jarden
4	AUSTAL LIMITED	Neutral	Buy	Petra Capital
5	MAYNE PHARMA GROUP LIMITED	Neutral	Buy	Canaccord Genuity

Price Target Changes (Post Thursday Last Week)

Company		Last Price	Broker	New Target	Old Target	Change
ABG	Abacus Group	$1.18	Moelis	1.41	1.45	-2.76%
AGY	Argosy Minerals	$0.03	Canaccord Genuity	N/A	0.10	-100.00%
ALC	Alcidion Group	$0.10	Canaccord Genuity	0.13	0.09	44.44%
ALL	Aristocrat Leisure	$74.22	Goldman Sachs	82.00	78.00	5.13%
ANZ	ANZ Bank	$29.89	Jarden	30.50	30.00	1.67%
APZ	Aspen Group	$2.68	Moelis	3.15	2.73	15.38%
ASG	Autosports Group	$1.87	Moelis	1.66	1.67	-0.60%
			Wilsons	2.58	2.86	-9.79%
AUE	Aurum Resources	$0.27	Petra Capital	0.59	0.63	-6.35%
BLX	Beacon Lighting	$3.49	Jarden	3.30	3.00	10.00%
BMT	Beamtree Holdings	$0.25	Petra Capital	0.50	0.56	-10.71%
BSX	Blackstone Minerals	$0.06	Canaccord Genuity	N/A	0.45	-100.00%
BXB	Brambles	$21.10	Goldman Sachs	18.50	16.30	13.50%
			Jarden	19.80	19.45	1.80%
CDA	Codan	$15.45	Canaccord Genuity	17.90	16.76	6.80%
			Moelis	18.43	18.15	1.54%
			Petra Capital	16.22	9.49	70.92%
CHC	Charter Hall	$17.21	Jarden	18.80	14.50	29.66%
COB	Cobalt Blue	$0.05	Canaccord Genuity	N/A	1.00	-100.00%
CSC	Capstone Copper	$9.54	Moelis	13.00	14.50	-10.34%
CTD	Corporate Travel Management	$16.70	Canaccord Genuity	18.80	14.40	30.56%
			Jarden	17.00	14.00	21.43%
CWP	Cedar Woods Properties	$5.50	Moelis	6.26	6.03	3.81%
CYG	Coventry Group	$1.15	Petra Capital	1.41	2.50	-43.60%
DOW	Downer EDI	$5.57	Goldman Sachs	5.70	N/A	N/A
DRE	Dreadnought Resources	$0.02	Canaccord Genuity	N/A	0.05	-100.00%
DTL	Data#3	$7.89	Goldman Sachs	8.45	8.25	2.42%
			Jarden	8.45	8.25	2.42%
DUR	Duratec	$1.63	Moelis	1.93	1.50	28.67%
DXB	Dimerix	$0.46	Petra Capital	1.28	1.37	-6.57%
DYL	Deep Yellow	$1.08	Canaccord Genuity	1.83	1.90	-3.68%
EHL	Emeco Holdings	$0.87	Canaccord Genuity	1.13	1.07	5.61%
EVS	EnviroSuite	$0.08	Moelis	0.06	0.07	-14.29%
			Wilsons	0.06	0.04	50.00%
FBU	Fletcher Building	$2.98	Goldman Sachs	2.85	2.65	7.55%
			Jarden	N/A	3.76	-100.00%
FMG	Fortescue	$17.15	Goldman Sachs	16.20	16.40	-1.22%
			Jarden	17.08	17.24	-0.93%
GDI	GDI Property	$0.64	Moelis	0.97	0.98	-1.02%
GL1	Global Lithium Resources	$0.18	Canaccord Genuity	N/A	0.60	-100.00%
GMD	Genesis Minerals	$3.23	Moelis	3.20	3.05	4.92%
GMG	Goodman Group	$32.10	Jarden	39.50	40.00	-1.25%
GNP	GenusPlus Group	$2.71	Moelis	3.22	2.78	15.83%
GOR	Gold Road Resources	$2.52	Canaccord Genuity	2.80	2.65	5.66%
			Goldman Sachs	2.80	2.75	1.82%
			Moelis	2.65	2.55	3.92%
GOZ	Growthpoint Properties Australia	$2.42	Moelis	3.07	3.32	-7.53%
GYG	Guzman y Gomez	$35.20	Wilsons	42.47	41.14	3.23%
HSN	Hansen Technologies	$5.01	Goldman Sachs	6.10	5.10	19.61%
HUB	Hub24	$78.00	Jarden	66.65	60.05	10.99%
IGO	IGO Ltd	$4.22	Goldman Sachs	5.30	5.60	-5.36%
ILU	Iluka Resources	$4.28	Goldman Sachs	7.00	7.40	-5.41%
JHX	James Hardie Industries	$51.33	Goldman Sachs	59.45	59.30	0.25%
JIN	Jumbo Interactive	$11.54	Wilsons	14.38	14.14	1.70%
JRV	Jervois Global		Canaccord Genuity	N/A	0.11	-100.00%
LAU	Lindsay Australia	$0.64	Wilsons	0.87	1.24	-29.84%
LBL	Laserbond	$0.43	Canaccord Genuity	0.85	1.10	-22.73%
LGL	Lynch Group	$1.77	Jarden	1.90	1.80	5.56%
LLL	Leo Lithium		Canaccord Genuity	N/A	0.45	-100.00%
LNW	Light & Wonder	$178.00	Canaccord Genuity	201.00	180.00	11.67%
			Goldman Sachs	172.40	171.90	0.29%
			Jarden	196.00	179.00	9.50%
MFG	Magellan Financial	$8.39	Goldman Sachs	10.20	11.00	-7.27%
MGH	Maas Group	$3.94	Moelis	5.19	5.81	-10.67%
			Wilsons	4.75	6.01	-20.97%
MIN	Mineral Resources	$24.17	Goldman Sachs	30.00	34.00	-11.76%
MP1	Megaport	$11.27	Canaccord Genuity	12.60	9.45	33.33%
			Goldman Sachs	9.50	8.00	18.75%
MYX	Mayne Pharma	$7.21	Canaccord Genuity	7.40	6.25	18.40%
NAB	National Australia Bank	$35.45	Jarden	38.00	37.00	2.70%
NAN	Nanosonics	$4.71	Canaccord Genuity	4.47	3.12	43.27%
			Wilsons	6.00	4.00	50.00%
NWL	Netwealth Group	$30.55	Jarden	24.95	24.00	3.96%
			Wilsons	32.54	30.33	7.29%
PLS	Pilbara Minerals	$2.02	Goldman Sachs	2.05	2.10	-2.38%
PWH	PWR Holdings	$7.85	Moelis	8.07	7.74	4.26%
PWR	Peter Warren Automotive	$1.38	Moelis	1.49	1.55	-3.87%
RFF	Rural Funds	$1.82	Wilsons	2.51	2.43	3.29%
RFG	Retail Food	$2.23	Petra Capital	4.25	0.11	3947.62%
RIC	Ridley Corp	$2.68	Wilsons	2.93	2.94	-0.34%
RIO	Rio Tinto	$116.69	Goldman Sachs	143.70	146.20	-1.71%
RRL	Regis Resources	$3.28	Goldman Sachs	2.85	2.80	1.79%
SBM	St. Barbara	$0.23	Petra Capital	0.64	0.67	-4.48%
SFR	Sandfire Resources	$10.77	Jarden	11.20	11.00	1.82%
SGP	Stockland	$5.09	Jarden	5.95	5.45	9.17%
SHA	Shape Australia	$3.05	Moelis	3.56	3.24	9.88%
			Petra Capital	3.59	2.84	26.41%
SHL	Sonic Healthcare	$28.03	Jarden	29.84	29.38	1.57%
SLC	Superloop	$2.18	Canaccord Genuity	2.58	2.52	2.38%
			Wilsons	2.48	1.91	29.84%
SLX	Silex Systems	$4.04	Canaccord Genuity	6.46	6.21	4.03%
STO	Santos	$6.56	Jarden	7.60	7.65	-0.65%
SUL	Super Retail	$14.10	Goldman Sachs	15.50	17.60	-11.93%
			Jarden	15.70	16.60	-5.42%
TAH	Tabcorp Holdings	$0.72	Jarden	0.75	0.65	15.38%
TCL	Transurban Group	$13.32	Jarden	12.40	12.30	0.81%
TLC	Lottery Corp	$4.85	Goldman Sachs	5.30	5.40	-1.85%
			Jarden	5.15	5.05	1.98%
TLX	Telix Pharmaceuticals	$30.38	Wilsons	35.00	25.00	40.00%
UNI	Universal Store	$8.94	Jarden	10.38	8.97	15.72%
			Petra Capital	10.00	8.25	21.21%
VCX	Vicinity Centres	$2.18	Jarden	2.60	2.50	4.00%
VNT	Ventia Services	$4.16	Canaccord Genuity	4.88	4.75	2.74%
WES	Wesfarmers	$74.74	Goldman Sachs	80.40	78.70	2.16%
WHC	Whitehaven Coal	$5.66	Goldman Sachs	9.20	8.90	3.37%
Company		Last Price	Broker	New Target	Old Target	Change

More Highlights

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

DUR    DURATEC LIMITED

Industrial Sector Contractors & Engineers Overnight Price: $1.71

Moelis rates ((DUR)) as Buy (1)

Moelis notes Duratec’s 1H25 result revealed expanded EBITDA margin driven by mix shift and higher margin work within defence, and mining and industrial segments, and from self-perform contracts and early contract works.

The broker highlights the company’s order book stood at $410m as of January end ($405m in August 2024) with good win rates on small to medium sized projects. Tender pipeline and pipeline have also grown strongly, with the broker keenly anticipating conversions.

The analyst raised FY25-27 EPS estimates by 3-4%, with margin expansion driving upgrades. Target price rises to $1.93 from $1.56, and Buy maintained.

This report was published on February 20, 2025.

Target price is $1.93 Current Price is $1.71 Difference: $0.22
If DUR meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $1.86, suggesting upside of 7.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 4.20 cents and EPS of 10.30 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.3, implying annual growth of 18.9%.
Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 5.00 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of 18.4%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 14.1.

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

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

HSN    HANSEN TECHNOLOGIES LIMITED

IT & Support Overnight Price: $5.16

Goldman Sachs rates ((HSN)) as Buy (1)

Hansen Technologies’ 1H25 revenue slightly missed Goldman Sachs’ forecast but underlying EBITDA beat by 10%.

The broker highlights the strong January monthly result with year-to-date guidance of $67m suggesting full year guidance of $92-101m is largely de-risked.

The broker has re-affirmed its confidence in the company’s ability to bring Powercloud margins toward 30% in FY27 with further room to cut costs in the mid-term.

On the negative side, the broker highlights there was greater than usual 2H skew with management noting some deferral of large customer implementations into 1H26.

The analyst pulled forward Powercloud profitability, and revised FY25-27 EBITDA and EPS forecasts by up to 2%. Target price $6.10 and rating remains at Buy.

This report was published on February 19, 2025.

Target price is $6.10 Current Price is $5.16 Difference: $0.94
If HSN meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $6.64, suggesting upside of 30.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 10.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.5, implying annual growth of 88.0%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 26.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 11.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of 36.4%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 19.1.

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

RFF    RURAL FUNDS GROUP

REITs Overnight Price: $1.81

Wilsons rates ((RFF)) as Overweight (1)

Rural Funds’ adjusted funds from operations (AFFO) in 1H25 beat Wilsons’ forecast by 17% on stronger farming and other net income, though the broker comments this was largely due to timing differences.

Gearing increased modestly to 38.6% from 38.6% in FY24, but the broker sees potential for a material reduction, which would be a key share price catalyst along with growth resumption.

Wilsons made minor changes to property and farming revenue, leading to minor shifts in FY25-26 AFFO forecasts. 

Target price rises to $2.51 from $2.43 on a roll forward in the base year to FY26. Overweight rating.

This report was published on February 24, 2025.

Target price is $2.51 Current Price is $1.81 Difference: $0.7
If RFF meets the Wilsons target it will return approximately 39% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 11.70 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 6.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.88.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 11.70 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 6.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.96.

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

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

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