Daily Market Reports | Mar 05 2025
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.
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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)
29M (2) ACF AEL ALC APX AZJ BAP (2) BTR CNI CYL DSK EGG EML EMR FLT (4) HLO IDX (3) IMB INR LNW (3) LYC (2) MAQ (3) MDR MYX (2) NDO (2) NSR OCL PDN PPS PTM RDY (2) REG RMC SCG SDF SDR (3) SGM SIQ THL TYR (2) VAU VHM WDS WOR WOW (2) WPR WTC (2)
29M 29METALS LIMITED
Copper - Overnight Price: $0.16
Canaccord Genuity rates ((29M)) as Sell (5) -
The 29Metals 2024 results beat Canaccord Genuity's estimates at the EBITDA line while net profit missed because of higher D&A, write-downs and losses on derivative financial instruments.
Despite a large cash injection from the entitlement offer, the broker remains concerned about the strength of the balance sheet. A -20% cut to 2025 EBITDA forecasts is the result. Sell rating unchanged. Target edges down to $0.15 from $0.16.
This report was published on February 27, 2025.
Target price is $0.15 Current Price is $0.16 Difference: minus $0.01 (current price is over target).
If 29M meets the Canaccord Genuity target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.25, suggesting upside of 48.5%(ex-dividends)
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 minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.20.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.6.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -1.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((29M)) as Overweight (2) -
29Metals delivered a statutory 2024 loss of -$178m, reflecting the financial impact for a second year in a row of the extreme weather event at Capricorn Copper in March 2023.
The result was weaker than Jarden expected, with the variance largely driven by impairments and recovery costs.
The broker considers most of the imputs to the loss non-recurring and believes 2025 will reveal an improved financial performance, remaining bullish on the fundamentals of the copper and zinc markets. Overweight. Target is $0.32.
This report was published on February 26, 2025.
Target price is $0.32 Current Price is $0.16 Difference: $0.16
If 29M meets the Jarden target it will return approximately 100% (excluding dividends, fees and charges).
Current consensus price target is $0.25, suggesting upside of 48.5%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 53.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.6.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 40.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -1.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ACF ACROW LIMITED
Building Products & Services - Overnight Price: $1.04
Moelis rates ((ACF)) as Buy (1) -
Moelis notes Acrow's 1H25 result met expectations and was in line with the company's guidance, and the highlight was rapid growth in Industrial Access segment.
The division saw 119% y/y growth to $63m from organic and MI Scaffold, which was acquired in November 2023.
The company's hire contracts rose 39% y/y with the current pipeline also up 39% to $210m. The company maintained FY25 guidance.
The broker made modest downward revisions to FY25-27 EPS forecasts on higher interest expense from an increase in net debt to $92m in December from $69m in June.
Target price is $1.39. Buy.
This report was published on February 27, 2025.
Target price is $1.39 Current Price is $1.04 Difference: $0.345
If ACF meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $1.30, suggesting upside of 25.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 6.10 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.01.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.9, implying annual growth of 22.9%.
Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 9.5.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 6.30 cents and EPS of 12.50 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.36.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.3, implying annual growth of 12.8%.
Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 8.5.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AEL AMPLITUDE ENERGY LIMITED
Crude Oil - Overnight Price: $0.21
Goldman Sachs rates ((AEL)) as Neutral (3) -
Amplitude Energy's reported 1H25 underlying earnings (EBITDA) were in line with Goldman Sachs' estimates.
Net profit after tax was below expectations due to higher finance costs. Net debt rose to $241m, $29m above the broker's forecast.
Management retained FY25 guidance, with production of 65-72 TJe/d, production expenses of -$55-63m, and capex of -$50-60m.
The analyst notes Amplitude is negotiating to acquire Mitsuis 50% stake in the East Coast Supply Project, targeting a final investment decision in FY25. Estimated capex for the 3-well program is -$735m with Amplitude's share at -$368m over FY26-28.
Orbost production increased 30% year-on-year to 61.5 TJ/d, with further improvements planned in 2H25. Neutral rating retained. Price target remains at $0.26 per share.
This report was published on February 27, 2025.
Target price is $0.26 Current Price is $0.21 Difference: $0.045
If AEL meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 29.8%(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 1.66 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.95.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.7, 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 30.0.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.22 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.3, implying annual growth of 228.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.1.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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