Weekly Reports | Mar 07 2025
This story features AUSSIE BROADBAND LIMITED, and other companies. For more info SHARE ANALYSIS: ABB
The company is included in ASX300 and ALL-ORDS
Broker Rating Changes (Post Thursday Last Week)
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AUSSIE BROADBAND LIMITED ((ABB)) Upgrade to Overweight from Market Weight by Wilsons.B/H/S: 0/0/0
Following Aussie Broadband’s 1H25 results, Wilsons believes the balance of risks is genuinely to the upside, and has upgraded the rating to Overweight from Market Weight.
Revenue grew 7% y/y to $589m due to mid-teens growth across three of the company’s core segments and was in line with the broker’s forecast but above consensus.
The company upgraded FY25 EBITDA guidance to $133-138m from $125-135m, with Wilsons positioned at the midpoint at $135m.
The broker observes the company’s 2H-to-date net broadband connections were 14,129 which is 36% of forecast 2H total net additions of 39.7k.
Target price lifts to $5.08 from $3.62.
ADAIRS LIMITED ((ADH)) Overweight by Jarden.B/H/S: 0/0/0
Moelis notes Adairs’ 1H25 revenue was broadly in line with consensus but within that Mocka beat forecasts, Adairs was in line and FoF missed due to weaker Victoria consumers.
Gross profit margin of 47.9% was lower than the 49% consensus.
Trading update for the first seven weeks of 2H showed group sales were up 9.2% y/y vs weak comps of -9.6%, with Adairs’ revenue growth running ahead of consensus.
The broker lowered revenue forecasts and downgraded profit margins, but also lowered cost of doing business forecasts on benefits from Mocka investment earlier and reduction in inefficiencies at Adairs.
Overweight rating and target price is $2.59.
CATALYST METALS LIMITED ((CYL)) Buy by Canaccord Genuity.B/H/S: 0/0/0
Canaccord Genuity found the first half result from Catalyst Metals “clean” with revenue broadly in line and EBITDA slightly ahead. No dividend was declared with surplus cash to be used to fund growth and exploration.
The broker is increasingly confident in the company’s ability to deliver on its three-year outlook and increases FY26-27 production forecasts by around 4%. Target is raised to $ 5.00 from $4.25 and the rating is upgraded to Buy from Speculative Buy.
GENERATION DEVELOPMENT GROUP LIMITED ((GDG)) Upgrade to Buy from Hold by Petra Capital.B/H/S: 0/0/0
Generation Development’s half year result exceeded expectations, with strong revenue and (earnings) EBITDA growth in the Lonsec division, Petra Capital notes.
Revenue rose 23% and underlying net profit after tax advanced 50% to $12.4m. Genlife’s revenue margin improved, with bonds written trending significantly higher on an annualised basis.
Active independent financial advisers transacting with Genlife increased 16% year-on-year, and new investment bonds grew 42%.
Lonsec’s eanrings margin expanded to 42% from 38%, driven by higher LIS margins and stronger research division performance, the broker explains.
Petra Capital expects a higher dividend payout ratio from FY26, supported by the retirement of Lonsec debt and the achievement of earnout targets.
Target price rises $5.58 from $5.18, with a rating upgraded to Buy from Hold.
INTEGRAL DIAGNOSTICS LIMITED ((IDX)) Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0
In its first results since acquiring Capitol Health, Integral Diagnostics posted an operating EBITDA margin that missed estimates.
Canaccord Genuity believes the resulting sell-off was unwarranted, particularly as there is a path to margin improvement on the acquisition.
There is also the prospect of -$10m in synergies most of which will be recognised in the first year, with the potential for longer term synergies not taken into account.
The broker raises its target to $2.90 from $2.50 and upgrades to Buy from Hold.
NIB HOLDINGS LIMITED ((NHF)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0
Jarden raises its target for nib Holdings to $7.00 from $6.70 and upgrades to Overweight from Neutral, assessing lower downside risks following a “solid” underlying 1H result.
The broker highlights a consensus-beating performance in the Australian Resident Health Insurance (ARHI) segment. Profit was in line with consensus due to one-off costs related to a productivity program and M&A integration.
Also, the combination of an ARHI margin recovery and easing inflationary pressures in the hospital book offers increased confidence in management’s ability to meet long-term margin targets, suggest the analysts.
PROPEL FUNERAL PARTNERS LIMITED ((PFP)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0
Moelis notes Propel Funeral Partners’ 1H25 revenue and EBITDA missed its forecast but remains more positive on the outlook.
The company retains a funding capacity of $144m. The broker believes, as organic volumes continue to be positive and funding capacity is deployed, top-line growth and modest operating leverage will drive EPS growth.
The broker highlights 2H of the calendar year 2024 death registration data in NSW, VIC, QLD showed 4.8% growth y/y, boosting confidence in the company returning to 2% potential growth from 2H25.
Target price cut to $6.1 from $6.2, and rating upgraded to Buy from Hold
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GTN LIMITED ((GTN)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0
Despite GTN’s 2% year on year increase in revenue, adjusted earnings declined as costs rose across the business, Canaccord Genuity notes. Capital management is the watchword now as GTN seeks to maximise cash returns to shareholders.
With a very particular governance structure representing one group of investors at board level, Canaccord downgrades to Hold from Buy and cuts its target price to 55c from 75c.
IDP EDUCATION LIMITED ((IEL)) Downgrade to Neutral from Buy by Goldman Sachs.B/H/S: 0/0/0
IDP Education’s first-half FY25 result missed expectations, with industry headwinds and political uncertainty weighing on earnings, Goldman Sachs notes.
Revenue, EBIT, and NPAT fell short of consensus by -4%, -11%, and -15%, respectively, as weaker International English Language Testing Systems (IELTS) and student placement volumes offset price increases.
IELTS revenue declined -22%, with India volumes down -55%, while student placement revenue fell -15%, with significant declines in Canada, Australia, and the UK. Cost management helped offset some margin pressure, with overheads reduced by -9%.
Goldman Sachs lowers its FY25 to FY27 net profit after tax forecasts by -17%, -10%, and -6%, citing lower volume and margin expectations.
Target price drops to $11.10 from $19.00. Goldman Sachs downgrades the stock to Neutral from Buy.
INGENIA COMMUNITIES GROUP ((INA)) Downgrade to Overweight from Buy by Jarden.B/H/S: 0/0/0
Ingenia Communities is executing well, Jarden observes, with first half results ahead of expectations. The risk to new FY25 guidance appears to the upside as volume and margins continue to expand.
The broker also welcomes management’s view that organic growth will take precedence over potential industry consolidation.
As the shares are up 25% over the year to date Jarden downgrades to Overweight from Buy. Target is raised to $6.40 from $5.70.
MAYNE PHARMA GROUP LIMITED ((MYX)) Downgrade to Market Weight from Overweight by Wilsons.B/H/S: 0/0/0
Wilsons lifts Mayne Pharma’s target price to $7.40 from $5.95 to align with Cosette Pharma’s bid price. Rating is lowered to Market Weight from Overweight.
The broker notes Mayne’s 1H25 result was pre-flagged but the composition was better than expected. The broker was surprised with how effective the channel strategy worked for the Dermatology business
The broker raised FY25 revenue and EBIDTA estimates following the 7% beat in the 1H. The analyst sees the Cosette bid as a fair price for the company.
NUIX LIMITED ((NXL)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0
Nuix’s 1H25 annualised contract value (ACV) rose 8.3% y/y in line with the 8-9% guidance provided in late January, but Moelis highlights the 1H growth translates to an annualised rate of 4.5%. This compares with 14% ACV growth over FY24.
The broker notes Nuix’s challenge in 1H was a slower uptake of Neo among existing clients. The company also reported higher amortisation in 1H and the analyst in turn accelerated the amortisation profile, leading to larger reductions in bottom line forecasts.
The broker also tempered growth estimates after the 1H result and outlook. Target price drops to $4.95 from $6.09, and rating downgraded to Hold from Buy.
POLYNOVO LIMITED ((PNV)) Downgrade to Market Weight from Overweight by Wilsons.B/H/S: 0/0/0
PolyNovo’s 1H25 revenue miss vs Wilsons was reported in January, so the disappointment in the result was underlying EBITDA of $2.6M which was lower than the broker’s $4.6m forecast.
Both overall and US sales were lower than the broker’s estimate, leading to -3-5% revenue cuts in FY25-27. EBITDA estimates are down -29-15%, with the -29% adjustment for FY25 due to the -$2.0m 1H25 miss and an additional -$2m opex in 2H.
Target price cut to $1.85 from $3.00 mainly due to a lower multiple of 8x FY26 forecast EV/revenue. Rating downgraded to Market Weight from Overweight.
READYTECH HOLDINGS LIMITED ((RDY)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0
ReadyTech Holdings delivered underlying EBITDA of $18.2m in the first half, missing Jarden’s estimates. Local government revenue was disappointing as product delays slowed down customer transition.
The broker continues to envisage the company having an opportunity to take share in enterprise although the deals are “lumpy”.
More evidence of an acceleration in revenue is required before the broker becomes positive, although there is potential to re-rate if the significant pipeline can be executed.
Rating is downgraded to Neutral from Overweight. Target is lowered to $3.05 from $3.54.
SMARTGROUP CORPORATION LIMITED ((SIQ)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0
Canaccord Genuity notes Smartgroup Corp’s FY24 result was strong, with the highlight being the 2H EBITDA margin of around 40%.
The broker reckons there is strong existing momentum, but going forward the backdrop for novated leases looks challenging with EV sales growth already weak in the final months of 2024.
Added to that is customer uncertainty regarding interest rates and the PHEV exemption due to expire in March, the broker highlights.
The broker cut FY25-26 revenue forecasts but expects the company to maintain a 40% EBITDA margin on lower expenses.
Target price rises to $8.7 from $8.5. Rating downgraded to Hold from Buy.
| Order | Company | New Rating | Old Rating | Broker | |
|---|---|---|---|---|---|
| Upgrade | |||||
| 1 | ADAIRS LIMITED | Buy | Neutral | Jarden | |
| 2 | AUSSIE BROADBAND LIMITED | Buy | Neutral | Wilsons | |
| 3 | CATALYST METALS LIMITED | Buy | Buy | Canaccord Genuity | |
| 4 | GENERATION DEVELOPMENT GROUP LIMITED | Buy | Neutral | Petra Capital | |
| 5 | INTEGRAL DIAGNOSTICS LIMITED | Buy | Neutral | Canaccord Genuity | |
| 6 | NIB HOLDINGS LIMITED | Buy | Neutral | Jarden | |
| 7 | PROPEL FUNERAL PARTNERS LIMITED | Buy | Neutral | Moelis | |
| Downgrade | |||||
| 8 | GTN LIMITED | Neutral | Buy | Canaccord Genuity | |
| 9 | IDP EDUCATION LIMITED | Neutral | Buy | Goldman Sachs | |
| 10 | INGENIA COMMUNITIES GROUP | Buy | Buy | Jarden | |
| 11 | MAYNE PHARMA GROUP LIMITED | Neutral | Buy | Wilsons | |
| 12 | NUIX LIMITED | Neutral | Buy | Moelis | |
| 13 | POLYNOVO LIMITED | Neutral | Buy | Wilsons | |
| 14 | READYTECH HOLDINGS LIMITED | Neutral | Buy | Jarden | |
| 15 | SMARTGROUP CORPORATION LIMITED | Neutral | Buy | Canaccord Genuity | |
Price Target Changes (Post Thursday Last Week)
| Company | Last Price | Broker | New Target | Old Target | Change | |
|---|---|---|---|---|---|---|
| 29M | 29Metals | $0.18 | Canaccord Genuity | 0.15 | 0.16 | -6.25% |
| 360 | Life360 | $21.83 | Goldman Sachs | 27.00 | 21.85 | 23.57% |
| ABB | Aussie Broadband | $3.73 | Goldman Sachs | 3.90 | 3.80 | 2.63% |
| Jarden | 4.35 | 4.00 | 8.75% | |||
| Wilsons | 5.08 | 3.62 | 40.33% | |||
| ACF | Acrow | $1.07 | Moelis | 1.39 | 1.41 | -1.42% |
| ADH | Adairs | $2.23 | Canaccord Genuity | 3.25 | 2.80 | 16.07% |
| Jarden | 2.59 | 2.04 | 26.96% | |||
| AEL | Amplitude Energy | $0.20 | Canaccord Genuity | 0.35 | 0.33 | 6.06% |
| Wilsons | 0.21 | 0.24 | -12.50% | |||
| ALD | Ampol | $24.68 | Goldman Sachs | 31.70 | 32.00 | -0.94% |
| APA | APA Group | $7.38 | Jarden | 8.50 | 8.30 | 2.41% |
| APE | Eagers Automotive | $14.98 | Jarden | 14.05 | 12.60 | 11.51% |
| Wilsons | 14.99 | 10.87 | 37.90% | |||
| APX | Appen | $1.30 | Canaccord Genuity | 2.60 | 2.35 | 10.64% |
| ASG | Autosports Group | $1.86 | Jarden | 2.40 | 2.50 | -4.00% |
| ATA | Atturra | $0.84 | Moelis | 1.07 | 1.31 | -18.32% |
| AUB | AUB Group | $29.86 | Goldman Sachs | 37.00 | 34.00 | 8.82% |
| Jarden | 37.30 | 33.75 | 10.52% | |||
| AVA | Ava Risk | $0.11 | Canaccord Genuity | 0.22 | 0.30 | -26.67% |
| AX1 | Accent Group | $1.86 | Jarden | 2.06 | 2.10 | -1.90% |
| AZJ | Aurizon Holdings | $3.14 | Goldman Sachs | 3.70 | 4.05 | -8.64% |
| BAP | Bapcor | $5.08 | Canaccord Genuity | 4.99 | 4.80 | 3.96% |
| Goldman Sachs | 5.40 | 5.20 | 3.85% | |||
| BGL | Bellevue Gold | $1.31 | Jarden | 1.01 | 1.00 | 1.00% |
| CDP | Carindale Property Trust | $4.80 | Moelis | 6.21 | 6.22 | -0.16% |
| CIP | Centuria Industrial REIT | $2.97 | Jarden | 3.30 | 3.65 | -9.59% |
| CNI | Centuria Capital | $1.59 | Moelis | 1.95 | 1.94 | 0.52% |
| COL | Coles Group | $18.62 | Goldman Sachs | 19.00 | 18.50 | 2.70% |
| Jarden | 19.50 | 16.90 | 15.38% | |||
| CUV | Clinuvel Pharmaceuticals | $12.00 | Wilsons | 30.00 | 30.16 | -0.53% |
| CVN | Carnarvon Energy | $0.11 | Jarden | 0.16 | 0.21 | -23.81% |
| CYL | Catalyst Metals | $4.12 | Canaccord Genuity | 5.00 | 4.00 | 25.00% |
| DDR | Dicker Data | $8.62 | Jarden | 10.88 | 10.60 | 2.64% |
| Wilsons | 11.07 | 11.29 | -1.95% | |||
| DMP | Domino’s Pizza Enterprises | $26.56 | Goldman Sachs | 37.30 | 38.30 | -2.61% |
| Jarden | 39.00 | 41.00 | -4.88% | |||
| DUG | Dug Technology | $1.19 | Wilsons | 1.83 | 3.23 | -43.34% |
| EDV | Endeavour Group | $4.12 | Jarden | 4.30 | 5.00 | -14.00% |
| EGH | Eureka Group | $0.56 | Moelis | 0.69 | 0.70 | -1.43% |
| EML | EML Payments | $0.99 | Wilsons | 1.47 | 1.20 | 22.50% |
| EVO | Embark Early Education | $0.77 | Canaccord Genuity | 1.04 | 1.02 | 1.96% |
| EVS | EnviroSuite | $0.09 | Moelis | N/A | 0.06 | -100.00% |
| EVT | EVT Ltd | $13.94 | Jarden | 15.88 | 12.29 | 29.21% |
| FCL | Fineos Corp | $1.70 | Moelis | 2.17 | 1.80 | 20.56% |
| FLT | Flight Centre Travel | $15.18 | Canaccord Genuity | 17.10 | 16.65 | 2.70% |
| Jarden | 22.50 | 23.10 | -2.60% | |||
| Wilsons | 21.40 | 22.29 | -3.99% | |||
| FWD | Fleetwood | $2.38 | Moelis | 2.57 | 2.20 | 16.82% |
| GDG | Generation Development | $4.81 | Petra Capital | 5.58 | 5.18 | 7.72% |
| GEM | G8 Education | $1.30 | Canaccord Genuity | 1.51 | 1.46 | 3.42% |
| Moelis | 1.52 | 1.46 | 4.11% | |||
| GTN | GTN | $0.55 | Canaccord Genuity | 0.55 | 0.65 | -15.38% |
| HLI | Helia Group | $5.95 | Goldman Sachs | 4.99 | 4.52 | 10.40% |
| HLO | Helloworld Travel | $1.71 | Jarden | 2.60 | 3.10 | -16.13% |
| HLS | Healius | $1.43 | Jarden | 1.18 | 1.25 | -5.60% |
| IDX | Integral Diagnostics | $2.25 | Canaccord Genuity | 2.90 | 2.50 | 16.00% |
| Jarden | 3.51 | 3.68 | -4.62% | |||
| Wilsons | 2.75 | 2.88 | -4.51% | |||
| IEL | IDP Education | $9.17 | Goldman Sachs | 11.10 | 19.00 | -41.58% |
| Jarden | 17.35 | 19.60 | -11.48% | |||
| INA | Ingenia Communities | $5.50 | Jarden | 6.40 | 5.50 | 16.36% |
| ING | Inghams Group | $3.39 | Jarden | 3.70 | 3.65 | 1.37% |
| IPG | IPD Group | $4.04 | Moelis | 5.33 | 5.76 | -7.47% |
| IPH | IPH Ltd | $4.75 | Jarden | 8.45 | 9.15 | -7.65% |
| IRE | Iress | $8.19 | Wilsons | 10.00 | 11.00 | -9.09% |
| JIN | Jumbo Interactive | $10.70 | Jarden | 14.20 | 15.00 | -5.33% |
| JLG | Johns Lyng | $2.71 | Moelis | 3.34 | 5.11 | -34.64% |
| KAR | Karoon Energy | $1.55 | Jarden | 2.05 | 1.95 | 5.13% |
| Wilsons | 2.04 | 2.64 | -22.73% | |||
| KGN | Kogan.com | $4.75 | Canaccord Genuity | 8.20 | 8.00 | 2.50% |
| Jarden | 4.05 | 4.55 | -10.99% | |||
| LIC | Lifestyle Communities | $7.68 | Canaccord Genuity | 8.99 | 9.75 | -7.79% |
| Jarden | 8.60 | 11.70 | -26.50% | |||
| Moelis | 11.50 | 13.10 | -12.21% | |||
| LNW | Light & Wonder | $164.73 | Goldman Sachs | 184.60 | 172.40 | 7.08% |
| Jarden | 200.00 | 196.00 | 2.04% | |||
| LOV | Lovisa Holdings | $25.97 | Canaccord Genuity | 28.70 | 31.20 | -8.01% |
| Jarden | 29.02 | 29.03 | -0.03% | |||
| LRK | Lark Distilling Co | $1.00 | Moelis | 1.20 | 1.25 | -4.00% |
| LYC | Lynas Rare Earths | $7.20 | Goldman Sachs | 7.00 | 7.40 | -5.41% |
| MAC | MAC Copper | $16.30 | Canaccord Genuity | 21.00 | 21.25 | -1.18% |
| Moelis | 24.00 | 25.00 | -4.00% | |||
| MAD | Mader Group | $5.87 | Moelis | 6.83 | 6.52 | 4.75% |
| MAQ | Macquarie Technology | $67.43 | Goldman Sachs | 80.00 | 84.90 | -5.77% |
| Wilsons | 89.75 | 97.27 | -7.73% | |||
| MDR | MedAdvisor | $0.13 | Moelis | 0.19 | 0.21 | -9.52% |
| MMI | Metro Mining | $0.05 | Petra Capital | 0.13 | 0.09 | 42.86% |
| MND | Monadelphous Group | $15.51 | Goldman Sachs | 15.40 | 13.40 | 14.93% |
| MPL | Medibank Private | $4.32 | Goldman Sachs | 4.40 | 4.00 | 10.00% |
| Jarden | 4.40 | 3.95 | 11.39% | |||
| MTO | Motorcycle Holdings | $1.99 | Moelis | 2.85 | 2.60 | 9.62% |
| Wilsons | 2.01 | 1.59 | 26.42% | |||
| MYX | Mayne Pharma | $7.23 | Wilsons | 7.40 | 5.95 | 24.37% |
| NDO | Nido Education | $0.90 | Canaccord Genuity | 1.09 | 1.12 | -2.68% |
| Moelis | 1.21 | 1.26 | -3.97% | |||
| NEC | Nine Entertainment | $1.63 | Goldman Sachs | 1.80 | 1.65 | 9.09% |
| Jarden | 1.85 | 1.50 | 23.33% | |||
| NEM | Newmont Corp | $69.28 | Goldman Sachs | 78.50 | 76.20 | 3.02% |
| NHF | nib Holdings | $6.53 | Goldman Sachs | 7.00 | 6.50 | 7.69% |
| Jarden | 7.00 | 7.20 | -2.78% | |||
| NIC | Nickel Industries | $0.76 | Canaccord Genuity | 0.80 | 0.85 | -5.88% |
| NSR | National Storage REIT | $2.12 | Moelis | 2.37 | 2.40 | -1.25% |
| NUC | Nuchev Pty | $0.15 | Wilsons | 0.14 | 0.19 | -26.32% |
| NWH | NRW Holdings | $2.86 | Moelis | 3.56 | 3.91 | -8.95% |
| NXL | Nuix | $3.22 | Moelis | 4.95 | 6.09 | -18.72% |
| NXT | NextDC | $13.89 | Goldman Sachs | 17.10 | 18.50 | -7.57% |
| Wilsons | 18.15 | 18.90 | -3.97% | |||
| OBM | Ora Banda Mining | $0.97 | Moelis | 0.89 | 0.83 | 7.23% |
| OCL | Objective Corp | $14.80 | Goldman Sachs | 14.10 | 13.75 | 2.55% |
| Moelis | 17.71 | 17.60 | 0.62% | |||
| OML | oOh!media | $1.49 | Canaccord Genuity | 2.00 | 1.90 | 5.26% |
| PDN | Paladin Energy | $6.72 | Canaccord Genuity | 14.80 | 15.20 | -2.63% |
| PFP | Propel Funeral Partners | $5.25 | Moelis | 6.10 | 6.20 | -1.61% |
| PLS | Pilbara Minerals | $1.87 | Jarden | 2.50 | 2.60 | -3.85% |
| PNV | PolyNovo | $1.34 | Wilsons | 1.85 | 3.00 | -38.33% |
| PPE | PeopleIN | $0.95 | Wilsons | 1.19 | 1.03 | 15.53% |
| PPM | Pepper Money | $1.50 | Goldman Sachs | 1.63 | 1.55 | 5.16% |
| Jarden | 1.65 | 1.60 | 3.12% | |||
| PPS | Praemium | $0.74 | Wilsons | 0.89 | 0.73 | 21.92% |
| PPT | Perpetual | $19.40 | Jarden | 25.30 | 24.05 | 5.20% |
| PRN | Perenti | $1.30 | Canaccord Genuity | 1.35 | 1.28 | 5.47% |
| Moelis | 1.30 | 1.29 | 0.78% | |||
| PRU | Perseus Mining | $3.06 | Canaccord Genuity | 4.00 | 4.15 | -3.61% |
| PTM | Platinum Asset Management | $0.56 | Goldman Sachs | 0.65 | 0.75 | -13.33% |
| Jarden | 0.69 | 0.92 | -25.00% | |||
| PWR | Peter Warren Automotive | $1.45 | Jarden | 1.45 | 1.90 | -23.68% |
| PXA | Pexa Group | $11.65 | Goldman Sachs | 14.50 | 16.00 | -9.38% |
| Jarden | 15.55 | 15.30 | 1.63% | |||
| QAL | Qualitas | $2.67 | Jarden | 4.00 | 3.75 | 6.67% |
| QAN | Qantas Airways | $10.12 | Jarden | 9.75 | 7.10 | 37.32% |
| QBE | QBE Insurance | $20.75 | Jarden | 23.65 | 21.80 | 8.49% |
| QOR | Qoria | $0.43 | Wilsons | 0.69 | 0.57 | 21.05% |
| RDY | ReadyTech Holdings | $2.79 | Jarden | 3.05 | 3.54 | -13.84% |
| Wilsons | 3.43 | 3.70 | -7.30% | |||
| REG | Regis Healthcare | $6.58 | Jarden | 7.56 | 7.10 | 6.48% |
| REH | Reece | $16.75 | Goldman Sachs | 19.50 | 22.80 | -14.47% |
| RHC | Ramsay Health Care | $34.58 | Jarden | 44.44 | 48.22 | -7.84% |
| Wilsons | 38.50 | 51.61 | -25.40% | |||
| RMC | Resimac Group | $0.90 | Jarden | 0.95 | 0.98 | -3.06% |
| RUL | RPMGlobal | $2.67 | Moelis | 3.26 | 2.82 | 15.60% |
| RWL | Rubicon Water | $0.28 | Wilsons | 0.46 | 0.41 | 12.20% |
| SCG | Scentre Group | $3.32 | Jarden | 3.95 | 3.90 | 1.28% |
| SDF | Steadfast Group | $5.43 | Jarden | 6.60 | 6.55 | 0.76% |
| SDR | SiteMinder | $4.80 | Goldman Sachs | 5.90 | 6.10 | -3.28% |
| Jarden | 6.75 | 7.48 | -9.76% | |||
| Wilsons | 7.22 | 7.60 | -5.00% | |||
| SGM | Sims | $13.90 | Goldman Sachs | 14.80 | 15.50 | -4.52% |
| Jarden | 14.80 | 12.70 | 16.54% | |||
| SHJ | Shine Justice | $0.69 | Moelis | 0.81 | 0.93 | -12.90% |
| SIQ | Smartgroup Corp | $7.90 | Canaccord Genuity | 8.70 | 8.50 | 2.35% |
| SNL | Supply Network | $34.42 | Moelis | 39.10 | 30.50 | 28.20% |
| STK | Strickland Metals | $0.08 | Canaccord Genuity | 0.18 | 0.17 | 5.88% |
| STX | Strike Energy | $0.18 | Wilsons | 0.29 | 0.31 | -6.45% |
| SVR | Solvar | $1.34 | Canaccord Genuity | 1.80 | 1.50 | 20.00% |
| SYL | Symal Group | $1.99 | Jarden | 2.30 | 2.15 | 6.98% |
| THL | Tourism Holdings Rentals | $1.64 | Wilsons | 1.53 | 1.90 | -19.47% |
| TLX | Telix Pharmaceuticals | $27.85 | Jarden | 29.14 | 22.59 | 29.00% |
| TPG | TPG Telecom | $4.42 | Jarden | 5.20 | 5.25 | -0.95% |
| TYR | Tyro Payments | $0.81 | Wilsons | 1.15 | 1.18 | -2.54% |
| VAU | Vault Minerals | $0.41 | Moelis | 0.59 | 0.57 | 3.51% |
| VEA | Viva Energy | $1.64 | Goldman Sachs | 3.05 | 3.25 | -6.15% |
| WDS | Woodside Energy | $22.90 | Jarden | 27.00 | 26.60 | 1.50% |
| WES | Wesfarmers | $71.63 | Jarden | 67.50 | 61.00 | 10.66% |
| WGX | Westgold Resources | $2.50 | Canaccord Genuity | 4.15 | 4.20 | -1.19% |
| WOW | Woolworths Group | $28.58 | Jarden | 37.00 | 36.70 | 0.82% |
| WTC | WiseTech Global | $90.00 | Goldman Sachs | 128.00 | 142.00 | -9.86% |
| Jarden | 100.00 | 116.00 | -13.79% | |||
| Company | Last Price | Broker | New Target | Old Target | Change | |
More Highlights
360 LIFE360 INC
Software & Services Overnight Price: $22.40
Goldman Sachs rates ((360)) as Buy (1)
Life360 posted a fourth quarter outcome that exceeded guidance and expectations. Goldman Sachs notes a step up in marketing and investment expenditure, consistent with the company’s conservative approach to setting initial guidance.
FY25 guidance is for revenue of US$450-480m and adjusted EBITDA of US$65-75m. The company has also reaffirmed aspirations for advertising revenue to match subscription revenue over the longer term.
The broker reiterates a Buy rating and raises the target to $27 from $25.
This report was published on February 28, 2025.
Target price is $27.00 Current Price is $22.40 Difference: $4.6
If 360 meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $27.16, suggesting upside of 21.3%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 42.81 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 52.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 58.8, 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 38.1.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 EPS of 64.21 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.89.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 56.2, implying annual growth of -4.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 39.8.
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
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
CDP CARINDALE PROPERTY TRUST
REITs Overnight Price: $4.72
Moelis rates ((CDP)) as Buy (1)
Moelis believes Carindale Property Trust’s 1H25 result showed the resilience of the asset with moving annual turnover rising 1.7% y/y in calendar 2025. Gearing fell slightly to 28.9% due to the dividend reinvestment plan, valuation increase and payout ratio of 78.5%.
The broker considers the REIT to be a standout value investment given its deep discount to NTA, 6.1% distribution yield and strong operating performance.
Target price is $6.21 and rating retained at Buy.
This report was published on March 4, 2025.
Target price is $6.21 Current Price is $4.72 Difference: $1.49
If CDP meets the Moelis target it will return approximately 32% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 27.10 cents and EPS of 35.40 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.33.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 28.50 cents and EPS of 36.10 cents.
At the last closing share price the estimated dividend yield is 6.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.07.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CUV CLINUVEL PHARMACEUTICALS LIMITED
Pharmaceuticals & Biotech/Lifesciences Overnight Price: $13.03
Wilsons rates ((CUV)) as Overweight (1)
Clinuvel Pharmaceuticals delivered a first half result that was “pleasing” and exceeded expectations, as Wilsons notes Scenesse supported 10% sales growth and a 29% lift in profit.
The broker believes the results should renew faith in the EPP business, despite would-be competitor Disc Medicine’s attempts to pursue accelerated approval for bitopertin that has recently weighed on Clinuvel Pharmaceuticals’ share price.
Overweight rating and target reduced to $30.00 from $30.16.
This report was published on February 28, 2025.
Target price is $30.00 Current Price is $13.03 Difference: $16.97
If CUV meets the Wilsons target it will return approximately 130% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 6.00 cents and EPS of 72.70 cents.
At the last closing share price the estimated dividend yield is 0.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.92.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 7.00 cents and EPS of 71.50 cents.
At the last closing share price the estimated dividend yield is 0.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.22.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
EOS ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED
Hardware & Equipment Overnight Price: $1.12
Canaccord Genuity rates ((EOS)) as Buy (1)
Electro Optic Systems pre-released the majority of its key metrics at its Dec Q update, leaving few surprises in its FY24 results. Revenue and earnings beat Canaccord Genuity’s forecasts.
No explicit guidance was provided, but management acknowledged that to achieve flat revenue growth in FY25, additional contracts would need to be converted to confirmed orders throughout the year and expects a second-half weighting to revenue.
The company reported a contracted backlog of $136m, with a large proportion expected to unwind in FY25. Laser weapons and counter-satellite capabilities provide future growth opportunities, the broker notes.
Buy and $1.90 target retained.
This report was published on March 4, 2025.
Target price is $1.90 Current Price is $1.12 Difference: $0.78
If EOS meets the Canaccord Genuity target it will return approximately 70% (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 minus 15.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.04.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 9.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.67.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
IMB INTELLIGENT MONITORING GROUP LIMITED
Overnight Price: $0.52
Moelis rates ((IMB)) as Buy (1)
No material surprises from Intelligent Monitoring Group’s 1H25 result, with EBITDA of $17.5m appearing on track with the company’s reaffirmed FY25 guidance of over $38m. Including acquisitions, the company has guided to over $40m EBITDA.
The broker notes ADT Commercial’s revenue improved materially and there’s significant opportunity in the new video guarding product.
The broker expects the new debt package, effective in March, to reduce the effective interest rate to 7% from 15% and drive underlying profit.
The new debt package could also help facilitate further M&A, the broker believes. Target price of 91c and Buy rating are unchanged.
This report was published on February 28, 2025.
Target price is $0.91 Current Price is $0.52 Difference: $0.39
If IMB meets the Moelis target it will return approximately 75% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.89.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.45.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
KAR KAROON ENERGY LIMITED
Crude Oil Overnight Price: $1.53
Jarden rates ((KAR)) as Buy (1)
Karoon Energy announced an agreement to purchase a floating production storage and offloading (FPSO) vessel at a price below Jarden’s expectation.
The company also stated M&A plans are on the back burner, with the current focus on operating the FPSO and pursuing organic growth opportunities.
The broker’s valuation has increased by 8c after incorporating the FPSO into its forecasts. The analyst expects the company to restart its US$50m share buyback and follow it up with another US$75m buyback.
The FY24 headline result and dividend beat the broker’s forecast. Target price rises to $2.05 from $1.95. Buy rating remains.
This report was published on February 28, 2025.
Target price is $2.05 Current Price is $1.53 Difference: $0.515
If KAR meets the Jarden target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $2.23, suggesting upside of 47.7%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 6.57 cents and EPS of 24.61 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.24.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.6, implying annual growth of N/A.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 6.4.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 7.80 cents and EPS of 31.04 cents.
At the last closing share price the estimated dividend yield is 5.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.95.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.4, implying annual growth of 11.9%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 5.7.
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
NSR NATIONAL STORAGE REIT
REITs Overnight Price: $2.14
Jarden rates ((NSR)) as Overweight (2)
National Storage REIT has an appealing asset class in its development strategy and Jarden believes medium-term earnings growth will be supported by an expansion of the development pipeline rather than simply increasing revenue through the stabilised portfolio.
After underperforming over the past 6-12 months and trading at a -13% discount to NTA, the broker believes the shares continue to offer an attractive risk/reward profile. Overweight maintained. Target is $2.75.
This report was published on February 26, 2025.
Target price is $2.75 Current Price is $2.14 Difference: $0.61
If NSR meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $2.52, suggesting upside of 18.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 11.20 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 5.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.45.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.9, implying annual growth of -29.6%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 17.8.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 11.90 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.14.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.4, implying annual growth of 4.2%.
Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 17.1.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
QAL QUALITAS LIMITED
Wealth Management & Investments Overnight Price: $2.78
Jarden rates ((QAL)) as Buy (1)
Qualitas posted a “high-quality” first half result that was ahead of expectations, Jarden asserts, noting FY25 net profit guidance has been reiterated at $49-55m.
The broker makes upgrades to estimates, supported by higher base management fees, stronger principal income and slightly higher funds management margins.
The Buy rating is reiterated as the business is considered well-placed to continue its strong track record and the target is raised to $4.00 from $3.80.
This report was published on February 26, 2025.
Target price is $4.00 Current Price is $2.78 Difference: $1.22
If QAL meets the Jarden target it will return approximately 44% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 11.10 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.56.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 13.60 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.17.
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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