Australian Broker Call *Extra* Edition – Mar 10, 2025

This story features ARN MEDIA LIMITED, and other companies. For more info SHARE ANALYSIS: A1N

The company is included in ALL-ORDS

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

A1N   ACE   ALQ   APE   AZY   BGL   BOL   CAA   CMM   CU6 (2)   D2O   DSE   DUR   FPR   GNG   HVN   IMM   INR   IPX   JDO   KCN   KLS   LOT   MDR   MQG   MVF   NDO   NEU (2)   NWH (2)   NXD   ORI   PLY   PMT   PXA   QAN   QBE   QUB   RWC   RXL   SHA   SMI   SNL   SSM   STN   TCG   VAU   VGL   VNT   XRO  

A1N    ARN MEDIA LIMITED

Print, Radio & TV – Overnight Price: $0.62

Canaccord Genuity rates ((A1N)) as Buy (1) –

Canaccord Genuity was concerned ahead of the 2024 results for ARN Media because of the “torrid” launch of the Kyle & Jackie O breakfast show in Melbourne and some aspects of the social media campaign.

Yet these issues were separate to the new oOh!media ((OML)) contracts in Hong Kong which should now start to generate cash. The broker reworks its models to accommodate the complications of lease accounting, retaining a Buy rating and raising the target to $0.95 from $0.90.

This report was published on March 3, 2025.

Target price is $0.95 Current Price is $0.62 Difference: $0.33
If A1N meets the Canaccord Genuity target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $0.53, suggesting downside of -14.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 5.00 cents and EPS of 7.30 cents.
At the last closing share price the estimated dividend yield is 8.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of 455.6%.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 8.00 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 12.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is N/A, 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: -0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ACE    ACUSENSUS LIMITED

Transportation & Logistics – Overnight Price: $1.11

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

First half results from Acusensus were in line with expectations.

Gross profit grew 19% and the company has experienced an extended period of contracting and product development while expanding into global markets. This has resulted in a lift to operating expenditure.

Canaccord Genuity expects the business will be in a “cash burn phase” over the short to medium term but remains well capitalised.

FY25 guidance expects continued topline growth driven by new and expansion of existing contracts. Buy rating and $1.50 target unchanged.

This report was published on March 4, 2025.

Target price is $1.50 Current Price is $1.11 Difference: $0.39
If ACE meets the Canaccord Genuity target it will return approximately 35% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 111.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 58.42.

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

ALQ    ALS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $15.75

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

Goldman Sachs notes ALS Ltd’s global peers reported solid FY24 results which showed pharma was recovering and food organic growth was consistent. 

The results also showed environmental organic revenue was growing high single to double-digits, and minerals growth was low to mid-single digit with higher margins, the broker comments.

The result compares with the broker’s forecast for ALS life sciences business to grow 10.6% in 2H. The broker notes the cyclicality in the company’s commodities business is reducing and green-minerals tailwinds are growing.

No change to forecasts but the target price rises to $17.75 (was $14.85 in September 2024) on roll-forward of valuation. Buy rating maintained.

This report was published on March 7, 2025.

Target price is $17.75 Current Price is $15.75 Difference: $2
If ALQ meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $16.68, suggesting upside of 3.8%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 39.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.3, implying annual growth of 2270.8%.
Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 25.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 42.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.0, implying annual growth of 15.3%.
Current consensus DPS estimate is 44.1, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 22.0.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $15.23

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

Canaccord Genuity notes new vehicle sales was -7.9% y/y lower in February which was consistent with its view that sales will be lower in 2025 vs 2024’s record 1.23m.

The broker reckons lower sales matter less for Eagers Automotive given expectations of increased BYD sales in FY25 and anticipated contribution from acquisitions.

The broker also notes the company’s 2H24 result showed improved efficiency which will help offset margin pressure in the industry.

Buy rating and target price of $17.

This report was published on March 5, 2025.

Target price is $17.00 Current Price is $15.23 Difference: $1.77
If APE meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $15.56, suggesting downside of -0.0%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 100.9, implying annual growth of 25.8%.
Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY26:

Current consensus EPS estimate is 106.1, implying annual growth of 5.2%.
Current consensus DPS estimate is 71.2, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 14.7.

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

AZY    ANTIPA MINERALS LIMITED

Mining – Overnight Price: $0.39

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

Antipa Minerals has retained full ownership of the Wilki Project, notes Canaccord Genuity, after Newmont Corp ((NEM)) decided to withdraw from its farm-in agreement.

This withdrawal allows Antipa to fully control a vast expanse of land, with several exciting greenfield targets, including the Parklands and Jezabeel prospects, highlights the broker.

Management plans to undertake up to 16,000m of drilling in 1H 2025, with Parklands as the primary focus.

Canaccord has raised its target price to 95 cents from 70 cents, reflecting the increased value from the full retention of Wilki and reduced forecast dilution. The Speculative Buy rating remains unchanged.

This report was published on March 5, 2025.

Target price is $0.95 Current Price is $0.39 Difference: $0.56
If AZY meets the Canaccord Genuity target it will return approximately 144% (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 minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.00.

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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.28

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

Canaccord Genuity highlights Bellevue Gold’s 1H25 EBITDA was close to its forecast, but the net profit of $12m missed its $41m estimate mainly due to higher depreciation.

The gold miner maintained revised FY25 guidance of 150-165koz at $1,900-2,100/oz cost announced last month, to which the broker responded by lowering the production estimate and raising the cost forecast.

The analyst revised it further, with the production estimate now sitting below the company’s forecast range at 148koz and cost at $2,071/oz.

Target price decreased to $2.20 from $2.25 after incorporating the revisions, including higher deprecation. Speculative Buy.

This report was published on March 3, 2025.

Target price is $2.20 Current Price is $1.28 Difference: $0.92
If BGL meets the Canaccord Genuity target it will return approximately 72% (excluding dividends, fees and charges).
Current consensus price target is $1.74, suggesting upside of 33.7%(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 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.7, implying annual growth of 2.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.4, implying annual growth of 100.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.7.

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

BOL    BOOM LOGISTICS LIMITED

Overnight Price: $1.54

Taylor Collison rates ((BOL)) as Outperform (2) –

Taylor Collision notes Boom Logistics’ 1H25 operating net profit rose 32% y/y to $5m, leading to an upgrade in the company’s FY25 guidance to $9m from $8m. 

The broker highlights the company’s net profit guidance for over 36% rise y/y and return on net assets nearing double-digit, proving it is a consistent free cash flow generator under new leadership.

The broker lifts its FY25 operating net profit forecast by 13% to align with the guidance and lifted FY26 estimate by 20%.

Outperform rating maintained. No target price.

This report was published on February 26, 2025.

Current Price is $1.54. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of 21.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.13.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of 28.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.33.

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

CAA    CAPRAL LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $10.20

Taylor Collison rates ((CAA)) as Outperform (2) –

Capral’s FY24 EBITDA beat the company’s guidance by 8% which Taylor Collision believes is an impressive result given the weak residential construction backdrop.

The broker expects the residential building environment to remain subdued for the next 12 months but infrastructure activity and Queensland business to support volumes in FY25.

The broker notes operating cash flow of $22m supports the share buyback which should provide EPS accretion, with the company’s balance sheet also allowing it to invest and solidify its position. 

The broker expects a 25% Trump tariff in extrusions to see imports rise and believes the company’s investments in value-add is key to protecting volumes.

Outperform rating maintained. No target price.

This report was published on February 28, 2025.

Current Price is $10.20. Target price not assessed.
The company’s fiscal year ends in December.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 102.40 cents and EPS of 170.70 cents.
At the last closing share price the estimated dividend yield is 10.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.98.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 127.80 cents and EPS of 213.10 cents.
At the last closing share price the estimated dividend yield is 12.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.79.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $7.55

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

Goldman Sachs notes Capricorn Metals 1H25 underlying EBITDA and profit before tax was in line with forecasts, and the company finished December with a net cash position of $305m. The company had $50m in corporate debt, with repayment due in June.

The broker expects the company to only briefly dip into a net debt position while building Mt. Gibson and expanding Karlawinda, based on its forecast for a 20% capex overrun at Mt Gibson. 

This would support capital returns following the capex spend and the broker is assuming dividends from the end of FY27.

The broker cut FY25 EPS forecast by -2% but raised FY26 by 1%. Target price rises to $7.70 from $7.55, and Neutral rating retained.

This report was published on March 6, 2025.

Target price is $7.70 Current Price is $7.55 Difference: $0.15
If CMM meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $8.15, suggesting upside of 6.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 44.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.7, implying annual growth of 54.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 48.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.0, implying annual growth of 9.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.6.

Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CU6    CLARITY PHARMACEUTICALS LIMITED

Medical Equipment & Devices – Overnight Price: $2.83

Canaccord Genuity rates ((CU6)) as Buy (1) –

First half results from Clarity Pharmaceuticals were largely in line although Canaccord Genuity notes the actual cash position was $10m above forecast.

The major news centred on the neuroblastoma trial assessing the utility of the company’s therapy. Despite a setback with a grade 5 dose-limiting toxicity (death) the safety review committee has recommended the trial continue, amid a lack of treatment options for these patients.

The broker does not make any changes to assumptions regarding the program and remains cautious about extrapolating results between the company’s programs given different indications and patient groups.

The broker also notes the phase two SECuRE trial update included data from cohort 4 patients who received high doses of 12 GBq, and it showed efficacy continues to be strong.

The Buy rating and $8.06 target are unchanged.

This report was published on March 5, 2025.

Target price is $8.06 Current Price is $2.83 Difference: $5.23
If CU6 meets the Canaccord Genuity target it will return approximately 185% (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 minus 17.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.45.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 28.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.86.

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

Wilsons rates ((CU6)) as Overweight (1) –

Wilsons’ notes M&A activity was the key reason for Clarity Pharmaceuticals’ share price touching over $8.60 in September 2024 which has since declined. Like the market, the broker expected M&A but notes there are other reasons behind its Overweight rating and the elevated target price.

The analyst reckons the debate has now shifted from a scientific/clinical one to a commercial question on competitive dynamics in the PSMA PET market, assuming Clarity wins on science.

The broker’s analysis shows 64Cu-SAR-bisPSMA could become the third blockbuster in PSMA, targeting peak sales of US$950m.

Target price cut to $8.25 from $8.40.

This report was published on March 6, 2025.

Target price is $8.25 Current Price is $2.83 Difference: $5.42
If CU6 meets the Wilsons target it will return approximately 192% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 17.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.36.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 30.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.40.

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

D2O    DUXTON WATER LIMITED

Agriculture – Overnight Price: $1.35

Petra Capital rates ((D2O)) as Buy (1) –

Petra Capital estimates Duxton Water’s sale of 30.6GL of entitlements to the government for $121.3m was struck at a 23% premium to the market. The broker reckons the sale will generate a $30m profit.

The broker has applied the sale proceeds to debt retirement and will wait for the release of the results of its buyback program before considering entitlement acquisitions in its forecasts.

Buy rating with $2.10 target price.

This report was published on March 7, 2025.

Target price is $2.10 Current Price is $1.35 Difference: $0.75
If D2O meets the Petra Capital target it will return approximately 56% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 7.40 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 5.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.42.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 7.70 cents and EPS of 10.60 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.74.

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

DSE    DROPSUITE LIMITED

Cloud services – Overnight Price: $5.76

Petra Capital rates ((DSE)) as Buy (1) –

Dropsuite reported a “solid” 2024 result, broadly in line with Petra Capital’s expectations, and key metrics suggest ongoing positive operating momentum in 2025.

Revenue growth remained strong, up 34.4% year-on-year, contributing to a four-year compound annual growth rate (CAGR) of 55.1%, highlights the analyst.

Despite growth in revenue, operating expenses continued to be a drag on earnings, notes the broker, resulting in slightly lower earnings forecasts across 2025-27.

The Buy rating and $6.75 target are unchanged.

Note: The broker will cease coverage given the NinjaOne offer is still on track to complete in May. A proposed takeover by NinjaOne for Dropsuite was announced with the company’s 4Q24 update.

This report was published on March 4, 2025.

Target price is $6.75 Current Price is $5.76 Difference: $0.99
If DSE meets the Petra Capital target it will return approximately 17% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 250.43.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 133.95.

Market Sentiment: 0.0
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: $1.54

Taylor Collison rates ((DUR)) as Outperform (2) –

Taylor Collison notes the standout in Duratec’s 1H25 result was the energy business, while defence, mining and industrial revenue slightly missed expectations. 

The broker is optimistic about the company’s prospects given the upcoming HMAS Stirling investment, the iron ore capex replacement cycle, and maintenance and commissioning work in the oil and gas sector.

The broker believes the current stock price at 16.9x its FY26 estimates is well justified.

No target price is mentioned. Outperform rating remains.

This report was published on February 24, 2025.

Current Price is $1.54. Target price not assessed.
Current consensus price target is $1.86, suggesting upside of 20.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 6.10 cents and EPS of 10.10 cents.
At the last closing share price the estimated dividend yield is 3.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.25.

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 2.7%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 8.20 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.26.

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 3.6%.
Current consensus EPS estimate suggests the PER is 12.6.

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

FPR    FLEETPARTNERS GROUP LIMITED

Vehicle Leasing & Salary Packaging – Overnight Price: $2.63

Canaccord Genuity rates ((FPR)) as Upgrade to Buy from Hold (1) –

Canaccord Genuity explains it is not upgrading FleetPartners Group to Buy from Hold because of higher earnings growth ahead.

One of the issues that has made the broker cautious previously has been a period where earnings have generated the equivalent of super profits, courtesy of a post-covid boom.

The upgrade is based on the fact this is a well-run company with relatively defensive and predictable earnings and one the largest fleet managers in a rational market that could experience further consolidation.

Canaccord Genuity believes the stock has become too cheap to ignore and maintains an unchanged target at $3.40.

This report was published on March 3, 2025.

Target price is $3.40 Current Price is $2.63 Difference: $0.77
If FPR meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $3.76, suggesting upside of 41.4%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 34.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.4, 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 8.2.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 35.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.2, implying annual growth of -0.6%.
Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 8.3.

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

GNG    GR ENGINEERING SERVICES LIMITED

Mining Sector Contracting – Overnight Price: $2.79

Taylor Collison rates ((GNG)) as Outperform (2) –

Taylor Collision upgraded its FY25 revenue forecast for GR Engineering Services to $452m from $440m after the company’s 1H25 revenue beat expectations.

The broker also raised the FY25 net profit forecast on expectations of margin expansion based on channel checks and management commentary.

The analyst notes the company has a robust order pipeline but warns short-term revenue fluctuations are possible if contract wins take time to materialise.

Outperform rating maintained. No target was provided.

This report was published on February 27, 2025.

Current Price is $2.79. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 20.00 cents and EPS of 21.70 cents.
At the last closing share price the estimated dividend yield is 7.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.86.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 20.00 cents and EPS of 22.80 cents.
At the last closing share price the estimated dividend yield is 7.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.24.

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

HVN    HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics – Overnight Price: $5.10

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

Harvey Norman’s 1H was stronger-than-expected by Goldman Sachs, with group sales increasing by 1.9% year-on-year and profit before tax (PBT) rising by 10% compared to the previous year.

The Australian franchise performed well, posting 6% year-on-year sales growth, driven by strong momentum from Black Friday and Boxing Day sales, explains the broker.

New Zealand faced weaker results with a -4% drop in sales and an -8% decline in EBIT. Goldman Sachs has updated its financial forecasts, projecting steady sales growth of 2.1% over FY25-27.

Despite positive results in Australia, Goldman remains cautious about overall future growth prospects, citing rising competition and a lagging presence in omni-channel retailing.

The company faces stiff competition from online marketplaces like Amazon and offline players such as Officeworks, explains the broker.

Sell rating. Target rises to $4.30 from $4.10.

This report was published on March 4, 2025.

Target price is $4.30 Current Price is $5.10 Difference: minus $0.8 (current price is over target).
If HVN meets the Goldman Sachs target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.18, suggesting upside of 0.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 28.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 5.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.3, implying annual growth of 17.7%.
Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 27.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 5.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.8, implying annual growth of 7.5%.
Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 14.4.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IMM    IMMUTEP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.28

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

Canaccord Genuity notes Immutep’s 1H25 result was in line with expectations, with the company ending December with $159m cash and short-investments.

This is sufficient to fund efti through the futility analysis of phase 3 expected in later 2025/early 2026, the broker suggests.

The broker slightly raised estimates for R&D spending in FY25 and FY26 as TACTI-004 prepared to ramp up. Target price of 95c and Buy rating are unchanged.

The broker expects a read from the TACTI-003 Cohort B data soon, noting its own analysis suggests a median overall survival of 15-19.5 months (previously 13.5-19.5 months).

This report was published on March 4, 2025.

Target price is $0.95 Current Price is $0.28 Difference: $0.67
If IMM meets the Canaccord Genuity target it will return approximately 239% (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 minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.00.

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

INR    IONEER LIMITED

New Battery Elements – Overnight Price: $0.15

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

Ioneer announced Sibanye-Stillwater is not proceeding with the JV for the Rhyolite Ridge project which entailed a US$490m investment for a 50% share. 

Canaccord Genuity reckons the company will have to look for a partner but there may already be a few names from the initial process. The analyst notes Rio Tinto ((RIO)) has experience in boron and lithium chemistry, and aims to lift its lithium exposure.

For now, the broker has revised its model to 100% Rhyolite project ownership, raising capex to -US$1.5bn and pushing back the first production to 2030 to allow time for JV partner.

Target price drops to 27c from 40c. Speculative Buy remains.

This report was published on March 3, 2025.

Target price is $0.27 Current Price is $0.15 Difference: $0.12
If INR meets the Canaccord Genuity target it will return approximately 80% (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 minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 50.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.47 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 31.65.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IPX    IPERIONX LIMITED

Industrial Metals – Overnight Price: $3.37

Petra Capital rates ((IPX)) as Buy (1) –

Petra Capital published a note highlighting the multi-billion opportunity in titanium fasteners for IperionX, noting the company has plans to enter this market.

The broker witnessed the company’s Virginia metals plant producing powder created from titanium scrap, and this powder was pressed into near-net shapes, including a fastener.

The global titanium fastener market is a US$5bn industry and is expected to grow to US$7.2bn by 2031. According to the broker, titanium fastener prices range from US$923/kg to US$2,750/kg, far higher than its US$200/kg price forecast for IperionsX’s near-net shapes.

The broker sees early revenues from fasteners in 2025-2026, likely in defence and consumer markets while other aerospace applications qualify.

Buy rating and $6.75 target price are unchanged.

This report was published on March 6, 2025.

Target price is $6.75 Current Price is $3.37 Difference: $3.38
If IPX meets the Petra Capital target it will return approximately 100% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 EPS of minus 2.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 146.52.

Forecast for FY26:

Petra Capital forecasts a full year FY26 EPS of 4.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 78.37.

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

JDO    JUDO CAPITAL HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $1.94

Jarden rates ((JDO)) as Initiation of coverage with Buy (1) –

Jarden has initiated coverage on Judo Capital Holdings with a Buy rating and target price of $2.60.

The broker notes new customer lending spreads have now returned to at least 450bps spread over 1-month BBSW (had dropped to less than 400bps) reflecting the bank’s positioning in the niche SME lending of $250k-10m range.

The analyst believes there is potential to boost the net interest margin by 30bps via a move to a liquidity coverage ratio from the minimum liquidity holding model.

The broker assesses the bank’s specialist SME lender position is unlikely to be threatened by big four banks as they typically don’t venture below $15m, and scaling up only means 2-3% of market share in both assets and liabilities.

Judo Capital also has IT advantage given no legacy/tech debt. A key negative is any funding market disruption could hurt the bank’s ability to stay liquid.

This report was published on March 5, 2025.

Target price is $2.60 Current Price is $1.94 Difference: $0.66
If JDO meets the Jarden target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $2.15, suggesting upside of 11.8%(ex-dividends)
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 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 23.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 24.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 14.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.0, implying annual growth of 53.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.0.

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

KCN    KINGSGATE CONSOLIDATED LIMITED

Gold & Silver – Overnight Price: $1.37

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

Kingsgate Consolidated has completed 89 RC holes and seven diamond holes since the beginning of January, testing new exploration targets and defining mineralised zones at Chatree, Thailand.

Some significant intercepts were returned from zones within the mineralised structures and a resource update incorporating the SE complex is due this year.

Canaccord Genuity continues to envisage growth potential at Chatree, with recent assays within very close proximity of the processing complex. Speculative Buy rating and $3.35 target.

This report was published on March 3, 2025.

Target price is $3.35 Current Price is $1.37 Difference: $1.98
If KCN meets the Canaccord Genuity target it will return approximately 145% (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 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.56.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 34.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.03.

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

KLS    KELSIAN GROUP LIMITED

Transportation & Logistics – Overnight Price: $3.17

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

Canaccord Genuity observes there is always heightened concern going into the Kelsian Group results, which missed forecasts, and the first half provided much to assess.

The company has indicated addressing leverage is a priority and this is “paramount” to the broker’s view, given the de-rating that has occurred and, therefore, the potential equity upside if the issue is addressed.

Several bridges are required to meet FY25 EBITDA guidance, the midpoint of which suggests 9% growth, and the June 2026 gearing targets, Canaccord Genuity highlights. Buy rating. Target is reduced to $5.60 from $6.10.

This report was published on March 4, 2025.

Target price is $5.60 Current Price is $3.17 Difference: $2.43
If KLS meets the Canaccord Genuity target it will return approximately 77% (excluding dividends, fees and charges).
Current consensus price target is $4.30, suggesting upside of 35.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 17.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 54.2%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 18.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.2, implying annual growth of 12.4%.
Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 8.5.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.17

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

Lotus Resources is progressing its restart of the Kayelekera in Malawi with first production targeted for the third quarter of 2025.

The company has posted a loss of -$10.3m the first half with costs attributed to exploration, care and maintenance and corporate expenses.

The mine development agreement has been signed with the government and the company has secured two conditional uranium offtake arrangements.

A scoping study for Letlhakane has also been completed. Canaccord Genuity retains a Speculative Buy rating and $0.37 target.

This report was published on February 28, 2025.

Target price is $0.37 Current Price is $0.17 Difference: $0.2
If LOT meets the Canaccord Genuity target it will return approximately 118% (excluding dividends, fees and charges).
Current consensus price target is $0.49, suggesting upside of 186.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 34.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 34.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.0, 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 17.0.

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

MDR    MEDADVISOR LIMITED

Healthcare services – Overnight Price: $0.12

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

Canaccord Genuity notes MedAdvisor’s -24% y/y 1H25 revenue decline was pre-reported but the EBITDA beat didn’t translate to higher cash flow.

The revenue decline was attributed to several factors and while the company showed conviction about improvement, the broker isn’t confident about customer and pipeline conversion.

The broker would like to see a sustainable pathway to revenue growth, combined with the positive impact of Transformation 360.

The analyst lowered near-term revenue and earnings outlook. Target price cut to 19c (was 57c in November).

Rating downgraded to Hold from Buy.

This report was published on March 3, 2025.

Target price is $0.19 Current Price is $0.12 Difference: $0.07
If MDR meets the Canaccord Genuity target it will return approximately 58% (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.

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

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $209.08

Jarden rates ((MQG)) as Initiation of coverage with Underweight (4) –

Jarden has initiated coverage on Macquarie Group with an Underweight rating and target price of $200.

The broker notes the Underweight rating reflects elevated valuation and forecasts that are -4% below consensus on softer revenue estimates.

The broker is constructive on the stock in the medium to longer term. But in the short term, the delay in transition of the renewables business to an asset management model is pressurising earnings, along with the volatility in commodity markets. 

Market volatility, including in the commodity space, also creates upside risk, with the broker noting the bank has $12.3bn of equity investments on the balance sheet recognised at cost.

Key downside risk is any adverse tax/regulatory findings. Funding and liquidity are also a risk, according to the broker, as the bank’s capital structure is vulnerable to price changes and access to funding/liquidity.

This report was published on March 5, 2025.

Target price is $200.00 Current Price is $209.08 Difference: minus $9.08 (current price is over target).
If MQG meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $225.71, suggesting upside of 8.2%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 628.00 cents and EPS of 930.00 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 982.5, implying annual growth of 7.2%.
Current consensus DPS estimate is 625.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 21.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 720.00 cents and EPS of 1046.00 cents.
At the last closing share price the estimated dividend yield is 3.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1106.8, implying annual growth of 12.7%.
Current consensus DPS estimate is 720.7, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 18.8.

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

MVF    MONASH IVF GROUP LIMITED

Healthcare services – Overnight Price: $1.18

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

Wilsons Advisory notes Monash IVF’s 1H25 result showed revenue of $140.3m, up 12% year-on-year, exceeding estimates by 1%-2%.

Australian revenue rose 11%, supported by a six-month contribution from Fertility North, though IVF cycles were flat.

International revenue increased 25%, driven by Kuala Lumpur, Singapore, and Bali. EBITDA margins contracted -60bps due to a ~2% IVF industry decline, partially offset by higher frozen embryo transfers and cost reductions.

The broker notes FY25 net profit after tax guidance of $30m-$31m is 2% above its prior estimate. Wilsons’ earnings forecasts for FY25-FY27 were adjusted by -1% to 4%.

Target price weakens to $1.43 from $1.46. Overweight rating retained.

This report was published on February 28, 2025.

Target price is $1.43 Current Price is $1.18 Difference: $0.255
If MVF meets the Wilsons target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $1.51, suggesting upside of 28.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 5.40 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 4.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.1, implying annual growth of N/A.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 6.00 cents and EPS of 8.50 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of 6.2%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 4.7%.
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

NDO    NIDO EDUCATION LIMITED

Childcare – Overnight Price: $0.86

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

Nido Education’s 2024 result showed earnings (EBITDA) of $22m, -4% versus Wilsons’ estimates, with net profit after tax below expectations by -3%.

Centre earnings were also a miss by -2% against estimates and was impacted by lower occupancy at 78% compared to the 80% forecast, partly offset by lower centre costs.

The analyst explains net support office costs were lower by -4% lower than expected. January trading was strong, with centre earnings up 40% year-on-year, though February enrolments have been subdued.

Wilsons lowers FY25-FY27 earnings (EBITDA) forecasts by -19% to 120%, reflecting reduced centre openings, lower occupancy assumptions, and increased support office costs.

Target price falls to $1.04 from $1.14. Overweight.

This report was published on February 28, 2025.

Target price is $1.04 Current Price is $0.86 Difference: $0.175
If NDO meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 5.00 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 5.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.38.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 6.10 cents and EPS of 9.60 cents.
At the last closing share price the estimated dividend yield is 7.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.01.

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $12.28

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

Canaccord Genuity notes Neuren Pharmaceuticals’ FY24 result was in line with expectations, with the company guiding to FY25 royalty income of $62-67m vs $56.2m in FY25.

Based on Acadia Pharma’s result announcement the day prior, the broker sees a slow, linear growth curve as Daybue new patient starts outpace the discontinued ones.

The analyst sees upside from an increase in Rett diagnosis, noting the rise already to 5,800 patients from 5,500.

The broker pushed back milestone payment for the first US$500m sales to FY27. Target price drops marginally to $28.12 from $29.00.

Buy rating remains.

This report was published on March 3, 2025.

Target price is $28.12 Current Price is $12.28 Difference: $15.84
If NEU 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 17.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 72.24.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 61.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.13.

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

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

Wilsons highlights Neuren Pharmaceuticals’ update showed Daybue partner Acadia reported 4Q 2024 sales of US$96.7m, or 6% quarter-on-quarter, guiding to 2025 sales to US$380-405m.

The broker notes improved patient retention and bottle utilisation but highlights challenges in expanding beyond Centres of Excellence.

Daybue royalty expectations were lowered by -3% for FY25-FY26. The analyst explains no milestone payments are expected in 2025, with a US$35m payment modelled in 2026 for the first ex-US sale.

NNZ-2591 commercialisation was delayed, impacting forecasts but not valuation. Target price reduced to $26.50 from $30.94. Overweight.

This report was published on February 28, 2025.

Target price is $26.50 Current Price is $12.28 Difference: $14.22
If NEU meets the Wilsons target it will return approximately 116% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 10.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 122.80.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 37.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.57.

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

NWH    NRW HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $2.81

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

NRW Holdings produced first half results that were slightly below estimates.

The company clarified its exposure to Onesteel in Whyalla and Canaccord Genuity believes the balance sheet is strong enough to withstand any issues, assessing the business will return to earnings growth in the second half and FY26.

Guidance has been upgraded to $3.2-3.3bn in revenue, although the broker notes this is somewhat reliant on better weather.

Active tenders now total $6.2bn, with the company indicating the news flow in the current half-year could be substantial. The broker retains a Buy rating and reduces its target to $3.55 from $3.82.

This report was published on March 3, 2025.

Target price is $3.55 Current Price is $2.81 Difference: $0.74
If NWH meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $3.45, suggesting upside of 22.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 15.60 cents and EPS of 27.60 cents.
At the last closing share price the estimated dividend yield is 5.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of 18.8%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 16.70 cents and EPS of 29.60 cents.
At the last closing share price the estimated dividend yield is 5.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of 8.7%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 9.4.

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

Jarden rates ((NWH)) as Downgrade from Buy to Overweight (2) –

Jarden comments NRW Holdings’ 1H25 underlying net profit after tax of $58m missed consensus by -10%, impacted by an outstanding $113m creditor claim against OneSteel.

The broker notes management maintained FY25 earnings (EBIT) guidance of $205m-$215m, implying 2H25 margin improvement in mining and strength in mining, energy & tecnolology and civil.

Mining earnings margins will likely decline post-OneSteel, with an estimated -150bps impact requiring contract wins to offset.

Jarden’s EPS forecasts are lowered by -3% for FY25 and -9% for FY26 due to revised assumptions on OneSteel recovery.

Target price cut to $3.10 from $3.85. Rating downgraded to Overweight from Buy.

This report was published on March 4, 2025.

Target price is $3.10 Current Price is $2.81 Difference: $0.29
If NWH meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.45, suggesting upside of 22.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.50 cents and EPS of 29.60 cents.
At the last closing share price the estimated dividend yield is 5.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of 18.8%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 17.60 cents and EPS of 31.70 cents.
At the last closing share price the estimated dividend yield is 6.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of 8.7%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 9.4.

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

NXD    NEXTED GROUP LIMITED

Education & Tuition – Overnight Price: $0.17

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

Canaccord Genuity assesses NextEd Group’s 1H25 result was better than expected with revenue beating its forecast, and tighter cost management as the company adapts to a shifting regulatory environment.

Management confirmed 1,900 students came across (100 more than expected) following the International House integration which will help improve campus utilisation rates.

The company guided to a 20 percentage points lift in 2H but the broker is taking a conservative stance.

Overall, the broker sees room for valuation upside from student growth, potential recovery in english language market and inorganic initiatives. Target price rises marginally to 35c from 34c. Buy rating maintained.

This report was published on March 3, 2025.

Target price is $0.35 Current Price is $0.17 Difference: $0.175
If NXD meets the Canaccord Genuity target it will return approximately 100% (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 minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.83.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.83.

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

ORI    ORICA LIMITED

Mining Sector Contracting – Overnight Price: $17.03

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

Goldman Sachs anticipates management at Orica will reiterate FY25 guidance for earnings (EBIT) at the upcoming Investor Day and Digital Solutions showcase.

Given management has flagged a review of the group’s financial framework, the broker suggests an update may be presented at the investor day.

No change to the broker’s Buy rating and $21.4 target price. Goldman believes Orica will experience EPS leverage, which has been absent in recent years.

This report was published on March 6, 2025.

Target price is $21.40 Current Price is $17.03 Difference: $4.37
If ORI meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $20.83, suggesting upside of 20.1%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 51.00 cents and EPS of 103.00 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.8, implying annual growth of -9.0%.
Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 58.00 cents and EPS of 116.00 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 115.8, implying annual growth of 14.9%.
Current consensus DPS estimate is 62.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 15.0.

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

PLY    PLAYSIDE STUDIOS LIMITED

Gaming – Overnight Price: $0.20

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

Canaccord Genuity is transferring coverage of Playside Studios to Jasper Struwig from Annabelle Holden. The Buy rating and $0.50 target are unchanged.

This report was published on March 3, 2025.

Target price is $0.50 Current Price is $0.20 Difference: $0.295
If PLY meets the Canaccord Genuity target it will return approximately 144% (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 minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.13.

Forecast for FY26:

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

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

PMT    PATRIOT BATTERY METALS INC

Mining – Overnight Price: $0.28

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

Patriot Battery Metals has now received all drilling results from its infill program at CV5, supporting an upgrade to the 43mt inferred resource.

A maiden reserve and definitive feasibility study are due during the third quarter of 2025, which Canaccord Genuity believes will provide more confidence and a potential catalyst for the shares. Speculative Buy rating and $0.90 target.

This report was published on February 28, 2025.

Target price is $0.90 Current Price is $0.28 Difference: $0.62
If PMT meets the Canaccord Genuity target it will return approximately 221% (excluding dividends, fees and charges).
Current consensus price target is $0.77, suggesting upside of 166.2%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 282.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -6.8, 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 N/A.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.09 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 318.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.8, 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 N/A.

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $11.60

Jarden rates ((PXA)) as Neutral (3) –

PEXA Group’s February NSW settlement activity declined, with total volumes down -4% year-on-year, reversing January’s 7% growth, Jarden observes.

The broker notes NSW transfer activity fell -4% versus growth of 8% in January, while refinancing growth slowed to 3% from 9%. Queensland settlement activity improved slightly to 5%, though e-Conveyancing penetration declined to 85.9%.

PEXA Exchange growth is expected at around 8% in 2025. Jarden’s EPS forecasts remain unchanged. Target price retained at $15.55. Neutral.

This report was published on March 4, 2025.

Target price is $15.55 Current Price is $11.60 Difference: $3.95
If PXA meets the Jarden target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $15.35, suggesting upside of 34.1%(ex-dividends)
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 minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5800.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.8, 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 197.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 17.40 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.0, implying annual growth of 589.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 28.6.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $9.91

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

Goldman Sachs highlights Qantas Airways earnings showed sustainable growth, with 1H25 profit before tax up 79% vs 1H19 (pre-covid). The broker is now forecasting 15% y/y profit before tax growth in FY25, up from the previous estimate of 10%.

The broker sees upside from the airline’s fleet renewal growth to drive the next leg of growth. The analyst is confident the operational benefit from higher capex (-$12.5bn over FY25-27, up from -$12bn) will outweigh the higher cost.

The broker expects Qantas to continue to track the bottom of its target leverage range and be in a position to return surplus capital to shareholders.

Target price rises to $11.80 (was $8.05 in September). Buy rating remains.

This report was published on March 6, 2025.

Target price is $11.80 Current Price is $9.91 Difference: $1.89
If QAN meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $9.91, suggesting upside of 1.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 43.00 cents and EPS of 108.00 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.9, implying annual growth of 43.4%.
Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 33.00 cents and EPS of 121.00 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 115.5, implying annual growth of 6.1%.
Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 8.4.

Market Sentiment: 0.3
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: $20.78

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

Goldman Sachs has a Buy rating and $23 target for QBE Insurance.

The broker had previously noted post FY24 results, 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.

Management 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.

This report was published on March 5, 2025.

Target price is $23.00 Current Price is $20.78 Difference: $2.22
If QBE meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $22.96, suggesting upside of 8.7%(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 177.42 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.71.

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 4.3%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 56.00 cents and EPS of 186.60 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.14.

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 4.6%.
Current consensus EPS estimate suggests the PER is 10.6.

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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $3.85

Goldman Sachs – Cessation of coverage

This report was published on March 4, 2025.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 10.00 cents and EPS of 16.00 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 24.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.9, implying annual growth of 23.6%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 11.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 11.3%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 21.8.

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

RWC    RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $4.93

Jarden rates ((RWC)) as Upgrade to Overweight from Neutral (2) –

Jarden upgrades its rating for Reliance Worldwide to Overweight from Neutral, following recent share price underperformance. The $5.60 target is unchanged.

In the broker’s view, Reliance remains well-positioned with exposure to large, fragmented global markets, particularly in non-discretionary plumbing repair sectors, which provide significant growth opportunities.

Despite sluggish housing markets, the analysts note management’s guidance for FY25 includes flat sales in the Americas and modest growth in the APAC region, with positive operating leverage expected in the medium term.

The company’s margin resilience, strong product innovation, and strategic focus on core plumbing applications should support mid-to-high single-digit revenue growth and continued margin expansion, suggests Jarden.

This report was published on March 5, 2025.

Target price is $5.60 Current Price is $4.93 Difference: $0.67
If RWC meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $5.65, suggesting upside of 12.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.65 cents and EPS of 29.21 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.0, implying annual growth of N/A.
Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 8.11 cents and EPS of 31.66 cents.
At the last closing share price the estimated dividend yield is 1.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.0, implying annual growth of 12.5%.
Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 13.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RXL    ROX RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.25

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

Canaccord Genuity visited Rox Resources’ Youanmi Gold Project site for the third time in five years and noted the geological advancements made, including through contribution from shareholder Hawke’s Point.

The broker’s commentary suggests Hawke’s Point has a strong track record with its investments in recent years.

The broker continues to believe the aggressive timeline for a definitive feasibility study and financing before the end of 2025 is achievable. 

Target price of 56c and Speculative Buy rating retained.

This report was published on March 5, 2025.

Target price is $0.56 Current Price is $0.25 Difference: $0.31
If RXL meets the Canaccord Genuity target it will return approximately 124% (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 minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.33.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.00.

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

SHA    SHAPE AUSTRALIA CORPORATION LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.91

Petra Capital rates ((SHA)) as Buy (1) –

Shape Australia’s December quarter activity remained strong, with non-residential construction work done ahead of industry growth estimates, Petra Capital notes.

The order book was upgraded by 3.5% due to an expanding pipeline in Hotels, Health, Education, Retail, and Defence the analyst explains. Office exposure declined to 54% of the pipeline, down from 72% in 1H22.

1H25 net profit before tax of $13.7m rose 26% year-on-year, supported by strong cash flow and gross margin expansion despite project delays. 

Target price reduced by -2.5% to $3.50 due to minor earnings changes. Buy.

This report was published on March 5, 2025.

Target price is $3.50 Current Price is $2.91 Difference: $0.59
If SHA meets the Petra Capital target it will return approximately 20% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 20.30 cents and EPS of 22.50 cents.
At the last closing share price the estimated dividend yield is 6.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.93.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 22.80 cents and EPS of 25.40 cents.
At the last closing share price the estimated dividend yield is 7.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.46.

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

SMI    SANTANA MINERALS LIMITED

Gold & Silver – Overnight Price: $0.60

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

Santana Minerals has released an updated mineral resource estimate (MRE) for its Rise and Shine deposit, now standing at 26.5mt at 2.4 gold per tonne for 2.08moz, reflecting a 7% increase in grade and a 6% rise in contained ounces.

The updated MRE offers a refined resource model with improved grade domaining, highlights the broker, enabling a more selective mining approach for potentially higher feed grades.

An updated preliminary feasibility study (PFS) is expected by March 2025 to focus on lowering pre-production capex while maintaining optimal production levels.

Gold production could begin in the first half of 2027, suggest the analysts. Canaccord maintains a Speculative Buy rating and raises its target to $1.33 from $1.30.

This report was published on March 5, 2025.

Target price is $1.33 Current Price is $0.60 Difference: $0.73
If SMI meets the Canaccord Genuity target it will return approximately 122% (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 minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.00.

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

SNL    SUPPLY NETWORK LIMITED

Automobiles & Components – Overnight Price: $35.94

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

Supply Network reported strong 1H25 revenue growth, with Australian growth continuing at 18.6% and New Zealand also remaining robust at 13.2%, observes Goldman Sachs. This growth was maintained through January and February.

Management’s focus remains on expanding market share, leveraging strong industry trends and positioning as a key supplier in the aftermarket truck parts industry, explains the broker.

A FY28 revenue target of $450m has been set, which is conservative in the broker’s view, with the company expected to reach its prior three-year (FY26) revenue target a year early.

The broker maintains a Buy rating, increasing the target price to $36.40 from $34.20, driven by positive revisions in revenue and margin expansion.

This report was published on March 5, 2025.

Target price is $36.40 Current Price is $35.94 Difference: $0.46
If SNL meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 66.00 cents and EPS of 95.00 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.83.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 80.00 cents and EPS of 114.00 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.53.

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

SSM    SERVICE STREAM LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.80

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

Service Stream has effectively secured a five-year extension to its contract with NBN Co worth $1.9bn. The contract replaces two existing agreements that were due to expire in September.

No changes to forecasts but Canaccord Genuity sees potential for margin pressure in year one of the contract, and will also monitor momentum in the telco division.

Target price is $1.95. Buy rating maintained.

This report was published on February 28, 2025.

Target price is $1.95 Current Price is $1.80 Difference: $0.15
If SSM meets the Canaccord Genuity target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 9.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 5.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of 103.8%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 7.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of 5.6%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 15.7.

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

STN    SATURN METALS LIMITED

Gold & Silver – Overnight Price: $0.23

Petra Capital rates ((STN)) as Buy (1) –

Petra Capital has changed its development profile for Saturn Metals’ Apollo Hill Gold Project, now expecting it to move to full-scale production from FY28 from a staged profile, which pushes out FY26-27 timing for gold production.

The revision has a -28% impact on valuation but is more than offset by a 50% impact from an upgrade to the gold price profile. The broker’s revised post-2028 gold price forecast is US$2,300/oz, up from US$2,000/oz.

The broker believes the stock is undervalued and well-positioned to attract increasing interest from investors and gold peers as the project advances.

Target price rises to 98c from 79c. Buy rating maintained.

This report was published on March 7, 2025.

Target price is $0.98 Current Price is $0.23 Difference: $0.75
If STN meets the Petra Capital target it will return approximately 326% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.56.

Forecast for FY26:

Petra Capital 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 57.50.

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

TCG    TURACO GOLD LIMITED

Gold & Silver – Overnight Price: $0.34

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

Turaco Gold has released results from 28 shallow reverse circulation (RC) and diamond holes from the Asupiri prospect, part of its Afema Gold Project in Cote d’Ivoire.

Results confirm mineralisation over 5km of strike and included intercepts such as 9m at 4.49g/t gold and 37m at 1.31g/t gold, highlights Canaccord Genuity.

Management is aiming to increase the Afema resource to over 3moz with a maiden JORC resource expected for Asupiri in mid-2025.

The development scenario suggests to Canaccord a 10-year open-pit operation at Afema, with anticipated production of 130kozpa at cost (AISC) of US$1,250/oz. 

Speculative Buy rating maintained and target price is 75c.

This report was published on March 5, 2025.

Target price is $0.75 Current Price is $0.34 Difference: $0.41
If TCG meets the Canaccord Genuity target it will return approximately 121% (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 minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.33.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.33.

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

VAU    VAULT MINERALS LIMITED

Gold & Silver – Overnight Price: $0.41

Petra Capital rates ((VAU)) as Buy (1) –

Vault Minerals reported a strong 1H FY25 result, assesses Petra Capital, with gold sales increasing 86% year-on-year to 199koz, leading to a 139% increase in revenue and a 312% rise in profit.

The half represented the first six months of combined operations following the merger of Red 5 and Silver Lake Resources in June 2024.

Vault has a robust cash position of $576m, no debt, and is focused on organic growth initiatives, including the expansion of the KOTH and Sugar Zone projects, highlights the analyst.

The target rises to 56 cents from 51 cents. Buy.

This report was published on March 4, 2025.

Target price is $0.56 Current Price is $0.41 Difference: $0.15
If VAU meets the Petra Capital target it will return approximately 37% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.23.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 2.00 cents and EPS of 4.90 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 8.37.

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

VGL    VISTA GROUP INTERNATIONAL LIMITED

Software & Services – Overnight Price: $3.34

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

Jarden explains Vista Group’s 2024 result showed revenue of NZ$150m, up 5% year-on-year, with SaaS revenue growing 23% as cloud adoption accelerated.

The broker notes operating leverage improved, with a 2H 2024 earnings (EBITDA) margin of 19%, exceeding the 2025 guidance range of 16-18%.

Full-year earnings (EBITDA) of NZ$21.6m was up 62%, supported by cost efficiencies and a shift to recurring revenue.

Cloud transition progress was slightly behind targets, with 358 sites live versus 400 planned, though the pipeline remains strong, the analyst highlights.

Jarden lifts earnings forecasts for FY25-FY27, reflecting increased confidence in margin expansion and cloud adoption.

Target price increases to NZ$3.80 from NZ$3.05. Overweight.

This report was published on March 4, 2025.

Current Price is $3.34. Target price not assessed.
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 2.82 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 118.27.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 9.38 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.60.

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

VNT    VENTIA SERVICES GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $4.08

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

Canaccord Genuity notes Ventia Services has effectively secured a five-year extension to its contract with NBN Co worth $2.1bn. The contract replaces two existing agreements that were due to expire in September.

The broker estimates the new contract represents a 50% rise on current annual volumes, but is leaving forecasts unchanged at this stage. The broker reckons the company has already included the impact in its FY25 net profit guidance.

Target price of $4.88 and Buy rating are unchanged.

This report was published on February 28, 2025.

Target price is $4.88 Current Price is $4.08 Difference: $0.8
If VNT meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.33, suggesting upside of 5.7%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 22.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 5.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.6, implying annual growth of 11.1%.
Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 24.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 5.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.4, implying annual growth of 6.3%.
Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 13.5.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $166.00

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

Xero is positioned well for ongoing growth, according to Goldman Sachs, capitalising on the ongoing global digitalisation of small- and medium-sized businesses.

In the UK, the implementation of Phase 3 Making Tax Digital (MTD) should benefit the industry, believes the broker, with Xero leveraging new pricing strategies and enhanced functionality.

In the US, partnerships with BILL.com and Gusto should also drive growth in payments and streamline operations, according to the analysts.

The broker forecasts steady increases in subscriber numbers and average revenue per user (ARPU), but also anticipates higher operating costs, slightly reducing expected earnings for FY26-27.

The target price remains at $201, and the Buy rating is retained.

This report was published on March 6, 2025.

Target price is $201.00 Current Price is $166.00 Difference: $35
If XRO meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $196.15, suggesting upside of 17.9%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 158.51 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 104.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 128.6, 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 129.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 204.97 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 80.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.7, implying annual growth of 56.1%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 0.0%.
Current consensus EPS estimate suggests the PER is 82.9.

This company reports in NZD. 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

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