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

Daily Market Reports | 12:10 PM

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  

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

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.