Australian Broker Call *Extra* Edition – Mar 12, 2025

This story features ALKANE RESOURCES LIMITED, and other companies. For more info SHARE ANALYSIS: ALK

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)

ALK   ALL   AUE   BC8   BMN   BOE   BSL   CGF   CMM (2)   FEX   FSF   LNW   MEK   PNR   SBM   SMP   TCL   TTM   VAU   WAF   WGX   WIA  

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.58

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

Petra Capital raised its forecast for the gold price by 11% to US$2,580/oz for 2025-2029, and by 15% to US$2,300 post-2029 on expectations of continued demand for gold for risk diversification and as a currency alternative to the US dollar. 

This resulted in an upgrade to earnings and valuations for gold stocks under coverage. The broker remains overweight on the sector.

Target price for Alkane Resources rises to $1.30 from $1.04. Buy retained.

This report was published on March 7, 2025.

Target price is $1.30 Current Price is $0.58 Difference: $0.72
If ALK meets the Petra Capital target it will return approximately 124% (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 8.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.07.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 13.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.43.

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

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $68.19

Jarden rates ((ALL)) as Neutral (3) –

Jarden notes weekend reports suggesting several Canadian provinces are protesting against US tariffs with some asking for a halt to purchases of US slot machines due to be upgraded this year.

The broker sees potential for both Aristocrat Leisure and Light & Wonder ((LNW)) to gain market share from International Gaming Technology which dominates in that market.

The broker is also confident both companies will be able to work around the challenges irrespective of where tariffs ultimately land, given their global scale, diversification, product innovation, R&D commitments and margins.

No change to forecasts. Target price of $67 and Neutral rating are maintained.

This report was published on March 10, 2025.

Target price is $67.00 Current Price is $68.19 Difference: minus $1.19 (current price is over target).
If ALL meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $78.07, suggesting upside of 14.5%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 90.00 cents and EPS of 266.40 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 268.6, implying annual growth of 31.2%.
Current consensus DPS estimate is 90.3, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 25.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 100.00 cents and EPS of 297.20 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 296.3, implying annual growth of 10.3%.
Current consensus DPS estimate is 99.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 23.0.

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

AUE    AURUM RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.28

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

Petra Capital raised its forecast for the gold price by 11% to US$2,580/oz for 2025-2029, and by 15% to US$2,300 post-2029 on expectations of continued demand for gold for risk diversification and as a currency alternative to the US dollar. 

This resulted in an upgrade to earnings and valuations for gold stocks under coverage. The broker remains overweight on the sector.

Aurum Resources is one of two preferred emerging stocks. The broker assumes a $25M equity raise in FY26 via 62.5m shares at 40c/share and a $50m equity raise in FY28 via 125m shares at 40c/share.

Target price rises to 93c from 59c. Buy maintained.

This report was published on March 7, 2025.

Target price is $0.93 Current Price is $0.28 Difference: $0.645
If AUE meets the Petra Capital target it will return approximately 226% (excluding dividends, fees and charges).

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

BC8    BLACK CAT SYNDICATE LIMITED

Gold & Silver – Overnight Price: $0.85

Petra Capital rates ((BC8)) as Buy (1) –

Petra Capital raised its forecast for the gold price by 11% to US$2,580/oz for 2025-2029, and by 15% to US$2,300 post-2029 on expectations of continued demand for gold for risk diversification and as a currency alternative to the US dollar. 

This resulted in an upgrade to earnings and valuations for gold stocks under coverage. The broker remains overweight on the sector.

Black Cat Syndicate is one of the broker’s top picks in the developer space. Target price rises to $1.62 (was $1.10 on February 24).

Buy retained.

This report was published on March 7, 2025.

Target price is $1.62 Current Price is $0.85 Difference: $0.765
If BC8 meets the Petra Capital target it will return approximately 89% (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 3.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.43.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 26.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.21.

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

BMN    BANNERMAN ENERGY LIMITED

Uranium – Overnight Price: $2.01

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

Canaccord Genuity notes Bannerman Energy has indicated a positive decision on the final investment decision (target 2025) on the Etango-8 project is subject to a strengthening in the uranium market.

The broker highlights the company has the financial flexibility with $81.1m in cash and no debt, and it remains of the view Bannerman is a high-levered play to a uranium price rebound.

The broker notes the current spot price provides no incentive for new production but production needs to rise to meet the future uranium needs. 

Target price is $4.08. Rating retained at Speculative Buy.

This report was published on March 7, 2025.

Target price is $4.08 Current Price is $2.01 Difference: $2.07
If BMN meets the Canaccord Genuity target it will return approximately 103% (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 2.91 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 69.14.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 5.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 38.64.

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $2.13

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

Canaccord Genuity cut its 2025 and 2026 production forecast for the Alta Mesa uranium project following a disappointing result from enCore Energy Corp. The broker also increased cash cost and capex forecasts.

Boss Energy has a 30% stake in Alta Mesa. The broker notes Boss received cash for the first tranche of its physical 200klb uranium loan to enCore, and the final tranche will be settled on June 27.

The analyst highlights these repayments, and the current cash balance of $65m, provide the company with the flexibility to sell uranium in the spot market at an opportune time.

Target price is $5.35 (was $5.85 in September). Buy rating maintained.

This report was published on March 7, 2025.

Target price is $5.35 Current Price is $2.13 Difference: $3.22
If BOE meets the Canaccord Genuity target it will return approximately 151% (excluding dividends, fees and charges).
Current consensus price target is $3.99, suggesting upside of 87.1%(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 2.45 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 87.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of -48.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 35.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 28.76 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.5, implying annual growth of 425.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.8.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $23.05

Jarden rates ((BSL)) as Underweight (4) –

Jarden sees an increased possibility of Bluescope upgrading its guidance for 2H25 and FY26 earnings, and consensus lifting estimates following the recent increase in US steel spreads on tariff impacts.

This is despite expectations of a continued challenging environment for Asian and Australian operations on higher Chinese exports.

The broker estimates the current spot spread, if sustained, would see 2H average US steel spread rising to US$386/t vs company guidance and its forecast of US$340/t.

This would increase 2H EBIT to $454m, 15% above the company guidance and 17% above Jarden’s estimate.

The broker has also noted news of BlueScope being confirmed as the steelmaking advisor for Whyalla Steelworks’s administration process where there is no commitment to capital.

No changes to forecasts. Target price of $23.20 and Underweight rating are maintained.

This report was published on March 6, 2025.

Target price is $23.20 Current Price is $23.05 Difference: $0.15
If BSL meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $27.44, suggesting upside of 19.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 60.00 cents and EPS of 93.90 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 24.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.2, implying annual growth of -44.3%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 23.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 173.60 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 13.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 202.1, implying annual growth of 101.7%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 11.4.

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

CGF    CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $5.38

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

Jarden has done a scenario analysis of APRA’s plan to lower capital requirements for annuity, noting the implementation could take 18-24 months.

The analysis suggests a 5-10% increase in available capital, underpinned by an illiquidity premium increase could lift return on equity by 100-150bps if Challenger deploys in higher yield credit risks assets. The broker believes Challenger will have room to sharpen pricing to drive strong sales. 

However, the analyst is of the view that demand is the key constraint to the retirement market rather than pricing or supply of capital, and regulatory changes/tax incentives may be required to drive more demand.

No change to forecasts. Target price of $7.60 and Overweight rating remains.

This report was published on March 10, 2025.

Target price is $7.60 Current Price is $5.38 Difference: $2.22
If CGF meets the Jarden target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $6.90, suggesting upside of 28.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 25.70 cents and EPS of 58.90 cents.
At the last closing share price the estimated dividend yield is 4.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.2, implying annual growth of 217.2%.
Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 27.00 cents and EPS of 63.30 cents.
At the last closing share price the estimated dividend yield is 5.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.3, implying annual growth of 5.1%.
Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 5.5%.
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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $7.44

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

Canaccord Genuity notes Capricorn Metals’ 1H25 revenue missed its forecast due to a non-cash deduction from hedge accounting adjustments. The -$12m adjustment referred to an early settlement of hedge contracts.

The company finished the December half with cash/bullion of $363m. The broker incorporated the 1H25 result, adjustment 2H and 1Q26 revenue forecasts for the non-cash hedge impacts.

No change to the $8.85 target price and Buy rating.

This report was published on March 6, 2025.

Target price is $8.85 Current Price is $7.44 Difference: $1.41
If CMM meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $8.15, suggesting upside of 9.5%(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 20.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.20.

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 20.8.

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 21.88.

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 19.1.

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

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

Most of Capricorn Metals’ 1H numbers were pre-reported, so the main surprise for Jarden was the net profit of $43.1m missing its forecast, mainly due to hedge accounting of non-cash charges.

Cost of goods sold was also higher but this was due to the expensing of growth capex for Mt Gibson project, the broker explains.

Target price lifts to $8.14 from $7.99 based on the company’s cash flow (cash was $355m in December and $363m including bullion). Rating downgraded to Overweight from Buy for valuation reasons.

The broker reiterates its preference for Capricorn as a core holding, noting its valuation would rise 70% if spot gold and forex prices are adopted in forecasts.

This report was published on March 6, 2025.

Target price is $8.14 Current Price is $7.44 Difference: $0.7
If CMM meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $8.15, suggesting upside of 9.5%(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 33.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.08.

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 20.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 35.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.96.

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 19.1.

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

FEX    FENIX RESOURCES LIMITED

Iron Ore – Overnight Price: $0.28

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

Petra Capital notes Fenix Resources’ acquisition of CZR Resources ((CZR)) will create a large-scale iron ore mining and logistics business in the mid-West and Pilbara regions of WA.

The broker observes Fenix will bring in operational experience and balance sheet strength, and CZR a significant asset base and a development-ready project.

Commentary highlights the key benefit is an uplift in group margins along with an addition of 3.5-5Mtpa to Fenix’s iron ore production.

Ahead of the deal completion, the broker cut the target price cut to 39c from 40c, and retained its Buy rating. After incorporating the acquisition, the broker estimates the diluted target price to rise to 49c.

This report was published on March 10, 2025.

Target price is $0.39 Current Price is $0.28 Difference: $0.115
If FEX meets the Petra Capital target it will return approximately 42% (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 2.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 1.30 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 4.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.85.

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

FSF    FONTERRA SHAREHOLDERS FUND

Dairy – Overnight Price: $4.57

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

Fonterra Shareholders Fund upgraded EPS guidance for FY25 to NZ55-75c from NZ40-60c which compared with Jarden’s previous forecast of NZ53.4c. The broker notes an improved outlook for milk prices likely drove the company’s upgrade.

The broker lifted the FY25 forecast to NZ63.8c and left FY26-27 largely unchanged. 

Target price rises to NZ$5.19 from NZ$4.57. Overweight maintained.

This report was published on March 10, 2025.

Current Price is $4.57. Target price not assessed.
The company’s fiscal year ends in July.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 40.72 cents and EPS of 58.12 cents.
At the last closing share price the estimated dividend yield is 8.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.86.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 34.07 cents and EPS of 48.64 cents.
At the last closing share price the estimated dividend yield is 7.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.39.

This company reports in NZD. 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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $163.26

Jarden rates ((LNW)) as Buy (1) –

Jarden notes weekend reports suggesting several Canadian provinces are protesting against US tariffs with some asking for a halt to purchases of US slot machines due to be upgraded this year.

The broker sees potential for both Light & Wonder and Aristocrat Leisure ((ALL)) to gain market share from International Gaming Technology which dominates in that market.

The broker is also confident both companies will be able to work around the challenges irrespective of where tariffs ultimately land, given their global scale, diversification, product innovation, R&D commitments and margins. 

No change to forecasts. Target price of $200 and Buy rating are maintained.

This report was published on March 10, 2025.

Target price is $200.00 Current Price is $163.26 Difference: $36.74
If LNW meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $201.33, suggesting upside of 23.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 936.66 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 606.8, implying annual growth of 6.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1084.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 744.3, implying annual growth of 22.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.9.

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

MEK    MEEKA METALS LIMITED

Gold & Silver – Overnight Price: $0.12

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

Petra Capital raised its forecast for the gold price by 11% to US$2,580/oz for 2025-2029, and by 15% to US$2,300 post-2029 on expectations of continued demand for gold for risk diversification and as a currency alternative to the US dollar. 

This resulted in an upgrade to earnings and valuations for gold stocks under coverage. The broker remains overweight on the sector.

Among the broker’s top developer picks is Meeka Metals. Target price lifted to 19c from 14c. Buy.

This report was published on March 7, 2025.

Target price is $0.19 Current Price is $0.12 Difference: $0.065
If MEK meets the Petra Capital target it will return approximately 52% (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 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 62.50.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.84.

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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.14

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

Petra Capital raised its forecast for the gold price by 11% to US$2,580/oz for 2025-2029, and by 15% to US$2,300 post-2029 on expectations of continued demand for gold for risk diversification and as a currency alternative to the US dollar. 

This resulted in an upgrade to earnings and valuations for gold stocks under coverage. The broker remains overweight on the sector.

Pantoro is one of the broker’s preferred stocks in the producer space. Target price lifts to 22c from 18c. Buy.

This report was published on March 7, 2025.

Target price is $0.22 Current Price is $0.14 Difference: $0.075
If PNR meets the Petra Capital target it will return approximately 52% (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 1.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.06.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.00.

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

SBM    ST. BARBARA LIMITED

Gold & Silver – Overnight Price: $0.21

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

Petra Capital raised its forecast for the gold price by 11% to US$2,580/oz for 2025-2029, and by 15% to US$2,300 post-2029 on expectations of continued demand for gold for risk diversification and as a currency alternative to the US dollar. 

This resulted in an upgrade to earnings and valuations for gold stocks under coverage. The broker remains overweight on the sector.

St. Barbara is among the broker’s preferred gold producer stock. Target price rises to 90c from 64c. Buy.

This report was published on March 7, 2025.

Target price is $0.90 Current Price is $0.21 Difference: $0.69
If SBM meets the Petra Capital target it will return approximately 329% (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 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 52.50.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.83.

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

SMP    SMARTPAY HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $0.59

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

Smartpay announced the successful implementation of the initial customer pilot for its payments processing solution in New Zealand and will expand it to a broader network over the coming months.

Canaccord Genuity expects this to be a material earnings driver for the company in FY26-27.  The broker forecasts conversion between 5-10k terminals in the first year at an average revenue per unit between NZ$3-4k at gross profit margins between 30-40%. 

The analyst estimates this would push up to FY26 EBITDA forecast by 63% vs FY25’s NZ$15m with a long tail of growth optionality.

Target price is $1.20. Buy rating maintained.

This report was published on March 6, 2025.

Target price is $1.20 Current Price is $0.59 Difference: $0.61
If SMP meets the Canaccord Genuity target it will return approximately 103% (excluding dividends, fees and charges).
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 0.16 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 359.76.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.53 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.30.

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

TCL    TRANSURBAN GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $12.85

Jarden rates ((TCL)) as Neutral (3) –

Jarden notes Transurban Group has partnered with Ferrovial’s Cintra for a greenfield opportunity in NorthAmerica and has been shortlisted as one of the four consortiums. It is the I-285 East Express Lanes project in Georgia that involves delivery of 19 miles of barrier-separated lanes.

Jarden believes the move to greenfield development and collaboration with a competitor is positive for Transurban. The broker also notes that opting for a minority stake shows financial discipline.

No change to forecasts. Target price unchanged at $12.40, and rating stays at Neutral.

This report was published on March 6, 2025.

Target price is $12.40 Current Price is $12.85 Difference: minus $0.45 (current price is over target).
If TCL 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 $13.44, suggesting upside of 4.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 65.00 cents and EPS of 16.40 cents.
At the last closing share price the estimated dividend yield is 5.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 78.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.7, implying annual growth of 191.0%.
Current consensus DPS estimate is 65.1, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 41.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 68.00 cents and EPS of 24.10 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 53.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of 1.3%.
Current consensus DPS estimate is 68.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 41.3.

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

TTM    TITAN MINERALS LIMITED

Gold & Silver – Overnight Price: $0.40

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

Canaccord Genuity notes further resource drilling at Titan Minerals’ Cerro Verde prospect within the Dynasty gold project intersected multiple high-grade zones of mineralisation.

The company said one of the three drilled holes was an incredibly successful one and is working towards the Dynasty MRE update in mid-2025.

Target price of $1.10 and Speculative Buy rating are unchanged.

This report was published on March 7, 2025.

Target price is $1.10 Current Price is $0.40 Difference: $0.7
If TTM meets the Canaccord Genuity target it will return approximately 175% (excluding dividends, fees and charges).

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) –

Petra Capital raised its forecast for the gold price by 11% to US$2,580/oz for 2025-2029, and by 15% to US$2,300 post-2029 on expectations of continued demand for gold for risk diversification and as a currency alternative to the US dollar. 

This resulted in an upgrade to earnings and valuations for gold stocks under coverage. The broker remains overweight on the sector.

Target price for Vault Minerals rises to 68c from 56c. Buy retained.

This report was published on March 7, 2025.

Target price is $0.68 Current Price is $0.41 Difference: $0.27
If VAU meets the Petra Capital target it will return approximately 66% (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 3.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.51.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 2.00 cents and EPS of 6.50 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 6.31.

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

WAF    WEST AFRICAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.10

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

West African Resources’ FY24 reported EBITDA missed Canaccord Genuity’s forecast but beat the consensus, while net profit beat the broker’s estimate by 15% due to its higher depreciation forecast.

The broker notes the company’s transparent reporting ensured the cash flow numbers, both operating and investing, matched the forecasts.

No change to the company’s recently updated guidance. The broker slightly revised FY25 depreciation forecast which marginally lifted the FY25 EPS forecast.

Target price of $3.95 and Buy rating are unchanged.

This report was published on March 6, 2025.

Target price is $3.95 Current Price is $2.10 Difference: $1.85
If WAF meets the Canaccord Genuity target it will return approximately 88% (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 30.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 11.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 5.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.68.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.44

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

Petra Capital raised its forecast for the gold price by 11% to US$2,580/oz for 2025-2029, and by 15% to US$2,300 post-2029 on expectations of continued demand for gold for risk diversification and as a currency alternative to the US dollar. 

This resulted in an upgrade to earnings and valuations for gold stocks under coverage. The broker remains overweight on the sector.

The broker’s preferred stock in the producer space is Westgold Resources. Target price rises to $4.36 (was $3.25 on February 17). 

Buy maintained.

This report was published on March 7, 2025.

Target price is $4.36 Current Price is $2.44 Difference: $1.92
If WGX meets the Petra Capital target it will return approximately 79% (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 2.50 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.04.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 10.00 cents and EPS of 48.30 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.05.

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

WIA    WIA GOLD LIMITED

Gold & Silver – Overnight Price: $0.16

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

Petra Capital raised its forecast for the gold price by 11% to US$2,580/oz for 2025-2029, and by 15% to US$2,300 post-2029 on expectations of continued demand for gold for risk diversification and as a currency alternative to the US dollar. 

This resulted in an upgrade to earnings and valuations for gold stocks under coverage. The broker remains overweight on the sector.

For WIA Gold, the analyst assumes in its forecasts a $105m equity raise in FY28 from 656m shares at 16c/share. The broker also rates the company as one of top emerging gold stocks.

Target price is 28c and the rating is Buy.

This report was published on March 7, 2025.

Target price is $0.28 Current Price is $0.16 Difference: $0.12
If WIA meets the Petra Capital target it will return approximately 75% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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

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