Australian Broker Call *Extra* Edition – Mar 17, 2025

This story features AUSTAL LIMITED, and other companies. For more info SHARE ANALYSIS: ASB

The company is included in ASX300 and 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)

ASB   CKF   CNB   CRD   DYL   IAG   LOT   LTR   MMI   NXG   ORG   ORI   PMV   PNR (2)   PSC   QAN   SKC   SNT   SUN  

ASB    AUSTAL LIMITED

Commercial Services & Supplies – Overnight Price: $3.90

Petra Capital rates ((ASB)) as Hold (3) –

Petra Capital lifted the FY25 EPS forecast for Austal by 3% but lowered FY26 by -12% after factoring in a $200m equity raise ($3.80/share) to fund around 50% of the US$300m capex for expansion of the US shipyard (FA2).

The broker cut the interest expense estimates due to the equity in the funding mix and is now forecasting a slower depreciation profile for FA2.

Target price cut to $3.77 from $4.07 but this was mainly due to a change to a blend of NTA, DCF and EV/Sales vs 1xFY25 NTA previously. Rating maintained at Hold.

This report was published on March 13, 2025.

Target price is $3.77 Current Price is $3.90 Difference: minus $0.13 (current price is over target).
If ASB meets the Petra Capital target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.43, suggesting upside of 12.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 4.00 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.3, implying annual growth of 248.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 27.6.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 7.00 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 12.6%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 24.5.

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

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $8.27

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

Goldman Sachs highlights likely near-term margin improvement for Collins Foods in its KFC European operations, particularly in the Netherlands and Germany, after analysing the recent performance and outlook for peer AmRest.

The broker explains lower costs for poultry and electricity, along with increased digital adoption and operational efficiencies, are supporting profitability.

The medium-term outlook remains challenging, suggest the analysts, due to economic and geopolitical uncertainties in Europe.

Labour cost pressures and limited pricing flexibility may impact earnings, though efficiency gains and revenue management are expected to offset some of these headwinds, assesses Goldman.

Target $8.25. Buy.

This report was published on March 17, 2025.

Target price is $8.25 Current Price is $8.27 Difference: minus $0.02 (current price is over target).
If CKF meets the Goldman Sachs target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.75, suggesting upside of 16.6%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 37.9, implying annual growth of -21.1%.
Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 22.1.

Forecast for FY26:

Current consensus EPS estimate is 51.9, implying annual growth of 36.9%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.1.

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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.31

Moelis rates ((CNB)) as Buy (1) –

Not much in Carnaby Resources’ 1H25 result to report on for Moelis, with the broker focusing on the pre-feasibility study (PFS) due in 3Q.

The analyst expects the company to have sufficient cash to fund ongoing exploration after factoring in capital raise and acquisition.

Any material additions to inventory or developments at the Trekelano project pose an upside to the broker’s production forecast.

Target price of 75c and Buy rating are unchanged. Until the PFS release, the broker expects the share price to be driven by copper price sentiment.

This report was published on March 16, 2025.

Target price is $0.75 Current Price is $0.31 Difference: $0.44
If CNB meets the Moelis target it will return approximately 142% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.56.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.84.

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

CRD    CONRAD ASIA ENERGY LIMITED

Crude Oil – Overnight Price: $0.75

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

Canaccord Genuity lowered the gas sale price forecast for Conrad Asia Energy’s Mako field following the Indonesian Ministry’s directive to sell all gas domestically via PT PLN Energi Primer.

The broker notes this will result in the termination of existing gas sales agreements.

The broker believes the new agreement will help the farm-down process but needs more clarity on whether it will impact indicative proposals from financial institutions for around US$350m debt for Mako.

The broker pushed back the forecast for the first production to 2H of 2027. Target price cut to $1.80 from $2.17, and Speculative Buy retained.

This report was published on March 13, 2025.

Target price is $1.80 Current Price is $0.75 Difference: $1.05
If CRD meets the Canaccord Genuity target it will return approximately 140% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 7.96 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.42.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.74 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.13.

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

DYL    DEEP YELLOW LIMITED

Uranium – Overnight Price: $1.01

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

Deep Yellow made progress at its Tumas Uranium Project but the final investment decision in March is contingent on term uranium pricing. The company still targets first production in late 2026 vs Canaccord Genuity’s forecast of mid-2027.

The broker notes neither current nor term uranium prices are high enough to encourage new supply.

Target price of $1.83 and Speculative Buy rating are unchanged.

This report was published on March 14, 2025.

Target price is $1.83 Current Price is $1.01 Difference: $0.82
If DYL meets the Canaccord Genuity target it will return approximately 81% (excluding dividends, fees and charges).
Current consensus price target is $1.81, suggesting upside of 82.8%(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 1.23 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 82.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.3, 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 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 84.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -6.9, 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: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IAG    INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $7.61

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

After Youi’s owner, South African-based OUTsurance Group Limited, released interim results, Goldman Sachs believes Youi continues to take share in Australia and is growing very strongly in Direct (Home and motor) as well as compulsory third party.

However, the broker notes combined operating ratios (COR’s) were less favourable than for Suncorp Group and Insurance Australia Group after adjusting for reserve releases.

For Insurance Australia Group, Goldman maintains a Neutral rating with a target price of $8.15, citing persistent claims inflation and competitive risks, though potential upside exists from a re-acceleration in pricing and a more benign claims environment.

This report was published on March 17, 2025.

Target price is $8.15 Current Price is $7.61 Difference: $0.54
If IAG meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $8.65, suggesting upside of 14.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 30.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.4, implying annual growth of 21.7%.
Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 31.00 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.9, implying annual growth of -3.3%.
Current consensus DPS estimate is 31.5, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.4
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) –

Canaccord Genuity lowered its life of mine production forecast after Lotus Resources’ updated scoping study for the Letlhakane uranium project showed a -32% decrease in total production.

The new profile is 28.9Mlbs over a 10-year life vs 42.3Mlbs over a 15-year life. The broker left all other forecasts unchanged and continues to expect the first production in 1H31.

Target price cut to 34c from 37c. Speculative Buy.

This report was published on March 13, 2025.

Target price is $0.34 Current Price is $0.17 Difference: $0.17
If LOT meets the Canaccord Genuity target it will return approximately 100% (excluding dividends, fees and charges).
Current consensus price target is $0.49, suggesting upside of 170.8%(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 18.0.

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

LTR    LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.65

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

Interim underlying earnings (EBITDA) of $66m for Liontown Resources exceeded Goldman Sachs’ expectations due to capitalised commissioning costs.

The company ended the December quarter with $192m in cash and net debt of circa $500m, observes the broker, with management focused on cash preservation and potential additional debt capacity.

Commercial production at Kathleen Valley was declared on January 1, with offtakes for LG and Tesla already commenced, while Ford’s offtake is expected to begin in July, highlight the analysts.

The transition to full underground mining remains on track, notes Goldman, with stoping to begin in 4Q FY25 and underground ore feeding the mill by 4Q FY26.

Management’s second half guidance and broader ramp-up expectations are unchanged,

Target price slips to 69c from 71c. Neutral rating is maintained.

This report was published on March 17, 2025.

Target price is $0.69 Current Price is $0.65 Difference: $0.045
If LTR meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $0.76, suggesting upside of 14.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 26.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 64.50.

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.

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

MMI    METRO MINING LIMITED

Coal – Overnight Price: $0.06

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

Petra Capital forecasts a big jump in Metro Mining’s cash flow in 2Q25 to $65m from $26m in 4Q24 after the company secured a 25% increase in the sale price for open contracts in 2Q. It represents 75% of the quarter’s shipments.

The company announced the completion of maintenance programs for the quarter and will load the first shipment on March 17.

No change to the 13c target price and Buy rating.

This report was published on March 14, 2025.

Target price is $0.13 Current Price is $0.06 Difference: $0.07
If MMI meets the Petra Capital target it will return approximately 117% (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 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.22.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 1.00 cents and EPS of 2.00 cents.
At the last closing share price the estimated dividend yield is 16.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.00.

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

NXG    NEXGEN ENERGY LIMITED

Uranium – Overnight Price: $7.63

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

Petra Capital believes its 2030 assumption for the first production for NexGen Energy’s Rook 1 uranium project is no longer conservative, following the CNSC’s notification of hearing dates.

Not only will there be two hearings (November 2025 and February 2026) vs NexGen’s expectation of one but the dates are also beyond what the company assumed.

The broker notes the approval would have had to be received by mid-year to meet the company’s 2028 start timeline, given construction is expected to last 42 months.

Target price rises to $14.33 from $14.10. Buy maintained.

This report was published on March 13, 2025.

Target price is $14.33 Current Price is $7.63 Difference: $6.7
If NXG meets the Petra Capital target it will return approximately 88% (excluding dividends, fees and charges).

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

ORG    ORIGIN ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $10.38

Jarden rates ((ORG)) as Neutral (3) –

Jarden estimates retail prices for Origin Energy’s retail customers will increase by 5.9% in FY26 based on the Australian Energy Regulator and the Victorian regulator’s draft default market offer determination for FY26.

This pushes up its forecast for FY26 energy markets’ EBITDA by 2.3%.

Target price rises to $10.30 from $10.25. Neutral maintained.

This report was published on March 14, 2025.

Target price is $10.30 Current Price is $10.38 Difference: minus $0.08 (current price is over target).
If ORG meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $10.68, suggesting upside of 2.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 82.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.3, implying annual growth of 8.9%.
Current consensus DPS estimate is 55.5, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 70.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.4, implying annual growth of -22.5%.
Current consensus DPS estimate is 57.3, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 15.2.

Market Sentiment: 0.4
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: $17.49

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

Goldman Sachs believes a $400m buyback and a revised financial framework signals a consolidation phase for Orica, following multiple acquisitions.

The broker now sees potential for EPS leverage, which has been previously constrained despite strong EBIT growth, forecasting 23% EPS growth in FY25 as acquisitions contribute fully.

Blasting Solutions profitability should improve, according to the analysts, driven by premium product adoption and new technologies like WebGen and Fortis Protect.

For Specialty Chemicals, Goldman anticipates $59m EBITDA growth in FY25, mainly from the Cyanco acquisition, while Digital Solutions EBITDA are expected to grow 36%, benefiting from the Terra Insights acquisition.

The target rises to $21.50 from $21.40. Buy.

This report was published on February 14, 2025.

Target price is $21.50 Current Price is $17.49 Difference: $4.01
If ORI meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $21.09, suggesting upside of 20.5%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 53.00 cents and EPS of 106.00 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.1, implying annual growth of -7.8%.
Current consensus DPS estimate is 54.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 17.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 60.00 cents and EPS of 120.00 cents.
At the last closing share price the estimated dividend yield is 3.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.3, implying annual growth of 13.9%.
Current consensus DPS estimate is 62.0, implying a prospective dividend yield of 3.5%.
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

PMV    PREMIER INVESTMENTS LIMITED

Apparel & Footwear – Overnight Price: $20.48

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

Goldman Sachs revises forecasts for Premier Investments ahead of the 1H25 result on March 21 to reflect the divestment of Apparel Brands and the in-specie distribution of Myer shares ((MYR)).

The broker expects 1H25 Retail earnings (EBIT) of $160m compared to management guidance range of between $160-165m, with a group earnings forecast of $166m, down -22% year-on-year.

For FY26, the broker forecasts 5% revenue growth and flat EBIT for the new Retail segment (Peter Alexander and Smiggle), reflecting continued cost-of-living pressures. 

Goldman Sachs lowers its target price to $22.00 from $27.85, with -15% of the revision attributed to the removal of Apparel Brands from its valuation. The broker re-iterates a Neutral rating.

This report was published on March 14, 2025.

Target price is $22.00 Current Price is $20.48 Difference: $1.52
If PMV meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $28.29, suggesting upside of 37.5%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 81.30 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.9, implying annual growth of -22.8%.
Current consensus DPS estimate is 88.3, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 68.00 cents and EPS of 104.00 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 132.3, implying annual growth of 5.9%.
Current consensus DPS estimate is 93.5, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 15.5.

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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.16

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

Pantoro’s 1H25 EBITDA was in line with Canaccord Genuity’s forecast but net profit missed mainly due to higher depreciation. The company ended the 1H with $119.3 of cash and bullion and $16.5m of convertible notes outstanding.

The broker revised depreciation forecasts for FY25-30 and factored other elements of the 1H25 result.

Target price is 19c and Speculative Buy rating retained.

This report was published on March 12, 2025.

Target price is $0.19 Current Price is $0.16 Difference: $0.03
If PNR meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.00.

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

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

Petra Capital notes Pantoro’a 1H25 result was strong, with the highlight being the Norseman operation delivering a net profit.

Following the result, the analyst raised expenses and depreciation forecasts for FY25-26. The broker already factored in an accelerated momentum in the 2H.

No change to target price of 22c. Buy retained. 

This report was published on March 13, 2025.

Target price is $0.22 Current Price is $0.16 Difference: $0.06
If PNR meets the Petra Capital target it will return approximately 38% (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 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.55.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.00.

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

PSC    PROSPECT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.10

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

Prospect Resources updated its exploration target for Mumbezhi copper project to 420-1,050Mt and grading between 0.4-0.6% copper. 

Canaccord Genuity estimates it could become the largest copper deposit among ASX-listed developers if the mid-point is achieved.

The updated target is based on the maiden mineral resource estimate of 107.2Mt at 0.5% copper. The company will deliver a scoping study in the December quarter, and the broker sees potential for quick development if financing/partnerships are in place.

Target price lifted to 40c from 30c. Speculative Buy retained.

This report was published on March 13, 2025.

Target price is $0.40 Current Price is $0.10 Difference: $0.295
If PSC meets the Canaccord Genuity target it will return approximately 281% (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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.25.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.25.

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: $9.03

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

Goldman Sachs sees no change in the fundamental outlook for Qantas Airways, despite recent weakness in US airline stocks which has impacted sentiment.

The broker highlights strong demand for value leisure and corporate travel, with domestic unit revenue growth of 3-5% in 2H25 expected to outpace prior forecasts.

Qantas is benefiting from a stable international segment, with growth expected in 4Q25, notes the broker, and the airline’s fleet renewal program is also seen as a driver of long-term earnings improvement.

Near-term catalysts include the Easter/ANZAC Day holiday period and the Australian Federal Election, in the broker’s view.

The Buy rating and $11.80 target are unchanged.

This report was published on March 17, 2025.

Target price is $11.80 Current Price is $9.03 Difference: $2.77
If QAN meets the Goldman Sachs target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $9.91, suggesting upside of 10.3%(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 4.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.9, implying annual growth of 43.4%.
Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 8.2.

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 3.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.46.

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 5.0%.
Current consensus EPS estimate suggests the PER is 7.8.

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

SKC    SKYCITY ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $1.14

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

Jarden has reviewed the investment case for SkyCity Entertainment and believes there’s a possibility of management no longer seeing a business case for Adelaide given the cash spent to date and its minimal synergy with NZ operations.

The broker notes lower regulated upfront licence cost for New Zealand is a positive.

In terms of asset monetisation, the broker sees an option to sell and lease back Horizon Hotel or Auckland car park concession. Whatever option the company chooses, the broker expects covenant risks will be manageable.

Target price lowered to NZ$1.75 from $1.85. Overweight maintained.

This report was published on March 14, 2025.

Current Price is $1.14. Target price not assessed.
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 8.83 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.91.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.92 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.39.

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

SNT    SYNTARA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.08

Canaccord Genuity rates ((SNT)) as Initiation of coverage with Buy (1) –

Canaccord Genuity has initiated coverage of Syntara with a Buy rating and target price of 25c.

The broker notes the company’s SNT-5505 is being explored for myelofibrosis (MF), a rare blood cancer that is recognised as an orphan disease. This provides the benefit of faster regulatory review and higher pricing. 

Final result of the phase 2 trial is due 2Q2025 which could lead to engagement with the FDA for phase 3 trial, the broker notes.

The broker’s valuation if the company is fully acquired now is US$270m or 25c/share. Post-phase 3, the broker’s valuation increases to US$900m.

This report was published on March 13, 2025.

Target price is $0.25 Current Price is $0.08 Difference: $0.172
If SNT meets the Canaccord Genuity target it will return approximately 221% (excluding dividends, fees and charges).

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $18.66

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

After Youi’s owner, South African-based OUTsurance Group Limited, released interim results, Goldman Sachs believes Youi continues to take share in Australia and is growing very strongly in Direct (Home and motor) as well as compulsory third party.

However, the broker notes combined operating ratios (COR’s) were less favourable than for Suncorp Group and Insurance Australia Group after adjusting for reserve releases.

For Suncorp Group, Goldman Sachs retains a Buy rating. A  target price of $22.00 is set after the analysts also allow for minor forecasts revisions due to ex-cyclone Alfred.

This report was published on March 17, 2025.

Target price is $22.00 Current Price is $18.66 Difference: $3.34
If SUN meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $20.55, suggesting upside of 10.4%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 113.2, implying annual growth of 2.1%.
Current consensus DPS estimate is 93.9, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY26:

Current consensus EPS estimate is 115.8, implying annual growth of 2.3%.
Current consensus DPS estimate is 82.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.1.

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

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