Daily Market Reports | Mar 26 2025
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)
AHX BET BKW CDA COL CXO CYG CYL DLI EBO EMR GLN GMD IGO INR LOT LTR MM8 NAN PLS PMT PMV QBE RRL RSG SEK SIG TLX TPG VAU VUL WC8 WOW WR1
AHX APIAM ANIMAL HEALTH LIMITED
Healthcare services - Overnight Price: $0.38
Canaccord Genuity rates ((AHX)) as Initiation of coverage with Buy (1) -
Canaccord Genuity initiated coverage of Apiam Animal Health with a Buy rating and target price of 63c.
The broker notes more than 60% of the company's revenue comes from companion and mixed animal veterinary clinics where demand is expected to rise once again after the post-Covid slowing.
A key source of demand is expected to come from pets bought during the Covid era that will enter mid-life in 2025-26.
The company recently acquired four clinics which is expected to settle in 4Q25, and the broker is forecasting an FY25 leverage ratio of 2.8x after this settlement.
The broker forecasts 5.4% revenue growth in FY26 and EBITDA growth of 8.7% based on an industry growth of 4.2%. For FY27, the broker forecasts 7.8% EBITDA growth on a 3.8% industry growth estimate.
This report was published on March 21, 2025.
Target price is $0.63 Current Price is $0.38 Difference: $0.255
If AHX meets the Canaccord Genuity target it will return approximately 68% (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 2.00 cents and EPS of 3.00 cents.
At the last closing share price the estimated dividend yield is 5.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.50.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 5.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.38.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BET BETMAKERS TECHNOLOGY GROUP LIMITED
Gaming - Overnight Price: $0.10
Canaccord Genuity rates ((BET)) as Re-initiation of coverage with Speculative Buy (1) -
Canaccord Genuity has re-initiated coverage of Betmakers Technology with a Speculative Buy rating and target price of 20c.
The broker notes the company made -$30m of cost cuts in the last two years to improve operating performance and the next key catalyst is revenue growth.
The broker believes customer wins will help offset headwinds from difficult market conditions and other factors, putting the company on the path to meet the 10%-plus growth target over the longer term.
The broker forecasts tiny sequential revenue growth in 2H25, before a 7% y/y rise in FY26 and 12% in FY27.
This report was published on March 21, 2025.
Target price is $0.20 Current Price is $0.10 Difference: $0.101
If BET meets the Canaccord Genuity target it will return approximately 102% (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 2.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.18.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.71 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.94.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BKW BRICKWORKS LIMITED
Building Products & Services - Overnight Price: $24.10
Jarden rates ((BKW)) as Overweight (2) -
After lowering forecasts and target price a few days ago following Brickworks' weak earnings update, Jarden notes the 1H25 result was even worse than what the company recently flagged.
The North American business reported a -$3m EBITDA loss versus the broker's $14m forecast. The Australian building products business performed well and net property trust income was steady.
The broker cut FY25-26 EPS forecasts mainly on lower revenue growth in North America as plant closures are expected to continue into 2H, and minimal improvement is expected in the near term.
Target price cut to $25.00 from $25.60. Overweight maintained.
This report was published on March 20, 2025.
Target price is $25.00 Current Price is $24.10 Difference: $0.9
If BKW meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $29.18, suggesting upside of 21.1%(ex-dividends)
The company's fiscal year ends in July.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 69.00 cents and EPS of 97.70 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 121.1, implying annual growth of N/A.
Current consensus DPS estimate is 65.3, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 19.9.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 71.00 cents and EPS of 137.10 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.58.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 148.9, implying annual growth of 23.0%.
Current consensus DPS estimate is 66.8, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 16.2.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CDA CODAN LIMITED
Hardware & Equipment - Overnight Price: $16.11
Goldman Sachs rates ((CDA)) as Buy (1) -
Goldman Sachs notes its discussions with Motorola recently on the communication segment have positive implications for Codan.
The broker notes Motorola and Codan's share prices have tracked closer in recent years as Codan shifted its exposure to the communications business.
The broker highlights the spending environment is positive for the command center as public safety remains a high priority.
Buy rating and $18 target price.
This report was published on March 21, 2025.
Target price is $18.00 Current Price is $16.11 Difference: $1.89
If CDA meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $17.58, suggesting upside of 9.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 28.00 cents and EPS of 55.12 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.23.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 53.5, implying annual growth of 19.0%.
Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 30.1.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 33.00 cents and EPS of 66.87 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.09.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 65.8, implying annual growth of 23.0%.
Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 2.0%.
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
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