Australian Broker Call *Extra* Edition – Mar 26, 2025

This story features APIAM ANIMAL HEALTH LIMITED, and other companies. For more info SHARE ANALYSIS: AHX

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

COL    COLES GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $19.04

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

Goldman Sachs’ initial assessment of the ACCC’s recommendations in the final supermarkets inquiry report is it won’t materially impact Coles Group and Woolworths Group’s ((WOW)) existing operations.

However, the broker will closely watch for more details on the 11 supply chains and trading arrangements recommendations. The inquiry found a consequential bargaining power imbalance between the supermarkets and some suppliers, mainly around fresh produce. 

The broker notes the report lessens the regulatory overhang which weighed on investor sentiment over the last 14 months but federal court proceedings against the supermarkets on discounting practices are still ongoing.

Target price of $19.00 and Neutral rating maintained.

This report was published on March 21, 2025.

Target price is $19.00 Current Price is $19.04 Difference: minus $0.04 (current price is over target).
If COL 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 $21.44, suggesting upside of 12.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 65.00 cents and EPS of 80.00 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.1, implying annual growth of -0.8%.
Current consensus DPS estimate is 69.1, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 73.00 cents and EPS of 91.00 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.3, implying annual growth of 14.7%.
Current consensus DPS estimate is 77.7, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.08

Canaccord Genuity rates ((CXO)) as Hold (3) –

Canaccord Genuity lowered its lithium product price forecasts until 2029, with price cuts ranging from -4% to -37%, resulting in a largely flat profile for 2025-27.

The broker expects the market surplus to continue until 2028 as production cuts are expected to be offset by new supply and ramp-ups.

As a result of model revisions and updated prices, the broker lowered the target price for developers/explorers by -24% and by -15% for producers.

Target price for Core Lithium cut to 8c from 11c. Hold retained.

This report was published on March 20, 2025.

Target price is $0.08 Current Price is $0.08 Difference: $0.004
If CXO meets the Canaccord Genuity target it will return approximately 5% (excluding dividends, fees and charges).

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

CYG    COVENTRY GROUP LIMITED

Hardware & Equipment – Overnight Price: $1.04

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

Coventry Group’s ERP system implementation was on time and on budget but it came at a cost via business disruption, particularly to the fluids business.

Petra Capital highlights the company can now look forward to reap the benefits, with the fluids business expected to rebound as it is the first one to transition to the new system. While 2H business performance will improve, true upside will only be seen from FY26, the broker suggests.

The broker expects increased cash flow which will allow capital management opportunities from 2H25 onwards.

Target price maintained at $1.41. Buy rating.

This report was published on March 21, 2025.

Target price is $1.41 Current Price is $1.04 Difference: $0.37
If CYG meets the Petra Capital target it will return approximately 36% (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 2.40 cents and EPS of 4.80 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.67.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 3.20 cents and EPS of 13.20 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.88.

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

CYL    CATALYST METALS LIMITED

Gold & Silver – Overnight Price: $4.91

Canaccord Genuity rates ((CYL)) as Restricted (-1) –

Canaccord Genuity is currently research restricted on Catalyst Metals.

The last target price was $5.00 on March 5 and rating was Buy.

This report was published on March 21, 2025.

Current Price is $4.91. Target price not assessed.
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 47.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.45.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 86.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.71.

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

DLI    DELTA LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.17

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

Canaccord Genuity lowered its lithium product price forecasts until 2029, with price cuts ranging from -4% to -37%, resulting in a largely flat profile for 2025-27. The broker expects the market surplus to continue until 2028 as production cuts are expected to be offset by new supply and ramp-ups.

As a result of model revisions and updated prices, the broker lowered the target price for developers/explorers by -24% and by -15% for producers.

Target price for Delta Lithium cut to 35c from 50c. Speculative Buy retained.

This report was published on March 20, 2025.

Target price is $0.35 Current Price is $0.17 Difference: $0.18
If DLI meets the Canaccord Genuity target it will return approximately 106% (excluding dividends, fees and charges).

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

EBO    EBOS GROUP LIMITED

Healthcare services – Overnight Price: $33.65

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

Jarden highlights the Australian government’s proposal to significantly reduce the costs of medicines on the Pharmaceutical Benefits Scheme could benefit Ebos Group via improved volumes.

The broker notes script volumes on a per capita basis have been flat to lower for a while, with growth driven by a higher average price per script. The volume story could change with the new proposal which the Opposition also intends to match.

One risk is an offsetting reduction in price if the government shares the higher funding responsibility with manufacturers, the broker cautions.

Target price of NZ$41.50 and Overweight rating retained.

This report was published on March 20, 2025.

Current Price is $33.65. Target price not assessed.
Current consensus price target is $35.85, suggesting upside of 6.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 107.00 cents and EPS of 141.00 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.1, implying annual growth of -3.0%.
Current consensus DPS estimate is 107.3, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 24.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 111.00 cents and EPS of 159.00 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.9, implying annual growth of 13.0%.
Current consensus DPS estimate is 117.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 21.7.

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

EMR    EMERALD RESOURCES NL

Gold & Silver – Overnight Price: $3.80

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

Emerald Resources downgraded the March quarter production guidance for the Okvau gold mine in Cambodia and raised the cost forecast. This is due to underperformance of the reserve and more earthworks and waste movements.

The company now expects production of 20koz at a cost of US$1,320-1,440/oz versus 25-30koz at US$1,100-1,200/oz guided last month.

The broker has incorporated new guidance and cost into the forecasts, leading to a lower target price of $5.25 from $5.30. Buy rating intact.

This report was published on March 21, 2025.

Target price is $5.25 Current Price is $3.80 Difference: $1.45
If EMR meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.75.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 26.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.62.

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

GLN    GALAN LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.12

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

Canaccord Genuity lowered its lithium product price forecasts until 2029, with price cuts ranging from -4% to -37%, resulting in a largely flat profile for 2025-27. The broker expects the market surplus to continue until 2028 as production cuts are expected to be offset by new supply and ramp-ups.

As a result of model revisions and updated prices, the broker lowered the target price for developers/explorers by -24% and by -15% for producers.

Target price for Galan Lithium cut to 18c from 75c. Speculative Buy retained.

This report was published on March 20, 2025.

Target price is $0.18 Current Price is $0.12 Difference: $0.065
If GLN meets the Canaccord Genuity target it will return approximately 57% (excluding dividends, fees and charges).

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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $3.61

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

Canaccord Genuity notes the March quarter-to-date average gold price is $4,520/oz which if sustained would make it $4,560/oz for the quarter.

This would be 13% above its March quarter forecast and opens the potential for earnings and cash flow upside for Australian gold producers.

Genesis Minerals is one of the broker’s preferred gold producers. Target price $4.15 and Buy rating.

This report was published on March 21, 2025.

Target price is $4.15 Current Price is $3.61 Difference: $0.54
If GMD meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.39, suggesting downside of -6.0%(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 12.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.8, implying annual growth of 130.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 22.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.6, implying annual growth of 38.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.7.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IGO    IGO LIMITED

Nickel – Overnight Price: $4.13

Canaccord Genuity rates ((IGO)) as Sell (5) –

Canaccord Genuity lowered its lithium product price forecasts until 2029, with price cuts ranging from -4% to -37%, resulting in a largely flat profile for 2025-27. The broker expects the market surplus to continue until 2028 as production cuts are expected to be offset by new supply and ramp-ups.

As a result of model revisions and updated prices, the broker lowered the target price for developers/explorers by -24% and by -15% for producers.

Target price for IGO Ltd cut to $3.50 from $4.40. Sell retained.

This report was published on March 20, 2025.

Target price is $3.50 Current Price is $4.13 Difference: minus $0.63 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.20, suggesting upside of 25.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 20.00 cents and EPS of minus 24.00 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -22.8, implying annual growth of N/A.
Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 9.00 cents and EPS of minus 4.00 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 103.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of N/A.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 22.1.

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

INR    IONEER LIMITED

New Battery Elements – Overnight Price: $0.15

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

Canaccord Genuity lowered its lithium product price forecasts until 2029, with price cuts ranging from -4% to -37%, resulting in a largely flat profile for 2025-27. The broker expects the market surplus to continue until 2028 as production cuts are expected to be offset by new supply and ramp-ups.

As a result of model revisions and updated prices, the broker lowered the target price for developers/explorers by -24% and by -15% for producers.

Target price for ioneer cut to 25c from 27c. Speculative Buy retained.

This report was published on March 20, 2025.

Target price is $0.25 Current Price is $0.15 Difference: $0.1
If INR meets the Canaccord Genuity target it will return approximately 67% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 50.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.48 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 31.58.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.18

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

Lotus Resources announced an additional offtake deal of 600klbs over 2026-29 from its Kayelekera uranium mine which Petra Capital considers an achievement, given the project is not in the production stage.

The company also published an updated scoping study for the Letlhakane project which showed marginal changes to economic parameters, leading the broker to keep its modelling intact.

The broker remains of the view the uranium price is unlikely to follow the spot price lower, using the latest offtake deal as supportive of its thesis the market is tight.

Target price 28c and Buy rating.

This report was published on March 24, 2025.

Target price is $0.28 Current Price is $0.18 Difference: $0.095
If LOT meets the Petra Capital target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $0.45, suggesting upside of 143.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.7, 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:

Petra Capital forecasts a full year FY26 EPS of 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.7, 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.

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: $0.62

Canaccord Genuity rates ((LTR)) as Hold (3) –

Canaccord Genuity lowered its lithium product price forecasts until 2029, with price cuts ranging from -4% to -37%, resulting in a largely flat profile for 2025-27. The broker expects the market surplus to continue until 2028 as production cuts are expected to be offset by new supply and ramp-ups.

As a result of model revisions and updated prices, the broker lowered the target price for developers/explorers by -24% and by -15% for producers.

Target price for Liontown Resources cut to 65c from 70c. Hold retained.

This report was published on March 20, 2025.

Target price is $0.65 Current Price is $0.62 Difference: $0.025
If LTR meets the Canaccord Genuity target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $0.76, suggesting upside of 20.8%(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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.50.

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:

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 31.25.

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

MM8    MEDALLION METAL LIMITED

Gold & Silver – Overnight Price: $0.18

Petra Capital rates ((MM8)) as Initiation of coverage with Buy (1) –

Petra Capital has initiated coverage of Medallion Metal with a Buy rating and target price of 31c.

The scoping study for the Ravensthorpe Gold Project in December showed a production estimate of 62kozpa gold and 2.4ktpa copper over a 5.5-year mine life. However, the broker’s valuation is based on a mine life of 7.5 years based on an additional 33% resource conversion.

The broker expects strong cash flow and benefits from low capex due to the proposed acquisition of the Cosmic Boy process plant from IGO Ltd ((IGO)).

Upside potential is from more commercialisation opportunities, including the Trilogy deposit and stranded gold deposits closer to the Cosmic Boy plant.

This report was published on March 21, 2025.

Target price is $0.31 Current Price is $0.18 Difference: $0.125
If MM8 meets the Petra Capital target it will return approximately 68% (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 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 23.13.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.82.

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

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $4.69

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

Canaccord Genuity notes Nanosonics received de novo approval from the US FDA for the Coris system earlier than expected. This puts it in a good position to meet the initial launch timeline of 1Q26 and 70% of the total scope by volumes target within 12 months of approval.

The de novo approval will also help the company secure the 510K approval. No changes to forecasts.

Target price lifted to $5.74 from $4.47. The broker estimates the stock has an upside potential to $7.50 in a more bullish longer-term market share assumption scenario.

Rating upgraded to Buy from Hold.

This report was published on March 20, 2025.

Target price is $5.74 Current Price is $4.69 Difference: $1.05
If NAN meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $4.67, suggesting downside of -0.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 117.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of 44.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 75.6.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 117.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 21.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 62.5.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $1.83

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

Canaccord Genuity lowered its lithium product price forecasts until 2029, with price cuts ranging from -4% to -37%, resulting in a largely flat profile for 2025-27. The broker expects market surplus to continue until 2028 as production cuts are expected to be offset by new supply and ramp-ups.

As a result of model revisions and updated prices, the broker lowered the target price for developers/explorers by -24% and by -15% for producers.

The broker names Pilbara Minerals as its top pick. Buy rating retained with target price of $2.70.

This report was published on March 20, 2025.

Target price is $2.70 Current Price is $1.83 Difference: $0.865
If PLS meets the Canaccord Genuity target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $2.56, suggesting upside of 39.4%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is -0.3, implying annual growth of N/A.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Current consensus EPS estimate is 5.0, implying annual growth of N/A.
Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 36.7.

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

PMT    PATRIOT BATTERY METALS INC

Mining – Overnight Price: $0.31

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

Canaccord Genuity lowered its lithium product price forecasts until 2029, with price cuts ranging from -4% to -37%, resulting in a largely flat profile for 2025-27. The broker expects the market surplus to continue until 2028 as production cuts are expected to be offset by new supply and ramp-ups.

As a result of model revisions and updated prices, the broker lowered the target price for developers/explorers by -24% and by -15% for producers.

Target price for Patriot Battery Metals cut to 55c from 90c. Speculative Buy retained.

This report was published on March 20, 2025.

Target price is $0.55 Current Price is $0.31 Difference: $0.24
If PMT meets the Canaccord Genuity target it will return approximately 77% (excluding dividends, fees and charges).
Current consensus price target is $0.77, suggesting upside of 149.0%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 313.13.

How do these forecasts compare to market consensus projections?

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

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.09 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 352.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.9, 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.

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

PMV    PREMIER INVESTMENTS LIMITED

Apparel & Footwear – Overnight Price: $20.76

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

Premier Investments’ 1H25 retail EBIT fell -16% y/y due mainly to higher cost of doing business and a -1.8% drop in sales. 

Petra Capital notes the outlook for 2H based on the first five weeks looks positive with Peter Alexander and Smiggle sales performing well, and the outlook for Smiggle buoyed by a strong movie pipeline. On the negative side, the outlook for Smiggle offshore is uncertain and for Peter Alexander UK it is equally challenging.

The broker lowered the target price to $22.90 from $29.00 after accounting for the Apparel Brands demerger and losses at Peter Alexander UK. Rating remains at Hold.

This report was published on March 24, 2025.

Target price is $22.90 Current Price is $20.76 Difference: $2.14
If PMV meets the Petra Capital target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $26.62, suggesting upside of 28.2%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 38.50 cents and EPS of 118.70 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 119.0, implying annual growth of -26.4%.
Current consensus DPS estimate is 60.6, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 79.10 cents and EPS of 111.80 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 126.6, implying annual growth of 6.4%.
Current consensus DPS estimate is 85.2, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 16.4.

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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $21.87

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

Goldman Sachs has analysed Lloyds’ FY24 result because of its relevance for QBE International which includes QBE Insurance’s Lloyds Syndicates 386 and 2999.

The broker notes the underlying 2H24 combined operating ratio (COR) improved but reported COR was higher at 90% due to elevated major claims. The broker expects a more normalised outlook for FY25.

The broker notes gross written premiums improved into 2H24 on material rise in volumes.

Buy rating and $23 target price are unchanged.

This report was published on March 21, 2025.

Target price is $23.00 Current Price is $21.87 Difference: $1.13
If QBE meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $22.96, suggesting upside of 5.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 56.00 cents and EPS of 186.92 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 186.5, implying annual growth of N/A.
Current consensus DPS estimate is 90.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 59.00 cents and EPS of 197.64 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.5, implying annual growth of 7.5%.
Current consensus DPS estimate is 97.4, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 10.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $3.68

Canaccord Genuity rates ((RRL)) as Hold (3) –

Canaccord Genuity notes the March quarter-to-date average gold price is $4,520/oz which if sustained would make it $4,560/oz for the quarter.

This would be 13% above its March quarter forecast and opens the potential for earnings and cash flow upside for Australian gold producers.

The broker highlights Regis Resources as one of the stocks with no forward hedging. Target price $3.15 and Hold rating.

This report was published on March 21, 2025.

Target price is $3.15 Current Price is $3.68 Difference: minus $0.53 (current price is over target).
If RRL meets the Canaccord Genuity target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.30, suggesting downside of -10.4%(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 31.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.5, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 0.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.1, implying annual growth of 57.9%.
Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 9.9.

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

RSG    RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $0.44

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

Canaccord Genuity notes the March quarter-to-date average gold price is $4,520/oz which if sustained would make it $4,560/oz for the quarter.

This would be 13% above its March quarter forecast and opens the potential for earnings and cash flow upside for Australian gold producers.

The broker highlights Resolute Mining as one of the stocks with no forwards hedging.

Target price 70c and Buy rating.

This report was published on March 21, 2025.

Target price is $0.70 Current Price is $0.44 Difference: $0.26
If RSG meets the Canaccord Genuity target it will return approximately 59% (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 15.32 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.87.

Forecast for FY26:

This company reports in USD. 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

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $23.21

Jarden rates ((SEK)) as Buy (1) –

Jarden highlights Seek is outperforming its competitors on two counts — web traffic and employment listings.

The broker notes ANZ job ads fell -15.7% since July 2024 and the Seek Employment Index declined -10.7% during the same period. 

Seek’s web traffic shows a 6% y/y rise in July-February unique visitors compared with a -24%, -9% and -2% fall experienced by Indeed, Workforce Australia and CareerOne websites respectively.

Target price of $28.00 and Buy rating retained. Seek remains the broker’s top pick in the online classifieds space.

This report was published on March 20, 2025.

Target price is $28.00 Current Price is $23.21 Difference: $4.79
If SEK meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $28.01, suggesting upside of 20.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 40.40 cents and EPS of 42.10 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 55.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.8, implying annual growth of N/A.
Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 55.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 46.60 cents and EPS of 58.20 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 39.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.5, implying annual growth of 44.7%.
Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 38.4.

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

SIG    SIGMA HEALTHCARE LIMITED

Health & Nutrition – Overnight Price: $2.86

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

Sigma Healthcare’s FY25 normalised EBIT beat Goldman Sachs’ forecast by 3% but was at the midpoint of the company $64-70m guidance range.

The broker believes the result showed operating leverage benefits coming through the business, and continues to see more cost synergies with Chemist Warehouse as an upside risk to its forecasts.

Target price of $2.70 and Neutral rating retained.

This report was published on March 20, 2025.

Target price is $2.70 Current Price is $2.86 Difference: minus $0.16 (current price is over target).
If SIG meets the Goldman Sachs target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.69, suggesting downside of -6.0%(ex-dividends)
The company’s fiscal year ends in January.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 57.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.6, implying annual growth of 718.2%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 79.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 4.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 57.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.8, implying annual growth of 61.1%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 49.3.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $28.93

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

Wilsons notes Telix Pharmaceuticals has received new drug application approval by the US FDA for Gozellix, its PSMA-PET imaging agent for prostate cancer.

The broker notes a second PSMA product (alongside Illuccix) will position the company for market share gains, gross margin expansion and franchise opportunities.

The broker’s estimates already incorporate Gozellix but the current FY25 forecast is on the low end of the company’s guidance. No change in forecasts now but the broker expects to update at 1Q25 result.

Target price $35 and Overweight rating.

This report was published on March 21, 2025.

Target price is $35.00 Current Price is $28.93 Difference: $6.07
If TLX meets the Wilsons target it will return approximately 21% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 31.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 92.72.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 58.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.20.

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

TPG    TPG TELECOM LIMITED

Telecommunication – Overnight Price: $4.87

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

Jarden notes the ACCC will not oppose TPG Telecom’s sale of its fibre network infrastructure assets and some fixed operations to the Vocus Group.

The ACCC clearance marks an important milestone though more conditions are still to be fulfilled for the transaction to be successful.

Target price of $5.10 and Overweight rating stays.

This report was published on March 20, 2025.

Target price is $5.10 Current Price is $4.87 Difference: $0.23
If TPG meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.79, suggesting downside of -1.7%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 19.00 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.0, implying annual growth of N/A.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 25.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 21.00 cents and EPS of 21.70 cents.
At the last closing share price the estimated dividend yield is 4.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 24.2%.
Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 20.6.

Market Sentiment: -0.1
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: $0.45

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

Canaccord Genuity notes the March quarter-to-date average gold price is $4,520/oz which if sustained would make it $4,560/oz for the quarter.

This would be 13% above its March quarter forecast and opens the potential for earnings and cash flow upside for Australian gold producers.

Target price 55c for Vault Minerals and Buy rating.

This report was published on March 21, 2025.

Target price is $0.55 Current Price is $0.45 Difference: $0.1
If VAU meets the Canaccord Genuity target it will return approximately 22% (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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.00.

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

VUL    VULCAN ENERGY RESOURCES LIMITED

New Battery Elements – Overnight Price: $4.75

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

Canaccord Genuity lowered its lithium product price forecasts until 2029, with price cuts ranging from -4% to -37%, resulting in a largely flat profile for 2025-27. The broker expects the market surplus to continue until 2028 as production cuts are expected to be offset by new supply and ramp-ups.

As a result of model revisions and updated prices, the broker lowered the target price for developers/explorers by -24% and by -15% for producers.

Target price for Vulcan Energy Resources cut to $10.00 from $11.75. Speculative Buy retained.

This report was published on March 20, 2025.

Target price is $10.00 Current Price is $4.75 Difference: $5.25
If VUL meets the Canaccord Genuity target it will return approximately 111% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 29.69.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 67.86.

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

WC8    WILDCAT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.17

Canaccord Genuity rates ((WC8)) as Speculative Buy (1) –

Canaccord Genuity lowered its lithium product price forecasts until 2029, with price cuts ranging from -4% to -37%, resulting in a largely flat profile for 2025-27. The broker expects the market surplus to continue until 2028 as production cuts are expected to be offset by new supply and ramp-ups.

As a result of model revisions and updated prices, the broker lowered the target price for developers/explorers by -24% and by -15% for producers.

Target price for Wildcat Resources cut to 50c from 60c. Speculative Buy retained.

This report was published on March 20, 2025.

Target price is $0.50 Current Price is $0.17 Difference: $0.33
If WC8 meets the Canaccord Genuity target it will return approximately 194% (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

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $28.90

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

Goldman Sachs’ initial assessment of the ACCC’s recommendations in the final supermarkets inquiry report is it won’t materially impact Woolworths Group and Coles Group’s ((COL)) existing operations.

However, the broker will closely watch for more details on the 11 supply chains and trading arrangements recommendations. The inquiry found a consequential bargaining power imbalance between the supermarkets and some suppliers, mainly around fresh produce. 

The broker notes the report lessens the regulatory overhang which weighed on investor sentiment over the last 14 months but federal court proceedings against the supermarkets on discounting practices are still ongoing.

Target price of $36.10 and Buy rating maintained.

This report was published on March 21, 2025.

Target price is $36.10 Current Price is $28.90 Difference: $7.2
If WOW meets the Goldman Sachs target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $32.15, suggesting upside of 11.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 85.00 cents and EPS of 113.00 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 115.8, implying annual growth of 1208.5%.
Current consensus DPS estimate is 86.5, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 25.0.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 106.00 cents and EPS of 141.00 cents.
At the last closing share price the estimated dividend yield is 3.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 133.7, implying annual growth of 15.5%.
Current consensus DPS estimate is 98.7, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 21.6.

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

WR1    WINSOME RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.28

Canaccord Genuity rates ((WR1)) as Speculative Buy (1) –

Canaccord Genuity lowered its lithium product price forecasts until 2029, with price cuts ranging from -4% to -37%, resulting in a largely flat profile for 2025-27. The broker expects the market surplus to continue until 2028 as production cuts are expected to be offset by new supply and ramp-ups.

As a result of model revisions and updated prices, the broker lowered the target price for developers/explorers by -24% and by -15% for producers.

Target price for Winsome Resources cut to $1.20 from $1.75. Speculative Buy retained.

This report was published on March 20, 2025.

Target price is $1.20 Current Price is $0.28 Difference: $0.925
If WR1 meets the Canaccord Genuity target it will return approximately 336% (excluding dividends, fees and charges).

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

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