Australian Broker Call *Extra* Edition – Mar 27, 2025

This story features ACROW LIMITED, and other companies. For more info SHARE ANALYSIS: ACF

The company is included in ALL-ORDS

An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena’s team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

ACF   AEE   AEL (3)   ALD   ANZ   BRE   CMM   COL   CWY   CY5   FFM   GOR   HLI   JHX (2)   MAQ   MM8   OPT   PMV (2)   SDF   SLC   SM1   SYR   TCG   TLC   WOW  

ACF    ACROW LIMITED

Building Products & Services – Overnight Price: $1.10

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

Petra Capital notes Acrow has renewed its equipment and hire contract with BHP Mitsubishi Alliance for another three years for $60m.

The contract terms are the same as the previous one in November 2023 and the contract is expected to contribute $4.42m to FY25 gross profit.

The broker believes there’s potential for additional contracts in the near term. Target price $1.62. Buy retained.

This report was published on March 25, 2025.

Target price is $1.62 Current Price is $1.10 Difference: $0.52
If ACF meets the Petra Capital target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $1.30, suggesting upside of 18.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 6.00 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of 20.6%.
Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 7.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 6.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of 14.0%.
Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 9.0.

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

AEE    AURA ENERGY LIMITED

Energy – Overnight Price: $0.15

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

Petra Capital highlights Aura Energy made further progress with debt financing and potential strategic investors have also made headway with due diligence and term sheet negotiations in progress.

The timeline for the final investment decision is, however, likely to extend to the September quarter from the March quarter targeted earlier, but the broker expects the company to be re-rated on funding news.

Petra considers the company to be the closest uranium stock to a FID decision. Buy rating and 36c target price are unchanged.

This report was published on March 25, 2025.

Target price is $0.36 Current Price is $0.15 Difference: $0.205
If AEE meets the Petra Capital target it will return approximately 132% (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 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 51.67.

Forecast for FY26:

Petra Capital forecasts a full year FY26 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 51.67.

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

AEL    AMPLITUDE ENERGY LIMITED

Crude Oil – Overnight Price: $0.21

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

Goldman Sachs notes Amplitude Energy has approved the development of the East Coast Supply Project by signing a JV with O.G. Energy, which is acquiring the 50% stake from Mitsui. 

The broker believes this is a significant milestone as it de-risks funding requirements. The company is confident of funding its share from existing cash and debt facilities, and the broker notes it has the potential to return to a net cash position in FY29.

No change to FY25-27 EBITDA estimates. Target price rises to 27c from 26c and Neutral retained.

This report was published on March 24, 2025.

Target price is $0.27 Current Price is $0.21 Difference: $0.055
If AEL meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 21.6%(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 0.65 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, 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 27.5.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.65 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.2, implying annual growth of 175.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.0.

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

---

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

Jarden notes Amplitude Energy has signed a formal agreement with O.G. Energy for a 50:50 JV for the East Coast Supply Project, also called the 3-well Otway Basin drilling program. O.G. Energy will essentially replace Mitui in the JV.

The cost estimate for the two-phase approach of -$380-455m was in line with the broker’s estimate. The broker expects the company to have access to sufficient liquidity to fund its share of the project.

The broker has updated its valuation for the Otway Basin which has resulted in a lift in target price to 27c from 25c. Overweight maintained.

This report was published on March 25, 2025.

Target price is $0.27 Current Price is $0.21 Difference: $0.055
If AEL meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 21.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, 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 27.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.2, implying annual growth of 175.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.0.

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

---

Wilsons rates ((AEL)) as Downgrade to Market Weight from Overweight (3) –

Wilsons is pleased with Amplitude Energy’s 50:50 JV deal with O.G. Energy to progress the East Coast Supply Project after it purchases Mitsui’s 50% interest in the project.

The broker believes the deal offers a clear visibility of the work program. The broker has factored in -$260m phase 1 capex and -$180m phase 2 capex, and increased debt borrowing by $200m in FY27 in its forecasts.

Rating downgraded to Market Weight from Overweight. Target price is 24c.

This report was published on March 25, 2025.

Target price is $0.24 Current Price is $0.21 Difference: $0.025
If AEL meets the Wilsons target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting upside of 21.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 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 21.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, 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 27.5.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.2, implying annual growth of 175.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.0.

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

ALD    AMPOL LIMITED

Consumer Products & Services – Overnight Price: $23.76

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

Ampol flagged a -$35m cost impact to repair a damaged crude storage tank at the Lytton refinery due to Cyclone Alfred in addition to demurrage costs. The company expects to recover half the costs via insurance.

Goldman Sachs notes this and the lower refining margin due to a reduction in throughput ahead of the cyclone making landfall.

This resulted in -4% decline in the broker’s FY25 EBITDA forecast and a cut in target price to $31.30 from 32.00. Buy maintained.

This report was published on March 25, 2025.

Target price is $31.30 Current Price is $23.76 Difference: $7.54
If ALD meets the Goldman Sachs target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $30.85, suggesting upside of 28.1%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 44.00 cents and EPS of 89.00 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 26.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 187.3, implying annual growth of 264.3%.
Current consensus DPS estimate is 100.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 158.00 cents and EPS of 218.00 cents.
At the last closing share price the estimated dividend yield is 6.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 219.3, implying annual growth of 17.1%.
Current consensus DPS estimate is 175.5, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 11.0.

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

ANZ    ANZ GROUP HOLDINGS LIMITED

Banks – Overnight Price: $29.44

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

Jarden has looked into ANZ Bank’s re-designed IT platform ANZ Plus which is a seven-year project that started in March 2022.

The broker notes the bank will begin customer migration in June 2025 with a staff pilot program and the timeline for finalising the ANZ Plus product suite is end-2026. The complete migration is expected by the end of 2028.

No change to forecasts. Target price of $30.50 and Overweight rating retained.

This report was published on March 24, 2025.

Target price is $30.50 Current Price is $29.44 Difference: $1.06
If ANZ meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $28.45, suggesting downside of -2.5%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 168.00 cents and EPS of 235.20 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 233.5, implying annual growth of 7.1%.
Current consensus DPS estimate is 172.3, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 171.00 cents and EPS of 240.10 cents.
At the last closing share price the estimated dividend yield is 5.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.0, implying annual growth of 0.2%.
Current consensus DPS estimate is 174.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.5.

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

BRE    BRAZILIAN RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $1.76

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

Canaccord Genuity notes initial drilling results from the Pele target near Brazilian Rare Earths’ Monte Alto project showed slightly lower grades compared with Monte Alto.

The broker believes it is an indication of exploration potential at another target near Pele.

The broker expects news flow to continue over the coming months with ongoing drilling at Sulista exploration and maiden mineral resource estimate for Monte Alto primary expected in 2Q25.

Target price $5.50 and Speculative Buy maintained. The broker reiterates Rocha da Rocha is one of the best exploration projects in rare earths.

This report was published on March 26, 2025.

Target price is $5.50 Current Price is $1.76 Difference: $3.74
If BRE meets the Canaccord Genuity target it will return approximately 213% (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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $8.12

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

Jarden has modelled the underground mining scenario for Capricorn Metals’ Mt Gibson gold project following the material resource and reserve growth that is not yet captured in the development potential. 

The broker’s scenario sees the base case production profile rising by 20% on average, pushing up group EBITDA and EPS forecasts by 15-20%. This has not been assumed in the valuation though, with the broker expecting a final investment decision by end-FY25.

For now, the broker has updated forecasts to incorporate 17.7m share issuance and removed the expected mark-to-market impact of forwards and costs to close the hedge book.

Target price drops to $8.04 from $8.14. Overweight maintained.

This report was published on March 21, 2025.

Target price is $8.04 Current Price is $8.12 Difference: minus $0.08 (current price is over target).
If CMM 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 $8.45, suggesting upside of 4.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 34.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.7, implying annual growth of 54.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 37.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.8, implying annual growth of 22.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.4.

Market Sentiment: 0.2
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: $19.32

Jarden rates ((COL)) as Neutral (3) –

Jarden reckons there are few immediate implications for the supermarkets from the ACCC’s final supermarkets inquiry report.

Among the potential implications, the broker thinks Aldi will have to put prices online which could drive prices lower. The broker believes supermarkets would likely be forced to shift to everyday low pricing and online penetration, and more transparency in fresh food transparency could drive costs.

The broker believes Woolworths Group ((WOW)) suffered the most brand damage from the public review and is now best positioned to benefit, followed by Coles Group.

Target price of $19.50 and Neutral rating unchanged.

This report was published on March 21, 2025.

Target price is $19.50 Current Price is $19.32 Difference: $0.18
If COL meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $21.44, suggesting upside of 10.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 67.00 cents and EPS of 82.40 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.45.

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 23.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 76.00 cents and EPS of 93.90 cents.
At the last closing share price the estimated dividend yield is 3.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.58.

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 4.0%.
Current consensus EPS estimate suggests the PER is 20.3.

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

CWY    CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.63

Jarden rates ((CWY)) as Upgrade to Buy from Overweight (1) –

Cleanaway Waste Management is debt-funding its proposed acquisition of Contract Resources Group for -$377m and expects the deal to be accretive on a pre and post-synergies basis. 

Jarden is surprised the company is investing in the lowest margin segment but believes investors will like the deal.

The broker expects the proposed purchase (subject to ACCC approval) to improve the earnings outlook beyond FY26. For now, though, it is not incorporating this deal and the Citywide acquisition in forecasts.

The analyst made modest changes to the FY25-27 core EPS forecasts and raised the target price to $3.10 from $3.05. Rating upgraded to Buy from Overweight following recent share price weakness.

This report was published on March 21, 2025.

Target price is $3.10 Current Price is $2.63 Difference: $0.47
If CWY meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 19.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 5.70 cents and EPS of 9.20 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 26.6%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 29.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.20 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.0, implying annual growth of 23.6%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 23.7.

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

CY5    CYGNUS METALS LIMITED

Gold & Silver – Overnight Price: $0.10

Canaccord Genuity rates ((CY5)) as Speculative Buy (1) –

Canaccord Genuity notes Cygnus Metals is continuing its review of the historical drill data from the recently acquired Chibougamau Cu-Au project in Canada following a merger with Dore Copper.

The company is compiling and digitising 100k-plus hard copy documents and logs into a proper database, and has plans to expand the project through brownfields exploration.

Target price of 30c and Speculative Buy retained.

This report was published on March 25, 2025.

Target price is $0.30 Current Price is $0.10 Difference: $0.195
If CY5 meets the Canaccord Genuity target it will return approximately 186% (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

FFM    FIREFLY METALS LIMITED

Gold & Silver – Overnight Price: $1.12

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

Canaccord Genuity notes FireFly Metals expects a significant increase in the measure and indicated resource from the Ming Mine based on the latest results from the ongoing drilling program.

Two resource updates are expected in 2H25 which the broker believes will see total resources rise to 80-100Mt with more than 1.5Mt of contained metal.

The broker notes the company is well-funded with $84.1m of cash and liquid investment.

Target price of $1.95 and Speculative Buy rating maintained.

This report was published on March 25, 2025.

Target price is $1.95 Current Price is $1.12 Difference: $0.83
If FFM meets the Canaccord Genuity target it will return approximately 74% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 112.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 112.00.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.82

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

Canaccord Genuity views Gold Fields’ proposal to acquire 100% of Gold Road Resources for $3.05/share as a compelling one but notes the board rejected the offer.

Gold Road instead made an offer to acquire Gold Fields’ 50% Gruyere stake, which was also rejected.

The broker speculates the next move could be more activity in the company’s shares and possibly pressure from shareholders to re-engage with Gold Fields. Another possibility is Gold Fields raising the offer price and the third one is a deadlock, with questions around the state of the current JV.

Target price of $2.75 and Buy rating remains.

This report was published on March 25, 2025.

Target price is $2.75 Current Price is $2.82 Difference: minus $0.07 (current price is over target).
If GOR meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.93, suggesting downside of -0.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 2.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 0.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.3, implying annual growth of 84.4%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 4.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.3, implying annual growth of N/A.
Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 12.1.

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

HLI    HELIA GROUP LIMITED

Insurance – Overnight Price: $3.85

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

Helia Group was advised by Commbank ((CBA)) the latter is in exclusive discussions with an alternative LMI provider.

Goldman Sachs notes if the negotiations are successful, the company’s current contract with Commbank will not be renewed and end on December 31, 2025.

The broker cut FY26 and FY27 underlying EPS forecasts by -3.2% and -15.5% respectively. This, together with a lower P/NTA multiple of 1.0x (from 1.3x) has resulted in a cut in target price to $3.70 from $4.99. Neutral.

This report was published on March 25, 2025.

Target price is $3.70 Current Price is $3.85 Difference: minus $0.15 (current price is over target).
If HLI meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 52.00 cents and EPS of 61.00 cents.
At the last closing share price the estimated dividend yield is 13.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.31.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 50.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 12.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.87.

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

JHX    JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $37.96

Goldman Sachs rates ((JHX)) as No Rating (-1) –

Goldman Sachs notes James Hardie Industries is acquiring Azek for a total transaction value of -US$8.75bn in a cash and share deal.

The broker highlights the combination will increase the company’s repair and remodel exposure to 70% from the current 65%.

No rating or target price as the broker is a financial advisor to Azek for this deal.

Goldman previously had a Buy rating and target price of $59.45 (24 February 2025).

This report was published on March 24, 2025.

Current Price is $37.96. Target price not assessed.
Current consensus price target is $54.14, suggesting upside of 41.4%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 228.32 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 257.0, 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 14.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 251.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 285.1, implying annual growth of 10.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

---

Jarden rates ((JHX)) as Upgrade to Overweight from Neutral (2) –

Jarden’s initial view about James Hardie Industries’ Azek acquisition announcement is the deal is strategically and operationally sensible. Also, the broker notes the announcement removes the M&A overhang since August last year.

The broker also finds reassurance from the company reaffirming it will complete the US$500m buyback once the deal is completed.

The analyst acknowledges the deal multiple is a concern and awaits further details, but for now suggests value has emerged from share price fall.

Target price cut to $45 from $53.50. Rating upgraded to Overweight from Neutral.

This report was published on March 25, 2025.

Target price is $45.00 Current Price is $37.96 Difference: $7.04
If JHX meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $54.14, suggesting upside of 41.4%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 228.93 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 257.0, 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 14.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 188.94 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 285.1, implying annual growth of 10.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

MAQ    MACQUARIE TECHNOLOGY GROUP LIMITED

Telecommunication – Overnight Price: $67.68

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

Petra Capital took another look at Macquarie Technology in the context of the share price decline since the 1H25 result, concluding the company offers substantial value at the current share price.

Based on FY25 guidance, the broker observed the company’s businesses less data centre are trading at a -56% discount to the S&P ASX all technology index.

Added to this is the potential for the IC3SW facility to add value which the broker estimates to be $42.10. Target price $101.89. Buy maintained.

This report was published on March 25, 2025.

Target price is $101.89 Current Price is $67.68 Difference: $34.21
If MAQ meets the Petra Capital target it will return approximately 51% (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 145.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.58.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 153.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 44.06.

Market Sentiment: 1.0
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: $0.20

Petra Capital rates ((MM8)) as Buy (1) –

Medallion Metal published results from a diamond drill program at the Trilogy deposit that requires further work to separate them into higher value alloys.

Petra Capital notes the result highlights Trilogy as a potential ore source along with KMC ore. The broker had highlighted its potential as an upside risk in the initiation report and reiterated it has assigned no value at this stage.

Target price of 31c and Buy rating are unchanged. 

This report was published on March 25, 2025.

Target price is $0.31 Current Price is $0.20 Difference: $0.115
If MM8 meets the Petra Capital target it will return approximately 59% (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 24.38.

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 17.73.

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

OPT    OPTHEA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.60

Wilsons rates ((OPT)) as Market Weight (3) –

Wilsons notes Opthea’s COAST phase III trial for the sozinibercept drug failed, which could adversely impact the biotech’s solvency.

The broker’s Market Weight rating and $1.00 target price are under review.

The broker’s $1.00 share price had assumed a positive outcome on the trial.

This report was published on March 24, 2025.

Target price is $1.00 Current Price is $0.60 Difference: $0.4
If OPT meets the Wilsons target it will return approximately 67% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 11.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.45.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.33.

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: $20.78

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

Goldman Sachs observes an in-line Peter Alexander performance but disappointing Smiggle in Premier Investments’ 1H25 result.

Peter Alexander’s FY25-27 sales forecasts have been lifted by 4-5% and Smiggle’s FY-27 sales estimates lowered by -5-6%. 

Overall, the broker revised FY25-27 retail EBIT by -2% to 4% on weaker Smiggle and better Peter Alexander sales.

Target price rises to $22.55 from $22.00. Neutral retained.

This report was published on March 24, 2025.

Target price is $22.55 Current Price is $20.78 Difference: $1.77
If PMV meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $26.62, suggesting upside of 29.5%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 66.00 cents and EPS of 101.00 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 20.57.

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 17.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 70.00 cents and EPS of 107.00 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.42.

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 16.2.

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

---

Jarden rates ((PMV)) as Neutral (3) –

Jarden notes Premier Investments’ 1H25 reported EBIT was impacted by Peter Alexander start-up costs in the UK which is expected to continue into 2H25.

Looking ahead, the broker highlights a 1.8% rise in 2H25 sales, mainly on Smiggle in Australia/NZ, but the trend in international and the Peter Alexander brand remains soft.

The broker cut FY25 net profit forecast by -5% on estimated -1% sales decline and higher costs, partly offset by stronger gross margins. The broker also cut net profit estimates for FY26-28.

Target price cut to $21.70 from $23.90. Neutral maintained on uncertainty about Smiggle and Peter Alexander expansion.

This report was published on March 21, 2025.

Target price is $21.70 Current Price is $20.78 Difference: $0.92
If PMV meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $26.62, suggesting upside of 29.5%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 122.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.95.

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 17.3.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 112.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.54.

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 16.2.

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

SDF    STEADFAST GROUP LIMITED

Insurance – Overnight Price: $5.76

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

Steadfast Group announced chief operating officer Nigel Fitzgerald will step down on July 1, but remain as a senior advisor until September and also stay as a board member on some of the company’s subsidiaries.

Goldman Sachs believes the announcement will be viewed as a negative surprise given Fitzgerald was seen as a potential candidate to take up the CEO role after Robery Kelly retires. Fitzgerald was also doing important strategic work on both the revenue and cost side of the business.

Target price unchanged at $6.50. Buy rating.

This report was published on March 24, 2025.

Target price is $6.50 Current Price is $5.76 Difference: $0.74
If SDF meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.74, suggesting upside of 16.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 20.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.4, implying annual growth of 38.7%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 19.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 22.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.1, implying annual growth of 9.2%.
Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 3.6%.
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

SLC    SUPERLOOP LIMITED

Telecommunication – Overnight Price: $2.18

Jarden rates ((SLC)) as Buy (1) –

Jarden believes Superloop is well-positioned for acceleration in growth in FY26 as industry churn steps up for NBN resellers and it attempts to speed up the internet. The broker sees upside risk on consumer growth in FY26 vs the FY24 base of 80k and its FY25 forecast of 70k.

On the broker’s numbers, an additional 10k subscribers through 2H25 will push up FY25 EBITDA/EPS growth by 1-2%.

The broker notes Origin Energy ((ORG)) continues to ramp up subscribers and now expects this contract to contribute $13m to Superloop’s underlying EBITDA in 2H25 vs $4m in 1H.

Target price unchanged at $2.50. Buy retained.

This report was published on March 21, 2025.

Target price is $2.50 Current Price is $2.18 Difference: $0.32
If SLC meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.61, suggesting upside of 18.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.3, 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 41.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 9.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of 32.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 31.4.

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

SM1    SYNLAIT MILK LIMITED

Dairy – Overnight Price: $0.70

Jarden rates ((SM1)) as Downgrade to Underweight from Neutral (4) –

Synlait Milk’s 1H25 EBITDA came at the top end of the guidance, and net profit was NZ$4.8m vs -NZ$96m loss for the year before. 

Jarden notes the improved result was due to higher demand for advanced nutrition, improved ingredients stream returns and forex benefits.

The broker raised its FY25 EBITDA forecast by 59% to NZ$98m and FY26 by 26% to NZ$103m. The broker also cut the risk premium to the cost of equity to 3.5% from 5.0% on lower debt.

Target price rises to NZ68c from NZ45c. Rating downgraded to Underweight from Neutral on strong share price gains.

This report was published on March 24, 2025.

Current Price is $0.70. Target price not assessed.
Current consensus price target is $0.92, suggesting upside of 31.4%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 109.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.2, 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 31.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 48.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.4, implying annual growth of 3554.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 0.9.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SYR    SYRAH RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.24

Jarden rates ((SYR)) as Neutral (3) –

Jarden notes Syrah Resources is in ongoing discussions with two lenders after default events were triggered by the lack of Balama mine resumption due to protests in Mozambique.

The company also failed to achieve a milestone related to sales from Vidalia.

The broker, however, made no changes to mine ramp-up and expansion timelines. The company’s FY24 net loss of -US$125m missed the broker’s estimate of -US$118m. 

The broker is focusing on the strategic appeal of the company’s portfolio and expects market conditions will improve in 2025, driven by Chinese policy.

No change to Neutral rating and 29c target price.

This report was published on March 24, 2025.

Target price is $0.29 Current Price is $0.24 Difference: $0.05
If SYR meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $0.41, suggesting upside of 62.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 16.24 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -6.7, 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:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.07 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is N/A, 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 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

TCG    TURACO GOLD LIMITED

Gold & Silver – Overnight Price: $0.35

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

Following a recent visit to Turaco Gold’s Afema gold project, where Canaccord Genuity was joined by the company’s MD, COO and senior geologists, the broker gained insights into the layout and exploration opportunities.

The company expects to release an interim resource in April and the broker believes it can grow beyond 3Moz.

Target price of 75c and Speculative Buy maintained.

This report was published on March 25, 2025.

Target price is $0.75 Current Price is $0.35 Difference: $0.4
If TCG meets the Canaccord Genuity target it will return approximately 114% (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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.50.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 35.00.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $4.83

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

Jarden points to Lottery Corp’s relatively strong talent in the leadership team in the context of CEO Sue van der Merwe’s announcement to retire at the end of 2025.

The broker suggests Chris Ure, Callum Mulvihill and Andrew Shepherd could be among the potential replacements.

The broker notes the LotteryWest data suggests the company has performed well so far in the 2H, and recent share price weakness is seen offering a good entry opportunity.

Target price of $5.15 and Overweight rating.

This report was published on March 25, 2025.

Target price is $5.15 Current Price is $4.83 Difference: $0.32
If TLC meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.53, suggesting upside of 15.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.50 cents and EPS of 16.10 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.5, implying annual growth of -11.3%.
Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 29.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.50 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 13.3%.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 25.6.

Market Sentiment: 0.8
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: $29.39

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

Jarden reckons there are few immediate implications for the supermarkets from the ACCC’s final supermarkets inquiry report.

Among the potential implications, the broker thinks Aldi will have to put prices online which could drive prices lower. The broker believes supermarkets would likely be forced to shift to everyday low pricing and online penetration, and more transparency in fresh food transparency could drive costs.

The broker believes Woolworths Group suffered the most brand damage from the public review and is now best positioned to benefit, followed by Coles Group ((COL)).

Target price of $37 and Overweight rating unchanged.

This report was published on March 21, 2025.

Target price is $37.00 Current Price is $29.39 Difference: $7.61
If WOW meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $32.15, suggesting upside of 9.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 91.00 cents and EPS of 116.60 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.21.

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 2.9%.
Current consensus EPS estimate suggests the PER is 25.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 121.00 cents and EPS of 155.80 cents.
At the last closing share price the estimated dividend yield is 4.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.86.

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 22.0.

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

---

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

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

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

Click to view our Glossary of Financial Terms