Australian Broker Call *Extra* Edition – Apr 14, 2025

This story features ASTRAL RESOURCES NL, and other companies. For more info SHARE ANALYSIS: AAR

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)

AAR   ACL   ADT   AEL   ANG   ASL   AZY   BGL   BHP   BKT   BOE   BPT   BTR   BXB   CEL   CIA   CMM   CRN   CUP   CVN   CXO   CYL (2)   DEG   DGT   DNL   DRR   DYL   EMR   EVN   FMG   GMD   GOR (2)   GQG   GYG   HLS   IFT   IGO   ILU   IPX   KAR   KCN   LOT   LTR   LYC   MAQ   MIN (2)   MM8   NHC   NST   NXT   OBM   ORG   PDI   PLS   PMT   PNR (2)   PRU   PYC   QBE   REH   RIO   RMS   RRL   RSG   RXL   S32   SFR   SHL   SMI   SPR   STK   STO   TCG   TRE   TTM   VAU (2)   WAF   WDS   WGX   WHC  

AAR    ASTRAL RESOURCES NL

Gold & Silver – Overnight Price: $0.17

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

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Astral Resources. Target rises to 49c from 41c.

This report was published on April 9, 2025.

Target price is $0.49 Current Price is $0.17 Difference: $0.325
If AAR meets the Canaccord Genuity target it will return approximately 197% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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

ACL    AUSTRALIAN CLINICAL LABS LIMITED

Healthcare services – Overnight Price: $2.97

Goldman Sachs rates ((ACL)) as Re-initiation of coverage with Neutral (3) –

Goldman Sachs has re-initiated coverage of Australian Clinical Labs with a Neutral rating and target price of $3.30.

The broker notes profitability in the pathology sector has improved in recent months, but reimbursement rates and wage inflation will continue to pose challenges.

The company has performed strongly since the IPO, and the broker believes it can continue to gain market share and improve productivity. 

The balance sheet is strong, supporting an ongoing buyback program, with the broker highlighting the company is targeting Australian pathology and adjacencies for future acquisitions.

This report was published on April 3, 2025.

Target price is $3.30 Current Price is $2.97 Difference: $0.33
If ACL meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.65, suggesting upside of 22.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 11.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 55.4%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 11.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.4, implying annual growth of 14.4%.
Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 13.9.

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

ADT    ADRIATIC METALS PLC

Gold & Silver – Overnight Price: $4.24

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

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Adriatic Metals. Target rises to $4.50 from $4.30

This report was published on April 9, 2025.

Target price is $4.50 Current Price is $4.24 Difference: $0.26
If ADT meets the Canaccord Genuity target it will return approximately 6% (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 32.25 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.15.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 53.76 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.89.

Market Sentiment: 1.0
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: $0.17

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

Jarden cut the forecast for Brent oil price for the remainder of 2025 and for 2026-27 to US$65/bbl from US$75/bbl. The broker also revised the AUD/USD forecast to 0.62 from 0.64 from April.

While OPEC-plus members would desire to keep oil prices near US$80/bbl, the broker believes that given oil markets’ tendency to react negatively and quickly to any growth uncertainties, prices are likely to stay low.

The broker notes Amplitude Energy’s March quarter gas prediction was -9% lower quarter-on-quarter, and will now look for FY25 production, costs and capex update in the quarterly release,

EPS forecast for FY25 trimmed to 3c from 4c, and for FY26 to $1.20 from $1.70 on lower oil prices and contracted gas prices.

Rating upgraded to Buy from Overweight. Target cut to 25c from 26c.

This report was published on April 10, 2025.

Target price is $0.25 Current Price is $0.17 Difference: $0.085
If AEL meets the Jarden target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $0.26, suggesting upside of 54.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 55.00.

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 20.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.3, implying annual growth of 187.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.2.

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

ANG    AUSTIN ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.41

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

Petra Capital believes Austin Engineering offers good value at current levels after significantly underperforming over the last nine months.

The broker reckons the current price could attract M&A interest or offer for a strategic partnership.

Buy. Target unchanged at 58c.

This report was published on April 10, 2025.

Target price is $0.58 Current Price is $0.41 Difference: $0.165
If ANG meets the Petra Capital target it will return approximately 40% (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 1.50 cents and EPS of 5.80 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.16.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 2.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.93.

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

ASL    ANDEAN SILVER LIMITED

Gold & Silver – Overnight Price: $0.94

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

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Andean Silver. Target rises to $3.05 from $2.85.

This report was published on April 9, 2025.

Target price is $3.05 Current Price is $0.94 Difference: $2.11
If ASL meets the Canaccord Genuity target it will return approximately 224% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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

AZY    ANTIPA MINERALS LIMITED

Mining – Overnight Price: $0.47

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

Antipa Minerals will now retain full ownership of the Paterson Project following IGO Ltd’s ((IGO)) decision to withdraw from the farm-in agreement. Canaccord Genuity reckons the company now has the full opportunity to develop the project.

Concurrently, the broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Antipa Minerals. Target rises to $1.04 from $0.95.

This report was published on April 9, 2025.

Target price is $1.04 Current Price is $0.47 Difference: $0.565
If AZY meets the Canaccord Genuity target it will return approximately 119% (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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.83.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.83.

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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.15

Canaccord Genuity rates ((BGL)) as No Rating (-1) –

Canaccord Genuity is under research restriction for Bellevue Gold.

This report was published on April 9, 2025.

Current Price is $1.15. Target price not assessed.
Current consensus price target is $1.56, suggesting upside of 36.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Current consensus EPS estimate is 4.7, implying annual growth of -27.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY26:

Current consensus EPS estimate is 14.2, implying annual growth of 202.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.1.

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

BHP    BHP GROUP LIMITED

Bulks – Overnight Price: $35.42

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

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

This resulted in downgrades to 2025 and 2026 EBITDA and price targets for most companies under their coverage.

In addition to revisions to commodity prices, the broker cut BHP Group’s March quarter Pilbara iron ore and Queensland met coal shipment forecasts. 

Buy. Target cut to $45.10 from $47.30.

This report was published on April 8, 2025.

Target price is $45.10 Current Price is $35.42 Difference: $9.68
If BHP meets the Goldman Sachs target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $43.10, suggesting upside of 21.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 305.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 334.6, implying annual growth of N/A.
Current consensus DPS estimate is 163.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 291.81 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 339.5, implying annual growth of 1.5%.
Current consensus DPS estimate is 173.2, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 10.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BKT    BLACK ROCK MINING LIMITED

New Battery Elements – Overnight Price: $0.02

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

Petra Capital reiterates its view Black Rock Mining is a stand-out graphic developer, with cornerstone equity funding to develop Mahenge secured and debt funding in place.

The broker has updated its model for equity dilution, commodity price and forex revisions, and the push back of first production to FY28.

Equity dilution includes the recent $5m raising, and increasing equity share in capex to US$135m from US$129m. While equity raising is retained at $250m, it is now expected at a lower share price of 3c vs 6c assumed before.

Buy. Target cut to 11c from 21c.

This report was published on April 10, 2025.

Target price is $0.11 Current Price is $0.02 Difference: $0.09
If BKT meets the Petra Capital target it will return approximately 450% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Petra Capital forecasts a full year FY26 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 20.00.

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $2.63

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

Boss Energy’s drummed production at Honeymoon and sales in the March quarter were broadly in line with Canaccord Genuity’s forecasts but well ahead of consensus.

The average realised price beat the broker’s forecast but that was mainly due to the enCore loan repayment in cash.

No change to forecasts. Speculative Buy with target price of $5.35.

This report was published on April 9, 2025.

Target price is $5.35 Current Price is $2.63 Difference: $2.72
If BOE meets the Canaccord Genuity target it will return approximately 103% (excluding dividends, fees and charges).
Current consensus price target is $3.77, suggesting upside of 43.4%(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 2.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 107.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of -75.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 93.9.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 28.87 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 750.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.1.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.17

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

Jarden cut the forecast for Brent oil price for the remainder of 2025 and for 2026-27 to US$65/bbl from US$75/bbl. The broker also revised the AUD/USD forecast to 0.62 from 0.64 from April.

While OPEC-plus members would desire to keep oil prices near US$80/bbl, the broker believes that given oil markets’ tendency to react negatively and quickly to any growth uncertainties, prices are likely to stay low.

For the March quarter, the analyst forecasts Beach Energy to report a -4% decline in production on expectations of lower Cooper Basin oil and gas production. The broker will look for updates to FY25 guidance and cost.

EPS forecast for FY25 cut by -6.2% and by -19.2% for FY26 largely due to lower oil price forecasts.

Rating downgraded to Underweight from Neutral. Target cut to $1.19 from $1.38.

This report was published on April 10, 2025.

Target price is $1.19 Current Price is $1.17 Difference: $0.025
If BPT meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.48, suggesting upside of 27.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.00 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 6.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.1, implying annual growth of N/A.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 5.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.50 cents and EPS of 20.60 cents.
At the last closing share price the estimated dividend yield is 6.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of 20.4%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 4.8.

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

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.02

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

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Brightstar Resources. Target rises to 8c from 6c.

This report was published on April 9, 2025.

Target price is $0.08 Current Price is $0.02 Difference: $0.059
If BTR meets the Canaccord Genuity target it will return approximately 281% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.10.

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $20.90

Goldman Sachs rates ((BXB)) as Sell (5) –

Goldman Sachs analysts are trying to understand the impact of US tariffs on industrial stocks in the backdrop of their house forecast of 45% chance of US recession.

The broker believes Brambles would be relatively insulated given its pallets facilitate limited cross-border flows and, more broadly, the business caters to the defensive/consumer-staple activity.

Sell. Target price $18.35.

This report was published on April 8, 2025.

Target price is $18.35 Current Price is $20.90 Difference: minus $2.55 (current price is over target).
If BXB meets the Goldman Sachs target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $21.24, suggesting upside of 1.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 56.83 cents and EPS of 93.69 cents.
At the last closing share price the estimated dividend yield is 2.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.2, implying annual growth of N/A.
Current consensus DPS estimate is 63.9, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 21.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 61.43 cents and EPS of 102.90 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 20.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.1, implying annual growth of 12.1%.
Current consensus DPS estimate is 69.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 19.0.

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

CEL    CHALLENGER GOLD LIMITED

Gold & Silver – Overnight Price: $0.06

Canaccord Genuity rates ((CEL)) as No Rating (-1) –

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

The rating and price target for developer/explorer Challenger Gold are currently under review. 

This report was published on April 9, 2025.

Current Price is $0.06. Target price not assessed.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $4.23

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

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

This resulted in downgrades to 2025 and 2026 earnings  (EBITDA) and price targets for most companies under their coverage.

In addition to revisions to commodity prices, the broker cut high-grade premiums for Champion Iron’s 66% Fe product for the next few years. EBITDA forecasts for FY25-26 reduced by -6% and -31%, respectively.

Buy. Target cut to $5.90 from $7.60.

This report was published on April 8, 2025.

Target price is $5.90 Current Price is $4.23 Difference: $1.67
If CIA meets the Goldman Sachs target it will return approximately 39% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 30.88 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.70.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 43.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.84.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $9.18

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Capricorn Metals, the broker is forecasting a March quarter production of 31koz vs a consensus of 30koz. The forecast for costs is $1,408/oz vs consensus of $1,446.

Rating upgraded to Buy from Hold. Target price rises to $10.60 from $8.70.

This report was published on April 9, 2025.

Target price is $10.60 Current Price is $9.18 Difference: $1.42
If CMM meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $8.48, suggesting downside of -7.6%(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 28.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.0, implying annual growth of 60.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 24.8.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 43.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.7, implying annual growth of 39.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.8.

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $0.23

Goldman Sachs rates ((CRN)) as Downgrade to Neutral from Buy (3) –

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

This resulted in downgrades to 2025 and 2026 EBITDA and price targets for most companies under their coverage.

In addition to revisions to commodity prices, the broker increased costs at Coronado Global Resources’ US operations.

Rating downgraded to Neutral from Buy due to forecast for negative free cash flow of -US$200m in 2025. Target cut to $0.35 from $1.05.

This report was published on April 8, 2025.

Target price is $0.35 Current Price is $0.23 Difference: $0.12
If CRN meets the Goldman Sachs target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $0.73, suggesting upside of 217.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 1.54 cents and EPS of minus 21.50 cents.
At the last closing share price the estimated dividend yield is 6.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.5, implying annual growth of N/A.
Current consensus DPS estimate is 1.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 16.89 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of N/A.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 13.0%.
Current consensus EPS estimate suggests the PER is 2.1.

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

CUP    COUNT LIMITED

Commercial Services & Supplies – Overnight Price: $0.73

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

Canaccord Genuity has initiated coverage of Count with a Buy rating and a target price of $1.00.

The broker considers Count as a well-managed company with its key strength being inter-linkages between the three business segments that create additional growth opportunities.

The broker forecasts 33% rise in FY25 EPS, and 10% growth each year in FY26 and FY27. The company has balance sheet capacity for M&A in the broker’s view.

Earnings mix is expected to shift more towards higher-margin financial planning, managed accounts and services, pushing estimated return on equity up to 16% in FY27 from 11% in FY24.

This report was published on April 9, 2025.

Target price is $1.00 Current Price is $0.73 Difference: $0.27
If CUP meets the Canaccord Genuity target it will return approximately 37% (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 3.90 cents and EPS of 8.10 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.01.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 4.77 cents and EPS of 8.90 cents.
At the last closing share price the estimated dividend yield is 6.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.20.

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

CVN    CARNARVON ENERGY LIMITED

Crude Oil – Overnight Price: $0.10

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

Jarden cut the forecast for Brent oil price for the remainder of 2025 and for 2026-27 to US$65/bbl from US$75/bbl. The broker also revised the AUD/USD forecast to 0.62 from 0.64 from April.

While OPEC-plus members would desire to keep oil prices near US$80/bbl, the broker believes that given oil markets’ tendency to react negatively and quickly to any growth uncertainties, prices are likely to stay low.

No material changes to forecasts for Carnarvon Energy as the company is in pre-revenue position.

Overweight. Target trimmed to 15c from 16c.

This report was published on April 10, 2025.

Target price is $0.15 Current Price is $0.10 Difference: $0.045
If CVN meets the Jarden target it will return approximately 43% (excluding dividends, fees and charges).
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 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 52.50.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 52.50.

Market Sentiment: 0.5
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: $0.07

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

Goldman Sachs has updated estimates for lithium mining stocks after mark-to-market of March quarter actuals and forex, and other company-specific changes.

According to the broker’s estimates, lithium stocks are pricing an average of US$1,060/t spodumene, below its long-term price forecast of US$1,185/t but well above spot. The broker expects lithium market weakness to continue this year, and M&A activity to remain a theme.

Neutral retained for Core Lithium. Target price 8c.

This report was published on April 8, 2025.

Target price is $0.08 Current Price is $0.07 Difference: $0.013
If CXO meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.70.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

Market Sentiment: 0.0
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: $6.21

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Catalyst Metals is now out of research restriction. The broker is forecasting a March quarter production of 30koz vs a consensus of 29. The forecast for costs is $2,486/oz vs the consensus of $2,392.

Hold. Target price $6.10.

This report was published on April 9, 2025.

Target price is $6.10 Current Price is $6.21 Difference: minus $0.11 (current price is over target).
If CYL meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 13.21.

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 7.22.

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

Taylor Collison rates ((CYL)) as Speculative Buy (1) –

Taylor Collison highlights Catalyst Metals’ plans to double gold production to 200koz by FY27 from 100koz, and cut costs to $2,100/oz by FY27 from $2,666/oz in FY24.

The broker is optimistic this can be achieved given the company’s track record of six quarters of consistent production, and a 102% increase in ore reserves.

Target price rises to $4.52 as the analyst also factored in a long-term gold price of US$2,750/oz into the forecasts.

Speculative Buy maintained.

This report was published on February 14, 2025.

Target price is $4.52 Current Price is $6.21 Difference: minus $1.69 (current price is over target).
If CYL meets the Taylor Collison target it will return approximately minus 27% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 EPS of 50.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.42.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 EPS of 70.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.87.

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

DEG    DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $2.50

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

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for De Grey Mining. Target $3.80.

This report was published on April 9, 2025.

Target price is $3.80 Current Price is $2.50 Difference: $1.3
If DEG meets the Canaccord Genuity target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $2.36, suggesting downside of -5.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

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

Forecast for FY26:

Current consensus EPS estimate is 1.2, 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 208.3.

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

DGT    DIGICO INFRASTRUCTURE REIT

Cloud services – Overnight Price: $2.54

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

Following discussions with data centre companies and industry feedback to understand demand/supply dynamics, Goldman Sachs analysts lowered revenue estimates slightly, resulting in up to -2% fall in FY25-27 EBITDA forecasts.

Valuations have, however, been cut more significantly due to a 15% discounted cashflow multiple de-rating.

Earnings (EBITDA_ forecast for Digico Infrastructure REIT unchanged for FY25 but lowered by -2% for FY26.

Buy. Target drops to $4.40 from $5.80.

This report was published on April 10, 2025.

Target price is $4.40 Current Price is $2.54 Difference: $1.86
If DGT meets the Goldman Sachs target it will return approximately 73% (excluding dividends, fees and charges).
Current consensus price target is $5.34, suggesting upside of 110.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 11.00 cents and EPS of minus 7.00 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 36.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.4, implying annual growth of N/A.
Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 27.0.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 20.00 cents and EPS of minus 10.00 cents.
At the last closing share price the estimated dividend yield is 7.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.4, implying annual growth of 42.6%.
Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 19.0.

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

DNL    DYNO NOBEL LIMITED

Agriculture – Overnight Price: $2.28

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

Goldman Sachs analysts are trying to understand the impact of US tariffs on industrial stocks in the backdrop of their house forecast of 45% chance of US recession.

The broker notes around 42% of Dyno Nobel’s group explosives revenue was generated in North America in FY24, and demand depends on coal and metals mining and quarry/construction activity.

Buy. Target price $3.10.

This report was published on April 8, 2025.

Target price is $3.10 Current Price is $2.28 Difference: $0.82
If DNL meets the Goldman Sachs target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $3.22, suggesting upside of 43.5%(ex-dividends)

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 9.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.6, implying annual growth of N/A.
Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 10.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 4.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.3, implying annual growth of 15.3%.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 11.0.

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

DRR    DETERRA ROYALTIES LIMITED

Iron Ore – Overnight Price: $3.51

Goldman Sachs rates ((DRR)) as Downgrade to Neutral from Buy (3) –

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

This resulted in downgrades to 2025 and 2026 EBITDA and price targets for most companies under their coverage.

In addition to revisions to commodity prices, the broker increased freight cost estimates for Deterra Royalties. EBITDA forecast for FY25 lifted by 1% but cut by -2% for FY26.

Rating downgraded to Neutral from Buy. Target cut to $3.60 from $4.70.

This report was published on April 8, 2025.

Target price is $3.60 Current Price is $3.51 Difference: $0.09
If DRR meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.26, suggesting upside of 21.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 20.10 cents and EPS of 26.90 cents.
At the last closing share price the estimated dividend yield is 5.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.8, implying annual growth of 5.1%.
Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 18.60 cents and EPS of 24.80 cents.
At the last closing share price the estimated dividend yield is 5.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.6, implying annual growth of -0.6%.
Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 11.5.

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

DYL    DEEP YELLOW LIMITED

Uranium – Overnight Price: $0.91

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

Deep Yellow announced a deferral to the final investment decision on Tumas Uranium Project as the current soft price outlook is deemed insufficient to encourage development.

Canaccord Genuity considers it a rational decision, noting the company will continue detailed engineering work to ensure it is well-placed to quicken work when prices improve.

The broker increased capex and opex estimates, and pushed back the timeline for first production.

Speculative Buy. Target cut to $1.61 from $1.83.

This report was published on April 8, 2025.

Target price is $1.61 Current Price is $0.91 Difference: $0.7
If DYL meets the Canaccord Genuity target it will return approximately 77% (excluding dividends, fees and charges).
Current consensus price target is $1.57, suggesting upside of 72.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.23 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 74.04.

How do these forecasts compare to market consensus projections?

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

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.69 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 53.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.7, 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

EMR    EMERALD RESOURCES NL

Gold & Silver – Overnight Price: $4.12

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

Emerald Resources reported 3Q25 production of 19koz vs Canaccord Genuity’s forecast of 20koz, but gold sales of 24koz vs 20koz estimate.

Costs were also lower than estimated, resulting in cash and bullion of $210m vs the broker’s forecast of $186m.

The analyst revised forecasts following this update and previously updated forecasts to account for revised gold price estimates.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Buy. Target price rises to $5.95 from $5.25.

This report was published on April 10, 2025.

Target price is $5.95 Current Price is $4.12 Difference: $1.83
If EMR meets the Canaccord Genuity target it will return approximately 44% (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 21.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.62.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 35.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.77.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $7.70

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026 but lower from 2028.

For Evolution Mining, the broker is forecasting March quarter production of 167koz vs a consensus of 170. The forecast for costs is 10% higher vs consensus at $1,823/oz.

Hold. Target price rises to $7.25 from $6.15.

This report was published on April 9, 2025.

Target price is $7.25 Current Price is $7.70 Difference: minus $0.45 (current price is over target).
If EVN meets the Canaccord Genuity target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.23, suggesting downside of -19.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 11.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.1, implying annual growth of 109.4%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 13.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.1, implying annual growth of 23.9%.
Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 13.5.

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

FMG    FORTESCUE LIMITED

Iron Ore – Overnight Price: $15.07

Goldman Sachs rates ((FMG)) as Upgrade to Neutral from Sell (3) –

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

This resulted in downgrades to 2025 and 2026 earnings (EBITDA) and price targets for most companies under their coverage.

In addition to revisions to commodity prices, the broker cut the forecast for Fortescue’s March quarter Pilbara iron ore shipments and pushed back Pilbara decarbonisation capex by six months. The broker also reduced Iron Bridge price realisations in the near term.

Rating upgraded to Neutral from Sell. Target cut to $15.30 from $16.20.

This report was published on April 8, 2025.

Target price is $15.30 Current Price is $15.07 Difference: $0.23
If FMG meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $17.58, suggesting upside of 16.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 101.37 cents and EPS of 167.41 cents.
At the last closing share price the estimated dividend yield is 6.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 170.0, implying annual growth of N/A.
Current consensus DPS estimate is 101.3, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 66.04 cents and EPS of 132.08 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 155.6, implying annual growth of -8.5%.
Current consensus DPS estimate is 95.4, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 9.7.

This company reports in USD. 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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $3.99

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Genesis Minerals, the broker is forecasting a March quarter production of 58koz vs a consensus of 55koz. The forecast for costs is $2,291/oz vs consensus of $2,381/oz.

Buy. Target price rises to $5.10 from $4.15.

This report was published on April 9, 2025.

Target price is $5.10 Current Price is $3.99 Difference: $1.11
If GMD meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $3.58, 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 12.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 144.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.1.

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 18.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.8, implying annual growth of 41.8%.
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.

Market Sentiment: 0.6
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: $3.05

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Gold Road Resources, the broker is forecasting a March quarter production of 35koz vs a consensus of 38. The forecast for costs is $2,593/oz vs consensus of $2,599/oz.

Buy. Target price rises to $3.35 from $2.75.

This report was published on April 9, 2025.

Target price is $3.35 Current Price is $3.05 Difference: $0.3
If GOR meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.93, suggesting downside of -3.8%(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 0.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.86.

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 12.6.

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 1.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.71.

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 1.3%.
Current consensus EPS estimate suggests the PER is 12.6.

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

Moelis rates ((GOR)) as Hold (3) –

Moelis has revised the valuation of Gold Road Resources to account for the potential for a bulk-scale underground mine at Gruyere and exploration upside.

This resulted in an increase in the target price to $3.20. 

The broker sees the possibility of Gold Fields lifting the offer price for the company to $3.18/share, and maintains it is in the best interests of both the companies to reach a deal.

Hold retained.

This report was published on April 10, 2025.

Target price is $3.20 Current Price is $3.05 Difference: $0.15
If GOR meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.93, suggesting downside of -3.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 2.70 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 0.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.80.

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 12.6.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 3.80 cents and EPS of 25.60 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.91.

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 1.3%.
Current consensus EPS estimate suggests the PER is 12.6.

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

GQG    GQG PARTNERS INC

Wealth Management & Investments – Overnight Price: $2.03

Jarden rates ((GQG)) as Buy (1) –

GQG Partners recorded a net inflow of US$1.8bn for March, beating Jarden’s forecast of US$1.3bn and consensus of US$0.8bn. The broker notes the data suggests continued recovery from the weakness seen in late 2024 on Adani allegations and US elections.

While macro-uncertainties could drive weakness in wholesale/sub-advised flows, the broker points to GQG Partners’ past track record of making quick recovery from such external headwinds. On this basis, the analyst expects strong net inflows to continue in the next 1-2 years at the minimum.

FY25 EPS forecast lifted by 0.5% and FY26 by 0.6%.

Target price rises to $3.10 from $3.05. Buy maintained.

This report was published on April 9, 2025.

Target price is $3.10 Current Price is $2.03 Difference: $1.07
If GQG meets the Jarden target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $2.84, suggesting upside of 40.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 23.04 cents and EPS of 25.19 cents.
At the last closing share price the estimated dividend yield is 11.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of N/A.
Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 11.3%.
Current consensus EPS estimate suggests the PER is 8.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 26.11 cents and EPS of 27.95 cents.
At the last closing share price the estimated dividend yield is 12.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.2, implying annual growth of 9.2%.
Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 12.0%.
Current consensus EPS estimate suggests the PER is 7.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GYG    GUZMAN Y GOMEZ LIMITED

Food, Beverages & Tobacco – Overnight Price: $33.26

Jarden rates ((GYG)) as Initiation of coverage with Overweight (2) –

Jarden has initiated coverage on Guzman y Gomez with an Overweight rating and target price of $35.10.

The broker’s valuation is mainly driven by store count, which is conservative at an estimated annual roll out of 30 stores vs the company’s goal of 40 stores. So, there’s an upside risk in this estimate. 

The broker sees the biggest downside risk from the fast food business reaching a point of saturation but believes this is some years away. Competition is another risk, with several fast food brands planning aggressive expansion in Australia.

Near-term upside risk is the potential to enter new markets like New Zealand and Malaysia. The broker has not considered the impact of US tariffs on Australia’s economic activity in the forecasts, instead discussed macro upswing as an upside risk.

The broker’s earnings (EBITDA) forecasts for FY25-27 are below consensus. 

This report was published on April 9, 2025.

Target price is $35.10 Current Price is $33.26 Difference: $1.84
If GYG meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $38.33, suggesting upside of 15.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 4.00 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 0.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 291.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 270.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 14.00 cents and EPS of 20.90 cents.
At the last closing share price the estimated dividend yield is 0.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 159.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of 108.9%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 129.4.

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

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $1.40

Goldman Sachs rates ((HLS)) as Re-initiation of coverage with Sell (5) –

Goldman Sachs has re-initiated coverage of Healius with a Sell rating and target price of $1.20.

The broker notes profitability for the pathology sector has improved in recent months, but reimbursement rates and wage inflation will continue to pose challenges.

In the broker’s view, the company has taken the right initiatives to stem market share loss, but the full benefits will take a couple of years.

The broker believes the decision to not commit to dividends from the special dividend from Lumus sales highlights the challenges around turnarounds.

This report was published on April 3, 2025.

Target price is $1.20 Current Price is $1.40 Difference: minus $0.2 (current price is over target).
If HLS meets the Goldman Sachs target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.26, suggesting downside of -10.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 41.00 cents and EPS of minus 3.00 cents.
At the last closing share price the estimated dividend yield is 29.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 46.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.3, implying annual growth of N/A.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 9.5%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 140.00.

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 1.1, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 63.6.

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

IFT    INFRATIL LIMITED

Wealth Management & Investments – Overnight Price: $9.01

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

Following discussions with data centre companies and industry feedback to understand demand/supply dynamics, Goldman Sachs analysts lowered revenue estimates slightly, resulting in up to -2% fall in FY25-27 earnings (EBITDA) forecasts.

Valuations have, however, been cut more significantly due to a 15% discounted cashflow multiple de-rating.

EBITDA forecast for Infratil lowered by -12% for FY25 and by -18% for FY26 to align with company disclosure.

Neutral. Target price NZ$11.

This report was published on April 10, 2025.

Current Price is $9.01. Target price not assessed.
The company’s fiscal year ends in March.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $3.49

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

Goldman Sachs has updated estimates for lithium mining stocks after mark-to-market of March quarter actuals and forex, and other company-specific changes.

According to the broker’s estimates, lithium stocks are pricing an average of US$1,060/t spodumene, below its long-term price forecast of US$1,185/t but well above spot. The broker expects lithium market weakness to continue this year, and M&A activity to remain a theme.

In the case of IGO Ltd, the broker has factored in slower ramp-ups at Greenbushes/Kwinana.

Buy. Target price drops to $4.60 from $5.30.

This report was published on April 8, 2025.

Target price is $4.60 Current Price is $3.49 Difference: $1.11
If IGO meets the Goldman Sachs target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $4.68, suggesting upside of 34.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 2.00 cents and EPS of minus 12.00 cents.
At the last closing share price the estimated dividend yield is 0.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 29.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -23.0, implying annual growth of N/A.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 3.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.6, implying annual growth of N/A.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 18.8.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $3.36

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

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

This resulted in downgrades to 2025 and 2026 EBITDA and price targets for most companies under their coverage.

In addition to revisions to commodity prices, the broker pushed out Iluka Resources’ Wimmera project development to the next decade. Earnings (EBITDA) forecasts for FY25-26 cut by -1% and -8%, respectively.

Buy. Target cut to $6.60 from $7.00.

This report was published on April 8, 2025.

Target price is $6.60 Current Price is $3.36 Difference: $3.24
If ILU meets the Goldman Sachs target it will return approximately 96% (excluding dividends, fees and charges).
Current consensus price target is $5.25, suggesting upside of 56.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 22.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.0, implying annual growth of -20.6%.
Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 7.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 45.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.5, implying annual growth of 19.8%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 6.5.

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

IPX    IPERIONX LIMITED

Industrial Metals – Overnight Price: $2.31

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

Canaccord Genuity believes the introduction of US tariffs on Ti metal/sponge will give a competitive advantage to Iperionx, given its proprietary HAMR process doesn’t rely on imported feedstock.

The broker notes the DFS for the Titan Mineral Sands Project is expected in 2Q26. 

Speculative Buy. Target unchanged at $6.65.

This report was published on April 8, 2025.

Target price is $6.65 Current Price is $2.31 Difference: $4.34
If IPX meets the Canaccord Genuity target it will return approximately 188% (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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 46.20.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 57.75.

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

KAR    KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $1.23

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

Jarden cut the forecast for Brent oil price for the remainder of 2025 and for 2026-27 to US$65/bbl from US$75/bbl. The broker also revised the AUD/USD forecast to 0.62 from 0.64 from April.

While OPEC-plus members would desire to keep oil prices near US$80/bbl, the broker believes that given oil markets’ tendency to react negatively and quickly to any growth uncertainties, prices are likely to stay low.

For the March quarter, the analyst expects Karoon Energy to report a -11% q/q decline in production to 2.3mmboe due to the impact of scheduled maintenance in Brazil. Sales revenue is forecast to be -33% down q/q due to lower cargoes sold.

EPS forecast for FY25 cut by -8.2% and by -14.3% for FY26 largely due to lower oil price forecasts.

Rating downgraded to Overweight from Buy. Target cut to $1.53 from $2.05.

This report was published on April 10, 2025.

Target price is $1.53 Current Price is $1.23 Difference: $0.3
If KAR meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $2.17, suggesting upside of 76.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 6.14 cents and EPS of 22.88 cents.
At the last closing share price the estimated dividend yield is 4.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.4, implying annual growth of N/A.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 5.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 4.45 cents and EPS of 18.12 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.0, implying annual growth of 16.8%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 4.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

KCN    KINGSGATE CONSOLIDATED LIMITED

Gold & Silver – Overnight Price: $1.55

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Kingsgate Consolidated, the broker is forecasting a March quarter production of 23koz, up 27% quarter-on-quarter. The forecast for costs is US$1,883/oz vs  US$2,215 in the December quarter.

Speculative Buy. Target price rises to $4.00 from $3.35

This report was published on April 9, 2025.

Target price is $4.00 Current Price is $1.55 Difference: $2.45
If KCN meets the Canaccord Genuity target it will return approximately 158% (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 9.69.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 34.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.56.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.17

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

Lotus Resources signed a fourth binding offtake deal for Kayelekera, and Petra Capital believes this is an indication of demand from utilities for new suppliers and points to higher prices in future.

The broker has revised uranium price forecasts, lowering June quarter estimates and expecting higher prices to be sustained for a longer period until March 2030.

The revised uranium price profile plus lower AUD/USD has resulted in a higher target price of 30c from 28c.

Buy maintained.

This report was published on April 10, 2025.

Target price is $0.30 Current Price is $0.17 Difference: $0.135
If LOT meets the Petra Capital target it will return approximately 82% (excluding dividends, fees and charges).
Current consensus price target is $0.45, suggesting upside of 172.7%(ex-dividends)
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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.50.

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 dividend of 0.00 cents and EPS of 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.50.

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.

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: $0.53

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

Goldman Sachs has updated estimates for lithium mining stocks after mark-to-market of March quarter actuals and forex, and other company-specific changes.

According to the broker’s estimates, lithium stocks are pricing an average of US$1,060/t spodumene, below its long-term price forecast of US$1,185/t but well above spot. The broker expects lithium market weakness to continue this year, and M&A activity to remain a theme.

In the case of Liontown Resources, the broker has factored in faster ramp-up of Kathleen Valley.

Neutral. Target price drops to 64c from 69c.

This report was published on April 8, 2025.

Target price is $0.64 Current Price is $0.53 Difference: $0.11
If LTR meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $0.68, suggesting upside of 28.6%(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 minus 2.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 22.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.9, 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.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.8, 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.

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

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $7.81

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

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

In the case of Lynas Rare Earths, the broker didn’t make any major changes other than mark-to-market of rare earth price forecasts for the March quarter and slight increase to costs.

Neutral. Target rises to $7.10 from $7.0.

This report was published on April 8, 2025.

Target price is $7.10 Current Price is $7.81 Difference: minus $0.71 (current price is over target).
If LYC meets the Goldman Sachs target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.98, suggesting downside of -10.7%(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 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 111.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of -24.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 114.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 33.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.3, implying annual growth of 801.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: -0.3
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: $57.87

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

Following discussions with data centre companies and industry feedback to understand demand/supply dynamics, Goldman Sachs analysts lowered revenue estimates slightly, resulting in up to -2% fall in FY25-27 EBITDA forecasts.

Valuations have, however, been cut more significantly due to a 15% discounted cashflow multiple de-rating.

No change to Macquarie Technology’s EBITDA forecasts for FY25-27.

Neutral. Target drops to $71 from $80.

This report was published on April 10, 2025.

Target price is $71.00 Current Price is $57.87 Difference: $13.13
If MAQ meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
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 140.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 41.34.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 127.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.57.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $16.67

Goldman Sachs rates ((MIN)) as Downgrade to Sell from Neutral (5) –

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

This resulted in downgrades to 2025 and 2026 EBITDA and price targets for most companies under their coverage.

In addition to revisions to commodity prices, the broker lowered Mineral Resources’ Ashburton and Iron Valley iron ore shipment forecasts for the March quarter. The broker is also forecasting slower Ashburton ramp-up and increased C&M capex.

Earnings (EBITDA) forecasts for FY25-26 cut by -9% and -20%, respectively.

Rating downgraded to Sell from Neutral. Target cut to $18 from $30.

This report was published on April 8, 2025.

Target price is $18.00 Current Price is $16.67 Difference: $1.33
If MIN meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $28.23, suggesting upside of 69.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 178.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -105.8, 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:

Goldman Sachs forecasts a full year FY26 dividend of 6.00 cents and EPS of minus 16.00 cents.
At the last closing share price the estimated dividend yield is 0.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 104.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.0, 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 11.7.

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

Jarden rates ((MIN)) as Upgrade to Underweight from Sell (4) –

Jarden expects Mineral Resources to downgrade FY25 guidance and in anticipation, lowered forecasts for shipment volumes and mining services.

Trucking haulage is the key issue, and the broker would like more disclosure on the underlying cause of truck rollovers, truck speeds etc.

March and June quarter forecasts have been downgraded, and the broker’s revised FY25 shipment forecast is -11% below the lower bound of the company’s guidance.

The analyst considers scenarios of Onslow proving to be a lower 25mtpa or 30mpta project. In the first scenario, the broker sees valuation fall to $13.30/share and in the second to $9.70/share. For now, the broker is maintaining an estimate for 30mt production in FY26, but sees risks skewed to the downside.

Target price cut to $16.20 from $20.00. Rating upgraded to Underweight from Sell.

This report was published on April 9, 2025.

Target price is $16.20 Current Price is $16.67 Difference: minus $0.47 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.23, suggesting upside of 69.3%(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 minus 161.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -105.8, 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:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 46.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 35.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.0, 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 11.7.

Market Sentiment: 0.7
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: $0.26

Canaccord Genuity rates ((MM8)) as Speculative Buy (1) –

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Medallion Metal. Target rises to 65c from 55c.

This report was published on April 9, 2025.

Target price is $0.65 Current Price is $0.26 Difference: $0.39
If MM8 meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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

NHC    NEW HOPE CORPORATION LIMITED

Coal – Overnight Price: $3.60

Goldman Sachs rates ((NHC)) as Sell (5) –

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

This resulted in downgrades to 2025 and 2026 EBITDA and price targets for most companies under their coverage.

In the case of New Hope, the broker cut FY25-26 EBITDA forecasts by -15% and -31%, respectively, mainly on cuts to met coal and thermal coal price estimates.

Sell. Target cut to $2.90 from $4.30.

This report was published on April 10, 2025.

Target price is $2.90 Current Price is $3.60 Difference: minus $0.7 (current price is over target).
If NHC meets the Goldman Sachs target it will return approximately minus 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.41, suggesting upside of 22.6%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 50.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.3, implying annual growth of -3.6%.
Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 10.6%.
Current consensus EPS estimate suggests the PER is 6.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 38.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.3, implying annual growth of -16.6%.
Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 7.9.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $21.40

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Northern Star Resources, the broker is forecasting March quarter production of 405koz vs a consensus of 424koz. The forecast for costs is in line with the consensus at $2,043/oz.

Buy. Target rises to $27.75 from $22.85.

This report was published on April 9, 2025.

Target price is $27.75 Current Price is $21.40 Difference: $6.35
If NST meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $20.54, suggesting downside of -4.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 51.00 cents and EPS of 109.00 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.0, implying annual growth of 97.8%.
Current consensus DPS estimate is 51.9, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 46.00 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 166.5, implying annual growth of 51.4%.
Current consensus DPS estimate is 58.1, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 12.9.

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $10.77

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

Following discussions with data centre companies and industry feedback to understand demand/supply dynamics, Goldman Sachs analysts lowered revenue estimates slightly, resulting in up to -2% fall in FY25-27 EBITDA forecasts.

Valuations have, however, been cut more significantly due to a 15% discounted cashflow multiple de-rating.

EBITDA forecast for NextDC unchanged for FY25 but lowered by -2% for FY26.

Buy. Target drops to $14.70 from $17.10.

This report was published on April 10, 2025.

Target price is $14.70 Current Price is $10.77 Difference: $3.93
If NXT meets the Goldman Sachs target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $19.73, suggesting upside of 83.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of minus 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 134.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of minus 23.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 46.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -16.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $1.24

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Ora Banda Mining, the broker is forecasting a March quarter production of 26koz, up 13% quarter-on-quarter. The forecast for costs is $1,962 vs $2,536 in the December quarter.

Speculative Buy. Target price rises to $1.20 from $1.05.

This report was published on April 9, 2025.

Target price is $1.20 Current Price is $1.24 Difference: minus $0.04 (current price is over target).
If OBM meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.71.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.27.

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

ORG    ORIGIN ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $10.00

Jarden rates ((ORG)) as Neutral (3) –

Jarden cut the forecast for Brent oil price for the remainder of 2025 and for 2026-27 to US$65/bbl from US$75/bbl. The broker also revised the AUD/USD forecast to 0.62 from 0.64 from April.

While OPEC-plus members would desire to keep oil prices near US$80/bbl, the broker believes that given oil markets’ tendency to react negatively and quickly to any growth uncertainties, prices are likely to stay low.

For the March quarter, the analyst expects Origin Energy to report a -7% quarter-on-quarter decline in LNG revenue from APLNG. Electricity sales volume is estimated to be flat y/y.

Neutral. Target cut to $10.00 from $10.30.

This report was published on April 10, 2025.

Target price is $10.00 Current Price is $10.00 Difference: $0
If ORG meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $10.60, suggesting upside of 6.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 60.00 cents and EPS of 83.30 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.1, implying annual growth of 7.4%.
Current consensus DPS estimate is 59.1, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 11.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 65.50 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.0, implying annual growth of -24.2%.
Current consensus DPS estimate is 61.1, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 15.2.

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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.38

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

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Predictive Discovery. Target rises to 56c from 52c.

This report was published on April 9, 2025.

Target price is $0.56 Current Price is $0.38 Difference: $0.18
If PDI meets the Canaccord Genuity target it will return approximately 47% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Market Sentiment: 0.5
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: $1.37

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

Goldman Sachs has updated estimates for lithium mining stocks after mark-to-market of March quarter actuals and forex, and other company-specific changes.

According to the broker’s estimates, lithium stocks are pricing an average of US$1,060/t spodumene, below its long-term price forecast of US$1,185/t but well above spot. The broker expects lithium market weakness to continue this year, and M&A activity to remain a theme.

In the case of Pilbara Minerals, the broker has factored in faster ramp up at Pilgangoora

Neutral. Target price drops to $1.75 from $2.05.

This report was published on April 8, 2025.

Target price is $1.75 Current Price is $1.37 Difference: $0.38
If PLS meets the Goldman Sachs target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $2.14, suggesting upside of 56.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 80.59.

How do these forecasts compare to market consensus projections?

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

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 68.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.1, implying annual growth of N/A.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 44.2.

Market Sentiment: 0.6
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: $0.22

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

Patriot Battery Metals reported high-grade cesium at both CV5 and CV13 pegmatites at the Shaakichiuwaanaan Property in Canada.

Canaccord Genuity notes cesium is valuable given low supply, and while the high grades are positive, recovery will require additional capex and steps.

For now, the broker made no changes to forecasts. Speculative Buy with 55c target.

This report was published on April 10, 2025.

Target price is $0.55 Current Price is $0.22 Difference: $0.33
If PMT meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).
Current consensus price target is $0.74, suggesting upside of 237.3%(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 222.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.09 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 250.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -10.1, 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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.15

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Pantoro, the broker is forecasting a March quarter production of 23koz vs a consensus of 22koz. The forecast for costs is $2,185/oz vs consensus of $2,237.

Speculative. Target price rises to $3.91 (also includes 17-to-1 share consolidation) from $0.19.

This report was published on April 9, 2025.

Target price is $3.91 Current Price is $0.15 Difference: $3.76
If PNR meets the Canaccord Genuity target it will return approximately 2507% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.50.

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

Moelis rates ((PNR)) as Hold (3) –

Pantoro has changed its name to Pantoro Gold and done a 1-for-17 share consolidation.

As a result of consolidation, Moelis has revised the target price to $3.16 from $0.15.

Hold maintained.

This report was published on April 10, 2025.

Target price is $3.16 Current Price is $0.15 Difference: $3.01
If PNR meets the Moelis target it will return approximately 2007% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 13.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.13.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 24.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.60.

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

PRU    PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $3.38

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Perseus Mining, the broker is forecasting a March quarter production of 120koz vs a consensus of 119koz. The forecast for costs is US$1,362/oz vs consensus of US$1,372.

Buy. Target price rises to $5 from $4.

This report was published on April 9, 2025.

Target price is $5.00 Current Price is $3.38 Difference: $1.62
If PRU meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $3.75, suggesting upside of 10.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 7.68 cents and EPS of 39.93 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.0, implying annual growth of N/A.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 8.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 6.14 cents and EPS of 32.25 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.0, implying annual growth of -15.0%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 9.9.

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

PYC    PYC THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.98

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

Wilsons highlights PYC Therapeutics’ has given the first dose to a subject in the PYC-003 program aimed as a potential treatment for autosomal dominant polycystic kidney disease (ADPKD).

The broker is optimistic about the path ahead based on discussions with experts who support the idea microRNA-17 modulation can be disease-modifying in ADKPD. This is based on their assessment of competitor Regulus’ data for farabursen.

The analyst has revised forecasts to account for the recent $146m equity raise and higher spending. 

Overweight. Target drops to $3.00 from $3.90 on recent and forecast equity dilution.

This report was published on April 10, 2025.

Target price is $3.00 Current Price is $0.98 Difference: $2.02
If PYC meets the Wilsons target it will return approximately 206% (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 13.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.26.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 15.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.45.

Market Sentiment: 1.0
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: $20.46

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

Goldman Sachs has done a deeper analysis of QBE Insurance’s prospects using Beazley’s performance as a guide. The idea for this stemmed from the company’s focus on volume growth but with a continued focus on margin/ROE and capital management options.

The broker reckons the strategy looks similar to what the company’s CEO Andrew Horton delivered during his time at Beazley between 2008-2021.

The broker’s conclusion is Beazley’s performance during the 2013-2017 soft rate cycle is a good indicator the strategy would work well for QBE Insurance.

Buy. Target rises to $25 from $23.

This report was published on April 3, 2025.

Target price is $25.00 Current Price is $20.46 Difference: $4.54
If QBE meets the Goldman Sachs target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $23.35, suggesting upside of 14.1%(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 193.52 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 10.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 186.9, implying annual growth of N/A.
Current consensus DPS estimate is 89.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 59.00 cents and EPS of 204.27 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 202.7, implying annual growth of 8.5%.
Current consensus DPS estimate is 97.2, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 10.1.

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

REH    REECE LIMITED

Furniture & Renovation – Overnight Price: $15.67

Goldman Sachs rates ((REH)) as Sell (5) –

Goldman Sachs analysts are trying to understand the impact of US tariffs on industrial stocks in the backdrop of their house forecast of 45% chance of US recession.

The broker notes Reece is exposed to any weakening in remodel and new construction activity, though, in theory, product inflation would boost its margins depending on demand.

Sell. Target price $16.80.

This report was published on April 8, 2025.

Target price is $16.80 Current Price is $15.67 Difference: $1.13
If REH meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $19.34, suggesting upside of 23.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 16.00 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.0, implying annual growth of -16.8%.
Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 29.0.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 24.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.1, implying annual growth of 11.3%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 26.1.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $109.29

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

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

This resulted in downgrades to 2025 and 2026 EBITDA and price targets for most companies under their coverage.

In addition to revisions to commodity prices, the broker cut forecast for Rio Tinto’s March quarter Pilbara iron ore shipments

Buy. Target cut to $141.90 from $143.50.

This report was published on April 8, 2025.

Target price is $141.90 Current Price is $109.29 Difference: $32.61
If RIO meets the Goldman Sachs target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $123.00, suggesting upside of 12.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 953.77 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1049.3, implying annual growth of N/A.
Current consensus DPS estimate is 646.2, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 969.13 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1020.9, implying annual growth of -2.7%.
Current consensus DPS estimate is 629.8, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 10.7.

This company reports in USD. 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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.66

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Ramelius Resources, the broker is forecasting a March quarter production of 80koz vs a consensus of 79. The forecast for costs is $1,515/oz vs consensus of $1,482koz.

Buy. Target price rises to $3.55 from $2.90.

This report was published on April 9, 2025.

Target price is $3.55 Current Price is $2.66 Difference: $0.89
If RMS meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $2.61, suggesting downside of -1.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 8.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 73.6%.
Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 7.8.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 6.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.3, implying annual growth of -43.1%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 13.8.

Market Sentiment: 0.8
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: $4.57

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Regis Resources, the broker is forecasting a March quarter production of 90koz vs a consensus of 88. The forecast for costs is $2,796oz vs consensus of $2,707.

Hold. Target price rises to $3.95 from $3.15.

This report was published on April 9, 2025.

Target price is $3.95 Current Price is $4.57 Difference: minus $0.62 (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 $3.89, suggesting downside of -14.8%(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 31.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.4, implying annual growth of N/A.
Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 16.1.

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 0.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.6, implying annual growth of 78.2%.
Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 9.0.

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: $0.46

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Resolute Mining, the broker is forecasting a March quarter production of 81koz vs a consensus of 78. The forecast for costs is US$1,587/oz vs consensus of US$1,450.

Buy. Target price rises to $1.00 from $0.70.

This report was published on April 9, 2025.

Target price is $1.00 Current Price is $0.46 Difference: $0.545
If RSG meets the Canaccord Genuity target it will return approximately 120% (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 15.36 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.96.

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

RXL    ROX RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.40

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

Canaccord Genuity lifted gold price forecasts in USD for the current quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Rox Resources. Target rises to 61c from 56c.

This report was published on April 9, 2025.

Target price is $0.61 Current Price is $0.40 Difference: $0.215
If RXL meets the Canaccord Genuity target it will return approximately 54% (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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.17.

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 39.50.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $2.74

Goldman Sachs rates ((S32)) as Buy (1) –

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

This resulted in downgrades to 2025 and 2026 EBITDA and price targets for most companies under their coverage.

The broker sees the US$200m on-market share buyback for South32 as supportive of the share price, given it is trading at a discount to NAV.

Buy. Target cut to $3.30 from $4.00.

This report was published on April 8, 2025.

Target price is $3.30 Current Price is $2.74 Difference: $0.56
If S32 meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $3.96, suggesting upside of 44.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 30.72 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.8, implying annual growth of N/A.
Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 32.25 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.0, implying annual growth of 36.4%.
Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 6.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $9.13

Goldman Sachs rates ((SFR)) as Upgrade to Buy from Neutral (1) –

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

This resulted in downgrades to 2025 and 2026 EBITDA and price targets for most companies under their coverage.

For Sandfire Resources, the broker cut Matsa production forecast for March quarter, lifted long-run gold price estimates and cut medium-term copper, zinc and lead price forecasts.

FY25-26 earnings (EBITDA) forecasts cut by -2% and -12%, respectively.

Rating upgraded to Buy from Neutral. Target cut to $10.20 from $10.40.

This report was published on April 8, 2025.

Target price is $10.20 Current Price is $9.13 Difference: $1.07
If SFR meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $10.68, suggesting upside of 17.0%(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 41.47 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.8, implying annual growth of N/A.
Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 17.36 cents and EPS of 69.11 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.6, implying annual growth of 58.9%.
Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 13.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SHL    SONIC HEALTHCARE LIMITED

Healthcare services – Overnight Price: $24.80

Goldman Sachs rates ((SHL)) as Re-initiation of coverage with Buy (1) –

Goldman Sachs has re-initiated coverage of Sonic Healthcare with a Buy rating and target price of $32.20.

The broker notes funding and wage inflation are uncertainties for pathology stocks, but the company is best placed among its peers to grow earnings. The broker forecasts FY25 earnings (EBITDA) of $1.791bn, which is at the top end of management’s guidance, and estimates 14% growth in FY26.

The analyst believes the company can benefit from its exposure to anatomical pathology if it manages labour costs better via more use of digital tools.

Funding reforms in Germany are a headwind, though on the positive side, the company has successfully managed this in the past.

This report was published on April 3, 2025.

Target price is $32.20 Current Price is $24.80 Difference: $7.4
If SHL meets the Goldman Sachs target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $28.71, suggesting upside of 15.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 108.00 cents and EPS of 116.00 cents.
At the last closing share price the estimated dividend yield is 4.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.9, implying annual growth of 3.3%.
Current consensus DPS estimate is 104.5, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 110.00 cents and EPS of 134.00 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 128.1, implying annual growth of 15.5%.
Current consensus DPS estimate is 106.6, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 19.4.

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

SMI    SANTANA MINERALS LIMITED

Gold & Silver – Overnight Price: $0.51

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

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Santana Minerals. Target rises to $1.56 from $1.33

This report was published on April 9, 2025.

Target price is $1.56 Current Price is $0.51 Difference: $1.05
If SMI meets the Canaccord Genuity target it will return approximately 206% (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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.00.

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

SPR    SPARTAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.10

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

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Spartan Resources. Target rises to $2.40 from $2.10.

This report was published on April 9, 2025.

Target price is $2.40 Current Price is $2.10 Difference: $0.3
If SPR meets the Canaccord Genuity target it will return approximately 14% (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 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 52.50.

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 105.00.

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

STK    STRICKLAND METALS LIMITED

Mining – Overnight Price: $0.10

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

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Strickland Metals. Target rises to 19c from 18c.

This report was published on April 9, 2025.

Target price is $0.19 Current Price is $0.10 Difference: $0.095
If STK meets the Canaccord Genuity target it will return approximately 100% (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 0.00 cents.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $5.50

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

Jarden cut the forecast for Brent oil price for the remainder of 2025 and for 2026-27 to US$65/bbl from US$75/bbl. The broker also revised the AUD/USD forecast to 0.62 from 0.64 from April.

While OPEC-plus members would desire to keep oil prices near US$80/bbl, the broker believes that given oil markets’ tendency to react negatively and quickly to any growth uncertainties, prices are likely to stay low.

For the March quarter, the analyst expects Santos to report flat quarter-on-quarter production and sales, but a -9% drop in revenue due to lower realised LNG price.

EPS forecast for FY25 cut by -25% and by -21% for FY26 largely due to lower oil price forecasts.

Overweight. Target cut to $6.70 from $7.60.

This report was published on April 10, 2025.

Target price is $6.70 Current Price is $5.50 Difference: $1.2
If STO meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $7.73, suggesting upside of 40.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 23.81 cents and EPS of 42.24 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.2, implying annual growth of N/A.
Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 24.42 cents and EPS of 57.29 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.2, implying annual growth of 10.9%.
Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 9.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
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: $0.42

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

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Turaco Gold. Target rises to 80c from 75c.

This report was published on April 9, 2025.

Target price is $0.80 Current Price is $0.42 Difference: $0.375
If TCG meets the Canaccord Genuity target it will return approximately 88% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.25.

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 42.50.

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

TRE    TOUBANI RESOURCES LIMITED REGISTERED

Gold & Silver – Overnight Price: $0.22

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

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Toubani Resources. Target rises to $1.50 from $1.40

This report was published on April 9, 2025.

Target price is $1.50 Current Price is $0.22 Difference: $1.28
If TRE meets the Canaccord Genuity target it will return approximately 582% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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

TTM    TITAN MINERALS LIMITED

Gold & Silver – Overnight Price: $0.40

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

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Titan Minerals. Target rises to $1.18 from $1.10.

This report was published on April 9, 2025.

Target price is $1.18 Current Price is $0.40 Difference: $0.785
If TTM meets the Canaccord Genuity target it will return approximately 199% (excluding dividends, fees and charges).

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

VAU    VAULT MINERALS LIMITED

Gold & Silver – Overnight Price: $0.45

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Vault Minerals, the broker is forecasting a March quarter production of 99koz vs a consensus of 100. The forecast for costs is $2,482/oz vs consensus of $2,397/oz.

Buy. Target price rises to 67c from 55c

This report was published on April 9, 2025.

Target price is $0.67 Current Price is $0.45 Difference: $0.22
If VAU meets the Canaccord Genuity target it will return approximately 49% (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

Jarden rates ((VAU)) as Buy (1) –

Jarden analysts raised gold price forecast for the June quarter to US$3,100/oz from US$,2700 for the June quarter. They also lifted FY25/26/27/28 forecasts to US$2,774/US$2,800/US$2,500US$/US$2,400/oz from US$2,498/US$2,250/US$2,150/US$2,150.

The broker notes AUD/USD forecast of $0.64 and the spot gold forecast in AUD terms of $4,844/oz would result in over 50% earnings (EBITDA) margins for domestic gold producers. On this benchmark, spot gold prices are unsustainably high.

The broker increased FY26 EPS forecast for Vault Minerals by 53% and FY27 by 51%.

Buy. Target price lifts to 58c from 52c.

This report was published on April 8, 2025.

Target price is $0.58 Current Price is $0.45 Difference: $0.13
If VAU meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.00.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.76.

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

WAF    WEST AFRICAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.32

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For West African Resources, the broker is forecasting a March quarter production of 50koz vs a consensus of 49. The forecast for costs is US$1,400/oz vs consensus of US$1,247/oz.

Buy. Target price rises to $4.50 from $4.00.

This report was published on April 9, 2025.

Target price is $4.50 Current Price is $2.32 Difference: $2.18
If WAF meets the Canaccord Genuity target it will return approximately 94% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 30.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.73.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 11.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.07.

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $19.63

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

Jarden cut the forecast for Brent oil price for the remainder of 2025 and for 2026-27 to US$65/bbl from US$75/bbl. The broker also revised the AUD/USD forecast to 0.62 from 0.64 from April.

While OPEC-plus members would desire to keep oil prices near US$80/bbl, the broker believes that given oil markets’ tendency to react negatively and quickly to any growth uncertainties, prices are likely to stay low.

For the March quarter, the analyst expects Woodside Energy to report production of 50mmboe, 1% ahead of consensus.

EPS forecast for FY25 cut by -22% and by -44% for FY26 largely due to lower oil price forecasts.

Overweight. Target cut to $23.75 from $27.00.

This report was published on April 10, 2025.

Target price is $23.75 Current Price is $19.63 Difference: $4.12
If WDS meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $25.27, suggesting upside of 28.7%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 116.73 cents and EPS of 147.60 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 159.6, implying annual growth of N/A.
Current consensus DPS estimate is 132.8, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 52.22 cents and EPS of 67.12 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.3, implying annual growth of -35.9%.
Current consensus DPS estimate is 78.1, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 19.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.95

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

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Westgold Resources, the broker is forecasting a March quarter production of 83koz vs a consensus of 84. The forecast for costs is $2,596/oz vs consensus of $2,681/oz.

Buy. Target price rises to $4.85 from $4.15.

This report was published on April 9, 2025.

Target price is $4.85 Current Price is $2.95 Difference: $1.9
If WGX meets the Canaccord Genuity target it will return approximately 64% (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 13.00 cents.
At the last closing share price the estimated dividend yield is 0.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.69.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 1.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 0.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.02.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $4.79

Goldman Sachs rates ((WHC)) as Downgrade to Neutral from Buy (3) –

A recent China trip and a review of supply/dynamics due to the impact of global tariffs have resulted in Goldman Sachs downgrading most commodity price forecasts while raising estimates for precious metals.

This resulted in downgrades to 2025 and 2026 EBITDA and price targets for most companies under their coverage.

In addition to revisions to commodity prices, the broker included 30% sale of Blackwater for US$1.08bn into Whitehaven Coal’s forecasts. EBITDA forecasts for FY25-26 lowered by -28% and -58%, respectively.

Rating downgraded to Neutral from Buy. Target cut to $5.70 from $9.20.

This report was published on April 8, 2025.

Target price is $5.70 Current Price is $4.79 Difference: $0.91
If WHC meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $7.78, suggesting upside of 62.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 9.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.1, implying annual growth of -5.4%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 5.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 1.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 47.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.3, implying annual growth of 26.6%.
Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 3.5%.
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

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.

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