Australian Broker Call *Extra* Edition – Apr 15, 2025

This story features AUSSIE BROADBAND LIMITED, and other companies. For more info SHARE ANALYSIS: ABB

The company is included in ASX300 and ALL-ORDS

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

ABB (3)   AIM   ANG   BET   BGL   BRE   CDA   CNB   COH   CSL   EBO   FPH   GQG   IFT   IMB   MYX   NWL (3)   RMD   TLS   TPG  

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $3.88

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

At its investor day, Aussie Broadband outlined a goal for over $1.6bn revenue by 2028, an earnings (EBITDA) margin of over 12.5% and over 20% annual compounded EPS growth.

Goldman Sachs notes the revenue target is above consensus, but earnings (EBITDA) margin is below, suggesting the company will face margin compression.

The broker reckons the company’s strategy to double mobile subscribers by FY28 via bundling is positive but carries execution risks.

Minor change to forecasts. Neutral with $3.90 target.

This report was published on April 10, 2025.

Target price is $3.90 Current Price is $3.88 Difference: $0.02
If ABB meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.65, suggesting upside of 19.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 6.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.9, implying annual growth of 42.7%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 28.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 9.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of 37.4%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 20.4.

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

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

Jarden highlights Aussie Broadband reported the best quarter of organic connection growth in three years, up 29% on a year earlier, and is set for acceleration through 2025.

The broker lifted the FY26/27/28 revenue forecast by 3%, 4% and 5%, respectively, on accelerated connections growth in the residential segment. However, it is still short of the company’s FY28 target of $1.6bn.

The broker raised the D&A expense forecast and factored in higher net interest estimates, and expects continued buyback to support valuation.

Overweight. Target unchanged at $4.35.

This report was published on April 10, 2025.

Target price is $4.35 Current Price is $3.88 Difference: $0.47
If ABB meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.65, suggesting upside of 19.1%(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 16.70 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.9, implying annual growth of 42.7%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 28.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.00 cents and EPS of 23.50 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of 37.4%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 20.4.

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

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

Wilsons describes Aussie Broadband’s 3Q25 net connections growth as the best organic one in the last three years, up 29% on the same period in 2024. In response, the analyst raised the connections estimate by 1% to 775k, which translates to 4Q additions of 23k vs 24k in 3Q.

The company announced plans ahead to 2028, which included group revenue target of over $1.6bn, group earnings (EBITDA) margin of over 12.5% and EPS compounded annual growth of over 20%.

The broker’s forecasts already reflect such targets, so they are largely unchanged.

Overweight. Target rises to $5.16 from $5.08.

This report was published on April 11, 2025.

Target price is $5.16 Current Price is $3.88 Difference: $1.28
If ABB meets the Wilsons target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $4.65, suggesting upside of 19.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 6.30 cents and EPS of 10.90 cents.
At the last closing share price the estimated dividend yield is 1.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.9, implying annual growth of 42.7%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 28.1.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 5.50 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of 37.4%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 20.4.

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

AIM    AI-MEDIA TECHNOLOGIES LIMITED

Commercial Services & Supplies – Overnight Price: $0.73

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

Petra Capital highlights the launch of Lexi Voice as a major new opportunity for AI-Media Technologies, enabling real-time voice translation for live broadcasts through its existing encoder infrastructure.

The broker sees this new tool as a value-added extension to the LEXI ecosystem, expected to drive higher audience engagement and advertising revenue, especially for sports and media clients.

While early-stage, Petra anticipates Lexi Voice will improve earnings over time and enhance customer stickiness, particularly in multilingual markets.

The broker’s valuation scenarios suggest Lexi Voice alone could be worth more than the current share price, based on multiple use cases and penetration, but no changes are made to financial forecasts at this stage.

Petra retains a Buy rating with an unchanged $1.35 target price.

This report was published on April 11, 2025.

Target price is $1.35 Current Price is $0.73 Difference: $0.62
If AIM meets the Petra Capital target it will return approximately 85% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 73.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.47.

Market Sentiment: 1.0
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 remains undervalued, trading below peer multiples despite a solid outlook underpinned by resilient commodity demand and the company’s ongoing Austin 2.0 transformation program.

The broker expects earnings will grow strongly over the next 6-18 months through organic initiatives and potential M&A, supported by a forecast two-year EPS compound annual growth rate (CAGR) of 19% to FY26.

While recent share price weakness followed cautious FY25 guidance and a CEO transition, Petra views the sell-off as disconnected from fundamentals, especially given Austin’s dominant position in truck trays and its capacity to scale into new product lines.

The Buy rating and 58c target price are maintained.

This report was published on April 11, 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 1.90 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.19.

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

BET    BETMAKERS TECHNOLOGY GROUP LIMITED

Gaming – Overnight Price: $0.12

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

Canaccord Genuity highlights Betmakers Technology 3Q25 result showed performance improvement, with gross margin and earnings (EBITDA) ahead of its expectations.

The 3Q gross margin was 230bps higher q/q and 630bps above the 2024 average. The broker reckons the company is well-positioned for operating leverage as revenue growth accelerates. 

Importantly, the operating cash flow of $3.0m met the management’s near-term goal of a positive cash flow.

Speculative Buy. Target unchanged at 20c.

This report was published on April 14, 2025.

Target price is $0.20 Current Price is $0.12 Difference: $0.085
If BET meets the Canaccord Genuity target it will return approximately 74% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.37 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.85.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.71 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.20.

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

Moelis rates ((BGL)) as Hold (3) –

A litany of bad news from Bellevue Gold and Moelis now understands why the stock was suspended since March 27. 

The downgrade to March quarter production plus cuts to FY25 and also FY26 production guidance suggests weaker production threatened key covenants with both debt and hedging agreements, requiring capital injection.

The company announced share placement of $156.5m, with $40m of that added to the balance sheet and remaining for closing the next nine months of hedging.

The broker made significant changes to the financial model which resulted in a materially lower value of the Bellevue mine and share price.

Target price cut to 85c. Hold retained.

This report was published on April 14, 2025.

Target price is $0.85 Current Price is $1.15 Difference: minus $0.295 (current price is over target).
If BGL meets the Moelis target it will return approximately minus 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.44, suggesting upside of 61.5%(ex-dividends)
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 6.48 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.6, implying annual growth of -44.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 24.7.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.72 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of 255.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.0.

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

BRE    BRAZILIAN RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $1.93

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

Brazilian Rare Earths plans to complete a mineral resource estimate (MRE) for bauxite and gallium at Amargosa Project in Brazil.

The project was acquired from Rio Tinto ((RIO)) in 2023, and an MRE was not done prior to the acquisition. 

Canaccord Genuity has not ascribed any value to Amargosa and sees upside potential if galium resource is proved and developed, along with bauxite, which has seen significant price rises in the last three years.

Speculative Buy. Target unchanged at $5.

This report was published on April 14, 2025.

Target price is $5.00 Current Price is $1.93 Difference: $3.07
If BRE meets the Canaccord Genuity target it will return approximately 159% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

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

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $14.70

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

Goldman Sachs hosted Codan at its 16th Emerging Leaders Conference, where management highlighted the net tariff impacts via imports to the US market remain uncertain.

The company imports metal detection products from Malaysia and LMR/Comms from Canada, with the cost impacts to metal detection possibly passed onto the consumer. The US government is a direct customer of LMR/Comms products, so there are questions around possible exemptions.

The broker highlights the order book advanced 26% organically in 1H25, driven by Tactical, which is well positioned as an unmanned military product.

Zetron should benefit from the tailwinds in public safety, where it has around 80% exposure.

Buy rated with an $18.50 target price.

This report was published on April 11, 2025.

Target price is $18.50 Current Price is $14.70 Difference: $3.8
If CDA meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $17.58, suggesting upside of 18.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 28.00 cents and EPS of 55.00 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 26.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.5, implying annual growth of 19.0%.
Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 27.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 33.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 23.0%.
Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 22.6.

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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.28

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

Glencore confirmed it will close copper underground operations at Mount Isa Mine at the end of July, after first flagging the closure in October 2023.

The company has also put under review the future of the copper smelter at Mount Isa and copper refinery at Townsville, citing decline in global smelting market.

Petra Capital notes the announcements have created uncertainty for Carnaby Resources but maintains its view the Mount Isa Mine concentrator will continue to run on third-party feed.

Note the company’s binding offtake agreement signed in November 2024 with Glencore for sulphide ore and concentrate from its Greater Duchess project.

Buy retained. Target rises to $1.27 from $1.26 on increased share dilution and commodity price/forex revisions.

This report was published on April 14, 2025.

Target price is $1.27 Current Price is $0.28 Difference: $0.99
If CNB meets the Petra Capital target it will return approximately 354% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.36.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.75.

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

COH    COCHLEAR LIMITED

Medical Equipment & Devices – Overnight Price: $261.00

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

Goldman Sachs has considered the impact of US tariffs on healthcare stocks, concluding their operating levers will remain intact and assist in maintaining their leadership positions.

In fact, the broker believes demand defensiveness puts such stocks in a good position to outperform.

The broker notes Cochlear stated exports to the US from its Australia manufacturing base fall under a chapter of the Harmonized Tariff Schedule which allows duty-free imports into the US.

No changes to estimates at this stage, but the broker notes the sensitivity to changes in raw materials for the business.

Neutral. Target cut to $282.50 from $294.90 on relative valuation multiple compression.

This report was published on April 10, 2025.

Target price is $282.50 Current Price is $261.00 Difference: $21.5
If COH meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $284.12, suggesting upside of 8.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Current consensus EPS estimate is 630.2, implying annual growth of 15.8%.
Current consensus DPS estimate is 441.6, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 41.7.

Forecast for FY26:

Current consensus EPS estimate is 700.3, implying annual growth of 11.1%.
Current consensus DPS estimate is 491.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 37.5.

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

CSL    CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $238.00

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

Goldman Sachs has considered the impact of US tariffs on healthcare stocks, concluding their operating levers will remain intact and assist in maintaining their leadership positions.

In fact, the broker believes demand defensiveness puts such stocks in a good position to outperform.

No change to CSL’s forecasts but the broker notes Behring and Vifor will be at risk of tariffs if it is imposed on finished pharma products imported into the US. The broker sees limited impact on Seqirus given most of the manufacturing is in the US.

A 10-15% tariff on US Behring and Vifor sales would push EBIT down by -6-20%, the broker estimates.

Buy. Target cut to $307.20 from $325.40.

This report was published on April 10, 2025.

Target price is $307.20 Current Price is $238.00 Difference: $69.2
If CSL meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $327.51, suggesting upside of 34.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Current consensus EPS estimate is 1024.5, implying annual growth of N/A.
Current consensus DPS estimate is 469.1, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 23.7.

Forecast for FY26:

Current consensus EPS estimate is 1177.0, implying annual growth of 14.9%.
Current consensus DPS estimate is 534.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 20.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

EBO    EBOS GROUP LIMITED

Healthcare services – Overnight Price: $34.21

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

Jarden notes Ebos Group’s equity raisings to fund recent acquisitions that will leave it with surplus cash to pursue more M&A. The equity raise comprises of $200m placement and retail offer of up to $50m.

The company recently purchased SVS Veterinary Services in New Zealand for NZ$115m upfront and up to NZ$10m in earn-outs, plus paid the balance amount for the Transmedic acquisition.

The broker lifted FY25 EPS forecast by 1.8% and FY26 by 1.7% after accounting for the accretive acquisition and share dilution.

Overweight. Target unchanged at NZ$41.50.

This report was published on April 11, 2025.

Current Price is $34.21. Target price not assessed.
Current consensus price target is $36.32, suggesting upside of 5.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 108.00 cents and EPS of 143.50 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.2, implying annual growth of -2.9%.
Current consensus DPS estimate is 107.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 113.00 cents and EPS of 161.70 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 158.4, implying annual growth of 15.5%.
Current consensus DPS estimate is 118.8, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 21.8.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $31.25

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

Goldman Sachs has considered the impact of US tariffs on healthcare stocks, concluding their operating levers will remain intact and assist in maintaining their leadership positions.

In fact, the broker believes demand defensiveness puts such stocks in a good position to outperform.

The broker notes Fisher & Paykel Healthcare will be able to implement both price and cost initiatives that will offset the impact from tariffs. In the broker’s estimate, gross margin will rise to 62.2% in FY26 from the 60.7% pre-tariff forecast, and to 63.9% in FY27 from 62.2% pre-tariff forecast.

Buy. Target $42.10.

This report was published on April 10, 2025.

Target price is $42.10 Current Price is $31.25 Difference: $10.85
If FPH meets the Goldman Sachs target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is N/A
The company’s fiscal year ends in March.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 41.88 cents and EPS of 59.18 cents.
At the last closing share price the estimated dividend yield is 1.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 52.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.7, implying annual growth of N/A.
Current consensus DPS estimate is 42.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 54.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 49.17 cents and EPS of 70.11 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 44.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.8, implying annual growth of 19.6%.
Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 45.8.

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

GQG    GQG PARTNERS INC

Wealth Management & Investments – Overnight Price: $2.08

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

Goldman Sachs notes GQG Partners saw continued strength in net inflows in March and the March quarter, with growth of US$1.8bn and US$4.6bn, respectively.

Funds under management rose to US$161.9bn at the end of the March quarter vs US$153bn at the end of December on a combination of net inflows and market performance.

However, markets have weakened since then, and the broker has incorporated this into the forecasts.

Buy. Target cut to $3.00 from $3.20.

This report was published on April 9, 2025.

Target price is $3.00 Current Price is $2.08 Difference: $0.92
If GQG meets the Goldman Sachs target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $2.79, suggesting upside of 35.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 21.51 cents and EPS of 23.04 cents.
At the last closing share price the estimated dividend yield is 10.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of N/A.
Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 10.8%.
Current consensus EPS estimate suggests the PER is 8.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 24.58 cents and EPS of 26.11 cents.
At the last closing share price the estimated dividend yield is 11.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.3, implying annual growth of 11.0%.
Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 11.4%.
Current consensus EPS estimate suggests the PER is 7.8.

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

IFT    INFRATIL LIMITED

Wealth Management & Investments – Overnight Price: $9.54

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

Jarden notes CDC hosted an investor briefing, including a tour of the new Brooklyn campus in Melbourne.

The analyst notes capacity remains on track to double, with build-on completion of an additional 382MW under construction to reach 700MW in the next 1218 months. The earnings (EBITDA) run rate is anticipated to double over the next two years, with 80% already contracted.

Jarden emphasises CDC has a robust moat, and its data centres can service 3 tonnes per rack and over 200kW per rack, which is above other providers.

The broker values CDC based on Commonwealth Super’s 12.04% stake auction price as a third-party valuation, which infers upside of around 10%20% control premium could be added if Infratil sold its stake.

Jarden retains Infratil’s target price at NZ$13. Rating upgraded to Buy from Overweight.

This report was published on April 10, 2025.

Current Price is $9.54. Target price not assessed.
Current consensus price target is N/A
The company’s fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 19.12 cents and EPS of 0.00 cents.
At the last closing share price the estimated dividend yield is 2.00%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.8, implying annual growth of -83.9%.
Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 59.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 20.12 cents and EPS of 7.56 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 126.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of 43.7%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 41.4.

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

IMB    INTELLIGENT MONITORING GROUP LIMITED

Overnight Price: $0.47

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

Canaccord Genuity initiates coverage of Intelligent Monitoring with a Buy rating and $1 target price.

The company is a leading security services provider in A&NZ, with 40% residential customers and around 60% business, totalling 210k. Listed on the ASX in 2015 as Threat Protect Australia, the name was rebranded to Intelligent Monitoring in 2021 with a new board and management team, the analyst details.

Since 2021, management has completed $87m in acquisitions, including ADT’s A&NZ operations for $45m in FY24, and is now one of the largest operators in a circa $3.4bn marketplace, which remains fragmented. Chubb has an 11% share and Intelligent Monitoring 7%.

The broker believes the company is on a pathway to becoming the industry leader.

This report was published on April 10, 2025.

Target price is $1.00 Current Price is $0.47 Difference: $0.525
If IMB meets the Canaccord Genuity target it will return approximately 111% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.94.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 10.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.75.

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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $6.98

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

US-based TherapeuticsMD has filed legal proceedings against Mayne Pharma for miscalculating working capital adjustments, following its licensing of some women’s health products to Mayne Pharma in December 2022.

Canaccord Genuity notes the legal case surrounds a US$13.1m working capital payment. The broker believes this development will not be considered a material adverse change event, and the acquisition by Cosette Pharma will not be affected.

If anything, this announcement will encourage shareholders to vote in favour of the scheme.

Hold. Target unchanged at $7.40.

This report was published on April 11, 2025.

Target price is $7.40 Current Price is $6.98 Difference: $0.42
If MYX meets the Canaccord Genuity target it will return approximately 6% (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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $25.74

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

Canaccord Genuity notes Netwealth Group reported record net inflows for 3Q25 and is a step up from the previous quarter, the analyst states, rising 29% on a year earlier.

Total funds under administration rose 23% on the previous year to $104.1bn, with FUM net flows of $51bn, a rise of 51%, which was slightly above consensus expectations.

Management reiterated prior guidance at the 1H25 results, including a rise of 5% in operational expenses, including a higher headcount and software investment.

Hold rated with a target of $31.60.

This report was published on April 10, 2025.

Target price is $31.60 Current Price is $25.74 Difference: $5.86
If NWL meets the Canaccord Genuity target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $26.32, suggesting upside of 1.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 34.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 57.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.9, implying annual growth of 37.3%.
Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 55.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 42.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.6, implying annual growth of 14.3%.
Current consensus DPS estimate is 43.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 48.2.

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

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Jarden rates ((NWL)) as Upgrade to Neutral from Underweight (3) –

Jarden notes Netwealth Group’s 3Q25 custodial net flow of $3.454bn was in line with consensus, but funds under administration of $103.3bn came in -1.5% below consensus.

The wealth manager remains confident of the flow outlook and the broker has incorporated it in the forecasts, increasing the revenue margin forecast by 40bps on higher transaction fees and higher cash balances

However, the company also flagged higher costs ahead which, together with a subdued market outlook, resulted in a 0.4% rise to the FY25 EPS forecast but -4.4% fall to FY26.

Rating upgraded to Neutral from Underweight. Target cut to $24.30 from $24.95.

This report was published on April 10, 2025.

Target price is $24.30 Current Price is $25.74 Difference: minus $1.44 (current price is over target).
If NWL meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $26.32, suggesting upside of 1.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 38.90 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 1.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.9, implying annual growth of 37.3%.
Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 55.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 43.90 cents and EPS of 54.10 cents.
At the last closing share price the estimated dividend yield is 1.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 47.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.6, implying annual growth of 14.3%.
Current consensus DPS estimate is 43.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 48.2.

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

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

Netwealth Group’s 3Q25 custodial funds under administration of $103.3bn beat Wilsons’ forecast by 3% even though it was down -2% since mid-February due to market weakness.  Net inflow of $3.5bn also beat the broker’s $3.1bn estimate.

The wealth platform manager said flow activity was strong in early April despite market volatility and pointed to optimistic outlook for FY26.

The broker unwound its -3% market fall expectation and is confident of the company’s medium-term outlook. FY25-27 EPS forecasts were lifted by 4-12%.

Overweight. Target rises to $27.66 from $25.12.

This report was published on April 10, 2025.

Target price is $27.66 Current Price is $25.74 Difference: $1.92
If NWL meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $26.32, suggesting upside of 1.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 36.30 cents and EPS of 47.80 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.9, implying annual growth of 37.3%.
Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 55.1.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 43.00 cents and EPS of 54.90 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.6, implying annual growth of 14.3%.
Current consensus DPS estimate is 43.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 48.2.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $33.61

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

Goldman Sachs has considered the impact of US tariffs on healthcare stocks, concluding their operating levers will remain intact and assist in maintaining their leadership positions.

In fact, the broker believes demand defensiveness puts such stocks in a good position to outperform.

The broker notes ResMed’s manufacturing is largely based in Australia and Singapore, and given its high market share in the US, it will be able to lift prices by 2%. The broker forecasts -3%-5% reduction in raw materials cost, which would partly offset the headwind from the tariff.

Buy. Target cut to $46.90 from $49.00.

This report was published on April 10, 2025.

Target price is $46.90 Current Price is $33.61 Difference: $13.29
If RMD meets the Goldman Sachs target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $44.38, suggesting upside of 30.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 32.87 cents and EPS of 146.39 cents.
At the last closing share price the estimated dividend yield is 0.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 149.3, implying annual growth of N/A.
Current consensus DPS estimate is 34.3, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 22.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 38.25 cents and EPS of 158.99 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 164.0, implying annual growth of 9.8%.
Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 20.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

TLS    TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $4.43

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

Jarden has revised its valuation framework for Telstra Group, now using a 50/50 blend of new sum of the parts (SOTP) valuation and discounted cash flow (DCF), vs only DCF previously.

The broker believes the SOTP framework gives a better understanding of where the value is and is not within the company.

Separately, the broker notes the Australian Communications and Media Authority’s papers on mobile spectrum, and believes its spectrum cost forecasts for the company may be conservative.

The broker reckons the mid-point of a -25 to -50% reduction to spectrum costs suggested in the paper points to $1.9bn cost from FY28-31 for the company. This compares with the broker’s estimate of $2.8bn.

Overweight. Target rises to $4.45 from $4.30 on valuation changes.

This report was published on April 10, 2025.

Target price is $4.45 Current Price is $4.43 Difference: $0.02
If TLS meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.24, suggesting downside of -4.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 19.00 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 4.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of 35.9%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 23.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 20.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.0, implying annual growth of 9.9%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 21.1.

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

TPG    TPG TELECOM LIMITED

Telecommunication – Overnight Price: $4.99

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

Jarden notes the Australian Communications and Media Authority’s papers on mobile spectrum, and believes its spectrum cost forecasts for TPG Telecom may be conservative.

The broker reckons the mid-point of a -25 to -50% reduction to spectrum costs suggested in the paper points to $1.22bn cost from FY28-31 for the company. This compares with the broker’s estimate of $1.8bn.

No change to forecasts. Overweight. Target $5.10.

This report was published on April 10, 2025.

Target price is $5.10 Current Price is $4.99 Difference: $0.11
If TPG meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.79, suggesting downside of -3.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 19.00 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.0, implying annual growth of N/A.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 26.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 21.00 cents and EPS of 21.70 cents.
At the last closing share price the estimated dividend yield is 4.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 24.2%.
Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 21.0.

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

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