Australian Broker Call *Extra* Edition - Apr 20, 2025

Daily Market Reports | Apr 22 2025

This story features 29METALS LIMITED, and other companies. For more info SHARE ANALYSIS: 29M

The company is included in ALL-ORDS

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

29M AEL AGL ALD AUB BPT BRE BRG CGF CKF CPU EBR EVN GMD HGO HUB (3) IAG IGO KAR LTR MAC MEI (2) MLX MPL NEU (2) NIC NWC ORG PLS PLY PSC QBE SDF SFR STO STX SUN VEA WDS

29M 29METALS LIMITED

Copper – Overnight Price: $0.12

Canaccord Genuity rates ((29M)) as Sell (5) –

Canaccord Genuity reviews fundamentals for base metals and EV materials producers, and updates forecasts for relevant stocks under research coverage.

Overall, the broker lowered its near- to mid-term nickel and copper pricing forecasts, increased near-term cobalt pricing, and left lithium pricing unchanged. The broker also lowered the near-term AUD/USD forecast.

For the March quarter, the broker expects 29Metals to report flat production on the previous quarter and a -$50m lower cash position on stamp duty, care and maintenance, and other costs.

Sell. Target cut to 13c from 15c.

This report was published on April 16, 2025.

Target price is $0.13 Current Price is $0.12 Difference: $0.015
If 29M meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $0.22, suggesting upside of 93.5%(ex-dividends)
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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, 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 7.2.

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 5.75.

How do these forecasts compare to market consensus projections?

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.

Market Sentiment: 0.0
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: $0.18

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

Goldman Sachs notes the significant volatility across energy stocks on global tariff-related news and the fall in Brent crude price below US$60/bbl for the first time since 2021.

The analysts initially trimmed global oil demand forecasts and consequently cut Brent forecast to US$66/bbl in 2025 and US$58/bbl in 2026. This was revised on news of a 90-day pause to elevated US tariffs. with a forecast of US$65/bbl for 2025 and US$70/bbl for 2026.

The broker marked-to-market commodity prices and forex, lowered near-term oil price and refining margin forecasts, and rolled forward valuation. This resulted in a -1-4% downgrade in target price for most energy stocks.

For Amplitude Energy, the broker’s forecast for March quarter production and revenue is 6% above consensus.

Neutral. Target unchanged at 27c.

This report was published on April 10, 2025.

Target price is $0.27 Current Price is $0.18 Difference: $0.085
If AEL meets the Goldman Sachs target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $0.26, suggesting upside of 40.5%(ex-dividends)

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.65 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, 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 20.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.65 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.4, implying annual growth of 166.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.7.

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

AGL AGL ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $10.30

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

Goldman Sachs notes the significant volatility across energy stocks on global tariff-related news and the fall in Brent crude price below US$60/bbl for the first time since 2021.

Neutral rating for AGL Energy. Target cut to $11.40 from $11.90.

This report was published on April 10, 2025.

Target price is $11.40 Current Price is $10.30 Difference: $1.1
If AGL meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $11.92, suggesting upside of 15.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 49.00 cents and EPS of 99.00 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.7, implying annual growth of -5.7%.
Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 44.00 cents and EPS of 89.00 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.4, implying annual growth of -0.3%.
Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 10.4.

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

ALD AMPOL LIMITED

Consumer Products & Services – Overnight Price: $22.24

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

Goldman Sachs notes the significant volatility across energy stocks on global tariff-related news and the fall in Brent crude price below US$60/bbl for the first time since 2021.

The broker expects Ampol’s Lyntton refining margin in the March quarter was US$7.2/bbl based on -17% q/q lower input due to the 10-day shutdown on account of Cyclone Alfred.

Buy. Target cut to $30.60 from $31.30.

This report was published on April 10, 2025.

Target price is $30.60 Current Price is $22.24 Difference: $8.36
If ALD meets the Goldman Sachs target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $29.40, suggesting upside of 32.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 37.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 153.7, implying annual growth of 199.0%.
Current consensus DPS estimate is 96.7, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 143.00 cents and EPS of 186.00 cents.
At the last closing share price the estimated dividend yield is 6.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 207.3, implying annual growth of 34.9%.
Current consensus DPS estimate is 159.7, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 10.7.

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

AUB AUB GROUP LIMITED

Insurance – Overnight Price: $31.24

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

Given volatility in financial markets, Jarden extended its March quarter mark-to-market for insurers and brokers to April 11.

During this period, US and Australian risk-free rates fell, equity markets declined, USD depreciated, US credit spreads widened, though Australia was more muted, and 10-year inflation breakeven fell in the US and Australia.

This led to negative revisions to both FY25 and FY26 EPS forecasts.

Among insurance brokers, the analyst favours AUB Group over Steadfast Group ((SDF)) due to the potential for margin expansion in key segments.

Overweight. Target cut to $36.75 from $37.30.

This report was published on April 14, 2025.

Target price is $36.75 Current Price is $31.24 Difference: $5.51
If AUB meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $35.76, suggesting upside of 14.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 97.00 cents and EPS of 166.60 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.6, implying annual growth of 34.2%.
Current consensus DPS estimate is 92.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 112.00 cents and EPS of 194.50 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 190.1, implying annual growth of 12.8%.
Current consensus DPS estimate is 104.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 16.4.

Market Sentiment: 0.8
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: $1.18

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

Goldman Sachs notes the significant volatility across energy stocks on global tariff-related news and the fall in Brent crude price below US$60/bbl for the first time since 2021.

For Beach Energy, the broker’s forecast for March quarter production matches the consensus, but sales volume estimate is -3% below.

Sell. Target cut to $1.25 from $1.30.

This report was published on April 10, 2025.

Target price is $1.25 Current Price is $1.18 Difference: $0.075
If BPT meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.43, suggesting upside of 21.9%(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 19.00 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of N/A.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 5.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 8.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 6.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.5, implying annual growth of 17.5%.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 5.0.

Market Sentiment: -0.1
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: $2.30

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

Brazilian Rare Earths had acquired Amargosa bauxite project in Brazil from Rio Tinto ((RIO)) for the rare earths potential, but with the rise in bauxite prices and discovery of high gallium grades, the company has revised its strategy.

Adding to the potential is the renegotiation with Rio Tinto to remove bauxite rights and replace them with a royalty agreement, giving the company flexibility to opt for a new production path via JV or spin-out.

Petra Capital notes the strategic appeal is boosted by high gallium grades, where global demand is rising. The broker’s high-level scenario estimates earnings (EBITDA) benefit of US$125-290m.

Buy. Target price $4.45.

This report was published on April 15, 2025.

Target price is $4.45 Current Price is $2.30 Difference: $2.15
If BRE meets the Petra Capital target it will return approximately 93% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 14.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.08.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 38.33.

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

BRG BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $27.21

Petra Capital rates ((BRG)) as Upgrade to Hold from Sell (3) –

Petra Capital notes the US-China tariff escalation has created uncertainty for Breville Group’s earnings, but its current project to shift 120v production out of China would offset most of the impact from 2H26/FY27.

Currently, 40% of group purchases are exposed to US-China tariffs, and the goal is to cut this to 10% by the end of 1H26 and further in the 2H. Target locations are Mexico (tariff-exempt), Indonesia and Cambodia, which have shown willingness for negotiations.

All in all, the broker’s base case scenario shows FY26 EPS estimate falling -11.3%.

Target cut to $28.50 from $30.00. Rating upgraded to Hold from Sell on share price retreat.

This report was published on April 15, 2025.

Target price is $28.50 Current Price is $27.21 Difference: $1.29
If BRG meets the Petra Capital target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $37.64, suggesting upside of 38.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 35.70 cents and EPS of 91.30 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 29.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.8, implying annual growth of 12.2%.
Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 29.3.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 39.60 cents and EPS of 93.60 cents.
At the last closing share price the estimated dividend yield is 1.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.6, implying annual growth of 12.7%.
Current consensus DPS estimate is 42.6, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 26.0.

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

CGF CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $6.80

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

Given volatility in financial markets, Jarden extended its March quarter mark-to-market for insurers and brokers to April 11.

This led to negative revisions to both FY25 and FY26 EPS forecasts.

The broker continues to see value in Challenger, given the likely benefits from APRA consultation and potential synergies with TAL.

Overweight. Target cut to $7.40 from $7.60.

This report was published on April 14, 2025.

Target price is $7.40 Current Price is $6.80 Difference: $0.6
If CGF meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.95, suggesting upside of 2.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 25.60 cents and EPS of 58.70 cents.
At the last closing share price the estimated dividend yield is 3.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.5, implying annual growth of 218.8%.
Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 26.80 cents and EPS of 62.00 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.8, implying annual growth of 5.5%.
Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 10.7.

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

CKF COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $8.08

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

Collins Foods announced a strategic update where the plan is to grow same-store sales and manage costs in KFC Australia, divert capital to Germany from the Netherlands and exit the Taco Bell business.

Wilsons’ initial analysis is the Taco Bell exit is disappointing, but EPS-accretive, Australian plans are neutral-to-positive for earnings, and the European strategy introduces uncertainty for the next 1-2 years’ forecasts.

No change to forecasts as the broker awaits more details on the Taco Bell exit process and growth plans in Germany.

Overweight. Target unchanged at $10.72.

This report was published on April 16, 2025.

Target price is $10.72 Current Price is $8.08 Difference: $2.64
If CKF meets the Wilsons target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $9.75, suggesting upside of 20.6%(ex-dividends)
The company’s fiscal year ends in May.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 25.00 cents and EPS of 39.20 cents.
At the last closing share price the estimated dividend yield is 3.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.9, implying annual growth of -21.1%.
Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 21.3.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 34.00 cents and EPS of 56.60 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 14.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.9, implying annual growth of 36.9%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 15.6.

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

CPU COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $38.19

Jarden rates ((CPU)) as Neutral (3) –

Jarden has assessed Computershare’s earnings prospects given the fall in equities in the March quarter, which has continued in this quarter.

The broker expects this to weigh on transaction revenue related to employee share plan but with M&A, IPOs and secondaries remaining strong, issuer services corporate actions are still expected to deliver a solid result.

The broker also noted a moderation in policy rate outlook, mainly for FY26, which led to a -5% cut in its margin income forecast for FY26.

Neutral. Target cut to $34.00 from $34.50.

This report was published on April 14, 2025.

Target price is $34.00 Current Price is $38.19 Difference: minus $4.19 (current price is over target).
If CPU meets the Jarden target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $38.99, suggesting upside of 2.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 95.70 cents and EPS of 206.33 cents.
At the last closing share price the estimated dividend yield is 2.51%.
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 212.2, implying annual growth of N/A.
Current consensus DPS estimate is 96.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 102.50 cents and EPS of 215.24 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.4, implying annual growth of 2.9%.
Current consensus DPS estimate is 102.5, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 17.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

EBR EBR SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $1.36

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

Having already de-risked FDA approval for EBR Systems’ WiSE CRT device, Canaccord Genuity has now de-risked market access following approval from the FDA.

This has pushed up the target price to $2.56 from $2.15. Buy maintained.

The broker notes the FDA approval includes use of the device in high-risk upgrades, so Medtronic’s Micra is also included. The target price upgrade reflects this, along with the company’s confidence on pricing and reimbursement.

The broker sees the company as an acquisition target, particularly from a major CRT company like Medtronic, Abbott or Boston Scientific.

No changes to forecasts.

This report was published on April 14, 2025.

Target price is $2.56 Current Price is $1.36 Difference: $1.195
If EBR 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 23.81 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.73.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 27.96 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.88.

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

EVN EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $8.46

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

Evolution Mining’s 3Q25 group production of 180koz beat Canaccord Genuity’s forecast of 167koz, and costs were lower at $1,682/oz vs the broker’s $1,829/oz estimate.

Gearing improved to 19% from 23% in December due to -$60m debt repayment, and with the company recording strong cash flows, the broker expects it to reach the optimal gearing of 15% by the end of 2025. That will provide more capital management options.

The broker lifted FY25 production forecast to 760koz from 748koz, and cut costs estimate to $1,531/oz from $1,623/oz. Capex estimate increased in line with company guidance and the open mine life of Cowal was also extended by two years.

Hold. Target rises to $7.75 from $7.25.

This report was published on April 15, 2025.

Target price is $7.75 Current Price is $8.46 Difference: minus $0.71 (current price is over target).
If EVN meets the Canaccord Genuity target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.10, suggesting downside of -16.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 13.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.4, implying annual growth of 124.3%.
Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 17.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 17.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.5, implying annual growth of 34.6%.
Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: -0.4
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: $4.37

Moelis rates ((GMD)) as Hold (3) –

Moelis highlights Genesis Minerals’ 3Q25 production of 59.8koz beats its 56.5koz estimate but it included 5koz of gold contained in ore bought from third parties. The broker is baffled why a third-party purchase was needed and hopes to find an answer in the coming quarters.

Cash build was $90.5m during the quarter, mainly a reflection of higher gold prices.

The broker marked-to-market gold price forecasts, rolled forward model, and also lifted resource valuation. This led to a rise in valuation.

Hold. Target price $4.15.

This report was published on April 16, 2025.

Target price is $4.15 Current Price is $4.37 Difference: minus $0.22 (current price is over target).
If GMD meets the Moelis target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.02, suggesting downside of -8.1%(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 19.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of 158.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 29.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.0, implying annual growth of 65.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.2.

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

HGO HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.03

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

Canaccord Genuity reviews fundamentals for base metals and EV materials producers, and updates forecasts for relevant stocks under research coverage.

Overall, the broker lowered its near- to mid-term nickel and copper pricing forecasts, increased near-term cobalt pricing and left lithium pricing unchanged. The broker also lowered the near-term AUD/USD forecast.

For the March quarter, the broker expects Hillgrove Resources’ to report a cash balance of $15.2m after recent capital raise.

Speculative Buy. Target 8c.

This report was published on April 16, 2025.

Target price is $0.08 Current Price is $0.03 Difference: $0.046
If HGO meets the Canaccord Genuity target it will return approximately 135% (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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.13.

Forecast for FY26:

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

HUB HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $65.73

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

Despite market volatility, Hub24 did not see a shift in net inflow momentum in 3Q25, reporting a record underlying platform net flow of $3.6bn. Canaccord Genuity notes the company stated the continued volatility in April could impact funds under administration.

Net platform flows of $4.94bn beat the consensus of $4.36bn, leaving $4.54bn to be achieved in the 4Q to meet the 2H25 consensus of $9.48bn.

The broker remains confident of the company winning market share but acknowledged there is near-term uncertainty on the impact of global financial market volatility.

Hold. Target unchanged at $85.

This report was published on April 15, 2025.

Target price is $85.00 Current Price is $65.73 Difference: $19.27
If HUB meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $71.67, suggesting upside of 9.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 56.00 cents and EPS of 112.00 cents.
At the last closing share price the estimated dividend yield is 0.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 58.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.3, implying annual growth of 88.0%.
Current consensus DPS estimate is 52.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 60.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 80.00 cents and EPS of 141.00 cents.
At the last closing share price the estimated dividend yield is 1.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.1, implying annual growth of 22.7%.
Current consensus DPS estimate is 66.3, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 49.0.

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

Moelis rates ((HUB)) as Upgrade to Buy from Hold (1) –

Moelis notes Hub24’s 3Q25 update showed positive flows even after excluding the impact of ClearView migration flow of $1.3bn. While the company flagged the risk of FUA impact from negative market movements in early April, it also indicated no momentum shift was observed yet.

Still, the broker downgraded FUA forecast for FY25 on expectations of market impact, and also lowered FY26-27 forecasts. EPS forecast for FY25/26/27 cut by -3.1%/-9.3%/-6.6% respectively.

Target drops to $77.28 from $88.58. Rating upgraded to Buy from Hold as the broker sees the recent pullback as an opportunity.

This report was published on April 15, 2025.

Target price is $77.28 Current Price is $65.73 Difference: $11.55
If HUB meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $71.67, suggesting upside of 9.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 53.10 cents and EPS of 109.20 cents.
At the last closing share price the estimated dividend yield is 0.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 60.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.3, implying annual growth of 88.0%.
Current consensus DPS estimate is 52.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 60.1.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 67.50 cents and EPS of 138.50 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 47.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.1, implying annual growth of 22.7%.
Current consensus DPS estimate is 66.3, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 49.0.

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

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

Hub24’s underlying net flows of $3.6bn in 3Q25 beat Wilsons’ forecast of $3.3bn, with a further $1.3bn coming from ClearView migration. The broker notes the flows were not impacted by market volatility, and in fact, the run-rate accelerated from mid-February.

The analyst is optimistic about the wealth platform’s outlook as it sees incremental opportunity from forced platform migrations at incumbent peers. Also, it is less exposed to large outflow risks due to a good mix of retail and super FUA.

FY25-26 EPS forecasts upgraded by 2% and 10% respectively. Target lifted to $71.50 from $65.06.

Overweight retained.

This report was published on April 16, 2025.

Target price is $71.50 Current Price is $65.73 Difference: $5.77
If HUB meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $71.67, suggesting upside of 9.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 51.00 cents and EPS of 114.60 cents.
At the last closing share price the estimated dividend yield is 0.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 57.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.3, implying annual growth of 88.0%.
Current consensus DPS estimate is 52.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 60.1.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 67.50 cents and EPS of 145.50 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.1, implying annual growth of 22.7%.
Current consensus DPS estimate is 66.3, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 49.0.

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

IAG INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $7.91

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

Given volatility in financial markets, Jarden extended its March quarter mark-to-market for insurers and brokers to April 11.

This led to negative revisions to both FY25 and FY26 EPS forecasts.

Among general insurers, the broker sees Suncorp Group ((SUN)) offering greater value than Insurance Australia Group, mostly because it offers more options ahead of the June 2025 insurance renewal.

Overweight. Target cut to $7.70 from $8.00.

This report was published on April 14, 2025.

Target price is $7.70 Current Price is $7.91 Difference: minus $0.21 (current price is over target).
If IAG 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 $8.51, suggesting upside of 7.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 29.00 cents and EPS of 42.10 cents.
At the last closing share price the estimated dividend yield is 3.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.2, implying annual growth of 21.1%.
Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 17.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 31.00 cents and EPS of 42.10 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.4, implying annual growth of -4.0%.
Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 18.2.

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

IGO IGO LIMITED

Nickel – Overnight Price: $3.58

Canaccord Genuity rates ((IGO)) as Upgrade to Hold from Sell (3) –

Canaccord Genuity reviews fundamentals for base metals and EV materials producers, and updates forecasts for relevant stocks under research coverage.

For the March quarter, the broker is forecasting earnings (EBITDA) loss of -$36m for IGO Ltd, an improvement from -$106m in the December quarter. The focus will be on CGP3 completion guidance due to risk of delay.

Rating upgraded to Hold from Sell. Target unchanged at $3.50.

This report was published on April 16, 2025.

Target price is $3.50 Current Price is $3.58 Difference: minus $0.08 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.53, suggesting upside of 26.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 20.00 cents and EPS of minus 24.00 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 14.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -22.8, implying annual growth of N/A.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 9.00 cents and EPS of minus 4.00 cents.
At the last closing share price the estimated dividend yield is 2.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 89.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of N/A.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 19.7.

Market Sentiment: 0.3
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: $1.34

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

Goldman Sachs notes the significant volatility across energy stocks on global tariff-related news and the fall in Brent crude price below US$60/bbl for the first time since 2021.

For Karoon Energy, the broker’s production forecast for the March quarter is -3% below consensus.

Neutral. Target cut to $2.01 from $2.09.

This report was published on April 10, 2025.

Target price is $2.01 Current Price is $1.34 Difference: $0.67
If KAR meets the Goldman Sachs target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $2.20, suggesting upside of 64.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 5.38 cents and EPS of 18.44 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of N/A.
Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 5.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 7.68 cents and EPS of 26.12 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 5.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.2, implying annual growth of 11.0%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 5.3.

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

LTR LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.54

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

Canaccord Genuity reviews fundamentals for base metals and EV materials producers, and updates forecasts for relevant stocks under research coverage.

The broker will focus on cost details in Liontown Resources’ March quarter report as Kathleen Valley ramps up. Cash balance is expected to decline -6% this quarter on the previous quarter..

Hold. Target cut to 50c from 65c.

This report was published on April 16, 2025.

Target price is $0.50 Current Price is $0.54 Difference: minus $0.035 (current price is over target).
If LTR meets the Canaccord Genuity target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.61, suggesting upside of 13.4%(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 minus 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 26.75.

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

MAC MAC COPPER LIMITED

Copper – Overnight Price: $13.92

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

Canaccord Genuity reviews fundamentals for base metals and EV materials producers, and updates forecasts for relevant stocks under research coverage.

For the March quarter, the broker expects MAC Copper to report a -17% decline on the previous quarter in copper production, mainly due to lower feed grades.

Buy. Target cut to $20.50 from $21.00.

This report was published on April 16, 2025.

Target price is $20.50 Current Price is $13.92 Difference: $6.58
If MAC meets the Canaccord Genuity target it will return approximately 47% (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 45.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 30.93.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 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 198.86.

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

MEI METEORIC RESOURCES NL

Gold & Silver – Overnight Price: $0.13

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

Meteoric Resources announced a maiden MRE at Barro do Pacu licence of 389Mt at 2,204ppm TREO, which took the overall resource at Caldeira project to 1.5Bt at 2,359ppm TREO.

This included measured and indicated resource of 666Mt at 2,685ppm.

Canaccord Genuity believes high-grade deposits indicate there may be potential for more and recommends ongoing exploration.

Speculative Buy. Target unchanged at 35c.

This report was published on April 15, 2025.

Target price is $0.35 Current Price is $0.13 Difference: $0.22
If MEI meets the Canaccord Genuity target it will return approximately 169% (excluding dividends, fees and charges).
Current consensus price target is $0.24, suggesting upside of 87.2%(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 0.00 cents.

How do these forecasts compare to market consensus projections?

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

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 13.00.

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.

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

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

Meteoric Resources reported maiden resource for Barra do Pacu licence at the Caldeira project, totalling 389mt at 2,204ppm TREO, including 77mt Indicated at 2,917ppm.

Petra Capital notes measured and indicated inventory was within 1km of the proposed plant site, which is a boost to the near-term mine plan. The broker reckons the company’s rare earths resource has the potential to become a tier one non-Chinese alternative given recent tariffs on China.

Buy. Target price 25c.

This report was published on April 16, 2025.

Target price is $0.25 Current Price is $0.13 Difference: $0.12
If MEI meets the Petra Capital target it will return approximately 92% (excluding dividends, fees and charges).
Current consensus price target is $0.24, suggesting upside of 87.2%(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 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.67.

How do these forecasts compare to market consensus projections?

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

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 130.00.

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.

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

MLX METALS X LIMITED

Tin – Overnight Price: $0.51

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

Canaccord Genuity reviews fundamentals for base metals and EV materials producers, and updates forecasts for relevant stocks under research coverage.

Overall, the broker lowered its near- to mid-term nickel and copper pricing forecasts, increased near-term cobalt pricing and left lithium pricing unchanged.

The broker also lowered the near-term AUD/USD forecast.

For the March quarter, the broker expects a quarter-on-quarter fall in Metals X’s production but higher prices to still lead to cash build, up to $226.7m from $220.6m.

Hold. Target rises to 50c from 43c.

This report was published on April 16, 2025.

Target price is $0.50 Current Price is $0.51 Difference: minus $0.01 (current price is over target).
If MLX meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

MPL MEDIBANK PRIVATE LIMITED

Insurance – Overnight Price: $4.49

Jarden rates ((MPL)) as Neutral (3) –

Given volatility in financial markets, Jarden extended its March quarter mark-to-market for insurers and brokers to April 11.

This led to negative revisions to both FY25 and FY26 EPS forecasts.

The broker sees Medibank Private’s near-term margins finding support from recent approval to premium rate increases, but its preference is NIB Holdings ((NHF)) given stronger growth prospects.

Neutral. Target cut to $4.30 from $4.40.

This report was published on April 14, 2025.

Target price is $4.30 Current Price is $4.49 Difference: minus $0.19 (current price is over target).
If MPL meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.67, suggesting upside of 4.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 17.60 cents and EPS of 18.90 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.5, implying annual growth of 25.8%.
Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 18.50 cents and EPS of 22.80 cents.
At the last closing share price the estimated dividend yield is 4.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.5, implying annual growth of 4.4%.
Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 19.1.

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

NEU NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $10.53

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

Following a positive outcome from Type C meeting with the US FDA regarding the Phase 3 trial of NNZ-2591 for Phelan McDermid, Neuren Pharmaceuticals is on track to start Phase 3 study in mid-2025.

Canaccord Genuity sees potential for a clinical read-out by early 2027, which could, if positive, lead to an approval.

The broker believes the current stock price is only capturing the Daybue opportunity and there’s scope for material upside from NNZ-2591.

Buy. Target unchanged at $28.12.

This report was published on April 14, 2025.

Target price is $28.12 Current Price is $10.53 Difference: $17.59
If NEU meets the Canaccord Genuity target it will return approximately 167% (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 17.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 61.94.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 61.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.26.

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

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

Neuren Pharmaceuticals received the US FDA’s nod to proceed with the Phase 3 clinical trial of NNZ-2591 for Phelan-McDermid syndrome, which is associated with a large number of autism spectrum disorder cases.

The company expects to start the trial in mid-2025, and Petra Capital sees early 3Q2025 as a more likely timing.

The broker expects the trial cost and patient numbers to be within the guidance of US$50-100m and 100-200 patients, respectively, and the company to comfortably fund it from its strong balance sheet.

Buy. Target price $31.19.

This report was published on April 15, 2025.

Target price is $31.19 Current Price is $10.53 Difference: $20.66
If NEU meets the Petra Capital target it will return approximately 196% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 11.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 88.49.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 130.00.

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

NIC NICKEL INDUSTRIES LIMITED

Nickel – Overnight Price: $0.52

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

Canaccord Genuity reviews fundamentals for base metals and EV materials producers, and updates forecasts for relevant stocks under research coverage.

For the March quarter, the broker expects Nickel Industries to report EBITDA of US$87m vs the company’s guidance of US$85-90m. The broker is focused on free cash flow because if it is not delivered, there’s a risk the company would need funding for capex.

Hold. Target price trimmed to 55c from 80c.

This report was published on April 16, 2025.

Target price is $0.55 Current Price is $0.52 Difference: $0.035
If NIC meets the Canaccord Genuity target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.06, suggesting upside of 106.1%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 3.00 cents and EPS of 3.07 cents.
At the last closing share price the estimated dividend yield is 5.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.9, implying annual growth of N/A.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 7.8%.
Current consensus EPS estimate suggests the PER is 8.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 3.00 cents and EPS of 6.15 cents.
At the last closing share price the estimated dividend yield is 5.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, implying annual growth of 84.7%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 13.6%.
Current consensus EPS estimate suggests the PER is 4.7.

NWC NEW WORLD RESOURCES LIMITED

Copper – Overnight Price: $0.02

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

Canaccord Genuity sees New World Resources benefitting from US President Trump’s policies to boost domestic critical minerals production, including copper. The broker expects speedy approval for the Antler Copper Project.

The analyst has reset its model, pushing back forecast for commissioning of Antler to 3Q28 from 4Q27, and forecasting higher costs and capex than before.

The broker also removed funding from the model, now thinking of partnerships, equity, streams and prepayments among the options.

Speculative Buy. Target drops to 7c from 12c.

This report was published on April 14, 2025.

Target price is $0.07 Current Price is $0.02 Difference: $0.049
If NWC meets the Canaccord Genuity target it will return approximately 233% (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.

Forecast for FY26:

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

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: $10.17

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

Goldman Sachs notes the significant volatility across energy stocks on global tariff-related news and the fall in Brent crude price below US$60/bbl for the first time since 2021.

For Origin Energy, the broker forecasts a -5% quarter-on-quarter decline in APLNG exports in the March quarter but a bigger -12% quarterly fall in revenue due to weak pricing.

Neutral. Target cut to $10.05 from $10.30.

This report was published on April 10, 2025.

Target price is $10.05 Current Price is $10.17 Difference: minus $0.12 (current price is over target).
If ORG meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $10.60, suggesting upside of 4.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 60.00 cents and EPS of 85.00 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.96.

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 5.8%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 60.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.32.

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 6.0%.
Current consensus EPS estimate suggests the PER is 15.4.

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

PLS PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $1.43

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

Canaccord Genuity reviews fundamentals for base metals and EV materials producers, and updates forecasts for relevant stocks under research coverage.

For the March quarter, the broker expects Pilbara Minerals to report a -18% decline in spodumene production and sales due to cyclone effect. Cash balance is expected to be -6% lower at $1.1bn.

Buy. Target unchanged at $2.70.

This report was published on April 16, 2025.

Target price is $2.70 Current Price is $1.43 Difference: $1.27
If PLS meets the Canaccord Genuity target it will return approximately 89% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 34.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

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

Forecast for FY26:

Current consensus EPS estimate is 2.7, 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 53.0.

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

PLY PLAYSIDE STUDIOS LIMITED

Gaming – Overnight Price: $0.17

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

Canaccord Genuity’s new analyst covering Playside Studios has revisited the investment thesis for the company.

The analyst notes the company managed to generate cash to fund its original games pipeline from its work-for-hire business, despite broader industry challenges. Going into FY26, the broker expects the phased release of major games to drive operating leverage and free cash flow.

The broker is forecasting FY25 revenue of $51m vs the company’s guidance of $50-54m, and earnings (EBITDA) loss of -$9m compared with guidance loss of -$6-10m.

Minor changes to EPS forecasts. Buy. Target unchanged at 50c.

This report was published on April 15, 2025.

Target price is $0.50 Current Price is $0.17 Difference: $0.335
If PLY meets the Canaccord Genuity target it will return approximately 203% (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 3.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.23.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 165.00.

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

PSC PROSPECT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.15

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

Prospect Resources is raising $18.5m by giving a 15% stake in the company to First Quantum Minerals for $15m via private placement. The remaining $3.5m is also through placement to existing shareholder Eagle Eye Asset Holdings so it can maintain the 15.3% shareholding.

The funds will be used to progress the Mumbezhi project in Zambia, and Canaccord Genuity believes there is now potential for the project to provide a feed source to First Quantum.

The broker expects the investment to fund exploration expenses for the next 12-24 months.

Speculative Buy. Target unchanged at 40c.

This report was published on April 15, 2025.

Target price is $0.40 Current Price is $0.15 Difference: $0.25
If PSC meets the Canaccord Genuity target it will return approximately 167% (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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.50.

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 7.50.

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

QBE QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $21.32

Jarden rates ((QBE)) as Buy (1) –

Given volatility in financial markets, Jarden extended its March quarter mark-to-market for insurers and brokers to April 11.

QBE Insurance was an exception, seeing a lift in target price due to forex benefit from USD depreciation relative to GBP/EUR. The broker cut FY25 forecast EPS by -5.7% but raised FY26 by 3.2%.

Buy. Target rises to $24.10 from $23.65.

This report was published on April 14, 2025.

Target price is $24.10 Current Price is $21.32 Difference: $2.78
If QBE meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $23.35, suggesting upside of 9.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 91.00 cents and EPS of 166.69 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 182.7, implying annual growth of N/A.
Current consensus DPS estimate is 89.2, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 104.00 cents and EPS of 193.58 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 198.1, implying annual growth of 8.4%.
Current consensus DPS estimate is 97.2, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 10.8.

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

SDF STEADFAST GROUP LIMITED

Insurance – Overnight Price: $5.70

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

Given volatility in financial markets, Jarden extended its March quarter mark-to-market for insurers and brokers to April 11.

This led to negative revisions to both FY25 and FY26 EPS forecasts.

Among insurance brokers, the analyst notes Steadfast Group offers M&A growth potential but favours AUB Group ((AUB)) as it sees room for margin expansion in key segments.

Overweight. Target cut to $6.25 from $6.60.

This report was published on April 14, 2025.

Target price is $6.25 Current Price is $5.70 Difference: $0.55
If SDF meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.75, suggesting upside of 18.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 21.30 cents and EPS of 31.20 cents.
At the last closing share price the estimated dividend yield is 3.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.4, implying annual growth of 38.7%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 22.20 cents and EPS of 31.70 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.1, implying annual growth of 9.2%.
Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 17.8.

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

SFR SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $9.70

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

Canaccord Genuity reviews fundamentals for base metals and EV materials producers, and updates forecasts for relevant stocks under research coverage.

For the March quarter, the broker expects slightly higher production from Sandfire Resources’ Matsa mine due to higher grades, and flat production at Matheo. Cash balance is expected to increase by US$35m.

Buy. Target price $10.50.

This report was published on April 16, 2025.

Target price is $10.50 Current Price is $9.70 Difference: $0.8
If SFR meets the Canaccord Genuity target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $10.83, suggesting upside of 11.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Current consensus EPS estimate is 41.2, 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 23.5.

Forecast for FY26:

Current consensus EPS estimate is 60.3, implying annual growth of 46.4%.
Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 16.1.

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

STO SANTOS LIMITED

NatGas – Overnight Price: $5.65

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

Goldman Sachs notes the significant volatility across energy stocks on global tariff-related news and the fall in Brent crude price below US$60/bbl for the first time since 2021.

The broker production and sales forecast for the March quarter for Santos is -4% and -2% below consensus, respectively.

Buy. Target cut to $7.80 from $7.90.

This report was published on April 10, 2025.

Target price is $7.80 Current Price is $5.65 Difference: $2.15
If STO meets the Goldman Sachs target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $7.68, suggesting upside of 35.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 16.90 cents and EPS of 38.41 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.2, implying annual growth of N/A.
Current consensus DPS estimate is 25.8, 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 dividend of 44.55 cents and EPS of 78.35 cents.
At the last closing share price the estimated dividend yield is 7.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.2, implying annual growth of 9.4%.
Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 9.7.

STX STRIKE ENERGY LIMITED

NatGas – Overnight Price: $0.16

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

Goldman Sachs notes the significant volatility across energy stocks on global tariff-related news and the fall in Brent crude price below US$60/bbl for the first time since 2021.

For Strike Energy, the broker expects Walyering gasfield maintained 25Tj/day production over the March quarter. An update on development sequencing for West Erregulla with partner Hancock is expected.

Buy. Target unchanged at 25c.

This report was published on April 10, 2025.

Target price is $0.25 Current Price is $0.16 Difference: $0.09
If STX meets the Goldman Sachs target it will return approximately 56% (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 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 22.86.

Forecast for FY26:

Goldman Sachs 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 80.00.

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

SUN SUNCORP GROUP LIMITED

Insurance – Overnight Price: $19.27

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

Given volatility in financial markets, Jarden extended its March quarter mark-to-market for insurers and brokers to April 11.

This led to negative revisions to both FY25 and FY26 EPS forecasts.

Among general insurers, the broker sees Suncorp Group offering greater value than Insurance Australia Group ((IAG)), mostly because it offers more options ahead of the June 2025 insurance renewal.

Overweight. Target cut to $19.95 from $20.85.

This report was published on April 14, 2025.

Target price is $19.95 Current Price is $19.27 Difference: $0.68
If SUN meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $20.91, suggesting upside of 8.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 101.00 cents and EPS of 123.40 cents.
At the last closing share price the estimated dividend yield is 5.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.3, implying annual growth of 5.8%.
Current consensus DPS estimate is 95.1, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 84.00 cents and EPS of 116.90 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.8, implying annual growth of 0.4%.
Current consensus DPS estimate is 85.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 16.4.

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

VEA VIVA ENERGY GROUP LIMITED

Crude Oil – Overnight Price: $1.59

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

Goldman Sachs notes the significant volatility across energy stocks on global tariff-related news and the fall in Brent crude price below US$60/bbl for the first time since 2021.

The broker forecasts an improvement in Viva Energy’s gross refining margin in the March quarter to US$7.2/bbl from $6.7/bbl in the preceding December quarter.

Buy. Target cut to $3.00 from $3.05.

This report was published on April 10, 2025.

Target price is $3.00 Current Price is $1.59 Difference: $1.41
If VEA meets the Goldman Sachs target it will return approximately 89% (excluding dividends, fees and charges).
Current consensus price target is $2.51, suggesting upside of 57.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 7.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.3, implying annual growth of N/A.
Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 8.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of 94.2%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 8.0.

Market Sentiment: 0.5
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: $20.07

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

Goldman Sachs notes the significant volatility across energy stocks on global tariff-related news and the fall in Brent crude price below US$60/bbl for the first time since 2021.

For Woodside Energy, the broker’s production forecast for the March quarter is in line with the consensus.

Neutral. Target cut to $23.90 from $24.50.

This report was published on April 10, 2025.

Target price is $23.90 Current Price is $20.07 Difference: $3.83
If WDS meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $25.27, suggesting upside of 25.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 67.60 cents and EPS of 133.66 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 156.0, implying annual growth of N/A.
Current consensus DPS estimate is 129.8, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 36.87 cents and EPS of 72.21 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.0, implying annual growth of -35.9%.
Current consensus DPS estimate is 76.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 20.1.

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

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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