Australian Broker Call *Extra* Edition – May 06, 2025

Daily Market Reports | 11:45 AM

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)

ADT   BTH   COL   GEM   IGO   OBM   ORG   PRU   PTM (2)   QUB   RRL (2)   SGF   SGM   WOW   WTC   XRO  

ORG    ORIGIN ENERGY LIMITED

Infrastructure & Utilities - Overnight Price: $10.63

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

Goldman Sachs maintains a Neutral rating on Origin Energy. The 3Q FY25 update showed APLNG revenue 1% ahead of estimates, with electricity and gas sales both rising year-on-year.

FY25 Energy Markets EBITDA guidance remains at $1.11.4bn, and capex guidance is unchanged. The broker notes continued strength in Kraken and Octopus, with Kraken contracted accounts growing to 67m.

EBITDA forecasts for 20252027 have been raised by 1%, and the price target has lifted to $10.15 from $10.05.

Goldman Sachs cites full valuation, LNG contract repricing uncertainty, and consensus capex risk as reasons for its cautious stance.

This report was published on May 1, 2025.

Target price is $10.15 Current Price is $10.63 Difference: minus $0.48 (current price is over target).
If ORG meets the Goldman Sachs target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.69, suggesting upside of 0.6%(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 93.00 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 91.2, implying annual growth of 12.4%.
Current consensus DPS estimate is 59.4, implying a prospective dividend yield of 5.6%.
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 72.00 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.0, implying annual growth of -26.5%.
Current consensus DPS estimate is 61.6, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 15.9.

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

PRU    PERSEUS MINING LIMITED

Gold & Silver - Overnight Price: $3.38

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

Perseus Mining's 3Q25 production of 121koz was marginally higher than Canaccord Genuity's 120koz forecast and cost of US$1,209/oz beat the US$1,362 estimate. Costs benefitted from a lower strip at Edikan and mining contractor negotiations at Yaoure.

The broker highlights the Yaoure cost of US$981/oz is the lowest cost mine on the ASX.

The company reiterated 2H25 guidance of 215-250koz at US$1,360-1,435/oz which the broker believes will easily be achieved. Updated life of mine strategy for all operations is expected in June quarter.

Buy. Target unchanged at $5.

This report was published on April 30, 2025.

Target price is $5.00 Current Price is $3.38 Difference: $1.62
If PRU meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $3.86, suggesting upside of 14.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 7.69 cents and EPS of 39.97 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.7, implying annual growth of N/A.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 8.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 6.15 cents and EPS of 43.04 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.8, implying annual growth of 0.3%.
Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 8.7.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments - Overnight Price: $0.67

Goldman Sachs rates ((PTM)) as Sell (5) -

Goldman Sachs notes L1 Capital's ((LSF)) purchase of a 9.6% stake in Platinum Asset Management with a call option to increase this to 19.9%, and a proposed merger plan for the two companies.

The merger would mean Platinum issuing shares to L1, and the result will be L1 owning 75% of the merged entity and Platinum shareholders owning the balance 25%.

The broker notes Platinum's target market is retail vs L1's high net worth, adding it's unclear whether a merger would be EPS accretive or dilutive on day 1.

Sell. Target unchanged at 56c.

This report was published on May 1, 2025.

Target price is $0.56 Current Price is $0.67 Difference: minus $0.11 (current price is over target).
If PTM meets the Goldman Sachs target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 26.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 38.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.57.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 5.00 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 7.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.75.

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


Jarden rates ((PTM)) as Neutral (3) -

Jarden considers Platinum Asset Management's potential merger plans with L1 Capital ((LSF)) as a strategically sensible one which would provide both revenue and cost synergies.

Such a merger would create a $18bn MergeCo where L1 Capital will own 75% and existing Platinum shareholders will hold 25% share. 

The broker's estimates suggest 9.7x implied PE for MergeCo, though it believes the MergeCo EPS of $6.60 may be on the conservative side.

Neutral. Target unchanged at 54c.

This report was published on May 2, 2025.

Target price is $0.54 Current Price is $0.67 Difference: minus $0.13 (current price is over target).
If PTM meets the Jarden target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 24.40 cents and EPS of 5.60 cents.
At the last closing share price the estimated dividend yield is 36.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.96.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 3.60 cents and EPS of 3.60 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.61.

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


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