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

This story features ADRIATIC METALS PLC, and other companies. For more info SHARE ANALYSIS: ADT

The company is included in ASX300 and ALL-ORDS

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

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

ADT    ADRIATIC METALS PLC

Gold & Silver – Overnight Price: $3.95

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

Canaccord Genuity notes the ramp-up at Adriatic Metals’ Vares silver mine in Bosnia was impacted by weather conditions and tailings challenges, but q/q progress was made in mill production.

Further improvement was seen in April with 35kt milled, and the broker believes the company is on track to meet the 50kt/month target in the June quarter for commercial production.

Revenue of US$34m was better than the broker’s forecast, resulting in a 1% lift to FY25-26 EBITDA forecasts.

Target price rises to $4.55 from $4.50. Speculative Buy retained.

This report was published on May 1, 2025.

Target price is $4.55 Current Price is $3.95 Difference: $0.6
If ADT meets the Canaccord Genuity target it will return approximately 15% (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 26.13 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.11.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 52.27 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.56.

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

BTH    BIGTINCAN HOLDINGS LIMITED

Cloud services – Overnight Price: $0.21

Canaccord Genuity – Cessation of coverage

This report was published on May 2, 2025.

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

COL    COLES GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $21.94

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

Goldman Sachs maintains a Neutral rating on Coles Group with a reduced price target of $19.00 from $19.10, citing fair valuation despite an improved earnings outlook.

The broker describes the 3Q25 update as strong but in line, with group sales up 3.4% year-on-year, led by a 3.7% lift in Supermarkets and 3.4% in Liquor.

E-commerce performed strongly, with 25.7% growth following the ramp-up of fulfilment centres. Minor tweaks were made to FY2527 forecasts, with group EBIT lowered by around -1% due to program costs related to the Liquorland brand simplification.

Forecast EPS for 2025 was revised to 79.4c from 80c.

This report was published on May 1, 2025.

Target price is $19.00 Current Price is $21.94 Difference: minus $2.94 (current price is over target).
If COL meets the Goldman Sachs target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $22.05, suggesting upside of 0.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 64.00 cents and EPS of 80.00 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.5, implying annual growth of -0.4%.
Current consensus DPS estimate is 69.1, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 26.3.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 73.00 cents and EPS of 92.00 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.0, implying annual growth of 15.0%.
Current consensus DPS estimate is 78.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.9.

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

GEM    G8 EDUCATION LIMITED

Childcare – Overnight Price: $1.25

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

G8 Education’s trading update at the AGM revealed year-to-date occupancy as of April 20 was down -3% y/y compared to Canaccord Genuity’s forecast for flat growth in FY25. The broker is, however, positive growth will improve in 2H25 and accelerate into 2026.

Several reasons for subdued conditions currently include the supply of centres exceeding demand, the timing of Easter holidays, cost of living pressures and the late start to school year. In FY26, some of these factors will fade including early start to school year, Easter holidays timing and easing in cost of living pressures.

Additionally, the broker expects the scrapping of activity test will lift demand in FY26 to 4.6% from 3.2% demand in FY24.

Buy. Target trimmed to $1.49 from $1.51 on downward revision to FY25 earnings forecast.

This report was published on April 29, 2025.

Target price is $1.49 Current Price is $1.25 Difference: $0.245
If GEM meets the Canaccord Genuity target it will return approximately 20% (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 6.00 cents and EPS of 9.70 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.84.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 6.30 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 5.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.12.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $3.98

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

Goldman Sachs maintains a Buy rating on IGO, citing resilient lithium margins at Greenbushes despite weak prices.

Third quarter spodumene production and sales were in line with expectations, and cash costs of $341/t outperformed versus forecasts.

Capex guidance for FY25 was lowered to -$700800m, while Greenbushes (lithium) EBITDA margins of 68% remain ahead of many gold producers even before optimisation and with these gold producers enjoying record prices, the broker points out.

At Kwinana, Train 1 output was disrupted by shutdowns, and Train 2 has been shelved. Nickel output at Nova was higher, though full-year production will sit at the low end of guidance.

The price target has been reduced to $4.55 from $4.60 and EPS forecasts have been lowered for 2025 and 2026.

This report was published on May 1, 2025.

Target price is $4.55 Current Price is $3.98 Difference: $0.57
If IGO meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.49, suggesting upside of 12.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 2.00 cents and EPS of minus 13.00 cents.
At the last closing share price the estimated dividend yield is 0.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 30.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -18.0, implying annual growth of N/A.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 4.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 1.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.8, implying annual growth of N/A.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 23.7.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $1.00

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

Ora Banda Mining’s 3Q25 result missed Canaccord Genuity’s forecasts across all metrics, with the biggest miss on cost of $2,470/oz vs the broker’s estimate of $1,962/oz. Cost was impacted by a six-day shutdown related to plant upgrade.

The company revised FY25 production guidance to the lower end of the range and lifted cost guidance, prompting the broker to cut production estimates and increase cost forecasts.

Updating the model with the latest result and roll-forward resulted in a small rise in the target price to $1.25 from $1.20. 

Speculative Buy stays.

This report was published on April 30, 2025.

Target price is $1.25 Current Price is $1.00 Difference: $0.245
If OBM meets the Canaccord Genuity target it will return approximately 24% (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 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.36.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.70.

Market Sentiment: 0.0
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: $10.63

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

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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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $4.11

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

Qube Holdings reiterated FY25 guidance for over 5% growth in underlying net profit and adjusted EPS, which compares with Goldman Sachs’ forecast of an 8% rise.

The company has not been impacted so far by global tariffs and doesn’t expect any material impact going forward, mainly because its business services non-discretionary products.

The company also highlighted there will be no change to its 50% ownership of Patrick after Brookfield transfers its 50% ownership to a new consortium.

Buy. Target price $4.65.

This report was published on May 1, 2025.

Target price is $4.65 Current Price is $4.11 Difference: $0.54
If QUB meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.31, suggesting upside of 4.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 18.2%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 27.0.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 18.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 11.8%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 24.2.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $4.43

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

Regis Resources’ 3Q25 group production was pre-reported, so the new information in the result was the cost of $2,538/oz which came in better than Canaccord Genuity’s forecast of $2,796/oz.

The company reaffirmed FY25 production and cost guidance, with the broker’s production forecast in line with the guidance but the cost estimate was cut to $2,507/oz from $2,576/oz.

Details on cash and capex were largely unchanged, with no further implication for the broker’s forecasts.

Hold. Target rises to $4.10 from $3.95.

This report was published on April 30, 2025.

Target price is $4.10 Current Price is $4.43 Difference: minus $0.33 (current price is over target).
If RRL 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 $4.11, suggesting downside of -7.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 4.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 0.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.8, implying annual growth of 91.4%.
Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 7.7.

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

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

Goldman Sachs maintains a Sell rating on Regis Resources with a 12-month price target raised to $4.25 from $4.15.

The broker notes 3Q FY25 group production of 90koz and AISC of $2,538/oz were weaker than expected, though full-year guidance remains unchanged.

As per the commentary, projects at Garden Well and Rosemont are progressing as planned, with first ore expected in 1Q FY26.

Goldman expects dividend payouts to resume in the second half of FY25, supported by a net cash balance of $367m and reduced capex following the McPhillamys deferral.

While near-term FCF yields of circa 1525% look attractive, the broker warns of long-term risks tied to resource life and declining production, with valuation seen as rich versus peers.

EPS forecasts have been adjusted to 34c for FY25 (from 36c), 74c for FY26 (from 70c), and 57c for FY27 (from 55c). Dividend forecasts too have been noticeably increased.

This report was published on May 1, 2025.

Target price is $4.25 Current Price is $4.43 Difference: minus $0.18 (current price is over target).
If RRL meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.11, suggesting downside of -7.2%(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 33.90 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 20.00 cents and EPS of 73.80 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.8, implying annual growth of 91.4%.
Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 7.7.

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

SGF    SG FLEET GROUP LIMITED

Vehicle Leasing & Salary Packaging – Overnight Price: $3.49

Canaccord Genuity – Cessation of coverage

This report was published on May 2, 2025.

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

SGM    SIMS LIMITED

Steel & Scrap – Overnight Price: $14.78

Jarden rates ((SGM)) as Neutral (3) –

Sims announced the closure of its Sims Resource Renewal subsidiary, which was working on the development and commercialisation of technology for processing automotive shredder residue.

Jarden considers the decision as prudent, noting -$4m closure-related cost in 2H25 was no different to -$6m loss it estimated from this unit in 2H. A non-cash writedown of -$21m will also be captured in the FY25 result.

Overall, the broker views the company’s focus on cost savings as a positive.

Neutral. Target unchanged at $14.80 as earnings revisions were minor.

This report was published on May 1, 2025.

Target price is $14.80 Current Price is $14.78 Difference: $0.02
If SGM meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $13.92, suggesting downside of -5.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 26.40 cents and EPS of 41.40 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.1, implying annual growth of N/A.
Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 32.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 46.90 cents and EPS of 69.70 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.7, implying annual growth of 92.4%.
Current consensus DPS estimate is 34.3, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 16.7.

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

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $32.54

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

Goldman Sachs assesses Woolworths Group’s 3Q25 result as largely in-line, with foods sales in line with key competitor Coles Group ((COL)).

W Living was a drag, and the broker revised FY25 group sales and EBIT by -0.2% and -1.1%, respectively.

The analyst expects a strong recovery in FY26 on market share recovery and as one-off costs related to industrial action and Queensland weather are eliminated. The broker is also seeing green shoots emerging in New Zealand and expects profit from Big W in 2H26.

Buy. Target rises to $36.50 from $36.10.

This report was published on May 1, 2025.

Target price is $36.50 Current Price is $32.54 Difference: $3.96
If WOW meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $33.04, suggesting upside of 1.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 84.00 cents and EPS of 112.00 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.9, implying annual growth of 1175.7%.
Current consensus DPS estimate is 83.7, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 28.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 108.00 cents and EPS of 143.00 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 133.2, implying annual growth of 18.0%.
Current consensus DPS estimate is 97.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 24.4.

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

WTC    WISETECH GLOBAL LIMITED

Cloud services – Overnight Price: $94.17

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

WiseTech Global confirmed it is in discussions to acquire US-based E2open, and Goldman Sachs notes media reports suggesting a likely debt-funded acquisition of -$3.5bn.

The broker reckons such an acquisition would be in line with the company’s strategy of making smaller acquisitions, alongside a larger strategically significant one.

The broker awaits further commentary from the company. Buy. Target unchanged at $128.

This report was published on May 1, 2025.

Target price is $128.00 Current Price is $94.17 Difference: $33.83
If WTC meets the Goldman Sachs target it will return approximately 36% (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 21.52 cents and EPS of 109.15 cents.
At the last closing share price the estimated dividend yield is 0.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 86.28.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 30.75 cents and EPS of 150.65 cents.
At the last closing share price the estimated dividend yield is 0.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 62.51.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $168.23

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

Goldman Sachs highlights the price increases announced by Xero in its Australian business product plans were largely in line with its expectations.

The increases are effective July 1 and include a significant rise across mid-high tier ultimate plans.

The broker believes the company is well-positioned to deliver strong FY25 results on May 15.

No change to forecasts. Buy. Target unchanged at $201.

This report was published on May 1, 2025.

Target price is $201.00 Current Price is $168.23 Difference: $32.77
If XRO meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $196.15, suggesting upside of 16.6%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 158.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 106.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.6, 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 124.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 205.09 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 82.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 208.4, implying annual growth of 53.7%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 0.0%.
Current consensus EPS estimate suggests the PER is 80.7.

This company reports in NZD. 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

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