Australian Broker Call *Extra* Edition – May 07, 2025

This story features ALKANE RESOURCES LIMITED, and other companies. For more info SHARE ANALYSIS: ALK

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)

ALK   APX   BOE   CKF   DUG   DXB   GEM   GOR   IMB   JDO   LIN   LRK   LTR   NIC   NST   NUZ   OFX   ORI   PPS   PYC   TCG   TPW   VAU   WOW  

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.81

Moelis rates ((ALK)) as Buy (1) –

Alkane Resources’ March quarter production and cash numbers were pre-reported, so the new information in the 3Q25 update centred around sales and costs. Both missed Moelis’ forecast.

The broker expects $13m cash build in 4Q25 on production of 19koz, with the next big spend due in 2Q26 when stage two of capex program begins.

Before that, the recently announced merger with Mandalay Resources is expected to be completed (mid-2025), shifting the strategic focus.

Buy. Target lifted to $1.05 from $1.00 on mark-to-market March commodity and forex outcomes.

This report was published on May 4, 2025.

Target price is $1.05 Current Price is $0.81 Difference: $0.235
If ALK meets the Moelis target it will return approximately 29% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.55.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 10.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.55.

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

APX    APPEN LIMITED

IT & Support – Overnight Price: $0.80

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

Appen reported Q1 FY25 revenue of US$50.2m, up by 12% year-on-year, supported by growth in large language model (LLM) and China markets, though below Canaccord Genuity’s US$55m estimate.

Earnings (EBITDA) were negative at -US$1.5m, but strong operating cash flow of US$16.6m, aided by working capital unwind and a late receipt, lifted the quarter-end cash to US$68m, explains the broker.

Canaccord expects a second-half revenue skew, projecting FY25 revenue of US$250m, in line with consensus. Operating costs remain controlled, and the outlook remains underpinned by improving demand in AI data services, suggests the analyst.

The broker lowers its target to $2.35 from $2.60 due to peer multiple compression but retains a Speculative Buy rating.

This report was published on April 30, 2025.

Target price is $2.35 Current Price is $0.80 Difference: $1.55
If APX meets the Canaccord Genuity target it will return approximately 194% (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 1.38 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 57.80.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.15 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 519.48.

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $3.54

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

Boss Energy beat Canaccord Genuity’s March quarter expectations across production, sales, realised price, and costs, with C1 cash costs of $33/lb outperforming guidance and consensus.

Management reaffirmed FY25 production guidance of 850klbs, implying 327klbs in the June quarter.

Operationally, columns 1-3 at Honeymoon are running near nameplate capacity, with wellfield B3 now online and columns 4-6 planned for ramp-up across FY26, explains the broker.

A shift to continuous precipitation and a focus on flow rates are expected to support near-term growth.

Boss ended the quarter with $63.8m in cash and $229m in liquidity.

Canaccord lowers FY25 sales and earnings forecasts due to accounting changes and revised costs but upgrades the FY27 earnings estimate. 

Speculative Buy rating. Target falls to $5.15 from $5.35.

This report was published on April 30, 2025.

Target price is $5.15 Current Price is $3.54 Difference: $1.61
If BOE meets the Canaccord Genuity target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $3.76, suggesting upside of 6.2%(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 minus 7.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 44.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.9, implying annual growth of -83.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 186.3.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 26.66 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.7, implying annual growth of 1042.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.3.

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: $8.17

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

Wilsons updates its forecasts following the recent strategic update at Collins Foods and observations by management on trading conditions.

The broker cuts FY25-27 earnings forecasts by -5-6% on a  more tempered growth outlook for KFC Europe and Australia.

While exiting Taco Bell removes a drag on performance, it is offset by lower KFC Europe earnings and modest margin pressure in Australia, explain the analysts.

Wilsons expects a cyclical recovery in KFC Australia to drive a valuation re-rating, while execution on German store rollouts and operational leverage in Europe are seen as longer-term earnings drivers. 

The broker lowers its 12-month target price to $10.13 from $10.72 and retains an Overweight rating.

This report was published on May 2, 2025.

Target price is $10.13 Current Price is $8.17 Difference: $1.96
If CKF meets the Wilsons target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $9.78, suggesting upside of 19.7%(ex-dividends)
The company’s fiscal year ends in April.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 22.50 cents and EPS of 36.70 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.26.

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 2.7%.
Current consensus EPS estimate suggests the PER is 21.6.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 32.00 cents and EPS of 53.20 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 15.36.

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 3.5%.
Current consensus EPS estimate suggests the PER is 15.7.

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

DUG    DUG TECHNOLOGY LIMITED

Cloud services – Overnight Price: $1.15

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

DUG Technology delivered a strong March quarter, in Wilsons’s view, with revenue up by 12% quarter-on-quarter to US$16.5m and earnings (EBITDA) doubling to US$5.3m.

Higher earnings reflect improved margins and accelerating traction in the company’s Elastic MP-FWI offering, highlights the broker. Software was considered the standout segment, growing by 75% quarter-on-quarter.

The services order book also rose by 30% to US$42.7m and earnings margins improved to 32.1% from 17.6% in the prior quarter.

Wilsons raises its FY25-27 earnings forecasts by 7-11% and sees upside risk if pilot projects in the Middle East and Brazil convert into full awards.

Although FY25 revenue was revised down by -3% due to a slight miss, earnings margin expansion remains a key driver, explain the analysts.

Wilsons retains an Overweight rating and raises the target price to $1.96 from $1.83.

This report was published on May 2, 2025.

Target price is $1.96 Current Price is $1.15 Difference: $0.81
If DUG meets the Wilsons target it will return approximately 70% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.91.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.76.

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

DXB    DIMERIX LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.69

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

Close on the heels of a positive meeting with the FDA, Dimerix licensed US rights for DMX-200 to Amicus Therapeutics. The deal metrics proved over 1.5x better than Petra Capital’s expectations.

The broker notes the company will receive over $1.4bn plus royalties across the four deals done so far. Amicus is keen to explore indications beyond focal segmental glomerulosclerosis (FSGS), which is an upside risk vs the broker’s forecast.

Next interim analysis from the FSGS trial is expected in 1H2026, which would be a key catalyst for the stock.

Buy. Target lifted to $1.58 from $1.28.

This report was published on May 5, 2025.

Target price is $1.58 Current Price is $0.69 Difference: $0.885
If DXB meets the Petra Capital target it will return approximately 127% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.31.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.74.

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

GEM    G8 EDUCATION LIMITED

Childcare – Overnight Price: $1.26

Moelis rates ((GEM)) as Buy (1) –

G8 Education noted the external operating environment for the business remains challenging, including cost-of-living pressures. But some bright spots were emerging, especially on the labour market front.

Occupancy so far this year is down y/y, though the company flagged confidence in delivering sequential earnings growth in 1H25.

The broker expects -3% y/y fall in occupancy in 1H25, but an improvement in 2H earnings. Occupancy growth is forecast in FY26, with the removal of the activity test set to benefit the sector.

Buy. Target cut to $1.49 from $1.52.

This report was published on May 4, 2025.

Target price is $1.49 Current Price is $1.26 Difference: $0.225
If GEM meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 5.90 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.06.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 6.70 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 5.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.16.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $3.29

Moelis rates ((GOR)) as Hold (3) –

Moelis notes Gold Fields entered into a scheme implementation deed with Gold Road Resources to acquire 100% stake for a fixed cash price of $2.52/share and a variable portion related to Northern Star Resources ((NST)).

The variable cash consideration calculated on May 2 equates to 88c/share.

The broker highlights a deal was expected given the company’s business as a non-operating JV partner in Gruyere. While the price is higher than the initial offer from Gold Fields, the analyst reckons share price fluctuations obscure the read-through.

Until the deal completes, the broker expects the share to trade solely as a function of the Northern Star share price.

Hold. Target unchanged at $3.20. 

This report was published on May 5, 2025.

Target price is $3.20 Current Price is $3.29 Difference: minus $0.09 (current price is over target).
If GOR meets the Moelis target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.34, suggesting upside of 1.4%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 26.8, implying annual growth of 103.3%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY26:

Current consensus EPS estimate is 29.8, implying annual growth of 11.2%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 11.0.

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

IMB    INTELLIGENT MONITORING GROUP LIMITED

Overnight Price: $0.57

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

Intelligent Monitoring has reaffirmed FY25 guidance for $40m adjusted earnings (EBITDA) post-acquisitions, with March quarter results showing stable operational momentum, according to Canaccord Genuity.

Recurring revenue from Monitoring and Services segments continues to perform to the broker’s expectations, with all-in cash costs down by -$7.7m quarter-on-quarter.

Canaccord maintains its positive outlook, highlighting three structural growth drivers: expansion in commercial installation revenue, conversion of signal to video monitoring, and the underpenetrated residential security market.

Video Guard currently has 80 sites relative to the company’s 170,000 existing alarm monitoring lines, presenting long-term uplift opportunities, suggest the analysts.

The broker retains a Buy rating and a $1.00 target price.

This report was published on April 30, 2025.

Target price is $1.00 Current Price is $0.57 Difference: $0.425
If IMB meets the Canaccord Genuity target it will return approximately 74% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 7.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.67.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 9.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.99.

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

JDO    JUDO CAPITAL HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $1.44

Jarden rates ((JDO)) as Buy (1) –

Jarden notes Judo Capital’s downgraded forecast for end-June gross loans by -3% to $12.4-12.6bn from $12.7-13bn. The bank is giving priority to protecting net interest margin and asset quality over volume.

Past-due loans at the end of 3Q25 rose 16bps to 2.46% vs the preceding quarter. The bank reiterated a 2H25 net interest margin of 2.9-3.0% and expects the cost-to-income ratio in FY25 to be lower than FY24.

The bank forecast 15% y/y growth in net profit in FY25 but the broker cut its forecast to 12% growth.

FY25/26/27 EPS forecasts trimmed by -5%/-14%/-11%, respectively, mainly on weaker loan growth and higher provisions.

Buy. Target cut to $2.40 from $2.60.

This report was published on May 3, 2025.

Target price is $2.40 Current Price is $1.44 Difference: $0.96
If JDO meets the Jarden target it will return approximately 67% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 33.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 7.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.6, implying annual growth of 20.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 12.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.4, implying annual growth of 50.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.6.

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

LIN    LINDIAN RESOURCES LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.11

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

Petra Capital notes Lindian Resources’ revised board is accelerating the development of the Kangankunde rare earths project in Malawi.

The company is in funding and offtake talks, and the broker believes funding won’t be a significant hurdle because of the project’s potential.

Commentary also suggests the recent trade tensions will also increase the industry interest because of the largest and highest grade undeveloped REO resource.

The broker pushed back the forecast for first production to end-2026 from mid-2026, and assumed lower AUD/USD. Buy. Target unchanged at 50c.

This report was published on May 5, 2025.

Target price is $0.50 Current Price is $0.11 Difference: $0.39
If LIN meets the Petra Capital target it will return approximately 355% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 22.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 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 15.71.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.81

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

Lark Distilling Co’s 3Q25 update was solid, Canaccord Genuity notes, with net sales for nine months rising 14% vs a 7% rise in 1H.

The broker highlights the company is set for growth acceleration in FY26 following the completion of direct export distribution to South East Asia and rationalisation of local B2B strategy.

The broker didn’t revise forecasts but notes upside risk as its current forecast is conservative with only 4% sales growth needed in 4Q.

Speculative Buy. Target unchanged at $1.50.

This report was published on April 30, 2025.

Target price is $1.50 Current Price is $0.81 Difference: $0.685
If LRK meets the Canaccord Genuity target it will return approximately 84% (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 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.64.

Forecast for FY26:

Canaccord Genuity 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 13.58.

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: $0.52

Petra Capital rates ((LTR)) as Hold (3) –

Liontown Resources generated $14m in operational cash flow in the March quarter, observes Petra Capital, despite lithium market weakness and the ongoing ramp-up at Kathleen Valley.

The company sold 94kt of spodumene at US$815/t with all-in sustaining costs (AISC) of US$680/t. Production rose 8% to 96kt, with recoveries improving to 64% and March peaking at 68%.

Management reaffirmed 2H FY25 guidance of 170-185kt, indicating to the analyst higher operating costs in June.

Costs are expected to rise further in FY26, explains the broker. due to the transition to fully underground mining, before moderating from FY27.

Petra Capital updated FY2627 cost assumptions higher, lifting long-term AISC to US$610/t from US$530/t. Total cash flow was -$14m due to $27m in capex, with ~$25m capex remaining.

The broker’s updated cost and currency assumptions result in the target price being lowered to 56c from 85c. Petra Capital maintains a Hold rating.

This report was published on May 2, 2025.

Target price is $0.56 Current Price is $0.52 Difference: $0.045
If LTR meets the Petra Capital target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $0.62, suggesting upside of 20.4%(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 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.6, 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 N/A.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.3, 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

NIC    NICKEL INDUSTRIES LIMITED

Nickel – Overnight Price: $0.59

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

Canaccord Genuity remains concerned around Nickel Industries’ ability to generate cash flows in order to fund debt and project acquisitions.

Nickel Industries reported March quarter earnings (EBITDA) of US$90m, beating the broker’s US$82m forecast, driven by stronger mining and HPAL contributions.

However, production from RKEF operations declined -3% quarter-on-quarter and cash conversion was modest at 11.4% after adjusting for dividend payments, highlight the analysts.

Balance sheet risks persist, with delays to US$253m in ENC payments signalling to the broker stretched liquidity. Additional debt or VAT refunds will be necessary to meet obligations, alongside US$121m in debt repayments due by year-end.

Indonesia’s royalty hike from 10% to 14% and delayed permits to expand Hengjaya Mine capacity also add to the cost base, the commentary highlights.

The broker maintains a Hold rating and 55c target price.

This report was published on April 30, 2025.

Target price is $0.55 Current Price is $0.59 Difference: minus $0.045 (current price is over target).
If NIC 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 $1.07, suggesting upside of 80.1%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 1.00 cents and EPS of 0.00 cents.
At the last closing share price the estimated dividend yield is 1.68%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of N/A.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 9.9.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 4.61 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of 86.7%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 11.8%.
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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $19.95

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

Northern Star Resources’ March quarter sales of 385koz and all-in sustaining costs (AISCs) of $2,246/oz missed Canaccord Genuity’s expectations, primarily due to delays at Golden Pike North within KCGM.

Group free cash flow of $201m also came in below the broker’s $311m estimate, and FY25 guidance was revised down: production to 1.63-1.66Moz from 1.65-1.85Moz and costs up to $2,100-2,200/oz.

Guidance for FY25 growth capex increased by -$80m and exploration by -$50m.

Incorporating De Grey Mining’s ((DEG)) Hemi project, Canaccord now assumes first production in March quarter 2028, forecasting group output to rise to circa 2.8Moz by FY30.

FY25 EBITDA and net income forecasts were lowered, and FY26 forecasts trimmed to reflect ongoing cost pressure.

Canaccord lowers its target price to $26.80 from $27.75 and maintains a Buy rating.

This report was published on April 30, 2025.

Target price is $26.80 Current Price is $19.95 Difference: $6.85
If NST meets the Canaccord Genuity target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $22.55, suggesting upside of 13.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 52.00 cents and EPS of 118.30 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.8, implying annual growth of 92.1%.
Current consensus DPS estimate is 49.8, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 44.00 cents and EPS of 178.00 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 158.7, implying annual growth of 48.6%.
Current consensus DPS estimate is 52.7, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 12.6.

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

NUZ    NEURIZON THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.14

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

Neurizon Therapeutics announced the last patient in its amyotrophic lateral sclerosis (ALS) open-label extension (OLE) study has completed 12 months of treatment with NUZ-001. This keeps top-line results on track for release in Q3 of 2025 notes Petra Capital.

Updated interim data continue to show compelling survival benefits, with NUZ-001 reducing the risk of death by -78.5% versus matched historical controls, highlights the analyst.

NUZ-001 offers offering a potential survival benefit of circa 11 months, well above the 3-6 month benefit of current ALS therapies, explains the broker. The drug remains safe and well-tolerated, with some patients now on treatment for over 30 months.

Petra Capital remains confident in NUZ-001’s potential, highlighting the superior survival trend and ongoing durability of response.

Target price of 45c and Buy rating are unchanged.

This report was published on May 5, 2025.

Target price is $0.45 Current Price is $0.14 Difference: $0.305
If NUZ meets the Petra Capital target it will return approximately 210% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.83.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.53.

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

OFX    OFX GROUP LIMITED

Diversified Financials – Overnight Price: $1.12

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

OFX Group launched the New Corporate Platform (NCP) in Canada, following on from the Australian launch in June 2024.

Wilsons believes revenue from NCP will offset headwinds from global uncertainties and forex volatility, helping improve the earnings outlook for the company.

The broker expects the next launch will be UK in late-Q2/early Q3.

Overweight. Target $2.11.

This report was published on May 1, 2025.

Target price is $2.11 Current Price is $1.12 Difference: $0.985
If OFX meets the Wilsons target it will return approximately 88% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 12.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.79.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.03.

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

ORI    ORICA LIMITED

Mining Sector Contracting – Overnight Price: $16.48

Jarden rates ((ORI)) as Upgrade to Overweight from Neutral (2) –

Ahead of Orica’s 1H25 result on May 8, Jarden is forecasting EBIT of $448m, which is in line with consensus and aligns with the company’s implied guidance provided earlier.

The broker sees little scope for upside surprise for shareholder returns, given $400m on-market share buyback is already announced. 

Focus will be on Burrup re-contracting and digital solutions performance, and capital management framework.

Rating upgraded to Overweight from Neutral on valuation and improved risk profile. Target cut to $17.90 from $18.50.

Change of analyst to Jakob Cakarnis.

This report was published on May 2, 2025.

Target price is $17.90 Current Price is $16.48 Difference: $1.42
If ORI meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $21.09, suggesting upside of 27.9%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 55.80 cents and EPS of 100.60 cents.
At the last closing share price the estimated dividend yield is 3.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.1, implying annual growth of -7.8%.
Current consensus DPS estimate is 54.4, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 108.40 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.3, implying annual growth of 13.9%.
Current consensus DPS estimate is 62.0, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 14.2.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.73

Moelis rates ((PPS)) as Buy (1) –

Praemium’s March quarter update highlighted strong momentum in its Spectrum product, which delivered $440m in quarterly net flows and is now central to the group’s growth outlook, explains Moelis.

Total platform FUA (ex-OneVue) rose to $26.0bn, up by 7.3% year-on-year, highlights the analyst, despite seasonal softness in SMA and Powerwrap, which saw net flows of $120m and -$66m, respectively.

The OneVue integration remains on track for FY25 completion, observes the broker, and investment portfolio administration solutions Scope and Scope Plus continue to build market share, 

Moelis retains a Buy rating and lowers the target price to $1.01 from $1.03.

This report was published on May 4, 2025.

Target price is $1.01 Current Price is $0.73 Difference: $0.275
If PPS meets the Moelis target it will return approximately 37% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 1.70 cents and EPS of 2.30 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.96.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 2.20 cents and EPS of 2.90 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 25.34.

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

PYC    PYC THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.32

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

Novartis is acquiring Regulus at a large premium to its last traded price, a development, Wilsons notes, validates the broker’s valuation for PYC Therapeutics.

Regulus’ farabusen is a competitor to PYC Therapeutics’ PYC-003. Overweight. Target unchanged at $3.

The broker highlights the un-risked target for the company is $11.40.

This report was published on May 1, 2025.

Target price is $3.00 Current Price is $1.32 Difference: $1.68
If PYC meets the Wilsons target it will return approximately 127% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 13.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.78.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 15.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.68.

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

TCG    TURACO GOLD LIMITED

Gold & Silver – Overnight Price: $0.45

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

The results of updated test work at Turaco Gold’s three deposits at the Afema gold project revealed an improvement in gold recoveries.

The company is expected to publish an interim resource update in the coming weeks, and the broker estimates inclusion of the latest result will push the resource over the 3Moz mark.

Speculative Buy. Target unchanged at 80c. The broker flags upside risk to its base case valuation.

This report was published on April 30, 2025.

Target price is $0.80 Current Price is $0.45 Difference: $0.35
If TCG meets the Canaccord Genuity target it will return approximately 78% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 22.50.

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 45.00.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $17.23

Jarden rates ((TPW)) as Buy (1) –

Jarden believes Wayfair Inc’s commentary about its dropshipping model in the unbranded space in the March quarter update has positive implications for Temple & Webster.

The broker notes Wayfair grew profits and continued to increase its share, and revenue benefits from supplier advertising increased. Both bode well for Temple & Webster’s outlook.

Buy. Target unchanged at $18.65.

This report was published on May 2, 2025.

Target price is $18.65 Current Price is $17.23 Difference: $1.42
If TPW meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $16.91, suggesting downside of -1.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 8.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 210.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.3, implying annual growth of 520.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 185.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 15.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 110.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 87.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 99.0.

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

VAU    VAULT MINERALS LIMITED

Gold & Silver – Overnight Price: $0.46

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

Vault Minerals’ March quarter group sales fell by -7% quarter-on-quarter and came in below Canaccord and consensus forecasts, with lower sales at Mt Monger and KOTH offsetting a beat at Deflector.

Costs (AISCs) were slightly higher-than-expected due to reduced production, and underlying free cash flow of $51.7m missed the broker’s estimates.

Full-year FY25 guidance remains unchanged at 390-410koz at a cost of between $2,250-2,450/oz.

Canaccord revised its FY25 sales forecast to 394koz and lifts FY27 earnings and net income forecasts. The target price is increased to 68c from 67c. Unchanged Buy rating.

This report was published on April 30, 2025.

Target price is $0.68 Current Price is $0.46 Difference: $0.22
If VAU meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.20.

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 6.57.

Market Sentiment: 1.0
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: $32.48

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

Jarden’s key question about Woolworths Group is whether it can regain its “category killer status” via sustainably growing share, and the 3Q25 update was positive in that it showed steady share.

The broker notes Big W was a challenge and downgraded forecasts to reflect the guidance of -$70m EBIT loss in 2H, and -$20-25m of costs related to the food business. 

Overweight. Target cut to $36.30 from $37.00.

This report was published on May 6, 2025.

Target price is $36.30 Current Price is $32.48 Difference: $3.82
If WOW meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $33.04, suggesting upside of 1.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 88.00 cents and EPS of 113.70 cents.
At the last closing share price the estimated dividend yield is 2.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.57.

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:

Jarden forecasts a full year FY26 dividend of 114.00 cents and EPS of 147.30 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.05.

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

---

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.

Click to view our Glossary of Financial Terms