Australian Broker Call *Extra* Edition – May 27, 2025

This story features ALS LIMITED, and other companies. For more info SHARE ANALYSIS: ALQ

The company is included in ASX100, ASX200, 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)

ALQ   BEN   BET   BTR   BXB   DDR   DJW   EBR   FMG   IAG   IPG   JHX   KYP   LNW   PRN   RUL   SEK   SGH   SPZ   SVR   WES (2)   WJL  

ALQ    ALS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $17.64

Jarden rates ((ALQ)) as Downgrade to Underweight from Neutral (4) –

Jarden downgrades ALS Ltd to Underweight from Neutral due to the run-up in the share price, which is currently reflecting earnings upgrades, according to the analyst.

Research was issued before the company was due to report FY25 results today, with guidance for net profit after tax of $310m$313m, with Jarden positioned at the midpoint.

On balance, Jarden views the risks as slanted to the downside, with volatility in sampling flows and Bloomberg capital raising data indicating the commodity markets were down in Canada by -28% and Australia down -40% following a robust 3Q25.

Target price lifts slightly to $15 from $14.50.

This report was published on May 22, 2025.

Target price is $15.00 Current Price is $17.64 Difference: minus $2.64 (current price is over target).
If ALQ meets the Jarden target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.75, suggesting upside of 6.3%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 37.60 cents and EPS of 63.80 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.0, implying annual growth of 2297.0%.
Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 27.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 42.80 cents and EPS of 72.40 cents.
At the last closing share price the estimated dividend yield is 2.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.1, implying annual growth of 17.3%.
Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 23.5.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $11.78

Jarden rates ((BEN)) as Neutral (3) –

Bendigo & Adelaide Bank reported mixed 3Q25 results, according to Jarden, with profit above expectations by 2% due to benign credit quality.

Core earnings came in softer than anticipated because of lower other income, offset somewhat by good cost controls.

The bank reported flat net interest margins for the quarter compared to the previous quarter, which the broker viewed positively.

Neutral rating maintained. Target price lifts to $11.60 from $11.50. A “sound” capital position and attractive dividend yield around 5.4% provide some support to the share price, the analyst explains.

This report was published on May 23, 2025.

Target price is $11.60 Current Price is $11.78 Difference: minus $0.18 (current price is over target).
If BEN meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $10.44, suggesting downside of -11.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 63.00 cents and EPS of 84.40 cents.
At the last closing share price the estimated dividend yield is 5.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.7, implying annual growth of -15.2%.
Current consensus DPS estimate is 61.8, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 63.00 cents and EPS of 81.70 cents.
At the last closing share price the estimated dividend yield is 5.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.0, implying annual growth of -0.9%.
Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.6.

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

BET    BETMAKERS TECHNOLOGY GROUP LIMITED

Gaming – Overnight Price: $0.12

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

Canaccord Genuity observes how Betmakers Technology offered a trading update which revealed an improvement in operating “momentum”, with a better trend in annualised earnings (EBIDTA) from the JanuaryApril period than in the month of April.

Management is expecting to be cashflow positive in FY26, which is better than the analyst’s expectation.

The company is benefiting from the Apollo platform upgrade, with margins supported by lower cloud infrastructure costs on gross margins.

Speculative Buy rating maintained. Target unchanged at 20c.

This report was published on May 23, 2025.

Target price is $0.20 Current Price is $0.12 Difference: $0.08
If BET meets the Canaccord Genuity target it will return approximately 67% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.29 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.24.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.68 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.65.

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

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.66

Taylor Collison rates ((BTR)) as Speculative Buy (1) –

Taylor Collison notes Brightstar Resources has now transitioned to an early-stage producer from a developer.

The broker reckons Sandstone could become a key asset with a pre-feasibility study due in 1H2026, after the Laverton-Memzies definitive feasibility study is published in 4Q2025.

The broker notes the company recently upgraded mineral resource estimate from multiple deposits, with measured and indicated resources now exceeding 1Moz.

Speculative Buy. Target price $1.38 (note the company’s consolidated 25:1 in April).

This report was published on May 23, 2025.

Target price is $1.38 Current Price is $0.66 Difference: $0.725
If BTR meets the Taylor Collison target it will return approximately 111% (excluding dividends, fees and charges).

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $22.15

Jarden rates ((BXB)) as Neutral (3) –

Jarden observes US pallet input costs to the end of April and notes lumber costs are rising again, up some 10.4% year-to-date in 2H25, while pallet pricing remains negative at -1.8% for the month of April.

The broker believes this may underpin pressure on CHEP Americas’ earnings before interest and tax, while net new business and associated cost inclusion has put pressure on market pricing not to rise.

Jarden believes there are increasing headwinds for the company in the near term. No changes to earnings forecasts.

Neutral rating and $19.80 target price are retained.

This report was published on May 22, 2025.

Target price is $19.80 Current Price is $22.15 Difference: minus $2.35 (current price is over target).
If BXB meets the Jarden target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $21.94, suggesting downside of -2.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 37.70 cents and EPS of 93.49 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.4, implying annual growth of N/A.
Current consensus DPS estimate is 58.6, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 40.20 cents and EPS of 103.80 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 105.6, implying annual growth of 11.9%.
Current consensus DPS estimate is 62.9, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 21.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

DDR    DICKER DATA LIMITED

Hardware & Equipment – Overnight Price: $8.35

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

Dicker Data’s trading update at the AGM showed better-than-expected sales with weaker-than-anticipated gross profit margins, Goldman Sachs explains.

Year-to-date sales grew 17% due to strength in enterprise and approximately $30m in incremental AI-related revenue, but the gross profit margin was below the analyst’s expectations at 9.1%.

An improvement in small to medium-sized business gross profit margins to 9.2% is anticipated as demand improves with interest rate cuts and post-election sentiment improves.

Goldman Sachs lowers earnings (EBITDA) forecasts by -7% to -2% for FY25FY27.

Target price is lowered by -8% to $9.05. No change to Neutral rating.

This report was published on May 21, 2025.

Target price is $9.05 Current Price is $8.35 Difference: $0.7
If DDR meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 46.00 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 5.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.06.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 53.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.65.

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

DJW    DJERRIWARRH INVESTMENTS LIMITED

Wealth Management & Investments – Overnight Price: $3.05

Taylor Collison rates ((DJW)) as Upgrade to Outperform from Hold (2) –

Taylor Collison notes Djerriwarrh Investments is now trading at a discount of -10.84% to pre-tax net tangible assets vs -6.69% in March. The equivalent Z-score is -1.06 vs -0.79.

The enhanced yield is around 7.1% grossed up for franking credits vs 6.4% in March, according to the broker.

Rating upgraded to Outperform from Hold on wider discount, Z-score and income per dollar investment.

No target price set.

This report was published on May 19, 2025.

Current Price is $3.05. Target price not assessed.

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

EBR    EBR SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $1.19

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

Canaccord Genuity maintains a Buy rating on EBR Systems and lowers the target price to $2.50 from $2.56 following 1Q25 results and a $61.9m capital raise. The latter is thought to extend the company’s cash runway through to late-2026.

The raise helps fund the initial commercial rollout of the WiSE device, notes the broker, with US hospitals reportedly prepared to absorb pre-reimbursement costs for patients lacking alternatives.

Canaccord highlights full reimbursement is expected from October 1 under US NTAP and TPT programs, and further points to expansion opportunities in leadless CRT therapy and conduction system pacing.

This report was published on May 23, 2025.

Target price is $2.50 Current Price is $1.19 Difference: $1.31
If EBR meets the Canaccord Genuity target it will return approximately 110% (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 15.09 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.88.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 17.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.96.

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

FMG    FORTESCUE LIMITED

Iron Ore – Overnight Price: $15.54

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

Fortescue announced a delay in the ramp-up of the Iron Bridge magnetite project, targeting nameplate capacity of 22Mtpa by FY28. This compares with September 2025 targeted in 2023, so effectively an 18-24 month delay.

Goldman Sachs notes the project’s contribution is expected to be less than 5% to the company’s FY27-28 EBITDA, and has therefore not revised EBITDA estimates.

The broker will, however, watch the progress and will consider an outcome over 18Mtpa as impressive, given 22Mtpa is too optimistic in its view.

Neutral. Target price $15.60.

This report was published on May 22, 2025.

Target price is $15.60 Current Price is $15.54 Difference: $0.06
If FMG meets the Goldman Sachs target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $16.97, suggesting upside of 8.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 101.65 cents and EPS of 167.87 cents.
At the last closing share price the estimated dividend yield is 6.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.6, implying annual growth of N/A.
Current consensus DPS estimate is 102.6, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 67.77 cents and EPS of 137.07 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.2, implying annual growth of -16.3%.
Current consensus DPS estimate is 90.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 10.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IAG    INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $8.66

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

Goldman Sachs notes the ACCC has approved Insurance Australia Group’s proposed acquisition of RACQ Insurance. 

The broker notes the facts considered by ACCC in this approval might also be relevant for the company’s similar acquisition proposal in Western Australia.

The company has a 10% market share in Queensland, and RACQi has 20%. In the case of WA, the company has less than 10% market share while RACI has 40%, with established competitors in the market not too dissimilar to Queensland.

The broker hasn’t included either of the two acquisitions in its forecasts.

Neutral. Target unchanged at $8.30.

This report was published on May 22, 2025.

Target price is $8.30 Current Price is $8.66 Difference: minus $0.36 (current price is over target).
If IAG 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 $8.79, suggesting upside of 1.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 30.70 cents and EPS of 44.70 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.9, implying annual growth of 25.7%.
Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 31.50 cents and EPS of 42.00 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 20.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.2, implying annual growth of -7.9%.
Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 20.0.

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

IPG    IPD GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $3.43

Taylor Collison rates ((IPG)) as Buy (1) –

Taylor Collison remains of the view the cycle for IPD Group will turn and earnings will grow, but in the short term, it believes earnings risks are skewed to the downside.

The broker views current challenges as cyclical, and with the narrative unchanged from 1H, expects pressure on margins. Reasons for optimism include interest rate cuts that could boost commercial construction activity.

Buy. Target cut to $4.50.

This report was published on May 22, 2025.

Target price is $4.50 Current Price is $3.43 Difference: $1.07
If IPG meets the Taylor Collison target it will return approximately 31% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 13.00 cents and EPS of 26.40 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.99.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 14.00 cents and EPS of 28.10 cents.
At the last closing share price the estimated dividend yield is 4.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.21.

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

JHX    JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $35.63

Goldman Sachs rates ((JHX)) as No Rating (-1) –

Goldman Sachs lowers net profit after tax estimates for James Hardie Industries by -5% for FY25 and lifts FY26 by 5% post the FY25 earnings report.

Goldman Sachs is not rated on James Hardie Industries.

This report was published on May 22, 2025.

Current Price is $35.63. Target price not assessed.
Current consensus price target is $48.76, suggesting upside of 38.3%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 240.26 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 264.1, 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 13.4.

Forecast for FY27:

Goldman Sachs forecasts a full year FY27 dividend of 0.00 cents and EPS of 288.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 267.2, implying annual growth of 1.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.2.

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

KYP    KINATICO LIMITED

Software & Services – Overnight Price: $0.20

Taylor Collison rates ((KYP)) as Outperform (2) –

Taylor Collison has seen Kinatico’s new platform and believes it is well-suited to the needs of sectors like health, industrials, manufacturing and financials that are burdened by fragmented compliance processes.

The company’s existing platform is also growing its customer base, including a panel position with NSW Treasury.

The rollout is progressing well, and while the formal launch is slightly below the broker’s forecasts, it believes the staggered rollout is a prudent approach. At scale, the broker expects over 80% gross margins, offering strong operating leverage.

Outperform. Target lifted to 27c from 22c.

This report was published on May 23, 2025.

Target price is $0.27 Current Price is $0.20 Difference: $0.07
If KYP meets the Taylor Collison target it will return approximately 35% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.24 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 83.33.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.00.

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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $136.27

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

At its investor day, Light & Wonder management introduced new FY28 financial targets, including: adjusted earnings (AEBITDA) of US$2bn, incorporating the Grover acquisition; and adjusted earnings per share (EPSA) exceeding US$10.55.

Goldman Sachs notes the AEBITDA number implies a compound annual growth rate of 13% from FY25, and compares to the broker’s US$1.4bn forecast.

The broker explains Digital assets are expected to scale and increase profitability. Also, Gaming market share is forecast to grow by 4% in FY28 across both North America premium installs and global game sales.

Certainly, the analysts believe content-led investment will drive market share gains across the company’s three key business segments.

Management is still aiming for a primary ASX listing, targeting future ASX50 inclusion. Target $165. Buy.

This report was published on May 21, 2025.

Target price is $165.00 Current Price is $136.27 Difference: $28.73
If LNW meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $193.80, suggesting upside of 38.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 1038.04 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 874.2, implying annual growth of 52.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 1193.59 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1071.4, implying annual growth of 22.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.0.

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

PRN    PERENTI LIMITED

Mining Sector Contracting – Overnight Price: $1.55

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

Canaccord Genuity continues to like Perenti, with the company generating ongoing improvement in return on equity, consistent free cash flow, and the ability to deleverage the balance sheet, the broker explains.

The company has announced it has signed a five-year contract with AngloGold Ashanti at its Obuasi gold mine in Ghana, worth $1bn, under a 60:40 joint venture with a local partner.

The broker explains the implied run rate from the contract is similar to the previous 12-month contract and is viewed as adding “incremental quality” to the order book.

Target price rises to $1.70 from $1.48. No change to Buy rating.

This report was published on May 22, 2025.

Target price is $1.70 Current Price is $1.55 Difference: $0.15
If PRN meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.52, suggesting downside of -3.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 6.00 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 3.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 60.4%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 9.0.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 6.60 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 4.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 7.5%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 8.4.

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

RUL    RPMGLOBAL HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $2.82

Taylor Collison rates ((RUL)) as Outperform (2) –

Taylor Collison expects margin expansion for RPMGlobal following the divestment of advisory business due to a combination of lower operating expanses and rising revenue.

The company guided to -$3m lower annual software operating expenses from FY26 which increases the broker’s profit forecasts.

The broker estimates gain from sale to be around $55m and potential for significant capital return, pending ATO approval.

Outperform. Target price $3.48.

This report was published on May 22, 2025.

Target price is $3.48 Current Price is $2.82 Difference: $0.66
If RUL meets the Taylor Collison target it will return approximately 23% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.76 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 75.00.

Forecast for FY26:

Taylor Collison 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 40.29.

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

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $23.75

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

Goldman Sachs notes that at Seek’s Investor Day, management outlined an improvement in the company’s product cadence –i.e., quality and quantity– which has resulted in a better customer experience.

The analyst anticipates the improvements should underpin further yield growth and higher uptake of the new plan stack.

As a result, the FY26 outlook is expected to benefit from volume and yield growth, providing a robust outlook.

Goldman Sachs tweaks earnings (EBITDA) forecasts 2% higher in FY25 and 1% higher in FY26.

Target price is retained at $25 alongside a Neutral rating.

This report was published on May 21, 2025.

Target price is $25.00 Current Price is $23.75 Difference: $1.25
If SEK meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $27.81, suggesting upside of 16.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 47.00 cents and EPS of 44.10 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.4, implying annual growth of N/A.
Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 57.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 58.00 cents and EPS of 55.70 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.6, implying annual growth of 44.0%.
Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 40.1.

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

SGH    SGH LIMITED

Mining Sector Contracting – Overnight Price: $50.02

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

Following updates from investor day, Goldman Sachs cut SGH Ltd’s FY25-27 net profit forecasts to account for headwinds in parts pricing and weather challenges in the industrial services businesses.

The broker trimmed FY25 EBIT growth forecast to 11% from 13%. This still remains higher than the company’s guidance for high-single digit growth.

Buy. Target cut to $58.60 from $59.30.

This report was published on May 26, 2025.

Target price is $58.60 Current Price is $50.02 Difference: $8.58
If SGH meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $57.31, suggesting upside of 15.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 232.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 227.3, implying annual growth of 80.3%.
Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 21.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 EPS of 263.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 255.4, implying annual growth of 12.4%.
Current consensus DPS estimate is 67.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 19.5.

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

SPZ    SMART PARKING LIMITED

Hardware & Equipment – Overnight Price: $0.90

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

Smart Parking’s 2H25 trading update revealed revenue growth of 19% on a year earlier, excluding Peak Parking, which aligns with the 1H25 run rate, Canaccord Genuity explains. This growth of 19% sits below the broker’s forecast of 21%.

The analyst points to a decline in average revenue per parking breach notice year-to-date in the UK, reflected in the weaker revenue due to a new parking code which was introduced in October 2024.

Other regions continue to exhibit robust revenue growth, with New Zealand at 43% year-on-year.

Buy rating maintained with an unchanged $1.25 target. The broker’s earnings estimates are largely unchanged.

This report was published on May 22, 2025.

Target price is $1.25 Current Price is $0.90 Difference: $0.35
If SPZ meets the Canaccord Genuity target it will return approximately 39% (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 2.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.50.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.71.

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

SVR    SOLVAR LIMITED

Business & Consumer Credit – Overnight Price: $1.66

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

Canaccord Genuity highlights the announcement by Solvar it has acquired a 19.9% stake in Earlypay ((EPY)), which is viewed as a sign the company is more inclined to invest its excess capital.

The analyst views the stake as neutral to positive and retains a Buy rating with a target price of $1.80.

The broker also observes the recent share buyback increased to $35m from $15m.

This report was published on May 23, 2025.

Target price is $1.80 Current Price is $1.66 Difference: $0.14
If SVR meets the Canaccord Genuity target it will return approximately 8% (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 12.00 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 7.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 13.30 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 8.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.97.

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

WES    WESFARMERS LIMITED

Consumer Products & Services – Overnight Price: $82.65

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

Goldman Sachs assesses Wesfarmers’ organic growth-focused plan laid out at the strategy day as positive.

The company aspires to double Kmart topline growth in the long term, is positive on market share gains for Priceline, and has margin-accretive plans for Bunnings.

The broker cut FY25 group sales forecast by -0.1% but lifted FY26 by 0.3% and FY27 by 0.7%. EPS forecasts lowered on downgrade to EBIT forecasts.

Buy. Target rises to $87.30 from $80.40 on valuation roll-forward to FY27 from FY26.

This report was published on May 27, 2025.

Target price is $87.30 Current Price is $82.65 Difference: $4.65
If WES meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $72.25, suggesting downside of -11.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 204.00 cents and EPS of 229.00 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 233.1, implying annual growth of 3.3%.
Current consensus DPS estimate is 202.7, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 35.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 223.00 cents and EPS of 253.00 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 257.7, implying annual growth of 10.6%.
Current consensus DPS estimate is 222.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 31.7.

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 ((WES)) as Underweight (4) –

Jarden views the latest Strategy Day as the most upbeat for Wesfarmers, with management discussing higher return on investment and several growth initiatives, including slight earnings upgrades to the broker’s outlook for Health, Officeworks, and Kmart.

Despite the more positive view on those divisions, the slight downward earnings estimate revisions relate to Mount Holland, where lithium losses are higher at -$60m due to persistent weak market pricing.

Jarden believes financial services are the missing link in the group’s portfolio.

Target price rises to $73.10 from $67.50. No change to Underweight rating. The broker trims EPS estimates by -1% to -4% for FY25FY27.

This report was published on May 22, 2025.

Target price is $73.10 Current Price is $82.65 Difference: minus $9.55 (current price is over target).
If WES meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $72.25, suggesting downside of -11.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 204.00 cents and EPS of 231.50 cents.
At the last closing share price the estimated dividend yield is 2.47%.
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 233.1, implying annual growth of 3.3%.
Current consensus DPS estimate is 202.7, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 35.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 228.00 cents and EPS of 257.30 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 257.7, implying annual growth of 10.6%.
Current consensus DPS estimate is 222.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 31.7.

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

WJL    WEBJET GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.88

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

Webjet Group announced FY25 results with total transaction value down -6% on a year earlier. Revenue slipped by -3% and was in line with Goldman Sachs’ estimate, as were earnings (EBITDA), in line with guidance.

Management outlined at Strategy Day that FY26 underlying earnings (EBITDA) will be around FY25 results.

Commentary suggests the online travel agency was “noisy” over the first six weeks of FY26 due to the timing of Easter and Anzac holidays. Domestic trading during the period declined by -11%.

The analyst notes management remains committed to online travel agent growth for international and hotel packages, as well as the share buy-back, supported by net cash of $118m.

Buy rating retained with target price of 90c.

This report was published on May 21, 2025.

Target price is $0.90 Current Price is $0.88 Difference: $0.02
If WJL meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 3.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.67.

Forecast for FY27:

Goldman Sachs forecasts a full year FY27 dividend of 4.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.57.

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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