Australian Broker Call *Extra* Edition – May 28, 2025

This story features BLUESCOPE STEEL LIMITED, and other companies. For more info SHARE ANALYSIS: BSL

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)

BSL   CAY   ELD   GMD (2)   MVF   MYR (2)   PFP   PLT   SGLLV   SGM   VAU  

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $22.71

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

Following visits to steel fabricators, scrap collectors and steel producers, and company facilities in Western Sydney, Goldman Sachs concludes Australian steel demand will grow modestly over 2025 and 2026. 

Infrastructure will grow faster than the residential market, but overall growth acceleration is seen as a 2027 story.

The broker believes the read-through for BlueScope Steel is broadly positive.

Buy. Target price $28.70.

This report was published on May 22, 2025.

Target price is $28.70 Current Price is $22.71 Difference: $5.99
If BSL meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $27.34, suggesting upside of 18.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 60.00 cents and EPS of 112.00 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.9, implying annual growth of -43.9%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 60.00 cents and EPS of 235.00 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 210.1, implying annual growth of 108.2%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 11.0.

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

CAY    CANYON RESOURCES LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.25

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

Canyon Resources has secured around US$140m in debt funding from the AFG Bank Cameroon, which Canaccord Genuity estimate is at an effective rate of 9.54% per annum. An interest rate below 10% for an African project is rare, the broker highlights.

The company will also receive $24.5m from option exercise from its largest shareholder Eagle Eye Asset Holdings, so the total US$155m in funding will now meet 58% of the estimated US$266m capex for the Minim-Martap project.

The broker reckons this will allow the company to commence operations below the bankable feasibility study’s 6.4Mtpa run rate.

Speculative Buy. Target unchanged at 35c.

This report was published on May 26, 2025.

Target price is $0.35 Current Price is $0.25 Difference: $0.1
If CAY meets the Canaccord Genuity target it will return approximately 40% (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 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 250.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.02 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1250.00.

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $6.32

Wilsons rates ((ELD)) as Upgrade to Overweight from Market Weight (1) –

Wilsons saw how Elders posted a soft 1H25, with EBITDA below forecast and working capital pressure continuing to build.

Despite solid cost control, earnings fell short. Gross profit missed by -4%, dragged lower by Retail Products. Operating cash flow halved year-on-year, and leverage is now forecast to push past the group’s comfort zone.

Yet, Wilsons sees upside. While timing of the ACCC’s decision on the proposed acquisition of Delta Agricultural (due 29 May) looms as a swing factor, the broker argues the market is too focused on risk, ignoring Elders’ through-the-cycle earnings capacity and potential step-up in FY26-27 as Delta integrates.

System upgrades remain a known wildcard. The broker’s price target drops to $8.22 but rating is upgraded to Overweight from Market Weight.

On Wilsons’ projections, Elders will be paying 36c in dividends to shareholders for many years into the future.

This report was published on May 27, 2025.

Target price is $8.22 Current Price is $6.32 Difference: $1.9
If ELD meets the Wilsons target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $8.81, suggesting upside of 41.5%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 36.00 cents and EPS of 53.70 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.9, implying annual growth of 87.5%.
Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 36.00 cents and EPS of 57.90 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.7, implying annual growth of 20.4%.
Current consensus DPS estimate is 39.4, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 9.8.

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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $4.42

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

Genesis Minerals is acquiring the Laverton gold project from Focus Minerals ((FML)) for -$250m, funding it from total liquidity of $597m.

Canaccord Genuity highlights the price compares favourably to recent acquisitions and underpins the company’s accelerated growth strategy.

The broker sees the ASPIRE 400 target as increasingly conservative, and with liquidity of around $350m post-deal, it sees the company well placed to achieve the FY29 target of 325kozpa earlier.

The deal is expected to be complete in early June, following which the company will present further details.

Buy. Target unchanged at $5.15.

This report was published on May 26, 2025.

Target price is $5.15 Current Price is $4.42 Difference: $0.73
If GMD meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.17, suggesting downside of -6.6%(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 19.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.9, implying annual growth of 157.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 39.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.3, implying annual growth of 62.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.8.

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

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Moelis rates ((GMD)) as Hold (3) –

Genesis Minerals is adding another 4Moz to its gold inventory through the acquisition of Focus Minerals’ ((FML)) Laverton project for -$250m. Moelis calls the price reasonable and sees a modest lift in valuation, raising its target to $4.25.

Commentary states the deal extends the company’s build-and-buy strategy. With mill capacity already full, Genesis will likely need to spend more to scale up, pushing free cash flow further out.

The broker suggests investors betting on production upside may need to stay patient.

Moelis notes Genesis now leads its gold growth coverage in “resource optionality”, but that optionality still comes with a heavy capex bill. Hold.

This report was published on May 27, 2025.

Target price is $4.25 Current Price is $4.42 Difference: minus $0.17 (current price is over target).
If GMD meets the Moelis target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.17, suggesting downside of -6.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 19.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.9, implying annual growth of 157.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 29.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.3, implying annual growth of 62.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.8.

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

MVF    MONASH IVF GROUP LIMITED

Healthcare services – Overnight Price: $0.77

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

Monash IVF has cut FY25 net profit guidance by -10% to $27.5m, citing a slowdown in IVF cycles, particularly in Victoria, where volumes fell -20% YoY.

Wilsons sees no financial impact yet from April’s embryo mix-up and notes market share has held steady at 21.8%. Forecast EPS is downgraded -10%-18% over FY25-27, and the price target has been lowered to $1.25 (was $1.40). 

Commentary highlights cycle volume softness and offshore price pressure are keeping margins under pressure. Management says May volumes improved, but not enough to offset a weak MarchApril. Overweight.

This report was published on May 27, 2025.

Target price is $1.25 Current Price is $0.77 Difference: $0.48
If MVF meets the Wilsons target it will return approximately 62% (excluding dividends, fees and charges).
Current consensus price target is $1.13, suggesting upside of 46.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 4.80 cents and EPS of 6.90 cents.
At the last closing share price the estimated dividend yield is 6.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of N/A.
Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 5.00 cents and EPS of 7.10 cents.
At the last closing share price the estimated dividend yield is 6.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of -5.5%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 11.2.

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

MYR    MYER HOLDINGS LIMITED

Household & Personal Products – Overnight Price: $0.73

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

Myer provided a trading update ahead of its investor day, and Canaccord Genuity notes it was both positive and negative.

On the positive side, total sales for the 16-week period to date for Myer were running ahead of the broker’s forecast, prompting an upward revision. Sales for the newly acquired Apparel Brands were weaker than expected, leading to a downgrade to the forecast.

The company pointed to multiple headwinds, including cost and margin pressure, and unfavourable forex movements.

The broker cut FY25 EBIT (pre-AASB16) forecast by -5.9% and FY26 by -11.5%.

Buy. Target cut to $1.05 from $1.10.

This report was published on May 26, 2025.

Target price is $1.05 Current Price is $0.73 Difference: $0.32
If MYR meets the Canaccord Genuity target it will return approximately 44% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 2.50 cents and EPS of 4.60 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.87.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 2.50 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.90.

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

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

Petra Capital only initiated coverage of Myer with a Buy rating and target price of 90c in early April as the company posted stronger second-half trading to date, with total store sales up 1.9% and online sales rising 9%.

Apparel Brands remain soft (-3.9%), but commentary points out the performance is improving from earlier in the half. Petra says unseasonal weather and pre-election caution weighed on April, but winter’s arrival and an RBA rate cut have lifted momentum.

Margins remain under pressure from promotions and upfront investment in leadership, the broker notes, though gross margin pressure may ease into year-end. Meanwhile, distribution issues are being addressed with a new third-party logistics hub going live from June.

Earnings have been trimmed, with forecast EPS down -7% for FY25, but Petra’s $0.90 target is unchanged. Buy.

This report was published on May 26, 2025.

Target price is $0.90 Current Price is $0.73 Difference: $0.17
If MYR meets the Petra Capital target it will return approximately 23% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 2.60 cents and EPS of 3.30 cents.
At the last closing share price the estimated dividend yield is 3.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.12.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 3.00 cents and EPS of 4.80 cents.
At the last closing share price the estimated dividend yield is 4.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.21.

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

PFP    PROPEL FUNERAL PARTNERS LIMITED

Consumer Products & Services – Overnight Price: $4.46

Moelis rates ((PFP)) as Buy (1) –

Moelis notes Propel Funeral Partners has downgraded expectations for FY25, guiding to $222.5m revenue and $55m EBITDA, respectively -4% and -8% below consensus.

The culprit: softer-than-expected organic death volumes, especially in Q2. A largely fixed cost base is amplifying the impact, with margins now forecast at 24.7%, down from 25.9%.

Moelis has trimmed its earnings and dividend forecasts across FY2527 by up to -19%, and now assumes more conservative operating leverage.

Buy rating retained with reference to the defensive nature of the deathcare sector, Propel’s high-quality assets, and ample room to grow via acquisition (the company has just 9% share in a fragmented market).

With no major acquisitions announced this half and CEO succession still in transition, commentary suggests upside will depend on execution. A number of potential deals remain in the pipeline, though timing is unclear.

Target price trimmed to $5.54 from $6.10.

This report was published on May 28, 2025.

Target price is $5.54 Current Price is $4.46 Difference: $1.08
If PFP meets the Moelis target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $5.82, suggesting upside of 29.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 12.50 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 2.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.9, implying annual growth of 12.3%.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 28.2.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 14.00 cents and EPS of 16.80 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.8, implying annual growth of 11.9%.
Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 25.2.

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.85

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

Wilsons observes how Plenti delivered a strong FY25 result, with cash net profit up 126% to $13.8m and its loan book growing 19% to $2.54bn.

Operating momentum continues, supported by the partnership with National Australia Bank ((NAB)) and lower funding costs. Wilsons remains bullish, forecasting $21m net profit in FY26 and $3bn in loans; targets considered as well within reach.

Management has outlined a new five-year roadmap in three stages: near-term efficiency gains (Horizon 1), adjacent product and partner expansion (Horizon 2), and bold scaling into new verticals and acquisitions (Horizon 3).

Wilsons has trimmed its price target to $1.32 from $1.58 after factoring in tax from FY27 onwards, but reiterates its Overweight rating, citing premium growth versus peers and compelling forward multiples.

This report was published on May 27, 2025.

Target price is $1.32 Current Price is $0.85 Difference: $0.47
If PLT meets the Wilsons target it will return approximately 55% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.42.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.04.

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

SGLLV    RICEGROWERS LIMITED

Food, Beverages & Tobacco – Overnight Price: $10.92

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

Ahead of Ricegrowers’ FY25 results in a few weeks, Canaccord Genuity notes management expects revenue to be in line with FY24 and EBITDA to post a modest increase. The broker’s forecasts align with them and incorporate a 47:53 1H/2H split.

The company announced a $3bn aspirational target for 2030 revenue at the AGM last year, and the analyst believes this will likely require some M&A.

No surprises from the announcement of the proposed retirement of the Chair and replacement by Deputy Chair John Bradford. 

Buy. Target price $11.85.

This report was published on May 26, 2025.

Target price is $11.85 Current Price is $10.92 Difference: $0.93
If SGLLV meets the Canaccord Genuity target it will return approximately 9% (excluding dividends, fees and charges).
The company’s fiscal year ends in April.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 60.00 cents and EPS of 103.00 cents.
At the last closing share price the estimated dividend yield is 5.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.60.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 62.00 cents and EPS of 110.00 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.93.

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

SGM    SIMS LIMITED

Steel & Scrap – Overnight Price: $15.08

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

Following visits to steel fabricators, scrap collectors and steel producers, and company facilities in Western Sydney, Goldman Sachs concludes Australian steel demand will grow modestly over 2025 and 2026. 

Infrastructure will grow faster than the residential market, but overall acceleration is seen as a 2027 story.

For Sims, the broker only sees slight growth in the Australian business, forecasting around 6% sales volume growth in Australia/NZ by 2030.

Sell. Target price $12

This report was published on May 22, 2025.

Target price is $12.00 Current Price is $15.08 Difference: minus $3.08 (current price is over target).
If SGM meets the Goldman Sachs target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.22, suggesting downside of -6.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 28.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.1, implying annual growth of N/A.
Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 33.1.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 10.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 0.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.7, implying annual growth of 92.4%.
Current consensus DPS estimate is 34.3, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 17.2.

Market Sentiment: 0.1
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

Moelis rates ((VAU)) as Buy (1) –

Vault Minerals has upgraded reserves at King of the Hills –shortcut KOTH– by a third to 2.2Moz, backing a two-stage plant expansion to 7.5Mtpa at a combined cost of -$172m. The mine life now runs to FY38, with production averaging 215koz/year for the next five years.

Moelis leaves its $0.70 price target unchanged but flags this as a significant shift in the project’s economics. Lower cut-off grades, higher throughput, and gold price assumptions (to $3,750/oz from $2,900) all underpin the new plan, but also introduce more moving parts.

Stage 1 is already under way; Stage 2 follows by end 2026. Moelis believes funding won’t be an issue and notes management’s execution track record is solid.

Key risk: plant capacity rises while gold prices fall, leaving a mismatch. Moelis sees that risk as manageable given flexibility in the mine plan.

Buy rating retained, though the broker highlights more detail will be needed to fully understand the impact on margins and valuation metrics. Target has lifted by 2c to 70c.

This report was published on May 27, 2025.

Target price is $0.70 Current Price is $0.46 Difference: $0.24
If VAU meets the Moelis target it will return approximately 52% (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 3.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.94.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.60 cents and EPS of 3.80 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.11.

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

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