Australian Broker Call *Extra* Edition – Jun 02, 2025

This story features 3P LEARNING LIMITED, and other companies. For more info SHARE ANALYSIS: 3PL

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)

3PL   ALQ   APE   BRE   BTR   CIA   CNB   CWY   EBR   FPH (2)   GMG   GYG   IAG   IFT   IPG   MIN   NXG   PDI   REA   RXL   SMP   TLS   VUL   WEB (2)  

3PL    3P LEARNING LIMITED

Education & Tuition – Overnight Price: $0.66

Taylor Collison rates ((3PL)) as Hold & Marketperform (3) –

Taylor Collison maintains a Hold rating on 3P Learning, citing positive early signs in US Reading Eggs usage and improved margin efficiencies, though broader revenue growth remains subdued.

The company transitioned to direct distribution of Reading Eggs in the United States starting in February 2024. 

The broker points to an around 22% increase in US users over the last twelve months, attributing growth to the transition back to in-house sales and rising B2C demand amid reduced federal funding.

In Australia, the analyst observes traffic to the 3plearning.com domain is up 9% over the past six months, suggesting successful migration to the new 3 Essentials platform.

The UK market continues to underperform, notes Taylor Collison, with Mathletics usage halving year-on-year, although the broker expects bundling under the 3E package to aid recovery from the first half of 2026. 

No target price is mentioned.

This report was published on May 23, 2025.

Current Price is $0.66. Target price not assessed.
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 3.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.41.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 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 13.20.

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

ALQ    ALS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $16.07

Jarden rates ((ALQ)) as Underweight (4) –

ALS Ltd reported FY25 profit of $312m, in line with guidance and consensus, notes Jarden. Life Sciences showed strong cost control, while Commodities delivered a better second half despite weaker pricing.

A $390m equity raise was announced, which the broker views as dilutive and unnecessary given existing funding capacity.

FY26 guidance implies to the analysts modest growth, with second-half skew and ongoing pricing pressure in Geochemistry.

Jarden cuts its EPS forecasts by up to -3.2% through FY28 due to mix and cost concerns. The target price falls to $14.60 from $15.00. Underweight rating.

This report was published on May 30, 2025.

Target price is $14.60 Current Price is $16.07 Difference: minus $1.47 (current price is over target).
If ALQ meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.86, suggesting upside of 17.7%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 42.20 cents and EPS of 71.40 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.0, implying annual growth of 38.0%.
Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 21.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 49.00 cents and EPS of 81.60 cents.
At the last closing share price the estimated dividend yield is 3.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.9, implying annual growth of 12.2%.
Current consensus DPS estimate is 49.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 19.6.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $17.36

Moelis rates ((APE)) as Hold (3) –

Moelis notes Eagers Automotive reported a stronger-than-expected year-to-date trading performance, with pre-tax profit (PBT) marginally ahead of the prior corresponding period as of April 2025.

Management re-iterated full-year guidance, citing solid order write and record performance from its Retail Joint Venture and easyauto123 platforms.

The company expects 2H25 to benefit from improving industry conditions, potential interest rate relief, and fewer external disruptions, notes the broker.

A new long-term agreement with BYD Australia is seen as a strategic growth driver, with Eagers positioned as a key retail partner.

Despite a positive outlook, the stock is trading at a high multiple, leading the broker to maintain a Hold rating with a target price of $18.02, up from $15.23.

This report was published on May 28, 2025.

Target price is $18.02 Current Price is $17.36 Difference: $0.66
If APE meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $16.86, suggesting downside of -1.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 81.10 cents and EPS of 105.50 cents.
At the last closing share price the estimated dividend yield is 4.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.8, implying annual growth of 25.6%.
Current consensus DPS estimate is 70.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 86.90 cents and EPS of 111.30 cents.
At the last closing share price the estimated dividend yield is 5.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.8, implying annual growth of 6.0%.
Current consensus DPS estimate is 70.3, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 16.0.

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

BRE    BRAZILIAN RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $1.99

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

Canaccord Genuity highlights promising exploration progress for Brazilian Rare Earths at its Sulista project in Brazil. Diamond drilling at Sulista West has delivered shallow high-grade results such as 20.4m at 11.8% total rare earth oxides (TREO).

The company has also identified the Outcrop Ridge area as potentially more significant than Sulista West, notes the broker, with surface samples up to 20.6% TREO and geophysical anomalies suggesting a large mineralised system.

Nearby Sulista East adds further potential, suggest the analysts, with grab samples from weathered bedrock reaching 16.5% TREO; a 3,000m diamond drilling program has commenced there.

Canaccord retains a Speculative Buy rating and $5.00 price target.

This report was published on May 29, 2025.

Target price is $5.00 Current Price is $1.99 Difference: $3.01
If BRE meets the Canaccord Genuity target it will return approximately 151% (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

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.59

Petra Capital rates ((BTR)) as Initiation of coverage with Buy (1) –

Petra Capital initiates coverage on Brightstar Resources with a Buy rating and $1.20 target.

The company has positioned itself as a future 200koz per annum gold producer, with near-term cashflow already initiated via toll-treatment agreements at its Laverton hub, highlights the broker.

The analyst points out the resource base has expanded to 3moz through aggressive M&A, acquiring assets at an average of $36/oz compared to a sector average of $99/oz.

A definitive feasibility study (DFS) for Laverton is due in June 2025, targeting initial standalone production of 80kozpa by 2027 and group output exceeding 200kozpa by FY30. This is when Sandstone and Menzies hubs come online.

Management is described as highly experienced across mine development and geology, with key leadership drawn from prior successes at Westgold Resources ((WGX)), Ramelius Resources ((RRL)) and Pilbara Minerals ((PLS)).

This report was published on May 29, 2025.

Target price is $1.20 Current Price is $0.59 Difference: $0.61
If BTR meets the Petra Capital target it will return approximately 103% (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 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 590.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 9.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.34.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $4.33

Jarden rates ((CIA)) as Buy (1) –

Champion Iron’s FY25 results offered no surprises to Jarden, excluding the dividend of CA10c per share, which exceeded the broker’s estimate of no dividend and consensus at CA7c per share.

The analyst believes the board’s dividend decision reflects lower future growth in capex and the unwind of working capital related to the stockpiled concentrate.

The company’s concentrate inventory is expected to unwind the 2.6wmt balance by mid-2026, which should release revenues of CA$410m at the average price of US$112/t FOB, or some CA$200m in after-tax cash flow.

Buy rating unchanged. Target slips to $6.63 from $6.91.

This report was published on May 29, 2025.

Target price is $6.63 Current Price is $4.33 Difference: $2.3
If CIA meets the Jarden target it will return approximately 53% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 49.05 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.83.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 38.11 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.36.

This company reports in CAD. 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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.35

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

Petra Capital notes Carnaby Resources’ Trekelano deposit intersected high-grade copper and gold mineralisation, lifting confidence in the deposit’s potential.

An expanded pre-feasibility study for the Greater Duchess copper-gold project is expected in the December quarter, and the broker expects an increase in the mining inventory.

The broker also points to increased M&A activity in the copper space and believes there’s upside potential for the company.

Buy. Target unchanged at $1.27.

This report was published on May 29, 2025.

Target price is $1.27 Current Price is $0.35 Difference: $0.92
If CNB meets the Petra Capital target it will return approximately 263% (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 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.95.

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 10.94.

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

CWY    CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.81

Jarden rates ((CWY)) as Buy (1) –

Following presentations from Cleanaway Waste Management on its branch-led operating model and site visits, Jarden sees upside potential in three key areas.

The broker notes labour turnover has improved and is now around 15% vs FY23 peak of 21.5%, raising potential for cost savings and increased EBIT margins.

Improving labour productivity and lower competition particularly in Victoria would also support EBIT margins. Finally, the broker also sees upside from large contract wins in Municipal solid waste services.

No change to forecasts. Buy. Target unchanged at $3.10.

This report was published on May 28, 2025.

Target price is $3.10 Current Price is $2.81 Difference: $0.29
If CWY meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.06, suggesting upside of 9.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 5.70 cents and EPS of 9.20 cents.
At the last closing share price the estimated dividend yield is 2.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 26.6%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 31.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.20 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.0, implying annual growth of 23.6%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 25.5.

Market Sentiment: 0.7
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: $1.11

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

EBR Systems has raised $56m to support the US launch of its Wise-CRT device, with a further $6m share purchase plan, ensuring funding through to end-2026, suggests Wilsons.

The analysts expect the launch to begin cautiously, with electrophysiologist training already underway and first implants imminent at centres from the Solve-CRT study.

According to the broker, Wise-CRT should gain traction among the around 40,000 annual patients who cannot receive conventional CRT, with interest also growing in using the system for septal pacing.

Wilsons maintains an Overweight rating. The target falls to $3.00 from $3.50 largely due to new shares on issue.

This report was published on May 29, 2025.

Target price is $3.00 Current Price is $1.11 Difference: $1.89
If EBR meets the Wilsons target it will return approximately 170% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 18.03 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.16.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 17.57 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.32.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $33.93

Jarden rates ((FPH)) as Neutral (3) –

Fisher & Paykel Healthcare’s FY25 revenue was slightly weaker than Jarden’s forecast, but net profit was in line, and free cash flow was strong. 

Homecare revenue slowed in 2H due mainly to lower mask sales as new competitors entered the market.  Hospital revenue was up 18% y/y, though growth slowed in 2H even in this segment. 

The company’s FY26 revenue guidance was below the broker’s forecast, prompting a downgrade in revised forecasts.

The broker removed tariff impact from its forecasts and accounted for a larger hedge book after the company increased hedging due to NZD’s recent weakness. The net result was a 2% lift to FY26 EPS.

Neutral. Target price rises to NZ$34.50 from NZ$33.20.

This report was published on May 28, 2025.

Current Price is $33.93. Target price not assessed.
Current consensus price target is $35.90, suggesting upside of 5.7%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 44.68 cents and EPS of 68.76 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.3, implying annual growth of N/A.
Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 50.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 51.07 cents and EPS of 78.24 cents.
At the last closing share price the estimated dividend yield is 1.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 43.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.6, implying annual growth of 18.3%.
Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 42.7.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
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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Wilsons rates ((FPH)) as Overweight (1) –

Fisher & Paykel Healthcare reported FY25 revenue of NZ$2.02bn and profit of NZ$377m, both ahead of Wilsons’ expectations.

Gross margin rose to 62.9%, with hospital segment growth driven by new applications, explain the analysts.

FY26 guidance is conservative, suggests the broker, with revenue forecast between NZ$2.152.25bn and profit NZ$390-440m.

Management noted US tariff headwinds and a normalised flu season, but expects further margin expansion.

The Overweight rating is retained, supported by the broker’s 16% EPS compound annual growth rate (CAGR) forecast through FY28. The target rises to $37.58 from $35.

This report was published on May 30, 2025.

Target price is $37.58 Current Price is $33.93 Difference: $3.65
If FPH meets the Wilsons target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $35.90, suggesting upside of 5.7%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 43.77 cents and EPS of 65.66 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.3, implying annual growth of N/A.
Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 50.5.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 49.24 cents and EPS of 75.42 cents.
At the last closing share price the estimated dividend yield is 1.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 44.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.6, implying annual growth of 18.3%.
Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 42.7.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GMG    GOODMAN GROUP

Infra & Property Developers – Overnight Price: $32.92

Jarden rates ((GMG)) as Buy (1) –

Jarden has lowered its target price for Goodman Group to $39.00 from $39.50 following a moderation in near-term earnings forecasts. The Buy rating is retained.

While guidance for 2025 operating earnings growth is 9%, the broker believes this is a temporary trough and expects stronger growth to resume from 2026 as data centre developments accelerate and new capital partners are onboarded.

The broker forecasts cumulative earnings (EBITDA) of around $28bn over the next decade, underpinned by logistics, data centre development and residential conversion opportunities.

Logistics is expected to remain around 30% of the development pipeline, with additional upside from selective residential asset conversions contributing to net tangible asset accretion. 

This report was published on May 28, 2025.

Target price is $39.00 Current Price is $32.92 Difference: $6.08
If GMG meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $36.17, suggesting upside of 10.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 30.00 cents and EPS of 117.60 cents.
At the last closing share price the estimated dividend yield is 0.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.1, implying annual growth of N/A.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 27.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 30.00 cents and EPS of 130.30 cents.
At the last closing share price the estimated dividend yield is 0.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 131.1, implying annual growth of 11.0%.
Current consensus DPS estimate is 30.4, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 24.9.

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

GYG    GUZMAN Y GOMEZ LIMITED

Food, Beverages & Tobacco – Overnight Price: $30.39

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

Goldman Sachs highlights Guzman y Gomez’s long-term value proposition is in the store roll-out targets, but believes those are overly optimistic. The broker cites limited precedent in the Australian market and development challenges.

For context, the company is targeting 30 new stores annually in the near term, accelerating to 40 stores within 5 years to reach a long-term target of 1,000 stores after 20-plus years.

The broker cut FY25-27 net profit forecasts mainly due to lower forecast earnings in the US. Sell. Target price $29.

This report was published on May 27, 2025.

Target price is $29.00 Current Price is $30.39 Difference: minus $1.39 (current price is over target).
If GYG meets the Goldman Sachs target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $38.00, suggesting upside of 26.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 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 189.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 244.9.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 28.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 108.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.7, implying annual growth of 100.8%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 121.9.

Market Sentiment: 0.7
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: $8.64

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

Jarden remains cautious on regulatory risk for Insurance Australia Group’s proposed acquisition of RAC, viewing the competitive landscape in Western Australia as more problematic than for the recently approved RACQ deal.

RAC has demonstrated stronger market share growth in WA, notes the broker, and despite lower catastrophe risk and higher profitability, the acquisition would substantially increase market concentration.

The ACCC is expected to weigh improved access to capital for RAC under Insurance Australia Group, but the introduction of cumulative merger assessments from 2026 may complicate approval, suggest the analysts.

Jarden retains a Neutral rating and target price of $8.00.

This report was published on May 28, 2025.

Target price is $8.00 Current Price is $8.64 Difference: minus $0.64 (current price is over target).
If IAG meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.79, suggesting upside of 2.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 35.00 cents and EPS of 47.50 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.7, implying annual growth of 27.8%.
Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 31.00 cents and EPS of 42.20 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.1, implying annual growth of -9.6%.
Current consensus DPS estimate is 30.8, 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

IFT    INFRATIL LIMITED

Wealth Management & Investments – Overnight Price: $9.72

Jarden rates ((IFT)) as Buy (1) –

Infratil reported FY25 earnings (EBITDA) up 6.2% on a year earlier, which was slightly above Jarden’s estimate and included a robust contribution from CDC, One NZ and Wellington Airport, Jarden highlights.

The broker points to the FY26 outlook as expected. CDC is flagged for doubling earnings (EBITDA) by FY27 from FY25, with some slower-than-anticipated contracting of capacity in the short term.

A final dividend per share of NZD13.25c amounts to FY25 dividends of NZD20.5c per share, a rise of 2.5% on FY24.

Buy retained. Target price set at NZ$14.31 from NZ$14.57.

This report was published on May 28, 2025.

Current Price is $9.72. Target price not assessed.
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of minus 12.22 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 79.54.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 4.65 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 208.99.

Market Sentiment: 1.0
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: $3.06

Moelis rates ((IPG)) as Buy (1) –

Moelis cuts its target price for IPD Group to $4.21 from $5.33 following a downgrade to FY25 earnings (EBITDA) guidance to $45.7-46.3m, a -7.6% decline versus pro forma FY24.

The revision reflects margin pressure from a higher share of large project-based orders, explains the broker, though revenue is expected to grow from FY24’s $350.4m, led by 4.9% growth in the core IPD business and 25% in data centres.

Performance in other segments is mixed, with growth from CMI’s plugs and EX Engineering offset by weakness in CMI cables (-7.6%) and Addelec (-12.6%) due to market conditions and project delays, explain the analysts.

The order backlog is stable at $91.5m, highlights Moelis, and the company has returned to a net cash position following a $10m loan repayment. 

The Buy rating is maintained.

This report was published on May 30, 2025.

Target price is $4.21 Current Price is $3.06 Difference: $1.15
If IPG meets the Moelis target it will return approximately 38% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 11.10 cents and EPS of 24.60 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.44.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 13.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.77.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $22.19

Jarden rates ((MIN)) as Sell (5) –

Jarden’s site visit to Onslow was viewed positively, with the broker upbeat on how “robust” the resurfaced road appears with the engineering capability showcased.

The broker estimates Onslow capacity to reach around 37.5mtpa post-visit, with management targeting sustainable operating costs of $49/wmt from $40/wmt initially.

Jarden raises FY26 iron ore by 6% to US$90/dmt from US$85/dmt, while lowering lithium prices in FY25FY27. The analyst is also positive on the recent appointment of Mal Bundey as Chair and Chair of the Ethics and Governance Committee.

Target price lifts to $16.20 from $15.50. No change to Sell rating.

This report was published on May 30, 2025.

Target price is $16.20 Current Price is $22.19 Difference: minus $5.99 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 27% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.89, suggesting upside of 31.0%(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 minus 151.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 14.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -89.3, 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.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 47.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 46.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 126.2, 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 17.5.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NXG    NEXGEN ENERGY LIMITED

Uranium – Overnight Price: $9.88

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

Petra Capital notes NexGen Energy is awaiting the final approval hearing for the Rook I uranium project in Canada. This could see first production in mid-2030, a two-year delay from the company’s original target date.

The company now expects construction to take 48 months, from 42 months previously estimated.

The broker continues to see approval as a key catalyst and has removed corporate premium from the target price, which is now cut to $10.74 from $14.33.

Buy maintained.

This report was published on May 29, 2025.

Target price is $10.74 Current Price is $9.88 Difference: $0.86
If NXG meets the Petra Capital target it will return approximately 9% (excluding dividends, fees and charges).

This company reports in CAD. 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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.39

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

The Guinean Ministry of Mines and Geology has revoked around 100 exploration permits, which includes Predictive Discovery’s Algo and Bokoro permits. The company advised it has not received formal communication and will appeal the revocation.

Canaccord Genuity highlights the trigger for revocation is the 2026 elections. The broker notes the revoked permits don’t include the Kaniko and Saman exploration permits that contain 5.38Moz of the overall 5.53Moz Bankan resource.

Speculative Buy. Target price 56c.

This report was published on May 28, 2025.

Target price is $0.56 Current Price is $0.39 Difference: $0.175
If PDI meets the Canaccord Genuity target it will return approximately 45% (excluding dividends, fees and charges).

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $239.71

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

Goldman Sachs notes confirmation from REA Group about receipt of s155 notice from ACCC about an investigation, and media reports suggesting it relates to unreasonable price hikes from the dominant market position.

The broker believes this development, along with competitive risk from CoStar and CEO transition, will remain a potential overhang on the stock.

On the investigation, the broker observes it relates to subscription contracts, rather than pricing, but also notes comments from former ACCC chair that the company should be investigated for anti-competitive behaviour.

The broker also notes advertising on its platform remains a choice, and other alternatives are growing. Buy. Target unchanged at $269.

This report was published on May 27, 2025.

Target price is $269.00 Current Price is $239.71 Difference: $29.29
If REA meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $269.57, suggesting upside of 13.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 230.00 cents and EPS of 418.00 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 57.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 432.5, implying annual growth of 88.6%.
Current consensus DPS estimate is 235.6, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 55.0.

Forecast for FY26:

Goldman Sachs forecasts a full year FY26 dividend of 266.00 cents and EPS of 483.00 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 520.5, implying annual growth of 20.3%.
Current consensus DPS estimate is 284.8, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 45.7.

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

RXL    ROX RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.30

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

Rox Resources reported final gold assay results from its diamond and RC program at the Youanmi gold project, which will be included in the mineral resource estimate update expected in July.

Speculative Buy rating from Canaccord Genuity. Target price 61c.

This report was published on May 28, 2025.

Target price is $0.61 Current Price is $0.30 Difference: $0.31
If RXL meets the Canaccord Genuity target it will return approximately 103% (excluding dividends, fees and charges).

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

SMP    SMARTPAY HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $0.94

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

SmartPay delivered a better-than-expected 2H25 result against Wilsons’ forecasts, driven by a slower ramp in costs.

Strong cost control is also noted post the acquisition of New Zealand-based provider of EFTPOS terminals and business equipment, THL.

Earnings (EBITDA) of NZ$7.2m beat the broker’s expectations due to lower opex, though merchant churn pressures are expected to linger until macro conditions ease later in FY26.

NZ acquiring is entering its third strategic phase, with revenue upside expected from lower interchange fees and new bundled products. The analysts believe average revenue per user (ARPU) should benefit from upcoming product launches.

The broker sees strategic value in the company’s rare acquiring licence in New Zealand, noting the current $1.12 takeover bid undervalues the asset given its scarcity.

Wilsons maintains an Overweight rating and cuts its price target to $1.20 from $1.26.

This report was published on May 29, 2025.

Target price is $1.20 Current Price is $0.94 Difference: $0.255
If SMP meets the Wilsons target it will return approximately 27% (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 0.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 148.12.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.65 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.90.

This company reports in NZD. 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

TLS    TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $4.78

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

The Connected Future 30 strategy is seen by Jarden as validating Telstra Group’s recent share price performance, underpinned by a more flexible capital management framework and dividend policy allowing partial franking.

An increased net debt/EBITDA range of 1.75-2.25x times supports up to $4.1bn in share buybacks through FY30, notes the broker.

Jarden sees upside risks to dividend forecasts, with a forecast cash EPS payout of 84% and mobile earnings expected to drive FY26 growth.

The “Network-as-a-Product” strategy is considered the most transformative opportunity, monetising differentiated connectivity attributes.

Jarden maintains an Overweight rating on Telstra with its target price lifted to $4.70 from $4.60.

This report was published on May 28, 2025.

Target price is $4.70 Current Price is $4.78 Difference: minus $0.08 (current price is over target).
If TLS 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 $4.76, suggesting downside of -0.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 19.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.3, implying annual growth of 37.4%.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 24.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 20.00 cents and EPS of 21.30 cents.
At the last closing share price the estimated dividend yield is 4.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.6, implying annual growth of 11.9%.
Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 22.1.

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

VUL    VULCAN ENERGY RESOURCES LIMITED

New Battery Elements – Overnight Price: $3.88

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

Vulcan Energy Resources started drilling at the first new well for phase one of the Lionheart lithium project in Germany. Canaccord Genuity believes it reflects the company’s strong conviction in completing financing for the project.

Due diligence for the EUR1bn funding from the German Raw Materials Fund was completed in April. The broker has modelled EUR1.5bn in debt, EUR400m in equity, and EUR200m in government grant funding from the German government.

Speculative Buy. Target $10.

This report was published on May 28, 2025.

Target price is $10.00 Current Price is $3.88 Difference: $6.12
If VUL meets the Canaccord Genuity target it will return approximately 158% (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 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 55.43.

Forecast for FY26:

This company reports in EUR. 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

WEB    WEB TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $5.06

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

Jarden is positive about Web Travel’s outlook due to accelerating total transaction value (TTV) after a tough FY25. The broker notes conversion rates are increasing, and the company appears to be on track for a 50% EBITDA margin in FY27.

For FY26, though, the company expects an EBITDA margin of 44-47% vs the consensus of 49%, but expects this to be offset by TTV upgrades.

The broker is forecasting a 28% y/y increase in FY26 TTV and a slightly higher margin than the company’s guidance, with FY27 margin estimated at 50%.

Overweight. Target cut to $5.40 from $5.60 on roll-forward and higher risk-free rate, partly offset by upgrades to earnings forecasts.

This report was published on May 29, 2025.

Target price is $5.40 Current Price is $5.06 Difference: $0.34
If WEB meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $6.28, suggesting upside of 24.1%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 10.00 cents and EPS of 30.20 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 16.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.0, implying annual growth of -48.2%.
Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 12.00 cents and EPS of 39.90 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.1, implying annual growth of 30.0%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 14.4.

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

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

WEB Travel delivered a standout FY25 result in the ASX travel sector, assesses Wilsons, with group earnings (EBITDA) of $120.6m, 2% above the broker’s forecast.

Total transaction value (TTV) grew 22% to $4.87bn, and a revenue margin of 6.7% beat the analyst’s forecast despite strong growth in lower-margin regions.

The trading update for 1H26 showed bookings and TTV up respectively 29% and 28%, with broad-based regional strength, highlights Wilson.

FY26 WebBeds EBITDA margin guidance was reduced to 44-47% from around 50% due to increased investment in contracting and sales, but margins are expected to recover to circa 50% by FY28.

Wilsons raises its price target to $6.39 from $5.77 and retains an Overweight rating.

This report was published on May 29, 2025.

Target price is $6.39 Current Price is $5.06 Difference: $1.33
If WEB meets the Wilsons target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $6.28, suggesting upside of 24.1%(ex-dividends)
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 24.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.0, implying annual growth of -48.2%.
Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 13.80 cents and EPS of 32.30 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.1, implying annual growth of 30.0%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 14.4.

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

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