Australian Broker Call *Extra* Edition – Jun 04, 2025

This story features AURA ENERGY LIMITED, and other companies. For more info SHARE ANALYSIS: AEE

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)

AEE   ARX   ASL   AYA   BKW   BRE   BRI   BSL   BWN   D2O   DVP   DXB   EQT   INR   IPH   JDO   MEK   MYR   NEU   PRN   PXA   SHV   SYL   TWE   VAU   XRO  

AEE    AURA ENERGY LIMITED

Energy – Overnight Price: $0.12

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

Petra Capital views Aura Energy’s Swedish collaboration as strategically positive, enabling development of the 800mlbs Haagan uranium project while maintaining focus on the Tiris project in in Mauritania.

The broker notes growing political support for nuclear expansion in Sweden, with a vote to lift the uranium mining ban expected in 2025.

Aura’s -$100,000 investment in Neu Horizon Uranium is low-cost and non-dilutive, highlights the analyst, offering regulatory access and local project leverage.

Petra Capital maintains a Buy rating and a 39c target price.

This report was published on June 3, 2025.

Target price is $0.39 Current Price is $0.12 Difference: $0.265
If AEE meets the Petra Capital target it will return approximately 212% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 41.67.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 62.50.

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

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.47

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

Aroa Biosurgery reported FY25 result, with Canaccord Genuity noting revenue and earnings (EBITDA) came in slightly above guidance, with the FY26 outlook offered viewed as both “achievable” and conservative.

The broker highlights good growth for Myriad, up 38% over the period, and this is anticipated to be the growth driver for the company.

Canaccord Genuity sees Aroa as a med-tech story whereby sales growth is expected to exceed cost growth as the team matures and new reps are added.

No change to Buy rating and 90c target price.

This report was published on May 30, 2025.

Target price is $0.90 Current Price is $0.47 Difference: $0.435
If ARX meets the Canaccord Genuity target it will return approximately 94% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.92 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.28.

Forecast for FY27:

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

ASL    ANDEAN SILVER LIMITED

Gold & Silver – Overnight Price: $1.08

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

Canaccord Genuity explains the latest mapping, rock chip and geophysics program from Andean Silver has shown a highly prospective vein system outside of the miner’s existing 111moz Ag equivalent resource.

The analyst notes three rigs are on site with a fourth scheduled for mid-2025, covering around 40km program, and the geographical surveys have identified deep-rooted vein systems up to -500m below surface.

Speculative Buy retained for Andean Silver. Target sits at $3.05.

This report was published on May 29, 2025.

Target price is $3.05 Current Price is $1.08 Difference: $1.97
If ASL meets the Canaccord Genuity target it will return approximately 182% (excluding dividends, fees and charges).

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

AYA    ARTRYA LIMITED

Medical Equipment & Devices – Overnight Price: $0.70

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

Petra Capital anticipates first US revenue in July 2025 following FDA clearance of Artrya’s Salix Coronary Anatomy (SCA) product in March. A more significant uplift is expected after the Salix Coronary Plaque (SCP) product gains approval, expected in Q3 of 2025.

SCP is the key revenue driver, highlights the broker, forecast to contribute over 70% of US revenue by FY29, supported by reimbursement of US$950 per scan.

Management is targeting more than $100m in revenue in FY29 and profitability by FY27, underpinned by a pipeline of 6-8 large US hospital systems performing around 400,000 scans annually.

The analyst sees a clear path to sustained growth, driven by the US market, and notes the company’s Australian operations are now considered non-core and excluded from growth forecasts.

Petra Capital raises its target price to $2.81 from $2.62 and maintains a Buy rating.

This report was published on June 2, 2025.

Target price is $2.81 Current Price is $0.70 Difference: $2.11
If AYA meets the Petra Capital target it will return approximately 301% (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 16.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.19.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 8.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.95.

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

BKW    BRICKWORKS LIMITED

Building Products & Services – Overnight Price: $34.91

Jarden rates ((BKW)) as Downgrade to Neutral from Overweight (3) –

Jarden views the proposed merger between Brickworks and Washington H. Soul Pattinson as strategically sound.

The merger removes the cross-shareholding structure and unlocks a -24% conglomerate discount embedded in Brickworks’ share price, note the analysts.

Brickworks shareholders would receive 0.82 MergeCo shares per Brickworks share, implying to the broker a value of $30.28, representing a 10-22% premium to recent trading levels and volume weighted average price (VWAP).

The analysts expect the deal to improve liquidity, simplify the capital structure, and enable longer-term decision-making less tied to the housing cycle. Minimal synergies and estimated stamp duty costs of around -$250m are also noted.

Jarden forecasts completion by October 2025, pending approvals, and expects MergeCo to be net cash post-deal with Brickworks’ industrial and investment interests housed in the private equity segment.

Jarden raises the target price to $32.30 from $25.00 and downgrades Brickworks to Neutral from Overweight.

This report was published on June 2, 2025.

Target price is $32.30 Current Price is $34.91 Difference: minus $2.61 (current price is over target).
If BKW 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 $31.03, suggesting downside of -7.6%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 69.00 cents and EPS of 97.70 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 35.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 121.1, implying annual growth of N/A.
Current consensus DPS estimate is 65.3, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 27.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 71.00 cents and EPS of 137.10 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 25.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 148.9, implying annual growth of 23.0%.
Current consensus DPS estimate is 66.8, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 22.5.

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: $1.95

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

Petra Capital highlights new ultra-high-grade drill results from the Sulista prospect, located 80km from Monte Alto, reinforcing the view Brazilian Rare Earths controls a district-scale rare earths province.

While Sulista’s grades are below Monte Alto’s average of 14.2% total rare earth oxides (TREO), they remain well above leading ex-China producers such as Lynas Rare Earths ((LYC)), observes the broker.

The potential for shared infrastructure with Monte Alto could reduce capital intensity, and early uranium assays at Sulista point to a valuable co-product opportunity, in the analysts’ opinion.

Petra Capital maintains a Buy rating and a $4.52 target price.

This report was published on May 30, 2025.

Target price is $4.52 Current Price is $1.95 Difference: $2.57
If BRE meets the Petra Capital target it will return approximately 132% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 14.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.64.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 31.97.

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

BRI    BIG RIVER INDUSTRIES LIMITED

Building Products & Services – Overnight Price: $1.32

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

April housing approvals rose 9% year-on-year, though momentum slowed due to prior macro volatility, observes Petra Capital.

Despite near-term softness, especially in NSW and VIC, the broker believes housing demand has bottomed and sees the cycle in early recovery. Single-family approvals, critical for Big River Industries, rose 7.6% year-on-year.

Government initiatives such as construction incentives and $10bn for new homes will also be supportive for the company’s investment case, points out the analyst.

No changes have been made to financial forecasts. Petra Capital maintains a Buy rating and a $1.78 target price.

This report was published on June 2, 2025.

Target price is $1.78 Current Price is $1.32 Difference: $0.46
If BRI meets the Petra Capital target it will return approximately 35% (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 3.00 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.09.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 5.00 cents and EPS of 7.60 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 17.37.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $24.19

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

Jarden reckons US President Trump’s intention to double steel/aluminium tariffs to 50% from 25% under section 232 could see positive US steel pricing and spreads momentum resume.

BlueScope Steel is a net beneficiary of US steel tariffs via its 2.7mt per annum exposure. Before this announcement, the broker believed there was already an upside earnings risk with 2H25 EBIT likely to come in higher than the $360-430m guidance range.

The broker reiterated its US steel spread estimate of US$400-425/t for FY26-29 looks conservative.

No change to forecasts. Overweight. Target unchanged at $24.

This report was published on June 2, 2025.

Target price is $24.00 Current Price is $24.19 Difference: minus $0.19 (current price is over target).
If BSL meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $27.34, suggesting upside of 14.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 60.00 cents and EPS of 104.60 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.13.

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 2.5%.
Current consensus EPS estimate suggests the PER is 23.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 176.70 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.69.

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 2.5%.
Current consensus EPS estimate suggests the PER is 11.4.

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

BWN    BHAGWAN MARINE LIMITED

Overnight Price: $0.52

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

Petra Capital forecasts Bhagwan Marine will deliver sustainable earnings growth. The analyst points to rising vessel utilisation, expansion into higher-value vessel classes, and new market opportunities in wind energy, defence and decommissioning.

With vessel supply constrained and long lead times for new builds, Petra anticipates operating leverage and higher margins as utilisation rises from a current circa 60% toward the 85-90% sustainable range.

The broker forecasts return on average capital employed (ROACE) will grow to 13% by 2027 from 11% in 2024, and a maiden dividend will be paid in 2H25. 

No changes have been made to financial forecasts. Petra Capital maintains a Buy rating and a 62c target price.

This report was published on May 30, 2025.

Target price is $0.62 Current Price is $0.52 Difference: $0.1
If BWN meets the Petra Capital target it will return approximately 19% (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 0.50 cents and EPS of 5.00 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 10.40.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 1.50 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.61.

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

D2O    DUXTON WATER LIMITED

Agriculture – Overnight Price: $1.53

Petra Capital rates ((D2O)) as Buy (1) –

Following shareholder approval to internalise management at the 2024 AGM, Petra Capital believes Duxton Water has removed the final major hurdle for many potential investors.

Previously the manager (Duxton Capital) was a separate legal entity, and  there was less direct alignment with shareholders compared to internal management.

The broker expects a seamless transition, with focus now shifting to capitalising on favourable market conditions.

With the business offering pure exposure to Australian water entitlements (an asset class delivering 7-9% compound growth since 2007), the broker considers the company a compelling investment.

The analyst believes earnings and cash flow will rebound sharply in 2025, underpinned by drier weather and rising entitlement values. 

Petra Capital retains a Buy rating and a $2.10 target price

This report was published on June 2, 2025.

Target price is $2.10 Current Price is $1.53 Difference: $0.565
If D2O meets the Petra Capital target it will return approximately 37% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 7.40 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.53.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 7.70 cents and EPS of 10.50 cents.
At the last closing share price the estimated dividend yield is 5.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.62.

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

DVP    DEVELOP GLOBAL LIMITED

Industrial Metals – Overnight Price: $3.86

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

Canaccord Genuity points to substantial earthworks at Develop Global’s Sulphur Springs zinc-copper project, including the building of boxcut excavation, which is expected to be completed in the Sept quarter 2025, with two underground portals and decline works in the Dec quarter 2025.

The broker notes this is in advance of the anticipated timeline compared to starting June quarter 2026. A ramp-up of Woodlawn could generate free cash flow of $93m in FY26, the analyst explains, which will fund the works at Sulphur Springs.

No change to Speculative Buy and $5.05 target price.

This report was published on May 29, 2025.

Target price is $5.05 Current Price is $3.86 Difference: $1.19
If DVP meets the Canaccord Genuity target it will return approximately 31% (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 0.00 cents.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 61.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.33.

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

DXB    DIMERIX LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.57

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

Dimerix has an exclusive development and license agreement with Japan’s Fuso Pharmaceutical Industries, struck in January 2025, for the commercialisation of its lead drug candidate DMX-200 in Japan.

Initiation of the first clinical site for the Action3 Phase 3 trial in Japan has triggered an around $4.3m milestone payment to Dimerix from Fuso.

Fuso will fund all trial-related costs in Japan, where around 20 patients are to be enrolled as part of the global 286-patient study evaluating DMX-200 in Focal Segmental Glomerulosclerosis (FSGS).

The total deal with Fuso is valued at circa $107m, explains the broker, including up to $30.6m in development milestones, $69.4m in commercial milestones, and 15-20% royalties on sales.

Petra highlights the additional Japanese recruitment should accelerate trial enrolment, with 191 patients dosed as of May 19 and full recruitment targeted for 4Q of 2025.

The broker maintains a Buy rating and a $1.58 target price.

This report was published on June 2, 2025.

Target price is $1.58 Current Price is $0.57 Difference: $1.01
If DXB meets the Petra Capital target it will return approximately 177% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.83.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.11.

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

EQT    EQT HOLDINGS LIMITED

Diversified Financials – Overnight Price: $31.57

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

The broker resumes coverage on EQT Holdings (last update September 2024) expecting FY26 will be a stronger year.

The Australian Executor Trustees Limited (AET) integration is completed and the Corporate & Superannuation Trustee Services (CSTS) business in the UK is now fully exited.

Group funds under management, administration and supervision (FUMAS) is running at around $240bn, supported by recent inflows from Perpetual and upside risk from new fund listings in June, explains the broker.

Wilsons sees clear upside from accretive M&A, with circa $68m net cash and further capital release from AET pending, potentially supporting ASX200 inclusion.

The target price rises to $36.00 from $33.50. Overweight rating retained.

This report was published on June 2, 2025.

Target price is $36.00 Current Price is $31.57 Difference: $4.43
If EQT meets the Wilsons target it will return approximately 14% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 113.00 cents and EPS of 141.80 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.26.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 128.00 cents and EPS of 166.00 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 19.02.

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

INR    IONEER LIMITED

New Battery Elements – Overnight Price: $0.12

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

Canaccord Genuity notes ioneer’s optimisation test work announcement from the Rhyolite Ridge Lithium Project in Nevada, which shows the company has lowered the leach times by 24 hours and is able to process 16% more material, which results in a rise in lithium and boric acid production of 14%.

The broker believes management can continue to leverage operational metrics.

No change to 25c target price. Speculative Buy retained.

This report was published on May 29, 2025.

Target price is $0.25 Current Price is $0.12 Difference: $0.135
If INR meets the Canaccord Genuity target it will return approximately 117% (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 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 38.33.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.48 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 24.06.

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

IPH    IPH LIMITED

Legal – Overnight Price: $4.80

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

Petra Capital believes FY26 will mark the first year of positive organic growth across all three of IPH Ltd’s key regions: A&NZ, Asia, and Canada.

The broker attributes this to case transfers, a recovery in Asian filings including Singapore, resolution of Canadian regulatory delays, and easier year-on-year comparables.

Petra highlights IPH’s sharpened focus on Chinese corporates, which is expected to drive additional offshore filings, supporting growth not just in Asia but also in A&NZ and Canada.

No changes have been made to financial forecasts. Petra Capital retains a Buy rating and an $8.00 target price.

This report was published on June 3, 2025.

Target price is $8.00 Current Price is $4.80 Difference: $3.2
If IPH meets the Petra Capital target it will return approximately 67% (excluding dividends, fees and charges).
Current consensus price target is $6.51, suggesting upside of 36.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 34.90 cents and EPS of 45.90 cents.
At the last closing share price the estimated dividend yield is 7.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.6, implying annual growth of 85.8%.
Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 36.40 cents and EPS of 47.90 cents.
At the last closing share price the estimated dividend yield is 7.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.4, implying annual growth of 6.0%.
Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 9.7.

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

JDO    JUDO CAPITAL HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $1.47

Jarden rates ((JDO)) as Buy (1) –

Jarden maintains a constructive outlook on Judo Capital. Management reaffirmed FY25 and FY26 profit before tax growth guidance of 15% and 50%, respectively, supported by expanding margin, operating leverage and product adjacencies.

The broker notes Judo’s shift into the optimisation phase, focusing on productivity, IT leverage, and new product offerings such as business savings, agribusiness, and wholesale warehouse lending to support funding flexibility and margin expansion.

Loan growth has slowed near term due to the run-off of covid-era term funding facility loans, explain the analysts, but management views this as complete and reiterates its long-term $20bn gross loan target.

Jarden maintains a Buy rating and a $2.40 target price.

This report was published on June 4, 2025.

Target price is $2.40 Current Price is $1.47 Difference: $0.935
If JDO meets the Jarden target it will return approximately 64% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 24.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 7.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.7, implying annual growth of 22.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 12.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.4, implying annual growth of 48.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.6.

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

MEK    MEEKA METALS LIMITED

Gold & Silver – Overnight Price: $0.17

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

Petra Capital expects first gold production from Meeka Metals’ Murchison Gold Project later this month.

The broker forecasts 46koz of production in FY26 and 61koz in FY27, with increasing contributions from the Andy Well underground. Average costs (AISC) are estimated at $1,992/oz in FY26, rising to $2,012/oz in FY27.

Recent drilling at Turnberry suggests potential to extend the open-pit life, providing additional flexibility as underground operations scale up, highlights the analyst.

No changes have been made to financial forecasts. Petra Capital maintains a Buy rating and 25c target price.

This report was published on June 2, 2025.

Target price is $0.25 Current Price is $0.17 Difference: $0.085
If MEK meets the Petra Capital target it will return approximately 52% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 55.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.06.

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: $0.68

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

Myer recently held a strategy session outlining a three-to-five-year roadmap aimed at accelerating growth across loyalty, product range, omni-channel, and supply chain, observes Petra Capital. Merger synergy targets above $30m were also reiterated

The broker highlights margin benefits from direct sourcing, with anticipated gross margin gains of 400bps in womenswear and 450bps in menswear by 2026, before factoring in additional upside from Apparel Brands integration.

Myer one’s relaunch in October, alongside an AI-driven personalisation push and shoppable app, should enhance conversion and strengthen youth engagement, suggests the broker. Around 55% of new loyalty members are under 35.

No changes have been made to financial forecasts. Petra Capital maintains a Buy rating and a 90c target price.

This report was published on May 29, 2025.

Target price is $0.90 Current Price is $0.68 Difference: $0.22
If MYR meets the Petra Capital target it will return approximately 32% (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 3.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.61.

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 4.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.17.

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $13.71

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

Neuren Pharmaceuticals’ competitor Taysha Gene Therapies’ plan for a pivotal single-arm, open-label trial of TSHA-102 has been approved under the FDA’s Regenerative Medicine Advanced Therapy pathway.

Petra Capital is surprised the FDA may accept a small, uncontrolled 15-patient trial (for more than six-year-old Rett syndrome patients) as the basis for approval.

Even with gene therapy available, it is not curative, has uncertain durability, and will likely carry a high cost (-US$2.1-3.5m), points out the analyst.

As such, there remains a role for chronic symptomatic treatments like Neuren’s Daybue, which could serve as complementary therapy and benefit from a growing market, explains Petra.

The broker retains a Buy rating and a $31.45 target price.

This report was published on June 2, 2025.

Target price is $31.45 Current Price is $13.71 Difference: $17.74
If NEU meets the Petra Capital target it will return approximately 129% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 11.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 115.21.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 169.26.

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: $1.60

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

Canaccord Genuity notes Perenti has announced a $1.1bn five-year contract extension in South-West Burkina Faso with Endeavour Mining. The broker highlights this is the last of four contract extensions the company needed to secure and so it is a positive development.

The analyst believes the revenue run rate could be twice as large as the previous level, although no details were disclosed previously, and should be at $220m over the contract’s life.

No change to Buy rating. Target price retained at $1.70.

This report was published on June 2, 2025.

Target price is $1.70 Current Price is $1.60 Difference: $0.095
If PRN meets the Canaccord Genuity target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.62, suggesting downside of -0.4%(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 3.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.72.

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 3.9%.
Current consensus EPS estimate suggests the PER is 9.4.

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 4.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.0, implying annual growth of 9.2%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 8.6.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $12.61

Jarden rates ((PXA)) as Neutral (3) –

Jarden notes data showing NSW settlement activity was overall weak in May, with total volumes down -3% y/y due to falling transfer activity, even as refinancing remained strong.

A similar trend was seen in the Queensland data for April, which was down -5% y/y, with transfers down 11% y/y and refinancing up 6%, although slowing from 15% in March.

No revision to Pexa Group’s forecasts. The broker is awaiting catalysts from UK operations, while noting recent FCA approval as an authorised payment institution is a positive development.

Neutral. Target unchanged at $15.25.

This report was published on June 2, 2025.

Target price is $15.25 Current Price is $12.61 Difference: $2.64
If PXA meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $15.26, suggesting upside of 19.4%(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 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 600.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.8, 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 220.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.70 cents and EPS of 43.40 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 29.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.5, implying annual growth of 581.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 32.4.

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

SHV    SELECT HARVESTS LIMITED

Agriculture – Overnight Price: $4.65

Wilsons rates ((SHV)) as Market Weight (3) –

First-half 2025 earnings for Select Harvests were significantly boosted by accounting-driven fair value gains from the almond crop, notes Wilsons. Full-year guidance remains unchanged with production forecast at 24-26.5kt and price at $10.35/kg.

Operating cash flow beat the broker’s expectations due to delayed receipts from 2024 and improved sales volume, while net debt declined -29%.

The analyst’s cost forecasts for almond production worsen by -1-2% due to higher expected water costs in 2026, leading to group earnings (EBITDA) downgrades of -7% for 2025 and -3% for 2026.

Spot almond prices have softened, explains Wilsons, but longer-term structural support remains from healthy protein demand and constrained supply.

The broker raises its target price to $4.83 from $4.73 and maintains a Market Weight rating.

This report was published on June 2, 2025.

Target price is $4.83 Current Price is $4.65 Difference: $0.18
If SHV meets the Wilsons target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.67, suggesting upside of 20.3%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 13.50 cents and EPS of 25.10 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.0, implying annual growth of 1996.8%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 31.40 cents and EPS of 57.10 cents.
At the last closing share price the estimated dividend yield is 6.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.2, implying annual growth of 50.8%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 12.0.

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

SYL    SYMAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.68

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

Symal Group has reaffirmed its 2025 guidance, forecasting earnings (EBITDA) of $105.5m, which is 3.1% above prospectus and 1.0% ahead of consensus, notes Petra Capital.

The company is well positioned for continued organic and inorganic growth, believes the broker, supported by a strong balance sheet, with net cash and access to $100m in liquidity for acquisitions.

The recent -$12m purchase of Ascot Bins is expected to deliver a modest near-term earnings contribution and bring construction waste volumes closer to core operations, explains the broker.

Petra highlights further EPS accretion potential of up to 20.8% in 2026 under its acquisition scenario, without assuming any revenue or cost synergies.

No changes have been made to financial forecasts. Petra Capital maintains a Buy rating and a $2.55 target.

This report was published on May 29, 2025.

Target price is $2.55 Current Price is $1.68 Difference: $0.87
If SYL meets the Petra Capital target it will return approximately 52% (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 5.90 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.98.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 11.50 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 6.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.30.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $8.14

Jarden rates ((TWE)) as Downgrade to Overweight from Buy (2) –

Jarden cuts its FY26-27 earnings (EBIT) forecasts for Treasury Wine Estates by -6% due to soft US demand, the distributor exit from California, and currency pressure.

The broker notes FY25 EBITS guidance remains unchanged at around $770m, though the RNDC (distributor) exit from California, which made up circa 25% of Americas net sales revenue, is expected to weigh on FY26.

Penfolds and the Americas luxury portfolio are forecast to represent over 85% of group EBIT by FY26, with Jarden seeing re-rating potential if Penfolds achieves peer-level multiples.

The broker views a potential future demerger into Penfolds, Americas luxury, and Global Premium as strategically compelling.

Jarden downgrades to Overweight from Buy and lowers the target price to $10.60 from $13.90.

This report was published on June 4, 2025.

Target price is $10.60 Current Price is $8.14 Difference: $2.46
If TWE meets the Jarden target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $10.51, suggesting upside of 26.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 38.00 cents and EPS of 58.00 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 14.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.0, implying annual growth of 356.7%.
Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 50.00 cents and EPS of 64.80 cents.
At the last closing share price the estimated dividend yield is 6.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.1, implying annual growth of 15.7%.
Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.4.

Market Sentiment: 0.5
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: $0.45

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

A 100% uplift in King of the Hills (KoTH) open pit reserves to 110mt has prompted management at Vault Minerals to approve a $92m Stage 2 plant expansion, explains Petra Capital.

The upgrade will increase throughput to 7.5mtpa by December 2026, following the completion of the $80m Stage 1 expansion to 6mtpa by mid-2026, observes the analyst.

While the revised plan lowers average grade, it supports higher overall production, extending the Leonora mine life to 18 years.

Petra sees scope for higher dividends or share buybacks as capital builds. The broker maintains a Buy rating and lowers the target price to 74c from 76c.

This report was published on June 2, 2025.

Target price is $0.74 Current Price is $0.45 Difference: $0.29
If VAU meets the Petra Capital target it will return approximately 64% (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 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.50.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 2.00 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.84.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $187.51

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

Jarden expects Xero to prioritise revenue growth over margin expansion in the near term, with the CFO signalling a shift from the Rule of 40 to a more growth-accommodating Rule of X’ framework.

The broker increases long-term earnings assumptions, including FY35 EPS by 9%, while near-term estimates are revised lower mainly due to increased investment in the US.

Jarden raises its North American subscriber growth forecast to 90,000/year, up from 50,000, and projects FY35 US revenue at NZ$840m, implying a 20% compund annual growth rate (CAGR).

The analysts estimate US cash burn will rise above -NZ$30m/year, with operating leverage to recover over time. 

Jarden raises the target price to $197 from $190 and maintains an Overweight rating.

This report was published on June 4, 2025.

Target price is $197.00 Current Price is $187.51 Difference: $9.49
If XRO meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $207.33, suggesting upside of 10.3%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 100.58 cents and EPS of 199.44 cents.
At the last closing share price the estimated dividend yield is 0.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 94.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 198.8, 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 94.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 147.91 cents and EPS of 268.28 cents.
At the last closing share price the estimated dividend yield is 0.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 69.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 264.6, implying annual growth of 33.1%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 71.0.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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