Australian Broker Call *Extra* Edition – Jun 05, 2025

This story features EAGERS AUTOMOTIVE LIMITED, and other companies. For more info SHARE ANALYSIS: APE

The company is included in ASX200, ASX300 and ALL-ORDS

An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena’s team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

APE   ASG   CGS   CYL   FSF   IEL   IPX   MAC   MAH   REG   RXR   WAF  

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $17.81

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

Canaccord Genuity assesses the -1.5% decline in vehicle sales in May as a strong result, both in absolute terms and because of the high comp. Tesla outperformed, and without it, sales were down -3.7%, but still a good outcome in the broker’s view.

The analyst believes industry sales volumes matter for Eagers Automotive’s outlook, given it is a retailer, and better volumes mean less risk of significant discounting. In terms of brands, Toyota’s 0.8% y/y sales growth was a strong result, and BYD continued to perform well.

The broker notes the company sold its stake in McMillan Shakespeare ((MMS)) and is assuming it will use the proceeds to fund further acquisitions.

Hold. Target unchanged at $17.20.

This report was published on June 4, 2025.

Target price is $17.20 Current Price is $17.81 Difference: minus $0.61 (current price is over target).
If APE meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.86, suggesting downside of -6.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 76.00 cents and EPS of 106.40 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.74.

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 3.9%.
Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 80.00 cents and EPS of 119.20 cents.
At the last closing share price the estimated dividend yield is 4.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.94.

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 3.9%.
Current consensus EPS estimate suggests the PER is 16.8.

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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $2.09

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

Wilsons notes Autosports Group announced a new $350m syndicated loan facility, which improves the company’s capital structure and boosts funding capacity for growth options, the broker details.

In May, luxury vehicle unit sales fell -6% on a year earlier, but on a 12-month rolling basis, the luxury market is showing signs of improving since the bottom of the market post-peak in mid-2024.

Target price slips to $2.57 from $2.58. No change to Overweight rating.

This report was published on June 5, 2025.

Target price is $2.57 Current Price is $2.09 Difference: $0.48
If ASG meets the Wilsons target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $1.85, suggesting downside of -9.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 9.50 cents and EPS of 14.80 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.0, implying annual growth of -57.1%.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 15.50 cents and EPS of 25.10 cents.
At the last closing share price the estimated dividend yield is 7.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 69.2%.
Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 9.3.

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

CGS    COGSTATE LIMITED

Medical Equipment & Devices – Overnight Price: $1.29

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

Canaccord Genuity notes healthcare stocks on the ASX have not been immune to the chaos related to changes in the US FDA/HHS and the most favoured national policy.

Buy. Target price $1.50.

This report was published on June 4, 2025.

Target price is $1.50 Current Price is $1.29 Difference: $0.21
If CGS meets the Canaccord Genuity target it will return approximately 16% (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 4.47 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.86.

Forecast for FY26:

Canaccord Genuity 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 23.91.

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

CYL    CATALYST METALS LIMITED

Gold & Silver – Overnight Price: $7.09

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

Catalyst Metals is now fully funded following a $150m raise, with $230m in cash and bullion and no debt. Canaccord lifts its target to $7.85 (was $6.95) and retains a Buy rating.

Production guidance remains unchanged. Commentary suggests the capital will support aggressive drilling (320km program), project development (Plutonic, Trident, Old Highway), and regional exploration.

A re-rating is considered possible as the 200kozpa gold ambition edges closer.

This report was published on June 5, 2025.

Target price is $7.85 Current Price is $7.09 Difference: $0.76
If CYL meets the Canaccord Genuity target it will return approximately 11% (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 35.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.26.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 88.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.06.

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

FSF    FONTERRA SHAREHOLDERS FUND

Dairy – Overnight Price: $4.57

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

Fonterra Shareholders Fund once again upgraded EPS guidance for FY25, this time to NZ65-75c from NZ55-75c, prompting Jarden to upgrade its FY25 normalised EPS forecast to NZ74c from NZ64c.

The broker also lifted FY25 dividend forecast by NZ10c. For FY26, the broker left the EPS forecast largely unchanged.

Rating downgraded to Neutral from Overweight. Target lifted to NZ$5.87 from NZ$5.19.

This report was published on June 4, 2025.

Current Price is $4.57. Target price not assessed.
The company’s fiscal year ends in July.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 50.16 cents and EPS of 67.57 cents.
At the last closing share price the estimated dividend yield is 10.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.76.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 34.65 cents and EPS of 49.52 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 9.23.

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

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $3.78

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

Jarden cites reduced confidence in student flow forecasts, government policy, and internal oversight as reasons for reassessing IDP Education’s outlook. The broker’s target price is cut to $6.95 from $17.35 and the rating downgraded to Neutral from Overweight.

Guidance for 2025 points to student placement volumes falling -28-30% year-on-year and IELTS volumes retreating -18-20%, both much weaker than Jarden and consensus projections.

Costs are expected to be less contained than previously indicated, while price improvements in student placements are projected to ease in the second half, particularly in higher-fee destinations such as the UK.

Jarden lowers its 2025 earnings (EBITDA) expectations to $174.7m, or -34% below the prior year, and cuts its 2026 forecast by -63% to $148m, noting both reduced margin assumptions and overhead flexibility.

This report was published on June 4, 2025.

Target price is $6.95 Current Price is $3.78 Difference: $3.17
If IEL meets the Jarden target it will return approximately 84% (excluding dividends, fees and charges).
Current consensus price target is $5.55, suggesting upside of 53.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.20 cents and EPS of 23.60 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of -42.3%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 8.00 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.8, implying annual growth of 4.7%.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 12.5.

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

IPX    IPERIONX LIMITED

Industrial Metals – Overnight Price: $3.71

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

IperionX ((IPX)) has secured a US Department of Defense supply contract worth up to US$99m over five years. Canaccord retains a Speculative Buy, alongside a target price of $6.65.

Commentary suggests initial work likely focuses on titanium fasteners, with potential to expand into aerospace and forged components.

Customer pipeline exceeds 2.5ktpa across aerospace and defence. Expansion plans due mid-2025, with 10ktpa targeted by 2030.

This report was published on June 5, 2025.

Target price is $6.65 Current Price is $3.71 Difference: $2.94
If IPX meets the Canaccord Genuity target it will return approximately 79% (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 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 61.83.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 92.75.

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

MAC    MAC COPPER LIMITED

Copper – Overnight Price: $18.93

Moelis rates ((MAC)) as Downgrade to Hold from Buy (3) –

Following MAC Copper’s agreement to a US$12.25/share all-cash takeover offer from South African miner Harmony Gold, Moelis has lowered its target price to match the offer price.

Target price cut to $18.93 from $25.00. Rating downgraded to Hold from Buy.

The broker now believes a rival bid is unlikely, and investors could put these funds elsewhere or wait for cash settlement upon deal completion.

This report was published on June 4, 2025.

Target price is $18.93 Current Price is $18.93 Difference: $0
If MAC meets the Moelis target it will return approximately 0% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 108.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.46.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 206.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.16.

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

MAH    MACMAHON HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.29

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

Petra Capital expects Macmahon Holdings to achieve FY25 results which meet guidance and equates to 18% growth in earnings before interest and tax at the mid-point. Management re-iterated FY25 guidance at $160m$175m in earnings.

The analyst notes Macmahon’s peers Perenti ((PRN)) and NRW Holdings ((NWH)) also confirmed FY25 guidance, inferring operating conditions remain good.

Buy rated with 39c target price.

This report was published on June 4, 2025.

Target price is $0.39 Current Price is $0.29 Difference: $0.1
If MAH meets the Petra Capital target it will return approximately 34% (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 1.50 cents and EPS of 4.60 cents.
At the last closing share price the estimated dividend yield is 5.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.30.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 1.50 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 5.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.69.

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

REG    REGIS HEALTHCARE LIMITED

Aged Care & Seniors – Overnight Price: $7.97

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

Jarden notes the government’s announcement of a delay in the implementation of the Aged Care Act by four months will offer breathing space for aged care providers.

However, it also means there will be a delay in receiving the 2% refundable accommodation deposit and daily accommodation payment indexation for new residents.

EPS forecast for Regis Healthcare cut by -3.5% for FY26.

Target price trimmed to $7.74 from $7.75. Overweight retained.

This report was published on June 4, 2025.

Target price is $7.74 Current Price is $7.97 Difference: minus $0.23 (current price is over target).
If REG meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 13.70 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.03.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.90 cents and EPS of 23.90 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.35.

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

RXR    ROBEX RESOURCES INC

Gold & Silver –

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

Robex Resources has begun trading on the ASX (today), with first gold from its Kiniero project in Guinea expected by December. The shares were already listed on the TSX Venture Exchange in Toronto and will retain that listing.

Canaccord initiates coverage post ASX IPO with a Speculative Buy and a $5.00 target price, but since the broker already covered the stock on the TSX-V, it’s not officially called an initiation.

Robex is one of few new African gold names to join the ASX, and its oxide ore profile, prior production history, and experienced team offer near-term appeal, the broker posits.

This report was published on June 5, 2025.

Target price is $5.00
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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 77.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.00.

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

WAF    WEST AFRICAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.71

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

As suspected by Canaccord Genuity, the government of Burkina Faso’s August 2024 mining code that lifts its equity interest in mining projects to 15% from 10%, applies to both existing and new projects.

West African Resources previously assumed it would be applicable to new projects only and wouldn’t affect its three current operating projects — Sanbrado, Toega and Kiaka.

The government’s additional interest has resulted in a cut to the broker’s earnings forecasts and a -5.5% decrease in overall risked valuation estimate.

Target cut to $4.30 from $4.55. Buy retained.

This report was published on June 4, 2025.

Target price is $4.30 Current Price is $2.71 Difference: $1.59
If WAF meets the Canaccord Genuity target it will return approximately 59% (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 25.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.84.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 10.00 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.21.

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

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