Australian Broker Call *Extra* Edition – Jun 11, 2025

This story features ADRIATIC METALS PLC, and other companies. For more info SHARE ANALYSIS: ADT

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)

ADT   AIM   ARB   ARF   ASK   BC8   BWP   CAT   CHC   CNI   CU6 (2)   CXO   CY5   DGL   DMP   DXS   EVN   GPT   HGO   HMC   IPX   LIN   MGR   MMI   MTM   NVX   OBM (2)   RHC   SCG   SGP   SVM   TRE  

ADT    ADRIATIC METALS PLC

Gold & Silver – Overnight Price: $5.10

Canaccord Genuity rates ((ADT)) as Downgrade to Hold from Speculative Buy (3) –

Canaccord Genuity lowers its recommendation on Adriatic Metals to Hold from Speculative Buy, while raising the target price to $5.50 from $4.55, following a 40% rally in the share price. The uplift was driven by confirmed M&A interest from Dundee Precious Metals.

The broker views Dundee as a logical suitor given its nearby European operations, but notes there is no guarantee a formal offer will eventuate.

Adriatic’s ramp-up at the Vares silver project is progressing, note the analysts, with commercial production expected by the June quarter. FY25 earnings (EBITDA) are forecast at US$78.8m, rising to US$165.5m in FY26.

Canaccord removes prior risk discounts in light of strategic interest and expects positive free cash flow from 2025 onward,. All-in sustaining costs (AISC) are expected to fall to US$15.85/oz and US$14.14/oz in 2026 and 2027, respectively.

This report was published on June 5, 2025.

Target price is $5.50 Current Price is $5.10 Difference: $0.4
If ADT meets the Canaccord Genuity target it will return approximately 8% (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 26.21 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.46.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 53.96 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.45.

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

AIM    AI-MEDIA TECHNOLOGIES LIMITED

Commercial Services & Supplies – Overnight Price: $0.58

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

Petra Capital believes the departure of a few executives at Ai-Media Technologies suggests a faster move towards a clean-skin technology business and away from services.

The broker is assuming redundancies in human captioning, which it expects to be decommissioned in the near term. The analyst expects impact on revenue but no change to the underlying EBITDA forecasts.

The broker expects LEXI Voice to be provided to customers for demonstration purposes, and its take up to boost margins in future years.

Buy. Target unchanged at $1.35.

This report was published on June 5, 2025.

Target price is $1.35 Current Price is $0.58 Difference: $0.765
If AIM meets the Petra Capital target it will return approximately 131% (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 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 53.18.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 58.50.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $31.64

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

Canaccord Genuity has observed the first price rise since the analyst started tracking prices in the US in March this year and explains the rise is most likely related to tariffs as they are not directly related to all products or across all channels.

The broker interprets the price increase as designed to protect margins as much as possible against the tariff backdrop and highlights the greater risks are to unit volumes.

At this stage, there are no changes to the analyst’s earnings forecasts but downside risks are considered for US divisional estimates from price rises and the market elasticity to the increases.

Hold. Target unchanged at $34.70.

On June 4 a prior update was released: 

Canaccord Genuity highlights sales for the top 11 models relevant to ARB Corp rose 6.3% y/y in May and were up 22.5% sequentially, marking the first positive outcome in 12 months.

Toyota Prado was a huge outperformer and the key contributor, thanks to a low base and very high sales growth due to a new model. The broker notes elevated sales in Prado are positive because it is a fitment-friendly vehicle.

Hold. Target unchanged at $34.70.

This report was published on June 6, 2025.

Target price is $34.70 Current Price is $31.64 Difference: $3.06
If ARB meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $39.12, suggesting upside of 23.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 69.00 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.7, implying annual growth of -0.2%.
Current consensus DPS estimate is 68.5, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 25.3.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 73.00 cents and EPS of 132.00 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.4, implying annual growth of 11.8%.
Current consensus DPS estimate is 75.6, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 22.7.

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

ARF    ARENA REIT

REITs – Overnight Price: $3.88

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

Ahead of Arena REIT’s FY25 results on August 13, Jarden has left its forecasts unchanged.

The broker expects the focus to be on FY26 guidance, noting its 6.9% FFO and 5.7% DPU growth forecasts are ahead of consensus.

Overweight. Target unchanged at $4.55. 

This report was published on June 6, 2025.

Target price is $4.55 Current Price is $3.88 Difference: $0.67
If ARF meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.25, suggesting upside of 7.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.20 cents and EPS of 18.60 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.6, implying annual growth of 15.6%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 21.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.20 cents and EPS of 19.90 cents.
At the last closing share price the estimated dividend yield is 4.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.4, implying annual growth of 4.3%.
Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 20.4.

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

ASK    ABACUS STORAGE KING

REITs – Overnight Price: $1.53

Jarden rates ((ASK)) as Neutral (3) –

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

For Abacus Storage King, the broker’s FY25 dividend forecast is in line with the company’s upgraded guidance at the 1Q25 update.

For FY26, the broker is below consensus on FFO but notes upside risk on recent interest rate moves. Neutral. Target rises to $1.54 from $1.28.

This report was published on June 6, 2025.

Target price is $1.54 Current Price is $1.53 Difference: $0.01
If ASK meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.47, suggesting downside of -6.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 6.20 cents and EPS of 6.60 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 23.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of -41.1%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 6.10 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 3.2%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 24.4.

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

BC8    BLACK CAT SYNDICATE LIMITED

Gold & Silver – Overnight Price: $0.81

Petra Capital rates ((BC8)) as Buy (1) –

Petra Capital highlights Black Cat Syndicate is making good progress on its plans to accelerate mining development at open pit and underground deposits at Kal East.

The recently acquired Lakewood Mill is performing above expectations with 140kt of Myhree ore processed since March 31.

The share price underperformed its gold peers in recent months, but the broker expects a ramp-up at Paulsens and Kal East development to support share price gains.

Buy. Target unchanged at $1.82. 

This report was published on June 5, 2025.

Target price is $1.82 Current Price is $0.81 Difference: $1.015
If BC8 meets the Petra Capital target it will return approximately 126% (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 2.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 32.20.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 28.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.85.

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

BWP    BWP TRUST

REITs – Overnight Price: $3.62

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

In the case of BWP Trust, the analyst’s FY25 dividend forecast is in line with the company’s guidance for 2% y/y growth. For FY26, the broker has factored in strong FFO growth on lower BBSW rates in the short term.

The broker reckons the stock may do well if the results season is volatile, but better opportunities are more likely elsewhere.

Underweight. Target rises to $3.60 from $3.45.

This report was published on June 6, 2025.

Target price is $3.60 Current Price is $3.62 Difference: minus $0.02 (current price is over target).
If BWP 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 $3.78, suggesting upside of 2.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.70 cents and EPS of 18.80 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 19.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of -31.1%.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 19.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.70 cents and EPS of 19.70 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 2.1%.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 19.2.

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

CAT    CATAPULT GROUP INTERNATIONAL LIMITED

Medical Equipment & Devices – Overnight Price: $6.25

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

Catapult International announced the -US$18m acquisition of Perch, a Boston-based sports technology company which offers off-field, AI-integrated athlete monitoring solutions, Canaccord Genuity explains.

The deal will be funded via US$3m cash on hand and a US$15m equity issue in four tranches, with a US$10m earn-out payable to Perch shareholders.

The analyst notes Perch’s technology was developed originally at MIT, combining a 3D camera with proprietary AI that tracks athletes in the weight room to offer insights for personalised training programs.

The acquisition is viewed as strategically sound, with Perch’s customers (American football) interfacing with Catapult’s client base at over 4,600 teams across over 40 sports in 100 countries.

Buy rating is retained and target price moves to $6.20 from $5.

This report was published on June 6, 2025.

Target price is $6.20 Current Price is $6.25 Difference: minus $0.05 (current price is over target).
If CAT meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.90, suggesting downside of -3.3%(ex-dividends)
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 minus 0.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1349.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.7, 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 FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 155.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.2, 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 508.3.

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

CHC    CHARTER HALL GROUP

REITs – Overnight Price: $19.44

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

One of the top picks among fund managers is Charter Hall, as the broker believes it is well-positioned for a pickup in transaction and fund manager activity.

The broker will be looking forward to commentary around transaction volumes in the context of lower interest rates and macro uncertainty.

FY25 operating EPS forecast of 81.8c is higher than the REIT’s guidance of 81c. Overweight. Target rises to $20.70 from $18.80.

This report was published on June 6, 2025.

Target price is $20.70 Current Price is $19.44 Difference: $1.26
If CHC meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $17.75, suggesting downside of -10.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 47.80 cents and EPS of 81.80 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.6, implying annual growth of N/A.
Current consensus DPS estimate is 47.9, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 50.70 cents and EPS of 87.10 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.1, implying annual growth of 8.0%.
Current consensus DPS estimate is 50.9, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 22.4.

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

CNI    CENTURIA CAPITAL GROUP

Diversified Financials – Overnight Price: $1.73

Jarden rates ((CNI)) as Neutral (3) –

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

Among fund managers, the broker believes Centuria Capital looks cheap, but to turn positive it requires evidence of increasing transaction volumes and clarity on the accounting methodology applied to the Bass Credit business.

The analyst notes the stock is down -16.3% over six months, and key catalysts are the rate outlook and transaction volumes.

Neutral. Target lifted to $1.85 from $1.80.

This report was published on June 6, 2025.

Target price is $1.85 Current Price is $1.73 Difference: $0.125
If CNI meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 9.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.40 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.0, implying annual growth of -5.0%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 11.00 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 6.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.9, implying annual growth of 7.5%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 13.6.

Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CU6    CLARITY PHARMACEUTICALS LIMITED

Medical Equipment & Devices – Overnight Price: $2.39

Canaccord Genuity rates ((CU6)) as Buy (1) –

Canaccord Genuity highlights a positive topline readout from Clarity Pharmaceuticals’ Phase II Disco trial in GEP-NETs. 64Cu-Sartate is demonstrating 93-95% sensitivity in confirmed lesions, compared to just 5-7% 68Ga-Dotatate (NETSPOT), owned by Novartis.

The broker sees the results as a significant validation of Clarity’s copper-based platform, noting the superior image clarity linked to improved chelation technology and reduced copper leakage.

While GEP-NETs is not viewed as a large commercial opportunity, the outcome bolsters confidence in broader applications, suggest the analysts. This is particularly the case prior to a head-to-head prostate cancer diagnostic readout expected in 3Q25.

Canaccord  retains a Buy rating and a $6.74 target price.

This report was published on June 5, 2025.

Target price is $6.74 Current Price is $2.39 Difference: $4.35
If CU6 meets the Canaccord Genuity target it will return approximately 182% (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 15.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.22.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 23.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.30.

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

Wilsons rates ((CU6)) as Overweight (1) –

Wilsons assesses strong results from Clarity Pharmaceuticals’ Phase II Disco trial, where 64Cu-Sartate significantly outperformed standard-of-care imaging in detecting GEP-NET lesions.

The analysts highlight sensitivity of between 93-96% was recorded versus 4-7% for 68Ga-Dotatate, owned by Novartis.

The broker suggests the readout paves the way for Clarity’s third registrational diagnostic trial, forecasting peak sales of US$80m for this indication. Broader potential to transition the platform to higher-value therapeutic markets is also noted.

64Cu-Sartate was well tolerated, with mostly mild gastrointestinal side effects, explain the analysts. The agent also demonstrated improved tumour uptake at later time points, reinforcing Clarity’s copper-based radiopharmaceutical platform.

The broker notes the GEP-NET opportunity, while modest, strengthens the case for future growth in theranostics and SSTR2-targeted indications, supported by expected changes in US reimbursement policy.

Wilsons maintains an Overweight rating and an $8.25 target price.

This report was published on June 5, 2025.

Target price is $8.25 Current Price is $2.39 Difference: $5.86
If CU6 meets the Wilsons target it will return approximately 245% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 17.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.82.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 30.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.94.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.09

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

Canaccord Genuity believes the Restart Study for Core Lithium’s Finniss project is a positive step toward improving cost efficiency and operational resilience through a shift to underground mining.

The updated plan targets a 7% uplift in concentrate output, note the analysts, with mining and processing costs reduced by -40% and -33%, respectively, and unit costs expected at $690-785/t ex-royalties.

A restart date is yet to be confirmed, though Canaccord assumes first underground ore in early 2027 and notes further throughput expansion may follow exploration success at BP33 and Blackbeard.

Modeling changes have led to the broker’s FY27 earnings (EBITDA) increasing to $10.1m from $9.1m, while FY26 and FY25 forecasts were downgraded.

Canaccord raises its target price to 10c from 8c and retains a Hold rating.

This report was published on June 5, 2025.

Target price is $0.10 Current Price is $0.09 Difference: $0.011
If CXO meets the Canaccord Genuity target it will return approximately 12% (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 0.00 cents.

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

CY5    CYGNUS METALS LIMITED

Gold & Silver – Overnight Price: $0.10

Canaccord Genuity rates ((CY5)) as Speculative Buy (1) –

Cygnus Metals reported results for more intersections, taking the total to six holes at the Golden Eye prospect within the Chibougamau copper-gold project in Canada.

Canaccord Genuity notes the results will be used along with the historic data for 77 holes to complete an initial mineral resource estimate in the coming months. The broker highlights the prospect is more gold-dominant than other deposits around the project.

Speculative Buy. Target unchanged at 30c.

This report was published on June 10, 2025.

Target price is $0.30 Current Price is $0.10 Difference: $0.2
If CY5 meets the Canaccord Genuity target it will return approximately 200% (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

DGL    DGL GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $0.40

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

Canaccord Genuity lowers its earnings forecasts for DGL Group following management’s update guiding to FY25 earnings (EBITDA) of $50-54m and net profit of $5-7m.

Both projections are materially below consensus forecasts due to cost pressures in lead battery processing and site rationalisation, explains the broker.

While some manufacturing segments outperformed, the Environmental division continues to disappoint, with battery recycling margins under pressure and operations at Laverton shut down, observes the analyst. Cost relief is expected from ERP consolidation and facility closures.

Logistics and warehousing earnings were broadly in line with the broker’s expectations, with benefits from site upgrades in NSW and Victoria expected to emerge in FY26.

The broker sees a stronger cost profile emerging in FY26 and beyond, aided by reduced overheads, ERP integration, and a new 240m-litre waste liquid plant set to open at Unanderra.

Canaccord Genuity lowers its target price to 42c from 51c and retains a Hold rating.

This report was published on June 6, 2025.

Target price is $0.42 Current Price is $0.40 Difference: $0.02
If DGL meets the Canaccord Genuity target it will return approximately 5% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.05.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.00.

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

DMP    DOMINO’S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $21.04

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

Jarden revisited the state of the global quick service restaurant market, noting it remains challenging and consumers are trading down mainly in the US and less so in Australia/NZ. 

In April, the trend was solid in Australia/NZ with takeaway sales beating grocery growth, but competition increased. In Europe, macro and geopolitical uncertainties continue to impact the sector, and in Japan, the trend softened in April after an improvement in 1Q.

The broker’s preference in the sector is Collins Foods ((CKF)), Guzman Y Gomez ((GYG)) and Domino’s Pizza Enterprises; in that order.

The broker cut FY25 EPS forecast by -1.6% and FY26 by -4.6%, driven by Asia and Europe. Rating downgraded to Neutral from Overweight. Target trimmed to $37 from $39.

This report was published on June 5, 2025.

Target price is $37.00 Current Price is $21.04 Difference: $15.96
If DMP meets the Jarden target it will return approximately 76% (excluding dividends, fees and charges).
Current consensus price target is $27.29, suggesting upside of 28.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 130.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 127.5, implying annual growth of 19.5%.
Current consensus DPS estimate is 104.6, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 151.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.0, implying annual growth of 11.4%.
Current consensus DPS estimate is 113.8, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 15.0.

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

DXS    DEXUS

REITs – Overnight Price: $6.94

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

The broker’s forecast for Dexus’ FY25 adjusted FFO is in line with guidance, but for FY26, the analyst is forecasting flat AFFO vs consensus for 0.3% y/y growth.

Broader office sector recovery would be a catalyst for cash earnings growth, the broker highlights, but challenges are emerging in funds management.

Rating downgraded to Underweight from Neutral. Target trimmed to $7.10 from $7.50.

This report was published on June 6, 2025.

Target price is $7.10 Current Price is $6.94 Difference: $0.16
If DXS meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $8.01, suggesting upside of 13.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 36.90 cents and EPS of 62.70 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of N/A.
Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 36.90 cents and EPS of 63.50 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.2, implying annual growth of -0.5%.
Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.1.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $8.55

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

Jarden revises its view on Evolution Mining following the company’s 2024 reserves and resources update, highlighting a disappointing downgrade at Red Lake.

Underground resource grades were reduced -24% and reserves by -35%, resulting in the loss of 4.5moz in resources and -800koz in reserves.

The broker lowers Red Lake’s long-term production outlook to 125kozpa from circa 150kozpa, noting consensus was too optimistic.

In contrast, Mungari exceeded expectations, with total reserves 15% higher than the broker’s forecast and underground grades upgraded to 4.54g/t.  Ernest Henry is also viewed positively, with further inventory upgrades likely as the Bert discovery matures.

Despite operational execution and higher commodity prices, the broker sees valuation as stretched and retains an Underweight rating, cutting its target price to $5.57 from $5.66.

This report was published on June 10, 2025.

Target price is $5.57 Current Price is $8.55 Difference: minus $2.98 (current price is over target).
If EVN meets the Jarden target it will return approximately minus 35% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.32, suggesting downside of -14.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 17.00 cents and EPS of 41.80 cents.
At the last closing share price the estimated dividend yield is 1.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.6, implying annual growth of 143.4%.
Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.00 cents and EPS of 50.90 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.6, implying annual growth of 31.7%.
Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 12.1.

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

GPT    GPT GROUP

Infra & Property Developers – Overnight Price: $4.87

Jarden rates ((GPT)) as Neutral (3) –

Ahead of the FY25 (1H25 for GPT Group) reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

In the case of GPT Group, the broker will be looking for updates on occupancy and lease metrics for office assets. Retail and logistics’ occupancies are expected to be close to 100%, while net property income could surprise on the upside.

Neutral. Target lifted to $5.30 from $5.10.

This report was published on June 6, 2025.

Target price is $5.30 Current Price is $4.87 Difference: $0.43
If GPT meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $5.25, suggesting upside of 5.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 24.00 cents and EPS of 32.80 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.7, implying annual growth of N/A.
Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 24.90 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.6, implying annual growth of 2.8%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 14.9.

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

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.04

Moelis rates ((HGO)) as Buy (1) –

Moelis’ first take on Hillgrove Resources’ May production is positive, with a month-on-month improvement across the key metrics in comparison to April, which was weaker due to transition through lower-grade zones, the analyst explains.

The asset quality appears to be trending in a good direction, the broker highlights, with potential good news coming on the start of ore mining from Nugent, which is tracking to first production within six months and will assist the FY26 growth outlook.

Buy rating retained with a $0.07 target price.

This report was published on June 10, 2025.

Target price is $0.07 Current Price is $0.04 Difference: $0.031
If HGO meets the Moelis target it will return approximately 79% (excluding dividends, fees and charges).

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

HMC    HMC CAPITAL LIMITED

Wealth Management & Investments – Overnight Price: $4.91

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

In the case of HMC Capital, the broker will be looking for an update on capital raising and progress across the energy transition.

For FY26, the broker forecasts a -8% decline in underlying EPS to 25.3c. Overweight. Target unchanged at $6.85.

This report was published on June 6, 2025.

Target price is $6.85 Current Price is $4.91 Difference: $1.94
If HMC meets the Jarden target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $8.24, suggesting upside of 70.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 12.00 cents and EPS of 27.40 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.0, implying annual growth of 154.2%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 12.00 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.4, implying annual growth of -22.1%.
Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 12.9.

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: $4.17

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

“This isn’t just a contract, it’s the start of a structural shift in US titanium markets” trumpets Petra Capital.

The broker describes Iperionx as having achieved a transformational milestone after securing a US$99m SBIR Phase III contract from the US Department of Defense (DoD).

This validates the company’s titanium technologies, according to the broker, and positions it as a sole-source supplier within the federal procurement system.

The contract materially de-risks near-term revenues, in the analyst’s view, boosting commercial visibility, and laying the foundation for expansion into aerospace, oil & gas, and industrial markets. Potential also exists for follow-on contracts beyond the initial DoD task orders.

The broker’s target rises to $8.21 from $6.95, reflecting improved confidence in execution and scaling. FY26-FY27 revenue forecasts were revised down due to lower pricing assumptions and a strategic decision to prioritise market share over margins.

The Buy rating is maintained.

This report was published on June 6, 2025.

Target price is $8.21 Current Price is $4.17 Difference: $4.04
If IPX meets the Petra Capital target it will return approximately 97% (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 2.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 181.30.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 130.31.

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

LIN    LINDIAN RESOURCES LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.13

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

Petra Capital highlights accelerating project delivery at Lindian Resources’ 100%-owned Kangankunde Rare Earths Project in Malawi. Haul road construction, site clearing, and concrete foundations are already underway ahead of key contract awards.

Kangankunde hosts 261mt at 2.19% total rare earth oxides (TREO), including 5.7mt of contained TREO with 20% Nd/Pr content. This positions the resource as one of the world’s largest and highest-grade hard-rock rare earth deposits, explains the broker.

Production is forecast to begin in late-2026, with Petra modelling strong earnings growth from FY27 and EBITDA rising to $64m in FY28 and $75m in FY29.

The broker maintains a Buy rating and an unchanged target price of 50c

This report was published on June 6, 2025.

Target price is $0.50 Current Price is $0.13 Difference: $0.37
If LIN meets the Petra Capital target it will return approximately 285% (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 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 26.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.57.

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

MGR    MIRVAC GROUP

Infra & Property Developers – Overnight Price: $2.35

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

The broker’s FY25 EPS forecast for Mirvac Group is at the top end of the guidance, and for FY26 the analyst is forecasting FFO growth of 8% on residential volume and margin recovery. Wage and general cost inflation pressures are expected to weigh.

Rating downgraded to Neutral from Overweight on valuation. Target lifted to $2.50 from $2.35.

This report was published on June 6, 2025.

Target price is $2.50 Current Price is $2.35 Difference: $0.15
If MGR meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $2.31, suggesting downside of -2.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 9.00 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of N/A.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 19.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 9.70 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of 10.7%.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 17.5.

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

MMI    METRO MINING LIMITED

Coal – Overnight Price: $0.07

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

Metro Mining’s bauxite shipment of 671.9kt in May was up 26% y/y, but fell short of Petra Capital’s forecast by -4.1%.

April weather was to blame, which reduced barging capacity by -20% in May and is expected to return to full capacity in mid-June.

The broker cut 2Q25 production forecast, and lowered FY25 forecast by -2% to 6.38Mt. Bauxite price forecast for 2H also trimmed to US$67/t from US$75/t due to lower spot prices.

The analyst expects the company to move to a net cash position in 3Q25. Buy. Target cut to 12c from 13c.

This report was published on June 5, 2025.

Target price is $0.12 Current Price is $0.07 Difference: $0.054
If MMI meets the Petra Capital target it will return approximately 82% (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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.30.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 1.10 cents and EPS of 2.10 cents.
At the last closing share price the estimated dividend yield is 16.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.14.

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

MTM    MTM CRITICAL METALS LIMITED

Industrial Metals – Overnight Price: $0.49

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

Petra Capital has initiated coverage of MTM Critical Metals with a Buy rating and target price of 96c.

The company’s Flash Joule Heating technology extracts metals from e-waste and industrial scrap, has low capex, uses less energy and boasts of high-speed recovery rate. The pilot plan commissioning is targeted for end-2025.

The company has 1,100tpa of gold-rich feedstock locked in for five years, which is three times its initial capacity and commentary suggests this bodes well for expansion. 

The broker notes the company has partnered with Indium Corp for semiconductor scrap containing high-margin gallium and germanium.

The analyst has assumed expansion will be funded by equity and debt, but notes the company could qualify for government grants.

This report was published on June 5, 2025.

Target price is $0.96 Current Price is $0.49 Difference: $0.47
If MTM meets the Petra Capital target it will return approximately 96% (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 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 44.55.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.79.

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

NVX    NOVONIX LIMITED

New Battery Elements – Overnight Price: $0.43

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

Petra Capital highlights Novonix as a clear beneficiary of escalating US tariffs on Chinese graphite products.

The broker points to the company’s fully domestic US supply chain and strategic positioning as the US seeks to build a sovereign EV battery industry.

Management is on track to begin first production from its Riverside plant in late 2025 and commence anode sales to Panasonic in early 2026, highlights the analyst.

Major offtake agreements with Panasonic, Stellantis, LG Energy Solutions, and PowerCo have been struck.

Government backing remains strong, assesses the broker, with over US$250m in grant, tax credit, and equity support for the Riverside facility, and a US$754m loan offer for the Enterprise South expansion.

Forecast downgrades ; FY26FY27 revenue was revised down -28% to -33%, while FY28 EBITDA and NPAT were lifted by 74% and 205%, respectively.

Petra Capital lowers its target price to 77c from $1.08 reflecting updated currency assumptions, a delay in first product sales, equity dilution, and a write-down of the company’s Kore Power stake. A Buy rating is retained.

This report was published on June 6, 2025.

Target price is $0.77 Current Price is $0.43 Difference: $0.335
If NVX meets the Petra Capital target it will return approximately 77% (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 12.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 3.51.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 14.50.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $1.05

Canaccord Genuity rates ((OBM)) as Downgrade to Hold from Buy (3) –

Canaccord Genuity lowers its target price for Ora Banda Mining to $1.20 from $1.25 and downgrades to Hold from Speculative Buy following a reduction in FY25 production guidance to 95koz at a cost (AISC) of $2,606/oz.

The revisions reflect plant upgrade downtime and slower ramp-up, explains the broker, with June quarter production expected to be 24.5koz and costs (AISC) of circa $3,100/oz, though commissioning is now complete.

The broker notes mine performance remains solid and anticipates FY26 output rising to 150koz with costs (AISC) falling to around $1,932/oz, supported by contributions from Riverina and Sand King.

This report was published on June 6, 2025.

Target price is $1.20 Current Price is $1.05 Difference: $0.15
If OBM meets the Canaccord Genuity target it will return approximately 14% (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 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.50.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 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 6.56.

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

Moelis rates ((OBM)) as Hold (3) –

Ora Banda Mining lowered its production forecast for the 4Q25 due to extended downtime for improvements, resulting in a lower FY25 production estimate, which is -5% below the lower end of 100kozpa guidance.

Lower production is expected to result in a higher unit cost of $2,600/oz vs $2,500/oz guidance. Mining volumes are on target.

Moelis notes higher realised prices during the quarter will partly offset lower production, so the effect on its closing cash forecast will be limited. The broker expects $96m cash vs the previous forecast of $116m.

Hold. Target unchanged at $1.03.

This report was published on June 6, 2025.

Target price is $1.03 Current Price is $1.05 Difference: minus $0.02 (current price is over target).
If OBM meets the Moelis target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 525.00.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 6.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.21.

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

RHC    RAMSAY HEALTH CARE LIMITED

Healthcare services – Overnight Price: $37.18

Jarden rates ((RHC)) as Neutral (3) –

Jarden maintains a Neutral rating on Ramsay Health Care and lowers its target price slightly to $44.05 from $44.44, reflecting downgrades to earnings forecasts due to weakening French funding conditions.

The broker notes the removal of ad hoc support payments to Ramsay Sante has materially rebased revenue and margins, with the earnings (EBITDA) margin expected to decline -110bps to 10.7% in 2H25 and -70bps to 10.5% in 1H26.

Support payments include revenue guarantees, inflation supplements, and the prudential co-efficient.

Tariff indexation is also falling, dropping to 2.1% in 2H25 and just 0.5% in 1H26, a level Jarden views as insufficient to offset ongoing cost pressures in France.

This report was published on June 10, 2025.

Target price is $44.05 Current Price is $37.18 Difference: $6.87
If RHC meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $38.19, suggesting upside of 2.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 75.80 cents and EPS of 124.80 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 121.8, implying annual growth of -68.1%.
Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 30.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 86.70 cents and EPS of 142.80 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 158.9, implying annual growth of 30.5%.
Current consensus DPS estimate is 101.4, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 23.4.

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

SCG    SCENTRE GROUP

REITs – Overnight Price: $3.68

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

Ahead of the FY25 (1H25 for Scentre Group) reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

Among mall REITs, the broker prefers Scentre Group over Vicinity Centres ((VCX)) on valuation. The analyst sees upside risk to its FY25 FFO forecast of 22.75c after recent hybrid refinancing and strong leasing momentum.

For 1H25 the broker is positioned 2% above consensus on FFO growth. Overweight. Target lifted to $4.25 from $3.95.

This report was published on June 6, 2025.

Target price is $4.25 Current Price is $3.68 Difference: $0.57
If SCG meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.77, suggesting upside of 1.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 17.70 cents and EPS of 22.80 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.4, implying annual growth of 10.7%.
Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 18.90 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of 5.8%.
Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 15.7.

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

SGP    STOCKLAND

Infra & Property Developers – Overnight Price: $5.50

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

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, with most likely to guide to an accelerating NTA and FFO growth.

The broker is optimistic about the residential sector but believes Stockland may disappoint with conservative guidance at the FY25 results. The analyst is forecasting 10% FFO growth in FY26, noting anything above 7-8% growth guidance would be a positive.

Rating downgraded to Overweight from Buy. Target rises to $6.35 from $5.95.

This report was published on June 6, 2025.

Target price is $6.35 Current Price is $5.50 Difference: $0.85
If SGP meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $5.64, suggesting upside of 0.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 25.20 cents and EPS of 33.50 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.4, implying annual growth of 160.9%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 27.60 cents and EPS of 36.80 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 14.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.9, implying annual growth of 10.5%.
Current consensus DPS estimate is 28.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 15.2.

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

SVM    SOVEREIGN METALS LIMITED

Rare Earth Minerals – Overnight Price: $0.72

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

Petra Capital notes falling supply and rising demand dynamics in the rutile market puts Sovereign Metals in a strong position as the only new entrant in a position to meet customer demand.

The broker notes the Kasiya project is the only scalable natural rutile source, and it’s validated by Rio Tinto’s ((RIO)) investment. Rio Tinto has the first right of offtake or refusal for 180 days post-DFS.

No change to earnings forecasts. Buy. Target price $1.49 and includes equity dilution from future raising.

This report was published on June 5, 2025.

Target price is $1.49 Current Price is $0.72 Difference: $0.77
If SVM meets the Petra Capital target it will return approximately 107% (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 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.89.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

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

TRE    TOUBANI RESOURCES LIMITED REGISTERED

Gold & Silver – Overnight Price: $0.29

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

Toubani Resources has secured $29m in equity financing, including a strategic $15m investment from A2MP Investments. Canaccord Genuity believes these contributions help de-risk the funding path for the Kobada gold project in southern Mali.

The funding includes a potential US$160m debt facility from A2MP. This, alongside upcoming drilling, permitting, and fiscal convention finalisation, positions Kobada for a final investment decision (FID) by late 2025, according to the broker.

A definitive feasibility study (DFS) completed in late 2024 outlines a 10-year, 160kozpa oxide gold operation with capital costs of US$216m and costs (AISC) of US$1,002/oz.

Canaccord reduces its target price to $1.25 from $1.50, factoring in dilution from the placement. It’s felt the development remains technically low risk and capital efficient. Speculative Buy rating maintained.

This report was published on June 5, 2025.

Target price is $1.25 Current Price is $0.29 Difference: $0.96
If TRE meets the Canaccord Genuity target it will return approximately 331% (excluding dividends, fees and charges).

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

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