Australian Broker Call *Extra* Edition – Jun 16, 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   ASX   AV1   AX1 (2)   BRE   BRG   CLG   COH   CUP   LGL   RXL   RXR   STN   SVL   TPG   WIA (2)  

ADT    ADRIATIC METALS PLC

Gold & Silver – Overnight Price: $5.00

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

Canaccord Genuity reports Canadian gold miner Dundee Precious Metals will acquire Adriatic Metals via a cash and scrip deal valuing the company at $1.92bn, or $5.56 per share. 

Adriatic’s board and major shareholders Helikon Investments and L1 Capital intend to support the transaction.

While the headline premium to Adriatic’s last close is 11%, the implied offer is 51% above the share price before confirmation of takeover talks, which Canaccord views as compelling.

The acquisition includes the Vares Silver Project in Bosnia, with the deal expected to complete in the December quarter following shareholder approval in the September quarter, explain the analysts.

Canaccord retains a Hold rating and a $5.50 price target.

This report was published on June 13, 2025.

Target price is $5.50 Current Price is $5.00 Difference: $0.5
If ADT meets the Canaccord Genuity target it will return approximately 10% (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 26.22 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.07.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 53.98 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.26.

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $72.46

Jarden rates ((ASX)) as Neutral (3) –

Jarden notes ASX’s five-year strategic plan centred on technology updates and cost profile, and the higher D&A expenses in the medium term imply pressure on EBIT margins.

The FY25 cost growth is expected to be within the 6-9% guidance range, but the FY26 guidance was above the consensus estimate.

On the positive side, the company said its new pricing policy allows it to target the historical return of 11.5% on capital by adjusting fees charged to customers.

The broker incorporated updated cost assumptions and revenue drivers, resulting in a 2.9% lift to FY25 EPS and a 1.1% rise to FY26.

Neutral. Target rises to $68.25 from $62.55.

This report was published on June 12, 2025.

Target price is $68.25 Current Price is $72.46 Difference: minus $4.21 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $66.20, suggesting downside of -9.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 223.30 cents and EPS of 262.90 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 263.8, implying annual growth of 7.7%.
Current consensus DPS estimate is 223.2, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 27.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 227.70 cents and EPS of 267.90 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 268.5, implying annual growth of 1.8%.
Current consensus DPS estimate is 225.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 27.1.

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

AV1    ADVERITAS LIMITED

Overnight Price: $0.10

Taylor Collison rates ((AV1)) as Initiation of coverage with Speculative Buy (1) –

Back on June 6, Taylor Collison initiated coverage on Adveritas, highlighting its TrafficGuard (SaaS) platform as a proactive solution to digital advertising fraud (invalid traffic and advertising). The analyst began with a Speculative Buy rating and 17c target.

The platform provides real-time protection across Google Ads, mobile, affiliate, and social channels, helping marketers eliminate waste and optimise acquisition efficiency, explains the analyst.

The broker sees a strong commercial inflection point, with multi-year SaaS contracts, rising annual contract value, and agency distribution underpinning 61% year-on-year annual recurring revenue (ARR) growth.

Management recently secured its first $1m annual contract value (ACV) deal and first agency contract, validating its value proposition, according to the broker.

It’s also thought the deal helps open scalable enterprise access across sectors like ecommerce and legal.

This report was published on June 6, 2025.

Target price is $0.17 Current Price is $0.10 Difference: $0.065
If AV1 meets the Taylor Collison target it will return approximately 62% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.67.

Forecast for FY26:

Taylor Collison 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 52.50.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $1.36

Jarden rates ((AX1)) as Upgrade to Overweight from Neutral (2) –

Jarden upgraded Accent Group to Overweight from Neutral. Target price lifted to $2.13 from $2.06.

This report was published on April 16, 2025.

Target price is $2.13 Current Price is $1.36 Difference: $0.77
If AX1 meets the Jarden target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $2.30, suggesting upside of 68.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 9.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of 16.9%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 9.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of 8.9%.
Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 10.1.

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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Jarden rates ((AX1)) as Downgrade to Neutral from Overweight (3) –

Jarden notes Accent Group’s trading update was disappointing, and it will be a wait-and-watch for the operating environment to improve as the benefits of interest rate cuts flow through.

The company’s like-for-like sales fell -1% y/y in the first 23 weeks of 2H25 vs the consensus of 1.9% y/y for 2H25. Gross profit margin fell -80bps vs consensus for around 100bps improvement in 2H25 due to soft demand and higher promotional activity.

The broker lowered FY25 EBIT by -19% and FY26-27 by -26%.

Target price cut to $1.55 from $2.13. Rating downgraded to Neutral from Overweight.

This report was published on June 12, 2025.

Target price is $1.55 Current Price is $1.36 Difference: $0.19
If AX1 meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $2.30, suggesting upside of 68.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 9.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of 16.9%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 9.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of 8.9%.
Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 10.1.

Market Sentiment: 0.8
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: $2.26

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

Brazilian Rare Earths published the follow-up test work on the Monte Alto deposits, which confirmed valuable by-products could be obtained when extracting uranium.

Based on the results, Canaccord Genuity now sees a case for the company to pursue production of separated RE oxides, given their high grades.

This also means the scoping study will be pushed back to the end of 2025 or early 2026 to allow time to incorporate the new results.

Buy. Target unchanged at $5.

This report was published on June 12, 2025.

Target price is $5.00 Current Price is $2.26 Difference: $2.74
If BRE meets the Canaccord Genuity target it will return approximately 121% (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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $29.10

Petra Capital rates ((BRG)) as Hold (3) –

Petra Capital previously believed Breville Group’s project to shift 120v production out of China would offset most of the US tariffs impact from 2H26/FY27.

But it now thinks accelerating this project may do little because of the risk tariffs might be reinstated at higher rates in some SE Asian markets.

The best case scenario is for a successful court ruling against tariffs, while the least preferred is a lift in tariffs in Vietnam, Indonesia and Cambodia.

EPS forecast for FY25 lifted by 1% and by 2.4% for FY26 on revisions to sales and margin forecasts, mostly in FY26. 

Hold. Target rises to $28.60 from $28.00.

This report was published on June 13, 2025.

Target price is $28.60 Current Price is $29.10 Difference: minus $0.5 (current price is over target).
If BRG meets the Petra Capital target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $35.63, suggesting upside of 24.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 36.30 cents and EPS of 92.20 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.1, implying annual growth of 11.4%.
Current consensus DPS estimate is 36.8, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 31.1.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 37.90 cents and EPS of 95.90 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.1, implying annual growth of 6.5%.
Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 29.2.

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

CLG    CLOSE THE LOOP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.05

Petra Capital rates ((CLG)) as Hold (3) –

Petra Capital notes Close the Loop’s 2H25 guidance was very weak, and FY25 results will be lower than its already below-consensus forecasts.

The broker remains positive on the IT asset disposal business, but so far the company has not been able to realise this potential. A small offset is a stabilisation in the packaging division’s earnings.

FY25 revenue forecast cut by -12.5% and FY26 by -9.3%.

Hold. Target price 5c.

This report was published on June 13, 2025.

Target price is $0.05 Current Price is $0.05 Difference: $0.002
If CLG meets the Petra Capital target it will return approximately 4% (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 4.36.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.00.

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

COH    COCHLEAR LIMITED

Medical Equipment & Devices – Overnight Price: $272.85

Jarden rates ((COH)) as Neutral (3) –

Cochlear downgraded its FY25 underlying net profit to $390-400m, which Jarden notes is -3.7% lower at midpoint, and -2.9% below its own forecast.

The broker highlights the downgrade would have been greater if it were not for AUD/EUR exchange rate weakness.

Still, the analyst is optimistic about the company, forecasting underlying net profit compounded annual growth of 17.7% over the next three years after a modest 2.3% growth in FY25.

New product launches would reignite growth in the broker’s view FY25/26/27 net profit forecasts cut by -2.8%/-6.9%/-7.4%, respectively.

Neutral. Target lifted to $270.28 from $264.71 on forex and valuation roll-forward.

This report was published on June 12, 2025.

Target price is $270.28 Current Price is $272.85 Difference: minus $2.57 (current price is over target).
If COH 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 $284.12, suggesting upside of 0.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 418.60 cents and EPS of 602.00 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 630.2, implying annual growth of 15.8%.
Current consensus DPS estimate is 441.6, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 44.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 401.90 cents and EPS of 710.10 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 700.3, implying annual growth of 11.1%.
Current consensus DPS estimate is 491.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 40.2.

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

CUP    COUNT LIMITED

Commercial Services & Supplies – Overnight Price: $0.88

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

Count announced two acquisitions through its equity partners, which is not surprising to Canaccord Genuity, as it was already factored in forecasts when coverage was initiated in April.

In other news, the Federal Court of Australia dismissed a class action against the company’s subsidiary and awarded costs against the plaintiff.

The broker reckons this is good news as it absolves the company from any wrongdoing and will help it and CommBank ((CBA)) to move forward.

The broker made revisions to forecasts to include additional costs to improve platform outcomes and some non-controlling interest adjustments. This led to downward revisions to FY25-27 EPS forecasts.

Buy. Target price rises to $1.01 from $1.00 on valuation roll-forward and lift in market reference multiples.

This report was published on June 12, 2025.

Target price is $1.01 Current Price is $0.88 Difference: $0.13
If CUP meets the Canaccord Genuity target it will return approximately 15% (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 3.60 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 4.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.58.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 4.33 cents and EPS of 8.10 cents.
At the last closing share price the estimated dividend yield is 4.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.86.

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

LGL    LYNCH GROUP HOLDING LIMITED

Agriculture – Overnight Price: $1.75

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

Lynch Group provided a positive trading update, pointing to a slow recovery in consumer demand in China and the potential to gain market share in Australia. Revenue for FY25 was tracking at 7% y/y growth vs 6% previously expected.

The company’s FY25 EBITDA guidance of $42-43m is 1% above Jarden’s at the midpoint. Additionally, the company flagged scope for margin improvement in China.

The broker lifted the FY25 EBITDA forecast by 1.6% to $42.7m. This included a rise in China EBITDA and a cut to Australia from lost sales during Cyclone Alfred.

Overweight. Target rises to $2.00 from $1.90.

This report was published on June 12, 2025.

Target price is $2.00 Current Price is $1.75 Difference: $0.25
If LGL meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
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 8.40 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 20.83.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 12.34 cents and EPS of 24.83 cents.
At the last closing share price the estimated dividend yield is 7.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.05.

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

RXL    ROX RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.29

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

Rox Resources has commenced dewatering the Main pit and United North pit at its Youanmi gold project, which Canaccord Genuity notes is a key step to bring the asset back into production.

The dewatering process will support the company’s DFS due in late 2025, and the broker expects this to reduce startup risks by providing early access to underground portal locations.

Speculative Buy. Target unchanged at 61c.

This report was published on June 16, 2025.

Target price is $0.61 Current Price is $0.29 Difference: $0.315
If RXL meets the Canaccord Genuity target it will return approximately 107% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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

RXR    ROBEX RESOURCES INC

Gold & Silver – Overnight Price: $3.63

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

Canaccord Genuity reports that construction at Robex Resources’ Kiniero Gold Project in Guinea is progressing on schedule and within budget, with first gold targeted for the December quarter of 2025.

Engineering and design are complete, and all major procurement is on track, with 90% of power station materials already shipped, observes the broker.

The analyst also notes civil works are nearing completion, and key mechanical installations, such as CIL Tank Train A and the tailings storage facility, are either complete or well advanced.

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

This report was published on June 13, 2025.

Target price is $5.00 Current Price is $3.63 Difference: $1.37
If RXR meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 72.60.

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 4.71.

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

STN    SATURN METALS LIMITED

Gold & Silver – Overnight Price: $0.38

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

Petra Capital highlights the latest metallurgical test work at the Saturn Metals’ Leonora gold project delivered gold recoveries of 86% compared with 75% in the August 2023 scoping study.

The broker believes the result indicates a material rise in gold recovery during the start-up phase of the project. As a result, the analyst lifted the production forecast for the first three years by 30koz.

The pre-feasibility study is due in the December quarter. Buy. Target rises to $1.24 from $1.17.

This report was published on June 13, 2025.

Target price is $1.24 Current Price is $0.38 Difference: $0.86
If STN meets the Petra Capital target it will return approximately 226% (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 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 42.22.

Forecast for FY26:

Petra Capital forecasts a full year FY26 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 126.67.

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

SVL    SILVER MINES LIMITED

Gold & Silver – Overnight Price: $0.12

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

Silver Mines signed binding agreements to acquire 100% of the Calico North silver project and up to 80% of the Kramer Hills project in California.

Upfront cash payment is -US$1.1m plus 62.5m Silver Mines’ shares.

Petra Capital notes the acquisition will boost the company’s project pipeline and provide upside potential.

Buy. Target unchanged at 17c.

This report was published on June 13, 2025.

Target price is $0.17 Current Price is $0.12 Difference: $0.045
If SVL meets the Petra Capital target it will return approximately 36% (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 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 62.50.

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

TPG    TPG TELECOM LIMITED

Telecommunication – Overnight Price: $5.28

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

Jarden has analysed how TPG Telecom could return capital to investors from the $4.7bn net proceeds from the sale of fibre infrastructure and EB&W businesses to Vocus.

The broker expects the company to pay down $2.4bn debt to reduce gearing and return the remaining to shareholders.

One option would be a selective buyback that would increase free float to 30% and allow the company later to distribute franking credits to a larger domestic investor base.

The other option would be a special dividend to provide even distribution to all investors, though this would mean a lower dividend in FY26 to ensure the telco has funds in FY29 for spectrum cash payments.

Overweight. Target unchanged at $5.10.

This report was published on June 12, 2025.

Target price is $5.10 Current Price is $5.28 Difference: minus $0.18 (current price is over target).
If TPG meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.86, suggesting downside of -10.1%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 19.00 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.0, implying annual growth of N/A.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 28.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 21.00 cents and EPS of 21.70 cents.
At the last closing share price the estimated dividend yield is 3.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, implying annual growth of 25.8%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 22.6.

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

WIA    WIA GOLD LIMITED

Gold & Silver – Overnight Price: $0.26

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

Petra Capital notes WIA Gold reported strong March quarter activity at the Kokoseb Gold Project in Namibia.

Drilling totalled 25,444m across five rigs, targeting resource conversion and deeper high-grade extensions.  The analyst reckons a resource update is due in the June quarter, with potential to lift the current 2.1Moz resource to 2.53.0Moz.

The Scoping Study is underway and expected to be completed in the September quarter.

No change to Buy rating with a 30c target price.

This report was published on April 30, 2025.

Target price is $0.30 Current Price is $0.26 Difference: $0.04
If WIA meets the Petra Capital target it will return approximately 15% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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

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

Petra Capital highlights WIA Gold’s recent assay results from 36 RC drillholes and nine diamond holes at the Kokoseb project were strong and included several “impressive” high-grade intercepts.

A resource update is due this month and the analyst reiterated expectation for a rise to 2.5-3.0Moz from the current 2.1Moz.

The broker notes the stock is trading at an EV/Resource of A$158/oz, which is a 53% premium to the ASX-listed peer average of A$103/oz.

After the expected resource upgrade, the broker expects this would come down to EV/Resource range of A$134-111/oz.

Buy. Target rises to 32c from 30c.

This report was published on June 13, 2025.

Target price is $0.32 Current Price is $0.26 Difference: $0.06
If WIA meets the Petra Capital target it will return approximately 23% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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

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