Australian Broker Call *Extra* Edition – Jun 18, 2025

This story features ARTRYA LIMITED, and other companies. For more info SHARE ANALYSIS: AYA

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)

AYA   AZJ   BTR   CEN   CSL   CU6   MIN   STO   THL   TLC   TTM   WIA  

AYA    ARTRYA LIMITED

Medical Equipment & Devices – Overnight Price: $0.69

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

Artrya has submitted its Salix Coronary Plaque module for review to the FDA, and Petra Capital believes a positive outcome is highly likely.

The broker expects clearance in September, assuming no major requests from the FDA. The module represents over 70% of the broker’s risk-adjusted revenue forecasts, reaching over $100m by FY29.

No change to forecasts. Buy. Target unchanged at $2.81.

This report was published on June 17, 2025.

Target price is $2.81 Current Price is $0.69 Difference: $2.12
If AYA meets the Petra Capital target it will return approximately 307% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 16.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.13.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 8.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.84.

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

AZJ    AURIZON HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $3.10

Jarden rates ((AZJ)) as Neutral (3) –

Aurizon Holdings bagged a freight contract for BHP Group’s ((BHP)) copper operations in South Australia for a period of up to 15 years (including possible extensions). Revenue of up to $1.5bn or around $150m per year is expected at full run-rate.

Jarden describes this contract win as marking the end of a challenging period for the bulk business, expecting earnings to stabilise ahead of organic improvements.

The broker’s FY25 EBITDA forecast is below the company’s guidance range at $1.63bn due to the increased risk of non-recovery of client-owed amounts. Overall, bulk EBIT forecasts cut for FY25-27.

Neutral. Target trimmed to $3.15 from $3.20.

This report was published on June 16, 2025.

Target price is $3.15 Current Price is $3.10 Difference: $0.05
If AZJ meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.31, suggesting upside of 6.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.30 cents and EPS of 22.80 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 1.1%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 13.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 20.30 cents and EPS of 25.80 cents.
At the last closing share price the estimated dividend yield is 6.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.7, implying annual growth of 19.7%.
Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 11.6.

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

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.57

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

Brightstar Resources reported shallow, high-grade gold intercepts from drilling at the Musketeer deposit within the Sandstone project. 

Petra Capital believes there’s potential for resource upside and risk of a beat to its 200kozpa production target by FY30.

Buy. Target unchanged at $1.20.

This report was published on June 17, 2025.

Target price is $1.20 Current Price is $0.57 Difference: $0.63
If BTR meets the Petra Capital target it will return approximately 111% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 570.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 9.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.13.

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

CEN    CONTACT ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $8.68

Jarden rates ((CEN)) as Buy (1) –

Jarden notes the May operating numbers for Contact Energy point to EBITDA of around NZ$77m versus the broker’s estimate of NZ$66m and up from NZ$63m the year before.

Higher geothermal output, lower unit generation costs and solid netbacks contributed to the outcome, partly offset by softer thermal output and weaker wholesale prices last year.

The company is tracking well against guidance, with the broker noting June needs to deliver NZ$73m to meet FY25 normalised EBITDA guidance of NZ$770m..

 Buy. Target unchanged at NZ$11.11.

This report was published on June 17, 2025.

Current Price is $8.68. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 35.56 cents and EPS of 21.34 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.68.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 35.56 cents and EPS of 32.37 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.81.

This company reports in NZD. 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

CSL    CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $239.29

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

CSL received FDA approval for its hereditary angioedema drug Andembry , which comes as a relief because of earlier fears of delay due to FDA staff cuts.

Jarden believes this is an important milestone as the drug could achieve 85% gross margin at scale, helping push the company’s margin back to the pre-covid level of 57%.

The company expects to make the drug available through the specialty pharmacy network by the end of the month. 

No change to forecasts. Overweight. Target unchanged at $317.61.

This report was published on June 17, 2025.

Target price is $317.61 Current Price is $239.29 Difference: $78.32
If CSL meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $326.08, suggesting upside of 35.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 404.07 cents and EPS of 927.82 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1003.4, implying annual growth of N/A.
Current consensus DPS estimate is 456.3, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 444.32 cents and EPS of 998.30 cents.
At the last closing share price the estimated dividend yield is 1.86%.
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 1150.5, implying annual growth of 14.7%.
Current consensus DPS estimate is 512.9, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 20.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CU6    CLARITY PHARMACEUTICALS LIMITED

Medical Equipment & Devices – Overnight Price: $2.24

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

Wilsons notes the new data from the Sabre phase II trial opens the potential for a fourth registrational study for Clarity Pharmaceuticals. On this occasion, it is for the PET/CT evaluation of the PSMA-negative prostate cancer recurrence. 

The broker draws a parallel with how the company went from Cobra phase II trial results to its Amplify phase III trial design (assessing 64Cu-SARbisPSMA in recurrent, PSMA-avid disease).

Overweight. Target unchanged at $8.25.

This report was published on June 15, 2025.

Target price is $8.25 Current Price is $2.24 Difference: $6.01
If CU6 meets the Wilsons target it will return approximately 268% (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 12.95.

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 7.44.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $23.68

Jarden rates ((MIN)) as Sell (5) –

Jarden notes the disclosure by Mineral Resources’ 50% JV partner at Mt Marion, Ganfeng, of a $150m injection to sustain daily operations and that Mineral Resources will put in the same amount.

The broker is surprised by the amount being a debt instead of equity. With spot SC6 prices of US$600-620/t, well below US$900-1,000/t required for breakeven at both Mt Marion and Wodgina, the broker estimates the company’s share of cash burn in FY26 to be -$75-100m.

A temporary idling of Wodgina operations is a reasonable probability in the broker’s view. No change to forecasts.

Sell. Target unchanged at $16.20.

This report was published on June 16, 2025.

Target price is $16.20 Current Price is $23.68 Difference: minus $7.48 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 32% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.89, suggesting upside of 26.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 151.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -89.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 47.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 49.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 126.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.1.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $7.76

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

Santos received a non-binding indicative offer from a consortium led by a subsidiary of Abu Dhabi’s oil giant Adnoc for US$5.76/share ($8.89).

Jarden notes the deal completion is targeted for 1Q26, though several hurdles, including due diligence and regulatory clearances, remain. The broker reckons FIRB approval would be key, but this process would be assisted by the UAE-Australia free trade agreement in November 2024.

Due diligence by August and a scheme meeting in 1Q26 may be possible if all goes well, the broker believes.

Overweight. Target lifts to $8.34 from $6.70, with the price being a blend of bid price and fundamental valuation.

This report was published on June 17, 2025.

Target price is $8.34 Current Price is $7.76 Difference: $0.58
If STO meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $7.89, suggesting upside of 1.7%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 24.06 cents and EPS of 44.57 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.8, implying annual growth of N/A.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 25.60 cents and EPS of 59.38 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.4, implying annual growth of 10.8%.
Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 13.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

THL    TOURISM HOLDINGS LIMITED

Travel, Leisure & Tourism – Overnight Price: $2.13

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

BGH Capital, together with the Trouchet family, has proposed an all-cash offer for Tourism Holdings Rentals at NZ$2.30 per share. This level is a 67% premium to the 10-day volume weighted average price (VWAP) but below the stock’s pre-2024 range, notes Wilsons.

The proposal reflects the company’s intrinsic value, suggests the broker, but management may determine the offer undervalues long-term potential, especially given recent weakness in RV sales.

The board has established a subcommittee to assess the non-binding proposal while the executive linked to the offer has stepped aside.

No updates have been made to financial forecasts, and the broker assumes no control premium in its valuation.

Wilsons raises its target price to $2.18 from $1.25 and retains a Market Weight rating.

This report was published on June 17, 2025.

Target price is $2.18 Current Price is $2.13 Difference: $0.05
If THL meets the Wilsons target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.73, suggesting downside of -18.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 4.01 cents and EPS of 13.68 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.4, implying annual growth of N/A.
Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 8.66 cents and EPS of 16.23 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.8, implying annual growth of 34.8%.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 8.6.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.18

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

Jarden believes share price volatility in Lottery Corp over the past month was mainly a result of positioning and index changes, and some earnings downgrades.

The broker reckons FY25 earnings risk has largely diminished, and the 2H25 turnover to date is on track to meet 2H consensus and its estimate.

Overweight. Target rises to $5.35 from $5.15 on valuation roll-forward to June 2025.

This report was published on June 16, 2025.

Target price is $5.35 Current Price is $5.18 Difference: $0.17
If TLC meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $5.58, suggesting upside of 7.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.50 cents and EPS of 16.10 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of -12.4%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 31.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.50 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 3.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.6, implying annual growth of 14.1%.
Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 27.8.

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

TTM    TITAN MINERALS LIMITED

Gold & Silver – Overnight Price: $0.38

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

The analyst at Canaccord Genuity visited Titan Minerals’ Dynasty and Copper Duke projects in southern Ecuador in May. A developing dual strategy is highlighted: near-term gold production at Dynasty alongside porphyry discovery potential.

The broker believes Dynasty could support a 1.5mtpa open pit producing 80-90kozpa, underpinned by a 3.1moz gold resource with potential to grow to 4-5moz.

Previous mining at Dynasty yielded 20kozpa but left fresh ore behind, explains the analyst, and the company is now restoring community relations to secure full concession access.

At Copper Duke, which lays an hour away, the broker notes early-stage work has identified multiple porphyry-style targets that will be drill-tested in 2025.

Canaccord Genuity raises its target price to $1.20 from $1.18 and retains a Speculative Buy rating.

This report was published on June 17, 2025.

Target price is $1.20 Current Price is $0.38 Difference: $0.82
If TTM meets the Canaccord Genuity target it will return approximately 216% (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 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 126.67.

Forecast for FY26:

Canaccord Genuity 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 190.00.

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: $0.24

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 $158/oz, which is a 53% premium to the ASX-listed peer average of $103/oz.

After the expected resource upgrade, the broker expects this would come down to EV/Resource range of $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 $0.24 Difference: $0.08
If WIA meets the Petra Capital target it will return approximately 33% (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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