Australian Broker Call *Extra* Edition – Jun 23, 2025

This story features AURELIA METALS LIMITED, and other companies.
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The company is included in ALL-ORDS

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

AMI (2)   BSL   BTR   CNI   CU6   CWP   D2O   HGO   HRZ   KLS   KMD   NST   SDR   SEK   SYL   VSL  

AMI    AURELIA METALS LIMITED

Gold & Silver – Overnight Price: $0.20

Moelis rates ((AMI)) as Initiation of coverage with Buy (1) –

Moelis initiated coverage of Aurelia Metals with a Buy rating and target price of 40c.

The broker believes the company offers an opportunity in the small-cap mining space and, compared with domestic peers, it benefits from greater operational diversification.

In the near term, the Federation mine is being ramped up and over the medium term, the broker expects catalysts from the delivery of the Great Cobar mine and capacity expansion.

This report was published on May 1, 2025.

Target price is $0.40 Current Price is $0.20 Difference: $0.195
If AMI meets the Moelis target it will return approximately 95% (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

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Moelis rates ((AMI)) as Buy (1) –

Aurelia Metals published FY26 production guidance and targets for FY27-28, and Moelis notes the guidance ranges are within its estimates.

The company also provided costs and capital forecasts, with both signficantly higher than the broker’s forecast. FY26 operating cost guidance of -$275-315m compared with the broker’s estimate of -$250m, while capex of -$125m at midpoint is higher than the broker’s forecast of -$80m.

The broker expects to lift cost estimates, which makes its 20% FY26 free cash flow yield unlikely, though this would be partly offset by higher commodity prices.

Buy. Target unchanged at 40c.

This report was published on June 19, 2025.

Target price is $0.40 Current Price is $0.20 Difference: $0.195
If AMI meets the Moelis target it will return approximately 95% (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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $22.46

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

Jarden has reiterated its positive outlook on BlueScope Steel, noting yet again the potential for earnings upside in the US from stronger US steel spreads and benefits of tariff hikes.

In Australia, the broker sees decent earnings growth in the medium term following a cost optimisation program and cyclical recovery. For NZ and Pacific Islands, the outlook is expected to remain challenging.

Minor revisions to FY25-27 EPS forecasts. Overweight.

Target lifted to $25.30 from $24.00, largely on valuation roll-forward.

This report was published on June 19, 2025.

Target price is $25.30 Current Price is $22.46 Difference: $2.84
If BSL meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $27.34, suggesting upside of 22.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 60.00 cents and EPS of 105.70 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.9, implying annual growth of -43.9%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 22.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 177.60 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 210.1, implying annual growth of 108.2%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 10.6.

Market Sentiment: 0.6
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: $0.49

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

Petra Capital notes Brightstar Resources is on track for first stoping ore from the Fish Gold mine in the September quarter, adding a second underground ore resource.

Further exploration at the mine also continues. Near-term catalyst is the Laverton definitive feasilbility study expected in the coming weeks.

Buy. Target cut to $1.18 from $1.20 on equity dilution.

This report was published on June 19, 2025.

Target price is $1.18 Current Price is $0.49 Difference: $0.685
If BTR meets the Petra Capital target it will return approximately 138% (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 495.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 9.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.44.

Market Sentiment: 1.0
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: $1.74

Jarden rates ((CNI)) as Neutral (3) –

Jarden maintains a Neutral rating on Centuria Capital (CNI), with a $1.85 price target and no changes to earnings forecasts.

The broker observes Centuria Capital continues to trade at a material discount to peers, currently at 13.4x forward P/AFFO versus 21.126.7x for fund managers such as Charter Hall ((CHC)) and Qualitas ((QAL)).

Jarden identifies three catalysts that could help close the valuation gap: a recovery in commercial property transaction volumes, upside to consensus Real Estate AUM growth forecasts, and momentum in Real Estate Finance via Centuria Bass Credit, now 11.7% of group AUM.

Bass Credit has delivered a 79% AUM CAGR since FY21, with the broker forecasting 14.6% growth through to FY30 and estimating each additional $500m in AUM could add 5%-10% to OEPS.

Despite these positives, investor concerns around capital structure and disclosure transparency persist, and Jarden suggests further headstock-level detail on Bass Credit could enhance confidence

This report was published on June 23, 2025.

Target price is $1.85 Current Price is $1.74 Difference: $0.115
If CNI meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.92, suggesting upside of 10.9%(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 5.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.34.

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 10.5, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 14.4.

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 6.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of 6.7%.
Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 13.5.

Market Sentiment: 0.5
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: $2.08

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

Canaccord Genuity notes another update from Clarity Pharmaceuticals, this time an upgrade in its clinical agreement with SpectronRX to commercial manufacturing of 64Cu-SAR-bisPSMA.

The drug is expected to be on the market by end-FY27 and the broker believes the commercial agreement is a reminder of its (significant) potential.

Buy. Target unchanged at $6.74.

This report was published on June 16, 2025.

Target price is $6.74 Current Price is $2.08 Difference: $4.66
If CU6 meets the Canaccord Genuity target it will return approximately 224% (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 13.25.

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 8.97.

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

CWP    CEDAR WOODS PROPERTIES LIMITED

Infra & Property Developers – Overnight Price: $6.89

Moelis rates ((CWP)) as Buy (1) –

Cedar Woods Properties announced two new acquisitions, with the first being 64.6Ha of land in Mt Barker, Adelaide and the second a site in Fairfield, Melbourne.

The first acquisition is expected to be settled in February 2026 and Moelis reckons it would provide time for JV partner Tokyo Gas Real Estate to participate if they wish. The second acquisition is expected to be settled in two instalments in mid-2027 and mid-2028.

The broker highlights the company has ample balance sheet capacity to fund the acquisitions. No changes to estimates as the settlement structure isn’t known.

Target price rises to $7.63 on a more positive view on the residential sector. Buy retained.

This report was published on June 20, 2025.

Target price is $7.63 Current Price is $6.89 Difference: $0.74
If CWP meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 30.00 cents and EPS of 56.90 cents.
At the last closing share price the estimated dividend yield is 4.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.11.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 32.00 cents and EPS of 63.50 cents.
At the last closing share price the estimated dividend yield is 4.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.85.

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

D2O    DUXTON WATER LIMITED

Agriculture – Overnight Price: $1.52

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

Petra Capital notes year-to-date 2025 rainfall in large parts of the Southern Murray-Darling Basin has been extremely low, and strong rains will be needed to prevent extreme water prices later this year.

Duxton Water has portfolio flexibility, the broker observes, with 52% due to be leased from July. The company will be in a position to negotiate new leases on more favourable terms and/or sell into the spot market, the broker highlights.

Buy. Target price $2.11.

This report was published on June 19, 2025.

Target price is $2.11 Current Price is $1.52 Difference: $0.59
If D2O meets the Petra Capital target it will return approximately 39% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 7.40 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.44.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 7.70 cents and EPS of 10.50 cents.
At the last closing share price the estimated dividend yield is 5.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.48.

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) –

No change to rating or forecasts following early Nugent ore, though June quarter production undershoots estimates.

Moelis notes Hillgrove Resources has brought forward first development ore from Nugent ahead of the prior December 2025 target, while reiterating FY25 guidance of 1214kt Cu.

However, June quarter copper output is expected to be circa 2.6kt, trailing the broker’s 3.0kt forecast, with June month production declining to 0.750.80kt Cu from May’s 1.0kt.

This softer outcome partly reflects resource prioritisation toward Nugent development and delayed access to higher-grade stopes, the broker explains.

On a positive note, dual access via portal and decline at Nugent is expected to unlock more efficient haulage and greater mining flexibility heading into 2H.

The broker retains a constructive view on asset potential but flags that recent variability in production and a constrained near-term cashflow outlook may deter generalist investors.

Buy rating retained with a $0.07 target price.

This report was published on June 20, 2025.

Target price is $0.07 Current Price is $0.04 Difference: $0.034
If HGO meets the Moelis target it will return approximately 94% (excluding dividends, fees and charges).

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

HRZ    HORIZON MINERALS LIMITED

Gold & Silver – Overnight Price: $0.05

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

Petra Capital notes Horizon Minerals’ revenue from third-party ore processing increased to $20.3m in the June quarter to-date from $6.3m in the March quarter on higher tonnage.

The broker believes the company’s operations are now well-positioned for a stronger cost performance and cash flow generation in 1H26.

Buy. Target price 12c.

This report was published on June 19, 2025.

Target price is $0.12 Current Price is $0.05 Difference: $0.066
If HRZ meets the Petra Capital target it will return approximately 122% (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 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.50.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.00.

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

KLS    KELSIAN GROUP LIMITED

Transportation & Logistics – Overnight Price: $3.71

Taylor Collison rates ((KLS)) as Upgrade to Outperform (2) –

Taylor Collison views recent developments as helping to de-risk Kelsian Group’s FY27 earnings outlook, underpinned by contract momentum and asset sales.

Positive signals include a CP2 contract agreement with Worley ((WOR)), commencement of civil works in FY26, and progress toward extending the key Sydney R6 contract past its June 2026 expiry.

The CP2 contract involves providing comprehensive workforce transportation services for the construction and development phase of the Venture Global LNG CP2 project in Cameron Parish, Louisiana.

The broker highlights a potential $150-$170m capital recycle from tourism asset divestments, potentially reducing net debt/earnings to 2.22.3 times by FY26 on a proforma basis.

Taylor Collison upgrades to an Outperform rating. The broker’s blended fair valuation is $4.11.

This report was published on June 19, 2025.

Target price is $4.11 Current Price is $3.71 Difference: $0.4
If KLS meets the Taylor Collison target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.30, suggesting upside of 19.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 17.50 cents and EPS of 32.80 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 54.2%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 18.00 cents and EPS of 34.10 cents.
At the last closing share price the estimated dividend yield is 4.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.7, implying annual growth of 13.9%.
Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 9.5.

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

KMD    KMD BRANDS LIMITED

Sports & Recreation – Overnight Price: $0.25

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

KMD Brands has downgraded FY25 underlying earnings (EBITDA) guidance to NZ$15-$25m, marking a -60% year-on-year decline at the midpoint and the lowest result in over 15 years, highlights Jarden.

Group gross margins have deteriorated -140bps year-on-year. These have been impacted by heightened discounting, slower Kathmandu winter sales, reintroduced tariffs, and restructuring in the North American surfwear market, explain the analysts.

While Kathmandu sales rebounded 13% year-on-year in early June, year-to-date growth sits at just 0.3%, and wholesale demand remains soft despite signs of improvement, points out the broker.

Jarden lowers sales and margin assumptions across all brands, reducing EBITDA forecasts by -52%/-32%/-16% for FY25FY27 and 

The broker cuts its target price to NZ45c from NZ55c and maintains an Overweight rating on valuation grounds.

This report was published on June 20, 2025.

Current Price is $0.25. Target price not assessed.
The company’s fiscal year ends in July.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.74 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.14.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 1.37 cents and EPS of 0.18 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 137.36.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $20.52

Jarden rates ((NST)) as Neutral (3) –

Jarden lifted its long-term gold price forecast to US$2,400/oz from US$2,200, and increased FY26/27 forecast to US$3,050 and US$2,800 from US$2,800 and US$2,500, respectively.

The broker also believes the positive flow-through to Northern Star Resources is offset by higher opex and capex, and further from equity dilution from the De Grey Mining acquisition.

The analyst also expects the FY26 guidance to disappoint versus the company’s prior target of 2moz, and its own estimate is 1.83moz.

Neutral. Target rises to $19.40 from $18.30.

This report was published on June 18, 2025.

Target price is $19.40 Current Price is $20.52 Difference: minus $1.12 (current price is over target).
If NST meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $22.46, suggesting upside of 9.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 55.00 cents and EPS of 93.60 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.2, implying annual growth of 96.4%.
Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 124.40 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.5, implying annual growth of 38.7%.
Current consensus DPS estimate is 48.8, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 13.6.

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $4.65

Moelis rates ((SDR)) as Initiation of coverage with Buy (1) –

Moelis has initiated coverage of SiteMinder with a Buy rating and target price of $6.19.

The broker notes subscriber numbers on the company’s platform have grown 45.7% since the IPO in late 2021, with over 47,000 hotels now using the product.

Very recently, the company highlighted bookings reached $80bn annualised with 125m volumes, and the broker expects a continuation of this to push subscribers to 85,000 within the next decade.

Positive cash flow was generated in 2H24, with the broker estimating a small cash surplus in FY25 consistent with management guidance. No dividend is forecast for FY27, though the broker highlights cash build-up at a higher rate from FY26 onwards.

Upside risks include more-than-expected product launches on the platform, better margins, and accretive acquisitions. Downside risks are likely to arise from aggressive rivals, fewer products, and macroeconomic shifts impacting travel.

This report was published on June 19, 2025.

Target price is $6.19 Current Price is $4.65 Difference: $1.54
If SDR meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $6.33, suggesting upside of 44.9%(ex-dividends)
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 minus 4.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 110.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.1, 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:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 273.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 546.3.

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

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $23.99

Jarden rates ((SEK)) as Buy (1) –

Jarden maintains a Buy rating on Seek and lifts its price target to $29.00 from $27.50.

The broker has upgraded FY26 and FY27 EPS forecasts by 3.1% and 3.2%, following higher confidence in Seek’s ability to sustain high single-digit yield growth and improved margin leverage.

The core investment thesis hinges on Seek’s growing placement share –rising from 30.8% in 1H24 to 35.4% in 1H25– which Jarden believes underpins 10% A&NZ yield growth in FY26, with gains driven by wage inflation, pricing power and hirer efficiency improvements.

Proprietary ad pricing trackers show a y/y price acceleration for Standard and StandOut ads from 5% in 1H25 to 10% in 2H25, with Jarden estimating Seek still trades at a discount to peers in pricing per salary dollar (0.8% vs 1.4%).

Operating leverage is expected to lift A&NZ EBITDA margins from 53.1% in FY25 to 57.0% in FY28, as the broker continues to view Seek as the only online classifieds name under-appreciated by the market for its medium-term execution outlook.

This report was published on June 23, 2025.

Target price is $29.00 Current Price is $23.99 Difference: $5.01
If SEK meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $28.28, suggesting upside of 19.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 41.90 cents and EPS of 44.10 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.9, implying annual growth of N/A.
Current consensus DPS estimate is 33.9, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 56.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 43.80 cents and EPS of 54.40 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 44.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.1, implying annual growth of 43.4%.
Current consensus DPS estimate is 41.6, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 39.3.

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

SYL    SYMAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.70

Jarden rates ((SYL)) as Buy (1) –

Jarden lifts its target price for Symal Group to $2.50 from $2.30 and maintains a Buy rating, following stronger-than-expected guidance for FY25.

While revenue guidance is revised to around $900m from $961m due to timing delays in major infrastructure projects, FY25 earnings (EBITDA) guidance is raised to circa $105m from $102.5m.

The broker views the revenue miss as temporary and unrelated to project execution risk. The 2H EBITDA margin of 11.7% is above the prior implied 9.9%, and reinforces the analyst’s confidence in Symal’s target margin range of 10-12% over the cycle.

New contract wins support a firm FY26 outlook, in Jarden’s view. The broker’s FY25 core EPS forecasts is upgraded by 4.5%, FY26 by 6.2%, and FY27 by 5.0%.

The broker sees room for either capital management or bolt-on acquisitions in key markets like South Australia and Queensland.

This report was published on June 19, 2025.

Target price is $2.50 Current Price is $1.70 Difference: $0.8
If SYL meets the Jarden target it will return approximately 47% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 9.30 cents and EPS of 24.70 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.88.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 12.20 cents and EPS of 24.40 cents.
At the last closing share price the estimated dividend yield is 7.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.97.

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

VSL    VULCAN STEEL LIMITED

Steel & Scrap – Overnight Price: $5.26

Jarden rates ((VSL)) as Upgrade to Buy from Neutral (1) –

Jarden notes a modest recovery in 2H25 expected by Vulcan Steel following a tough 1H25 has failed to materialise so far. The company is still waiting for a rebound that was flagged three months earlier.

The broker cut FY25 EBITDA forecast to NZ$107m from NZ$110m and pushed back expectations for a return to mid-cycle earnings in 2027 from 2H2026.

No impact from the CEO transition announcement.

Target cut to NZ$7.55 from $8.00. Rating upgraded to Buy from Neutral, with the broker noting the current share price provides a good entry point trading on a FY27 EV/EBITDA multiple of 7.1x.

This report was published on June 18, 2025.

Current Price is $5.26. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 6.84 cents and EPS of 9.76 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 53.90.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 13.32 cents and EPS of 22.25 cents.
At the last closing share price the estimated dividend yield is 2.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.64.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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