Weekly Reports | Jun 27 2025
This story features AUDINATE GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: AD8
The company is included in ASX300, ALL-ORDS and ALL-TECH
Broker Rating Changes (Post Thursday Last Week)
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AUDINATE GROUP LIMITED ((AD8)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0
Moelis notes Audinate Group had strong revenue momentum until 2H24, except for a brief interruption during covid, but sales have slowed down sharply in the past 12 months.
Inventory overhang by key clients and US tariffs are adding to the company’s uncertain outlook, and two of its Asia-listed partners echoed similar concerns. The broker cut the FY26 revenue forecast down by -5%.
Rating upgraded to Buy from Hold. Target cut to $9.86 from $10.27.
KELSIAN GROUP LIMITED ((KLS)) Upgrade to Outperform by Taylor Collison.B/H/S: 0/0/0
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.
VULCAN STEEL LIMITED ((VSL)) Upgrade to Buy from Neutral by Jarden.B/H/S: 0/0/0
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.
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SHAPE AUSTRALIA CORPORATION LIMITED ((SHA)) Downgrade to Hold from Buy by Petra Capital.B/H/S: 0/0/0
Shape Australia’s FY25 EBITDA guidance of $32-33m beat Petra Capital’s forecast of $30m as the core revenue miss was offset by a marginal increase in gross profit margin.
The broker notes the company’s pipeline is strong at $4.0bn, and newer businesses are performing well, making its forecasts look conservative. But the analyst will wait for FY25 results for a more detailed commentary.
For now, the broker lifted FY25 EBITDA forecast to the mid-point of the guidance range, and made minor changes to FY26-27 forecasts.
Rating downgraded to Hold from Buy on share price rise. Target rises to $3.60 from $3.50.
| Order | Company | New Rating | Old Rating | Broker | |
|---|---|---|---|---|---|
| Upgrade | |||||
| 1 | AUDINATE GROUP LIMITED | Buy | Neutral | Moelis | |
| 2 | KELSIAN GROUP LIMITED | Buy | Buy | Taylor Collison | |
| 3 | VULCAN STEEL LIMITED | Buy | Neutral | Jarden | |
| Downgrade | |||||
| 4 | SHAPE AUSTRALIA CORPORATION LIMITED | Neutral | Buy | Petra Capital | |
Price Target Changes (Post Thursday Last Week)
| Company | Last Price | Broker | New Target | Old Target | Change | |
|---|---|---|---|---|---|---|
| A1M | AIC Mines | $0.30 | Moelis | 0.43 | 0.72 | -40.28% |
| AD8 | Audinate Group | $7.14 | Moelis | 9.86 | 10.27 | -3.99% |
| BSL | BlueScope Steel | $22.55 | Jarden | 25.30 | 24.00 | 5.42% |
| BTR | Brightstar Resources | $0.49 | Petra Capital | 1.18 | 1.20 | -1.67% |
| CKF | Collins Foods | $9.38 | Jarden | 10.10 | 9.95 | 1.51% |
| Wilsons | 10.20 | 10.13 | 0.69% | |||
| CWP | Cedar Woods Properties | $7.24 | Moelis | 7.63 | 6.26 | 21.88% |
| D2O | Duxton Water | $1.51 | Petra Capital | 2.11 | 2.10 | 0.48% |
| EDV | Endeavour Group | $4.01 | Jarden | 4.20 | 4.30 | -2.33% |
| EMR | Emerald Resources | $4.03 | Canaccord Genuity | 5.10 | 5.95 | -14.29% |
| IEL | IDP Education | $3.64 | Jarden | 6.25 | 6.95 | -10.07% |
| JIN | Jumbo Interactive | $9.80 | Jarden | 13.40 | 14.20 | -5.63% |
| KLS | Kelsian Group | $3.78 | Taylor Collison | 4.11 | 4.50 | -8.67% |
| NST | Northern Star Resources | $18.84 | Jarden | 19.40 | 18.30 | 6.01% |
| SEK | Seek | $23.86 | Jarden | 29.00 | 27.50 | 5.45% |
| SHA | Shape Australia | $4.15 | Petra Capital | 3.60 | 3.50 | 2.86% |
| SYL | Symal Group | $1.79 | Jarden | 2.50 | 2.30 | 8.70% |
| TWE | Treasury Wine Estates | $7.76 | Jarden | 10.00 | 10.60 | -5.66% |
| WGX | Westgold Resources | $2.92 | Petra Capital | 4.74 | 4.29 | 10.49% |
| XRO | Xero | $184.00 | Wilsons | 217.26 | 131.63 | 65.05% |
| Company | Last Price | Broker | New Target | Old Target | Change | |
More Highlights
AMI AURELIA METALS LIMITED
Gold & Silver Overnight Price: $0.20
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
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.
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
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
PDN PALADIN ENERGY LIMITED
Uranium Overnight Price: $7.75
Canaccord Genuity rates ((PDN)) as Buy (1)
Canaccord Genuity notes the CEO succession at Paladin Energy is a no-drama event, and incoming CEO Paul Hemburrow’s skillsets would benefit the greenfield development in Canada and optimisation of Langer Heinrich mine.
The broker’s forecast for June quarter production is 0.75Mlb, up 4% q/q, and 2.8Mlb for full FY25. The forecast for FY26 is 4.6Mlb.
Buy. Target unchanged at $12.80.
This report was published on June 25, 2025.
Target price is $12.80 Current Price is $7.75 Difference: $5.05
If PDN meets the Canaccord Genuity target it will return approximately 65% (excluding dividends, fees and charges).
Current consensus price target is $8.54, suggesting upside of 10.3%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 6.99 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 110.86.
How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -3.7, 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 FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 25.15 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.81.
How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 30.1, 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 25.7.
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
SMP SMARTPAY HOLDINGS LIMITED
Business & Consumer Credit Overnight Price: $1.03
Wilsons rates ((SMP)) as Overweight (1)
Wilsons notes SmartPay’s board has endorsed the 100% takeover offer from Shift4 and it sees a high likelihood the deal will progress successfully this year.
The broker looked at the key details of the scheme, noting any adverse RBA outcomes from payments review are not a ground for breaking the deal.
The scheme also stipulates directors continue supporting the transaction, and any withdrawal would give Shift4 the right to terminate.
Overweight. Target unchanged at $1.20, with the -10% discount to offer price reflecting scheme implementation and shareholder register risks.
This report was published on June 23, 2025.
Target price is $1.20 Current Price is $1.03 Difference: $0.17
If SMP meets the Wilsons target it will return approximately 17% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 161.44.
Forecast for FY27:
Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.65 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.23.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
WGX WESTGOLD RESOURCES LIMITED
Gold & Silver Overnight Price: $2.91
Petra Capital rates ((WGX)) as Buy (1)
Petra Capital highlights Westgold Resources’ acquisition of Karora Resources has paid dividends, with an initial mineral resource estimate for the Fletcher zone at the Beta Hunt mine. The 31Mt resource is effectively a doubling of the resource.
The broker notes there is potential for the resource to triple to 90Mt, with the company now doing an accelerated drilling program.
Buy. Target price $4.74, incorporating the increased resource.
This report was published on June 24, 2025.
Target price is $4.74 Current Price is $2.91 Difference: $1.83
If WGX meets the Petra Capital target it will return approximately 63% (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 2.50 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.93.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 10.00 cents and EPS of 59.80 cents.
At the last closing share price the estimated dividend yield is 3.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.87.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three source
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CHARTS
For more info SHARE ANALYSIS: AD8 - AUDINATE GROUP LIMITED
For more info SHARE ANALYSIS: AMI - AURELIA METALS LIMITED
For more info SHARE ANALYSIS: BSL - BLUESCOPE STEEL LIMITED
For more info SHARE ANALYSIS: CU6 - CLARITY PHARMACEUTICALS LIMITED
For more info SHARE ANALYSIS: KLS - KELSIAN GROUP LIMITED
For more info SHARE ANALYSIS: PDN - PALADIN ENERGY LIMITED
For more info SHARE ANALYSIS: SHA - SHAPE AUSTRALIA CORPORATION LIMITED
For more info SHARE ANALYSIS: SMP - SMARTPAY HOLDINGS LIMITED
For more info SHARE ANALYSIS: VSL - VULCAN STEEL LIMITED
For more info SHARE ANALYSIS: WGX - WESTGOLD RESOURCES LIMITED
For more info SHARE ANALYSIS: WOR - WORLEY LIMITED