Australian Broker Call *Extra* Edition – Jul 09, 2025

This story features AIC MINES 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)

A1M   AEL   APE   BGL   CMM   CWY   GOR   IFT   MFG   PLY   PME   PTM   PYC   RUL   S32  

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.32

Moelis rates ((A1M)) as Buy (1) –

AIC Mines published recent drilling results from the Jericho mine and Moelis believes they support its own view the mine will grow beyond the current resource base.

Continued drilling success underpins the broker’s longer-term bullish view on Jericho. The company is labeled a long-term value play.

Buy. Target unchanged at 43c.

This report was published on July 8, 2025.

Target price is $0.43 Current Price is $0.32 Difference: $0.11
If A1M meets the Moelis target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $0.59, suggesting upside of 83.3%(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 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.0, implying annual growth of 84.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.4, implying annual growth of 46.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.3.

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

AEL    AMPLITUDE ENERGY LIMITED

Crude Oil – Overnight Price: $0.23

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

Canaccord Genuity notes Australian Energy Market Operator data point to average net gas production of 75.7Tj/day from Amplitude Energy’s Orbost Basin in 4Q25.

This would be at the top end of the FY25 guidance range of 69-73Tje/d for FY25, which includes oil production from the Cooper Basin, the broker highlights. The analyst lifted the long-term production forecast for Orbost to 67Tj/day from 65Tj/day.

Buy. Target price 34c.

This report was published on July 7, 2025.

Target price is $0.34 Current Price is $0.23 Difference: $0.11
If AEL meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $0.26, suggesting upside of 15.6%(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 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 57.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.0, 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 22.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.5, implying annual growth of 150.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.1.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $18.73

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

Canaccord Genuity considers the 6.5% y/y increase in June vehicle sales as a very strong result, and while it was likely assisted by promotional activity, it still shows resilience in the new vehicle market.

Sales in 1H2025 were down -1.3% but that was due to record performance in the previous comparison period, the broker highlights. Within the data, BYD performance was strong, and the broker believes the promotional activity was funded by BYD rather than EV Direct or the dealerships.

Overall, the data are seen as positive for Eagers Automotive’s profit before tax for 1H25, the broker reckons, but not enough to lift the $180m forecast.

The analyst notes consensus is higher at $191.6m, so even with an upgrade, its own forecast would likely still be lower than consensus.

Hold. Target unchanged at $17.20.

This report was published on July 7, 2025.

Target price is $17.20 Current Price is $18.73 Difference: minus $1.53 (current price is over target).
If APE meets the Canaccord Genuity target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.29, suggesting downside of -7.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 76.00 cents and EPS of 106.40 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.8, implying annual growth of 25.6%.
Current consensus DPS estimate is 70.6, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 80.00 cents and EPS of 119.20 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.8, implying annual growth of 6.0%.
Current consensus DPS estimate is 71.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 17.5.

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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $0.97

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

Bellevue Gold’s June quarter production of 38.9koz missed Canaccord Genuity’s forecast of 40koz, but a higher average realised sale price meant the implied revenue of $200m was higher than the broker’s $194m estimate.

The company generated a record free cash flow of $67m, higher than the analyst’s forecast of $53m.

For FY26, the broker is forecasting production of 152koz at a cost of $2,473/oz.

Speculative Buy. Target unchanged at $1.50.

This report was published on July 7, 2025.

Target price is $1.50 Current Price is $0.97 Difference: $0.53
If BGL meets the Canaccord Genuity target it will return approximately 55% (excluding dividends, fees and charges).
Current consensus price target is $1.18, suggesting upside of 22.0%(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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 48.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.2, implying annual growth of -35.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 10.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of 154.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.1.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $9.65

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

Capricorn Metals’ preliminary 4Q25 production of 32koz was in line with Canaccord Genuity’s forecast, and FY25 production of 117koz came at the top end of the 110-120koz guidance.

The company expects cost to come in within the FY25 guidance of $1,370-1,470/oz, and the broker’s estimate suggests 4Q cost was likely below $1,391/oz.

The analyst is forecasting FY26 production of 116koz and cost at $1,512/oz vs consensus of 120koz and $1,566/oz, respectively.

Buy. Target unchanged at $10.60.

This report was published on July 4, 2025.

Target price is $10.60 Current Price is $9.65 Difference: $0.95
If CMM meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $9.47, suggesting downside of -1.9%(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 38.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.4, implying annual growth of 57.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 57.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.4, implying annual growth of 38.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.1.

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

CWY    CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.80

Jarden rates ((CWY)) as Buy (1) –

Jarden notes the earlier-than-expected closure of the Contract Resources acquisition on July 27, which will allow for a circa 11-month contribution in FY26.

EPS estimates are adjusted by 1% for FY25 and FY26 by 1.6% and FY27 by 2.8%.

Target price rises to $3.20 from $3.10. No change to Buy rating.

This report was published on July 6, 2025.

Target price is $3.20 Current Price is $2.80 Difference: $0.4
If CWY meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.09, suggesting upside of 10.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 5.70 cents and EPS of 9.10 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 26.6%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 31.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.20 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.0, implying annual growth of 23.6%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 25.5.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $3.21

Moelis rates ((GOR)) as Hold (3) –

Gold Road Resources’ preliminary June quarter production of 36.5koz missed Moelis’ estimate of 42.6koz, leading to a miss at the cash and bullion level. 

The broker notes softer production will translate to higher unit cost and expects the company to miss its $2,449/oz cost forecast. The company now expects FY25 production at the low end of its 162.5-177.5koz range and cost at the upper end of 2,400-2,600/oz range.

While the overall result and guidance were soft, the broker notes the market will be more focused on the proposed takeover by Gold Fields.

Hold. Target unchanged at $3.20.

This report was published on July 8, 2025.

Target price is $3.20 Current Price is $3.21 Difference: minus $0.01 (current price is over target).
If GOR meets the Moelis target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.34, suggesting upside of 4.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 4.08 cents and EPS of 13.17 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.8, implying annual growth of 103.3%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.97 cents and EPS of 28.93 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.8, implying annual growth of 11.2%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 10.8.

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

IFT    INFRATIL LIMITED

Wealth Management & Investments – Overnight Price: $9.99

Jarden rates ((IFT)) as Buy (1) –

Jarden believes the US ‘One Big Beautiful Bill’ will impact Longroad much more positively for Infratil than management’s previous May guidance, due to a more favourable tax status.

The Bill allows for the transfer of tax credits with a “begin construction” exception for wind and solar projects if a project begins within 12 months after the date of the Act’s enactment.

Jarden believes the Bill implies Longroad could “safe harbour” projects well past FY27.

Buy retained. Target price set at NZ$14.31.

This report was published on July 6, 2025.

Current Price is $9.99. Target price not assessed.
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 12.23 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 81.69.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 4.65 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 214.65.

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $9.47

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

Jarden retains a cautious stance on Magellan Financial post the departure of Infrastructure portfolio manager Gerard Stacks, despite a stabilisation of retail fund outflows in June and no institutional redemptions.

Commentary suggests Stacks’ departure could prompt institutional outflows with a reassessment of the fund’s ratings.

Jarden lifts EPS forecasts by 1.9% for FY25 and 0.5% for FY26.

Underweight maintained. Target cut to $8.85 from $8.90.

This report was published on July 4, 2025.

Target price is $8.85 Current Price is $9.47 Difference: minus $0.62 (current price is over target).
If MFG meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.23, suggesting downside of -13.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 50.90 cents and EPS of 82.00 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.0, implying annual growth of -35.5%.
Current consensus DPS estimate is 54.1, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 40.20 cents and EPS of 74.00 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.2, implying annual growth of -17.4%.
Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 13.5.

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

PLY    PLAYSIDE STUDIOS LIMITED

Gaming – Overnight Price: $0.20

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

Canaccord Genuity notes Playside Studios’ first major video game title Mouse: P.I. for Hire exceeded 1m wishlists on the Steam platform. It’s a key positive as wishlists are regarded as a good indicator of buying intent.

The launch date is Nov/Dec and the company expects the game to be a major revenue driver in FY26. The broker is estimating $20m revenue contribution based on 1m wishlists and $30-50 unit price.

No change to forecasts, with the broker noting the company completed its planned restructuring process and headcount is now at 265 vs the peak of 360 in 2024.

Buy. Target unchanged at 50c.

This report was published on July 4, 2025.

Target price is $0.50 Current Price is $0.20 Difference: $0.3
If PLY meets the Canaccord Genuity target it will return approximately 150% (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 3.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.13.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 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 200.00.

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $314.20

Moelis rates ((PME)) as Hold (3) –

Moelis notes Pro Medicus had two contract wins recently, with the second being a $20m 5-year contract renewal with Franciscan Missionaries of Our Lady of Health System.

The renewal was at a higher price than the original contract in 2018, indicating an increased value of the company’s Visage platform.

The first was a big $170m 10-year contract with UC Health covering 14 hospitals for the Visage 7 imaging platform, including cardiology. The broker highlights cardiology departments generate fewer images than radiology, but the yield is higher. 

The analyst estimates the company will continue to deliver high margins from cardiology departments.

Hold. Target rises to $323.69 from $285.60.

This report was published on July 4, 2025.

Target price is $323.69 Current Price is $314.20 Difference: $9.49
If PME meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $274.57, suggesting downside of -12.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 55.00 cents and EPS of 109.40 cents.
At the last closing share price the estimated dividend yield is 0.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 287.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.2, implying annual growth of 37.8%.
Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 287.6.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 77.00 cents and EPS of 138.50 cents.
At the last closing share price the estimated dividend yield is 0.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 226.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 153.5, implying annual growth of 40.6%.
Current consensus DPS estimate is 75.4, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 204.6.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $0.52

Jarden rates ((PTM)) as Neutral (3) –

Higher net outflows in June for Platinum Asset Management drove funds under management to $8.06bn, which was -2.1% below Jarden’s forecast and -7.0% under consensus.

International and Asia fund performance deteriorated further, weighing on flow expectations, suggests the broker, with three-year relative performance reaching -12.7% and -3.7%, respectively.

While these pressures led to outer-year earnings downgrades of circa -5%, the analysts note cost savings continue to provide partial support, with underlying costs forecast to fall to around $61m in FY27 from $75m in FY25

The broker lowers its target price to 37c from 40c and retains a Neutral rating.

This report was published on July 7, 2025.

Target price is $0.37 Current Price is $0.52 Difference: minus $0.15 (current price is over target).
If PTM meets the Jarden target it will return approximately minus 29% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 22.20 cents and EPS of 3.50 cents.
At the last closing share price the estimated dividend yield is 42.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.86.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 3.20 cents and EPS of 3.30 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.76.

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

PYC    PYC THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.45

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

Canaccord Genuity notes PYC Therapeutics’ phase 1/2 study of PYC-003 drug had a successful review in healthy volunteers, allowing a move to part B of the study, where it will be tested on patients with polycystic kidney disease.

The broker highlights approval from the safety review committee to increase to higher doses and move into the patient population is a major positive. The part B study is expected to commence in July, with repeat dosing likely in the December quarter, and dose data by March/April 2026.

The analyst notes the next 12 months will be important for the company, with at least four pipeline drug catalysts.

Buy. Target unchanged at $2.40.

This report was published on July 7, 2025.

Target price is $2.40 Current Price is $1.45 Difference: $0.95
If PYC meets the Canaccord Genuity target it will return approximately 66% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 145.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 145.00.

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

RUL    RPMGLOBAL HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $3.18

Moelis rates ((RUL)) as Buy (1) –

RPMGlobal announced $64.5m of software total contract value in 2H25, taking FY25 sales to $100.8m, up 31% y/y. Annual recurring revenue (ARR) on July 1 stood at $69.1m vs Moelis’ forecast of $68.3m.

The broker notes the company now has $200m contracted revenue to be recognised in future years, up 24.2% y/y. 

The company didn’t give guidance on group revenue, EBITDA or profit before tax, but the broker upgraded the ARR forecast. This pushed up the forecast for FY26 EPS by 5.5% and FY27 by 8%.

Buy. Target price $3.75.

This report was published on July 4, 2025.

Target price is $3.75 Current Price is $3.18 Difference: $0.57
If RUL meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
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 5.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 62.35.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 55.79.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $3.04

Canaccord Genuity rates ((S32)) as Hold (3) –

South32 is divesting the Cerro Matoso nickel mine in Colombia to CoreX for a nominal amount plus up to US$100m in contingent payments.

Canaccord Genuity sees the deal as neutral as the declining grade at the mine makes it uneconomical for the company at current nickel prices.

The broker believes the asset sale would increase its FY26 EBITDA estimate by 2%, with FY25 accounts reflecting -US$130m impairment.

Hold. Target unchanged at $2.60.

This report was published on July 7, 2025.

Target price is $2.60 Current Price is $3.04 Difference: minus $0.44 (current price is over target).
If S32 meets the Canaccord Genuity target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.76, suggesting upside of 23.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 8.22 cents and EPS of 19.46 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.4, implying annual growth of N/A.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 5.41 cents and EPS of 12.05 cents.
At the last closing share price the estimated dividend yield is 1.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.4, implying annual growth of 32.8%.
Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 8.4.

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

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