Australian Broker Call *Extra* Edition – Jul 15, 2025

This story features ADAIRS LIMITED, and other companies.
For more info SHARE ANALYSIS: ADH
The company is included in ASX300 and 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)

ADH   ARF   CPU   CSC   CSL   GQG   HVN   IKE   JLG   NCK   NWL (2)   OBM (2)   SKS   TPW  

ADH    ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $2.14

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

In an update on furniture and home stocks, Jarden notes online continues to outperform. Turnover was down -5.1% in 2025 year-to-date, with homeware likely outperforming while furniture sales may be mixed.

The broker notes discounting was deeper and broader than in previous years, but expects pricing to become more rational in FY26.

The broker has a positive view on Adairs going into the FY25 reporting season. No change to forecasts.

Overweight. Target price $2.07.

This report was published on July 11, 2025.

Target price is $2.07 Current Price is $2.14 Difference: minus $0.07 (current price is over target).
If ADH meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.34, suggesting upside of 9.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 20.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 4.9%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 24.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.3, implying annual growth of 13.3%.
Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 10.0.

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

ARF    ARENA REIT

REITs – Overnight Price: $3.65

Jarden rates ((ARF)) as Buy (1) –

Jarden believes Arena REIT’s underperformance may be overdone, and while it is more expensive than peers on a P/NTA and P/AFFO basis, it has a superior AFFO/NTA yield of 5.8%

The broker reckons this implies the REIT is able to generate more earnings per dollar of NTA than peers and its internal management structure should also attract a premium.

Buy. Target price $4.55.

This report was published on July 6, 2025.

Target price is $4.55 Current Price is $3.65 Difference: $0.9
If ARF meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $4.28, suggesting upside of 17.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.20 cents and EPS of 18.60 cents.
At the last closing share price the estimated dividend yield is 4.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.6, implying annual growth of 15.6%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 19.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.20 cents and EPS of 19.90 cents.
At the last closing share price the estimated dividend yield is 5.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.5, implying annual growth of 4.8%.
Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 18.7.

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

CPU    COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $39.60

Jarden rates ((CPU)) as Neutral (3) –

Jarden notes Computershare’s margin income saw a boost since the April 11 update from a small rise in the weighted average outlook for cash rate in FY25 and FY26. But the downward pressure is expected to resume as market factors in 4-5 rate cuts by FY27 across the company’s major markets.

The analyst is forecasting FY25 margin income of $717m vs the consensus of $714m, and expects it to shrink relative to peak FY24 levels. In the near term, the broker expects softer corporate trust volumes to offset the small benefit from higher rates.

In the core issuer services and employee share plan business units the broker expects gains from resilient equity markets and higher trading volumes. Net profit forecasts lifted by 2-3% across FY25-27.

Neutral. Target rises to $37 from $34.

This report was published on July 10, 2025.

Target price is $37.00 Current Price is $39.60 Difference: minus $2.6 (current price is over target).
If CPU 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 $39.60, suggesting upside of 0.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 104.70 cents and EPS of 210.32 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 207.5, implying annual growth of N/A.
Current consensus DPS estimate is 97.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 116.10 cents and EPS of 213.88 cents.
At the last closing share price the estimated dividend yield is 2.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.2, implying annual growth of 3.2%.
Current consensus DPS estimate is 104.3, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 18.5.

This company reports in USD. 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

CSC    CAPSTONE COPPER CORP.

Copper – Overnight Price: $8.86

Moelis rates ((CSC)) as Buy (1) –

Capstone Copper received environmental approval for expansion at the Mantoverde copper mine in Chile, which will require an incremental capex of -US$150m.

Moelis believes the announcement is in line with expectations and is a positive development as it will upgrade throughput to 45kt/per day, boosting efficiency and mine life.

Buy. Target unchanged at $12.50.

This report was published on July 10, 2025.

Target price is $12.50 Current Price is $8.86 Difference: $3.64
If CSC meets the Moelis target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $11.45, suggesting upside of 29.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 24.26 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of 76.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 30.0.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 45.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.6, implying annual growth of 129.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 1.0
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: $241.60

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

Jarden observed a cautious tone from CSL around its vaccines, likely due to vaccine hesitancy and insights into the forward orders. 

The broker’s channel checks also suggested the broader market is suffering from vaccine hesitancy. As a result, the analyst lowered the revenue forecast for Seqirus for FY25 by -1.9% and by -9.2% for FY26.

The broker also cut estimates for Avian flu sales, pandemic reservation fees and BARDA contracts from FY26 onwards. Lower revenue forecast also led to a cut in the gross margin forecast.

Overweight. Target cut to $313.12 from $317.61.

This report was published on July 9, 2025.

Target price is $313.12 Current Price is $241.60 Difference: $71.52
If CSL meets the Jarden target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $318.04, suggesting upside of 31.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 404.88 cents and EPS of 929.69 cents.
At the last closing share price the estimated dividend yield is 1.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 992.1, implying annual growth of N/A.
Current consensus DPS estimate is 451.4, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 969.87 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1125.4, implying annual growth of 13.4%.
Current consensus DPS estimate is 507.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 21.5.

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

GQG    GQG PARTNERS INC

Wealth Management & Investments – Overnight Price: $2.17

Jarden rates ((GQG)) as Buy (1) –

GQG Partners saw net inflows of US$700m in June, slightly above the consensus of US$600m but lower than Jarden’s forecast of US$1.1bn.

Funds under management of US$172.4bn also fell short of the broker’s forecast of US$173.4bn due to weaker inflows and lower fund performance.

Still, the broker believes the fund has a record of strongly recovering from underperformance in the past, and hence reiterated its Buy rating. Target price $3.60.

This report was published on July 9, 2025.

Target price is $3.60 Current Price is $2.17 Difference: $1.43
If GQG meets the Jarden target it will return approximately 66% (excluding dividends, fees and charges).
Current consensus price target is $2.89, suggesting upside of 33.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 24.73 cents and EPS of 25.96 cents.
At the last closing share price the estimated dividend yield is 11.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of N/A.
Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 10.0%.
Current consensus EPS estimate suggests the PER is 9.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 27.82 cents and EPS of 29.83 cents.
At the last closing share price the estimated dividend yield is 12.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.4, implying annual growth of 9.5%.
Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 10.9%.
Current consensus EPS estimate suggests the PER is 8.2.

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

HVN    HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics – Overnight Price: $5.51

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

In an update on furniture and home stocks, Jarden notes online continues to outperform. Turnover was down -5.1% in 2025 year-to-date, with homeware likely outperforming while furniture sales may be mixed.

The broker notes discounting was deeper and broader than in previous years, but expects pricing to become more rational in FY26.

The broker sees upside risk for Harvey Norman going into the FY25 reporting season due mainly to tailwinds from electronics replacement cycle. No change to forecasts.

Overweight. Target price $5.40.

This report was published on July 11, 2025.

Target price is $5.40 Current Price is $5.51 Difference: minus $0.11 (current price is over target).
If HVN meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.18, suggesting downside of -6.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 27.00 cents and EPS of 34.70 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.3, implying annual growth of 17.7%.
Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 32.00 cents and EPS of 41.20 cents.
At the last closing share price the estimated dividend yield is 5.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.8, implying annual growth of 7.5%.
Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 15.4.

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

IKE    IKEGPS GROUP LIMITED

Hardware & Equipment – Overnight Price: $0.93

Moelis rates ((IKE)) as Downgrade to Hold from Buy (3) –

Moelis notes ikeGPS Group raised $18m via share placement and plans to raise an additional $2m through share purchase plan. The offer price was at a -4.7% discount to the last close.

The funds will support working capital, new product development and related costs, providing a financial buffer until the company generates positive cash flow, Moelis observes.

The company reiterated guidance for 35% or higher subscription revenue growth for FY26. Target price cut to $0.93 from $1.01 on equity dilution. Rating downgraded to Hold from Buy.

This report was published on July 10, 2025.

Target price is $0.93 Current Price is $0.93 Difference: $0
If IKE meets the Moelis target it will return approximately 0% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.19 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 42.45.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.09 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1021.98.

This company reports in NZD. 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

JLG    JOHNS LYNG GROUP LIMITED

Building Products & Services – Overnight Price: $3.88

Moelis rates ((JLG)) as No Rating (-1) –

Moelis notes Pacific Equity Partners entered into a scheme of arrangement to buy 100% of Johns Lyng for $4/share, after making an indicative offer last month.

The company’s board has recommended shareholders vote in favour of the scheme in the absence of a superior proposal. The price is a 77% premium to the company’s closing price on May 15, a day before the indicative offer was presented.

The broker has a research restriction on the company. No rating or target price.

This report was published on July 11, 2025.

Current Price is $3.88. Target price not assessed.
Current consensus price target is $3.04, suggesting downside of -21.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 7.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of -14.1%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 26.0.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 6.60 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of 17.4%.
Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 22.2.

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

NCK    NICK SCALI LIMITED

Furniture & Renovation – Overnight Price: $18.33

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

In an update on furniture and home stocks, Jarden notes online continues to outperform. Turnover was down -5.1% in 2025 year-to-date, with homeware likely outperforming while furniture sales may be mixed.

The broker notes discounting was deeper and broader than in previous years, but expects pricing to become more rational in FY26.

The broker reckons Nick Scali could disappoint expectations on written sales orders and gross profit margins. The analyst cut net profit forecasts for FY25-27 by -1% to -2%.

Target cut to $17.71 from $18.50. Rating downgraded to Neutral from Overweight.

This report was published on July 11, 2025.

Target price is $17.71 Current Price is $18.33 Difference: minus $0.62 (current price is over target).
If NCK meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.35, suggesting upside of 0.1%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 72.9, implying annual growth of -26.2%.
Current consensus DPS estimate is 54.6, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY26:

Current consensus EPS estimate is 91.7, implying annual growth of 25.8%.
Current consensus DPS estimate is 65.9, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 20.0.

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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $34.35

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

Jarden notes Netwealth Group’s 4Q25 net inflow of $3.65bn fell -6.0% short of its forecast and was -14.5% below consensus. Still, custodial funds under administration grew 8.3% in the quarter to $111.8bn due to gains from market movements.

The broker points to the 3.2% q/q increase in new account additions during the quarter as a key highlight, noting it was the largest increase since 3Q21.

The analyst raised the net inflow forecast for FY26 to 15.8% from 14.6% increase previously expected.

Underweight. Target rises to $29.90 from $27.90.

This report was published on July 10, 2025.

Target price is $29.90 Current Price is $34.35 Difference: minus $4.45 (current price is over target).
If NWL meets the Jarden target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $29.67, suggesting downside of -13.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 39.60 cents and EPS of 48.80 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 70.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.1, implying annual growth of 37.9%.
Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 72.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 47.70 cents and EPS of 58.60 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 58.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of 16.3%.
Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 62.7.

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

Wilsons notes Netwealth Group’s June quarter update showed a softer net flow of $3.7bn vs its forecast of $4.1bn as outflows were higher than the typical seasonality due to April-May market volatility.

Gross inflow was also softer than the broker’s expectation, and custodial funds under administration rose to $111.9bn vs the analyst’s estimate of $112.bn.

Market Weight. Target unchanged at $34.08.

This report was published on July 10, 2025.

Target price is $34.08 Current Price is $34.35 Difference: minus $0.27 (current price is over target).
If NWL meets the Wilsons target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $29.67, suggesting downside of -13.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 36.30 cents and EPS of 47.80 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 71.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.1, implying annual growth of 37.9%.
Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 72.9.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 45.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 60.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of 16.3%.
Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 62.7.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $0.71

Moelis rates ((OBM)) as Upgrade to Buy from Hold (1) –

Moelis upgrades Ora Banda Mining to Buy from Hold with a 92c target price due to the fall in the share price and a de-risked target for higher capital and operating costs in future forecasts, not just the June quarter update.

The analyst explains the downgrade in the miner’s production and cost outlook for the balance of FY25, which is now over, and notes it could raise further risks to the FY26 outlook, which is flagged for next week in the quarterly update (no date given).

The broker’s EPS estimate for FY25 falls by -48.5% and lifts by 5.8% for FY26.

This report was published on July 3, 2025.

Target price is $0.92 Current Price is $0.71 Difference: $0.21
If OBM meets the Moelis target it will return approximately 30% (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 13.92.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.98.

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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Moelis rates ((OBM)) as Buy (1) –

Moelis’ 4Q25 gold production and implied FY25 production fell short of Moelis’ forecast, but the big surprise was cost guidance for FY26 of $2,800-2,900/oz. This compares with the consensus of $2,299/oz and the broker’s forecast of $2,453/oz.

The FY26 capex and exploration expenses were also above the broker’s forecast but there was a bright spot in production guidance of 140-155koz vs the analyst’s model of 140koz.

The broker is taking a glass-half-full approach, noting that the higher capex and exploration budget will pave the way for the next growth phase, with annual output exceeding 150koz over the medium term.

EPS forecast for FY25 cut by -6% and by -19% for FY26.

Buy. Target trimmed to 85c from 92c.

This report was published on July 14, 2025.

Target price is $0.85 Current Price is $0.71 Difference: $0.14
If OBM meets the Moelis target it will return approximately 20% (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 13.92.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.98.

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

SKS    SKS TECHNOLOGIES GROUP LIMITED

Overnight Price: $2.02

Wilsons rates ((SKS)) as Initiation of coverage with Overweight (1) –

Wilsons has initiated coverage of SKS Technologies with an Overweight rating and target price of $2.36.

The broker believes the company is well-positioned to capitalise on the demand for cloud and artificial intelligence. A key positive in the short term is its strong presence in Victoria, as it is a key activity hub for data centre demand.

The company has experienced strong growth in current work from contract wins linked with data centres, the broker highlights, and has strong relationships with leading data centre operators.

The broker sees scope for medium and potentially long-term demand for the company’s expertise as the digital infrastructure theme gains further momentum.

This report was published on July 14, 2025.

Target price is $2.36 Current Price is $2.02 Difference: $0.34
If SKS meets the Wilsons target it will return approximately 17% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 3.50 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.57.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 6.10 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.74.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $21.47

Jarden rates ((TPW)) as Buy (1) –

In an update on furniture and home stocks, Jarden notes online continues to outperform, with positive reads from Mocka boding well for Temple & Webster.

Turnover was down -5.1% in 2025 year-to-date, with homeware likely outperforming while furniture sales may be mixed. The broker notes discounting was deeper and broader than in previous years, but expects pricing to become more rational in FY26.

The broker sees upside risk for the company going into the FY25 reporting season.

Buy. Target rises to $25.16 from $18.65 on model roll-forward and change in the terminal WACC assumptions.

This report was published on July 11, 2025.

Target price is $25.16 Current Price is $21.47 Difference: $3.69
If TPW meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $20.70, suggesting downside of -3.6%(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 8.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 261.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 546.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 221.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 15.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 137.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.8, implying annual growth of 83.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 120.6.

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

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