Weekly Reports | Jul 18 2025
This story features ORA BANDA MINING LIMITED, and other companies.
For more info SHARE ANALYSIS: OBM
The company is included in ASX300 and ALL-ORDS
A summary of the highlights from Broker Call Extra updates throughout the week past.
Broker Rating Changes (Post Thursday Last Week)
Upgrade
ORA BANDA MINING LIMITED ((OBM)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0
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.
Downgrade
HUB24 LIMITED ((HUB)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0
Moelis downgrades Hub24 to Hold from Buy due to the stock’s valuation, but the analyst acknowledges robust market conditions will most likely underscore a strong share price.
The platform’s 4Q25 update continued to reflect strong momentum, with net flows of $5.3bn, higher than both the analyst’s and consensus forecasts, excluding large transitions of $1.2bn, above Moelis’ forecast of $0.9bn.
The Equity Trustees ((EQT)) migrations have now been completed.
The most recent Plan for Life data in March showed HUB had achieved the largest quarterly and annual market share gains of all the platform providers, up to 8.7% from 7.2% in March.
Adviser growth rose 12.6% on a year earlier, which is considered a good indicator of future flows.
Moelis lifts EPS forecasts by 4.4% for FY25 and 11% for FY26, with an accompanying rise in the target price to $107.94.
IKEGPS GROUP LIMITED ((IKE)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0
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.
NICK SCALI LIMITED ((NCK)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0
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.
| Order | Company | New Rating | Old Rating | Broker | |
|---|---|---|---|---|---|
| Upgrade | |||||
| 1 | ORA BANDA MINING LIMITED | Buy | Neutral | Moelis | |
| Downgrade | |||||
| 2 | HUB24 LIMITED | Neutral | Buy | Moelis | |
| 3 | IKEGPS GROUP LIMITED | Neutral | Buy | Moelis | |
| 4 | NICK SCALI LIMITED | Neutral | Buy | Jarden | |
Price Target Changes (Post Thursday Last Week)
| Company | Last Price | Broker | New Target | Old Target | Change | |
|---|---|---|---|---|---|---|
| ADH | Adairs | $2.13 | Jarden | 2.07 | 2.59 | -20.08% |
| BPT | Beach Energy | $1.37 | Jarden | 1.22 | 1.17 | 4.27% |
| CAR | CAR Group | $36.35 | Jarden | 34.50 | 33.00 | 4.55% |
| CPU | Computershare | $41.20 | Jarden | 37.00 | 34.00 | 8.82% |
| CSL | CSL | $248.39 | Jarden | 313.12 | 317.61 | -1.41% |
| EVN | Evolution Mining | $7.48 | Jarden | 6.32 | 5.57 | 13.46% |
| GQG | GQG Partners | $2.23 | Jarden | 3.60 | 3.20 | 12.50% |
| HSN | Hansen Technologies | $5.71 | Moelis | 6.60 | 6.00 | 10.00% |
| HUB | Hub24 | $102.41 | Jarden | 84.50 | 79.50 | 6.29% |
| Moelis | 107.94 | 77.28 | 39.67% | |||
| IKE | ikeGPS Group | $0.93 | Moelis | 0.93 | 1.01 | -7.92% |
| JHX | James Hardie Industries | $40.70 | Jarden | 44.00 | 42.00 | 4.76% |
| JLG | Johns Lyng | $3.90 | Moelis | N/A | 3.34 | -100.00% |
| KAR | Karoon Energy | $1.91 | Jarden | 2.10 | 1.60 | 31.25% |
| NCK | Nick Scali | $18.78 | Jarden | 17.71 | 18.50 | -4.27% |
| NWL | Netwealth Group | $36.29 | Jarden | 29.90 | 27.90 | 7.17% |
| OBM | Ora Banda Mining | $0.64 | Moelis | 0.85 | 1.03 | -17.48% |
| Moelis | 0.92 | 1.03 | -10.68% | |||
| ORG | Origin Energy | $11.87 | Jarden | 10.95 | 10.15 | 7.88% |
| STO | Santos | $7.77 | Jarden | 8.40 | 8.34 | 0.72% |
| TPW | Temple & Webster | $22.17 | Jarden | 25.16 | 18.65 | 34.91% |
| WDS | Woodside Energy | $24.15 | Jarden | 25.05 | 24.00 | 4.38% |
| WTC | WiseTech Global | $113.84 | Jarden | 106.00 | 100.00 | 6.00% |
| Company | Last Price | Broker | New Target | Old Target | Change | |
More Highlights
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
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
GGP GREATLAND RESOURCES LIMITED
Gold & Silver Overnight Price: $6.78
Jarden rates ((GGP)) as Initiation of coverage with Overweight (2)
Jarden has initiated coverage of Greatland Resources with an Overweight rating and target price of $6.20.
The broker believes the company offers a unique offering in the mid-cap gold space. The key positive is a free cash flow generating Telfer operation, which is expected to generate enough cash to fund the Havieron development.
The analyst is modelling a five-year mining inventory plus one year of stockpiles for Telfer. For the Haverion development and expansion, the broker is forecasting total remaining capex of -$1.3-1.4bn, and expects production to transition there from FY28.
Target price of $6.20 is based on gold price forecast of US$2,400/oz and AUD/USD exchange rate of $0.70.
This report was published on July 11, 2025.
Target price is $6.20 Current Price is $6.78 Difference: minus $0.58 (current price is over target).
If GGP meets the Jarden target it will return approximately minus 9% (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 0.00 cents and EPS of 50.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.37.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 56.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.02.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
NEC NINE ENTERTAINMENT CO. HOLDINGS LIMITED
Print, Radio & TV Overnight Price: $1.68
Jarden rates ((NEC)) as Overweight (2)
Ahead of Nine Entertainment’s FY25 result on August 27, Jarden is pondering what the company will look like after the Domain ((DHG)) sale is completed.
The broker believes digital revenues will continue to be significant, contributing 47% to revenue post-Domain. For FY25, the broker’s group revenue forecast is 0.2% ahead of consensus, but the EBITDA forecast is -3% lower.
The broker lifted FY25 EPS forecast by 3% and FY26 by 4.3% after updating forecasts to reflect the acquisition of Optus sport assets, a small rise in television revenue and updated estimates for Domain volumes.
If the Domain sale is completed in August and the company pays $0.48/share special dividend, the analyst expects the valuation will decline to $1.27, all else equal.
Overweight. Target unchanged at $1.80.
This report was published on July 11, 2025.
Target price is $1.80 Current Price is $1.68 Difference: $0.12
If NEC meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.90, suggesting upside of 13.4%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 5.90 cents and EPS of 8.40 cents.
At the last closing share price the estimated dividend yield is 3.51%.
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 10.0, implying annual growth of 45.6%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 16.8.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 6.70 cents and EPS of 9.50 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.2, implying annual growth of 32.0%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.7.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
TYR TYRO PAYMENTS LIMITED
Business & Consumer Credit Overnight Price: $0.96
Wilsons rates ((TYR)) as Overweight (1)
While Wilsons expects limited changes to the outlook for Tyro Payments based on the RBA’s consultation paper on interchange fee reductions, the broker believes the underlying merchants will most likely have to bear the incremental 1.5% cost of doing business.
This means the merchants are likely to raise their prices by the same amount, which would impact consumer savings, Wilsons explains.
The broker is reviewing forecasts.
This report was published on July 15, 2025.
Target price is $1.15 Current Price is $0.96 Difference: $0.19
If TYR meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $1.33, suggesting upside of 38.5%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.26.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 3.4, implying annual growth of -30.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 28.2.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 4.2, implying annual growth of 23.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.9.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Click to view our Glossary of Financial Terms
CHARTS
For more info SHARE ANALYSIS: EQT - EQT HOLDINGS LIMITED
For more info SHARE ANALYSIS: HUB - HUB24 LIMITED
For more info SHARE ANALYSIS: IKE - IKEGPS GROUP LIMITED
For more info SHARE ANALYSIS: NCK - NICK SCALI LIMITED
For more info SHARE ANALYSIS: OBM - ORA BANDA MINING LIMITED