Australian Broker Call *Extra* Edition – Jul 21, 2025

This story features AMPLITUDE ENERGY LIMITED, and other companies.
For more info SHARE ANALYSIS: AEL
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)

AEL (2)   CAY   CRD   EBO   EHL   EVN   FFM   GMD   GOR   IMD   IMM   MND   NWH   PSC   SYL   VYS  

AEL    AMPLITUDE ENERGY LIMITED

Crude Oil – Overnight Price: $0.25

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

Canaccord Genuity assesses Amplitude Energy’s June quarter report as solid with production up 6% q/q to 77TJe/day, sales volume up 6% q/q and revenue up 4% q/q.

The broker notes gas production at Orbost basin averaged a record 67.1TJ/day, up 17% q/q and is now consistently producing at 68TJ/day.

The analyst believes the company has entered FY26 with strong momentum and balance sheet flexibility, with cash of $62.4m and drawn debt of $305.2m.

Buy. Target unchanged at 34c.

This report was published on July 17, 2025.

Target price is $0.34 Current Price is $0.25 Difference: $0.09
If AEL meets the Canaccord Genuity target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $0.30, suggesting upside of 21.4%(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 62.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, 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 27.2.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.5, implying annual growth of 177.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.8.

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

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Jarden rates ((AEL)) as Buy (1) –

Amplitude Energy’s June quarter production was up 15% q/q and in line with Jarden’s forecast, thanks to record output from the Orbost gas processing plant.

Sales revenue, however, fell slightly short of the broker’s estimate due to lower-than-expected average realised price.

The company didn’t provide an update on FY25 costs, but the broker reduced its forecast by -$3m/annum based on the comment of cost savings in FY25 and ahead. The analyst also upgraded the forecast for Sole reserves.

Buy. Target price 29c.

This report was published on July 16, 2025.

Target price is $0.29 Current Price is $0.25 Difference: $0.04
If AEL meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $0.30, suggesting upside of 21.4%(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 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 125.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, 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 27.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.5, implying annual growth of 177.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.8.

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

CAY    CANYON RESOURCES LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.26

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

Canyon Resources started construction at its Minim-Martap project in Cameroon, with the building of an ore haulage access road and an inland rail facility. 

Canaccord Genuity highlights the company is moving fast toward becoming a bauxite producer in 1H26.

Speculative Buy. Target unchanged at 35c.

This report was published on July 17, 2025.

Target price is $0.35 Current Price is $0.26 Difference: $0.09
If CAY meets the Canaccord Genuity target it will return approximately 35% (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 26.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.00.

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

CRD    CONRAD ASIA ENERGY LIMITED

Crude Oil – Overnight Price: $0.75

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

Following the Indonesian Ministry’s directive in March to sell all gas domestically, Conrad Asia Energy signed an agreement for the sale and purchase of gas from the Mako gas field with PT PLN Energi Primer.

Canaccord Genuity notes the contract is for the sale of up to 117TJ/day and covers the current Duying production sharing contract period until January 2037.

The broker highlights the signing of the contract will allow the company to sell down an interest in Mako and achieve final investment decision for the project.

Speculative Buy. Target cut to $1.60 from $1.80 as the analyst delayed first production forecast by six months to 1H28.

This report was published on July 17, 2025.

Target price is $1.60 Current Price is $0.75 Difference: $0.85
If CRD meets the Canaccord Genuity target it will return approximately 113% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 8.81 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.51.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.18 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.13.

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

EBO    EBOS GROUP LIMITED

Healthcare services – Overnight Price: $36.53

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

Jarden extends its analysis of Australia’s Pharmaceutical Benefits Scheme (PBS), highlighting its importance to Ebos Group’s long-term growth, particularly through sustained wholesaling revenue and complementary M&A.

PBS expenditure has accelerated, notes the broker, with a 3-year compound annual growth rate (CAGR) of around 9% versus circa 5% over 20 years Growth has been driven mainly by high-value innovation in top drugs, especially in oncology and immunology.

Jarden notes Ebos’ revenue split is approximately 63% aligned with Community Pharmacy (S-85) and 37% with Hospital (S-100).

Looking forward, S-85 expenditure is expected to grow at high single digits, with potential upside from GLP-1 therapies if PBS coverage broadens, while S-100 growth is likely to stabilise at aroind 7%, believe the analysts.

Jarden sees further upside from new regulatory frameworks under the 8CPA and FPWA, which support better remuneration, expanded coverage, and more stable wholesaler economics.

The broker upgrades its Community Pharmacy revenue forecasts for the group and raises EPS forecasts by 2% for FY27 and 3% for FY28, while FY26 remains largely unchanged.

Jarden lifts its 12-month target price to NZ$43.20 from NZ$41.60 and reiterates an Overweight rating.

This report was published on July 19, 2025.

Current Price is $36.53. Target price not assessed.
Current consensus price target is $36.32, suggesting downside of -0.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 108.00 cents and EPS of 143.50 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 138.4, implying annual growth of -2.1%.
Current consensus DPS estimate is 107.4, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 113.00 cents and EPS of 161.00 cents.
At the last closing share price the estimated dividend yield is 3.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 158.9, implying annual growth of 14.8%.
Current consensus DPS estimate is 117.6, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 23.0.

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

EHL    EMECO HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.87

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

In a preview of Emeco Holdings’ FY25 result, Jarden notes its expectation of $300m EBITDA is in line with guidance. The broker will be looking for growth drivers at the end of FY25 to determine if strong margins will be sustained in FY26.

The net profit forecast for FY25 is 3% ahead of consensus at $79m. The broker will be looking for FY26 guidance, but is unsure if it will be provided at the FY25 result.

Underlying EBITDA forecast for FY26 is $305m. No change to forecasts. Overweight with unchanged target price of $1.

This report was published on July 16, 2025.

Target price is $1.00 Current Price is $0.87 Difference: $0.13
If EHL meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
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 14.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.84.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 15.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.47.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $7.56

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

Evolution Mining’s 4Q25 group gold production of 182koz beat Canaccord Genuity’s forecast of 173koz but matched the consensus, while copper production was in line. Cost was lower vs the broker’s forecast but higher than consensus.

The company achieved FY25 production guidance on both gold and copper. For FY26, the production guidance was broadly in line with the analyst’s estimate but cost forecast was higher.

The broker marginally lifted FY26 gold production forecast and slightly lowered copper production estimate. Cost forecast was, however, raised significantly, up 10% for FY26 and up 6% for FY27.

Buy. Target price $8.50.

This report was published on July 16, 2025.

Target price is $8.50 Current Price is $7.56 Difference: $0.94
If EVN meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $6.87, suggesting downside of -9.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 20.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 2.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.4, implying annual growth of 133.4%.
Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 27.00 cents and EPS of 69.00 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.4, implying annual growth of 29.2%.
Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 11.4.

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

FFM    FIREFLY METALS LIMITED

Gold & Silver – Overnight Price: $1.14

Moelis rates ((FFM)) as Buy (1) –

Moelis notes FireFly Metals’ latest drilling results from the Green Bay project in Canada provided further evidence of the high-grade nature of the orebody.

The broker believes the resource will likely support a potential development, but is still keen to see results from more significant step-out drilling, as well as economic studies.

Buy. Target unchanged at $1.40.

This report was published on July 17, 2025.

Target price is $1.40 Current Price is $1.14 Difference: $0.26
If FFM meets the Moelis target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $1.60, suggesting upside of 41.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 60.00.

How do these forecasts compare to market consensus projections?

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

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 5.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.9, 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.

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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $3.93

Moelis rates ((GMD)) as Hold (3) –

Genesis Minerals’ 4Q25 production fell short of Moelis’ forecasts and the cost of $2,499/oz was higher than the $2,241/oz estimate.

Incorporating the result in FY25 forecasts resulted in a downgrade to the FY25 net profit estimate to $218.9m from around $221m.

The company will provide FY26 guidance in 1Q26. Hold. Target cut to $4.35 from $4.50.

This report was published on July 18, 2025.

Target price is $4.35 Current Price is $3.93 Difference: $0.42
If GMD meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.55, suggesting upside of 15.8%(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 19.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.6, implying annual growth of 153.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 32.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.7, implying annual growth of 66.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.0.

Market Sentiment: 0.3
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: $3.20

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

Gold Road Resources had pre-reported June quarter production of 36koz but the $2,928/oz cost missed Canaccord Genuity’s forecast of $2,727/oz and consensus of $2,534/oz. It was also above the FY25 guidance range.

The company maintained FY25 production guidance and expects the cost to be at the top end of the guidance range. The broker’s production forecast is below the guidance range and the cost is well above.

Hold. Target price $3.40, in line with the Gold Fields’ takeover offer price.

This report was published on July 17, 2025.

Target price is $3.40 Current Price is $3.20 Difference: $0.2
If GOR meets the Canaccord Genuity target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.24, suggesting upside of 1.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 4.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.7, implying annual growth of 110.2%.
Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 7.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 2.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.7, implying annual growth of 7.2%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 10.8.

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

IMD    IMDEX LIMITED

Mining Sector Contracting – Overnight Price: $2.68

Jarden rates ((IMD)) as Neutral (3) –

Jarden notes higher commodity prices have yet to translate into a meaningful increase in revenue or earnings growth for mining service providers, including Imdex

As a result, the broker cut the FY25 revenue forecast to $432m from $437m. At the FY25 result, the analyst will be looking for commentary on cost management to cope with weaker-than-expected activity.

EPS forecasts for FY25-27 are trimmed by -5%. Target rises to $2.55 from $2.45, mainly on valuation roll-forward. 

Neutral maintained.

This report was published on July 16, 2025.

Target price is $2.55 Current Price is $2.68 Difference: minus $0.13 (current price is over target).
If IMD meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.87, suggesting upside of 7.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 2.90 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.3, implying annual growth of 46.2%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 28.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 3.00 cents and EPS of 10.90 cents.
At the last closing share price the estimated dividend yield is 1.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of 21.5%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 23.7.

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

IMM    IMMUTEP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.26

Wilsons rates ((IMM)) as Overweight (1) –

Wilsons notes recent updates from Immutep’s Insight-003 and Tacti-003 trials reinforce the potential of Efti in cancer treatment.

In the background, the company has also been working on IMP761, a first-in-class LAG-3 that works by suppressing immune activity rather than stimulating T cells.

The broker believes IMP761 has the potential to treat autoimmune diseases such as rheumatoid arthritis and inflammatory bowel disease.

A phase 1 trial in healthy volunteers is underway, and the broker has incorporated the antibody’s potential into its forecasts.

Overweight. Target rises to $1.20 from $1.05.

This report was published on July 17, 2025.

Target price is $1.20 Current Price is $0.26 Difference: $0.94
If IMM meets the Wilsons target it will return approximately 362% (excluding dividends, fees and charges).
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 minus 4.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.19.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 5.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.56.

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

MND    MONADELPHOUS GROUP LIMITED

Mining Sector Contracting – Overnight Price: $18.63

Jarden rates ((MND)) as Upgrade to Overweight from Neutral (2) –

Ahead of Monadelphous Group’s FY25 results, Jarden lifted core FY25 EPS forecast by 3.5%, effectively closing the gap between its forecast and the consensus.

The broker also lifted FY26 EPS forecast on an improved EBITDA margin profile in the engineering and construction unit due to improved labour availability.

The broker is forecasting FY25 EBITDA at $150m, slightly lower than consensus, while the FY25 forecast of $161m is 2% ahead of consensus.

Target rises to $18.60 from $16.10. Rating upgraded to Overweight from Neutral.

This report was published on July 16, 2025.

Target price is $18.60 Current Price is $18.63 Difference: minus $0.03 (current price is over target).
If MND meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.23, suggesting downside of -7.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 64.20 cents and EPS of 78.80 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.3, implying annual growth of 25.3%.
Current consensus DPS estimate is 68.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 23.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 68.00 cents and EPS of 83.80 cents.
At the last closing share price the estimated dividend yield is 3.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.3, implying annual growth of 5.0%.
Current consensus DPS estimate is 73.2, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 22.1.

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

NWH    NRW HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $3.17

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

Jarden notes NRW Holdings’ outstanding $113m creditor claim against OneSteel is an ongoing issue, but the company is moving beyond that, as demonstrated by $480m of new contract wins.

Still, the broker has taken a conservative approach, lowering FY25 EBITDA margin forecasts for the civil and mining units, resulting in a -3% downgrade to FY25 core EPS forecast and a -1.4% decline in FY26 forecast.

Overweight. Target rises to $3.40 from $3.10 on valuation changes.

The broker notes management maintained FY25 earnings (EBIT) guidance of $205m-$215m, implying 2H25 margin improvement in mining and strength in mining, energy & tecnolology and civil.

Mining earnings margins will likely decline post-OneSteel, with an estimated -150bps impact requiring contract wins to offset.

Jarden’s EPS forecasts are lowered by -3% for FY25 and -9% for FY26 due to revised assumptions on OneSteel recovery.

Target price cut to $3.10 from $3.85. Rating downgraded to Overweight from Buy.

This report was published on July 16, 2025.

Target price is $3.40 Current Price is $3.17 Difference: $0.23
If NWH meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.40, suggesting upside of 7.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.00 cents and EPS of 28.70 cents.
At the last closing share price the estimated dividend yield is 5.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of 18.8%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 11.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 17.30 cents and EPS of 31.20 cents.
At the last closing share price the estimated dividend yield is 5.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of 8.7%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 10.6.

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

PSC    PROSPECT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.19

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

Canaccord Genuity highlights the metallurgical results from Prospect Resources’ Mumbezhi copper project in Zambia are highly encouraging and represent a significant de-risking milestone for the project.

The broker is particularly impressed with the 9.1% cobalt in the concentrate grade as it is unique among copper deposts and could mean an equal dollar value contained for both cobalt and copper.

Speculative Buy. Target unchanged at 45c.

This report was published on July 17, 2025.

Target price is $0.45 Current Price is $0.19 Difference: $0.26
If PSC meets the Canaccord Genuity target it will return approximately 137% (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 19.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.50.

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

SYL    SYMAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.73

Jarden rates ((SYL)) as Buy (1) –

At Symal Group’s maiden FY25 result, Jarden will be looking for commentary on how the company achieved the 11.7% 2H EBITDA margin guided last month. This will help the broker assess if the margin will be sustained into FY26.

The analyst will also be looking for any formal capital management framework, given the company is expected to exit FY25 in a net cash position of $41m.

No change to forecasts. Buy with $2.50 target price.

This report was published on July 16, 2025.

Target price is $2.50 Current Price is $1.73 Difference: $0.77
If SYL meets the Jarden target it will return approximately 45% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 9.30 cents and EPS of 24.70 cents.
At the last closing share price the estimated dividend yield is 5.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.00.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 12.20 cents and EPS of 24.40 cents.
At the last closing share price the estimated dividend yield is 7.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.09.

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

VYS    VYSARN LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.54

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

Wilsons highlights Vysarn’s leadership in groundwater management and its positioning to benefit from rising demand for sustainable water solutions. Coverage is initiated with an Overweight rating and a 12-month target price of 65c.

The broker sees strong organic growth potential, complemented by geographic expansion opportunities on Australia’s east coast, where groundwater-intensive industries face similar sustainability challenges.

The analysts also point to future upside from Vysarn’s potential entry into water asset management, drawing parallels with the value uplift seen in the Murray-Darling Basin.

The broker’s FY25 earnings forecasts align with current run-rate metrics, with FY26 growth expected to come from recent acquisitions and improved industrial utilisation. Advisory and technology segment expansion are also expected to contribute to growth.

This report was published on July 17, 2025.

Target price is $0.65 Current Price is $0.54 Difference: $0.11
If VYS meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
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 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.55.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.29.

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

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