Australian Broker Call *Extra* Edition – Aug 04, 2025

Daily Market Reports | 11:30 AM

An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.

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)

ALQ   APX   BMN   CMM   CSC   EGL   EMR   EXP   FLT   GDF   GGP (2)   IGO   JHX   KCN   LRK   LTR   MIN   MTS   OBM   PLS (2)   RMD   RSG   SFR   SM1   WAF  

CMM    CAPRICORN METALS LIMITED

Gold & Silver - Overnight Price: $8.82

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

Capricorn Metals met FY25 guidance with production of 117koz at costs (AISC) of $1,468/oz, which aligned with Canaccord Genuity's estimate of 117koz at $1,469/oz.

June quarter production rose 5% quarter-on-quarter to 32koz, in line with the broker's expectation, with flat costs of $1,381/oz.

Gold sales totaled 36koz at $5,137/oz for revenue of $184m, with a $52m cash and bullion build, while the company finished the period debt and hedge free with $356m in cash/bullion, highlight the analysts.

FY26 guidance of 115-125koz at a cost of between $1,530-1,630/oz aligns with broker estimates, and growth capex of -$30-40m will largely support Karlawinda Expansion Project (KEP) pre-strip works.

Canaccord revises its FY26 forecast to 120koz at $1,629/oz, defers some capex into FY27, and lowers its price target to $12.20 from $12.30, while retaining a Buy rating.

This report was published on July 31, 2025.

Target price is $12.20 Current Price is $8.82 Difference: $3.38
If CMM meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $10.07, suggesting upside of 13.5%(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 43.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.5, implying annual growth of 75.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.9.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 63.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.4, implying annual growth of 22.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.0.

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

CSC    CAPSTONE COPPER CORP.

Copper - Overnight Price: $9.37

Moelis rates ((CSC)) as Buy (1) -

Moelis assesses Capstone Copper's 2Q25 report as a strong one as it showed sequential improvement and also beat its forecasts.

Production was largely in line with forecast, but cost was lower, and revenue and EBITDA were higher. The company reiterated FY25 production guidance of 220-255kt copper at cost of US$2.20-2.50/lb.

Buy. Target unchanged at $12.50.

This report was published on August 1, 2025.

Target price is $12.50 Current Price is $9.37 Difference: $3.13
If CSC meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $12.03, suggesting upside of 33.0%(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 24.28 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.4, implying annual growth of 39.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 38.6.

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 20.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.8, implying annual growth of 176.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.0.

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

EGL    ENVIRONMENTAL GROUP LIMITED

Industrial Sector Contractors & Engineers - Overnight Price: $0.28

Wilsons rates ((EGL)) as Initiation of coverage with Overweight (1) -

Wilsons initiates coverage of Environmental Group with an Overweight rating and 41 cents target price.

The company's aim is to help engineer a sustainable future with five divisions: gas turbine enhancement, boilers, gas and dust control, recycling plants, and PFAS removal.

The analyst highlights an improvement in earnings quality since CEO Jason Dixon and CCO Paul Gaskett joined in 2021. Wilsons forecasts earnings (EBITDA) growth of 30% for FY26 and 10% for FY27, with multiple growth drivers to achieve the outcome.

Between FY21 and FY24, the company's EPS grew by 107% and the earnings before interest and tax margin rose to 7.7% from 4%, with a diversified revenue base across engineering and fabrication (50%) and services and parts (50%).

Commentary highlights service revenues boost recurring income.

This report was published on August 1, 2025.

Target price is $0.41 Current Price is $0.28 Difference: $0.13
If EGL meets the Wilsons target it will return approximately 46% (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 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.90 cents.
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


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