Australian Broker Call *Extra* Edition – Aug 06, 2025

Daily Market Reports | 11:00 AM

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)

AFP   AUC   BGL   BPT (3)   BTR   CIA   CSC   EDV   EOS   ERD   FLT   IMB   LNW   LOT   NEM   PXA   RMD   RMS   SPK   STX  

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver - Overnight Price: $2.69

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

Ramelius Resources produced 73koz in the June quarter, 5–7% ahead of Canaccord Genuity's expectations, with costs (AISC) down -10% to $1,339/oz and underlying free cash flow of $208m.

Following completion of the Spartan Resources ((SPR)) merger, integration studies are underway for Mt Magnet and Dalgaranga, with FY26 and five-year guidance expected in December quarter.

FY25 production of 302koz exceeded upgraded guidance, while costs of $1,551/oz landed just above the lower end, resulting in $695m free cash flow. This is before before tax, dividends, and investments related to Spartan Resources.

The balance sheet remains strong, assess the analysts, with $810m in cash and bullion, and $985m in total liquidity, while Ramelius remains debt-free.

Canaccord retains a Buy rating and lowers its target price to $3.95 from $4.20.

This report was published on July 31, 2025.

Target price is $3.95 Current Price is $2.69 Difference: $1.26
If RMS meets the Canaccord Genuity target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $3.15, suggesting upside of 17.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 12.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 95.6%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 7.0.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.5, implying annual growth of -41.1%.
Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 12.0.

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

SPK    SPARK NEW ZEALAND LIMITED

Telecommunication - Overnight Price: $2.27

Jarden rates ((SPK)) as Overweight (2) -

Jarden maintains an Overweight rating and NZ$2.80 target price ahead of Spark New Zealand's FY25 result.

The broker believes investors will focus on the quality and composition of earnings, dividend reset aligned with cash earnings, data centre outcomes, and FY26 guidance.

Rebuilding investor confidence requires clarity on management's mobile strategy, IT positioning post data centre offloading, capital management, in the broker's view. Assurance is also needed outsourcing initiatives won’t affect operational capability.

Jarden suggests Spark should reassess its IT and ventures strategy from a clean-slate perspective. Broader improvements in capital frameworks and operating transparency are seen as catalysts for re-rating.

This report was published on August 4, 2025.

Current Price is $2.27. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 22.83 cents and EPS of 11.14 cents.
At the last closing share price the estimated dividend yield is 10.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of N/A.
Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 15.53 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 6.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 7.0%.
Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 14.9.

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

STX    STRIKE ENERGY LIMITED

NatGas - Overnight Price: $0.11

Wilsons rates ((STX)) as Overweight (1) -

Wilsons assesses Strike Energy's 4Q25 production and revenue to be broadly in line with its forecasts, but nevertheless falling short by -5% and -4%, respectively. Compared with consensus, production missed by -2% and revenue by -1%.

The company is raising around $88m via equity placement with Carnarvon Energy ((CVN)), with first tranche of $52m completed and the balance $34-36m subject to shareholder approval. Share purchase plan of upto $15m, including oversubscription, is also planned.

The company expects the funding will allow for progress in its priority projects, includin the South Erregulla Peaking gas power station and the West Erregulla upstream development.

Overweight. Target cut to 22c from 29c.

This report was published on July 31, 2025.

Target price is $0.22 Current Price is $0.11 Difference: $0.11
If STX meets the Wilsons target it will return approximately 100% (excluding dividends, fees and charges).
Current consensus price target is $0.23, suggesting upside of 109.1%(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 minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.7, 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:

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

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.5, 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: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.


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