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

This story features AFT PHARMACEUTICALS LIMITED, and other companies.
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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  

AFP    AFT PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.40

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

Jarden maintains an Overweight rating and NZ$3.10 target price following AFT Pharmaceuticals’ AGM.

Management reaffirmed FY26 revenue guidance and operating profit of NZ$20–24m (Jarden NZ$24.4m).

The broker sees the reiterated FY27 revenue target of NZ$300m as credible.

A key update, suggests the broker, was the broadened R&D pipeline, which now extends significantly beyond the Maxigesic franchise. Jarden views this expansion as essential to supporting growth past FY27.

This report was published on August 4, 2025.

Current Price is $2.40. Target price not assessed.

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

AUC    AUSGOLD LIMITED

Gold & Silver – Overnight Price: $0.58

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

Ausgold has released a definitive feasibility study (DFS) for the Katanning Gold Project during the June quarter outlining average annual output of 114koz over a 10-year life at costs (AISC) of $2,265/oz. A front-loaded four years is expected to average140koz at $2,180/oz.

The company raised $35m post-quarter, boosting its cash balance to $45m and enabling progress on early works, land acquisition, permitting and FEED activities, explains Canaccord Genuity. A final investment decision (FID) is expected in 2H FY26.

A strategic farm-in agreement with Critica ((CRI)) strengthens its position along the Katanning Greenstone Belt, suggest the analysts, complementing a regional portfolio now exceeding 800sqkm

Key upcoming catalysts, according to the broker, include permitting, infill drilling, and an optimised DFS, with first gold pour targeted by March quarter 2028.

Canaccord raises its target price to $1.80 from $1.65 and maintains a Speculative Buy rating.

This report was published on July 31, 2025.

Target price is $1.80 Current Price is $0.58 Difference: $1.22
If AUC meets the Canaccord Genuity target it will return approximately 210% (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 58.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 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 58.00.

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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $0.86

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

Bellevue Gold’s FY26 guidance of 130–150koz at costs (AISC) of $2,600–2,900/oz came in below the prior guidance of 149koz at $2,529/oz.

Management has hedged 39koz at an average price of circa $2,719/oz, mostly in 2H FY26, equating to 26–30% of forecast output, highlights Canaccord Genuity.

Production is expected to ramp through the year, with upside possible, suggest the analysts, if current development rates above 300m per jumbo/month continue.

FY26 growth capex is guided to -$80–90m and exploration to -$15m, while reserves have been revised down to 1.3moz due to depletion and re-modelling, explains the broker.

Canaccord revises its FY26 forecast to 140koz at $2,672/oz and expects free cash flow of $143m in FY26 and $247m in FY27, implying 12–21% yields.

Speculative Buy. Target falls to $1.65 from $1.75.

This report was published on August 1, 2025.

Target price is $1.65 Current Price is $0.86 Difference: $0.79
If BGL meets the Canaccord Genuity target it will return approximately 92% (excluding dividends, fees and charges).
Current consensus price target is $1.17, suggesting upside of 35.7%(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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 43.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.4, implying annual growth of -32.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of 125.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.7.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.22

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

Beach Energy’s June quarter result met or exceeded Canaccord Genuity’s expectations.

FY25 production of 19.7mmboe was broadly in line with the broker’s forecast, as was revenue of $2.0bn, aided by strong LNG sales and swap arrangements.

FY25 underlying earnings (EBITDA) and profit are expected to rise by circa 20% and 30% respectively, supported by a higher LNG mix and a fifth cargo.

While Waitsia remains on track for first gas in 1Q FY26, a non-cash impairment of -$674m (mostly from lower commodity prices) and a -20% average reserves downgrade weighed on sentiment, explains the broker.

FY26 guidance disappointed, with Canaccord noting steeper-than-expected asset declines.

The broker retains a Hold rating and cuts its price target to $1.26 from $1.30.

This report was published on July 1, 2025.

Target price is $1.26 Current Price is $1.22 Difference: $0.04
If BPT meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.21, suggesting downside of -1.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 4.00 cents and EPS of 13.40 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of N/A.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 6.7.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 4.00 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, implying annual growth of 32.0%.
Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 5.1.

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

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

Jarden views Beach Energy’s FY25 result as more positive following the prior week’s impairments and reserve downgrades, with a final 6c dividend beating expectations despite being below payout guidance.

FY25 earnings were in line, though Jarden questions the dividend policy given the need to fund growth amid limited organic options and increased capex from FY27-29 for Waitsia and Otway.

FY26 production guidance was marginally below consensus with a narrower range than usual, note the analysts, and DD&A guidance surprised to the upside.

With 2P reserves life at 8.7 years and 1P at 4.7, Jarden sees inorganic growth as necessary and warns consensus may be underestimating future capex needs.

The broker maintains an Underweight rating and lowers its target price to $1.07 from $1.10.

This report was published on August 4, 2025.

Target price is $1.07 Current Price is $1.22 Difference: minus $0.15 (current price is over target).
If BPT meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.21, suggesting downside of -1.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.50 cents and EPS of 20.40 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of N/A.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 6.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 11.50 cents and EPS of 20.70 cents.
At the last closing share price the estimated dividend yield is 9.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, implying annual growth of 32.0%.
Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 5.1.

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

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

Beach Energy’s 4Q25 production, sales volumes and revenue beat Wilsons’ forecasts and the consensus.

The update on FY25 result pointed to underlying EBITDA of $1.14bn vs the broker’s $1.128bn forecast, but a small miss vs the consensus of $1.158bn.

Net profit estimate was lower vs both consensus and the broker, but considered to be broadly in line.

The company signalled softer production in FY26 but will provide guidance at the FY25 results. The broker lowered production forecast for FY26 to 21.3mmboe from 23.8mboe.

Overweight. Target price $1.65.

This report was published on August 1, 2025.

Target price is $1.65 Current Price is $1.22 Difference: $0.43
If BPT meets the Wilsons target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $1.21, suggesting downside of -1.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 11.10 cents and EPS of 20.30 cents.
At the last closing share price the estimated dividend yield is 9.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of N/A.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 6.7.

Forecast for FY27:

Current consensus EPS estimate is 23.9, implying annual growth of 32.0%.
Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 5.1.

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

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.43

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

Brightstar Resources produced 4.1koz in the June quarter, below Canaccord Genuity’s estimate due to lower grades and delayed stoping at the Fish underground mine, though higher production is expected from the September quarter.

Management targets 35–40koz through the Ore Purchase Agreement by the March quarter of 2026, with around $24m in free cash flow expected.

A recent $50m capital raising funds drilling, studies, and early development, explains the broker, while the Aurumin acquisition adds 2.4moz of resources and a permitted processing facility at Sandstone.

The updated definitive feasibility study (DFS) for Menzies and Laverton outlines average production of 70kozpa at costs (AISC) of $2,991/oz, with first output expected in late FY26.

Canaccord Genuity retains a Speculative Buy rating and $1.75 target price.

This report was published on July 31, 2025.

Target price is $1.75 Current Price is $0.43 Difference: $1.32
If BTR meets the Canaccord Genuity target it will return approximately 307% (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 43.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 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 43.00.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $4.15

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

Canaccord Genuity views Champion Iron’s June quarter result as neutral, with financials ahead of the broker’s estimates due to higher sales from inventory and a stronger realised price. 

Earnings (EBITDA) of CA$58m beat the analysts’ CA$35m but trailed consensus.

Production of 3.52m wmt iron 66% concentrate exceeded the broker’s expectations on improved mill throughput, while costs (AISC) of CA$96/dmt were in line with prior quarters but left a narrow pre-tax margin of just CA$6/t.

Record shipments of 3.83m dmt helped reduce finished inventory to 2.1m wmt from 3.0m wmt. Higher-cost stockpiles fed through the mill raised unit costs, explains the broker. while hard ore conditions are expected to persist short-term.

The 8mtpa DRPF upgrade remains on schedule for completion by end-2025, highlights Canaccord, with -CA$387m of the -CA$470m capex spent to date.

The broker modestly lowers its target to CA$5.25 from CA$5.50 and reiterates a Buy rating.

This report was published on July 30, 2025.

Current Price is $4.15. Target price not assessed.
The company’s fiscal year ends in March.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 7.76 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.47.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 EPS of 33.27 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.47.

This company reports in CAD. 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

CSC    CAPSTONE COPPER CORP.

Copper – Overnight Price: $9.23

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

Capstone Copper’s Q2 results were largely in line with Canaccord Genuity’s expectations, with 57kt copper produced at $2.45/lb and adjusted earnings (EBITDA) of $215m.

Mantoverde throughput exceeded design capacity despite temporary recovery issues, explains the broker, and the MVDP-O expansion is now permitted and near sanctioning, with modest capex uplift expected.

A partner for Santo Domingo is anticipated this quarter, with management signalling a two-pronged deal combining equity and infrastructure collaboration.

Mantos Blancos and Cozamin are both tracking toward the high end of guidance, while Pinto Valley continues to underperform due to drought and electrical issues, observe the analysts.

With $1.1bn in liquidity and net debt down to $692m, Capstone remains well positioned for its growth pipeline, in Canaccord’s opinion.

The broker maintains a Buy rating and CA$12.50 target.

This report was published on July 31, 2025.

Current Price is $9.23. Target price not assessed.
Current consensus price target is $12.10, suggesting upside of 31.1%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 24.7, implying annual growth of 47.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 37.4.

Forecast for FY26:

Current consensus EPS estimate is 65.4, implying annual growth of 164.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.1.

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

EDV    ENDEAVOUR GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $4.04

Jarden rates ((EDV)) as Neutral (3) –

Endeavour Group’s FY25 underlying profit was 1-3% ahead of Jarden’s expectations, helped by pre-tax adjustments and a smaller-than-expected 2H earnings (EBIT) decline.

The broker sees leadership change as a positive, anticipating the incoming CEO will begin driving strategic improvements before her official start in January 2026.

The analysts’ earnings forecast upgrades reflect a stronger FY25 result, cost savings, and a more rational promotional environment, though retail liquor faces structural headwinds.

Jarden believes Endeavour has solid fundamentals and brand strength, with upside potential tied to execution of a new strategy, expected around March 2026. The broker retains a Neutral rating and a $4.20 target price.

This report was published on August 4, 2025.

Target price is $4.20 Current Price is $4.04 Difference: $0.16
If EDV meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.26, suggesting upside of 5.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.50 cents and EPS of 24.20 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.4, implying annual growth of -14.7%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 4.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of 9.0%.
Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 15.2.

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

EOS    ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED

Hardware & Equipment – Overnight Price: $4.23

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

Electro Optic Systems’ net cash balance of $130m at the end of 2Q25 was boosted by $60m final milestone receipt from a long-standing customer.

Revenue was low but in line with Canaccord Genuity’s forecasts, and pointed to 2H weighting of around $100m as the company reiterated FY25 guidance of $145-155m.

The company has a strong pipeline of  large-scale contract in late-stage discussion. The material expansion in global defence budgets is a key positive.

The broker left revenue and earnings forecasts unchanged ahead of 1H25 results, but lifted long-term growth assumptions.

Target price rises to $3.30 from $3.00 (the broker previously lifted target to $3.00 from $1.90 on June 30). Buy retained.

This report was published on August 1, 2025.

Target price is $3.30 Current Price is $4.23 Difference: minus $0.93 (current price is over target).
If EOS meets the Canaccord Genuity target it will return approximately minus 22% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 18.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 23.50.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 10.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 38.81.

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

ERD    EROAD LIMITED

Transportation & Logistics – Overnight Price: $1.41

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

Eroad’s annual Fleet Day in New Zealand showcased strong customer and partner engagement, reports Canaccord Genuity.

More than 1,500 attendees experience product innovations enhancing vehicle compliance, safety, and operational efficiency.

Commentary explains the company is targeting an annual revenue per user (ARPU) uplift through new offerings like the Clarity Dashcam, Fatigue Camera, and expanded partnerships, while building a broader sales pipeline across A&NZ and North America.

Eroad remains the market leader in NZ heavy vehicles and is pushing into light/commercial segments, highlights Canaccord. Further TAM expansion is expected should governments mandate electronic road user charges (eRUC) for passenger vehicles.

The US Cold Chain segment continues to scale and shows export potential to A&NZ, explain the analysts, while the Drive app enhances driver interaction and functionality.

Canaccord expects accelerating revenue growth into FY27-28, driven by enterprise pipeline conversion, product up-sell, and improved cost structure post-Project Sunrise.

A Buy rating and NZ$2.00 target are maintained. 

This report was published on July 31, 2025.

Current Price is $1.41. Target price not assessed.
The company’s fiscal year ends in March.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.38 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.16.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.95 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.74.

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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $12.40

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

Flight Centre Travel’s unaudited FY25 result missed reduced guidance, with underlying profit (PBT) guidance of $285–295m versus the prior $300–330m range.

Canaccord Genuity attributes the miss to weakness in Asia, increased costs, softer leisure trends, and disruptions from the Middle East conflict.

The broker sees the industry structurally recovered post-covid, with growth from here reliant on cyclical forces and operational execution.

FY26 earnings are expected to improve modestly, supported by easing travel disruptions and potential rate cuts in Australia, though the analysts’ EPS forecasts fall -10.7% in FY26 and -11.6% in FY27.

Canaccord retains a Hold rating and sets a target price of $12.25, down from $13.25, after applying a -10% discount to its blended $13.60 valuation.

This report was published on July 31, 2025.

Target price is $12.25 Current Price is $12.40 Difference: minus $0.15 (current price is over target).
If FLT meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.73, suggesting upside of 18.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 27.70 cents and EPS of 83.50 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.9, implying annual growth of 42.7%.
Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 31.60 cents and EPS of 96.40 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 103.8, implying annual growth of 14.2%.
Current consensus DPS estimate is 39.1, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 11.9.

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

IMB    INTELLIGENT MONITORING GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $0.64

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

Intelligent Monitoring reported FY25 earnings (EBITDA) of $38.6m, toward the lower end of guidance but in line with Canaccord Genuity’s expectations. This was the company’s first clean quarter without significant non-recurring costs, highlight the analysts.

Operating cash flow surged to $17m in 4Q25, notes the broker, bringing underlying FY25 cash flow to $32m, a material uplift from $8m in FY24.

Management expects to announce new contract wins at the FY25 result in late August and will issue FY26 guidance at the October AGM.

The rollout of Intelligent Monitoring’s video-based monitoring product (ADT/Video Guard) accelerated, reaching 300 sites and significantly lifting average revenue per user (ARPU) and gross profit per user.

Management has initiated an on-market buyback and is well positioned for organic growth and cash generation in FY26, in Canaccord’s view. Buy rating and $1.00 target retained.

This report was published on August 1, 2025.

Target price is $1.00 Current Price is $0.64 Difference: $0.36
If IMB meets the Canaccord Genuity target it will return approximately 56% (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 6.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.28.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 9.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.67.

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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $142.32

Jarden rates ((LNW)) as Buy (1) –

Jarden expects Light & Wonder to report a sequentially stronger 2Q25 result on August 6, as it progresses toward its US$1.4bn FY25 earnings (AEBITDA) target. The analysts forecast US$352m for the quarter.

In the broker’s view, growth should be supported by net install gains in Gaming Ops, improved fee per day from a richer premium mix, and contributions from the recent Grover Gaming acquisition.

Weaker Outright Sales in North America and lower ROW volumes are expected, while iGaming should continue mid- to high-single digit top-line growth with margin expansion.

Jarden maintains a Buy rating and lowers its 12-month price target to $188.00 from $189.00.

This report was published on August 4, 2025.

Target price is $188.00 Current Price is $142.32 Difference: $45.68
If LNW meets the Jarden target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $192.00, suggesting upside of 34.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 812.56 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 932.7, implying annual growth of 63.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 959.33 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1144.5, implying annual growth of 22.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.4.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.15

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

Lotus Resources has begun high-grade ore processing at the Kayelekera Restart Project in northern Malawi, with first production targeted for the September quarter.

Key infrastructure is now operational, observes Canaccord Genuity, with final commissioning underway for the plant’s precipitation, drying and packaging circuits.

The company remains fully funded, highlight the analysts, ending the quarter with $75.9m in cash and access to $63.5m in debt and finance facilities.

The Speculative Buy rating and 31c target are maintained.

This report was published on August 1, 2025.

Target price is $0.31 Current Price is $0.15 Difference: $0.16
If LOT meets the Canaccord Genuity target it will return approximately 107% (excluding dividends, fees and charges).
Current consensus price target is $0.33, suggesting upside of 118.3%(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 minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 30.00.

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:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 30.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.4, 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 37.5.

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

NEM    NEWMONT CORPORATION REGISTERED

Gold & Silver – Overnight Price: $101.14

Canaccord Genuity rates ((NEM)) as No Rating (-1) –

Newmont reported a strong Q2 FY25, assesses Canaccord Genuity, generating record free cash flow of US$1.7bn and an all-time high AISC margin of US$1,738/oz, driven by solid operations and cost control.

Gold production of 1.46moz exceeded the broker’s forecasts by 11%, and core AISC of US$1,582/oz was -10% below expectations, resulting in adjusted earnings (EBITDA) of US$3.0bn, 20% above forecast.

Full-year guidance remains at 5.6moz at US$1,620/oz AISC, with capital spend now weighted more to H2. Net debt fell to US$1.42bn, cash rose to US$6.2bn, and a new US$3bn buyback was approved after completing the prior program.

Canaccord maintains a Buy rating and raises its target price to US$86.00 from US$85.00.

This report was published on July 31, 2025.

Current Price is $101.14. Target price not assessed.
Current consensus price target is $111.20, suggesting upside of 9.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 813.49 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 862.5, implying annual growth of N/A.
Current consensus DPS estimate is 154.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 844.42 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 710.2, implying annual growth of -17.7%.
Current consensus DPS estimate is 155.6, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 14.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $16.10

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

Jarden raises its target for Pexa Group to $17.75 from $16.20 and upgrades to Overweight from Neutral.

The broker views NatWest’s onboarding as a critical milestone, confirming PEXA’s UK platform viability and likely triggering broader adoption among banks and conveyancers.

Jarden estimates the UK market is approximately 2.4 times the size of Australia’s and sees PEXA well placed to secure material share.

While there is some renewed risk around Australian interoperability regulation, the analyst believes the UK upside more than compensates.

This report was published on August 4, 2025.

Target price is $17.75 Current Price is $16.10 Difference: $1.65
If PXA meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $15.74, suggesting downside of -2.2%(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 minus 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 731.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.5, 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 292.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.69 cents and EPS of 43.40 cents.
At the last closing share price the estimated dividend yield is 1.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.2, implying annual growth of 612.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 41.1.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $44.62

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

Jarden maintains an Overweight rating for ResMed and raises its target price to $44.62 from $40.55.

This change follows a record 4Q25 result, with non-GAAP profit up 22.3% year-on-year and a surprise gross margin uplift to 61.4%.

Revenue beat consensus, supported by 4.2% above-expected device growth in rest-of-world markets, explains the analyst.

The broker highlights ResMed’s strong revenue trajectory, cash position of US$541m, and increased buyback to US$150m per quarter.

Jarden lifts FY26-28 EPS forecasts by up to 3.8% and views ResMed as a safe-haven growth stock.

This report was published on August 4, 2025.

Target price is $44.62 Current Price is $44.62 Difference: $0
If RMD meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $48.57, suggesting upside of 8.8%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 171.1, implying annual growth of N/A.
Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 26.1.

Forecast for FY27:

Current consensus EPS estimate is 189.7, implying annual growth of 10.9%.
Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 23.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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

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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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