Australian Broker Call *Extra* Edition – Aug 07, 2025

This story features ARGENICA THERAPEUTICS LIMITED, and other companies.
For more info SHARE ANALYSIS: AGN

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)

AGN   APE   ARB   ASB   AYA   BGL   CCP   CYG   DXB   EOS   IMM   JIN   MSB   NEU   NUZ   PNI   SMI   SSM   TCG   TPG  

AGN    ARGENICA THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.69

Petra Capital rates ((AGN)) as Buy (1) –

Petra Capital flags key events which will potentially impact on healthcare stocks, noting Argenica Therapeutics’ top-line results from the Phase 2 Seancon stroke trial with ARG-007 are expected in September, with the database lock anticipated in August, which paves the way for data analysis.

The analyst believes the efficacy hurdle is quite low, given there are no approved treatments for what is deemed a market with high unmet needs.

Petra Capital maintains a Buy rating and a $1.19 target price.

This report was published on August 6, 2025.

Target price is $1.19 Current Price is $0.69 Difference: $0.5
If AGN meets the Petra Capital target it will return approximately 72% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.78.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 23.79.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $20.15

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

Canaccord Genuity assesses the 2% y/y rise in July vehicle sales as strong both in absolute terms and on last year’s comparison, noting 2024 was a record year.

The broker does not expect the 2024 record to be broken but sees 1.15m vehicle sales this year as very probable, and 1.2m as possible.

The broker believes the details in the data are positive for Eagers Automotive and highlights its forecast for $400.5m profit before tax for FY25, with a skew to 2H.

Hold. Target unchanged at $17.20.

This report was published on August 5, 2025.

Target price is $17.20 Current Price is $20.15 Difference: minus $2.95 (current price is over target).
If APE meets the Canaccord Genuity target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.57, suggesting downside of -12.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 76.00 cents and EPS of 106.40 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.5, implying annual growth of 25.3%.
Current consensus DPS estimate is 72.1, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 80.00 cents and EPS of 119.20 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.7, implying annual growth of 6.2%.
Current consensus DPS estimate is 73.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 18.9.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $34.45

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

Sales for ARB Corp’s top 11 vehicle models rose 8.7% y/y in July, up for the second straight month after a 15% rise in June.

Canaccord Genuity notes the gain was fully accounted by the lift in Prado sales but given the high fitment rate for the vehicle, it is still seen as a good outcome for the company.

Hold retained as the broker remains cautious on the stock despite it being attractive on a historical basis. The broker sees risks around gross profit margin and profit before tax margin at the FY25 results on August 19.

Target unchanged at $34.70.

This report was published on August 4, 2025.

Target price is $34.70 Current Price is $34.45 Difference: $0.25
If ARB meets the Canaccord Genuity target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $37.69, suggesting upside of 9.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 69.00 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 2.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.8, implying annual growth of -3.3%.
Current consensus DPS estimate is 66.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 28.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 73.00 cents and EPS of 132.00 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 131.9, implying annual growth of 9.2%.
Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 26.1.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ASB    AUSTAL LIMITED

Commercial Services & Supplies – Overnight Price: $7.37

Petra Capital rates ((ASB)) as Hold (3) –

Petra Capital maintains its Hold rating on Austal, observing the current share price already reflects favourable industry conditions, and strong competitive positioning. There has also been takeover speculation, and upside potential from the pending T-ATS REA review.

Management has finalised a 15-year Strategic Shipbuilding Agreement (SSA) with the Australian Government, which confirms Austal as the prime contractor for the LC-H and LC-M landing craft programs.

These programs are expected to deliver approximately $3bn in contract value, with Austal’s share estimated at $2.2bn for LC-H and $0.8bn for LC-M, explains the broker.

A government call option is attached to the SSA (exercisable if there is a change of control at Austal), potentially complicating future M&A interest, highlights the analyst.

Separately, Petra notes Austal has lifted FY25 earnings (EBIT) guidance to at least $100m, up from $80m, due to a US Navy incentive payment.

Target $6.67.

This report was published on August 6, 2025.

Target price is $6.67 Current Price is $7.37 Difference: minus $0.7 (current price is over target).
If ASB meets the Petra Capital target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.55, suggesting downside of -11.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 6.00 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 0.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.7, implying annual growth of 307.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 44.1.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 13.00 cents and EPS of 13.10 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 56.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of 14.4%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 38.6.

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

AYA    ARTRYA LIMITED

Medical Equipment & Devices – Overnight Price: $1.12

Petra Capital rates ((AYA)) as Buy (1) –

Petra Capital flags key events which will potentially impact on healthcare stocks, noting Artrya’s second product is being reviewed by the US FDA and is nearing the end of the 60-day substantive review, estimated mid-August.

Thereafter, the FDA may ask for more information or continue with the last 30 days of interactive review.

The analyst expects FDA clearance in September 2025, assuming no major requests. This is viewed as the “biggest inflexion point” for the stock.

Buy. Target set at $2.87

This report was published on August 6, 2025.

Target price is $2.87 Current Price is $1.12 Difference: $1.75
If AYA meets the Petra Capital target it will return approximately 156% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 16.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.71.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 8.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.73.

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: $0.87

Jarden rates ((BGL)) as Neutral (3) –

Bellevue Gold’s recent updates and a site visit highlights to Jarden operational improvements and infrastructure completion, but also reinforced the challenges of concurrently developing five underground mines.

FY26 guidance of 130–150koz missed the broker’s 150koz estimate, but development progress and improved consistency support a revised 147koz forecast. Production is expected to lift in FY27 on higher Deacon ore grades.

Elevated costs (AISC) of $2,600–2,900/oz projected for FY256 is now viewed as structural, prompting long-term cost and sustaining capex upgrades, including $40m in FY27 for a potential paste plant to support pillar extraction.

Jarden expects output to peak around 190kozpa, constrained by sustainable mining capacity of ~1.25Mtpa, but exploration upside could extend mine life to 2040.

The target price falls by -9% to 86c. The Neutral rating is maintained amid uncertainty surrounding the strategic review and acquisition interest, explains Jarden.

This report was published on August 6, 2025.

Target price is $0.86 Current Price is $0.87 Difference: minus $0.01 (current price is over target).
If BGL meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.17, suggesting upside of 34.1%(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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.00.

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 19.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.88.

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 8.8.

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

CCP    CREDIT CORP GROUP LIMITED

Business & Consumer Credit – Overnight Price: $17.40

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

Canaccord Genuity notes Credit Corp’s FY25 result eased investor concerns around US operational performance and near-term earnings growth.

The bigger positive was a clearer path forward, with higher secured pipeline for the US purchased debt ledger segment, improved productivity and scope to grow new/emerging lending products.

Minor changes to forecasts but target price rises to $21.60 from $20.60 on a rollover of valuation methodology.

Buy maintained.

This report was published on August 5, 2025.

Target price is $21.60 Current Price is $17.40 Difference: $4.2
If CCP meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 77.00 cents and EPS of 154.00 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.30.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 85.00 cents and EPS of 170.00 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.24.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CYG    COVENTRY GROUP LIMITED

Hardware & Equipment – Overnight Price: $0.81

Petra Capital rates ((CYG)) as Buy (1) –

Petra Capital can barely contain the shock over Coventry Group’s FY25 trading update, with earnings (EBITDA) down -40.9% on the prior period on a decline in sales of -1.7%, which makes the earnings result even worse.

The analyst infers Coventry made no earnings in 4Q25. Non-cash items seem to have impacted the results, with net debt meeting expectations at $56.2m, and cash flow was relatively better than earnings. 

Management’s FY26 guidance offers some confidence to Petra’s FY26 outlook assumptions and earnings forecasts. An improving sales culture and meaningful cost outs should be evident with new management now in operation.

Buy rating retained with $1.24 target price.

This report was published on August 6, 2025.

Target price is $1.24 Current Price is $0.81 Difference: $0.425
If CYG meets the Petra Capital target it will return approximately 52% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 1.00 cents and EPS of 1.60 cents.
At the last closing share price the estimated dividend yield is 1.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 50.94.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 2.70 cents and EPS of 10.90 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.48.

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

DXB    DIMERIX LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.49

Petra Capital rates ((DXB)) as Buy (1) –

Petra Capital flags key events which will potentially impact on healthcare stocks, noting Dimerix continues to be engaged in advanced discussions to license DMX-200 for additional geographies including China and LatAm. 

The analyst expects a possible China deal to be finalised in 2Q2025, which would support the company’s cash position.

The broker maintains a Buy rating and a $1.58 target price.

This report was published on August 6, 2025.

Target price is $1.58 Current Price is $0.49 Difference: $1.09
If DXB meets the Petra Capital target it will return approximately 222% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.61.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.15.

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: $4.41

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.

Electro Optic Systems won a $125m commercial order for a 100kW high-energy laser weapon system from an unnamed European NATO member. It is the largest contract win in the last 12 months.

The delivery timeline is over the next three years. Canaccord Genuity expects minor revenue contributions in FY25 and FY28, and the majority in FY26 and FY27.

The broker left near-term revenue and earnings forecasts unchanged ahead of FY25 results, but lifted FY29-30 revenue growth forecast.

Buy. Target rises to $4.30 from $3.30.

This report was published on August 5, 2025.

Target price is $4.30 Current Price is $4.41 Difference: minus $0.11 (current price is over target).
If EOS meets the Canaccord Genuity target it will return approximately minus 2% (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 24.50.

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 40.46.

Market Sentiment: 1.0
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

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

Canaccord Genuity notes Immutep received positive feedback from the FDA for its CPS<1 head and neck cancer program and the next steps. 

The FDA is open to granting accelerated approval based on the condition that a 70-90 patient single arm study meets the clinical hurdle and a confirmatory study is underway at the time of approval.

The broker sees the update as materially de-risking the regulatory path for CPS<1 and opening a fast route to market via accelerated approval.

The trial is small, cheap, and rapid, making the risk/reward attractive, especially if a partner is secured, the broker highlights.

Buy. Target unchanged at 98c.

This report was published on August 5, 2025.

Target price is $0.98 Current Price is $0.26 Difference: $0.72
If IMM meets the Canaccord Genuity target it will return approximately 277% (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 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.50.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.50.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $10.69

Jarden rates ((JIN)) as Buy (1) –

Jarden is anticipating a soft FY25 result from Jumbo Interactive on August 26. Lottery Retailing total transaction value (TTV) is forecast at $460m, down -15% year-on-year, as jackpot activity normalises and higher marketing spend continues.

Managed Services is undergoing transition under new regional management, explains the broker, with signs of improvement from Stride (Canada), though FY25 is likely the trough, sequential improvement is expected in FY26.

Jumbo remains in a strong net cash position (around $75m) and could pay dividends at the top end of its 65–85% NPATA range while preserving capacity for offshore M&A and digital investment, suggests the broker.

FY26 tailwinds are believed to include normalised jackpots, operational leverage in Managed Services, and game updates to Saturday Lotto.

Jarden retains a Buy rating and $13.40 target price, noting Jumbo’s strong cash generation, asset-light model, and scope to diversify away from jackpot dependency.

This report was published on August 5, 2025.

Target price is $13.40 Current Price is $10.69 Difference: $2.71
If JIN meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $12.80, suggesting upside of 19.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 52.00 cents and EPS of 62.00 cents.
At the last closing share price the estimated dividend yield is 4.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.8, implying annual growth of -11.7%.
Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 54.70 cents and EPS of 75.70 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.6, implying annual growth of 19.4%.
Current consensus DPS estimate is 53.8, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 14.7.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

MSB    MESOBLAST LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.43

Canaccord Genuity rates ((MSB)) as Initiation of coverage with Buy (1) –

Canaccord Genuity initiates coverage of Mesoblast with a Buy rating and $2.97 target price and highlights the company specialises in cell therapy treatments in allogeneic (from one donor versus a matched donor or recipient) off-the-shelf therapies which target severe inflammatory diseases.

Ryoncil is the first-ever approved allogeneic stem cell therapy, which treats paediatric Steroid-Refractory aGvHD, a life-threatening complication that can occur after an allogeneic bone marrow or stem cell transplant.

Post its launch, Mesoblast announced sales of US$13.2m units in 4Q25, with onboarding of 25 hospitals as at June 30, which the analyst views as very “solid”.

Other assets in the pipeline are Revascor for ischaemic heart failure with a US$19.2bn total addressable market, and MPC-06-ID with a US$2.6bn total addressable market.

The report highlights both assets have displayed supportive clinical data.

This report was published on August 5, 2025.

Target price is $2.97 Current Price is $2.43 Difference: $0.54
If MSB meets the Canaccord Genuity target it will return approximately 22% (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 9.43 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.76.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.96 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 34.92.

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $17.01

Petra Capital rates ((NEU)) as Buy (1) –

Petra Capital flags key events which will potentially impact on healthcare stocks, noting Neuren Pharmaceuticals’ first patient in the Phase 3 Phelan-McDermid syndrome (PMS) trial with NN-2591 is expected “imminently”.

This would be the first Phase 3 start and could commence the timeline to potential results from the trial in 1H2027.

The broker retains a Buy rating and a $31.45 target price.

This report was published on August 6, 2025.

Target price is $31.45 Current Price is $17.01 Difference: $14.44
If NEU meets the Petra Capital target it will return approximately 85% (excluding dividends, fees and charges).
Current consensus price target is $23.13, suggesting upside of 36.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 11.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 142.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.4, implying annual growth of -95.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 315.0.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 210.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.6, implying annual growth of 485.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 53.8.

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

NUZ    NEURIZON THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.16

Petra Capital rates ((NUZ)) as Buy (1) –

Petra Capital flags key events which will potentially impact on healthcare stocks, noting Neurizon Therapeutics’ IND is under review with the US FDA post the submission of a complete response to the FDA’s clinical hold. A decision is expected by late August.

The analyst views a positive outcome as removing a major overhang for the stock and paving the way for its registrational Healey ALS trial to start dosing in the US in the fourth quarter of 2025. Petra is more confident around a positive decision.

The broker retains a Buy rating. Target 50c.

This report was published on August 6, 2025.

Target price is $0.50 Current Price is $0.16 Difference: $0.34
If NUZ meets the Petra Capital target it will return approximately 212% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.33.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.00.

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $25.21

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

Pinnacle Investment Management’s FY25 profit of $134.4m was 3% ahead of Jarden forecasts but -4% below the consensus estimate.

The broker explains performance fees and share of affiliates underperformed expectations, partially offset by lower group expenses.

More positively, the analysts highlight forward-looking metrics were strong, with net flows of $23.1bn (up 22% versus consensus) and funds under management (FUM) of $179.4bn ( up 4.3% vs consensus). This includes Life Cycle FUM now profitable at $15.4bn.

Jarden reiterates an Overweight rating on Pinnacle Investment Management, viewing the group as a high-quality asset manager with resilient earnings supported by a strong distribution platform and diversified affiliate base.

The price target is lifted to $25.40 from $24.20.

This report was published on August 6, 2025.

Target price is $25.40 Current Price is $25.21 Difference: $0.19
If PNI meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $24.73, suggesting downside of -1.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 71.30 cents and EPS of 69.40 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.5, implying annual growth of 13.1%.
Current consensus DPS estimate is 62.7, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 35.3.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 82.30 cents and EPS of 80.10 cents.
At the last closing share price the estimated dividend yield is 3.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.1, implying annual growth of 24.6%.
Current consensus DPS estimate is 76.5, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 28.3.

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

SMI    SANTANA MINERALS LIMITED

Gold & Silver – Overnight Price: $0.63

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

Canaccord Genuity notes Santana Minerals outlined the development pathway for its Bendigo-Ophir gold project in New Zealand at the recent Diggers and Dealers Mining forum.

The company highlighted the project delivers revenue of $6.2bn at $4,950/oz gold price, EBITDA of $4.0bn, post-tax free cash flow of $2.5bn, with payback in less than 1.7 years.

Buy. Target price $1.60.

This report was published on August 4, 2025.

Target price is $1.60 Current Price is $0.63 Difference: $0.97
If SMI meets the Canaccord Genuity target it will return approximately 154% (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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.00.

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

SSM    SERVICE STREAM LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.01

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

Ahead of Service Stream’s FY25 result on August 20, Canaccord Genuity notes the company won three material NBN contracts since February totaling $2.7bn.

These contracts underpin the broker’s forecast for the telecommunications division, with further earnings support expected from the utilities division through revenue and margin expansion in the medium-term.

The broker forecasts FY25 EBITDA of $144.5m vs the consensus of $145.6m. Buy. Target lifted to $2.25 from $1.95 on valuation roll-forward.

This report was published on August 5, 2025.

Target price is $2.25 Current Price is $2.01 Difference: $0.24
If SSM meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.12, suggesting upside of 5.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 5.32 cents and EPS of 10.80 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 18.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 101.9%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 6.52 cents and EPS of 11.90 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of 5.7%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 17.9.

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

TCG    TURACO GOLD LIMITED

Gold & Silver – Overnight Price: $0.50

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

Turaco Gold highlighted continued progress at its Afema gold project at the recent Diggers and Dealers Mining forum.

Canaccord Genuity notes an update mineral resource estimate is expected in the December quarter and pre-feasibility study is targeted for the June 2026 quarter.

Speculative Buy. Target price $1.10.

This report was published on August 4, 2025.

Target price is $1.10 Current Price is $0.50 Difference: $0.6
If TCG meets the Canaccord Genuity target it will return approximately 120% (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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.00.

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 50.00.

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

TPG    TPG TELECOM LIMITED

Telecommunication – Overnight Price: $5.22

Jarden rates ((TPG)) as Downgrade to Neutral from Overweight (3) –

Management at TPG Telecom announced $1.61 per share capital return from the $4.7bn EG&W asset sale, exceeding Jarden’s expectations and supporting balance sheet repair and free float expansion.

The broker expects minority shareholders will participate in a $688m reinvestment plan.

Jarden assumes full uptake, implying 186m new shares issued, though delays in reinvestment details and a softer operational update have prompted a downgrade to Neutral from Overweight.

Postpaid subscriber net adds in 1H25 were weak, according to the analysts, (up 15k versus consensus 70k). Average revenue per user (ARPU) growth is expected to be 2H-weighted as back book repricing flows through.

The broker’s target price is reduced to $5.30 from $5.50.

This report was published on August 5, 2025.

Target price is $5.30 Current Price is $5.22 Difference: $0.08
If TPG meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $5.24, suggesting upside of 0.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 10.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 52.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of N/A.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 26.1.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 15.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 10.0%.
Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 3.8%.
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

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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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