Australian Broker Call *Extra* Edition – Aug 08, 2025

This story features A2 MILK COMPANY LIMITED, and other companies.
For more info SHARE ANALYSIS: A2M
The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

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

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena’s team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

A2M   ARU   BWP   CEN   CIP   CLW   GNE   IFM   ILU   IMR   REA   RKN   SLX   TLX   TRJ  

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $7.96

Jarden rates ((A2M)) as Overweight (2) –

a2 Milk is due to report FY25 results on August 18. Jarden is forecasting total revenue growth of 13% year-on-year, driven by 10% growth in infant milk formula (IMF) sales.

The broker also expects a stronger second half led by the English label channel and initial contributions from Genesis, a new premium infant formula range developed by the company.

Margins are expected to improve modestly, with the analysts forecasting a FY25 earnings (EBITDA) margin of 14.4% (from 14%), supported by a 2H recovery to 15.4% following elevated freight costs in 1Q25.

Jarden expects a final dividend of NZ10c, fully imputed, reflecting a 67% payout ratio and net cash of around NZ$1bn.

FY26 revenue is forecast to grow by 3%, though this may prove conservative based on 2H25 exit momentum, suggests the broker.

Target rises to NZ$7.90 from NZ$7.75. Overweight rating maintained.

This report was published on August 6, 2025.

Current Price is $7.96. Target price not assessed.
Current consensus price target is $7.59, suggesting downside of -4.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 16.90 cents and EPS of 24.93 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 31.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of N/A.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 31.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.64 cents and EPS of 26.03 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.8, implying annual growth of 12.9%.
Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 27.6.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ARU    ARAFURA RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $0.18

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

Canaccord Genuity notes recent media reports suggesting the Australian government might be considering a floor price for rare earths similar to what the US government has done with US$110/kg floor price for NdPr.

While details are unclear, the broker reckons Arafura Rare Earths would be a beneficiary if this is implemented.

The broker notes the Nolans project is challenged at spot price and its estimate is breakeven at US$91/kg, so any higher floor price for 34% of remaining offtake would help the company secure remaining equity.

Hold. Target unchanged at 20c.

This report was published on August 6, 2025.

Target price is $0.20 Current Price is $0.18 Difference: $0.02
If ARU meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).

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

BWP    BWP TRUST

REITs – Overnight Price: $3.68

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

Jarden agrees with BWP Trust’s board the new internalised business model improves cost of capital and operating leverage, though notes the 28 times annualised savings paid appears high.

FY26 dividend guidance is technically 2.5% accretive, but the broker notes its underlying earnings forecast falls -2% due to higher debt costs and lost rent from Bunnings expiries. It’s felt capital contributions are needed to support payouts.

With the weighted average lease expiry (WALE) extended and leasing risk reduced, growth in adjusted funds from operations (AFFO) now hinges on inorganic growth, highlights Jarden.

Acquisitions, however, remain difficult in a competitive environment, notes the broker, with the weighted average cost of debt (WACD) below marginal debt cost.

Jarden argues internalisation will only be truly justified if management can execute on scale and growth.

This report was published on August 6, 2025.

Target price is $3.65 Current Price is $3.68 Difference: minus $0.03 (current price is over target).
If BWP 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 $4.00, suggesting upside of 8.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.40 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 5.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of -48.4%.
Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 19.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 19.70 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 5.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.9, implying annual growth of 3.6%.
Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 18.5.

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

CEN    CONTACT ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $8.45

Jarden rates ((CEN)) as Downgrade to Overweight from Buy (2) –

FY25 was a difficult period for New Zealand gentailers, notes Jarden, characterised by weak hydro inflows, volatile wholesale pricing, and increased risk mitigation costs.

Contact Energy managed relative outperformance through flexible portfolio positioning, explains the broker.

The analysts expect management to report FY25 earnings (EBITDA) of around NZ$774m, slightly ahead of its NZ$770m guidance.

FY26 earnings are forecast to rise to NZ$949m, supported by the Manawa acquisition and a recovery in hydro generation.

Jarden anticipates management will provide updates on the Manawa integration and progress on a potential geothermal fill-in project.

NZ$10.83 target price retained and stock downgraded to Overweight from Buy on valuation.

This report was published on August 6, 2025.

Current Price is $8.45. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 35.62 cents and EPS of 49.96 cents.
At the last closing share price the estimated dividend yield is 4.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.91.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 36.53 cents and EPS of 46.95 cents.
At the last closing share price the estimated dividend yield is 4.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.00.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.33

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

Centuria Industrial REIT delivered a solid FY25 result, assesses Jarden, with maiden FY26 funds from operations (FFO) guidance exceeding expectations and a $60m on-market buyback announced.

The analysts regard the REIT as well positioned to benefit from strong rent reversion in inner-urban logistics assets and better visibility on funding for its development pipeline.

Further benefits are expected from a moderating weighted average cost of debt (WACD) headwind, and improved capital market liquidity.

The broker anticipates portfolio vacancy (mainly in large-format assets) will normalise over 6–12 months, setting the stage for higher-yielding lease renewals.

Jarden upgrades FY26–28 FFO forecasts by up to 3.5% and lifts its target price to $3.70 from $3.55. Upside is expected from improved re-leasing spreads, falling interest rates, and optionality from selective asset sales.

This report was published on August 6, 2025.

Target price is $3.70 Current Price is $3.33 Difference: $0.37
If CIP meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.43, suggesting upside of 2.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 17.00 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of -13.2%.
Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 17.20 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 5.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 5.5%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 17.3.

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

CLW    CHARTER HALL LONG WALE REIT

REITs – Overnight Price: $4.37

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

FY25 results for Charter Hall Long WALE REIT surprised Jarden to the upside. FY26 guidance was also stronger-than-expected, driven by accretive asset recycling and a favourable $750m hedge at low rates.

The broker sees limited downside risk with asset values and funds from operations (FFO) past the trough.

Less positively, the broker also notes FFO compound annual growth rate (CAGR) is forecast below the sector average over the next three years unless asset recycling continues.

The REIT’s elevated gearing (38.8% look-through) limits near-term inorganic growth, in Jarden’s opinion, but could prove appropriate given improving asset values and cost of debt.

Jarden lifts its FY26-28 EPS forecasts by up to 3.3% and increases its target price to $4.20 from $4.05. Underweight rating kept.

This report was published on August 6, 2025.

Target price is $4.20 Current Price is $4.37 Difference: minus $0.17 (current price is over target).
If CLW meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.25, suggesting downside of -2.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 25.50 cents and EPS of 25.60 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of 51.6%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 24.90 cents and EPS of 25.10 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of 2.4%.
Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 17.0.

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

GNE    GENESIS ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $2.14

Jarden rates ((GNE)) as Buy (1) –

FY25 was a difficult period for New Zealand gentailers, notes Jarden, characterised by weak hydro inflows, volatile wholesale pricing, and increased risk mitigation costs.

Genesis Energy managed relative outperformance through flexible portfolio positioning, explains the broker.

Hydro conditions remained poor and wholesale markets volatile, yet management is expected to report FY25 earnings (EBITDA) of NZ$461m, marginally ahead of both its NZ$460m guidance and “normalised” levels.

Support came from strong margin expansion across retail electricity, gas and LPG, and effective thermal dispatch from Huntly during the fourth quarter, highlights Jarden.

FY26 earnings are forecast to rise to NZ$515m, driven by stabilised conditions and continued retail performance.

The company is due to report FY25 earnings on August 25.

This report was published on August 6, 2025.

Current Price is $2.14. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 13.06 cents and EPS of 12.79 cents.
At the last closing share price the estimated dividend yield is 6.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.74.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 13.52 cents and EPS of 19.91 cents.
At the last closing share price the estimated dividend yield is 6.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.75.

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

IFM    INFOMEDIA LIMITED

Automobiles & Components – Overnight Price: $1.68

Moelis rates ((IFM)) as Downgrade to Hold from Buy (3) –

Moelis states TPG’s (private equity) $1.72 per share offer for Infomedia was unsurprising, noting it follows prior 2022 interest from three suitors and a depressed share price.

The broker considers confusion around the buyer’s identity more concerning from a regulatory and asset allocation standpoint than from an M&A perspective.

Infomedia’s board support sends a clear price signal and may prompt other suitors, although timing and strategic alignment remain key, in the broker’s view.

The report highlights Infomedia’s global software platforms are supported by entrenched data integrations and customer relationships, making them difficult to replicate, and cash generative.

Moelis retains a $1.83 target but downgrades to Hold from Buy, as the deal price and share price rally reflect downside in the near-term outlook due to integration delays, tariff uncertainty and customer churn.

This report was published on August 7, 2025.

Target price is $1.83 Current Price is $1.68 Difference: $0.15
If IFM meets the Moelis target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $1.86, suggesting upside of 10.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 4.10 cents and EPS of 6.30 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.4, implying annual growth of 59.8%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 31.1.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.60 cents and EPS of 7.10 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of 27.8%.
Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 24.3.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $5.77

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

Canaccord Genuity notes recent media reports suggesting the Australian government might be considering a floor price for rare earths similar to what the US government has done with US$110/kg floor price for NdPr.

While details are unclear, the broker reckons Iluka Resources would be a beneficiary if this is implemented.

The broker estimates NPV break-even for Eneabba is around US$80/kg and so offtake levels higher than that price would be supportive for the project economics.

Buy. Target unchanged at $5.85.

This report was published on August 6, 2025.

Target price is $5.85 Current Price is $5.77 Difference: $0.08
If ILU meets the Canaccord Genuity target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $5.66, suggesting downside of -1.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 8.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.9, implying annual growth of -33.7%.
Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 8.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.4, implying annual growth of -20.9%.
Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 20.3.

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

IMR    IMRICOR MEDICAL SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $1.42

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

Canaccord Genuity has initiated coverage of Imricor Medical Systems with a Buy rating and target price of $2.06.

The company is developing MRI-compatible cardiac ablation systems, allowing procedures to be performed in real-time under MRI guidance instead of traditional x-ray. The technology platform is called Interventional Cardiac Magnetic Resonance (iCMR).

The global market is estimated at US$12bn and the product’s revenue outlook depends on site installation. The broker is forecasting 1, 8 and 15 installations driving 43, 423 and 1,371 global procedures, respectively, across FY25-27. 

By FY32, the forecast is for 190 global iCMR labs, including 100 in the US, for a revenue of US$250m. The analysis highlights forecasts are highly reliant on the pace of the ramp up.

This report was published on August 6, 2025.

Target price is $2.06 Current Price is $1.42 Difference: $0.64
If IMR meets the Canaccord Genuity target it will return approximately 45% (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 0.16 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 916.13.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.16 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 916.13.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $248.51

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

REA Group delivered strong FY25 results, according to Jarden, broadly in line with expectations, with revenue up 15% to $1,673m, earnings (EBITDA) up 17.5% to $969m, and a 57.9% margin.

Adjusted profit missed the broker’s forecast by -1% due to higher depreciation, but a 138c final dividend surprised positively, reflecting a higher 2H payout ratio of 73%. Jarden lifts its FY26 payout ratio assumption to 70%, implying a 28% lift in FY26 DPS.

FY26 cost growth guidance of 9% came in modestly ahead of consensus, while losses in India are expected to widen due to Housing Edge softness, offsetting gains in domestic pricing.

Jarden forecasts 13% buy yield in FY26, driven by a 7% price increase to Premiere All, circa 5% from depth/add-ons, and 2% from subscriptions, partially offset by a -1% drag from geographic mix.

The broker raises its target price to $219 from $216 but maintains an Underweight rating, citing valuation concerns.

This report was published on August 6, 2025.

Target price is $219.00 Current Price is $248.51 Difference: minus $29.51 (current price is over target).
If REA 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 $268.43, suggesting upside of 8.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 358.40 cents and EPS of 512.10 cents.
At the last closing share price the estimated dividend yield is 1.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 48.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 510.8, implying annual growth of -0.5%.
Current consensus DPS estimate is 290.9, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 48.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 420.50 cents and EPS of 600.40 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 41.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 589.5, implying annual growth of 15.4%.
Current consensus DPS estimate is 350.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 42.2.

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

RKN    RECKON LIMITED

Accountancy – Overnight Price: $0.63

Moelis rates ((RKN)) as Buy (1) –

Moelis observes Reckon continues to transition its customers to Reckon One from Reckon Accounts, with the Business group generating 3% revenue growth in 1H2025.

Reckon One achieved 26% growth to $4.4m due to pricing and improved penetration of its cloud-based payroll software.

Revenue from Legal Group billing doubled, although it is coming off a low base and was assisted by the acquisition of nQ Zebraworks, which also doubled.

Management continues to focus on cross-selling new products, capturing higher revenue per legal firm, and expanding into small/mid-size law firms.

Moelis lifts its EPS forecasts by 4.1% for 2025 and 4.7% for 2026. Target price is 85c with a Buy rating retained.

This report was published on August 5, 2025.

Target price is $0.85 Current Price is $0.63 Difference: $0.22
If RKN meets the Moelis target it will return approximately 35% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 2.50 cents and EPS of 4.80 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 13.13.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 3.00 cents and EPS of 5.60 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.25.

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

SLX    SILEX SYSTEMS LIMITED

Uranium – Overnight Price: $3.90

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

Canaccord Genuity has a research restriction on Silex Systems.

This report was published on August 6, 2025.

Current Price is $3.90. Target price not assessed.
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 4.18 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 93.39.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.93 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 420.26.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $18.20

Jarden rates ((TLX)) as Buy (1) –

Jarden acknowledges the market’s heightened concerns over Telix Pharmaceuticals’ latest update, which resulted in a downgrade to earnings guidance with the restatement of 2023 and 2024 historical results as the company shifts to USD reporting.

Notably, 1H25 opex costs came in at 36% of revenue, or US$140.4m, which is above consensus forecast by around US$40m.

The analyst believes the market overreacted to the report but deems it reasonable given uncertainty around competitive pressures and pass-through payment pricing.

This latest disappointment has come on top of the SEC probe, which has not helped sentiment, commentary acknowledges.

Jarden lowers earnings (EBIT) estimates by -66.1% for 2025 and -62.8% for 2026, with acquisitions yet to be earnings accretive.

Buy rating retained. Target slips to $27.61 from $29.14.

This report was published on August 6, 2025.

Target price is $27.61 Current Price is $18.20 Difference: $9.41
If TLX meets the Jarden target it will return approximately 52% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 20.57 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 88.48.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 34.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 52.30.

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

TRJ    TRAJAN GROUP HOLDINGS LIMITED

Medical Equipment & Devices – Overnight Price: $0.97

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

In an update on FY25, Trajan Group reported FY25 revenue of $166.5m which was ahead of guidance, but EBITDA missed slightly.

Canaccord Genuity notes the ‘miss’ was due to forex impact in 2H25 and some margin pressure.

Commentary states the balance sheet showed improvement with cash of $11.9m and -$3.3m debt repayment.

Buy. Target unchanged at $1.40, with the broker looking ahead to FY25 result on August 28 for more details.

This report was published on August 5, 2025.

Target price is $1.40 Current Price is $0.97 Difference: $0.43
If TRJ meets the Canaccord Genuity target it will return approximately 44% (excluding dividends, fees and charges).

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

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