Australian Broker Call *Extra* Edition – Aug 13, 2025

This story features ACROW LIMITED, and other companies.
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The company is included in 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)

ACF   AUE   AVH   BGL   CHC   COI   CU6   IFT   LNW   MEI   NCK   NEU   NWS   PNC   PNR   QBE   SNT  

ACF    ACROW LIMITED

Building Products & Services – Overnight Price: $1.05

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

Based on the upcoming Brisbane Olympic Games, which are set to start on July 23, 2032, Petra Capital considers demand for formwork to increase from late 1H27 and remain high until 2H30.

Private development, such as hotels and tourism sites, is more challenging to forecast but underpins additional earnings upside to the analyst’s forecast for Acrow.

The company pre-released FY25 metrics, and further earnings softness is not anticipated given a Brisbane Olympics pipeline of $217.5m in works.

Target price is raised 12.5% to $1.80. Buy rating retained.

This report was published on August 11, 2025.

Target price is $1.80 Current Price is $1.05 Difference: $0.75
If ACF meets the Petra Capital target it will return approximately 71% (excluding dividends, fees and charges).
Current consensus price target is $1.32, suggesting upside of 25.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 5.60 cents and EPS of 10.70 cents.
At the last closing share price the estimated dividend yield is 5.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of 25.1%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 5.90 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 5.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.1, implying annual growth of 18.0%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 8.0.

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

AUE    AURUM RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.51

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

Aurum Resources announced a 52% rise in Boundiali Resource to 2.41moz from 1.59moz, which was noticeably higher than Petra Capital’s forecast at circa 2moz.

Indicated resources have risen by 362% to 600koz from 130koz, which would underpin a faster project payback. Total group resources stand at 3.28moz, with 90% ownership.

No change to Buy rating. Target slips to 93c from 95c.

This report was published on August 8, 2025.

Target price is $0.93 Current Price is $0.51 Difference: $0.42
If AUE meets the Petra Capital target it will return approximately 82% (excluding dividends, fees and charges).

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

AVH    AVITA MEDICAL INC

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.49

Wilsons rates ((AVH)) as Underweight (5) –

Avita Medical cut its 2025 guidance by -24% to US$76m–US$81m, with 2Q2025 revenue of US$18.4m missing Wilsons’ forecast by -20% and consensus by -23% due to CMS’ coding and payment practices being “dislocated” for Recell over the quarter.

Providers lowered Recell re-orders as a result of denial of consistent payments, which, as the analyst explains, is “understandable.” Medicare Administrative Contractors are due to restart Recell claims adjudication and payments during 3Q2025.

Due to the deferral in GAAP net profit after tax, now targeted for 3Q2026, and cash flow breakeven in 2Q2026, with US$42m in debt moved to current liabilities, Wilsons estimates a capital requirement of US$75m to repay debt and keep Avita’s assets ongoing.

Underweight rating retained. Target price falls another -35% to $1.25, Wilsons bemoans.

This report was published on August 11, 2025.

Target price is $1.25 Current Price is $1.49 Difference: minus $0.24 (current price is over target).
If AVH meets the Wilsons target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 28.31 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.26.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 16.09 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.26.

This company reports in USD. 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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $0.87

Moelis rates ((BGL)) as Hold (3) –

Moelis attended Bellevue Gold’s flagship project site visit. FY26 guidance came in weaker than expected and below consensus at 130-150koz, compared to the analyst’s forecast of 148.7koz.

FY26 all-in-sustaining costs of $2600-$2900/oz were above estimates, and growth capital at -$80m-$90m compared to Moelis’ -$87m forecast. The rise in all-in-sustaining costs reflects the reclassification of some development costs into mining costs.

Post visit, the analyst views FY26 guidance as sufficiently conservative but maintains a cautious outlook on the miner’s hedging book, which is estimated as a potential hit of -$300m and an opportunity cost to the spot price realisation.

No change to Hold rating in a “wait and see” situation. Target unchanged at $1.

This report was published on August 11, 2025.

Target price is $1.00 Current Price is $0.87 Difference: $0.13
If BGL meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
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:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.83.

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:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 6.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.26.

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

CHC    CHARTER HALL GROUP

REITs – Overnight Price: $21.88

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

Charter Hall announced the launch of the Convenience Retail Fund with $1.75bn in equity commitments and the aim to grow to $2.5bn.

It has seed assets of $1.35bn via the transfer/sale of $679m of assets from Charter Hall Retail REIT ((CQR)) and new acquisitions of $671m.

Challenger Life’s $2.1bn investment management has been given to Charter Hall, which Jarden views as further vindication of the manager’s robust track record and significant institutional relationships.

Despite the circa 50% share price rise in 2025, Jarden believes momentum at the bottom of the cycle is strong for at least another two to three years.

Buy rated with a $20.70 target price.

This report was published on August 8, 2025.

Target price is $20.70 Current Price is $21.88 Difference: minus $1.18 (current price is over target).
If CHC meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $19.96, suggesting downside of -8.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 47.80 cents and EPS of 81.80 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.9, implying annual growth of N/A.
Current consensus DPS estimate is 47.9, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 26.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 50.70 cents and EPS of 87.10 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.3, implying annual growth of 9.0%.
Current consensus DPS estimate is 51.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 24.5.

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

COI    COMET RIDGE LIMITED

NatGas – Overnight Price: $0.14

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

Canaccord Genuity notes Comet Ridge made further progress with FEED works in 4Q25 at the Maholo gas project.

However, commentary admits the market remains skeptical until it sees tangible progress, given 2P reserves were booked over a decade ago.

The Maholo North project is still awaiting state and federal government approvals, and Maholo East received independent certification of 51.8Pj of 2P reserves and 118Pj of 3P reserves.

The company made no mention of Orica ((ORI)) as a target customer. Quarter ended with $13.3m cash and $9.5m debt.

Hold. Target trimmed to 15c from 21c after revising Maholo project risk.

This report was published on August 11, 2025.

Target price is $0.15 Current Price is $0.14 Difference: $0.01
If COI meets the Canaccord Genuity target it will return approximately 7% (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

CU6    CLARITY PHARMACEUTICALS LIMITED

Medical Equipment & Devices – Overnight Price: $3.43

Wilsons rates ((CU6)) as Overweight (1) –

Wilsons believes the recent news that market leader Lantheus has filed a new drug application for a second product might be impacting Clarity Pharmaceuticals’ stock price.

This is an unexpected development for Lantheus and comes on the back of its blockbuster Pylarify, as some investors may have considered Lantheus a possible commercial partner for Clarity’s 64Cu-SARbisPSMA agent, which is in Phase III trials.

Wilsons notes the pathways to market for Clarity could lead to independent commercialisation.

Overweight rating and $8.50 target retained.

This report was published on August 8, 2025.

Target price is $8.50 Current Price is $3.43 Difference: $5.07
If CU6 meets the Wilsons target it will return approximately 148% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 17.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.83.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 28.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.95.

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

IFT    INFRATIL LIMITED

Wealth Management & Investments – Overnight Price: $10.93

Jarden rates ((IFT)) as Buy (1) –

Infratil announced the sale of its 50% interest in RetireAustralia to Invesco Real Estate for $845m, alongside the co-owner New Zealand Superannuation Fund. The transaction values Infratil’s stake at circa NZ$300m, or NZ$328m pre-transaction costs, Jarden explains.

The deal is expected to be completed in 4Q2025, subject to FIRB approval, and aligns with the company’s strategy to recycle underperforming capital into higher “conviction” platforms.

The report stipulates RetireAustralia had increasingly become less relevant to Infratil’s NZ$11bn market cap.

Buy retained. Target price set at NZ$14.31

This report was published on August 8, 2025.

Current Price is $10.93. Target price not assessed.
Current consensus price target is N/A
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 12.24 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 89.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.6, implying annual growth of N/A.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 50.6.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 4.66 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 234.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.3, implying annual growth of 49.5%.
Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 33.8.

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: $130.43

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

Light & Wonder announced a “messier” 2Q2025 earnings report, according to Canaccord Genuity, but although not ideal, there were limited reasons for concern.

The company missed consensus for revenue by -4%, with earnings (AEBITDA) in line with expectations. North American gaming sold 845 units versus 750 forecast, with limited changes to estimates for the next two quarters.

North American machine sales were 355 units due to macro uncertainty and are expected to rise to 5,700 and 5,900 units in 3Q and 4Q 2025, respectively.

Canaccord lowers its net profit after tax forecasts by -5.3% for 2025 and -10.8% for 2026.

Any pullback in the share price, due to expected volatility, is viewed as an opportunity. Buy rating retained, with the target down to $191.

This report was published on August 8, 2025.

Target price is $191.00 Current Price is $130.43 Difference: $60.57
If LNW meets the Canaccord Genuity target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $188.67, suggesting upside of 44.6%(ex-dividends)
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 764.11 cents.
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 922.8, 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 14.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 875.48 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1154.5, implying annual growth of 25.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.3.

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

MEI    METEORIC RESOURCES NL

Gold & Silver – Overnight Price: $0.15

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

Meteoric Resources released its Caldeira pre-feasibility study, which Canaccord Genuity notes includes a larger 6mtpa mining/processing rate against the prior scoping study and producing around a 30% increase in NdPr to 4.2ktpa over an initial 20-year life.

Capex has come in above expectations at -US$443m, with opex up 45% to -US$9.78/kg due to optimised material movement and processing.

The timetable has been updated to first production in 2028, six months ahead of the analyst’s forecasts.

Speculative Buy. Target unchanged at 35c.

This report was published on August 7, 2025.

Target price is $0.35 Current Price is $0.15 Difference: $0.2
If MEI meets the Canaccord Genuity target it will return approximately 133% (excluding dividends, fees and charges).
Current consensus price target is $0.23, suggesting upside of 55.6%(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 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.1, 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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.8, 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: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NCK    NICK SCALI LIMITED

Furniture & Renovation – Overnight Price: $21.20

Wilsons rates ((NCK)) as Market Weight (3) –

Wilsons highlights Nick Scali’s FY25 result as further proof of a well-managed A&NZ core, with accelerating written sales order growth, strong gross margins, and effective cost control.

July written sales orders (WSO) rose 7.7% (7.2% like-for-like). Management expects 1QFY26 sales to be up year-on-year, with five new A&NZ stores confirmed for opening and more under review.

The UK underperformed forecasts due to weak Fabb store trading and refurbishment closures, explains Wilsons, producing a -$0.6m EBITDA loss versus a forecast $3m profit.

While refurbished stores showed mixed sales trends, the analysts note gross margins improved, and all refurbishments are set to be completed by 1H26. Break-even requires around $53m revenue and circa 2.5 extra orders per store per week.

Wilsons modestly upgrades group profit forecasts, with A&NZ strength offsetting UK downgrades, and lifts its price target to $20.40 from $19.20, incorporating a premium for sector re-rating and UK growth potential.

The broker sees sustained growth in written sales orders (WSO) as the critical driver of valuation now that UK gross margins have been transformed. Market Weight.

This report was published on August 11, 2025.

Target price is $20.40 Current Price is $21.20 Difference: minus $0.8 (current price is over target).
If NCK meets the Wilsons target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $21.43, suggesting upside of 1.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 67.80 cents and EPS of 84.70 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.6, implying annual growth of 29.8%.
Current consensus DPS estimate is 67.2, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 83.20 cents and EPS of 104.00 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.5, implying annual growth of 19.3%.
Current consensus DPS estimate is 80.4, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.3
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: $17.88

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

Acadia announced Daybue sales in 2Q2025 of US$96.1m, or growth of 14% on the prior year, due to a rise in patient use and sustained user “persistency” rates, explains Canaccord Genuity. Guidance for 2025 was retained.

Neuren Pharmaceuticals’ royalty income of $14.7m rose 16% annually, and Acadia’s guidance infers royalty income of $62m-$67m for 2025.

Positively, the rate of persistency is on the rise, with 70% of patients on therapy having been treated for at least a year, up from 65% at the last update.

Acadia points to EU approval being in line for 1Q2026, and the first EU commercial sale would represent a milestone for Neuren — a US$35m payment. Buy rated with an unchanged $28.12 target price.

This report was published on August 7, 2025.

Target price is $28.12 Current Price is $17.88 Difference: $10.24
If NEU meets the Canaccord Genuity target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $23.83, suggesting upside of 33.3%(ex-dividends)
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 17.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 105.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.6, implying annual growth of -94.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 270.9.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 61.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.4, implying annual growth of 375.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 56.9.

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

NWS    NEWS CORPORATION

Print, Radio & TV – Overnight Price: $50.34

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

News Corp delivered a beat for 4Q25 earnings (EBITDA) by 5% against Jarden’s estimate and 4% above consensus, with Dow Jones as the standout, generating revenue growth of 7% due to Risk & Compliance revenue being up 12%, which was well above expectations.

Jarden highlights REA Group ((REA)) also had a strong result with a good outlook for FY26.

The analyst tweaks News Corp’s EPS estimates lower by -4% for FY26/FY27 but raises the valuation slightly.

Jarden retains an Overweight rating. Target price rises to $54.70 from $54.60.

This report was published on August 8, 2025.

Target price is $54.70 Current Price is $50.34 Difference: $4.36
If NWS meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $62.93, suggesting upside of 25.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 30.94 cents and EPS of 146.33 cents.
At the last closing share price the estimated dividend yield is 0.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 162.6, implying annual growth of N/A.
Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 31.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 30.94 cents and EPS of 170.77 cents.
At the last closing share price the estimated dividend yield is 0.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.8, implying annual growth of 20.4%.
Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 25.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PNC    PIONEER CREDIT LIMITED

Business & Consumer Credit – Overnight Price: $0.54

Wilsons rates ((PNC)) as Initiation of coverage with Overweight (1) –

Wilsons initiates coverage of Pioneer Credit with an Overweight rating and 82c target price.

The debt collection sector has largely transitioned to a duopoly, with Credit Corp ((CCP)) the number one player and Pioneer number two, due to reduced purchased debt portfolio (PDP) volumes during covid and increased compliance.

With less competition, the analyst envisages Pioneer’s operating leverage will improve because of its better funding structure and efficiency in its operations.

Wilsons believes Pioneer Credit is an attractive “turnaround” play for investors.

This report was published on August 11, 2025.

Target price is $0.82 Current Price is $0.54 Difference: $0.28
If PNC meets the Wilsons target it will return approximately 52% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 478.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.11.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 95.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.57.

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

PNR    PANTORO GOLD LIMITED

Gold & Silver – Overnight Price: $4.25

Moelis rates ((PNR)) as Buy (1) –

Moelis recently visited Pantoro Gold’s Norseman gold project and came away positive on the geological field potential, as the lower-grade ore currently supplied from the oxide open pit, Princess Royal, will be displaced by the higher-grade ore from the OK and Scotia underground mines.

It became obvious to Moelis there is an abundance of high-grade ore sources, but development beyond the current 100koz per annum production is not expected to be “linear.”

No change to Buy rating. Target raised to $4.50.

This report was published on August 11, 2025.

Target price is $4.50 Current Price is $4.25 Difference: $0.25
If PNR meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 10.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.99.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 29.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.51.

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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $21.44

Jarden rates ((QBE)) as Buy (1) –

Jarden considers QBE Insurance to have reported a robust beat for 1H2025 results, with guidance re-confirmed. The result was marred by the degree of rate declines but was offset by expectations of ex-CAT improvements going forward.

More reserve releases are anticipated, as CAT outperformance allows the insurer to unwind conservative allowances.

Management continues to reposition toward a more favourable margin-volume trade-off, moving back from competitive markets like AusPac commercial.

The analyst lifts EPS estimates by 6.8% for 2025 and lowers 2026 by -4.5%.

QBE remains the broker’s top pick in the insurance sector, with Buy rating retained. Target falls to $23.90 from $25.40.

This report was published on August 8, 2025.

Target price is $23.90 Current Price is $21.44 Difference: $2.46
If QBE meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $24.71, suggesting upside of 15.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 98.00 cents and EPS of 199.69 cents.
At the last closing share price the estimated dividend yield is 4.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 193.1, implying annual growth of N/A.
Current consensus DPS estimate is 93.5, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 97.00 cents and EPS of 190.41 cents.
At the last closing share price the estimated dividend yield is 4.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.3, implying annual growth of 1.1%.
Current consensus DPS estimate is 95.1, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 11.0.

This company reports in USD. 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

SNT    SYNTARA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.03

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

Canaccord Genuity expresses disappointment at Syntara having to complete a Phase IIb trial followed by a pivotal Phase III trial, which was a surprise.

The broker attributes the FDA’s decision to the accurate characterisation of suboptimal patients and ensuring a therapeutic effect.

The expected cost for Phase IIb, with around 90 patients, is circa -$40m, and with Phase III, the timeline for approval is extended by around two years.

Buy rated. Target falls to 19c from 27c.

This report was published on August 11, 2025.

Target price is $0.19 Current Price is $0.03 Difference: $0.16
If SNT meets the Canaccord Genuity target it will return approximately 533% (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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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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