Weekly Reports | Aug 15 2025
This story features NICK SCALI LIMITED, and other companies.
For more info SHARE ANALYSIS: NCK
The company is included in ASX200, ASX300 and ALL-ORDS
A summary of the highlights from Broker Call Extra updates throughout the week past.
Broker Rating Changes (Post Thursday Last Week)
Upgrade
NICK SCALI LIMITED ((NCK)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0
Jarden raises its target for Nick Scali to $20.68 from $17.71 and upgrades to Overweight from Neutral following FY25 results and a trading update.
The FY25 A&NZ performance exceeded the broker’s expectations and UK gross margins are tracking ahead of plan, helping offset a slower UK sales ramp.
Group FY25 earnings (EBITDA) missed consensus by around -1%, but A&NZ earnings beat by circa 4% on stronger opex control and a small revenue beat.
A&NZ order momentum is solid, highlight the analysts, with 2H25 written sales orders up 7.3% year-on-year and July up 7.7%, though store rollout guidance of 48 sites by June next year is slightly below consensus.
In the UK, sales remain around -50% below the consensus estimate due to refurbishments and staffing gaps, explains the broker, but 2H25 gross profit margins were around 400bps above consensus.
FY26 guidance for gross profit margins is for between 57–59%, with potential to reach 60% from FY27.
Jarden lifts A&NZ earnings (EBIT) forecasts by 8–13% across FY26–28 on strong revenue momentum and disciplined cost control, partly offset by UK earnings downgrades on a slower sales uplift.
Risks include promotional intensity, macro conditions, and UK execution, cautions the broker.
Downgrade
CHARTER HALL SOCIAL INFRASTRUCTURE REIT ((CQE)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0
Charter Hall Social Infrastructure REIT’s FY25 results were in line with guidance, but FY26 distribution guidance was 5% higher than Moelis’ forecast.
The broker notes like-for-like rents rose 4.3% in FY25 vs 3.4% in FY24, and while most of FY26-27 rent reviews are capped, net operating income is still estimated to be above 3% long-term.
Upgrades to forecasts are largely driven by asset remixing and lower interest rate outlook.
Target price $3.39. Rating downgraded to Hold from Buy.
CARNARVON ENERGY LIMITED ((CVN)) Downgrade to Hold from Speculative Buy by Canaccord Genuity.B/H/S: 0/0/0
Canaccord Genuity notes key milestones for Carnarvon Energy during the June quarter included up to 19.99% strategic investment in Strike Energy ((STX)) for up to -$89m.
The broker doesn’t see prospect for material synergies, should there be a merger in future, and believes the company didn’t properly articulate the rationale behind the current investment.
The company is investigating alternative options to accelerate the Dorado development and is working with the JV partners. The quarter ended with $97m in cash post the Strike investment, and no debt.
Rating downgraded to Hold from Speculative Buy. Target cut to 14c from 26c.
| Order | Company | New Rating | Old Rating | Broker | |
|---|---|---|---|---|---|
| Upgrade | |||||
| 1 | NICK SCALI LIMITED | Buy | Neutral | Jarden | |
| Downgrade | |||||
| 2 | CARNARVON ENERGY LIMITED | Neutral | Buy | Canaccord Genuity | |
| 3 | CHARTER HALL SOCIAL INFRASTRUCTURE REIT | Neutral | Buy | Moelis | |
Price Target Changes (Post Thursday Last Week)
| Company | Last Price | Broker | New Target | Old Target | Change | |
|---|---|---|---|---|---|---|
| AAR | Astral Resources | $0.17 | Canaccord Genuity | 0.64 | 0.49 | 30.61% |
| ACF | Acrow | $1.04 | Petra Capital | 1.80 | 1.62 | 11.11% |
| ADH | Adairs | $2.19 | Canaccord Genuity | 2.95 | 3.25 | -9.23% |
| AEE | Aura Energy | $0.17 | Petra Capital | 0.40 | 0.39 | 2.56% |
| AGE | Alligator Energy | $0.02 | Petra Capital | 0.07 | 0.10 | -30.00% |
| AOV | Amotiv | $9.35 | Canaccord Genuity | 11.00 | 14.40 | -23.61% |
| ARX | Aroa Biosurgery | $0.63 | Wilsons | 0.82 | 0.75 | 9.33% |
| AUE | Aurum Resources | $0.52 | Petra Capital | 0.93 | 0.95 | -2.11% |
| AV1 | Adveritas | $0.14 | Taylor Collison | 0.16 | 0.17 | -5.88% |
| AVA | Ava Risk | $0.08 | Canaccord Genuity | 0.18 | 0.22 | -18.18% |
| AVH | Avita Medical | $1.73 | Wilsons | 1.25 | 1.92 | -34.90% |
| BET | Betmakers Technology | $0.14 | Canaccord Genuity | 0.22 | 0.20 | 10.00% |
| BGL | Bellevue Gold | $0.89 | Moelis | 1.00 | 1.05 | -4.76% |
| BMN | Bannerman Energy | $2.45 | Petra Capital | 5.30 | 5.33 | -0.56% |
| CCX | City Chic Collective | $0.08 | Canaccord Genuity | 0.25 | 0.30 | -16.67% |
| CGS | Cogstate | $1.66 | Canaccord Genuity | 1.85 | 1.50 | 23.33% |
| CHL | Camplify Holdings | $0.49 | Canaccord Genuity | 1.00 | 2.40 | -58.33% |
| CIP | Centuria Industrial REIT | $3.33 | Moelis | 3.79 | 3.73 | 1.61% |
| CKF | Collins Foods | $9.58 | Canaccord Genuity | 9.65 | 8.00 | 20.63% |
| COI | Comet Ridge | $0.14 | Canaccord Genuity | 0.15 | 0.21 | -28.57% |
| CQE | Charter Hall Social Infrastructure REIT | $3.29 | Jarden | 3.35 | 3.25 | 3.08% |
| Moelis | 3.39 | 3.02 | 12.25% | |||
| CTD | Corporate Travel Management | $16.50 | Canaccord Genuity | 13.70 | 14.85 | -7.74% |
| CVN | Carnarvon Energy | $0.11 | Canaccord Genuity | 0.14 | 0.26 | -46.15% |
| EGG | Enero Group | $0.96 | Canaccord Genuity | 1.55 | 1.50 | 3.33% |
| EML | EML Payments | $1.03 | Canaccord Genuity | 1.80 | 1.40 | 28.57% |
| FPR | FleetPartners Group | $2.64 | Canaccord Genuity | 3.70 | 3.75 | -1.33% |
| GDG | Generation Development | $6.38 | Petra Capital | 6.08 | 5.65 | 7.61% |
| HUB | Hub24 | $108.66 | Canaccord Genuity | 98.95 | 85.00 | 16.41% |
| IPH | IPH Ltd | $5.51 | Canaccord Genuity | 5.75 | 11.55 | -50.22% |
| JBH | JB Hi-Fi | $116.06 | Jarden | 95.70 | 95.50 | 0.21% |
| JLG | Johns Lyng | $3.91 | Canaccord Genuity | 4.00 | 6.10 | -34.43% |
| KGN | Kogan.com | $4.01 | Canaccord Genuity | 7.50 | 8.20 | -8.54% |
| KMD | KMD Brands | $0.23 | Canaccord Genuity | 0.27 | 0.33 | -18.18% |
| LIC | Lifestyle Communities | $4.98 | Canaccord Genuity | 5.30 | 8.99 | -41.05% |
| LIN | Lindian Resources | $0.23 | Petra Capital | 0.93 | 0.50 | 86.00% |
| LNW | Light & Wonder | $136.65 | Canaccord Genuity | 191.00 | 195.00 | -2.05% |
| MAP | Microba Life Sciences | $0.09 | Canaccord Genuity | N/A | 0.26 | -100.00% |
| MAQ | Macquarie Technology | $68.01 | Canaccord Genuity | 107.00 | 116.00 | -7.76% |
| MM8 | Medallion Metal | $0.28 | Canaccord Genuity | 0.80 | 0.65 | 23.08% |
| MMS | McMillan Shakespeare | $18.14 | Canaccord Genuity | 16.50 | 14.70 | 12.24% |
| NCK | Nick Scali | $22.62 | Jarden | 20.68 | 17.71 | 16.77% |
| Wilsons | 20.40 | 17.30 | 17.92% | |||
| NWL | Netwealth Group | $37.53 | Canaccord Genuity | 35.50 | 31.60 | 12.34% |
| NWS | News Corp | $51.99 | Jarden | 54.70 | 54.60 | 0.18% |
| NXG | NexGen Energy | $10.27 | Petra Capital | 17.12 | 10.80 | 58.52% |
| NXT | NextDC | $14.56 | Canaccord Genuity | 21.70 | 20.15 | 7.69% |
| PLT | Plenti Group | $1.15 | Moelis | 1.53 | 1.68 | -8.93% |
| PNR | Pantoro Gold | $4.29 | Moelis | 4.50 | 4.00 | 12.50% |
| PRN | Perenti | $1.96 | Canaccord Genuity | 1.96 | 1.70 | 15.29% |
| QBE | QBE Insurance | $21.31 | Jarden | 23.90 | 25.40 | -5.91% |
| QOR | Qoria | $0.68 | Canaccord Genuity | 0.60 | 0.55 | 9.09% |
| RWC | Reliance Worldwide | $4.52 | Jarden | 4.80 | 4.70 | 2.13% |
| SGLLV | Ricegrowers | $11.99 | Canaccord Genuity | 13.70 | 11.85 | 15.61% |
| SNT | Syntara | $0.03 | Canaccord Genuity | 0.19 | 0.25 | -24.00% |
| TPW | Temple & Webster | $28.35 | Canaccord Genuity | N/A | 19.00 | -100.00% |
| VGL | Vista International | $2.83 | Canaccord Genuity | 4.00 | 3.00 | 33.33% |
| WEB | Web Travel | $4.45 | Canaccord Genuity | 6.70 | 6.30 | 6.35% |
| WGX | Westgold Resources | $3.01 | Canaccord Genuity | 5.25 | 4.40 | 19.32% |
| Company | Last Price | Broker | New Target | Old Target | Change | |
More Highlights
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
ERD EROAD LIMITED
Transportation & Logistics – Overnight Price: $2.00
Canaccord Genuity rates ((ERD)) as Buy (1) –
New Zealand plans to legislate in 2026 a transition of all 3.5m light passenger vehicles to electronic road user charging (eRUC) by 2027. Canaccord Genuity believes the legislation has bi-partisan support, making implementation risk low.
Eroad has a 92% market share of eRUC in NZ, and the broker reckons it will be a big beneficiary due to first mover advantage, incumbency and integration with government and private stakeholders.
The broker lifted FY28 EBIT by 14% with upside risk as the opportunity is de-risked.
Buy. Target rises to NZ$3 from NZ$2.
This report was published on August 8, 2025.
Current Price is $2.00. Target price not assessed.
The company’s fiscal year ends in March.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.38 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.62.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.95 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.17.
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
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
PLT PLENTI GROUP LIMITED
Business & Consumer Credit – Overnight Price: $1.12
Moelis rates ((PLT)) as Re-initiation of coverage with Buy (1) –
Moelis has re-initiated coverage of Plenti Group with a Buy rating and target price of $1.53.
The broker notes the lender’s loan book has grown strongly to over $2.5bn in FY25 from $614m in FY21. It is on track to grow further to $3bn by FY26 and to $5bn by 2Q29.
Commentary suggests the company has already shown cost discipline and net interest revenue is estimated to grow at 14.8% annual rate over FY26-28 and net profit at 30.9% compounded annual growth rate.
The broker notes the lender is partnered with National Australia Bank ((NAB)) to grow auto loans, seen as a material opportunity.
This report was published on August 12, 2025.
Target price is $1.53 Current Price is $1.12 Difference: $0.41
If PLT meets the Moelis target it will return approximately 37% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 10.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.47.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 11.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.57.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Click to view our Glossary of Financial Terms
CHARTS
For more info SHARE ANALYSIS: CQE - CHARTER HALL SOCIAL INFRASTRUCTURE REIT
For more info SHARE ANALYSIS: CVN - CARNARVON ENERGY LIMITED
For more info SHARE ANALYSIS: NCK - NICK SCALI LIMITED
For more info SHARE ANALYSIS: STX - STRIKE ENERGY LIMITED