Australian Broker Call *Extra* Edition – Aug 18, 2025 (Extra)

This story features ARISTOCRAT LEISURE LIMITED, and other companies.
For more info SHARE ANALYSIS: ALL
The company is included in ASX20, ASX50, 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)

ALL   AOV   ARF   ARX   BVS   CBA   CPU   CQE   DXI   EOS   EVS   FBU   FLT   LIN   LNW   MAP   SKC   SKS   SPK   TTM   VSL   WEB  

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $70.05

Jarden rates ((ALL)) as Neutral (3) –

Aristocrat Leisure showcased its latest products at the Australasian Gaming Expo. Jarden observes the company is regaining market leadership through faster, higher-quality content roll-outs and the successful launch of the Baron cabinet in NSW in April.

The broker highlights management’s competitive response, leveraging strong R&D to drive share gains in both gaming operations and outright sales across the US and internationally.

The analysts expect the ongoing $750m buyback to provide further share price support, though the current valuation reflects much of the positive momentum.

Jarden retains its $64.00 target price and Neutral rating.

This report was published on August 13, 2025.

Target price is $64.00 Current Price is $70.05 Difference: minus $6.05 (current price is over target).
If ALL meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $73.09, suggesting upside of 4.3%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 91.00 cents and EPS of 243.20 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 245.1, implying annual growth of 19.7%.
Current consensus DPS estimate is 85.9, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 28.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 106.00 cents and EPS of 282.70 cents.
At the last closing share price the estimated dividend yield is 1.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 275.6, implying annual growth of 12.4%.
Current consensus DPS estimate is 94.7, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 25.4.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AOV    AMOTIV LIMITED

Automobiles & Components – Overnight Price: $9.35

Wilsons rates ((AOV)) as Downgrade to Market Weight from Overweight (3) –

Amotiv’s FY25 result met Wilsons expectations after the recent pre-release, with FY26 guidance broadly in line with consensus. The broker suggests earnings growth will likely remain subdued into FY26.

The analysts highlight FY25 earnings (EBITA) fell -1% year-on-year to $192m but was 2% above the broker’s forecasts, with profit flat at $119m.

The broker believes FY26 earnings guidance of $195m is supported by steady Power Train Unit (PTU) ‘Wear and repair’ bookings, modest A&NZ Performance Unit (PU) growth, and continued US/EU momentum.

An offset is provided by subdued Lighting & Power Equipment (LPE) Australian Resellers and original equipment Channels, suggest the analysts.

The target price increases to $9.53 from $9.39 and rating is downgraded to Market Weight from Overweight as Wilsons awaits evidence of revenue acceleration.

This report was published on August 14, 2025.

Target price is $9.53 Current Price is $9.35 Difference: $0.18
If AOV meets the Wilsons target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $11.62, suggesting upside of 24.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 43.00 cents and EPS of 87.50 cents.
At the last closing share price the estimated dividend yield is 4.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.5, implying annual growth of N/A.
Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 50.00 cents and EPS of 96.10 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 9.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.1, implying annual growth of 9.0%.
Current consensus DPS estimate is 46.2, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 10.2.

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

ARF    ARENA REIT

REITs – Overnight Price: $3.88

Moelis rates ((ARF)) as Buy (1) –

Arena REIT delivered FY25 EPS of 18.55cpu and a dividend of 18.25cpu, in line with guidance. Moelis highlights the FY26 DPS is expected to rise to 19.25cpu.

Like-for-like rents grew 3.5%, supported by CPI-linked leases (87% of rent roll) and market reviews (a 6.8% uplift), explains the broker.

Tenant performance remains strong, with no vacancies and rent-to-revenue ratios at a low 9.9%, providing scope for ongoing rental growth, in the analyst’s view.

Net tangible assets (NTA) increased 1% to $3.44, with childcare valuations up 1% and yields softening slightly, observes the broker.

Gearing rose to 22.8% as $225m was deployed on new properties, but the analyst believes balance sheet capacity remains for an estimated $100m p.a. in developments through FY27.

Moelis lifts its target price to $4.09 from $3.98 and retains a Buy rating, highlighting Arena’s long weighted average lease to expiry (WALE) of 18 years, CPI/fixed rent escalations, and accretive development pipeline.

This report was published on August 14, 2025.

Target price is $4.09 Current Price is $3.88 Difference: $0.21
If ARF meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.22, suggesting upside of 8.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 19.30 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 4.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.7, implying annual growth of -5.7%.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 20.20 cents and EPS of 20.50 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.3, implying annual growth of 3.0%.
Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 19.1.

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

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.63

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

Canaccord Genuity highlights 2Q results of Aroa Biosurgery’s distribution partner TELA Bio and guidance has positive implications for the company.

TELA’s 2Q revenue grew 9% q/q on strong PRS growth and continued OviTex unit demand. Moreover, the company maintained FY25 guidance which bodes well for Aroa’s outlook, given its conservative modelling for FY26 TELA’s contribution.

Note: TELA’s financial year ends December, while Aroa’s ends March.

Buy. Target unchanged at 90c.

This report was published on August 12, 2025.

Target price is $0.90 Current Price is $0.63 Difference: $0.27
If ARX meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).
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 1.92 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.85.

Forecast for FY27:

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

BVS    BRAVURA SOLUTIONS LIMITED

Wealth Management & Investments – Overnight Price: $1.91

Wilsons rates ((BVS)) as Downgrade to Market Weight from Overweight (3) –

Following FY25 results, Wilsons lowers its target for Bravura Solutions to $2.10 form $3.17 and downgrades to Market Weight from Overweight.

FY25 revenue was broadly in line with the broker’s forecasts at $257m, up 3% year-on-year including FX impacts, with recurring revenue comprising 60% of the total.

The broker notes underlying group earnings (EBITDA) of $50.5m nearly doubled on last year, driven largely by a $14m lift in the APAC region, while cash earnings of $44m were 10% ahead of forecasts.

Adjusted profit of $24.4m was materially higher year-on-year but -12% below the broker’s estimate.

For FY26, management guides to revenue in line with FY25 and cash earnings of more than $50m, implying around 15% growth.

The broker now has lower conviction in the near-term outlook given a flat revenue profile, ongoing leadership uncertainty with the CEO role still open, and the chairman stepping down at the AGM.

Wilsons raises FY26 cash earnings forecasts by 14% and FY27 by 6% but lowers its valuation multiple. 

This report was published on August 14, 2025.

Target price is $3.17 Current Price is $1.91 Difference: $1.26
If BVS meets the Wilsons target it will return approximately 66% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 4.60 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 2.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.47.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 5.00 cents and EPS of 8.20 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.29.

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

CBA    COMMONWEALTH BANK OF AUSTRALIA

Banks – Overnight Price: $167.21

Jarden rates ((CBA)) as Sell (5) –

CommBank’s FY25 result was slightly below Jarden’s expectations and of lower quality, with around 59% of revenue growth driven by trading gains and derivative valuation adjustments.

The broker highlights a stable net interest margin (NIM) at 2.08% and 3.9% growth in both loans and deposits, though asset quality softened slightly with impaired loans up to 0.97% and provisions down to 1.39%.

Capital remains strong at 12.3%, in the analysts’ opinion, supporting the $2.60 per share final dividend, but buybacks are off the table due to dilution.

Jarden observes Retail and New Zealand weakness offset business and institutional gains, and sees the bank’s valuation as vulnerable to mean reversion. The broker cautions lower rates will erode CBA’s deposit funding advantage while competition intensifies.

Sell. Target $110.

This report was published on August 13, 2025.

Target price is $110.00 Current Price is $167.21 Difference: minus $57.21 (current price is over target).
If CBA meets the Jarden target it will return approximately minus 34% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $112.81, suggesting downside of -32.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 505.00 cents and EPS of 613.00 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 633.2, implying annual growth of 4.7%.
Current consensus DPS estimate is 498.6, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 510.00 cents and EPS of 610.10 cents.
At the last closing share price the estimated dividend yield is 3.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 665.4, implying annual growth of 5.1%.
Current consensus DPS estimate is 523.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 25.1.

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

CPU    COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $40.44

Jarden rates ((CPU)) as Neutral (3) –

Computershare’s FY25 result was broadly in line with Jarden’s expectations, with EPS growth of around 15% supported by strong event and transactional revenues and disciplined cost control.

The broker notes FY26 EPS guidance of 140c, implying growth of 4% year-on-year and slightly ahead of consensus. The analysts also note a modest margin income uplift, lower interest costs, and around 5% earnings (EBIT) growth excluding margin income.

Net debt to earnings (EBITDA) remains at 0.42 times, providing over $2bn in balance sheet capacity. The broker points out share buybacks are no longer considered tax efficient and capital deployment will be key to future growth.

The final dividend of 48c took the payout ratio to 45%, below the broker’s estimate.

Jarden trims its target price to $36.50 from $37.00 and retains a Neutral rating.

This report was published on August 13, 2025.

Target price is $36.50 Current Price is $40.44 Difference: minus $3.94 (current price is over target).
If CPU meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $39.40, suggesting downside of -2.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 106.60 cents and EPS of 216.24 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.3, implying annual growth of N/A.
Current consensus DPS estimate is 94.7, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 107.00 cents and EPS of 217.02 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 18.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 219.3, implying annual growth of 2.3%.
Current consensus DPS estimate is 93.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 18.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CQE    CHARTER HALL SOCIAL INFRASTRUCTURE REIT

Childcare – Overnight Price: $3.29

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

Charter Hall Social Infrastructure REIT’s FY25 revenue and distributable net profit marginally fell short of Canaccord Genuity’s forecasts but the highlight was higher-than-expected FY26 distribution guidance.

The broker reckons the REIT’s growth profile is very strong with rent reviews in the next three years pointing to 4% organic growth, the highest among AREITs.

Buy. Target lifted to $3.41 from $3.03.

This report was published on August 11, 2025.

Target price is $3.41 Current Price is $3.29 Difference: $0.12
If CQE meets the Canaccord Genuity target it will return approximately 4% (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 16.80 cents and EPS of 17.20 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 19.13.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 18.10 cents and EPS of 18.40 cents.
At the last closing share price the estimated dividend yield is 5.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.88.

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

DXI    DEXUS INDUSTRIA REIT

REITs – Overnight Price: $2.83

Moelis rates ((DXI)) as Buy (1) –

Dexus Industria REIT reported FY25 funds from operations (FFO) of 18.2c and a distribution of 16.4c, in line with upgraded guidance.

Like-for-like rent growth was 3.5%, highlights Moelis, while net tangible assets (NTA) were steady at $3.34.

The broker notes Dexus Industria REIT will become a pureplay industrial REIT after agreeing to sell its last remaining office assets for $155.5m, a -4% discount to book value, with settlement expected in 1H26.

The divestment and the purchase of a vacant Glendenning property for conversion into a multi-tenant logistics facility will be short-term dilutive, cautions the broker, with the latter expected to lease from FY27.

FY26 guidance of 17.3c FFO and 16.6c distribution is -8% below the analyst’s prior forecasts, reflecting asset sales, development timing, and temporary income dilution.

The portfolio remains more than 99% leased, highlights Moelis, with limited near-term expiries and gearing set to drop around -5 percentage points after transactions.

The broker sees potential earnings growth of more than 4% p.a., supported by a 5% development landbank, stable debt costs, and the ability to deploy capital accretively. The target price is trimmed to $3.38 from $3.41, with a Buy rating retained.

This report was published on August 14, 2025.

Target price is $3.38 Current Price is $2.83 Difference: $0.55
If DXI meets the Moelis target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.01, suggesting upside of 6.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 16.60 cents and EPS of 17.30 cents.
At the last closing share price the estimated dividend yield is 5.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of -34.4%.
Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 16.80 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 5.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 8.6%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: 0.8
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: $6.01

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

Electro Optic Systems’ growth outlook is now more tangible following the award of its first high-energy laser weapon (HELW) contract, suggests Petra Capital. 

A strengthened balance sheet is also noted following the EM Solutions sale. The broker, however, still regards the stock as speculative.

The $125m maiden HELW order is a potential game changer, suggests the analyst, marking the first known global export in the 100kW class.

Fulfilment is expected over three years to FY28, with management in advanced talks on a second 100kW sale and estimating a potential market of around 150 units worth $2.5bn for which it targets one-third share.

Petra Capital now expects a return to profitability in 2027 instead of 2026, but with higher profit expectations beyond.

Target price shifts to $5.85 from $1.50, applying peer group multiples to 2027 forecasts and discounting to present value. Hold rating maintained.

This report was published on August 14, 2025.

Target price is $5.85 Current Price is $6.01 Difference: minus $0.16 (current price is over target).
If EOS meets the Petra Capital target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 minus 20.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 29.61.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 92.46.

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

EVS    ENVIROSUITE LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.09

Wilsons rates ((EVS)) as No Rating (-1) –

Following EnviroSuite’s delisting from the ASX, after shareholder approval of its Scheme of Arrangement with Ideagen EVS BidCo Pty Limited, Wilsons is ceasing coverage.

This report was published on August 14, 2025.

Current Price is $0.09. Target price not assessed.

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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $2.80

Jarden rates ((FBU)) as Buy (1) –

Jarden reviews current New Zealand housing conditions, resulting in a cut to its target price for Fletcher Building to NZ$4.12 from NZ$4.14. 

The broker notes New Zealand’s housing market remains soft, with no recovery expected until 2026, while Australian exposure is not yet delivering benefits.

Fletcher Building’s FY25 earnings (EBIT) guidance of NZ$370-375m is in line with Jarden’s forecast, but a significant earnings recovery is not expected before FY27. 

Jarden prefers Vulcan Steel over Fletcher Building for an earlier cycle recovery trade, citing stronger competitive positioning and greater Australian exposure.

Fletcher Building is considered a Buy for corporate action potential rather than cycle recovery.

This report was published on August 12, 2025.

Current Price is $2.80. Target price not assessed.
Current consensus price target is $3.04, suggesting upside of 8.6%(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 22.38 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 17.54 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 30.7%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 15.6.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $13.15

Jarden rates ((FLT)) as Buy (1) –

Flight Centre Travel cut FY25 profit before tax (PBT) guidance again, this time by -9% (previous downgrade was -13%) to $285-295m. Jarden notes this is -12% below consensus and is due to one-off challenges in Asia and Middle East geo-politics.

On a positive note, TTV guidance of $24.5bn beat the consensus by 1% on forex benefit and corporate business, and corporate TTV pipeline for FY26 is strong.

The broker trimmed FY25 net profit forecast by -8%, and FY26 by -5.7%. 

Buy. Target lowered to $18.50 from $19.30.

This report was published on July 31, 2025.

Target price is $18.50 Current Price is $13.15 Difference: $5.35
If FLT meets the Jarden target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $14.73, suggesting upside of 12.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 45.00 cents and EPS of 95.00 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.9, implying annual growth of 42.7%.
Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 64.00 cents and EPS of 120.20 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 103.8, implying annual growth of 14.2%.
Current consensus DPS estimate is 39.1, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 12.7.

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

LIN    LINDIAN RESOURCES LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.23

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

Lindian Resources’ mining licence for the Kangankunde Rare Earths Project in Malawi has been expanded from 900ha to 2,500ha.  Petra Capital says this enables a potential Stage 2 lift in monazite concentrate output from to 75-100ktpa from over 14ktpa.

The broker highlights the strategic partnership with Iluka Resources ((ILU)), including a 15-year offtake for 6,000tpa of concentrate and a US$20m project loan. Thare are also rights over an additional 25ktpa in a Phase 2 expansion if Iluka funds half the debt requirement.

Petra Capital notes its base case assumes Stage 2 output of around 50ktpa, valuing Lindian Resources at $1.4bn (93c/share), but a 75-100ktpa expansion could lift the target to $1.23–1.43 per share.

Petra Capital retains a Buy rating and keeps its target price at 93c.

This report was published on August 12, 2025.

Target price is $0.93 Current Price is $0.23 Difference: $0.7
If LIN meets the Petra Capital target it will return approximately 304% (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 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 230.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.95.

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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $136.65

Jarden rates ((LNW)) as Buy (1) –

Light & Wonder’s investor session and Australian product showcase reaffirmed to Jarden its strengthened position in the A&NZ market. Sustained market share of more than 25% is now considered achievable.

The company reiterated 2025 guidance for earnings (EBITDA) of US$1.43bn-US$1.47bn and profit of US$550m-US$575m, alongside its 2028 target for US$2bn earnings. A more than doubling of EPSA to above US$10.55 per share is also expected.

The broker suggests recent share price weakness stems from US delisting and hedge fund activity rather than fundamentals. Forecasts imply low-double-digit earnings growth, rising recurring revenues and free cash flow conversion.

While these forecasts remain below management’s 2028 aspirations, they suggest to Jarden above-market growth and improving earnings quality.

The broker maintains a Buy rating and $183 target price.

This report was published on August 13, 2025.

Target price is $188.00 Current Price is $136.65 Difference: $51.35
If LNW meets the Jarden target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $188.67, suggesting upside of 38.1%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 759.47 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 927.1, 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 14.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 934.57 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1159.8, 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 11.8.

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

MAP    MICROBA LIFE SCIENCES LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.09

Canaccord Genuity rates ((MAP)) as Resume at Buy (1) –

Following a research restriction, Canaccord Genuity has resumed coverage with a Buy rating on Microba Life Sciences. 

Target price 19c.

This report was published on August 14, 2025.

Target price is $0.19 Current Price is $0.09 Difference: $0.1
If MAP meets the Canaccord Genuity target it will return approximately 111% (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 3.00.

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 3.00.

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

SKC    SKYCITY ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $0.89

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

SkyCity Entertainment’s Adelaide casino licence has been confirmed as suitable following an independent review.

Jarden notes this outcome was expected given management changes and a significant three-year investment in lifting operating standards.

The broker highlights the investigation found long-standing governance failures, extensive anti-money laundering and counter-terrorism financing breaches and a profit-over-compliance culture.

The Commissioner stressed the findings do not represent a clean bill of health.

Jarden observes the Commissioner is considering enforcement action, with a fine yet to be determined and a -$50m penalty included in its FY26 estimates.

Transformation efforts since 2024, including leadership changes and enhanced oversight, have been key to the suitability finding, notes the broker, but ongoing compliance and cultural reform remain critical.

Jarden maintains its Overweight rating and NZ$1.75 target price.

This report was published on August 12, 2025.

Current Price is $0.89. Target price not assessed.
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 7.67 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.60.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.67 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.60.

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

SKS    SKS TECHNOLOGIES GROUP LIMITED

Technology – Overnight Price: $2.60

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

SKS Technologies delivered FY25 profit (PBT) of $20.8m, up 15.6% on prior guidance, with margins rising to 8% from a historical cycle average near 3%, highlights Wilsons.

The broker attributes the improvement to operating leverage from large data centre contract wins, with work-in-hand continuing to grow.

Around 40 years of operational experience and a strong presence in Victoria position SKS well to capture the surge in cloud and AI-driven infrastructure demand, suggest the analysts. This is supported by relationships with major operators and end-clients.

Wilsons sees sustained short- to long-term demand from non-linear growth in digital infrastructure capex, particularly as Australia lags the US AI cycle by 18-24 months.

Key catalysts include larger contract wins, successful staff recruitment, and potential M&A, suggests the broker.

Overweight rating maintained. Target rises to $2.91 from $2.36.

This report was published on August 13, 2025.

Target price is $2.91 Current Price is $2.60 Difference: $0.31
If SKS meets the Wilsons target it will return approximately 12% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 7.10 cents and EPS of 15.80 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.46.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 7.90 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.77.

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

SPK    SPARK NEW ZEALAND LIMITED

Telecommunication – Overnight Price: $2.28

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

Spark New Zealand will sell -75% of its data centre operations for up to NZ$705m, comprising NZ$575m upfront and a potential NZ$130m earn-out, with completion targeted by the end of 1H26.

Management expects initial cash proceeds of around NZ$486m after debt, with pro-forma gearing falling to around 1.4 times  in FY26 from 2.1 times in FY25.

The broker highlights the remaining 25% equity stake is valued at NZ4-6c per share, with no near-term dividends expected.

Exiting data centre commitments should remove one key risk to dividends, and the broker forecasts a NZ17c payout in FY26, rising to NZ18c in FY27, subject to operating earnings visibility. 

Jarden raises its target price to NZ$2.90 from NZ$2.80 and retains an Overweight rating.

This report was published on August 12, 2025.

Current Price is $2.28. Target price not assessed.
Current consensus price target is N/A
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 22.83 cents and EPS of 11.14 cents.
At the last closing share price the estimated dividend yield is 10.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of N/A.
Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 15.53 cents and EPS of 12.88 cents.
At the last closing share price the estimated dividend yield is 6.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 7.0%.
Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 15.0.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

TTM    TITAN MINERALS LIMITED

Gold & Silver – Overnight Price: $0.41

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

Titan Minerals’ latest drilling at the 100%-owned Dynasty gold project in Ecuador has delivered strong results, assesses Canaccord Genuity, particularly from the Cerro Verde prospect.

The broker highlights drill hole CVDD25-141, which returned multiple intercepts outside the current resource boundary, including 31.6m at 2.2g/t gold and 5.4g/t silver from 71m, with several higher-grade zones.

These results confirm to the analysts, shallow, high-grade mineralisation between the Brecha-Comanche epithermal and Kaliman porphyry systems, supporting resource growth potential.

The broker sees potential for improved strip ratios and stronger project economics, with a Scoping Study likely in 1H26.

Canaccord Genuity maintains its $1.40 target price and Speculative Buy rating.

This report was published on August 12, 2025.

Target price is $1.40 Current Price is $0.41 Difference: $0.99
If TTM meets the Canaccord Genuity target it will return approximately 241% (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 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 136.67.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 205.00.

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

VSL    VULCAN STEEL LIMITED

Steel & Scrap – Overnight Price: $6.47

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

Jarden reviews current New Zealand housing conditions and retains its NZ$7.55 target price for Vulcan Steel, lowering its rating to Overweight from Buy due to reduced upside.

The broker notes New Zealand’s housing market remains soft, with no recovery expected until 2026, while Australian exposure is not yet delivering benefits.

Vulcan Steel’s FY25 EBITDA guidance of NZ$106-109m is in line with the analysts’ forecast, though trading in 2H25 was weaker than expected and recovery is now seen from late FY26.

Jarden prefers Vulcan Steel over Fletcher Building as the earlier cycle recovery trade, citing stronger competitive positioning and greater Australian exposure.

This report was published on August 12, 2025.

Current Price is $6.47. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 6.85 cents and EPS of 9.77 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 66.20.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 13.34 cents and EPS of 22.29 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.03.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WEB    WEB TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $4.45

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

Web Travel disclosed the EPS hurdle for the EPS-linked portion of management’s long-term incentive to be voted at the AGM. The 3-year compound annual growth rate needs to be over 15% to get the maximum 50% EPS component payout.

Jarden notes the consensus and its previous forecasts implied EPS growth far above that at 25% and 24%, respectively. After reassessing the assumptions in light of recent disclosures, the broker cut FY25-28 EPS forecasts by -5% to -17%.

EBITDA forecasts are unchanged.

Overweight. Target unchanged at $5.40.

This report was published on August 12, 2025.

Target price is $5.40 Current Price is $4.45 Difference: $0.95
If WEB meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $6.28, suggesting upside of 41.1%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.02%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.0, implying annual growth of -48.2%.
Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.25%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.1, implying annual growth of 30.0%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: 0.6
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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