Australian Broker Call *Extra* Edition – Aug 20, 2025

This story features A2 MILK COMPANY LIMITED, and other companies.
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The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

A2M   AD8 (2)   AHX   AOV   ASL   AZJ   BSL   CEN   CQR (2)   GPT   HGO   MTM   NAB   OML   S32   SLC   TPW   TWE  

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $8.66

Jarden rates ((A2M)) as Downgrade to Neutral from Overweight (3) –

a2 Milk Co delivered FY25 revenue of NZ$1.9bn, up 14% year-on-year and in line with Jarden’s forecast, with infant milk formula (IMF) sales rising 10% to NZ$1.3bn.

Earnings (EBITDA) increased 17% to NZ$274m at a 14.4% margin, while profit rose 21% to NZ$203m.

The analysts highlight a2 Milk Co gained share in China, now the No 4 IMF brand with 8% value share, with China Label at a record 5.5% and English Label sales up double digits.

The China IMF market decline has moderated to -3% from double-digit falls previously, with A2 protein growing 12% and now accounting for 21% of IMF value, highlight the analysts.

Channel mix continues to shift online, while new user recruitment in early-stage products remains strong, according to the broker.

Management is advancing a supply chain reset, acquiring the Pokeno facility and divesting Mataura Valley Milk (a dairy processing facility in Southland, New Zealand) with a flagged NZ$300m special dividend subject to regulatory approvals over the next 12 months.

Target falls to NZ$7.80 from NZ$7.90. The broker’s rating is downgraded to Neutral from Overweight on limited valuation support.

This report was published on August 18, 2025.

Current Price is $8.66. Target price not assessed.
Current consensus price target is $8.28, suggesting downside of -4.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.55 cents and EPS of 25.85 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.5, implying annual growth of N/A.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 32.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 24.02 cents and EPS of 29.87 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.6, implying annual growth of 15.5%.
Current consensus DPS estimate is 37.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 28.3.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AD8    AUDINATE GROUP LIMITED

Hardware & Equipment – Overnight Price: $5.21

Canaccord Genuity rates ((AD8)) as Buy (1) –

Audinate Group reported FY25 revenue of $62m, down -33% year-on-year but in line with expectations, observes Canaccord Genuity.

Hardware sales fell -50% while software rose 11%, lifting gross margins to 82% but leaving gross profit down -26% to $51m. Earnings (EBITDA) were $1.9m at a 2% margin, below the broker’s forecasts, with higher opex from headcount and sales investment.

The analysts note investors reacted negatively to the 25% increase in FY26 opex guidance to -$78m, which is set to fund the Iris platform launch and Dante expansion.

This guidance implies to the analysts accelerating losses despite only modest gross profit growth of 13-15%.

FY26 revenue guidance of circa $70m is slightly below consensus, with tariffs and deferred spending weighing on near-term demand, explains the broker. 

Adoption of Dante solutions remains strong, notes Canaccord, with more OEM products and design wins.

The broker highlights video growth slowed but the Iris acquisition should expand addressable units by around 1m devices and strengthen control capabilities.

While cash burn remains high, net cash of $73m provides funding for growth, though free cash flow positivity is delayed to FY29.

Canaccord lowers its target price to $8.50 from $10.50 and maintains a Buy rating.

This report was published on August 19, 2025.

Target price is $8.50 Current Price is $5.21 Difference: $3.29
If AD8 meets the Canaccord Genuity target it will return approximately 63% (excluding dividends, fees and charges).
Current consensus price target is $7.76, suggesting upside of 49.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 10.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 47.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.4, 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 FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 6.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 81.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.2, 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: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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Moelis rates ((AD8)) as Buy (1) –

Following a “noisy” FY25 result from Audinate, Moelis highlights the growth of Dante-enabled devices and sustained underlying demand for Audinate’s networking solution.

Commentary states the outlook for FY26 clearly communicated a willingness to invest ahead of an ambitious growth strategy.

But a 25% increase in guided FY26 costs well exceeds Moelis’ forecast of 16.5%. Audinate aims to deliver value to end customers by creating efficiencies through software-enabled definition and control of large, distributed AV networks, the report stipulates.

At this stage of strategic evolution, Moelis suggests, profit maximisation is not the primary goal.

Guidance is for 13-15% profit growth, down from 21% in 2H25, but it is rare to find an ASX-listed small company with a global leadership position, Moelis notes, that consistently delivers double-digit topline growth.

The broker recently raised its rating to Buy, where it remains. Target $9.43, down from $9.86.

This report was published on August 18, 2025.

Target price is $9.43 Current Price is $5.21 Difference: $4.22
If AD8 meets the Moelis target it will return approximately 81% (excluding dividends, fees and charges).
Current consensus price target is $7.76, suggesting upside of 49.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 14.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 35.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.4, 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 FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 6.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 77.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.2, 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: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AHX    APIAM ANIMAL HEALTH LIMITED

Healthcare services – Overnight Price: $0.80

Canaccord Genuity rates ((AHX)) as Downgrade to Hold from Buy (3) –

Apiam Animal Health has received a non-binding indicative proposal from Adamantem Capital to acquire all shares at 88cps, valuing the company at $162m.

Canaccord Genuity notes this represents a 64% premium to the last traded price. The proposal includes a rollover option into unlisted shares and is conditional on exclusivity for due diligence.

The broker notes Adamantem has secured a call option over around 19.9% of shares held by founder Chris Richards, exercisable only if a competing proposal emerges. An Independent Board Committee has been formed to assess the offer alongside other inbound interest.

Canaccord highlights the 11.9 times FY25 earnings (EBITDA) multiple compares with previous veterinary sector acquisitions, which ranged between 9.8-13.1 times.

General Vet clinics make up around 65% of Apiam’s business, with the balance across equine, feedlot and laboratory services.

The broker raises its target price to 88c from 63c and downgrades to Hold from Buy.

This report was published on August 18, 2025.

Target price is $0.88 Current Price is $0.80 Difference: $0.08
If AHX meets the Canaccord Genuity target it will return approximately 10% (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 2.00 cents and EPS of 3.40 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.53.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.00.

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

AOV    AMOTIV LIMITED

Automobiles & Components – Overnight Price: $9.36

Taylor Collison rates ((AOV)) as Buy (1) –

Amotiv delivered FY25 adjusted earnings (EBITA) of $192m in line with guidance, though Taylor Collison notes -$217m of significant items weighed and adjusted profit of $118m was flat on FY23.

The broker notes net debt rose to $380m after buybacks and earnout payments, with reduction expected by management in 2H FY26.

FY26 guidance of circa $195m adjusted earnings implies only around 2% growth, but restructuring benefits, workforce reductions and easing FX headwinds suggest to the broker conservatism.

Taylor Collison reduces FY26 and FY27 adjusted EPS forecasts by -4% and -5%, respectively, and cuts its target price to $12.50 from $13.10, retaining a Buy rating.

This report was published on August 13, 2025.

Target price is $12.50 Current Price is $9.36 Difference: $3.14
If AOV meets the Taylor Collison target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $11.62, suggesting upside of 24.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 44.00 cents and EPS of 88.80 cents.
At the last closing share price the estimated dividend yield is 4.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.54.

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:

Taylor Collison forecasts a full year FY27 dividend of 46.50 cents and EPS of 93.30 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 10.03.

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

ASL    ANDEAN SILVER LIMITED

Gold & Silver – Overnight Price: $1.37

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

Andean Silver is well funded to advance Cerro Bayo in southern Chile, with Canaccord Genuity highlighting multiple new high-grade silver-gold vein discoveries near the Taitao open pit, close to the existing plant.

The broker notes standout channel and rock chip samples including up to 8,965g/t silver equivalent representing some of the highest grades returned from the project to date.

The analysts explain drilling will commence this quarter to test at least six principal veins across an around 1km corridor, with three rigs on site.

Andean holds around $42m in cash following a $30m placement, with funds directed to exploration, Resource conversion, studies for a restart, and commencement of feasibility work, highlights Canaccord.

Canaccord now assumes first production in September quarter 2027 versus June quarter 2026, with pre-production capex increased to -$50m from -$25m. A further $40m equity raise in December quarter 2026 is assumed to fund development.

The broker lowers its target price to $3.45 from $3.90 and maintains a Speculative Buy rating.

This report was published on August 18, 2025.

Target price is $3.45 Current Price is $1.37 Difference: $2.08
If ASL meets the Canaccord Genuity target it will return approximately 152% (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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 27.40.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 11.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.45.

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

AZJ    AURIZON HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $3.25

Jarden rates ((AZJ)) as Neutral (3) –

Aurizon Holdings reported FY25 core profit of $348m, which Jarden notes was -4% below consensus.

FY26 guidance implies reliance on Above Rail businesses, which have been volatile, hence, the broker lowers its FY26 core EPS forecast by -4% and across FY27-FY28 by -2%.

A Network ownership review is underway, note the analysts, with valuation, deal structure and potential after-tax proceeds key factors.

Past analysis suggested full monetisation could have resulted in -$80-120m of additional costs, and Jarden sees similar risks this time.

Losses in Containerised Freight are also a concern, with FY25 losses estimated at -$74m versus -$42m in FY24, despite -$300m already spent of a $425m investment, highlights the broker.

Jarden forecasts losses to narrow to around -$35m in FY26-FY27, but has low confidence given limited disclosure.

The target price rises to $3.15 from $3.10. Neutral rating maintained.

This report was published on August 19, 2025.

Target price is $3.15 Current Price is $3.25 Difference: minus $0.1 (current price is over target).
If AZJ meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.17, suggesting downside of -2.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.60 cents and EPS of 24.50 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of 47.0%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 22.80 cents and EPS of 28.50 cents.
At the last closing share price the estimated dividend yield is 7.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.1, implying annual growth of 4.8%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 12.5.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $23.04

Jarden rates ((BSL)) as Neutral (3) –

BlueScope Steel reported 2H25 earnings (EBIT) of $429m, at the top of guidance but Jarden was slightly underwhelmed due to weak New Zealand, Australian and US coated products.

Cost reductions, North Star and Asia helped, observe the analysts, though return on invested capital (ROIC) of 6.2% was below the cost of capital.

The broker highlights a -US$280m (-$439m in Australian dollars) impairment in US coated products, halving expected sustainable EBIT to around US$35m.

Despite global uncertainty and higher energy costs, Jarden sees FY26 earnings momentum from cost-outs and resilient US spreads.

The broker cuts its target price to $24.50 from $25.00 and keeps a Neutral rating.

This report was published on August 18, 2025.

Target price is $24.50 Current Price is $23.04 Difference: $1.46
If BSL meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $25.19, suggesting upside of 9.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 168.90 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.2, implying annual growth of 843.9%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 60.00 cents and EPS of 193.70 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 211.8, implying annual growth of 17.5%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 10.9.

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

CEN    CONTACT ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $8.35

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

Contact Energy delivered FY25 earnings (EBITDA) of NZ$774m, up from NZ$663m year-on-year, which Jarden calls a “solid” outcome given market volatility. FY26 guidance of NZ$980m is in line with the broker’s forecast.

The analysts note the result includes the Manawa acquisition, which is expected to contribute around NZ$150m plus NZ$20m of cost and portfolio synergies.

Normalised FY26 guidance is NZ$945m after transaction costs, close to Jarden’s NZ$948m estimate. A FY26 dividend of NZ40c per share exceeds the 80-100% payout range, though the policy has reverted to board discretion.

The broker highlights early FY26 momentum, with July earnings (EBITDA) up NZ$12.5m year-on-year excluding Manawa, and NZ$90m in total including contributions.

The Manawa portfolio is on track to deliver NZ$216-229m once synergies, contract resets and refurbishments are realised, explains the broker.

The prior NZ$10.81 target price rises to NZ$10.86. Overweight rating retained.

This report was published on August 18, 2025.

Current Price is $8.35. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 36.54 cents and EPS of 28.77 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.02.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 38.36 cents and EPS of 30.51 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.37.

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

CQR    CHARTER HALL RETAIL REIT

REITs – Overnight Price: $4.10

Jarden rates ((CQR)) as Neutral (3) –

Charter Hall Retail REIT is well placed for accelerating growth in FY26, according to Jarden, as weighted average cost of debt (WACD) peaks in FY25.

Falling debt is supported by the HPI acquisition, the new Charter Hall Convenience Retail Fund (CCRF) fund, balance sheet flexibility and steady organic growth, suggest the analysts.

The broker expects a funds from operations (FFO) compound annual growth rate (CAGR) of 4.3% from FY25-28, helped by rental growth and cap rate compression across shopping centre and net lease portfolios.

Commentary highlights the CCRF deal, which provides balance sheet headroom and indirect exposure to competitively priced capital, as well as record specialty leasing spreads of 5.5% in shopping centres.

Net lease retail now makes up 39% of the portfolio value, with HPI’s rent review structure adding to growth, explains the broker. WACD is expected to have peaked at 4.9%, with interest costs set to moderate.

Jarden lifts its FY26-28 FFO forecasts by up to 5.1% and raises its target price to $4.35 from $4.30. Neutral rating retained.

This report was published on August 18, 2025.

Target price is $4.35 Current Price is $4.10 Difference: $0.25
If CQR meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.18, suggesting upside of 1.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 25.40 cents and EPS of 26.30 cents.
At the last closing share price the estimated dividend yield is 6.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.0, implying annual growth of -29.3%.
Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 26.30 cents and EPS of 27.50 cents.
At the last closing share price the estimated dividend yield is 6.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.8, implying annual growth of 3.1%.
Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 15.3.

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

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

Charter Hall Retail REIT reported FY25 operating earnings per unit (OEPU) of 25.4c and distributions of 24.7cpu, both in line with guidance.

FY26 guidance of 26.3c OEPU and 25.4c DPU is ahead of the broker’s prior estimates.

Moelis highlights the vending of $825m of assets into the new Charter Hall Convenience Retail Fund, reducing shopping centre exposure while retaining a $385m stake in the vehicle.

Gearing falls to 35% on a pro forma basis, with 77% of FY26 debt hedged but only 20% in FY27, leaving the REIT well positioned to benefit from expected rate cuts, in the broker’s opinion.

Operating trends remain sound, suggests Moelis, with like-for-like net property income (NPI) growth of 2.6% year-on-year, specialty moving annual turnover (MAT) up 3.6% and leasing spreads at 5.5%.

The analyst notes portfolio cap rates contracted -8bps to 5.74%, lifting net tangible assets (NTA) per unit 1.5% to $4.64, with low shopping centre vacancy of 1.6%.

Moelis raises its target price to $4.33 from $3.94 but downgrades to Hold from Buy, citing valuation after an around 20% share price rally in six months.

This report was published on August 19, 2025.

Target price is $4.33 Current Price is $4.10 Difference: $0.23
If CQR meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.18, suggesting upside of 1.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 25.40 cents and EPS of 26.30 cents.
At the last closing share price the estimated dividend yield is 6.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.0, implying annual growth of -29.3%.
Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 26.60 cents and EPS of 27.50 cents.
At the last closing share price the estimated dividend yield is 6.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.8, implying annual growth of 3.1%.
Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 15.3.

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

GPT    GPT GROUP

Infra & Property Developers – Overnight Price: $5.43

Jarden rates ((GPT)) as Neutral (3) –

In the wake of interim results, Jarden observes GPT Group continues to grow funds under management (FUM), which the analysts point out is supporting fee income and co-investment expansion.

The broker believes this, combined with operating leverage in a broadening funds management business, positions the group to accelerate earnings if the FUM trajectory continues.

The broker highlights $4.6bn of external FUM added in the last eighteen months and almost $8bn in the last two and a half years, now driving stronger management fees and co-investment income.

Recent initiatives and new mandates are expected to provide momentum into 2H25 and FY26.

Comparable net operating income (NOI) growth was better than expected by Jarden across Retail, Office and Logistics, though rising maintenance capex and tenant incentives remain a headwind.

The broker raises its target price to $5.60 from $5.30 and retains a Neutral rating.

This report was published on August 18, 2025.

Target price is $5.60 Current Price is $5.43 Difference: $0.17
If GPT meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $5.50, suggesting upside of 1.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 24.00 cents and EPS of 33.20 cents.
At the last closing share price the estimated dividend yield is 4.42%.
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 33.1, implying annual growth of N/A.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 24.90 cents and EPS of 34.50 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.0, implying annual growth of 2.7%.
Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.0.

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

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.04

Moelis rates ((HGO)) as Buy (1) –

Hillgrove Resources has reported a new high-grade copper-gold discovery in the Saddle Zone at Kanmantoo. Moelis highlights strong drill results including 14m at 2.67% copper and 0.36g/t gold, and 10m at 1.3% copper and 0.18g/t gold.

These results will be incorporated into a resource update due in the December quarter.

The broker notes the discovery is located between existing deposits, offering development optionality and potential to replenish depletion while adding to overall inventory.

Proximity to infrastructure could lower capital requirements, with the latent processing capacity at Kanmantoo providing further leverage.

Moelis estimates each additional year of mine life could add 1.5-2c to valuation, with the company currently holding sufficient inventory for around four years.

The analyst retains a Buy rating and a 6c target price.

This report was published on August 19, 2025.

Target price is $0.06 Current Price is $0.04 Difference: $0.02
If HGO meets the Moelis target it will return approximately 50% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY26:

Moelis forecasts a full year FY26 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 40.00.

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

MTM    METALLIUM LIMITED

Industrial Metals – Overnight Price: $0.72

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

Management at Metallium is advancing the Texas facility, which Petra Capital notes will be the first commercial plant to use Flash Joule Heating (FJH) to recover metals, with production targeted for the first half of next year.

The broker says the plant will process gold-rich e-waste to validate economics, with long-lead items ordered, engineering work advancing, and 60t of feedstock secured.

Commissioning milestones are being met, highlights the analyst, with staff hiring an important marker to track.

Petra Capital sees Texas as the first step in a repeatable rollout, with three-to-five additional sites expected to be announced shortly, supporting a modular, low capex expansion strategy.

The broker maintains a Buy rating and a 96c target price with no changes to earnings or ramp-up assumptions.

This report was published on August 19, 2025.

Target price is $0.96 Current Price is $0.72 Difference: $0.24
If MTM meets the Petra Capital target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 65.45.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.89.

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

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $40.54

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

National Australia Bank reported unaudited 3Q25 profit of $1.7bn, down -1% and around 49% of Jarden’s 2H25 forecast, which the broker says was broadly in line outside of higher costs and rising bad debts.

Core profit rose 2% to $2.8bn, supported by revenue growth of 3% from margin and volume outcomes, explain the analysts.

The report notes opex increased/worsened by -3% due to staff and IT, with management abandoning its FY25 guidance for growth below 4.5% and now guiding to 4.5% due to payroll remediation costs of circa -$130m.

Bad debts rose sharply to $254m, up 214% quarter-on-quarter, driven by deterioration in New Zealand business banking, explains Jarden.

No changes to forecasts. Underweight rating and $29 target.

This report was published on August 18, 2025.

Target price is $29.00 Current Price is $40.54 Difference: minus $11.54 (current price is over target).
If NAB meets the Jarden target it will return approximately minus 28% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $34.74, suggesting downside of -14.3%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 171.00 cents and EPS of 226.10 cents.
At the last closing share price the estimated dividend yield is 4.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 227.7, implying annual growth of 1.4%.
Current consensus DPS estimate is 170.2, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 173.00 cents and EPS of 226.70 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.2, implying annual growth of 1.1%.
Current consensus DPS estimate is 172.4, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.6.

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

OML    OOH!MEDIA LIMITED

Out of Home Advertising – Overnight Price: $1.66

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

oOh!media delivered H1 FY25 revenue of $336m, up 17% year-on-year and ahead of consensus. Unfortunately, Canaccord Genuity explains higher rent, incentives and opex offset the beat, leaving earnings (EBITDA) broadly in line at $62.2m.

Underlying profit rose 45% to $26.5m, with net debt of $105m supported by strong cash conversion, explains the analyst.

The broker notes gross margin fell -130bps to 41.8% but guidance for FY25 is 44%, with management expecting margin expansion in FY26 as new contracts mature.

Opex guidance has been lifted to -$159-161m and capex to -$53-63m to support growth initiatives.

The broker observes Q3 media revenue pacing of 5% year-on-year is trending below 2H consensus growth expectations of 7%, leading to modest forecast downgrades. Earnings (EBITDA) estimates are cut by -2-4% across FY25-27, with EPS lowered -2-3%.

Canaccord maintains its target price at $2.00 and a Buy rating.

This report was published on August 18, 2025.

Target price is $2.00 Current Price is $1.66 Difference: $0.34
If OML meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.00, suggesting upside of 20.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 6.20 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.1, implying annual growth of 91.5%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 7.50 cents and EPS of 16.80 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 9.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of 13.7%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 11.1.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $2.93

Canaccord Genuity rates ((S32)) as Hold (3) –

Management at South32 has updated production guidance for Mozal, with Canaccord Genuity noting the asset is now expected to be placed on care and maintenance once its power contract expires in March 2026.

The broker assumes shutdown costs of around -US$40m, based on precedent from similar smelter closures.

Without Mozal, the analysts note aluminium output would fall to 887kt in FY27 from 1,211kt in FY25, leaving Hillside as the only profitable smelter, while Brazil Aluminium continues to operate at a loss.

Although a deal on power supply remains possible, Canaccord considers idling the more likely outcome.

Modellng adjustments see the broker cut its FY26 earnings (EBITDA) forecast by -2% and FY27 by -4%, with limited impact given prior assumptions of higher power costs.

For FY25 results due August 28, the analysts expect underlying earnings of US$608m versus consensus US$654m.

Canaccord maintains its Hold rating and $2.60 target.

This report was published on August 18, 2025.

Target price is $2.60 Current Price is $2.93 Difference: minus $0.33 (current price is over target).
If S32 meets the Canaccord Genuity target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.47, suggesting upside of 18.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 8.82 cents and EPS of 20.12 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, implying annual growth of N/A.
Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 5.57 cents and EPS of 12.38 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of 34.2%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 9.5.

This company reports in USD. 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

SLC    SUPERLOOP LIMITED

Telecommunication – Overnight Price: $3.26

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

Superloop is set to report its FY25 result on August 20, with Canaccord Genuity expecting strong growth across key metrics.

The broker forecasts revenue growth of around 37% and earnings (EBITDA) growth of 69%, with guidance recently upgraded to at or above $91m.

Forecasts include underlying profit (NPATA) of $37.4m, reported profit of  circa $0.1m, operating cash flow of $63.1m and a net cash position of $5m.

The broker notes consumer subscribers finished FY25 at around 400,000, up 77,000, with margin support expected into FY26.

Business performance is seen as flat, though Smart Communities is highlighted as a potential long-term valuation driver. Wholesale continues to benefit from Origin Energy’s ((ORG)) momentum, highlights the analyst, adding 51,000 subscribers in 2H25.

The broker does not expect FY26 guidance in August, with commentary likely deferred until the AGM, though balance sheet strength leaves scope for M&A.

Canaccord raises its target price to $3.74 from $2.78 and maintains a Buy rating.

This report was published on August 18, 2025.

Target price is $3.74 Current Price is $3.26 Difference: $0.48
If SLC meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.50, suggesting upside of 7.4%(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 2.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 125.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.7, 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 69.4.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 81.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of 46.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 47.2.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $23.78

Taylor Collison rates ((TPW)) as Outperform (2) –

Temple & Webster’s FY26 trading update impressed Taylor Collison, with revenue up 28% year-on-year from July 1 to August 11, well ahead of consensus expectations of 22%.

FY26 guidance for an earnings (EBITDA) margin of 3-5% also supports progress towards long-term goals of $1bn sales and 15% margins, highlights the analyst.

The broker points out FY25 results as less relevant, with revenue growth of 22% slightly below consensus but an earnings (EBITDA) margin of 3.1% beating forecasts.

Exclusive products accounted for 45% of FY25 revenue, with 79% of top SKUs exclusive, and drop-ship sales of owned brands grew 60%, boosting future pricing power, suggests Taylor Collison.

The broker points to execution across five strategic priorities, including exclusive ranges, AI-driven personalisation, cost leverage and expansion into adjacent categories such as home improvement and trade.

The target rises to $30.41 from $29.16. Outperform rating kept.

This report was published on August 15, 2025.

Target price is $30.41 Current Price is $23.78 Difference: $6.63
If TPW meets the Taylor Collison target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $24.94, suggesting upside of 4.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of 16.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 148.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.8, implying annual growth of 171.0%.
Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 92.2.

Forecast for FY27:

Taylor Collison forecasts a full year FY27 dividend of 0.00 cents and EPS of 31.89 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 74.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.7, implying annual growth of 34.5%.
Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 68.5.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $7.93

Taylor Collison rates ((TWE)) as Hold (3) –

Taylor Collison sees Treasury Wine Estates under pressure from softening China demand, weaker US distribution and rising costs outside Penfolds.

Daou Vineyards slowed sharply in 2H FY25, raising concerns for Treasury Americas, while only Penfolds continues to show consistent organic earnings growth, explains the analyst.

The broker highlights widening softness in China’s ultra-luxury sales due to government tightening, with more brand investment likely needed, making FY27 growth targets look stretched.

Taylor Collison makes modest EPS upgrades from buybacks but profit estimates are cuts by around -2% on weaker Americas results.

Penfolds earnings are expected to grow below company guidance, leaving group forecasts -$40m below management’s projections.

Taylor Collison lifts its fair value to $9.22 from $8.83 (due to the buyback) but maintains a Hold rating, pending direction from incoming CEO Sam Fischer.

This report was published on August 14, 2025.

Target price is $9.22 Current Price is $7.93 Difference: $1.29
If TWE meets the Taylor Collison target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $8.88, suggesting upside of 12.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 44.00 cents and EPS of 63.80 cents.
At the last closing share price the estimated dividend yield is 5.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.4, implying annual growth of 14.0%.
Current consensus DPS estimate is 42.3, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY27:

Taylor Collison forecasts a full year FY27 dividend of 47.00 cents and EPS of 67.50 cents.
At the last closing share price the estimated dividend yield is 5.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.9, implying annual growth of 12.2%.
Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 11.5.

Market Sentiment: 0.2
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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