Weekly Reports | Aug 22 2025
This story features ORORA LIMITED, and other companies.
For more info SHARE ANALYSIS: ORA
The company is included in ASX200, ASX300 and ALL-ORDS
A summary of the highlights from Broker Call Extra updates throughout the week past.
Broker Rating Changes (Post Thursday Last Week)
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ORORA LIMITED ((ORA)) Upgrade to Buy from Overweight by Jarden.B/H/S: 0/0/0
Jarden notes Orora’s FY25 result showed the Saverglass unit has stabilised, beating consensus, with the overall result broadly in line.
FY26 outlook surprised to the upside, with Australasia Cans EBIT in line with consensus, Gawler slightly lower but Saverglass better than expected.
The broker reckons lower capex is a big positive for cash flow, and while consensus may need to temper FY26 NPAT expectations, the stabilisation at Saverglass and cash generation should underpin confidence.
Target rises to $2.60 from $2.35 on DCF assumption revisions, lower capex and roll-forward. Rating upgraded to Buy from Overweight.
ORIGIN ENERGY LIMITED ((ORG)) Neutral by Jarden.B/H/S: 0/0/0
Jarden assessed Origin Energy’s FY25 result to be broadly in line and therefore thinks the strong share price reaction was a bit overdone.
Underlying EBITDA was in line with the broker’s forecast and the consensus, though underlying net profit was 4% ahead of the broker’s forecast and 1% ahead of the consensus.
FY26 EBITDA guidance for energy markets was $1.4-1.7bn which was $300m higher than initial guidance for FY25, but -3% below the broker’s estimate. APLNG guidance was unchanged vs July update, and Octopus’ performance was below the broker’s forecast.
The broker lifted FY26 EPS forecast by 6.5% and FY27 by 7.4% on higher energy market EBITDA and lower forecast depreciation.
Neutral. Target price $11.70.
PRO MEDICUS LIMITED ((PME)) Upgrade to Overweight from Market Weight by Wilsons.B/H/S: 0/0/0
Wilsons notes Pro Medicus’s FY25 result was solid on revenue and outstanding on margin leverage, showing it can lift profits while penetrating larger US integrated delivery networks.
Total addressable market for cardiology was lifted to 670m scans, of which 85% is serviceable in full-stack model. Digital pathology was confirmed for FY26 and the broker views it as offering future upside optionality.
Minimal changes to the broker’s revenue forecasts but margin is conservatively expected to increase by 60bps in FY26 and 76bps in FY27.
Target lifted to $350 from $325. Rating upgraded to Overweight from Market Weight.
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A2 MILK COMPANY LIMITED ((A2M)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0
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.
APIAM ANIMAL HEALTH LIMITED ((AHX)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0
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.
CHARTER HALL RETAIL REIT ((CQR)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0
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.
DEVELOP GLOBAL LIMITED ((DVP)) Downgrade to Hold from Speculative Buy by Canaccord Genuity.B/H/S: 0/0/0
Develop Global has strengthened its balance sheet with a well-timed (according to Canaccord Genuity) $180m equity raise at $4.50 per share following a 118% share price rally over six months.
The funds will support an aggressive growth strategy, including -$80m for Sulphur Springs pre-production capex, -$25m for Woodlawn growth, -$25m for extending mine lives under Project DM15, and -$40m for growth opportunities.
At Woodlawn, commissioning and ramp-up are progressing to plan, highlight the analysts, with nameplate 850ktpa capacity achieved in stress testing. Ramp-up to 800ktpa is on track for the December quarter.
First concentrate shipments were delivered to commodity trading and logistics company Trafigura, with revenue expected this quarter.
Canaccord lowers its target to $4.40 from $4.95 and downgrades to Hold from Speculative Buy after factoring into forecasts the June quarterly activities report and capital raise.
IGO LIMITED ((IGO)) Downgrade to Overweight from Buy by Jarden.B/H/S: 0/0/0
Ahead of IGO Ltd’s FY25 result, Jarden assumes Kwinana will be mothballed from end-2026. Kwinana represents an ongoing capital drain that detracts from IGO’s otherwise high-quality hard rock exposure.
Following -$525m of impairments in the first half and a further -$70-90m expected with the FY25 results, Jarden notes the asset will be fully written off.
Jarden’s target decreases to $4.86 from A$5.34, driven primarily by moderating Greenbushes production expectations and aligning them to the broker’s lithium price forecasts.
The recent share price rally has eliminated the compelling valuation appeal, hence Jarden reduces its rating to Overweight from Buy.
TELSTRA GROUP LIMITED ((TLS)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0
Jarden assesses Telstra Group’s FY25 result as mixed, with EBITDA delivering growth of 5% y/y but underlying momentum in core portfolios weaker than expected.
Postpaid active users rose by a weaker than expected 4k in 2H and prepaid users fell -68k. Wholesale pricing and active users showed decent growth, and the broker believes this is key to grow earnings and manage decline in prepaid users.
FY26 EPS forecast trimmed by -4% and FY27 by -2% on negative mobile subscriber mix, higher satellite-related costs and deteriorating international business momentum.
Target cut to $4.80 from $4.90. Rating downgraded to Neutral from Overweight.
| Order | Company | New Rating | Old Rating | Broker | |
|---|---|---|---|---|---|
| Upgrade | |||||
| 1 | ORIGIN ENERGY LIMITED | Neutral | Sell | Jarden | |
| 2 | ORORA LIMITED | Buy | Buy | Jarden | |
| 3 | PRO MEDICUS LIMITED | Buy | Neutral | Wilsons | |
| Downgrade | |||||
| 4 | A2 MILK COMPANY LIMITED | Neutral | Buy | Jarden | |
| 5 | APIAM ANIMAL HEALTH LIMITED | Neutral | Buy | Canaccord Genuity | |
| 6 | CHARTER HALL RETAIL REIT | Neutral | Buy | Moelis | |
| 7 | DEVELOP GLOBAL LIMITED | Neutral | Buy | Canaccord Genuity | |
| 8 | IGO LIMITED | Buy | Buy | Jarden | |
| 9 | TELSTRA GROUP LIMITED | Neutral | Buy | Jarden | |
Price Target Changes (Post Thursday Last Week)
| Company | Last Price | Broker | New Target | Old Target | Change | |
|---|---|---|---|---|---|---|
| AD8 | Audinate Group | $5.05 | Canaccord Genuity | 8.50 | 10.50 | -19.05% |
| Moelis | 9.43 | 9.86 | -4.36% | |||
| AGN | Argenica Therapeutics | $0.68 | Petra Capital | 1.22 | 1.19 | 2.52% |
| AHX | Apiam Animal Health | $0.79 | Canaccord Genuity | 0.88 | 0.63 | 39.68% |
| AOV | Amotiv | $9.69 | Canaccord Genuity | 11.20 | 11.00 | 1.82% |
| ARB | ARB Corp | $40.57 | Wilsons | 44.92 | 49.12 | -8.55% |
| ARF | Arena REIT | $4.05 | Jarden | 4.60 | 4.55 | 1.10% |
| ASK | Abacus Storage King | $1.54 | Jarden | 1.65 | 1.54 | 7.14% |
| ASL | Andean Silver | $1.34 | Canaccord Genuity | 3.45 | 3.05 | 13.11% |
| ASX | ASX | $69.84 | Jarden | 66.70 | 69.20 | -3.61% |
| AZJ | Aurizon Holdings | $3.26 | Jarden | 3.15 | 3.10 | 1.61% |
| BSL | BlueScope Steel | $24.01 | Jarden | 24.50 | 25.00 | -2.00% |
| CBA | CommBank | $173.80 | Jarden | 100.00 | 110.00 | -9.09% |
| CGF | Challenger | $8.79 | Jarden | 8.60 | 8.70 | -1.15% |
| COF | Centuria Office REIT | $1.26 | Jarden | 1.22 | 1.24 | -1.61% |
| Moelis | 1.61 | 1.68 | -4.17% | |||
| COH | Cochlear | $303.78 | Jarden | 278.51 | 270.28 | 3.04% |
| Wilsons | 330.00 | 280.00 | 17.86% | |||
| CQR | Charter Hall Retail REIT | $4.26 | Jarden | 4.35 | 4.30 | 1.16% |
| Moelis | 4.33 | 3.94 | 9.90% | |||
| CSL | CSL | $226.00 | Jarden | 298.13 | 313.12 | -4.79% |
| Wilsons | 227.50 | 250.00 | -9.00% | |||
| DRR | Deterra Royalties | $4.26 | Canaccord Genuity | 5.00 | 4.90 | 2.04% |
| DVP | Develop Global | $3.70 | Canaccord Genuity | 4.40 | 5.05 | -12.87% |
| EBR | EBR Systems | $1.29 | Canaccord Genuity | 2.48 | 2.50 | -0.80% |
| EVN | Evolution Mining | $8.10 | Jarden | 6.05 | 6.18 | -2.10% |
| GOZ | Growthpoint Properties Australia | $2.46 | Moelis | 3.09 | 3.07 | 0.65% |
| GPT | GPT Group | $5.55 | Jarden | 5.60 | 5.30 | 5.66% |
| HDN | HomeCo Daily Needs REIT | $1.33 | Jarden | 1.55 | 1.50 | 3.33% |
| HMC | HMC Capital | $3.79 | Jarden | 5.20 | 6.85 | -24.09% |
| HUB | Hub24 | $107.43 | Moelis | 117.02 | 107.94 | 8.41% |
| Wilsons | 97.20 | 90.62 | 7.26% | |||
| IAG | Insurance Australia Group | $8.75 | Jarden | 8.50 | 8.45 | 0.59% |
| IGO | IGO Ltd | $5.29 | Jarden | 4.86 | 5.34 | -8.99% |
| LAM | Laramide Resources | $0.57 | Canaccord Genuity | 1.30 | 1.25 | 4.00% |
| LGI | LGI | $3.96 | Canaccord Genuity | 4.30 | 3.50 | 22.86% |
| LNW | Light & Wonder | $140.05 | Jarden | 183.00 | 188.00 | -2.66% |
| MAP | Microba Life Sciences | $0.10 | Canaccord Genuity | 0.19 | N/A | N/A |
| MGR | Mirvac Group | $2.40 | Jarden | 2.40 | 2.45 | -2.04% |
| MND | Monadelphous Group | $20.78 | Jarden | 21.50 | 18.60 | 15.59% |
| ORA | Orora | $2.31 | Jarden | 2.60 | 2.35 | 10.64% |
| ORG | Origin Energy | $13.07 | Jarden | 11.70 | 10.95 | 6.85% |
| PME | Pro Medicus | $306.91 | Moelis | 341.99 | 323.69 | 5.65% |
| Wilsons | 350.00 | 325.00 | 7.69% | |||
| PSQ | Pacific Smiles | $1.58 | Wilsons | N/A | 1.80 | -100.00% |
| RHC | Ramsay Health Care | $38.70 | Jarden | 46.55 | 44.58 | 4.42% |
| RWC | Reliance Worldwide | $4.24 | Jarden | 4.65 | 4.80 | -3.12% |
| S32 | South32 | $2.91 | Canaccord Genuity | 2.60 | 2.70 | -3.70% |
| SGM | Sims | $14.07 | Jarden | 14.40 | 14.70 | -2.04% |
| Jarden | 15.40 | 14.70 | 4.76% | |||
| SLC | Superloop | $3.08 | Canaccord Genuity | 3.74 | 2.78 | 34.53% |
| STK | Strickland Metals | $0.14 | Canaccord Genuity | 0.43 | 0.42 | 2.38% |
| TLS | Telstra Group | $5.02 | Jarden | 4.80 | 4.90 | -2.04% |
| TPW | Temple & Webster | $23.12 | Canaccord Genuity | 30.50 | N/A | N/A |
| Jarden | 32.79 | 25.16 | 30.33% | |||
| Petra Capital | 30.00 | 20.00 | 50.00% | |||
| TWE | Treasury Wine Estates | $8.15 | Jarden | 9.20 | 10.00 | -8.00% |
| VAU | Vault Minerals | $0.47 | Moelis | 0.69 | 0.73 | -5.48% |
| VNT | Ventia Services | $5.58 | Canaccord Genuity | 5.65 | 4.88 | 15.78% |
| WAF | West African Resources | $2.70 | Canaccord Genuity | 5.00 | 4.70 | 6.38% |
| WDS | Woodside Energy | $26.51 | Jarden | 25.60 | 25.75 | -0.58% |
| WEB | Web Travel | $4.50 | Canaccord Genuity | 5.45 | 6.70 | -18.66% |
| WIA | WIA Gold | $0.32 | Petra Capital | 0.41 | 0.32 | 28.12% |
| Company | Last Price | Broker | New Target | Old Target | Change | |
More Highlights
EBR EBR SYSTEMS INC
Medical Equipment & Devices – Overnight Price: $1.38
Canaccord Genuity rates ((EBR)) as Buy (1) –
Canaccord Genuity notes the commercial rollout of EBR Systems’ WiSE device is underway after it secured FDA approval in April.
The broker is forecasting around 440 implants in FY26, after three were completed in 2Q25 since the launch. The revenue figures point of average selling price of US$48,690, the broker estimates.
While near-term margins are impacted by launch costs and accounting noise, the long-term pathway to 70% gross margin and 40% operating margin remains intact. Balance sheet strength supports execution.
Buy. Target trimmed to $2.48 from $2.50.
This report was published on August 15, 2025.
Target price is $2.48 Current Price is $1.38 Difference: $1.1
If EBR meets the Canaccord Genuity target it will return approximately 80% (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 13.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.25.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 15.93 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.66.
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
GOZ GROWTHPOINT PROPERTIES AUSTRALIA
Infra & Property Developers – Overnight Price: $2.53
Moelis rates ((GOZ)) as Buy (1) –
Growthpoint Properties Australia’s FY25 result was in line with guidance, Moelis observes, but the highlight was solid leasing momentum in the first six weeks of FY26.
The REIT leased 2.7% of net lettable office area in 2H25 but after balance sheet date leased a further 5.5%.
Moelis explains FY26-27 is largely about addressing the remaining expiry equating to 27% of total income, with the profile from FY28 looking benign.
Gearing rose to 39.7% from 38.8%, and the broker expects it to trend higher if no divestment occurs. EPS forecast for FY26 downgraded by -2.5% and for FY27 by -4.4% on more conservative leasing assumptions for FY26-27.
Buy. Target price $3.09.
This report was published on August 15, 2025.
Target price is $3.09 Current Price is $2.53 Difference: $0.56
If GOZ meets the Moelis target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $2.43, suggesting downside of -4.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 18.40 cents and EPS of 23.30 cents.
At the last closing share price the estimated dividend yield is 7.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.86.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.3, implying annual growth of N/A.
Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 12.5.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 18.20 cents and EPS of 23.80 cents.
At the last closing share price the estimated dividend yield is 7.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.63.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.6, implying annual growth of 1.5%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 12.3.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
HUB HUB24 LIMITED
Wealth Management & Investments – Overnight Price: $104.84
Moelis rates ((HUB)) as Hold (3) –
Hub24’s FY25 result was broadly in line with Moelis’ expectations, with revenue of $401.4m, up 23.8% year-on-year, and earnings (EBITDA) of $162.4m, slightly below the broker’s $167m.
Profit of $97.8m came in ahead of the analyst’s $95.3m forecast due to lower tax expense, offsetting weaker revenue margins, higher costs, and myprosperity losses. Platform margins fell -2bps to 32bps, with management guiding to a further -1-1.5bps decline in FY26.
The broker highlights record net flows of $19.8bn, 572 new advisers, and funds under administration (FUA) per adviser up to $22m, alongside industry flows of $36bn, the strongest since 2008.
Management lifted its FUA target to $148-162bn by FY27, above its prior FY26 goal.
Momentum into FY26 remains strong, suggests the broker, though valuation is demanding. Moelis raises its target price to $117.02 from $107.94 and retains a Hold rating.
This report was published on August 19, 2025.
Target price is $117.02 Current Price is $104.84 Difference: $12.18
If HUB meets the Moelis target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $102.59, suggesting downside of -2.2%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 2.20 cents and EPS of 151.00 cents.
At the last closing share price the estimated dividend yield is 0.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 69.43.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 148.3, implying annual growth of 51.1%.
Current consensus DPS estimate is 73.3, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 70.7.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 88.10 cents and EPS of 184.20 cents.
At the last closing share price the estimated dividend yield is 0.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 56.92.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 181.4, implying annual growth of 22.3%.
Current consensus DPS estimate is 90.1, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 57.8.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
JDO JUDO CAPITAL HOLDINGS LIMITED
Business & Consumer Credit – Overnight Price: $1.81
Jarden rates ((JDO)) as Buy (1) –
Judo Capital continues to execute on its SME banking strategy, highlights Jarden. Product innovation is noted, with a new savings product launching in 2H26, enhancements to working capital, and the initiation of a $109m warehouse facility.
Second half profit of $46m was up 11% half-on-half and 90% year-on-year, slightly above consensus. FY25 profit was $86m, up 24% year-on-year. Net interest income (NII) rose 11% to $214m, with the net interest margin (NIM) at 3.04% but dipping to 2.93% in June.
Deposits grew 10% and loans 7%, while costs fell -8%, lowering the cost-to-income ratio to 47.9%, highlight the analysts.
Asset quality showed some pressure, notes the broker with bad debts at -80bps of loans and stress in hospitality and retail.
FY26 guidance includes loans of $14.2-14.7bn, NIM of 3.0-3.1%, cost-to-income ratio below 50%, and profit of $180-190m in FY26, implying 43-51% growth.
Jarden maintains a Buy rating and a $2.40 target price.
This report was published on August 19, 2025.
Target price is $2.40 Current Price is $1.81 Difference: $0.59
If JDO meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $2.06, suggesting upside of 13.6%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 10.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.76.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.8, implying annual growth of 39.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.8.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 16.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.90.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.0, implying annual growth of 38.9%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 12.1.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
WAF WEST AFRICAN RESOURCES LIMITED
Gold & Silver – Overnight Price: $2.77
Canaccord Genuity rates ((WAF)) as Buy (1) –
West African Resources published a 10-year outlook targeting average production of 480kozpa across Sanbrado and Kiaka in Burkina Faso, with peak production of 569koz in 2029. Average for 2029-31 is over 500koz.
The plan showed Sanbrado mine life extension to 2035 but Kiaka compressed to 2042 vs 2024, though with higher throughput.
Canaccord Genuity believes the upgrades and new mine areas positions the company for robust growth, making it one of the top five ASX-listed gold producers by 2029.
Buy. Target rises to $5.00 from $4.70, with the valuation now risked 80% for Sanbrado and 70% for Kiaka.
This report was published on August 14, 2025.
Target price is $5.00 Current Price is $2.77 Difference: $2.23
If WAF meets the Canaccord Genuity target it will return approximately 81% (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 29.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.55.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 12.00 cents and EPS of 79.00 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.51.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
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CHARTS
For more info SHARE ANALYSIS: A2M - A2 MILK COMPANY LIMITED
For more info SHARE ANALYSIS: AHX - APIAM ANIMAL HEALTH LIMITED
For more info SHARE ANALYSIS: CQR - CHARTER HALL RETAIL REIT
For more info SHARE ANALYSIS: DVP - DEVELOP GLOBAL LIMITED
For more info SHARE ANALYSIS: IGO - IGO LIMITED
For more info SHARE ANALYSIS: ORA - ORORA LIMITED
For more info SHARE ANALYSIS: ORG - ORIGIN ENERGY LIMITED
For more info SHARE ANALYSIS: PME - PRO MEDICUS LIMITED
For more info SHARE ANALYSIS: TLS - TELSTRA GROUP LIMITED