Australian Broker Call *Extra* Edition – Aug 26, 2025

This story features AUCKLAND INTERNATIONAL AIRPORT LIMITED, and other companies.
For more info SHARE ANALYSIS: AIA
The company is included in 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)

AIA   APZ   ASG (2)   BRG   BXB   CDA   CHC   CNI   CNU   FPH   GMG   HLS   HSN   NWH   NWL   OCL   PWR (2)   QUB   SHA   SHL (2)   SXE   SYL   TLX   UNI   VAU (2)  

AIA    AUCKLAND INTERNATIONAL AIRPORT LIMITED

Infrastructure & Utilities – Overnight Price: $6.94

Jarden rates ((AIA)) as Neutral (3) –

Auckland International Airport delivered FY25 profit of NZ$309.5m, broadly in line with Jarden’s estimate of NZ$310.5m and consensus of around NZ$306m.

Revenue was slightly weaker than expected due to softer passenger volumes late in the year, while higher outsourced operations lifted costs, explains the broker.

While retail income per passenger improved to NZ$10.29 from NZ$10.16, the analysts note foreign exchange headwinds reduced overall passenger service revenue (PSR) by -9%.

FY26 guidance of NZ$280m-$320m profit is softer than expected by Jarden, with the midpoint around -NZ$10m below FY25 and -NZ$20m below consensus.

Constraints on airline seat capacity, macro softness, geopolitical issues, and construction disruption are expected to weigh on near-term performance.

Capex guidance of -NZ$1.0b-NZ$1.3b was modestly below Jarden’s expectations, suggesting some delay to PSE4 project phasing. 

Jarden raises its target price to NZ$7.81 from NZ$7.75 and retains a Neutral rating.

This report was published on August 21, 2025.

Current Price is $6.94. Target price not assessed.
Current consensus price target is N/A
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 12.15 cents and EPS of 15.80 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 43.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of N/A.
Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 40.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 12.79 cents and EPS of 18.36 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of 1.2%.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 40.3.

This company reports in NZD. 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

APZ    ASPEN GROUP LIMITED

Real Estate – Overnight Price: $4.22

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

Aspen Group delivered FY25 underlying EPS of 16.8c, slightly ahead of guidance, notes Moelis, and up 22% year-on-year. FY26 guidance indicates to the broker EPS of 19c, up 13%, and a dividend of 11c.

The broker highlights strong operating results across all divisions. Residential rents rose 3% with margins at a record 66%, parks revenue grew 6%, and development achieved 111 settlements with house prices up 11%.

The net asset value (NAV) rose to $2.54 per share after a 5% property revaluation uplift, explains the analyst.

Gearing fell to 13% after a $68m equity raise, with the broker noting capacity to redeploy capital into new projects. 

Moelis raises its target price to $4.43 from $3.83 and downgrades to Hold from Buy. Shares now trade at an around 40% premium to the broker’s assessment for the true value of assets.

This report was published on August 22, 2025.

Target price is $4.43 Current Price is $4.22 Difference: $0.21
If APZ meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 11.00 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.53.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 12.20 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.10.

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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $3.03

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

Jarden assesses a strong 2H result by Autosports Group, with profit before tax of $43.5m, slightly ahead of consensus, and adjusted EPS 18% in advance of the broker’s estimate.

Luxury new vehicle demand rebounded, margins improved versus 1H25, and prudent inventory management supported the recovery, explain the analysts.

Momentum into FY26 is strong, suggests Jarden, with new vehicle order write-ups up 20.2% year-on-year and July revenue up 13.5%.

Multiple acquisitions, including Porsche Canberra and Mercedes-Benz expansions, alongside Geely greenfield rollouts, are expected to be earnings accretive, supported by a new $350m debt facility.

Jarden upgrades its EPS forecasts, driven by stronger vehicle demand, gross margin expansion and operating leverage from acquisitions. The target price  is raised to $3.35 from $2.40. Overweight rating retained.

This report was published on August 22, 2025.

Target price is $3.35 Current Price is $3.03 Difference: $0.32
If ASG meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.84, suggesting downside of -6.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 11.60 cents and EPS of 27.70 cents.
At the last closing share price the estimated dividend yield is 3.83%.
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 23.8, implying annual growth of 46.4%.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 13.50 cents and EPS of 31.80 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.5, implying annual growth of 11.3%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 11.4.

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

---

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

Autosports Group delivered FY25 sales of $2.86bn, ahead of Wilsons’ expectations, with stronger gross profit supporting a modest earnings (EBIT) beat against the broker’s estimate. Consensus upgrades are expected following the result.

Profit before tax of $43.5m was in line with the broker’s expectation, while profit of $33m was above forecast due to a lower tax rate.

The analysts point to strong demand momentum, with July revenue up 12% year-on-year and new vehicle order writes up by 20%.

Management remains active in dealership expansion, with capacity to fund acquisitions including Porsche Canberra, Mercedes Canberra and new greenfield sites, explain the analysts.

Wilsons lifts its sales and gross profit forecasts by around 5% but makes only minor changes to earnings given higher opex, while trimming dividend estimates by -1-2%.

Wilsons raises its target price to $3.51 from $2.57 and retains an Overweight rating.

This report was published on August 22, 2025.

Target price is $3.51 Current Price is $3.03 Difference: $0.48
If ASG meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.84, suggesting downside of -6.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 15.20 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 5.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 46.4%.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 20.80 cents and EPS of 34.70 cents.
At the last closing share price the estimated dividend yield is 6.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.5, implying annual growth of 11.3%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 11.4.

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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $34.59

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

Breville Group reported FY25 earnings (EBIT) of $204.6m, up 10.2% and at the top end of guidance, in line with Petra Capital’s expectation.

Growth was underpinned by double-digit constant currency sales across all regions, explains the analyst, with strong contributions from coffee and cooking categories.

Commentary highlights new market entries in China and the Middle East performed well. The group’s gross margin held steady at 36.6%, with Petra Capital observing regional freight costs were offset by distribution gains.

Management flagged higher input costs for US sales in FY26-FY27. 

Petra Capital makes no material changes to forecasts, but lifts its target price to $34.00 from $28.60, given a model roll-forward and the encouraging start in China.

The Hold rating is retained. The outlook is very much dependent on the US consumer, highlights the analyst.

This report was published on August 21, 2025.

Target price is $34.00 Current Price is $34.59 Difference: minus $0.59 (current price is over target).
If BRG meets the Petra Capital target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $36.73, suggesting upside of 6.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 38.10 cents and EPS of 94.70 cents.
At the last closing share price the estimated dividend yield is 1.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.7, implying annual growth of -0.8%.
Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 36.9.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 44.30 cents and EPS of 109.60 cents.
At the last closing share price the estimated dividend yield is 1.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.0, implying annual growth of 14.2%.
Current consensus DPS estimate is 43.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 32.3.

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $26.34

Jarden rates ((BXB)) as Downgrade to Sell from Neutral (5) –

While Brambles delivered well in FY25, Jarden points out fundamentals softened through 2H25, particularly with US Pallets showing negative pricing and weaker like-for-like volumes in 4Q25.

CHEP EMEA held up better on price, though volumes also deteriorated, observe the analysts.

FY26 constant FX revenue guidance of 3-5% and EBIT growth of 8-11% implies to the broker a heavy 2H skew, with reliance on cost-out to deliver operating leverage as volume and pricing headwinds emerge.

The broker’s concerns also include reduced buybacks, the sustainability of cost reductions, and signs that earnings leverage is shifting to lower-quality drivers.

Jarden raises its target to $22.10 from $21.65 and downgrades to Sell from Neutral given the source of operating leverage is now largely cost reduction, as the stock reaches all-time highs.

This report was published on August 22, 2025.

Target price is $22.10 Current Price is $26.34 Difference: minus $4.24 (current price is over target).
If BXB meets the Jarden target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $26.88, suggesting upside of 2.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 40.50 cents and EPS of 104.69 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.8, implying annual growth of N/A.
Current consensus DPS estimate is 67.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 67.68 cents and EPS of 112.90 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 138.7, implying annual growth of 25.2%.
Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 19.0.

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

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $29.60

Moelis rates ((CDA)) as Buy (1) –

Coming in 4.5% ahead of the Moelis forecast, Codan delivered FY25 revenue of $674.2m, up 22.5% year-on-year. Group earnings (EBIT) of $146m rose 28.1% to beat the broker’s estimate by 3.9%.

Profit of $103.5m also rose by 27.3% as both Communications and Metal Detection exceeded the analyst’s expectations.

Communications organic revenue grew 19%, exceeding 10-15% guidance. Moelis notes Domo Tactical Communications (DTC) revenue more than doubled and Kagwerks performed to plan.

Elsewhere, the broker notes Metal Detection was supported by strong Minelab Africa demand and the launch of the premium Gold Monster 2000.

FY26 guidance points to 15-20% Communications growth and four new Minelab product launches, with acquisitions also being pursued.

Moelis raises its EPS forecasts by 5-10% over FY26-FY28, implying a three-year CAGR of around 25%. The target price jumps to $30.05 from $18.43. Buy rating retained.

This report was published on August 21, 2025.

Target price is $30.05 Current Price is $29.60 Difference: $0.45
If CDA meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $24.48, suggesting downside of -17.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 35.80 cents and EPS of 71.50 cents.
At the last closing share price the estimated dividend yield is 1.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 41.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.9, implying annual growth of 27.7%.
Current consensus DPS estimate is 35.1, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 40.6.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 45.30 cents and EPS of 90.50 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.5, implying annual growth of 20.0%.
Current consensus DPS estimate is 41.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 33.8.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CHC    CHARTER HALL GROUP

REITs – Overnight Price: $23.79

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

Following FY25 results, Charter Hall is well positioned to benefit from a cyclical property recovery, suggests Jarden. Moderating interest rates, rising transaction volumes and stronger equity flows are expected to support growth.

Management is targeting 10.6% operating EPS growth in FY26, underpinned by capital raising success, new mandates and controlled costs.

The broker highlights transaction activity has shifted from discussion to execution, including a mandate win from Elanor Investors ((ENN)).

While the Charter Hall valuation is not cheap, the analysts explain earnings remain highly sensitive to volumes, with every additional $1bn of acquisitions in FY26 lifting operating EPS growth by around 200bps.

The development pipeline has expanded to $17bn, skewed to logistics and office, explains the broker, with longer-term optionality from $3.9bn of pre-approved living and mixed-use projects. 

Jarden raises its target price to $25.10 from $20.70 and retains an Overweight rating.

This report was published on August 21, 2025.

Target price is $25.10 Current Price is $23.79 Difference: $1.31
If CHC meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $20.96, suggesting downside of -11.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 70.90 cents and EPS of 90.20 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.1, implying annual growth of 30.1%.
Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 75.20 cents and EPS of 100.10 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.4, implying annual growth of 13.7%.
Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 23.2.

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

CNI    CENTURIA CAPITAL GROUP

Diversified Financials – Overnight Price: $2.42

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

Centuria Capital’s FY25 operating EPS was in line with expectation but the FY26 guidance beat the consensus by 4% and was up 10% vs FY25.

Operating EBITDA rose to $173m in FY25 from $161m in FY24, despite being negatively impacted by -$4.3m loss from data centre segment, though this is expected to turn profitable in FY26. 

Performance fees lagged but are expected to recover via released performance fees in the next few years as valuations grow.

The broker lifted FY26 net profit forecast by 4.7% and FY27 by 9.2%. Target lifted to $2.45 from $1.95. Rating downgraded to Hold from Buy.

This report was published on August 21, 2025.

Target price is $2.45 Current Price is $2.42 Difference: $0.03
If CNI meets the Moelis target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.12, suggesting downside of -12.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 10.40 cents and EPS of 13.40 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, implying annual growth of 37.4%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 10.60 cents and EPS of 14.70 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 16.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.8, implying annual growth of 8.0%.
Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.4.

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

CNU    CHORUS LIMITED

Telecommunication – Overnight Price: $8.73

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

Chorus has gained approval from the Commerce Commission to deregulate copper services outside fibre areas, highlights Jarden.

The regulator sees sufficient rural competition from satellites and fixed wireless, notes the broker, with copper connections down to 92,000 and falling by 5,000-7,000 per quarter, supporting a fibre-only goal by 2030.

Commentaryt suggests deregulation allows Chorus to start managed withdrawal of copper, with commitments to be agreed with the Minister. While most rural consumers have alternatives, affordability may need targeted support from Government..

Jarden points out deregulation requires only an Order in Council, reducing timing risk, with a wider telecommunications review underway which could further aid Chorus’s transition.

Unchange target price of NZ$8.17. Underweight rating is maintained.

This report was published on August 21, 2025.

Current Price is $8.73. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 52.51 cents and EPS of 1.28 cents.
At the last closing share price the estimated dividend yield is 6.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 682.56.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 53.70 cents and EPS of 12.88 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 67.80.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $33.83

Jarden rates ((FPH)) as Neutral (3) –

Fisher & Paykel Healthcare has issued a trading update with 1H26 revenue guidance of around NZ$1.075bn, up 13%, and profit guidance of around NZ$200m, up 31%.

Full-year FY26 guidance is unchanged at revenue of NZ$2.15bn–NZ$2.25bn and profit of NZ$390m–NZ$440m, compared with Jarden’s NZ$2.27bn and NZ$443m forecasts.

The broker notes retention of guidance implies a minor upgrade given weaker FX, with the tariff impact now -75bps versus -50bps, mostly weighted to 2H.

Hospital growth is likely ahead of Homecare in the first half, suggest the analysts, while growth rates are fading as the company cycles a strong prior period.

Neutral. Target unchanged at NZ$34.50.

This report was published on August 21, 2025.

Current Price is $33.83. Target price not assessed.
Current consensus price target is N/A
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 44.75 cents and EPS of 68.86 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.5, implying annual growth of N/A.
Current consensus DPS estimate is 43.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 51.6.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 51.14 cents and EPS of 78.36 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 43.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.5, implying annual growth of 18.3%.
Current consensus DPS estimate is 50.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 43.7.

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

GMG    GOODMAN GROUP

Infra & Property Developers – Overnight Price: $34.19

Jarden rates ((GMG)) as Buy (1) –

Goodman Group’s FY25 operating EPS beat Jarden’s forecast by 0.3% but met the consensus.

The broker notes data centre development pipeline is expanding, with Work in Progress expected to rebound from below $13bn in FY25 to  over $15bn by 1H26, supported by new projects in Paris, Artarmon, and others.

The broader development pipeline remains large at over $100bn and continues to grow with new global sites. The company raised a record $4.2bn equity in FY25, supporting new data centre capital partnerships.

Minor changes to FFO forecasts to reflect the data centre pipeline momentum and partnerships. Target rises to $41.10 from $39.00 on roll forward.

Buy retained. The broker sees the stock as its highest quality pick in the sector with impressive growth outlook.

This report was published on August 21, 2025.

Target price is $41.10 Current Price is $34.19 Difference: $6.91
If GMG meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $37.64, suggesting upside of 10.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 30.00 cents and EPS of 130.40 cents.
At the last closing share price the estimated dividend yield is 0.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 130.0, implying annual growth of 52.2%.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 26.3.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 30.00 cents and EPS of 146.70 cents.
At the last closing share price the estimated dividend yield is 0.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.3, implying annual growth of 10.2%.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 23.9.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $0.84

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

Healius reported FY25 revenue of $1.34bn, up 6% year-on-year, but underlying earnings (EBITDA) fell -17% to $239m, observes Wilsons.

Pathology remained the key driver with $1.3bn revenue and a margin contraction of around -55bps due to higher labour costs, now 51% of sales, highlight the analysts. Underlying profit remained a loss after a -$495m impairment in Pathology.

Maiden FY26 guidance points to pathology revenue growth of around 5% and higher Agilex contributions, suggests the broker, with $15.8m in cost savings targeted. Profitability is expected to skew to H2 due to seasonal revenue and timing of cost benefits.

Wilsons lower forecasts reflect higher labour costs, modest revenue adjustments and weaker earnings, leading to EPS forecast cuts of -6% to -15%.

The 12-month target price falls -13% to 65c. Market Weight rating retained.

This report was published on August 22, 2025.

Target price is $0.65 Current Price is $0.84 Difference: minus $0.19 (current price is over target).
If HLS meets the Wilsons target it will return approximately minus 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.84, suggesting upside of 0.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 1.00 cents and EPS of 0.80 cents.
At the last closing share price the estimated dividend yield is 1.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 105.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.3, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 25.5.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 2.00 cents and EPS of 2.20 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.7, implying annual growth of 72.7%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 14.7.

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

HSN    HANSEN TECHNOLOGIES LIMITED

IT & Support – Overnight Price: $5.50

Moelis rates ((HSN)) as Buy (1) –

Moelis notes Hansen Technologies’ FY25 result showed higher licence fee but lower recurring revenue than forecast, with licence fees accounting for 13% of revenue or $49.2m.

This is unlikely to be repeated in FY26, with the broker seeing a -4% headwind from licence fee contribution. Offsetting this are higher services revenues from the VMO2 agreement and resumption of delayed FY25 work in the Energy and Utilities segment.

The company made significant cost reductions in FY25, including reduction in headcounts, prompting the broker to cut its FY26 costs forecast.

Overall, for FY26 the broker’s underlying earnings (EBITDA) are trimmed by -2.6%. Management didn’t provide specific FY26 guidance.

Buy. Target cut to $6.50 from $6.60.

This report was published on August 20, 2025.

Target price is $6.50 Current Price is $5.50 Difference: $1
If HSN meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $7.03, suggesting upside of 27.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 11.20 cents and EPS of 27.90 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.4, implying annual growth of 19.4%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 12.60 cents and EPS of 30.90 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.9, implying annual growth of 13.8%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 19.0.

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

NWH    NRW HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $3.83

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

NRW Holdings reported FY25 profit of $127m, broadly in line with consensus, with impairments of around -$132m on trade receivables now largely behind it, suggests Jarden.

Commentary posits cash conversion was 83%, and the order book remains strong.

Concerns in coal from wet weather and customer issues are easing, observe the analysts, with earnings (EBITA) margins expected to hold near 7% through FY26.

Work-in-hand stands at $4.2bn, covering 88% of FY26 revenue guidance. Jarden suggests tenders of $2.9bn provide further visibility.

Management has guided to FY26 revenue above $3.4bn and earnings of $218m–$228m, with the broker forecasting $224m, slightly above the midpoint.

Jarden raises its target price to $3.60 from $3.40 and retains an Overweight rating.

This report was published on August 22, 2025.

Target price is $3.60 Current Price is $3.83 Difference: minus $0.23 (current price is over target).
If NWH meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.81, suggesting downside of -0.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 17.30 cents and EPS of 31.00 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 12.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of 403.3%.
Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 19.80 cents and EPS of 35.50 cents.
At the last closing share price the estimated dividend yield is 5.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.9, implying annual growth of 7.9%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $36.31

Jarden rates ((NWL)) as Upgrade to Neutral from Underweight (3) –

Jarden raises its target for Netwealth Group to $34.60 from $29.90 and upgrades to Neutral from Underweight following FY25 results.

The group reported FY25 profit of $116.5m, a slight miss compared to forecasts by the broker and consensus due to higher cost growth. Revenues were broadly in line with stronger contributions from management and ancillary fees.

Costs rose/deteriorated -8% in 2H25 against guidance of -5%, with spend directed toward growth initiatives, explain the analysts.

A key negative feature in the broker’s view, was new quantitative guidance for FY26 net flows, set around -$1bn below consensus.

The analysts feel this projection is conservative given the company’s growth track record, intact operational drivers and year-to-date flows implying stronger momentum.

This report was published on August 21, 2025.

Target price is $34.60 Current Price is $36.31 Difference: minus $1.71 (current price is over target).
If NWL meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $33.38, suggesting downside of -8.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 49.60 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 61.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of 15.1%.
Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 66.3.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 59.50 cents and EPS of 70.80 cents.
At the last closing share price the estimated dividend yield is 1.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.5, implying annual growth of 17.7%.
Current consensus DPS estimate is 52.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 56.3.

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

OCL    OBJECTIVE CORPORATION LIMITED

IT & Support – Overnight Price: $20.55

Moelis rates ((OCL)) as Hold (3) –

Objective Corp reported FY25 annual recurring revenue (ARR) of $120m, up 15% and in line with management’s targets, observes Moelis.

The broker points to momentum in Nexus, with the Scottish Government conversion and ARR uplifts of up to 2.5 times from migrations.

Planning & Building ARR grew 31%, supported by consolidation in New Zealand and pricing, explains the analyst, while Australian Build revenue is expected from FY26.

Cash earnings margins rose to 21.7%, with management also exploring AI productivity gains, notes the analyst.

Moelis lifts its estimates on stronger ARR and Nexus progress, raising its target price to $24.29 from $20.19. A Hold rating is maintained.

This report was published on August 21, 2025.

Target price is $24.29 Current Price is $20.55 Difference: $3.74
If OCL meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $20.93, 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 24.00 cents and EPS of 39.70 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.7, implying annual growth of 4.1%.
Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 53.1.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 27.00 cents and EPS of 44.50 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of 11.9%.
Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 47.5.

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

PWR    PETER WARREN AUTOMOTIVE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $1.88

Jarden rates ((PWR)) as Upgrade to Buy from Neutral (1) –

Peter Warren Automotive’s FY25 result highlighted the company is on the right track to recovery, with margins improving on inventory and cost saving initiatives, and interest rate offering tailwinds.

Underlying profit before tax (PBT) was pre-reported, and 2H25 gross margin of 16.1% was 10bps higher than Jarden and consensus.

The broker sees the company as a late-stage beneficiary of lower interest rates, and believes its 1.2% FY26 pre-tax profit growth  forecast is conservative.

FY26 EPS forecast upgraded by 33% and FY27 by 17% driven by gross profit margin upgrades, lower operating expenses and lower net interest expense, partly offset by -1% revenue downgrades.

Target lifted to $2.30 from $1.45. Rating upgraded to Buy from Neutral.

This report was published on August 21, 2025.

Target price is $2.30 Current Price is $1.88 Difference: $0.42
If PWR meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $2.02, suggesting upside of 7.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.50 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of 67.9%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 11.20 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 5.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.0, implying annual growth of 27.1%.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 4.9%.
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

---

Moelis rates ((PWR)) as Upgrade to Buy from Hold (1) –

Following FY25 results by Peter Warren Automotive, Moelis raises its target to $2.38 from $1.85 and upgrades to Buy from Hold.

Profit before tax fell -61% to $22.3m, impacted by weak 1H25 trading, oversupply of BEVs and stronger OEM competition, explains the broker.

However, the analyst points to improving 2H25 margins via cost-outs and better inventory management.

The company reported FY25 revenue of $2.48bn, broadly flat year-on-year, with gross margins down to 16.1% from 16.9%. 

Operating costs fell by -$6.4m, with further savings expected in FY26. Inventory days improved to 59 from 61, net debt reduced to $47m, and operating cash flow was $68.2m.

No quantified guidance was provided, though management expects earnings growth in FY26. Stronger order writes, cost reductions and stabilising gross margins drive the broker’s EPS upgrades of 23-33% over FY26-FY28.

A final dividend of 4c took the FY25 payout to 5.6c, down -61%.

This report was published on August 21, 2025.

Target price is $2.38 Current Price is $1.88 Difference: $0.5
If PWR meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $2.02, suggesting upside of 7.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 7.50 cents and EPS of 12.50 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of 67.9%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 8.50 cents and EPS of 14.10 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 13.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.0, implying annual growth of 27.1%.
Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 4.9%.
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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $4.24

Jarden rates ((QUB)) as Neutral (3) –

Qube Holdings’ FY25 underlying net profit beat guidance with 6% growth but this fell short of Jarden and consensus’ forecasts for 7% growth. 

The broker notes logistics business drove the beat to guidance, with underlying EBITDA margin rising 150bps and heavily skewed to 2H. Bulk and grain performance were mixed and forestry rebound in NZ is expected in FY26.

FY26 guidance is for solid net profit growth of 6-10%. The broker is forecasting 11% growth, down from 13% previously estimated. 

FY26-28 EBIT forecasts largely unchanged. Neutral. Target rises to $4.25 from $3.90 on roll-forward and higher multiple.

This report was published on August 22, 2025.

Target price is $4.25 Current Price is $4.24 Difference: $0.01
If QUB meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.56, suggesting upside of 7.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 9.50 cents and EPS of 16.90 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of 173.4%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 11.40 cents and EPS of 20.40 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 9.7%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 22.1.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SHA    SHAPE AUSTRALIA CORPORATION LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $4.30

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

In line with Petra Capital’s forecast and management’s guidance, Shape Australia reported FY25 profit before tax of $30.4m.

The order book grew to $4.0bn, supported by strong contributions from Victoria and emerging sectors including modular, hotels and education.

Commentary highlights gross margins expanded 9bps year-on-year to 9.17%, aided by larger projects closing and a modular contribution, with FY26 margins expected to normalise to around 9.22%.

Earnings (EBITDA) rose 26.3% to $32.7m, benefiting from a one-off modular project and tighter cost control.

Petra Capital retains a Hold rating and raises its target by 19.5% to $4.30. It’s noted the stock trades at a 16.5% premium to peers with some cyclical risk.

This report was published on August 21, 2025.

Target price is $4.30 Current Price is $4.30 Difference: $0
If SHA meets the Petra Capital target it will return approximately 0% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 24.70 cents and EPS of 27.40 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.69.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 27.90 cents and EPS of 31.00 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 13.87.

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

SHL    SONIC HEALTHCARE LIMITED

Healthcare services – Overnight Price: $24.12

Jarden rates ((SHL)) as Neutral (3) –

Jarden notes Sonic Healthcare’s FY25 adjusted EBITDA missed the consensus by -2%, and net profit missed consensus by -3.8% and the broker’s forecast by -2%.

The drivers of weakness included Cyclone Alfred impact in Australia in 2H, US impacted by West Division sale, payor loss and cyber disruption, and Germany hit by KV quota cuts.

FY26 EBITDA guidance was slightly weaker than expected, and at the net profit line was -8% below the broker’s forecast on incremental D&A, interest and tax.

The broker trimmed FY26 EBITDA forecast by -1.5% and FY27 by -1.3%, with deeper cuts to net profit forecasts.

Neutral. Target cut to $27.92 from $29.84.

This report was published on August 22, 2025.

Target price is $27.92 Current Price is $24.12 Difference: $3.8
If SHL meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $28.30, suggesting upside of 17.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 97.00 cents and EPS of 121.50 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.9, implying annual growth of 13.0%.
Current consensus DPS estimate is 109.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 108.70 cents and EPS of 149.20 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 133.6, implying annual growth of 10.5%.
Current consensus DPS estimate is 109.0, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 18.1.

Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

---

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

Sonic Healthcare posted FY25 revenue of $9.65b, up 8%, with earnings of $1.73b in line with guidance. Profit of $910m rose 10%, though results were slightly below Wilsons’ forecasts.

The broker highlights US organic revenue fell -1%, dragging down group growth, with contract losses in Alabama partly offset by a New Jersey win.

US peers outperformed, underscoring to the analysts Sonic’s relative weakness.

FY26 guidance of $1.87b–$1.95bn in earnings (constant currency) missed Wilsons’ forecast by -6%.

Wilsons cuts its target price to $29 from $32 and retains an Overweight rating.

This report was published on August 22, 2025.

Target price is $29.00 Current Price is $24.12 Difference: $4.88
If SHL meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $28.30, suggesting upside of 17.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 110.00 cents and EPS of 114.80 cents.
At the last closing share price the estimated dividend yield is 4.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.9, implying annual growth of 13.0%.
Current consensus DPS estimate is 109.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 112.00 cents and EPS of 128.70 cents.
At the last closing share price the estimated dividend yield is 4.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 133.6, implying annual growth of 10.5%.
Current consensus DPS estimate is 109.0, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 18.1.

Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SXE    SOUTHERN CROSS ELECTRICAL ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $1.92

Moelis rates ((SXE)) as Buy (1) –

Moelis highlights Southern Cross Electrical Engineering’s FY25 result reached new record levels on revenue, EBITDA and net profit, and broadly met its forecasts and consensus.

A rebound of 100bps in gross profit margin in 2H was among the highlights. Infrastructure revene was the key driver, up 11% y/y, offsetting the decline in commercial and resources revenue.

FY26 EBITDA guidance of $65-68m represents 18-24% y/y growth vs FY25, with the broker noting infrastructure order book is 66% of the total order book.

FY26 EPS forecast trimmed by -4% but FY27 lifted by 0.1%. Buy. Target lifted to $2.35 from $2.20.

This report was published on August 20, 2025.

Target price is $2.35 Current Price is $1.92 Difference: $0.43
If SXE meets the Moelis target it will return approximately 22% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 7.50 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.89.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 7.50 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.31.

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

SYL    SYMAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.74

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

Symal Group has announced its first civil acquisition with the -$35m purchase of Locale Civil, which Petra Capital views favourably. The deal expands reach in civil, adds high-margin earnings and aligns with strategy, explains the analyst.

Locale Civil holds a $230m six-year contract expected to contribute $6m in FY26 earnings, with funding drawn from Symal’s $100m liquidity. Commentary suggests this leaves $65m for further acquisitions.

The new business is capital light, focused on excavation, trenching and traffic management. Petra Capital factors no synergies into forecasts.

The broker anticipates additional acquisitions in contracting and growth driven by market share gains, geographic expansion and recycling investment.

Petra Capital raises its target to $2.85 from $2.55 and retains a Buy rating.

This report was published on August 22, 2025.

Target price is $2.85 Current Price is $1.74 Difference: $1.11
If SYL meets the Petra Capital target it will return approximately 64% (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 5.80 cents and EPS of 18.60 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.35.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 12.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 6.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.25.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $18.76

Jarden rates ((TLX)) as Buy (1) –

Telix Pharmaceuticals’ 1H25 result was slightly below Jarden’s expectations due to higher R&D spend, though FY25 guidance for 20-25% growth was reaffirmed.

The gross margin of 53.4% was below guidance from cost reallocation, with earnings (EBIT) unaffected as operating expenses were lower, explain the analysts.

Management has built the infrastructure to scale new product sales, points out Jarden.

The broker raises its target price to $28.13 from $27.61 and retains a Buy rating. The share price is down around -31% in a month creating a more attractive entry point, suggests Jarden.

This report was published on August 22, 2025.

Target price is $28.13 Current Price is $18.76 Difference: $9.37
If TLX meets the Jarden target it will return approximately 50% (excluding dividends, fees and charges).
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 minus 1.86 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1009.69.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 15.95 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 117.60.

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $8.56

Jarden rates ((UNI)) as Buy (1) –

Jarden assesses Universal Store’s FY25 result as strong, with EBIT in line with expectation but gross profit margin beating by 62bps due to strong product mix and lower discounting.

The trading update for FY25 to-date was strong with Universal Store like-for-like sales up 10.7% y/y vs higher comp of 12.5%. Perfect Stranger sales rose 19.3% y/y vs 19.3%, and CTC was up 4% vs 22.4%.

The broker reckons the momentum is strong but could get tougher through FY26. Net profit forecast for FY26 trimmed by -3% but no change to FY27 forecast.

Buy. Target lifted to $10.69 from $10.38.

This report was published on August 21, 2025.

Target price is $10.69 Current Price is $8.56 Difference: $2.13
If UNI meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $10.66, suggesting upside of 24.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 52.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.4, implying annual growth of 72.6%.
Current consensus DPS estimate is 39.1, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 59.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.4, implying annual growth of 11.5%.
Current consensus DPS estimate is 43.2, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 14.7.

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

VAU    VAULT MINERALS LIMITED

Gold & Silver – Overnight Price: $0.50

Jarden rates ((VAU)) as Buy (1) –

Vault Minerals’ FY25 underlying EBITDA of $619m met Jarden’s forecast but net profit missed by -26% due to higher D&A and non-cash tax charges.

The broker made minimal changed to operational forecasts, including leaving FY26 production outlook of 356koz unchanged. Cost forecast was lifted slightly to $2,607/oz from $2,601/oz.

Gold price forecast was lifted to US$3,175/oz from US$3,050, leading to a 7% rise in FY26 EBITDA forecast.

The company announced share buyback of up to 10% of issued capital, supported by $674m cash.

Buy. Target rises marginally to 51c from 50c. 

This report was published on August 21, 2025.

Target price is $0.51 Current Price is $0.50 Difference: $0.01
If VAU meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting upside of 20.0%(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 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.4, implying annual growth of 26.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 4.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.2, implying annual growth of 18.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.6.

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

---

Moelis rates ((VAU)) as Buy (1) –

Vault Minerals’ FY25 revenue was broadly in line with Moelis’ forecast but EBITDA of $618.7m beat expectation of $591.1m. Cash balance was healthy at $674.2m and higher than the broker’s $664.6m.

The key takeaway was announcement about $280m share buyback over the next 12 months. The broker notes it highlights the company’s conviction about its health, and a buyback will also help to provide a bid for the stock on volatile days.

Minor changes to forecasts. Buy. Target trimmed to 67c from 69c.

This report was published on August 22, 2025.

Target price is $0.67 Current Price is $0.50 Difference: $0.17
If VAU meets the Moelis target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting upside of 20.0%(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 3.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.4, implying annual growth of 26.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.2, implying annual growth of 18.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.6.

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

---

Disclaimer:
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.

<span style="

Click to view our Glossary of Financial Terms