Australian Broker Call *Extra* Edition – Aug 27, 2025

This story features AIC MINES LIMITED, and other companies.
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The company is included in 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)

A1M   AEE   AMA   AZY   CDA   CEH   CGS   EGH   EGL   EOS   EQT   GMD   HLS   IPH   LBL   MGH   MP1   NSR   NST   NWH (2)   NWL   RIC   RRL   RSG   SBM   SPZ   SUL   TLX   UNI   VAU  

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.33

Moelis rates ((A1M)) as Buy (1) –

Moelis notes AIC Mines’ FY25 revenue came in line with its forecast and EBITDA exceeded, but reported net profit was lower than estimated.

Net profit was impacted by higher D&A and higher-than-expected net interest expense.

Minor revisions to forecasts. Buy. Target unchanged at 40c.

This report was published on August 22, 2025.

Target price is $0.40 Current Price is $0.33 Difference: $0.075
If A1M meets the Moelis target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting upside of 84.6%(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 2.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.0, implying annual growth of 15.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY27:

Moelis forecasts a full year FY27 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 8.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.0, implying annual growth of 66.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.5.

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

AEE    AURA ENERGY LIMITED

Energy – Overnight Price: $0.16

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

Petra Capital highlights recent events that show growing alignment between the US and Mauritania which will help mitigate perceived country risk, and likely broaden the potential investor base for Aura Energy.

Earlier this month, the company’s Tiris project secured four-year offtake agreement with a Fortune 500 US utility. In June, the US DFC was confirmed as development bank engaged in debt funding discussions for Tiris.

In July, Mauritania was invited to US trade-focused “Mini-Summit” (only five African nations were chosen). 

Buy. Target trimmed to 38c from 40c.

This report was published on August 22, 2025.

Target price is $0.38 Current Price is $0.16 Difference: $0.22
If AEE meets the Petra Capital target it will return approximately 138% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 26.67.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 53.33.

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

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.10

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

AMA Group’s FY25 revenue of $1.01bn beat Canaccord Genuity’s forecast of $943m on strong volumes in 2H25. EBITDA pre-AASB16 of $62.6m also beat the broker’s forecast, while core EBITDA was up 35% y/y.

Capex was higher at -$30.5m vs the broker’s -$25m forecast but this was due to higher spend in 2H on investments into equipment and site expansion. The company expects -$40m capex in FY26 before normalisation in FY27.

FY26 pre-AASB16 EBITDA guidance of $70-75m is 16% higher y/y at the midpoint, and the broker reckons it is achievable. After factoring in the result and guidance, pre-AASB16 EBITDA forecast rose 3% for FY26 and 8% and FY27.

Buy. Target rises to 15c from 13c.

This report was published on August 25, 2025.

Target price is $0.15 Current Price is $0.10 Difference: $0.05
If AMA meets the Canaccord Genuity target it will return approximately 50% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.00.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.29.

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

AZY    ANTIPA MINERALS LIMITED

Mining – Overnight Price: $0.62

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

Antipa Minerals published the third batch of drilling results from the Phase 1 drill program at the Minyari Dome gold project, marking 60% of the result release to date.

Canaccord Genuity notes the latest result extended Fiama mineralisation and confirmed a new discovery at Rizzo. Strong Fiama intercepts demonstrate grade and scale uplift potential, reinforcing the project’s development credentials.

Commentary suggests the balance sheet with $71m cash supports accelerated exploration and derisks study work, while momentum into Phase 2 and the 2026 PFS suggests further re-rating potential if resource growth continues.

Speculative Buy. Target lifted to $1.10 from $1.04 after updating model to reflect latest quarterly report and $40m capital raise.

This report was published on August 25, 2025.

Target price is $1.10 Current Price is $0.62 Difference: $0.48
If AZY meets the Canaccord Genuity target it will return approximately 77% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.67.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.67.

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

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $30.60

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

Petra Capital highlights solid FY25 result from Codan and an impressive earnings guidance for FY26.

Communications segment had stronger revenue growth but Minelab was an overall better performer due to stronger margins. Net debt reduced by -$45.8m to $78.3m from solid cash flow and dividend rose 27%.

FY26 guidance pointed to further revenue and margin growth across both segments. The broker lifted FY26 EPS forecast by 7% and FY27 by 12%.

Hold. Target lifted to $25.44 from $16.22, with the broker noting finely balanced risk/reward at current share price.

This report was published on August 22, 2025.

Target price is $25.44 Current Price is $30.60 Difference: minus $5.16 (current price is over target).
If CDA meets the Petra Capital target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $24.48, suggesting downside of -20.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 38.00 cents and EPS of 75.70 cents.
At the last closing share price the estimated dividend yield is 1.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.42.

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 1.1%.
Current consensus EPS estimate suggests the PER is 42.0.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 44.00 cents and EPS of 87.60 cents.
At the last closing share price the estimated dividend yield is 1.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.93.

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 35.0.

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

CEH    COAST ENTERTAINMENT HOLDINGS LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.39

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

Coast Entertainment published preliminary FY25 result in late-July, so a lot of FY25 numbers were pre-released. 

Canaccord Genuity highlights theme parks EBITDA ex specific items of $8.8m beat its forecast of $8.1m, with the strength coming from COGS efficiencies (sourcing), rather than the expected operating leverage.

Capex was slightly higher than expected due to King Claw project spend being pulled forward. FY26 guidance is for -$16m capex split between maintenance and growth.

Early FY26 momentim was strong with revenue up 16% y/y. The broker lifted FY26-27 revenue forecasts by 2%.

Buy. Target lifted to 64c from 60c.

This report was published on August 25, 2025.

Target price is $0.64 Current Price is $0.39 Difference: $0.25
If CEH meets the Canaccord Genuity target it will return approximately 64% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 39.00.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.

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

CGS    COGSTATE LIMITED

Medical Equipment & Devices – Overnight Price: $1.80

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

Canaccord Genuity notes Cogstate’s FY25 revenue of US$53.1m came in line with guidance and its forecast. The highlight were very strong new contract executions of US$40.1m and FY26 to-date also impressed at US$14.1m.

The broker suggests a shift towards multiple smaller contracts across broader indications (schizophrenia, bipolar, depression, Alzheimer’s) rather than one-off large deals improves revenue visibility and sustainability.

The company guided to revenue growth in FY26 but didn’t quantify. The broker sees -300bp impact on EBITDA from spending to support new contracts and investments, but expects longer-term EBITDA margin at 30%.

Buy. Target lifted to $2.19 from $1.85.

This report was published on August 22, 2025.

Target price is $2.19 Current Price is $1.80 Difference: $0.39
If CGS meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 1.70 cents and EPS of 8.67 cents.
At the last closing share price the estimated dividend yield is 0.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.75.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 2.94 cents and EPS of 10.07 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 17.88.

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

EGH    EUREKA GROUP HOLDINGS LIMITED

Aged Care & Seniors – Overnight Price: $0.52

Moelis rates ((EGH)) as Buy (1) –

Eureka Group’s FY25 underlying EPS of 3.13c was in line with Moelis’ forecast but FY26 EPS guidance was -5% below previous estimate.

Earnings growth is dependent on capital deployment into acquisitions & developments following the Nov 2024 equity raise, but -$100m of potential acquisitions are currently under negotiation. The broker therefore left earnings outlook unchanged.

Operating performance was solid and development pipeline points to -$100m in capex at yields above portfolio average cap rate of 8.3%.

Gearing rose to 18.5% from 13.5% in December, and the broker expects it to reach 30% by June 2027.

Buy. Target unchanged at 69c.

This report was published on August 22, 2025.

Target price is $0.69 Current Price is $0.52 Difference: $0.17
If EGH meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 1.60 cents and EPS of 3.40 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.29.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 1.90 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 3.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.00.

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

EGL    ENVIRONMENTAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.25

Moelis rates ((EGL)) as Buy (1) –

Environmental Group’s FY25 underlying EBITDA of $11.1m was up 9.9% y/y but came at the lower end of guidance.

After 1H was impacted by Baltec cost issue, the 2H rebound was supported by Advanced Boilers acquisition and technology awards (EGL Waste, PFAS Extraction).

Energy division was the key contributor while Clean Air lagged and Waste Services outperformed with a 328% y/y growth.

FY26 guidance for 15-20% EBITDA growth fell short of the broker’s forecast, prompting a -12% downgrade to forecast. FY27 EBITDA was also trimmed by -9%.

Buy. Target trimmed to 33c (was 36c on April 7).

This report was published on August 21, 2025.

Target price is $0.33 Current Price is $0.25 Difference: $0.08
If EGL meets the Moelis target it will return approximately 32% (excluding dividends, fees and charges).
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 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.71.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.90.

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

EOS    ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED

Hardware & Equipment – Overnight Price: $5.40

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

Electro Optic Systems’ 1H25 revenue was down -58% y/y due to unwinding of a major Middle Eastern contract, but beat Canaccord Genuity’s forecast by 5%. 

The company didn’t provide an explicit FY25 guidance but reiterated revenue will be 2H25 weighted and remains comfortable with consensus forecast. The broker is forecasting $155m vs consensus of $158m.

The broker reckons the strategic shift into High Energy Laser market with US$125m contract is transformational for the company. Strong backlog and pipeline also give comfort on multi-year growth.

FY25-26 revenue forecasts lifted by 2%. Buy. Target lifted to $5.45 from $4.30.

This report was published on August 22, 2025.

Target price is $5.45 Current Price is $5.40 Difference: $0.05
If EOS meets the Canaccord Genuity target it will return approximately 1% (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 21.39 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.25.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 11.03 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 48.96.

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

EQT    EQT HOLDINGS LIMITED

Diversified Financials – Overnight Price: $28.90

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

Wilsons highlights EQT Holdings’ FY25 funds under management, administration and supervision (FUMAS) was 4% ahead of its forecast. Net profit was up 4% y/y but 2H marked a sharp improvement, up 20% sequentially, and 14% y/y.

The broker upgraded FY26 FUMAS forecast by 12% and FY27 by 15%. Revenue forecast, however, was raised by only 2% for FY26-27 due to mix effect.

Overall, the broker reckons the company delivered a much-improved 2H25 with clear operating leverage, strong FUMAS momentum and pipeline visibility, plus a strengthened balance sheet.

Near-term catalysts include potential M&A, capital management initiatives, and continued FUMAS tailwinds.

Overweight. Target rises to $37 from $36.

This report was published on August 22, 2025.

Target price is $37.00 Current Price is $28.90 Difference: $8.1
If EQT meets the Wilsons target it will return approximately 28% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 117.00 cents and EPS of 168.30 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.17.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 122.00 cents and EPS of 181.60 cents.
At the last closing share price the estimated dividend yield is 4.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.91.

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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $4.29

Moelis rates ((GMD)) as Hold (3) –

Genesis Minerals’ FY25 revenue was higher than Moelis’ forecast, and EBIT and adjusted net profit were broadly in line.

FY26 production is forecast at 260-290koz at cost of $2,500-2,700/oz, prompting the broker to lift production estimate by 22koz and lifting cost estimate by $100/oz.

The broker also lifted growth capex to -$160m from -$100m to match the guidance, while also raising exploration expense.

The broker revised near to medium-term assumption, noting cost risk is to the upside, but needs more time to assess the cost/benefit of expansions.

Hold. Target trimmed to $4.30 from $4.35.

This report was published on August 22, 2025.

Target price is $4.30 Current Price is $4.29 Difference: $0.01
If GMD meets the Moelis target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 8.0%(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 27.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.4, implying annual growth of 54.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 37.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of -4.8%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 14.3.

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

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $0.94

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

Healius’ FY25 EBIT of $17.1m met consensus but fell short of Jarden’s forecast of $20.7m. Pathology EBIT margin worsened by -110bps y/y in 2H25 but this was expected.

Still, the broker took comfort from Pathology margin improvement in 2H to 3.6% from 0.6% in 1H. The company guided to 5% revenue growth in FY26 and while the broker upgraded its forecast, it is not convinced 5% growth will be achieved.

The bigger concern was net cash position which came in at $57.2m vs estimate of $196m, and the broker could only explain -$65m of the variance. 

Overall, FY26 EBIT forecast trimmed by -1.2% but FY27 lifted by 0.2%.

Underweight. Target rises to 81c from 79c on earnings revisions, roll-forward and lower risk-free rates.

This report was published on August 21, 2025.

Target price is $0.81 Current Price is $0.94 Difference: minus $0.13 (current price is over target).
If HLS meets the Jarden target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.84, suggesting downside of -10.6%(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 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 72.31.

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 0.5%.
Current consensus EPS estimate suggests the PER is 28.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 1.70 cents and EPS of 3.00 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.33.

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 1.6%.
Current consensus EPS estimate suggests the PER is 16.5.

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

IPH    IPH LIMITED

Legal – Overnight Price: $4.78

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

Petra Capital notes IPH Ltd’s FY25 EBITDA of $207.2m fell slightly short of its forecast and the consensus. Organic EBITDA in constant currency terms fell -3.9% y/y reflecting challenging conditions in Australia/NZ and in Asia.

Canada performed better than expected, making up for the shortfall in Australia/NZ and Asia, and in FY26 the broker expects Canada and Asia to return to organic growth. Australia/NZ contribution is expected to be flat.

Overall, the broker believes external filing headwinds remain the main risk, but restructuring and diversification (Canada/Asia) offer support. Long-term China/Asia growth potential remains a positive strategic lever.

Buy. Target unchanged at $8.

This report was published on August 22, 2025.

Target price is $8.00 Current Price is $4.78 Difference: $3.22
If IPH meets the Petra Capital target it will return approximately 67% (excluding dividends, fees and charges).
Current consensus price target is $6.23, suggesting upside of 30.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 37.50 cents and EPS of 50.40 cents.
At the last closing share price the estimated dividend yield is 7.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.4, implying annual growth of 91.1%.
Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 39.50 cents and EPS of 53.30 cents.
At the last closing share price the estimated dividend yield is 8.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.2, implying annual growth of 1.6%.
Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 8.0%.
Current consensus EPS estimate suggests the PER is 9.5.

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

LBL    LASERBOND LIMITED

Mining Sector Contracting – Overnight Price: $0.52

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

Canaccord Genuity notes Laserbond’s FY25 result was in line with the strong 2H flagged in the July trading update. Gross margin expansion was the standout feature, improving to 54% in 2H (+40bps sequentially).

Services growth remained very strong, Products returned to growth, while Technology was lumpy as expected. Revenue of $43.5m was up 4% y/y but slightly below forecast.

The broker upgraded revenue and EBITDA forecasts for the two main operating segments for FY26-27 but lowered for Technology, resulting in a -2% cut to forecasts.

Buy. Target trimmed to 80c from 85c.

This report was published on August 22, 2025.

Target price is $0.80 Current Price is $0.52 Difference: $0.28
If LBL meets the Canaccord Genuity target it will return approximately 54% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 1.30 cents and EPS of 4.80 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.83.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 1.40 cents and EPS of 7.10 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 7.32.

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

MGH    MAAS GROUP HOLDINGS LIMITED

Building Products & Services – Overnight Price: $4.44

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

Wilsons notes Maas Group’s FY25 EBITDA came at the lower end of guidance and was in line with consensus. The 6% y/y growth was driven by organic and acquisition growth in Civil & Mining, and higher fair value gains in Real Estate.

Offsetting this was drag from Civil, Construction & Hire due to delay in contract starts. Overall, 2H25 improved vs 1H, and the broker expects the momentum to continue into FY26.

Modest EBITDA downgrades over the forecast period rebased off FY25 result. Net profit forecasts saw deeper cuts due to higher D&A and interest.

Overweight. Target cut marginally to $4.74 from $4.75.

This report was published on August 22, 2025.

Target price is $4.74 Current Price is $4.44 Difference: $0.3
If MGH meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 10.00 cents and EPS of 28.30 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.69.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 12.00 cents and EPS of 35.80 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.40.

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

MP1    MEGAPORT LIMITED

Cloud services – Overnight Price: $16.19

Jarden rates ((MP1)) as Upgrade to Buy from Overweight (1) –

The highlight of Megaport’s FY25 result for Jarden was the reacceleration in annual recurring revenue which was in line with its forecast but beat consensus by 2.1%.

The broker notes this is rare among the company’s software/network as a service peers. Net revenue retention was steady at 107%, supportive of future growth.

FY26 revenue guidance of $260-270m is 4.2% above consensus at midpoint, though the EBITDA implied in the margin was -19% below consensus of $69.5m. The company is increasing headcount, suggesting accelerating product build-out.

The broker upgraded FY26 revenue forecast by 3.8% and FY27 by 8.6% but cut underlying EBITDA forecasts on higher opex.

Target lifted to $16.77 from $10.67 on roll-forward and increare in terminal value growth rate. Rating upgraded to Buy from Overweight.

This report was published on August 22, 2025.

Target price is $16.77 Current Price is $16.19 Difference: $0.58
If MP1 meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $14.51, suggesting downside of -10.4%(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 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8095.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 426.05.

How do these forecasts compare to market consensus projections?

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

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

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.42

Jarden rates ((NSR)) as Buy (1) –

National Storage REIT’s FY25 operating EPS marginally missed Jarden’s forecast by -0.3%. The key takeway for the broker was earnings and valuation upside from the company’s disclosure, though execution will remain a risk.

Specifically, the broker notes only 38% of the assets are in the mature bucket, indicating significant runway to lift occupancy and pricing acoss the rest.

Development pipeline of 489sqm of net lettable area across 54 projects suggests further upside potential. FY26 FFO forecast trimmed by -0.6% but FY27 lifted by 1.1%.

Buy. Target lifted to $2.90 from $2.80.

This report was published on August 21, 2025.

Target price is $2.90 Current Price is $2.42 Difference: $0.48
If NSR meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.53, suggesting upside of 4.6%(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 11.50 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of -27.3%.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 12.30 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 5.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.2, implying annual growth of 6.5%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 18.3.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $18.60

Jarden rates ((NST)) as Neutral (3) –

Jarden describes Northern Star Resources’ FY25 result as “reasonably clean” despite missing forecasts on EBITDA, net profit and its estimate of underlying EBITDA.

While the company reported net cash of $1.01bn, the broker trimmed it down to $652m after adjusting for $360m secured asset financing. The impact on valuation is -25c.

Medium-term guidance on Thunderbox was lowered, with sustained production target now 250kozpa from 300kozpa on lower grade.

Minimal revisions to the broker’s forecasts but target rises to $15.40 from $15.10. Neutral maintained.

The broker highlights the share price is implying a long-term gold price of US$2,470/oz, well below US$2,950 for key peer Evolution Mining ((EVN)).

This report was published on August 21, 2025.

Target price is $15.40 Current Price is $18.60 Difference: minus $3.2 (current price is over target).
If NST meets the Jarden target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $20.28, suggesting upside of 9.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 107.70 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 121.3, implying annual growth of 7.7%.
Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 60.00 cents and EPS of 95.90 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.0, implying annual growth of -19.2%.
Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 19.0.

Market Sentiment: 0.4
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: $3.85

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

Canaccord Genuity highlights NRW Holdings delivered in-line numbers in a noisy period surrounding the OneSteel/Whyalla saga and issued better-than-expected FY26 guidance.

FY25 revenue was up 12% y/y and broadly in line with the broker’s forecast. EBITDA also met expectation with strong margin improvement recorded in MET.

Lower capex was a positive surprise for the broker, highlighting growth capex discipline. FY26 revenue guidance for over $3.4bn revenue was in line with the broker’s forecast and EBITDA midpoint was 3% above.

Buy. Target lifted to $3.99 from $3.55.

This report was published on August 22, 2025.

Target price is $3.99 Current Price is $3.85 Difference: $0.14
If NWH meets the Canaccord Genuity target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.05, suggesting upside of 5.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 17.70 cents and EPS of 29.90 cents.
At the last closing share price the estimated dividend yield is 4.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.8, implying annual growth of 408.3%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 19.10 cents and EPS of 32.20 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.5, implying annual growth of 5.5%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 11.8.

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

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Moelis rates ((NWH)) as Buy (1) –

Moelis notes NRW Holdings’ FY25 EBITA of $207.9m met consensus and its forecast, and was within guidance.

Cash balance of $265.7m compared with $284.4m at the end of December, with management expecting cash conversion to remain at 80-90%.

Among segments, Civil and Maintenance & Engineering grew strongly, while Mining lagged due to weather impacts. FY26 revenue guidance was for over $3.4bn while EBITA was guided to $218-228m range.

The broker lifted FY26 revenue forecast by 5% and FY27 by 11%, leading to a 4% EPS increase in FY26 and 25% to FY27.

Buy. Target rises to $4.07 from $3.56.

This report was published on August 21, 2025.

Target price is $4.07 Current Price is $3.85 Difference: $0.22
If NWH meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.05, suggesting upside of 5.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 18.00 cents and EPS of 29.80 cents.
At the last closing share price the estimated dividend yield is 4.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.8, implying annual growth of 408.3%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 18.00 cents and EPS of 31.10 cents.
At the last closing share price the estimated dividend yield is 4.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.5, implying annual growth of 5.5%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 11.8.

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: $35.16

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

Wilsons notes Netwealth Group’s FY25 revenue and EBITDA were in line with its forecasts and the consensus. Free cash flow of $117.1m was described as stellar and ahead of its forecast due to lower cash tax payments in the 2H.

The broker highlights strong top-line momentum continuing into FY26, with $2.6bn net flows in 1.5 months. Guidance for FY26 net flows was $15-16bn, similar to FY25.

The broker upgraded FY26 revenue forecast by 2% and FY27 by 1%, but trimmed EBITDA estimates as the company continues to reinvest aggressively.

Market Weight. Target cut to $32.50 from $34.08.

This report was published on August 22, 2025.

Target price is $32.50 Current Price is $35.16 Difference: minus $2.66 (current price is over target).
If NWL meets the Wilsons target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $33.38, suggesting downside of -5.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 44.00 cents and EPS of 55.90 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 62.90.

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 1.3%.
Current consensus EPS estimate suggests the PER is 64.2.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 50.00 cents and EPS of 64.40 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.60.

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 1.5%.
Current consensus EPS estimate suggests the PER is 54.5.

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

RIC    RIDLEY CORPORATION LIMITED

Agriculture – Overnight Price: $3.01

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

Wilsons highlights Ridley Corp’s FY25 EBITDA was 2% above its forecast, and net profit was well above on lower-than-expected tax rate.

The company didn’t provide an explicit guidance for FY26 but expects earnings growth, margin upside from premiumisation of petfood, volume growth from existing and new customers, and on-track settlement in 1Q26 for Fertiliser segment.

The broker has strong conviction in Bulk and P&I segment, but trimmed FY26 net profit forecast by -16% on reduction in Fertiliser EBITDA. FY27 forecast lifted by 5%.

Overweight. Target rises to $3.48 from $3.15 (was $2.93 on February 25).

This report was published on August 22, 2025.

Target price is $3.48 Current Price is $3.01 Difference: $0.47
If RIC meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 10.50 cents and EPS of 15.10 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.93.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 13.50 cents and EPS of 19.40 cents.
At the last closing share price the estimated dividend yield is 4.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.52.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $4.53

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

Regis Resources’ FY25 EBITDA of $780m met Canaccord Genuity’s forecast but net profit of $254m missed by -11% due to higher depreciation and operating costs.

The company ended FY25 with cash/bullion of $517m after repaying -$300m debt. It returned to tax payable state with $100m cash tax expected in 3Q26 vs the broker’s forecast of $98m for 2H26.

FY26 production and cost guidance were unchanged. The broker factored the result into the forecasts, adjusting the cash tax to $149m. FY26 EBITDA forecast trimmed by -2%.

Hold. Target unchanged at $4.25.

This report was published on August 22, 2025.

Target price is $4.25 Current Price is $4.53 Difference: minus $0.28 (current price is over target).
If RRL meets the Canaccord Genuity target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.22, suggesting downside of -6.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 0.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.7, implying annual growth of 41.7%.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 20.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.6, implying annual growth of -42.1%.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 16.4.

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

RSG    RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $0.63

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

Resolute Mining’s 1H25 group EBITDA of US$211m met Canaccord Genuity’s forecast but net income of US$71m fell short of the US$105m forecast due to higher D&A, finance cost and tax.

The company retained FY25 guidance for production and cost, but now expects to meet the lower end of the range due to explosive supply issues at Syama. Accordingly, the broker cut FY25 production forecast by -4% and FY26 by -9%.

Buy. Target trimmed to $1.50 from $1.80.

This report was published on August 22, 2025.

Target price is $1.50 Current Price is $0.63 Difference: $0.87
If RSG meets the Canaccord Genuity target it will return approximately 138% (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 12.39 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.08.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 20.14 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.13.

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

SBM    ST. BARBARA LIMITED

Gold & Silver – Overnight Price: $0.34

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

Petra Capital notes St. Barbara’s underlying loss in FY25 of -$52m was worse than its forecast of -$55m. The year was marked by operational disruptions related to equipment reliability and heavy rainfall.

Cash at the end of June was $156m plus listed investments of $25m and no debt. The broker notes FY26 production guidance of 65koz is 27% above FY25.

Minor revisions to forecasts.

Buy. Target trimmed to 68c from 69c (was 85c on March 13).

This report was published on August 22, 2025.

Target price is $0.68 Current Price is $0.34 Difference: $0.34
If SBM meets the Petra Capital target it will return approximately 100% (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 0.00 cents and EPS of 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.59.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.08.

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

SPZ    SMART PARKING LIMITED

Hardware & Equipment – Overnight Price: $0.98

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

Petra Capital observes Smart Parking’s FY25 result was strong, with operating revenue of $77.2m beating consensus and its forecast of $70.5m. Net profit grew 47% y/y.

The solid result was aided by maiden contribution of $10.2m revenue from Peak Parking, and robust growth in the UK and NZ. The company added 437 new ANPR sites outside US, ahead of the 400 site run-rate estimated.

The broker reckons the company is well-placed to bring forward December 2028 ANPR target of 3,000.

FY26 revenue forecast upgraded by 4.2% and FY27 by 5.9%.

Buy. Target rises to $1.59 from $1.56.

This report was published on August 21, 2025.

Target price is $1.59 Current Price is $0.98 Difference: $0.61
If SPZ meets the Petra Capital target it will return approximately 62% (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 0.00 cents and EPS of 3.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.63.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.78.

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

SUL    SUPER RETAIL GROUP LIMITED

Automobiles & Components – Overnight Price: $18.58

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

Super Retail’s FY25 EBIT beat expectations by 6%, driven by a 14% beat in 2H25 following material improvement in 4Q.

Jarden notes the outperformance was driven by sales growth in Rebel and Supercheap Auto, gross margin improvement via targeted promotion and reduced marketing spend by using loyalty.

The company is guiding to flat margin growth in FY26 but the broker is optimistic, factoring in 20bps expansion, on improved sales trends. FY26-28 net profit forecasts lifted by around 8%.

Target rises to $18.00 from $14.80. Rating downgraded to Neutral from Overweight.

This report was published on August 21, 2025.

Target price is $18.00 Current Price is $18.58 Difference: minus $0.58 (current price is over target).
If SUL meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.48, 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 74.00 cents and EPS of 105.80 cents.
At the last closing share price the estimated dividend yield is 3.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.4, implying annual growth of 10.4%.
Current consensus DPS estimate is 69.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 17.1.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 83.00 cents and EPS of 119.60 cents.
At the last closing share price the estimated dividend yield is 4.47%.
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 122.0, implying annual growth of 12.5%.
Current consensus DPS estimate is 78.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 15.2.

Market Sentiment: 0.1
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: $18.93

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

Telix Pharmaceuticals’ 1H25 revenue of US$390m was in line with Wilsons’ forecast, but adjusted EBITDA of US$21m missed by -36% due to investment in infrastructure and market development ahead of product launches.

The broker notes the company is pursuing an aggressive reinvestment strategy and whilst this is earnings-dilutive in the near term, it positions the business for long-term value creation in radiopharma.

FY26 revenue guidance is US$770-800m but the broker’s forecast remains above that on account of Gozellix and Zircaix contributions.

Overweight. Target trimmed to $30 from $35.

This report was published on August 22, 2025.

Target price is $30.00 Current Price is $18.93 Difference: $11.07
If TLX meets the Wilsons target it will return approximately 58% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 8.36 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 226.33.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 7.13 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 265.68.

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: $8.53

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

Petra Capital assesses Universal Store’s FY25 result as strong, with underlying EBITDA in line with its forecast and gross margin expanding 100bps.

While cost of doing business increased more than expected, the broker notes it was due to investments to support growth. Like-for-like (LFL) sales for Universal Store grew 13% y/y and by 25.5% for Perfect Stranger in FY25, and the momentum continued into FY26.

The broker notes LFL sales for Universal Store rose 10.7% y/y in the first seven weeks of FY29, 19.3% for PS and 4% for CTC. Net new 9 stores were rolled out in FY25 and guidance for FY26 is 11-17 openings.

The broker lifted forecasts for D&A, leading to a -8.8% cut to FY26 EPS forecact and -8% cut to FY27.

Buy. Target lifted to $10.10 from $10.00.

This report was published on August 22, 2025.

Target price is $10.10 Current Price is $8.53 Difference: $1.57
If UNI meets the Petra Capital target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $10.66, suggesting upside of 24.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 38.80 cents and EPS of 49.10 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.37.

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:

Petra Capital forecasts a full year FY27 dividend of 40.70 cents and EPS of 54.10 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.77.

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 5.1%.
Current consensus EPS estimate suggests the PER is 14.6.

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: $0.52

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

Vault Minerals’ FY25 revenue was in line with Petra Capital’s forecast, and net profit was a beat. The highlight was on-market share buyback up to 10% of shares over the next 12 months.

The company also announced CEO and MD Luke Tonkin will step down within the next 12 months.

The broker notes the strong balance sheet of $674m cash and no senior debt puts the company in a good position to pursue more capital management and business development initiatives, and also fund organic growth.

Minor changes to forecasts. Buy. Target lifted to 79c from 73c (was 74c on June 4).

This report was published on August 22, 2025.

Target price is $0.79 Current Price is $0.52 Difference: $0.27
If VAU meets the Petra Capital target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting upside of 15.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.84.

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 11.8.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 3.00 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 5.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.91.

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 10.0.

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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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.

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