Australian Broker Call *Extra* Edition – Aug 28, 2025

This story features ACCENT GROUP LIMITED, and other companies.
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The company is included in 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)

AX1 (2)   CIA   DUG   EOS   GYG   HPG   ING   KGN   MXI   PLS   RMS   SKT   SXL   VYS   WJL  

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $1.41

Jarden rates ((AX1)) as Neutral (3) –

Neutral rating retained while Jarden’s price target for Accent Group has declined to $1.46 from $1.55, the broker citing EBITDA downgrades partly offset by a roll-forward and an updated risk-free rate.

FY25 EBIT of $110.2m landed at the top end of guidance ($108m–$111m); after adjusting for -3.3m of non-recurring items the result missed consensus by -0.5%. Gross margin was 54.9% (-85bps) amid sustained promotional intensity, while CODB improved by -32bps.

Early FY26 trading was mixed (LFL 0.8% for the first seven weeks, cycling 3.5%), store count finished FY25 at 892 versus consensus 909, and management guides to high single-digit EBIT growth with GPM and CODB roughly flat y/y, including Sports Direct start-up costs.

The broker stays patient for either a better operating backdrop or clearer evidence of Sports Direct execution before turning more constructive.

This report was published on August 25, 2025.

Target price is $1.46 Current Price is $1.41 Difference: $0.05
If AX1 meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.79, suggesting upside of 26.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 10.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, implying annual growth of 7.7%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 10.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.7, implying annual growth of 16.5%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.1.

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

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Petra Capital rates ((AX1)) as Upgrade to Buy from Hold (1) –

Petra Capital notes Accent Group delivered an in-line FY25 result and FY26 is shaping up better with sales momentum turning positive, Sports Direct rollout visibility, and consensus expectations reset lower.

FY25 underlying EBIT was in line with the June trading update. FY26 EBIT is guided to high single-digit growth, which the broker translates to EBIT of $118m vs $110.2m in FY25.

Trading in first 7 weeks for FY26 was positive, driven by return to growth in lifestyle footwear, and wholesale trends signalling stronger demand ahead.

The broker lifted FY26 EBIT forecast to align with the guidance and increased EPS forecast by 11.9%.

Rating upgraded to Buy from Hold. Target rises to $1.65 from $1.45 (was $2.28 on Feb 26).

This report was published on August 25, 2025.

Target price is $1.65 Current Price is $1.41 Difference: $0.24
If AX1 meets the Petra Capital target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $1.79, suggesting upside of 26.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 7.50 cents and EPS of 10.60 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, implying annual growth of 7.7%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 8.10 cents and EPS of 11.50 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 12.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.7, implying annual growth of 16.5%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.1.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $4.51

Jarden rates ((CIA)) as Buy (1) –

Upon additional recent disclosures, Jarden has updated forecasts and modeling for Champion Iron. This sees the Buy rating retained, but the price target declines to $6 from $6.63.

Reduced FY26 forecasts reflect higher near-term operating costs and increased forward capex, partly offset by a lower discount rate.

Jarden views DRPF commissioning in DQ25 as the key inflection and models circa US$15/t product premiums from JQ26 (excluding potential CA$5–10/dmt freight benefits), implying possible margin uplift of US$15–25/wmt, with execution and premium realisation the main risks.

This report was published on August 25, 2025.

Target price is $6.00 Current Price is $4.51 Difference: $1.49
If CIA meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 24.75 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.22.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 41.51 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.87.

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

DUG    DUG TECHNOLOGY LIMITED

Cloud services – Overnight Price: $1.54

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

Canaccord Genuity notes Dug Technology’s FY25 result showed stronger operational performance in 2H, suggesting annual EBITDA pace of over US$20m vs US$15.4m in FY25.

Group sales fell -4% y/y to US$62.6m, with 2H up 10% sequentially.

FY26 opened with Work in Hand of US$52m, up 42% y/y, but the broker is forecasting revenue conversion at low end of precedents while noting upside risk.

The company is optimistic about its recently launching Elastic MP-FWI Imaging and the broker notes it has faster revenue conversion potential than traditional contracts. Limited progress made in Cool & Nomad but management remains optimistic.

The broker lifted FY26 revenue forecast by 3% and FY27 by 4%. Buy. Target rises to $2.45 from $2.40.

This report was published on August 25, 2025.

Target price is $2.45 Current Price is $1.54 Difference: $0.91
If DUG meets the Canaccord Genuity target it will return approximately 59% (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 1.55 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 99.42.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 6.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.85.

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: $6.12

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

Electro Optic Systems’ 1H25 revenue of $44.1m was slightly ahead of Petra Capital’s forecast but well below the estimated break-even run rate of $250m per annum.

Net loss of -$44.8m was higher than the broker’s forecast of -$37.7m loss due to higher than expected depreciation.

The broker cut FY25-26 forecasts, now forecasting net loss of -$66m in FY25 and -$14m in FY26. The broker will watch the order book as revenue is expected to be skewed to 2H.

Hold. Target trimmed to $5.16 from $5.85.

This report was published on August 25, 2025.

Target price is $5.16 Current Price is $6.12 Difference: minus $0.96 (current price is over target).
If EOS meets the Petra Capital target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 33.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.05.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 7.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 83.84.

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

GYG    GUZMAN Y GOMEZ LIMITED

Food, Beverages & Tobacco – Overnight Price: $26.30

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

Jarden maintains Overweight and cuts the 12-month target to $25.20 from $35.10 after a strong but lower-quality FY25 and a softer FY26 outlook.

FY25 underlying EBITDA finished circa -1% below consensus, aided by lower share-based payments. Early FY26 trading was softer, with Australia’s LFL 3.7% over the first seven weeks (vs 9.6% in FY25 and circa 7.6% expected for 1H26) and EBITDA margin guidance of 5.9–6.3% amid intensifying competition.

Forecasts are cut and the DCF-derived target falls on lower margins and a softer top line, though the broker still sees best-in-class execution with catalysts from an October Q3 update and a November menu launch.

This report was published on August 25, 2025.

Target price is $25.20 Current Price is $26.30 Difference: minus $1.1 (current price is over target).
If GYG meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $29.43, suggesting upside of 11.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 11.00 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 0.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 151.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.3, implying annual growth of 42.4%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 129.6.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 24.00 cents and EPS of 37.40 cents.
At the last closing share price the estimated dividend yield is 0.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 70.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.7, implying annual growth of 75.9%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 73.7.

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

HPG    HIPAGES GROUP HOLDINGS LIMITED

Online media & mobile platforms – Overnight Price: $1.32

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

Canaccord Genuity notes hipages Group’s FY25 revenue came in line with its estmate and consensus, driven by 9% growth in ARPU and increase in the number of paying tradies.

Total subscription was flat at 36.6k vs 36.7k in FY24. Following migration of all NZL customers to a full subscription model, the number of subscribers rose but total tradies fell to 3.4k from 3.6k.

Guidance for FY26 revenue growth was 10-12%, EBITDA margin of 24-26% and free cash flow of $8-10m. The broker left FY26-27 revenue and EBITDA forecasts largely unchange but lifted free cash flow forecasts.

Buy. Target rises to $1.75 from $1.50.

This report was published on August 25, 2025.

Target price is $1.75 Current Price is $1.32 Difference: $0.43
If HPG meets the Canaccord Genuity target it will return approximately 33% (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 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.00.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 EPS of 7.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.08.

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

ING    INGHAMS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $2.77

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

Jarden downgrades Inghams Group to Neutral from Overweight and cuts the 12-month target price to $2.90 from $3.70 after a weak FY25 and a softer FY26 set-up.

FY25 disappointed with 2H EBITDA circa -8% below consensus as Q4 slowed on industry over-supply, customers down-trading and inventory clearance; pressures likely persist into 1H26, guidance implies a heavy 2H26 skew, and a $60–80m cost-out programme is underway.

Forecasts change: FY26 EBITDA (pre-AASB 16) is cut circa -15% to $218.5m (within $215–230m guidance) with top-line trimmed -5% across three years; EPS now 17.1c/23.8c/25.8c for 2026-28.

The broker sees a well-run business but near-term risks from competition and a rival’s FY26/27 expansion, seeking improving pricing and clarity on Baida-related volumes before turning more positive.

This report was published on August 25, 2025.

Target price is $2.90 Current Price is $2.77 Difference: $0.13
If ING meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.03, suggesting upside of 9.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.80 cents and EPS of 17.10 cents.
At the last closing share price the estimated dividend yield is 6.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.2, implying annual growth of -4.0%.
Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 11.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 18.20 cents and EPS of 23.80 cents.
At the last closing share price the estimated dividend yield is 6.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.8, implying annual growth of 6.9%.
Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 11.2.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $4.05

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

Canaccord Genuity notes Kogan.com’s FY25 group revenue rose 6% y/y to $488m, beating its forecast of $483m. However, within this kogan.com revenue rose 17% y/y while Mighty Ape revenue fell -17% y/y.

Marketing spend rose 39% y/y to fuel customer acquisitions, and adjusted EBITDA was up 13% y/y to $37m. 

The company expects FY26 EBITDA margin of 6-9% which the broker notes is $32-48m EBITDA. Mighty Ape is expected to be the key swing factor.

The broker cut FY26 EBITDA forecast by -5% and left FY27 unchanged, but sees upside risk if the company can improve revenue growth in line with industry growth.

Buy. Target unchanged at $7.50.

This report was published on August 25, 2025.

Target price is $7.50 Current Price is $4.05 Difference: $3.45
If KGN meets the Canaccord Genuity target it will return approximately 85% (excluding dividends, fees and charges).
Current consensus price target is $4.65, suggesting upside of 14.8%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 19.9, implying annual growth of N/A.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY27:

Current consensus EPS estimate is 22.4, implying annual growth of 12.6%.
Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 18.1.

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

MXI    MAXIPARTS LIMITED

Automobiles & Components – Overnight Price: $2.46

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

Canaccord Genuity assesses MaxiPARTS’ FY25 result as strong, with EBITDA and net profit before tax ahead of its forecasts by 1%.

Cash flow before interest and tax was $23m representing 84% cash conversation, and net debt declined to $7.2m from $15.9m in FY24.

The broker notes the company is now well-positioned to leverage organic operations and the two acquisitions in 2023. The new Kalgoorlie site is also expected to deliver positive EBITDA by 2H26.

The broker cut FY26-27 revenue forecasts by -2-3% but lifted FY26 EBIT forecast by 2.6% and FY27 by 3%.

Buy. Target rises to $2.75 from $2.50.

This report was published on August 25, 2025.

Target price is $2.75 Current Price is $2.46 Difference: $0.29
If MXI meets the Canaccord Genuity target it will return approximately 12% (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 7.59 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 3.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.30.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 8.25 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.18.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $2.34

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

Pilbara Minerals’ FY25 underlying EBITDA of $97m missed Canaccord Genuity’s $105m forecast but was higher than the consensus. Operating cash flow beat the broker’s forecast and net cash position was in line.

The broker notes the company has a stronger balance sheet than the majority of its peers and it still regards the stock as a key pick in the lithium producer space.

FY26 guidance was pre-reported with SC5.2 production of 820-870kt, and the broker is forecasting 841kt. 

Buy. Target unchanged at $2.70.

This report was published on August 25, 2025.

Target price is $2.70 Current Price is $2.34 Difference: $0.36
If PLS meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.04, suggesting downside of -12.7%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 0.1, implying annual growth of N/A.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 2340.0.

Forecast for FY27:

Current consensus EPS estimate is 3.1, implying annual growth of 3000.0%.
Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 75.5.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $3.07

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

Canaccord Genuity highlights Ramelius Resources delivered a very strong FY25 result with 81% EBITDA growth, 110% free cash flow growth and a debt-free balance sheet.

FY25 revenue was 1% higher than the broker’s forecast and net profit beat by 5%. Hedging was modest at 24% of FY26 production and at prices below spot, but balance sheet strength offsets risk in the broker’s view.

The company will provide FY26 guidance and 5-year plan in the December quarter. The broker is forecasting production of 200koz at cost of $1,673/oz vs consensus of 214koz at $1,707/oz cost, but sees upside risk from Dalgaranga restart potential.

Buy. Target trimmed to $3.85 from $3.95.

This report was published on August 25, 2025.

Target price is $3.85 Current Price is $3.07 Difference: $0.78
If RMS meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $3.23, suggesting upside of 5.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 23.5, implying annual growth of -42.9%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY27:

Current consensus EPS estimate is 10.4, implying annual growth of -55.7%.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 29.5.

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

SKT    SKY NETWORK TELEVISION LIMITED

Print, Radio & TV – Overnight Price: $2.87

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

Jarden retains Overweight with the 12-month target price unchanged at NZ$3.15, shifting the thesis from “value-gap” to yield.

FY25’s adjusted result was broadly in line (a small opex beat drove a 3% EBITDA beat), rugby rights have been rebased, and FY26 guidance implies softer near-term EBITDA (mid-point $152m; Jarden now $153m) with margins at the low end of the 21–23% range amid ongoing structural pressure on pay-TV.

Subscriber trends remain the key drag (total TV customers fell from 952k in FY23 to 864k in FY25) and Jarden flags risks around rights inflation, competition and capex, though the balance sheet supports a 30c dividend and $40m FCF on a $750m revenue base.

Forecasts are cut but the target stays at NZ$3.15 after roll-forward and trimming Discovery NZ value benefit to 6c (from 12c).

This report was published on August 25, 2025.

Current Price is $2.87. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 27.39 cents and EPS of 27.48 cents.
At the last closing share price the estimated dividend yield is 9.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.44.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 27.39 cents and EPS of 30.13 cents.
At the last closing share price the estimated dividend yield is 9.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.53.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SXL    SOUTHERN CROSS MEDIA GROUP LIMITED

Print, Radio & TV – Overnight Price: $0.84

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

Canaccord Genuity assesses Southern Cross Media’s FY25 result as good with FY26 guidance signalling strong earnings growth and bid talk adding to the stock’s attraction.

FY25 revenue was up 5% y/y and in line with the broker’s forecast and consensus. EBITDA also met the broker’s forecast but beat the consensus, and dividend was back (4c).

FY26 revenue guidance is for 3.7% y/y growth at mid-point and EBITDA is expected to grow 13% y/y. Revenue growth in Jul-Aug was described as modest, and needs to accelerate to meet FY26 guidance.

The broker cut FY26 revenue to match guidance range, and also trimmed EBITDA forecast.

Buy. Target unchaged at $1.08.

This report was published on August 25, 2025.

Target price is $1.08 Current Price is $0.84 Difference: $0.24
If SXL meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 2.60 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 8.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 9.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.40.

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

VYS    VYSARN LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.56

Petra Capital rates ((VYS)) as No Rating (-1) –

Vysarn had pre-reported key FY25 figures, so few surprises from the result. Net profit of $10.7m was broadly in line with Petra Capital’s $10.5m forecast.

Cash generation was strong, with operating cash flow rising 68% to $17.2m. The company finished FY25 with net cash of $12.1m vs $0.9m the year before.

The company didn’t provide explicit FY26 guidance but the commentary was positive. The broker lifted FY26-28 EPS forecasts by around 1%.

Buy. Target unchanged at 59c.

This report was published on August 25, 2025.

Target price is $0.59 Current Price is $0.56 Difference: $0.03
If VYS meets the Petra Capital target it will return approximately 5% (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 2.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.54.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.67.

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

WJL    WEBJET GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.88

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

Jarden maintains Overweight and keeps the 12-month target price unchanged at $1.20, underpinned by a DCF valuation with terminal-year WACC circa 11.3%.

Webjet Group outlines three updates: acquiring Locomote for -$17m (positive revenue, -$0.6–0.9m EBITDA in 2H), announcing an on-market buy-back of up to $25m, and reaffirming FY26 EBITDA as flat y/y provided trading does not deteriorate further.

The broker argues the strategy should broaden corporate exposure and lift attachment rates as the mix shifts further to international, although near-term trading has softened.

Forecasts are tweaked, with forecasts implying circa 25% three-year EPS CAGR.

This report was published on August 25, 2025.

Target price is $1.20 Current Price is $0.88 Difference: $0.32
If WJL meets the Jarden target it will return approximately 36% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 3.00 cents and EPS of 5.60 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.71.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 3.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.57.

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

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