Weekly Reports | Aug 29 2025
This story features ACCENT GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: AX1
The company is included in ASX300 and ALL-ORDS
A summary of the highlights from Broker Call Extra updates throughout the week past.
Broker Rating Changes (Post Thursday Last Week)
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ACCENT GROUP LIMITED ((AX1)) Upgrade to Buy from Hold by Petra Capital.B/H/S: 0/0/0
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).
HUB24 LIMITED ((HUB)) Upgrade to Neutral from Underweight by Jarden.B/H/S: 0/0/0
Jarden highlights Hub24’s FY25 EPS of 117.8c beat consensus and its forecast by 4.4% due mainly to lower effective tax rate. Underlying EBITDA, however, missed both on softer revenues.
Revenue margins compressed more than expected, though there was some offset from lower cost growth vs revenue growth.
Update on FUA until Aug 14 was higher than expected, prompting the broker to upgrade flow estimates for FY26. Guidance for FY27 FUA was below the broker’s forecast and the consensus, but the broker sees it as conservative.
Target lifted to $97.00 from $84.50 reflecting earnings changes, higher multiples and higher outer year gearing assumption. Rating upgraded to Neutral from Underweight.
MEGAPORT LIMITED ((MP1)) Upgrade to Buy from Overweight by Jarden.B/H/S: 0/0/0
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.
NETWEALTH GROUP LIMITED ((NWL)) Upgrade to Neutral from Underweight by Jarden.B/H/S: 0/0/0
Jarden raises its target for Netwealth Group to $34.60 from $29.90 and upgrades to Neutral from Underweight following FY25 results.
The group reported FY25 profit of $116.5m, a slight miss compared to forecasts by the broker and consensus due to higher cost growth. Revenues were broadly in line with stronger contributions from management and ancillary fees.
Costs rose/deteriorated -8% in 2H25 against guidance of -5%, with spend directed toward growth initiatives, explain the analysts.
A key negative feature in the broker’s view, was new quantitative guidance for FY26 net flows, set around -$1bn below consensus.
The analysts feel this projection is conservative given the company’s growth track record, intact operational drivers and year-to-date flows implying stronger momentum.
PETER WARREN AUTOMOTIVE HOLDINGS LIMITED ((PWR)) Upgrade to Buy from Hold by Moelis and Upgrade to Buy from Neutral by Jarden.B/H/S: 0/0/0
Following FY25 results by Peter Warren Automotive, Moelis raises its target to $2.38 from $1.85 and upgrades to Buy from Hold.
Profit before tax fell -61% to $22.3m, impacted by weak 1H25 trading, oversupply of BEVs and stronger OEM competition, explains the broker.
However, the analyst points to improving 2H25 margins via cost-outs and better inventory management.
The company reported FY25 revenue of $2.48bn, broadly flat year-on-year, with gross margins down to 16.1% from 16.9%.
Operating costs fell by -$6.4m, with further savings expected in FY26. Inventory days improved to 59 from 61, net debt reduced to $47m, and operating cash flow was $68.2m.
No quantified guidance was provided, though management expects earnings growth in FY26. Stronger order writes, cost reductions and stabilising gross margins drive the broker’s EPS upgrades of 23-33% over FY26-FY28.
A final dividend of 4c took the FY25 payout to 5.6c, down -61%.
Peter Warren Automotive’s FY25 result highlighted the company is on the right track to recovery, with margins improving on inventory and cost saving initiatives, and interest rate offering tailwinds.
Underlying profit before tax (PBT) was pre-reported, and 2H25 gross margin of 16.1% was 10bps higher than Jarden and consensus.
The broker sees the company as a late-stage beneficiary of lower interest rates, and believes its 1.2% FY26 pre-tax profit growth forecast is conservative.
FY26 EPS forecast upgraded by 33% and FY27 by 17% driven by gross profit margin upgrades, lower operating expenses and lower net interest expense, partly offset by -1% revenue downgrades.
Target lifted to $2.30 from $1.45. Rating upgraded to Buy from Neutral.
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ASPEN GROUP LIMITED ((APZ)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0
Aspen Group delivered FY25 underlying EPS of 16.8c, slightly ahead of guidance, notes Moelis, and up 22% year-on-year. FY26 guidance indicates to the broker EPS of 19c, up 13%, and a dividend of 11c.
The broker highlights strong operating results across all divisions. Residential rents rose 3% with margins at a record 66%, parks revenue grew 6%, and development achieved 111 settlements with house prices up 11%.
The net asset value (NAV) rose to $2.54 per share after a 5% property revaluation uplift, explains the analyst.
Gearing fell to 13% after a $68m equity raise, with the broker noting capacity to redeploy capital into new projects.
Moelis raises its target price to $4.43 from $3.83 and downgrades to Hold from Buy. Shares now trade at an around 40% premium to the broker’s assessment for the true value of assets.
BRAMBLES LIMITED ((BXB)) Downgrade to Sell from Neutral by Jarden.B/H/S: 0/0/0
While Brambles delivered well in FY25, Jarden points out fundamentals softened through 2H25, particularly with US Pallets showing negative pricing and weaker like-for-like volumes in 4Q25.
CHEP EMEA held up better on price, though volumes also deteriorated, observe the analysts.
FY26 constant FX revenue guidance of 3-5% and EBIT growth of 8-11% implies to the broker a heavy 2H skew, with reliance on cost-out to deliver operating leverage as volume and pricing headwinds emerge.
The broker’s concerns also include reduced buybacks, the sustainability of cost reductions, and signs that earnings leverage is shifting to lower-quality drivers.
Jarden raises its target to $22.10 from $21.65 and downgrades to Sell from Neutral given the source of operating leverage is now largely cost reduction, as the stock reaches all-time highs.
CENTURIA CAPITAL GROUP ((CNI)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0
Centuria Capital’s FY25 operating EPS was in line with expectation but the FY26 guidance beat the consensus by 4% and was up 10% vs FY25.
Operating EBITDA rose to $173m in FY25 from $161m in FY24, despite being negatively impacted by -$4.3m loss from data centre segment, though this is expected to turn profitable in FY26.
Performance fees lagged but are expected to recover via released performance fees in the next few years as valuations grow.
The broker lifted FY26 net profit forecast by 4.7% and FY27 by 9.2%. Target lifted to $2.45 from $1.95. Rating downgraded to Hold from Buy.
INGHAMS GROUP LIMITED ((ING)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0
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.
IPH LIMITED ((IPH)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0
Canaccord Genuity notes IPH Ltd’s FY25 underlying group EBITDA was in line with its forecast but a modest miss to consensus. Full-year dividend met expectations.
However, the outlook is not so positive with ongoing Australia/NZ patent filing share decline falling below 30% in FY25 and US filings remain weak.
The broker reckons competitive pressures are rising across Australia/NZ and Asia. FY26 EBITDA estimates trimmed by -5% to $216.9m and EPS forecast lowered by -6%.
Rating downgraded to Hold from Buy. Target trimmed to $4.95 from $5.75.
SUPER RETAIL GROUP LIMITED ((SUL)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0
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.
| Order | Company | New Rating | Old Rating | Broker | |
|---|---|---|---|---|---|
| Upgrade | |||||
| 1 | ACCENT GROUP LIMITED | Buy | Neutral | Petra Capital | |
| 2 | HUB24 LIMITED | Neutral | Sell | Jarden | |
| 3 | MEGAPORT LIMITED | Buy | Buy | Jarden | |
| 4 | NETWEALTH GROUP LIMITED | Neutral | Sell | Jarden | |
| 5 | PETER WARREN AUTOMOTIVE HOLDINGS LIMITED | Buy | Neutral | Moelis | |
| 6 | PETER WARREN AUTOMOTIVE HOLDINGS LIMITED | Buy | Neutral | Jarden | |
| Downgrade | |||||
| 7 | ASPEN GROUP LIMITED | Neutral | Buy | Moelis | |
| 8 | BRAMBLES LIMITED | Sell | Neutral | Jarden | |
| 9 | CENTURIA CAPITAL GROUP | Neutral | Buy | Moelis | |
| 10 | INGHAMS GROUP LIMITED | Neutral | Buy | Jarden | |
| 11 | IPH LIMITED | Neutral | Buy | Canaccord Genuity | |
| 12 | SUPER RETAIL GROUP LIMITED | Neutral | Buy | Jarden | |
Price Target Changes (Post Thursday Last Week)
| Company | Last Price | Broker | New Target | Old Target | Change | |
|---|---|---|---|---|---|---|
| AEE | Aura Energy | $0.19 | Petra Capital | 0.38 | 0.40 | -5.00% |
| AMA | AMA Group | $0.10 | Canaccord Genuity | 0.15 | 0.13 | 15.38% |
| APA | APA Group | $8.81 | Jarden | 9.10 | 8.90 | 2.25% |
| APZ | Aspen Group | $4.32 | Moelis | 4.43 | 3.83 | 15.67% |
| ARB | ARB Corp | $40.44 | Canaccord Genuity | 35.60 | 34.70 | 2.59% |
| ASG | Autosports Group | $3.20 | Jarden | 3.35 | 2.40 | 39.58% |
| Wilsons | 3.51 | 2.57 | 36.58% | |||
| AX1 | Accent Group | $1.39 | Jarden | 1.46 | 1.55 | -5.81% |
| Jarden | 1.46 | 2.13 | -31.46% | |||
| Petra Capital | 1.65 | 2.28 | -27.63% | |||
| AZY | Antipa Minerals | $0.62 | Canaccord Genuity | 1.10 | 1.04 | 5.77% |
| BKT | Black Rock Mining | $0.03 | Petra Capital | 0.13 | 0.11 | 18.18% |
| BRG | Breville Group | $33.23 | Petra Capital | 34.00 | 28.60 | 18.88% |
| BXB | Brambles | $26.03 | Jarden | 22.10 | 21.65 | 2.08% |
| CDA | Codan | $29.84 | Canaccord Genuity | 28.26 | 17.90 | 57.88% |
| Moelis | 30.05 | 18.43 | 63.05% | |||
| Petra Capital | 25.44 | 16.22 | 56.84% | |||
| CEH | Coast Entertainment | $0.39 | Canaccord Genuity | 0.64 | 0.60 | 6.67% |
| CGS | Cogstate | $1.72 | Canaccord Genuity | 2.19 | 1.85 | 18.38% |
| CHC | Charter Hall | $23.53 | Jarden | 25.10 | 20.70 | 21.26% |
| CIA | Champion Iron | $4.44 | Jarden | 6.00 | 6.63 | -9.50% |
| CNI | Centuria Capital | $2.44 | Moelis | 2.45 | 1.95 | 25.64% |
| DUG | Dug Technology | $1.63 | Canaccord Genuity | 2.45 | 2.40 | 2.08% |
| DXS | Dexus | $7.54 | Jarden | 7.25 | 7.10 | 2.11% |
| E25 | Element 25 | $0.31 | Petra Capital | 1.63 | 2.17 | -24.88% |
| EGL | Environmental Group | $0.25 | Moelis | 0.33 | 0.36 | -8.33% |
| EHL | Emeco Holdings | $1.05 | Canaccord Genuity | 1.23 | 1.13 | 8.85% |
| Jarden | 1.05 | 1.00 | 5.00% | |||
| EOS | Electro Optic Systems | $5.49 | Canaccord Genuity | 5.45 | 4.30 | 26.74% |
| Petra Capital | 5.16 | 5.85 | -11.79% | |||
| EQT | EQT Holdings | $29.51 | Wilsons | 37.00 | 36.00 | 2.78% |
| GMD | Genesis Minerals | $4.50 | Canaccord Genuity | 5.55 | 5.70 | -2.63% |
| Moelis | 4.30 | 4.35 | -1.15% | |||
| GMG | Goodman Group | $34.73 | Jarden | 41.10 | 39.00 | 5.38% |
| GYG | Guzman y Gomez | $25.52 | Jarden | 25.20 | 35.10 | -28.21% |
| HLS | Healius | $0.91 | Jarden | 0.81 | 0.79 | 2.53% |
| HPG | hipages Group | $1.28 | Canaccord Genuity | 1.75 | 1.50 | 16.67% |
| HSN | Hansen Technologies | $5.81 | Moelis | 6.50 | 6.60 | -1.52% |
| HUB | Hub24 | $107.62 | Canaccord Genuity | 104.30 | 98.95 | 5.41% |
| Jarden | 97.00 | 84.50 | 14.79% | |||
| ILU | Iluka Resources | $6.24 | Canaccord Genuity | 6.80 | 5.85 | 16.24% |
| ING | Inghams Group | $2.71 | Jarden | 2.90 | 3.70 | -21.62% |
| IPH | IPH Ltd | $4.56 | Canaccord Genuity | 4.95 | 5.75 | -13.91% |
| JHX | James Hardie Industries | $31.26 | Jarden | 38.00 | 44.00 | -13.64% |
| LBL | Laserbond | $0.50 | Canaccord Genuity | 0.80 | 0.85 | -5.88% |
| LRK | Lark Distilling Co | $0.81 | Canaccord Genuity | 1.34 | 1.50 | -10.67% |
| MAH | Macmahon Holdings | $0.43 | Canaccord Genuity | 0.49 | 0.37 | 32.43% |
| Petra Capital | 0.49 | 0.41 | 19.51% | |||
| MGH | Maas Group | $4.43 | Wilsons | 4.74 | 4.75 | -0.21% |
| MP1 | Megaport | $16.24 | Canaccord Genuity | 16.75 | 12.60 | 32.94% |
| Jarden | 16.77 | 10.67 | 57.17% | |||
| MXI | MaxiPARTS | $2.59 | Canaccord Genuity | 2.75 | 2.50 | 10.00% |
| NSR | National Storage REIT | $2.43 | Jarden | 2.90 | 2.80 | 3.57% |
| NST | Northern Star Resources | $18.87 | Canaccord Genuity | 24.40 | 24.10 | 1.24% |
| Jarden | 15.40 | 15.10 | 1.99% | |||
| NWH | NRW Holdings | $3.87 | Canaccord Genuity | 3.99 | 3.55 | 12.39% |
| Jarden | 3.60 | 3.40 | 5.88% | |||
| Moelis | 4.07 | 3.56 | 14.33% | |||
| NWL | Netwealth Group | $34.63 | Canaccord Genuity | 36.25 | 35.50 | 2.11% |
| Jarden | 34.60 | 29.90 | 15.72% | |||
| Wilsons | 32.50 | 34.08 | -4.64% | |||
| OCL | Objective Corp | $20.45 | Moelis | 24.29 | 20.19 | 20.31% |
| PWR | Peter Warren Automotive | $1.90 | Jarden | 2.30 | 1.45 | 58.62% |
| Moelis | 2.38 | 1.49 | 59.73% | |||
| QUB | Qube Holdings | $4.18 | Jarden | 4.25 | 3.85 | 10.39% |
| RGN | Region Group | $2.46 | Moelis | 2.63 | 2.54 | 3.54% |
| RIC | Ridley Corp | $3.03 | Wilsons | 3.48 | 2.93 | 18.77% |
| RMS | Ramelius Resources | $3.09 | Canaccord Genuity | 3.85 | 3.95 | -2.53% |
| RSG | Resolute Mining | $0.66 | Canaccord Genuity | 1.50 | 1.80 | -16.67% |
| SBM | St. Barbara | $0.36 | Petra Capital | 0.68 | 0.85 | -20.00% |
| SEK | Seek | $27.75 | Jarden | 30.00 | 29.00 | 3.45% |
| SGP | Stockland | $6.28 | Jarden | 6.80 | 6.35 | 7.09% |
| SHA | Shape Australia | $4.16 | Moelis | 5.13 | 3.56 | 44.10% |
| Petra Capital | 4.30 | 3.60 | 19.44% | |||
| SHL | Sonic Healthcare | $23.90 | Jarden | 27.92 | 29.84 | -6.43% |
| SLC | Superloop | $2.82 | Jarden | 3.20 | 3.10 | 3.23% |
| SPZ | Smart Parking | $0.97 | Canaccord Genuity | 1.30 | 1.25 | 4.00% |
| Petra Capital | 1.59 | 1.56 | 1.92% | |||
| SSM | Service Stream | $2.06 | Canaccord Genuity | 2.32 | 2.25 | 3.11% |
| SUL | Super Retail | $18.59 | Jarden | 18.00 | 14.80 | 21.62% |
| SXE | Southern Cross Electrical Engineering | $1.93 | Moelis | 2.35 | 2.20 | 6.82% |
| SYL | Symal Group | $1.81 | Petra Capital | 2.85 | 2.55 | 11.76% |
| TLC | Lottery Corp | $5.91 | Jarden | 5.65 | 5.30 | 6.60% |
| TLX | Telix Pharmaceuticals | $14.95 | Jarden | 28.13 | 27.61 | 1.88% |
| Wilsons | 30.00 | 35.00 | -14.29% | |||
| UNI | Universal Store | $8.62 | Jarden | 10.69 | 10.38 | 2.99% |
| Petra Capital | 10.10 | 10.00 | 1.00% | |||
| VAU | Vault Minerals | $0.53 | Jarden | 0.51 | 0.50 | 2.00% |
| Moelis | 0.67 | 0.69 | -2.90% | |||
| Petra Capital | 0.79 | 0.74 | 6.76% | |||
| VCX | Vicinity Centres | $2.60 | Jarden | 2.85 | 2.60 | 9.62% |
| XRF | XRF Scientific | $2.23 | Canaccord Genuity | 2.26 | 2.22 | 1.80% |
| Company | Last Price | Broker | New Target | Old Target | Change | |
More Highlights
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
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
HSN HANSEN TECHNOLOGIES LIMITED
IT & Support – Overnight Price: $5.50
Moelis rates ((HSN)) as Buy (1) –
Moelis notes Hansen Technologies’ FY25 result showed higher licence fee but lower recurring revenue than forecast, with licence fees accounting for 13% of revenue or $49.2m.
This is unlikely to be repeated in FY26, with the broker seeing a -4% headwind from licence fee contribution. Offsetting this are higher services revenues from the VMO2 agreement and resumption of delayed FY25 work in the Energy and Utilities segment.
The company made significant cost reductions in FY25, including reduction in headcounts, prompting the broker to cut its FY26 costs forecast.
Overall, for FY26 the broker’s underlying earnings (EBITDA) are trimmed by -2.6%. Management didn’t provide specific FY26 guidance.
Buy. Target cut to $6.50 from $6.60.
This report was published on August 20, 2025.
Target price is $6.50 Current Price is $5.50 Difference: $1
If HSN meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $7.03, suggesting upside of 27.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 11.20 cents and EPS of 27.90 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.71.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 25.4, implying annual growth of 19.4%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 21.7.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 12.60 cents and EPS of 30.90 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.80.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.9, implying annual growth of 13.8%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 19.0.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
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
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
OCL OBJECTIVE CORPORATION LIMITED
IT & Support – Overnight Price: $20.55
Moelis rates ((OCL)) as Hold (3) –
Objective Corp reported FY25 annual recurring revenue (ARR) of $120m, up 15% and in line with management’s targets, observes Moelis.
The broker points to momentum in Nexus, with the Scottish Government conversion and ARR uplifts of up to 2.5 times from migrations.
Planning & Building ARR grew 31%, supported by consolidation in New Zealand and pricing, explains the analyst, while Australian Build revenue is expected from FY26.
Cash earnings margins rose to 21.7%, with management also exploring AI productivity gains, notes the analyst.
Moelis lifts its estimates on stronger ARR and Nexus progress, raising its target price to $24.29 from $20.19. A Hold rating is maintained.
This report was published on August 21, 2025.
Target price is $24.29 Current Price is $20.55 Difference: $3.74
If OCL meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $20.93, suggesting upside of 1.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 24.00 cents and EPS of 39.70 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.76.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 38.7, implying annual growth of 4.1%.
Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 53.1.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 27.00 cents and EPS of 44.50 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.18.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 43.3, implying annual growth of 11.9%.
Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 47.5.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
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
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
SYL SYMAL GROUP LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $1.74
Petra Capital rates ((SYL)) as Buy (1) –
Symal Group has announced its first civil acquisition with the -$35m purchase of Locale Civil, which Petra Capital views favourably. The deal expands reach in civil, adds high-margin earnings and aligns with strategy, explains the analyst.
Locale Civil holds a $230m six-year contract expected to contribute $6m in FY26 earnings, with funding drawn from Symal’s $100m liquidity. Commentary suggests this leaves $65m for further acquisitions.
The new business is capital light, focused on excavation, trenching and traffic management. Petra Capital factors no synergies into forecasts.
The broker anticipates additional acquisitions in contracting and growth driven by market share gains, geographic expansion and recycling investment.
Petra Capital raises its target to $2.85 from $2.55 and retains a Buy rating.
This report was published on August 22, 2025.
Target price is $2.85 Current Price is $1.74 Difference: $1.11
If SYL meets the Petra Capital target it will return approximately 64% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 5.80 cents and EPS of 18.60 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.35.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 12.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 6.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.25.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
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