Australian Broker Call *Extra* Edition – Sep 01, 2025

This story features 29METALS LIMITED, and other companies.
For more info SHARE ANALYSIS: 29M

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)

29M   ABB (2)   ALK   AVA   AYA   CCR   CNU   DTL (2)   GQG   HGO   IDX   IMD   KGN   LAU   LRK   MAC   NAN   NHF   NVX   NXL (2)   PPE   PPM   PPS (2)   QAL   REG   RWL   STO  

29M    29METALS LIMITED

Copper – Overnight Price: $0.34

Canaccord Genuity rates ((29M)) as Sell (5) –

Canaccord Genuity notes 29Metals’ 1H25 revenue, EBITDAI and net profit all beat Canaccord Genuity’s forecasts. However, the broker warned one-off adjustments and insurance payout masked the outcomes.

Underlying profitability is a concern for the broker as no further support will come from insurance payout. The broker sees the combination of negative working capital (though unwound to -$39.2m from -$68m in Dec) and net debt of $16m as a risk.

Sell. Target unchanged at 16c.

This report was published on August 27, 2025.

Target price is $0.16 Current Price is $0.34 Difference: minus $0.18 (current price is over target).
If 29M meets the Canaccord Genuity target it will return approximately minus 53% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.25, suggesting downside of -27.2%(ex-dividends)
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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, 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 42.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.3, 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: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $5.17

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

Jarden regards Aussie Broadband’s FY25 result as solid with some low and high quality positive surprises. Better cost/productivity discipline and divestment of Buddy were quoted among the positives.

A bigger positive was new 6-year wholesale agreement with M&T to provide NBN network services to More and Tangerine Telecom. The deal is expected to contribute $12m to underlying EBITDA from FY27.

The broker highlights improvement in FY26 earnings outlook but sees competitive intensity in residential broadband as a key risk to subscriber growth.

The broker upgraded FY26-28 underlying EBITDA forecasts mainly due to lower cost base following Symbio synergies and the Buddy exit. 

Target rises to $5.30 from $4.50. Rating downgraded to Neutral from Overweight.

This report was published on August 26, 2025.

Target price is $5.30 Current Price is $5.17 Difference: $0.13
If ABB meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $5.95, suggesting upside of 15.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.00 cents and EPS of 24.40 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 68.0%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 11.00 cents and EPS of 33.90 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.4, implying annual growth of 35.1%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 20.4.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

---

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

The highlight of Aussie Broadband’s FY25 result for Wilsons was the wholesale business win of More Telecom which operates under “More” and “Tangerine” brands.

The broker sees this as a pivotal win for the company as it adds scale, strengthens wholesale presence and reduces downside risk to volume growth.

FY25 revenue rose 19% y/y, with underlying EBITDA of $138m coming at the top end of the $133-138m guidance range. FY26 EBITDA guidance of $157-167m compares with the broker’s forecast of $167m. 

Overweight. Target lifted to $6.85 from $5.16.

This report was published on August 26, 2025.

Target price is $6.85 Current Price is $5.17 Difference: $1.68
If ABB meets the Wilsons target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $5.95, suggesting upside of 15.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 6.30 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 1.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 68.0%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 10.60 cents and EPS of 26.50 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.4, implying annual growth of 35.1%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 20.4.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.05

Moelis rates ((ALK)) as Buy (1) –

Moelis notes Alkane Resources’ FY25 result was slightly softer than its forecast, with revenue in line but EBITDA and adjusted net profit falling short. The difference at the EBITDA line reflected higher corporate cost while D&A and interest hurt the net profit line.

The broker, however, see the outcome as less relevant as the merger with Mandalay Resources is now complete, bringing the asset into its model.

The result is a doubling in average annual production estimate but a moderation in cost as the new assets have lower cost than Tomingley. Overall, FY26-27 net profit forecasts more than doubled.

EPS forecast for FY26 moved up 40% and by 5.8% in FY27. Buy. Target lifted to $1.40 from $1.15.

This report was published on August 24, 2025.

Target price is $1.40 Current Price is $1.05 Difference: $0.35
If ALK 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 0.00 cents and EPS of 18.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.61.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 16.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.36.

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

AVA    AVA RISK GROUP LIMITED

Hardware & Equipment – Overnight Price: $0.08

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

Canaccord Genuity highlights Ava Risk’s FY25 result was in line with the update provided in July, with revenue of $31.6m marginally higher than guidance of $30.6m.

The company expects revenue growth of more than 20% y/y in FY26 based on strong sales pipeline. The broker notes order backlog was at $6.5m at FY25-end and an acceleration in new wins is needed to meet FY26 targets.

The broker’s own assumption is for 28% y/y revenue growth in FY26 and EBITDA of $6.6m.

Buy. Target unchanged at 18c.

This report was published on August 27, 2025.

Target price is $0.18 Current Price is $0.08 Difference: $0.1
If AVA meets the Canaccord Genuity target it will return approximately 125% (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 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.33.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.67.

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

AYA    ARTRYA LIMITED

Medical Equipment & Devices – Overnight Price: $2.13

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

Petra Capital highlights the FDA clearance of Artrya’s Salix Coronary Plaque (SCP) transforms its risk profile, enabling a high-value fee-per-scan model. It paves the way to profitability in FY27 and over $120m revenue by FY29 on the broker’s assessment.

The broker expects SCP to drive over 70% of the company’s forecast revenues.

FY25 net loss of -$16.4m was in line with the broker’s forecast. FY26 EPS forecast unchanged, FY27 lowered by -16% on higher opex but FY28 upgraded by 12%.

Buy. Target rises to $3.51 from $2.87.

This report was published on August 25, 2025.

Target price is $3.51 Current Price is $2.13 Difference: $1.38
If AYA meets the Petra Capital target it will return approximately 65% (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 minus 10.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.09.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 62.65.

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

CCR    CREDIT CLEAR LIMITED

Diversified Financials – Overnight Price: $0.25

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

Petra Capital notes Credit Clear’s FY25 operating result broadly met expectations given the guidance was updated in late July.

Revenue rose 12% y/y to $46.9m and underlying EBITDA margin increased to 16% from 10% the year before.

The FY26 underlying EBITDA guidance of $9-10m is below the broker’s forecast but represents a strong 37% jump over FY25.

Target trimmed to 48c from 49. Buy retained.

This report was published on August 25, 2025.

Target price is $0.49 Current Price is $0.25 Difference: $0.24
If CCR meets the Petra Capital target it will return approximately 96% (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 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 41.67.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.83.

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

CNU    CHORUS LIMITED

Telecommunication – Overnight Price: $8.89

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

Jarden notes Chorus’ FY25 EBITDA was in line with its forecast, and midpoint of FY26 guidance of NZ$720m compared with its estimate of NZ$719m, prompting a lift to the midpoint.

Momentum returned in fibre revenues in 2H25 and mid single-digit price increases are proposed in January 2025. However, the broker is cautious of trade-down mix given soft macro conditions and increased spec on homestarter to 100Mbps.

The broker nudged capex outlook higher but is still slightly below the low end of the company’s guidance range.

Underweight. Target rises to NZ$8.44 from NZ$8.17.

This report was published on August 25, 2025.

Current Price is $8.89. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 54.78 cents and EPS of 12.32 cents.
At the last closing share price the estimated dividend yield is 6.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 72.14.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 56.60 cents and EPS of 12.05 cents.
At the last closing share price the estimated dividend yield is 6.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 73.78.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

DTL    DATA#3 LIMITED.

IT & Support – Overnight Price: $9.21

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

Jarden notes Data#3’s FY25 underlying profit before tax was 3.7% ahead of consensus and 2.9% higher than its forecast, driven by higher-than-expected interest income and exclusion of one-off restructuring costs.

The result was low-quality in the broker’s view but demonstrates business resilience during short-term headwinds from election cycle, Microsoft rebate reset, and IT recruitment slowdown. Hardware surprised positively, while services lagged, highlighting near-term top-of-funnel caution. 

Net profit forecast for FY26 lifted by 3% and by 2% for FY27, with revenue forecasts largely unchanged.

Overweight. Target rises to $8.80 from $8.45.

This report was published on August 26, 2025.

Target price is $8.80 Current Price is $9.21 Difference: minus $0.41 (current price is over target).
If DTL 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 $8.76, suggesting downside of -4.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 33.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.2, implying annual growth of 6.7%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 27.7.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 38.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.0, implying annual growth of 11.4%.
Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 24.9.

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

---

Wilsons rates ((DTL)) as Downgrade to Market Weight from Overweight (3) –

Wilsons notes Data#3 delivered a solid set of numbers for FY25, with gross revenue meeting its forecast and the consensus. EBITDA was up 11% y/y with EBITDA margin widening by 40bps to 7.8%.

The broker notes the infrastructure segment returned to growth (+4% y/y vs -3% last year), but still comprises only 19% of group sales. 

Software which makes up two-thirds of revenue is expected to face a softer FY26 due to annualisation of Microsoft incentive payment changes.

The broker cut FY26-27 revenue forecasts by -3%. 

Target cut to $8.67 from $9.75. Rating downgraded to Market Weight from Overweight.

This report was published on August 26, 2025.

Target price is $8.67 Current Price is $9.21 Difference: minus $0.54 (current price is over target).
If DTL meets the Wilsons target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.76, suggesting downside of -4.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 30.40 cents and EPS of 33.10 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.2, implying annual growth of 6.7%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 27.7.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 32.00 cents and EPS of 35.20 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.0, implying annual growth of 11.4%.
Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 24.9.

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

GQG    GQG PARTNERS INC

Wealth Management & Investments – Overnight Price: $1.75

Jarden rates ((GQG)) as Downgrade to Overweight from Buy (2) –

Jarden described GQG Partners’ 1H25 result as relatively robust but is concerned about the outlook due to investment underperformance and accelerating outflows.

Trends worsened into 2H with net outflows in July-August, posing downside risk to FUM assumptions, though the broker is hopeful flow momentum will reverse in line with historical trends.

Earnings risk is considered elevated from flows and performance.

In 1H25, net profit lagged the broker’s forecast but was 1.5% ahead of consensus. Base management fees of 48.2bps were weaker than the consensus and the broker’s estimate.

FY25 EPS forecast downgraded by -8% and FY26 by -19%. Target trimmed to $2.50 from $3.60. Rating downgraded to Overweight from Buy.

This report was published on August 25, 2025.

Target price is $2.50 Current Price is $1.75 Difference: $0.75
If GQG meets the Jarden target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $2.54, suggesting upside of 45.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 21.70 cents and EPS of 8.37 cents.
At the last closing share price the estimated dividend yield is 12.40%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of N/A.
Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 12.7%.
Current consensus EPS estimate suggests the PER is 7.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 23.25 cents and EPS of 24.18 cents.
At the last closing share price the estimated dividend yield is 13.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of 4.1%.
Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 12.9%.
Current consensus EPS estimate suggests the PER is 6.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.04

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

Canaccord Genuity notes Hillgrove Resources delivered an in-line EBITDA result with net profit above forecast on lower depreciation. While capex weighed on cash flow, development activity underpins growth.

EBITDA came in at $14.2m and net profit of $1.5m beat the broker’s forecast for a -$2.4m net loss. 

FY25-26 forecasts largely unchanged. Focus remains on Nugent development and expansion into multiple mining fronts.

Speculative Buy. Target unchanged at 8c.

This report was published on August 27, 2025.

Target price is $0.08 Current Price is $0.04 Difference: $0.04
If HGO meets the Canaccord Genuity target it will return approximately 100% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 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 1.33.

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

IDX    INTEGRAL DIAGNOSTICS LIMITED

Healthcare services – Overnight Price: $2.91

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

Integral Diagnostics’ FY25 results including six months of Capital Radiology with revenue of $628m beat Canaccord Genuity’s forecast.

The broker calls this a good outcome given concerns about impact from Queensland flooding and public holiday timing in April.

EBITDA of $126.5m was in line with expectations and reflected margin improvement in 2H to 21.5% from 20.5% in 1H. The company flagged further scope for margin expansion via operational efficiency and wider adoption of IDXt.

Trading update for July showed 7% LFL revenue growth. Synergy expectation was upgraded to $14m from $10m.

The broker lifted EBITDA margin forecasts in FY26-27. Buy. Target rises to $3.40 from $2.95.

This report was published on August 27, 2025.

Target price is $3.40 Current Price is $2.91 Difference: $0.49
If IDX meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.35, suggesting upside of 15.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 9.00 cents and EPS of 12.90 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 22.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.2, implying annual growth of 768.4%.
Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 22.0.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 9.60 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.0, implying annual growth of 21.2%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 18.2.

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

IMD    IMDEX LIMITED

Mining Sector Contracting – Overnight Price: $3.02

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

Jarden assesses Imdex’s FY25 result as slightly soft, with underlying EBITDA missing consensus by -1%. The positive was improved revenue momentum into 4Q25 suggesting acceleration late in the quarter.

The broker notes early ramp-up in drilling activity in response to elevated commodity prices may be underway but it remains cautious until sustained benefit to earnings is visible.

FY26 revenue growth of 9.6% is forecast and underlying EBITDA growth of 18.4%, pointing to operating leverage from higher revenue growth. However, net profit is expected to be dragged down by higher D&A expense and finance costs.

FY26 EPS forecast cut by -16% and FY27 by -12%.

Target rises to $2.75 from $2.55. Rating downgraded to Sell from Neutral on stretched valuations.

This report was published on August 25, 2025.

Target price is $2.75 Current Price is $3.02 Difference: minus $0.27 (current price is over target).
If IMD meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.54, suggesting upside of 17.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 2.20 cents and EPS of 9.20 cents.
At the last closing share price the estimated dividend yield is 0.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.0, implying annual growth of 2.0%.
Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 2.60 cents and EPS of 10.70 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of 12.7%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 24.4.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $4.03

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

Kogan.com’s FY25 revenue of $488.1m was up 6.2% y/y but missed Jarden’s forecast by -4.5%. Adjusted EBITDA was 4.3% above consensus but EBIT missed by -4.4%.

July update was weak, with revenue up only 2.6% y/y vs consensus revenue forecast of 8.8% y/y for 1H and 9.2% for FY256, with Mighty Ape a drag while kogan.com outperformed.

One relief was the company providing margin guidance for FY26 with adjusted EBITDA margin expected to be 6-9%, and long-term EBITDA target of over 20%.

Commentary suggests this now means the risk has shifted to execution.  The broker upgraded FY26-28 EBITDA forecasts by 8-10%.

Underweight. Target rises to $4.25 from $4.05.

This report was published on August 26, 2025.

Target price is $4.25 Current Price is $4.03 Difference: $0.22
If KGN meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.65, suggesting upside of 15.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 18.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.67.

How do these forecasts compare to market consensus projections?

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 20.3.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 20.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.47.

How do these forecasts compare to market consensus projections?

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 18.0.

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

LAU    LINDSAY AUSTRALIA LIMITED

Transportation & Logistics – Overnight Price: $0.68

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

Wilsons assesses Lindsay Australia’s FY25 result as respectable and not deserving of the -10% share price fall post-result. EBITDA of $81.4m was 1% ahead of the broker forecast and net profit of $22.3m was 2% higher.

In terms of segments, transport was pressured by competitive pricing and higher input costs, commercial sales grew 8% and rural EBITDA rose 10% on market share gains and packaging strength.

The broker is forecasting 22% EPS rise in FY26 due to multiple structural tailwinds, including contribution from SRT acquisition, rural momentum and continued organic growth in transport.

Overweight. Target trimmed to 95c from 99c.

This report was published on August 26, 2025.

Target price is $0.95 Current Price is $0.68 Difference: $0.27
If LAU meets the Wilsons target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $0.94, suggesting upside of 37.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 4.20 cents and EPS of 8.70 cents.
At the last closing share price the estimated dividend yield is 6.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of 57.3%.
Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 7.8.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 4.50 cents and EPS of 9.10 cents.
At the last closing share price the estimated dividend yield is 6.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.4, implying annual growth of 8.0%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 7.2.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.81

Moelis rates ((LRK)) as Hold (3) –

Lark Distilling’s net sales for FY25 was up 12% y/y to $15.6m and beat Moelis’ forecast by 3%. However, increased marketing spend and capex on Pontville led to cash burn, with free cash seeing outflow of -$7.1m vs -$4.8m in FY24.

Brand restage was delivered in FY25 and focus is now on initial shipments starting from 1Q26 and through FY26, with domestic launch estimated in 2H26. This timing is, however, later than the broker expected.

As a result, the broker cut sales forecast for FY26 to 18% from 31%, and for FY27 to 33% from 37%.

Hold. Target cut to $0.89 from $1.20.

This report was published on August 25, 2025.

Target price is $0.89 Current Price is $0.81 Difference: $0.08
If LRK meets the Moelis target it will return approximately 10% (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 minus 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 26.13.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.25.

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

MAC    MAC COPPER LIMITED

Copper – Overnight Price: $18.52

Moelis rates ((MAC)) as Hold (3) –

MAC Copper’s 1H25 result missed Moelis’ forecast on EBITDA and net profit, though revenue was a small beat. The broker would have formed a negative view on the stock post-result, if it were not for the fact it is under takeover.

The result highlighted the drag on the company’s balance sheet making debt renegotiations very difficult.

The focus is now on the takeover with key regulatory approvals secured and shareholder vote on August 29. The broker advises exiting the stock if the share price moves above $18.93.

Hold. Target rises to $19.10 (which is equal to its equity valuation) from $18.50.

This report was published on August 25, 2025.

Target price is $19.10 Current Price is $18.52 Difference: $0.58
If MAC meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 64.78 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.59.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 246.71 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.51.

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

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $4.48

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

Nanosonics’ FY25 revenue was up 17% y/y to $198.6m, beating Canaccord Genuity’s forecast and the consensus. EBITDA was up 54% y/y and still ahead of the broker’s and consensus forecasts.

The broker notes service/consumables revenue rose 20% y/y, reinforcing confidence in growing annuity revenue per installed Trophon unit. The FY26 revenue guidance is for 10% growth at midpoint, and was 3% ahead of the consensus. 

Gross margins are expected to be hit by tariffs, but operating costs remain tightly managed. Coris launch strategy is largely unchanged, with gradual rollout in Europe/Australia but US launch now pushed back to FY27.

The broker lifted FY26 revenue forecast by 2.8% and FY27 by 1.6%. But EBITDA forecasts for FY26-27 are lowered by around -4.5%.

Buy. Target lifted to $5.43 from $5.15.

This report was published on August 26, 2025.

Target price is $5.43 Current Price is $4.48 Difference: $0.95
If NAN meets the Canaccord Genuity target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $4.68, suggesting upside of 4.4%(ex-dividends)
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 6.84 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 65.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 10.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 59.7.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 EPS of 11.36 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 39.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.3, implying annual growth of 24.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 48.2.

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $7.68

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

Jarden highlights nib Holdings’ FY25 net profit was solid, 8.5% ahead of its profit and 10.9% higher than consensus, though the beat was more modest when tax benefit from historical tax losses is stripped out.

The result showed NZ business remediation is tracking faster than expected based on pricing and inflation trends. Progress toward profitability in health services continues and further cost-out opportunities were identified across the group.

The company guided to a positive group underlying operating profit for FY26 driven by Australian health insurance, NZ and momentum in adjacent businesses. 

Overweight. Target lifted to $8.00 from $7.75.

This report was published on August 25, 2025.

Target price is $8.00 Current Price is $7.68 Difference: $0.32
If NHF meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $7.70, suggesting upside of 0.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 28.00 cents and EPS of 43.60 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 17.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.3, implying annual growth of 10.2%.
Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 30.00 cents and EPS of 46.70 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.2, implying annual growth of 6.4%.
Current consensus DPS estimate is 32.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 15.9.

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

NVX    NOVONIX LIMITED

New Battery Elements – Overnight Price: $0.57

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

Petra Capital notes Novonix’s 1H25 net loss improved to -US$20m vs -US$29m in 1H24. 

The key takeaway is the company’s Riverside plant is nearing first sales just as U.S. graphite pricing dynamics shift favorably due to Chinese tariffs/export restrictions.

The broker highlights the company is positioned as the largest near-term U.S. anode producer, with strong offtake agreements and potential near-term demand/pricing upside.

An upside risk is the company’s potential to achieve higher prices and stronger demand sooner than the broker forecasts.

Buy. Target price 74c.

This report was published on August 25, 2025.

Target price is $0.74 Current Price is $0.57 Difference: $0.17
If NVX meets the Petra Capital target it will return approximately 30% (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 13.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.35.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13.90.

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

NXL    NUIX LIMITED

Software & Services – Overnight Price: $2.66

Jarden rates ((NXL)) as Neutral (3) –

Jarden notes Nuix’s FY25 result showed 8% growth in Annualised Contract Value (ACV) but missed its forecast by -2%. Churn worsened to 7.1% from 5.4% in FY24.

Overall, a mixed result with cash EBITDA better controlled but weak ACV and rising churn undermining confidence. Strong momentum in Nuix Neo and new product launches are a positive while negatives include competitive pressures and revenue recognition variability.

The broker cut FY26-28 EBITDA forecast by -5-12% on revenue downgrades and a lower compounded annual growth asumption for Nuix Neo.

Neutral. Target trimmed to $2.25 from $2.46.

This report was published on August 26, 2025.

Target price is $2.25 Current Price is $2.66 Difference: minus $0.41 (current price is over target).
If NXL meets the Jarden target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 88.67.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 5.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.15.

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

---

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

Nuix’s FY25 revenue missed Moelis’ forecast by -5% but that was due to lower proportion of multi-year deals which impacted upfront revenue recognition.

The miss was despite 8% y/y growth in Annualised Contract Value (ACV), though this was lower than the company’s withdrawn 11-16% target. Expenses were higher reflecting less capitalisation and more direct expenses, leading to a net loss of -$9.2m.

The company is confident of its products, noting expansion of Nuix Neo in 2H, leading to revenue ending FY25 at $28.1m vs $12.1m in FY24. Two deals were annouced in early FY26, pushing ACV by another $2.5-4.5m.

The broker lifted FY26 net profit by 21% but no change to FY27.

Target lifted to $2.66 from $2.50. Rating upgraded to Buy from Hold.

This report was published on August 26, 2025.

Target price is $2.66 Current Price is $2.66 Difference: $0
If NXL meets the Moelis target it will return approximately 0% (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 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 60.45.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 6.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.30.

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

PPE    PEOPLEIN LIMITED

Jobs & Skilled Labour Services – Overnight Price: $0.73

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

PeopleIn’s FY25 EBITDA of $33.3m fell short of Wilsons’ forecast by -2%, but net profit of $16.6m was in line. Billed hours fell  -11% due to wet weather in 2H and weak hospital demand but billed rates rose 7% on improved contract pricing.

Cash conversion was strong at 125%. Perm recruitment order book in professional services picked up in late 4Q25 and the momentum carried into FY26. 

The broker cut FY26 EBITDA forecast by -2% following a lower FY25 but lifted it by 5% in FY28 from gradual volume lifts.

Overweight. Target trimmed to $1.03 from $1.05.

This report was published on August 26, 2025.

Target price is $1.03 Current Price is $0.73 Difference: $0.3
If PPE meets the Wilsons target it will return approximately 41% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 5.00 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 6.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.36.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 5.30 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 7.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.62.

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

PPM    PEPPER MONEY LIMITED

Business & Consumer Credit – Overnight Price: $2.15

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

Pepper Money’s 1H25 cash net profit was down -10% sequentially at $47m and was -5% below Jarden’s forecast. Lower net interest income and a 48% sequential rise in bad debt drove the -10% decline.

Group net interest margin (NIM) fell -5bps vs 2H24 but was up 6% y/y. Mortgage NIM fell -21bps h/h to 1.5% and asset finance was up 15bps to 2.73%.

The company noted resilience in mortgage book and believes the worst is over for asset finance book after spike in insolvencies in 2H23 and 1H24. 

FY26 EPS forecast lifted by 0.3% and FY27 by 1.9% mainly due to higher origination.

Overweight. Target rises to $2.00 from $1.65.

This report was published on August 22, 2025.

Target price is $2.00 Current Price is $2.15 Difference: minus $0.15 (current price is over target).
If PPM meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 26.00 cents and EPS of 20.50 cents.
At the last closing share price the estimated dividend yield is 12.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.49.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 14.00 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 6.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.50.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.80

Moelis rates ((PPS)) as Buy (1) –

Praemium’ FY25 result highlights operating leverage, Moelis notes, with EBITDA up 31% y/y and beating the broker’s forecast by 4%, with net profit up 55% and 25% ahead of the broker’s estimate.

Platform revenue margin improved 2% reflecting the full benefit of SMA repricing and early Scope/Scope-plus repricing initiatives. This, plus ongoing Spectrum inflows, provide a clear pathway for further growth in earnings and margins, the broker believes.

Platform revenue estimates are unchanged but portfolio services revenue have been trimmed due to FY25 attrition and run-rate exits. EPS forecasts upgraded on lower-than-expected opex, partly offset by higher amortisation.

Buy. Target rises to $1.03 from $0.99.

This report was published on August 25, 2025.

Target price is $1.03 Current Price is $0.80 Difference: $0.23
If PPS meets the Moelis target it will return approximately 29% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 2.50 cents and EPS of 3.70 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.62.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 2.90 cents and EPS of 4.30 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.60.

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

---

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

Praemium’s 2H25 stood out to Wilsons with a notable improvement in operating leverage as earnings (EBITDA) rose 391bps on the previous half, arising from a decline in sales & marketing expenses of -$3m as a robust launch pipeline supported the company.

FY25 net profit after tax beat the analyst’s forecast by 7% and was 15% above consensus. A revenue miss was offset by improved operating metrics.

Wilsons lifts its EPS estimates by 2%-5% for FY25-FY28 due to reduced cost assumptions at an operational level over the medium term, sourced from sales and marketing.

No change to Market Weight rating and 75c target price.

This report was published on August 26, 2025.

Target price is $0.75 Current Price is $0.80 Difference: minus $0.05 (current price is over target).
If PPS meets the Wilsons target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 2.30 cents and EPS of 3.80 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.05.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 2.80 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.02.

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

QAL    QUALITAS LIMITED

Wealth Management & Investments – Overnight Price: $3.70

Jarden rates ((QAL)) as Buy (1) –

Jarden describes Qualitas’ FY25 result as robust with net profit before tax beating consensus by 3%. It would have been a bigger beat if a $500m deal had been recognised and not slipped into FY26.

Pipeline is strong at $2.1bn, up 24% y/y with increasing non-residential opportunities and supported by $3.1bn of dry powder for new deployments. Customer metrics are improving with rising proportion of repeat customers and reduced churn.

The broker made revisions to modelling, resulting in a -3.3% downgrade to FY26 EBITDA forecast but a 6.1% upgrade to FY30.

Target rises to $4.26 from $4.15. Buy.

This report was published on August 25, 2025.

Target price is $4.26 Current Price is $3.70 Difference: $0.56
If QAL meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 12.90 cents and EPS of 13.80 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 26.81.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 15.70 cents and EPS of 16.90 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.89.

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

REG    REGIS HEALTHCARE LIMITED

Aged Care & Seniors – Overnight Price: $7.85

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

The highlight of Regis Healthcare’s FY25 result in Jarden’s view was very strong inflow from Refundable Accommodation Deposit. The broker sees ongoing opportunity from resident mix shift and government reforms to support concessional residents.

The FY25 underlying net profit was in line with the broker’s forecast, while revenue beat by 1.6%, though EBITDA margin missed by -20bps. Higher nursing costs and an 8% increase in non-staff costs impacted margins.

The broker cut FY26 underlying net profit forecast by -5.4% and FY27 by -5.3% on higher costs related to compliance with regulatory standards and to improve service levels.

Target rises to $8.30 from $8.05. Overweight retained.

This report was published on August 26, 2025.

Target price is $8.30 Current Price is $7.85 Difference: $0.45
If REG meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.50 cents and EPS of 23.30 cents.
At the last closing share price the estimated dividend yield is 2.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.69.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 21.50 cents and EPS of 30.40 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.82.

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

RWL    RUBICON WATER LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.19

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

Wilsons notes Rubicon Water’s FY25 sales rose 18% y/y and beat its forecast by 3%. Net loss after tax improved $5m vs the year before but was worse than the broker’s forecast on lower-than-expected forex benefits.

Project pipeline was solid in the near term, supporting expectations of strong top-line growth. Growth is underpinned by resilient Australia/NZ revenues, expanding US operations and continued growth in rest of the world.

The broker lifted FY26-28 sales forecasts by 2-3%, and expects EBITDA to reach profitability in FY26 but net profit forecast is modestly lower on higher D&A.

Overweight. Target trimmed to 44c from 46c.

This report was published on August 26, 2025.

Target price is $0.44 Current Price is $0.19 Difference: $0.25
If RWL meets the Wilsons target it will return approximately 132% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons 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 63.33.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.88.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $8.02

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

Update on the ADNOC-led consortium’s indicative bid for Santos took priority over its 1H25 result. The company confirmed it has granted the consortium a further four weeks for due diligence.

It warned the consortium may need to compensate shareholders if delays extend further. Overall, Jarden reckons the deal remains broadly on track, but with some additional delays.

EBITDAX for 1H25 of US$1.758bn was 1% higher than the consensus but -2% below the broker’s forecast. Underlying net profit also missed the broker’s forecast.

The company announced US13.4c dividend which means the bid price of US$5.76/share will be adjusted by the amount.

Overweight. Target unchanged at $8.40.

This report was published on August 25, 2025.

Target price is $8.40 Current Price is $8.02 Difference: $0.38
If STO meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $8.70, suggesting upside of 8.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 35.80 cents and EPS of 47.58 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.5, implying annual growth of N/A.
Current consensus DPS estimate is 36.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 36.26 cents and EPS of 62.30 cents.
At the last closing share price the estimated dividend yield is 4.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.1, implying annual growth of 11.9%.
Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 12.9.

This company reports in USD. 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

---

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don’t have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

<span style="

Click to view our Glossary of Financial Terms