Australian Broker Call *Extra* Edition – Sep 02, 2025

This story features ACUSENSUS LIMITED, and other companies.
For more info SHARE ANALYSIS: ACE

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)

ACE   BEN   COL   CXL   EDV   EML   GNP   IMB   IMR   KLS   LFG   MHJ   PLS   PNV   SYL   TYR  

ACE    ACUSENSUS LIMITED

Transportation & Logistics – Overnight Price: $1.00

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

Acusensus’ FY25 result showed solid revenue growth of 20% y/y to $59m, in line with Canaccord Genuity’s forecast. Opex grew 26% y/y to $22m, but that was due to investment into growth mainly through headcount increases.

Total contracted value rose 84% y/y to $376m, and the company now has 17 long-term contracts across Australia, NZ, UK and US. 

FY26 guidance is for $79-84m, above the broker’s earlier estimate of $75m. The broker lifted FY26 EBITDA forecast by 14% and FY27 by 1%, driven by a stronger revenue growth outlook.

Target rises to $1.65 from $1.50. Buy retained.

This report was published on August 26, 2025.

Target price is $1.65 Current Price is $1.00 Difference: $0.65
If ACE meets the Canaccord Genuity target it will return approximately 65% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of minus 1.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 55.56.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 EPS of minus 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 71.43.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $13.22

Jarden rates ((BEN)) as Neutral (3) –

Jarden notes Bendigo & Adelaide Bank’s FY25 cash net profit was down -8.4% y/y, on higher opex and flat revenue. 2H25 cash profit fell -6% h/h but came above consensus thanks to higher bad debt writebacks.

FY25 reported statutory loss was -$97.1m due to -$539.5m goodwill impairment, which the broker reckons is a step in the right direction to boost return on equity (ROE). 

The bank is targeting over 10% ROE by 2030, and the broker believes the bank still has work to do to convince the market it is on the path to achieve it. Strategy Day in November will be eyed.

FY26 cash net profit forecast lifted by 3% and FY27 by 5% on lower costs and lower bad debts.

Target lifted to $12.00 from $11.60. Neutral retained.

This report was published on August 25, 2025.

Target price is $12.00 Current Price is $13.22 Difference: minus $1.22 (current price is over target).
If BEN 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 $11.20, suggesting downside of -15.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 63.00 cents and EPS of 83.00 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.9, implying annual growth of N/A.
Current consensus DPS estimate is 62.5, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 66.00 cents and EPS of 87.40 cents.
At the last closing share price the estimated dividend yield is 4.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.3, implying annual growth of 1.6%.
Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

COL    COLES GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $24.08

Jarden rates ((COL)) as Neutral (3) –

Jarden assesses Coles Group’s FY25 result as a small beat and good quality, with over 100% cash conversion. Sales rose 3.6% y/y and met the broker’s forecast, while net profit was 2% ahead.

The highlight was a strong start to FY26, with supermarket sales in the first 8 weeks up 4.9% y/y. The broker believes the market is improving, and it is also likely the company is increasing market share. 

FY26-28 net profit forecasts lifted by 1%, with 3-year EPS compounded annual growth rate forecast at 11%.

Neutral. Target rises to $21.70 from $20.60.

This report was published on August 26, 2025.

Target price is $21.70 Current Price is $24.08 Difference: minus $2.38 (current price is over target).
If COL meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $24.18, suggesting upside of 0.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 78.00 cents and EPS of 94.10 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.1, implying annual growth of 15.3%.
Current consensus DPS estimate is 76.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 25.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 86.00 cents and EPS of 103.40 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.7, implying annual growth of 10.3%.
Current consensus DPS estimate is 84.8, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 23.4.

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

CXL    CALIX LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.44

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

Canaccord Genuity notes Calix’s FY25 revenue grew 17% y/y as strong growth in the Water business in 2H offset slowing in Leilac revenues. Cash balance of $23m was in line with the broker’s forecast.

Slowing revenue in Leilac prompted the broker to lower the estimate for FY26, resulting in a cut to gross profit forecast, partly offset by lower capex. EBITDA forecast for FY26 is -$13.6m vs -23m in FY25.

FY27 EBITDA is expected to be positive at $4.4m, helped by lithium midstream revenue and rebound in Leilac, and a lower capex forecast than before.

Buy. Target cut to $1.90 from $2.40 on higher share count and removal of lithium midstream plan out of valuation due to start-up timing uncertainty.

This report was published on August 27, 2025.

Target price is $1.90 Current Price is $0.44 Difference: $1.46
If CXL meets the Canaccord Genuity target it will return approximately 332% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of minus 10.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.15.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 EPS of minus 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.00.

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

EDV    ENDEAVOUR GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.84

Jarden rates ((EDV)) as Downgrade to Underweight from Neutral (4) –

Endeavour Group’s FY25 underlying net profit was in line with Jarden’s forecast, but revenue missed by -2% and EBIT met. The broker describes the result as clean with over 100% cash conversion, highlighting strong financial discipline.

FY26 started on a weak note for retail with sales in the first 7 weeks down -1.3% y/y. However, the hotel segment fared better, up 4.4% y/y.

The broker believes a strategic reset, while disruptive, is what the company needs. Brand and format rationalisation, loyalty program consolidation, data monetisation, and category expansion could expand the total addressable market and unlock synergies.

The broker trimmed FY26 net profit forecast by -5% to reflect weaker 2H gross margin and higher cost of doing business.

Target cut to $3.90 from $4.20. Rating downgraded to Underweight from Neutral.

This report was published on August 25, 2025.

Target price is $3.90 Current Price is $3.84 Difference: $0.06
If EDV meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.21, suggesting upside of 9.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.00 cents and EPS of 25.70 cents.
At the last closing share price the estimated dividend yield is 4.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.4, implying annual growth of 11.0%.
Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 21.00 cents and EPS of 28.40 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.4, implying annual growth of 7.6%.
Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.5.

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

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $1.09

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

EML Payments’ FY25 revenue of $222m met Canaccord Genuity’s forecast, while EBITDA of $58.7m beat the $57.3m estimate and was also ahead of the consensus. Underlying opex was lower than expected.

The results support the broker’s optimism that the company is on track to achieve its EML 2.0 strategy. With a stronger pipeline, disciplined expansion, and tech consolidation, the broker expects earnings leverage to improve into FY26–27.

The company retained medium-term guidance for $95m EBITDA in FY28. 

FY27-28 revenue forecasts lifted by 1% and the EBITDA forecast for FY26 lifted by 3% and by 2% for FY27.

Buy. Target unchanged at $1.80.

This report was published on August 27, 2025.

Target price is $1.80 Current Price is $1.09 Difference: $0.71
If EML meets the Canaccord Genuity target it will return approximately 65% (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 6.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.58.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.98.

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

GNP    GENUSPLUS GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $5.09

Moelis rates ((GNP)) as Buy (1) –

GenusPlus Group reported a strong FY25, according to Moelis, with profit up 71% year-on-year and earnings (EBITDA) of $67.4m, a 49% lift, both above consensus and Moelis’ estimates.

The broker highlights recurring revenue growth of 20% to $311m, with FY26 expected at $370m. The order book expanded to $2bn, and the tender pipeline lifted to $2.4bn.

Energy & Engineering earnings rose 144% to $19.9m, Services surged 208% to $15.3m, and Infrastructure grew 8% to $33m.

FY26 guidance implies to the broker 20-25% earnings growth to $80.9m-$84.2m.  Cash rose to $160m at June end, and a fully franked 3.6c dividend was declared.

The broker upgrades FY26, FY27, and FY28 earnings forecasts by 5%, 8%, and 8%, respectively, supported by transmission, energy transition and recurring work. The target price is raised to $5.50 from $4.40. Buy rating kept.

This report was published on August 28, 2025.

Target price is $5.50 Current Price is $5.09 Difference: $0.41
If GNP meets the Moelis target it will return approximately 8% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.40 cents and EPS of 23.50 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 21.66.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 4.60 cents and EPS of 25.80 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.73.

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

IMB    INTELLIGENT MONITORING GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $0.60

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

Intelligent Monitoring’s FY25 revenue of $175m, up 44% y/y, was slightly higher than Canaccord Genuity’s forecast but lower than the consensus. Key drivers included a 181% increase in commercial installations and a 101% rise in maintenance.

The revenue growth supports the company’s ambition to restore ADT commercial revenues to over $130m. The company announced $36.6m in pipeline, prompting the broker to lift FY26 commercial installation revenue to $79m, up $7m.

The acquisition of Western Advance was announced for $4.5m, which is expected to close this quarter. The broker estimates $10m revenue in FY26 and $14m in FY27.

Overall, FY26 EBITDA forecast lifted by 7% and FY27 by 8%.

Buy. Target unchanged at $1.

This report was published on August 27, 2025.

Target price is $1.00 Current Price is $0.60 Difference: $0.4
If IMB meets the Canaccord Genuity target it will return approximately 67% (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 10.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.00.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.65.

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

IMR    IMRICOR MEDICAL SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $1.41

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

Canaccord Genuity notes Imricor Medical Systems ended 1H25 with US$50.3m cash and is well-funded through FY26.

The broker sees potential ASX300 index inclusion in March 2026 as a technical catalyst for fund flows into the stock.

Buy. Target unchanged at $2.06.

This report was published on August 27, 2025.

Target price is $2.06 Current Price is $1.41 Difference: $0.65
If IMR meets the Canaccord Genuity target it will return approximately 46% (excluding dividends, fees and charges).

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

KLS    KELSIAN GROUP LIMITED

Transportation & Logistics – Overnight Price: $4.86

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

Kelsian Group met its FY25 EBITDA guidance and was 1% ahead of Canaccord Genuity’s forecast on stronger performance in 2H. Net profit missed by -3%.

The highlight was the generation of free cash flow of $16m, and the broker now expects $69m in FY26, rising to $100m in FY27, with multi-year capex spending completed. The outlook into FY26 remains robust, supported by contract renewals and new wins.

The company’s FY26 EBITDA guidance is for $297-310m, prompting the broker to revise its forecast by 1% from $302.8m previously. FY27 EBITDA forecast is lifted by 2%.

Buy. Target rises to $5.80 from $5.60.

This report was published on August 26, 2025.

Target price is $5.80 Current Price is $4.86 Difference: $0.94
If KLS meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting downside of -2.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 18.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 203.6, implying annual growth of 911.9%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 2.4.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 19.00 cents and EPS of 42.00 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 11.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.6, implying annual growth of -79.1%.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 11.4.

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

LFG    LIBERTY FINANCIAL GROUP LIMITED

Diversified Financials – Overnight Price: $4.21

Jarden rates ((LFG)) as Neutral (3) –

Liberty Financial’s FY25 result showed an improvement in 2H, with 2H net interest margin (NIM) up 3bps h/h to 2.50%, though full-year NIM came in at 2.49%. 2H25 cash net profit rose 3% h/h and was better than Jarden’s forecast.

The broker sees the company well-positioned to benefit from a pullback by major banks from the third-party home loan channel, provided funding and credit markets remain stable. 

FY25 saw a drop in home loan originations in 2H, though this was more than offset by solid growth in asset finance.

EPS forecast for FY26 lifted by 2.4% and by 1.4% for FY27 on higher NIM and lower bad debts, offset by lower home loan growth forecasts.

Neutral. Target rises to $4.00 from $3.75.

This report was published on August 25, 2025.

Target price is $4.00 Current Price is $4.21 Difference: minus $0.21 (current price is over target).
If LFG meets the Jarden target it will return approximately minus 5% (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 34.00 cents and EPS of 49.70 cents.
At the last closing share price the estimated dividend yield is 8.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.47.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 37.00 cents and EPS of 62.00 cents.
At the last closing share price the estimated dividend yield is 8.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.79.

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

MHJ    MICHAEL HILL INTERNATIONAL LIMITED

Luxury – Overnight Price: $0.38

Jarden rates ((MHJ)) as Buy (1) –

Michael Hill’s FY25 result showed a positive shift in momentum in the 2H25, though FY25 was broadly flat, with same-store sales (SSS) up just 0.3%. Jarden notes early FY26 trading update was also positive, with group SSS up 3.2% y/y despite NZ lagging.

Group gross margin held steady at around 60.5% despite 51 of 52 weeks being promotional and a rising gold price. Mix-shift toward higher-margin products (notably LAB diamonds) and new vendor/consignment arrangements provided an offset.

The broker pushed out recovery assumptions, resulting in a cut to near-term earnings forecasts.

Buy. Target trimmed to NZ75c from NZ80c.

This report was published on August 25, 2025.

Current Price is $0.38. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 2.00 cents and EPS of 3.40 cents.
At the last closing share price the estimated dividend yield is 5.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.18.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 5.00 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 13.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.07.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $2.43

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

Jarden assesses Pilbara Minerals’ FY25 result as better than expected, with reported EBITDA of $78m beating its $69m forecast. Below the EBITDA line, however, net loss was worse than expected due to higher D&A.

The broker is forecasting significantly higher D&A ahead, but notes it is non-cash and provides a greater tax shield.

The highlight was a recent spot sale for a small 5kt cargo for SC6 price 10% above the current spot of US$940/t. The company stated it received more enquiries, though the broker notes it is fully contracted for FY26.

The broker once again highlights the strong balance sheet, where the net cash position was $518m at the end of June. EBITDA forecast for FY26 lifted by 4% and by 2% for FY27.

Target unchanged at $2.20. Rating downgraded to Overweight from Buy.

This report was published on August 25, 2025.

Target price is $2.20 Current Price is $2.43 Difference: minus $0.23 (current price is over target).
If PLS 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 $2.04, suggesting downside of -15.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 220.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.1, implying annual growth of N/A.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 2430.0.

Forecast for FY27:

Jarden forecasts a full year FY27 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 75.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.1, implying annual growth of 3000.0%.
Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 78.4.

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

PNV    POLYNOVO LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.32

Wilsons rates ((PNV)) as Upgrade to Overweight from Market Weight (1) –

PolyNovo’s FY25 sales rose 29% y/y and met Wilsons’ forecast, while EBITDA more than tripled to $11.2m, beating the broker’s original forecast of $8.3m.

The broker notes MTX is emerging as a key growth driver, wth sales more than doubling in FY25 and estimated to double again in FY26. BTM performance was subdued, but the forecast is for 6% volume growth, with the ongoing PMA trial seen as a long-term catalyst.

The broker’s revised forecast is for FY26 US sales of US$70m, up 23% in constant currency terms. Group forecasts are largely unchanged, but FY26 EBITDA forecast is upgraded by 4%.

Target unchanged at $1.62. Rating upgraded to Overweight from Market Weight, with the broker noting the stock is trading at a discount to DCF and historical multiples.

This report was published on August 26, 2025.

Target price is $1.62 Current Price is $1.32 Difference: $0.3
If PNV meets the Wilsons target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $1.90, suggesting upside of 43.7%(ex-dividends)
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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 66.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.3, implying annual growth of 20.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 57.4.

Forecast for FY27:

Wilsons 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 38.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.9, implying annual growth of 69.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 33.8.

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: $1.89

Jarden rates ((SYL)) as Buy (1) –

Symal Group’s maiden FY25 result showed a 10% beat at the core net profit level versus its proforma prospectus forecast. 

Jarden highlights the growth and diversification strategy with the company shifting work into utilities and power from infrastructure.

Limited exposure to residential developments/new projects has insulated margins in the broker’s view. 

The company’s EBITDA guidance for FY26 is $115-125m vs $106m in FY25, and the broker is forecasting slightly above the range at $121.5m.

This is despite estimating a slightly lower EBITDA margin of 10% vs the company’s 10-12% target. Net profit is forecast to rise 27% y/y despite higher D&A and interest costs.

Buy. Target unchanged at $2.50.

This report was published on August 27, 2025.

Target price is $2.50 Current Price is $1.89 Difference: $0.61
If SYL meets the Jarden target it will return approximately 32% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 12.20 cents and EPS of 24.40 cents.
At the last closing share price the estimated dividend yield is 6.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.75.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 14.80 cents and EPS of 29.70 cents.
At the last closing share price the estimated dividend yield is 7.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.36.

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

TYR    TYRO PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $1.25

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

Canaccord Genuity notes Tyro Payments’ FY25 headline numbers were soft on total transaction value (TTV), but pricing and cost control ensured EBITDA met expectations.

TTV was flat y/y as weakness in hospitality and Bendigo run-off was offset by strength in health and services. TTV momentum accelerated in 4Q, up 5% y/y with the momentum continuing into FY26.

The company guided to FY26 EBITDA forecast of $66-72m vs the broker’s forecast of $68m.

The broker trimmed FY26 EBITDA forecast by -1% and FY27 by -6%.

Buy. Target rises to $1.70 from $1.65 on roll-forward.

This report was published on August 26, 2025.

Target price is $1.70 Current Price is $1.25 Difference: $0.45
If TYR meets the Canaccord Genuity target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $1.38, suggesting upside of 10.4%(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 5.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.1, implying annual growth of 20.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 30.5.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.6, implying annual growth of 12.2%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 27.2.

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

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

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.

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