Daily Market Reports | Sep 02 2025
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
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
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.