Daily Market Reports | Sep 10 2025
This story features BELLEVUE GOLD LIMITED, and other companies.
For more info SHARE ANALYSIS: BGL
The company is included in ASX200, ASX300 and ALL-ORDS
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
BGL CAY CHC CKF CNI DUG EBO HMC IPX LOT MPL MTO NWH PNR SGP VCX
BGL BELLEVUE GOLD LIMITED
Gold & Silver – Overnight Price: $0.92
Jarden rates ((BGL)) as Neutral (3) –
Bellevue Gold reported FY25 underlying profit of $38m before one-off charges, while a headline net loss of -$46m reflected -$118m in non-recurring items tied to hedge restructuring, explains Jarden.
The broker highlights strong operating cash flow (OCF) despite weak accounting results, with the restructure positioning the company to capture record spot Australian dollar prices of around $5,420/oz. Only 5.6koz was hedged at $2,835/oz in the first half of FY26.
Underlying earnings of $225m were around 7% above the analysts’ $210m forecast, though the beat was mainly due to accounting adjustments rather than operational factors.
Net finance costs rose to -$30m, versus -$23m expected by Jarden, driven by a -$7.2m credit fee issued in shares. Total lease liabilities increased to -$238m, including a -$100m addition related to a power purchase agreement.
Guidance for FY26 remains 130-150koz at costs (AISC) of $2,600-2,900/oz and growth capital of -$80-90m.
Jarden lowers its target to 84c from 86c, offsetting improved earnings forecasts with higher lease liabilities, and retains a Neutral rating.
This report was published on September 3, 2025.
Target price is $0.84 Current Price is $0.92 Difference: minus $0.08 (current price is over target).
If BGL 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 $1.15, suggesting upside of 25.0%(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 6.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.8, 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 8.5.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.8, implying annual growth of -46.3%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 15.9.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CAY CANYON RESOURCES LIMITED
Aluminium, Bauxite & Alumina – Overnight Price: $0.26
Canaccord Genuity rates ((CAY)) as Speculative Buy (1) –
Canyon Resources published a Definitive Feasibility Study (DFS) for its Minim Martap bauxite project in Cameroon, which confirmed a larger, longer-life project with competitive costs and strong premiums, Canaccord Genuity notes.
The DFS pointed to a 20-year mine life and ramp-up to 9Mtpa of bauxite by 2032, 41% higher peak production vs the broker’s previous forecast of 6.4Mtpa.
Capex rises to -US$446m but the broker reckons it is a modest 20% increase from its previous forecast. Stage 1 capex of -US$96m is expected to achieve first ore sales, and the broker expects this to be funds from current cash and debt facilities.
Speculative Buy. Target rises to 40c from 35c.
This report was published on September 3, 2025.
Target price is $0.40 Current Price is $0.26 Difference: $0.14
If CAY meets the Canaccord Genuity target it will return approximately 54% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 26.00.
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 26.00.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CHC CHARTER HALL GROUP
REITs – Overnight Price: $23.02
Jarden rates ((CHC)) as Overweight (2) –
Jarden notes REIT stocks outperformed in August, up 6.2%, with the performance supported by the sector exceeding elevated expectations during the result season.
Macro tailwinds like rate cuts, cap rate compression and limited supply support rental/price growth and asset values. Balance sheets are healthy, enabling capital deployment and potential consolidation-driven upside.
Among key risks in the broker’s view are elevated rates vs past cycles, regulatory headwinds, and a wide gap between underlying and cash-backed earnings.
The broker sees Charter Hall as one of the best-positioned plays on a cyclical property market recovery, supported by moderating interest rates, rising transaction volumes, and improving equity flows.
Overweight. Target rises to $26.20 from $25.10.
This report was published on September 3, 2025.
Target price is $26.20 Current Price is $23.02 Difference: $3.18
If CHC meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $21.71, suggesting downside of -5.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 70.90 cents and EPS of 90.20 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.52.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 91.0, implying annual growth of 90.6%.
Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 25.3.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 75.20 cents and EPS of 100.94 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.81.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 102.2, implying annual growth of 12.3%.
Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 22.5.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CKF COLLINS FOODS LIMITED
Food, Beverages & Tobacco – Overnight Price: $10.43
Canaccord Genuity rates ((CKF)) as Buy (1) –
Canaccord Genuity was pleased with the trading update from Collins Foods at the AGM. which stated same-store sales (SSS) growth accelerated across all three regions in the first 18 weeks of FY26.
The broker notes Australia remains the anchor and is now forecasting 2.7% SSS growth in FY26 from 2.2% before. The company is targeting 40-70 stores in Germany vs less than 20 currently, and the broker is estimating 46 new stores by FY30.
FY26 net profit growth was reiterated to low-to-mid-teens, and the broker’s revised forecast of 14% growth is in line with this. FY27 net profit forecast lifted by 6%.
Buy. Target rises to $10.85 from $9.65.
This report was published on September 3, 2025.
Target price is $10.85 Current Price is $10.43 Difference: $0.42
If CKF meets the Canaccord Genuity target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $10.11, suggesting downside of -3.0%(ex-dividends)
The company’s fiscal year ends in April.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 28.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.29.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 48.7, implying annual growth of 549.3%.
Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 21.4.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 33.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 57.7, implying annual growth of 18.5%.
Current consensus DPS estimate is 32.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 18.1.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CNI CENTURIA CAPITAL GROUP
Diversified Financials – Overnight Price: $2.31
Jarden rates ((CNI)) as Neutral (3) –
Jarden notes REIT stocks outperformed in August, up 6.2%, with the performance supported by the sector exceeding elevated expectations during the result season.
Macro tailwinds like rate cuts, cap rate compression and limited supply support rental/price growth and asset values. Balance sheets are healthy, enabling capital deployment and potential consolidation-driven upside.
Among key risks in the broker’s view are elevated rates vs past cycles, regulatory headwinds, and a wide gap between underlying and cash-backed earnings.
The broker notes Centuria Capital’s FY25 result was solid, and FY26 FFO guidance was ahead of expectation, with $60m share buyback an added positive.
Overweight. Target rises to $2.60 from $1.85.
This report was published on September 3, 2025.
Target price is $2.60 Current Price is $2.31 Difference: $0.29
If CNI meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.12, suggesting downside of -8.3%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 13.57 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.02.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.7, implying annual growth of 37.4%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.9.
Forecast for FY27:
Jarden forecasts a full year FY27 EPS of 14.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.61.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.8, implying annual growth of 8.0%.
Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 15.6.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
DUG DUG TECHNOLOGY LIMITED
Cloud services – Overnight Price: $2.15
Canaccord Genuity rates ((DUG)) as Buy (1) –
Dug Technology has signed a Letter of Award with Petronas for a three-year contract with a net value of US$18.2m, and an option to extend for another two years.
Canaccord Genuity notes the contract following strong Work in Hand at the end of FY25. It suggests the company retains growth optionality, with multiple offerings (Services, Software, Cool, Nomad, Multi-client) and a strengthened client franchise.
Further wins in Brazil/Middle East would reinforce the company’s IP-driven differentiation in the broker’s view. The broker will also watch for further conversion from Work in Hand, with upside risk if eMP-FWI drives faster conversion.
Buy. Target rises to $2.55 from $2.45.
This report was published on September 3, 2025.
Target price is $2.55 Current Price is $2.15 Difference: $0.4
If DUG meets the Canaccord Genuity target it will return approximately 19% (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 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 69.33.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.75 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.73.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
EBO EBOS GROUP LIMITED
Healthcare services – Overnight Price: $26.88
Jarden rates ((EBO)) as Overweight (2) –
Jarden notes FY25 marked a reset year for Ebos Group with earnings impacted by the loss of Chemist Warehouse Australia contract, competitive pharmacy pressures, and higher costs from the renewal of distribution centres.
The company expects headwinds to persist through 1H26, with leverage and PBS momentum benefits emerging in FY27.
The broker highlights Animal Care remained a steady performer (around 21% underlying EBITDA), with Next Gen and SVS adding future growth options. SE Asia Medical Devices (Transmedic) delivered strong growth and continues to offer bolt-on M&A opportunities.
Overweight. Target unchanged at $39, as the broker sees FY26 as a transitional year with long-term growth and ROCE momentum resuming from FY27–28.
This report was published on September 3, 2025.
Current Price is $26.88. Target price not assessed.
Current consensus price target is $33.27, suggesting upside of 23.8%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 97.00 cents and EPS of 129.60 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.74.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 138.7, implying annual growth of 26.4%.
Current consensus DPS estimate is 110.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 19.4.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 103.00 cents and EPS of 147.20 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.26.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 154.4, implying annual growth of 11.3%.
Current consensus DPS estimate is 117.8, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 17.4.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
HMC HMC CAPITAL LIMITED
Wealth Management & Investments – Overnight Price: $3.53
Jarden rates ((HMC)) as Downgrade to Neutral from Overweight (3) –
Jarden notes REIT stocks outperformed in August, up 6.2%, with the performance supported by the sector exceeding elevated expectations during the result season.
Macro tailwinds like rate cuts, cap rate compression and limited supply support rental/price growth and asset values. Balance sheets are healthy, enabling capital deployment and potential consolidation-driven upside.
Among key risks in the broker’s view are elevated rates vs past cycles, regulatory headwinds, and a wide gap between underlying and cash-backed earnings.
In the case of HMC Capital, the broker believes earnings are dependent on the ability to raise unlisted capital where the track record is minimal. Forecasts and valuation lowered to reflect the range of possibilities.
Rating downgraded to Neutral from Overweight. Target trimmed to $4.00 from $5.20.
This report was published on September 3, 2025.
Target price is $4.00 Current Price is $3.53 Difference: $0.47
If HMC meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.95, suggesting upside of 40.2%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 25.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.90.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 31.6, implying annual growth of -14.0%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 11.2.
Forecast for FY27:
Jarden forecasts a full year FY27 EPS of 27.29 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 34.9, implying annual growth of 10.4%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 10.1.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
IPX IPERIONX LIMITED
Industrial Metals – Overnight Price: $6.69
Canaccord Genuity rates ((IPX)) as Speculative Buy (1) –
Canaccord Genuity highlights the expansion at IperionX’s stage 1 capacity at Virginia TMC comes with materially improved economics. This is reflected in lower stage 2 capex of -US$75m vs prior -US$100m, and a decline in costs to US$29/kg.
More importantly, the pivot from powders to manufactured titanium products transforms the earnings profile, with EBITDA potential of US$260m at 1,400tpa from early 2028.
The broker sees the risk/reward improving materially as IperionX captures higher-value markets.
Speculative Buy. Target rises to $8.90 from $6.65.
This report was published on September 3, 2025.
Target price is $8.90 Current Price is $6.69 Difference: $2.21
If IPX meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 83.63.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 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 167.25.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
LOT LOTUS RESOURCES LIMITED
Uranium – Overnight Price: $0.20
Petra Capital rates ((LOT)) as Buy (1) –
Lotus Resources has produced its first yellowcake at Kayelekera, the first output since the mine was placed into care and maintenance by Paladin Energy ((PDN)) in 2014, highlights Petra Capital.
Initial production is from stockpiles, with the company targeting 200,000lbs per month, or 2.4mlbs annually, at steady state by March quarter 2026. This production outlook compares to Paladin’s earlier definitive feasibility study assumption of 3.3mlbs, notes the analyst.
While restarting production is an achievement, the broker cautions achieving consistent operations will be more challenging. Lotus is expected to air freight small sample volumes to converters for requalification, with the first shipment anticipated before year end.
Petra Capital expects cash inflows from sales only by June quarter 2026 due to freight, acceptance and payment timelines.
Existing fixed-price offtake contracts extend to 2029, and the company is not pursuing further fixed-price agreements while long-term prices remain elevated.
Petra Capital lowers its target price to 27c from 30c and retains a Buy rating.
This report was published on September 3, 2025.
Target price is $0.27 Current Price is $0.20 Difference: $0.065
If LOT meets the Petra Capital target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $0.30, suggesting upside of 43.9%(ex-dividends)
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 1.04 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.71.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 N/A.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.77.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -0.7, 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: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MPL MEDIBANK PRIVATE LIMITED
Insurance – Overnight Price: $4.96
Jarden rates ((MPL)) as Neutral (3) –
The latest APRA data show industry policyholder growth of 2.2% year-on-year, with competitive pressures still elevated, notes Jarden.
Claims per policy growth eased to 1.8% in the June quarter from 2.6% in the March quarter, with lower hospital and extras utilisation reducing gross margin pressure.
FY25 gross margins declined -20bps, though a 50bps improvement in the management expense ratio lifted industry net margins to 3.1% from 2.8% in FY24.
The broker highlights switching activity remained elevated at 5.3% following the April industry premium rise. State trends diverged, with NSW hospital benefits up 6.1% in the quarter, QLD down -4.0%, and VIC broadly flat at 0.9%.
Jarden observes claims growth remains well below pre-covid averages.
Earnings forecasts remain unchanged but Jarden suggests continued weakness in utilisation could improve gross margins in FY26.
The broker maintains a preference for nib Holdings ((NHF)) over Medibank given a stronger two-year EPS growth profile of 10.7% versus 6.0% and a superior 12-month total shareholder return of 11.5% versus -3.3%.
This report was published on September 3, 2025.
Target price is $4.60 Current Price is $4.96 Difference: minus $0.36 (current price is over target).
If MPL meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.09, suggesting upside of 2.6%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 18.10 cents and EPS of 22.70 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 21.85.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.3, implying annual growth of 28.2%.
Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 21.3.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 19.50 cents and EPS of 24.20 cents.
At the last closing share price the estimated dividend yield is 3.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.5, implying annual growth of 5.2%.
Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 20.2.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MTO MOTORCYCLE HOLDINGS LIMITED
Automobiles & Components – Overnight Price: $3.39
Moelis rates ((MTO)) as Buy (1) –
Moelis assesses Motorcycle Holdings’ FY25 result as strong, with group revenue ahead of expectations due to strong 25% growth in the wholesale distribution business.
Gross margin, however, slipped -50bps to 25.1% while EBITDA margin was stable at 7.8%.
The company didn’t provide FY26 guidance but pointed to focus on cost-out initiatives, digital and data transformation, and Mojo brand momentum.
The broker is positive about margin improvement in FY26 and beyond. FY26 EPS forecast lifted by 7.9% and FY27 by 7.3%.
Buy. Target rises to $4.13 from $3.38.
This report was published on September 4, 2025.
Target price is $4.13 Current Price is $3.39 Difference: $0.74
If MTO meets the Moelis target it will return approximately 22% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 19.10 cents and EPS of 34.10 cents.
At the last closing share price the estimated dividend yield is 5.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.94.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 20.50 cents and EPS of 36.70 cents.
At the last closing share price the estimated dividend yield is 6.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.24.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
NWH NRW HOLDINGS LIMITED
Mining Sector Contracting – Overnight Price: $4.44
Moelis rates ((NWH)) as Buy (1) –
NRW Holdings is acquiring Fredon Industries for a combination of upfront cash of $122m and earnouts/deferred payments totalling $82m.
Moelis regards the deal as a strategically sound, accretive acquisition that bolsters the company’s pipeline, east coast exposure, and client diversification at a compelling multiple. The entry multiple is 5.2x EV/EBIT.
The broker notes the deal will be funded by existing debt facilities and will temporarily increase gearing to 49% but sees ND/EBITDA at a comfortable 0.7x.
FY26 EPS forecast upgraded by 11% and FY27 by 14%, assuming a nine-month contribution from Fredon in FY26.
Buy. Target rises to $4.52 from $4.07.
This report was published on September 3, 2025.
Target price is $4.52 Current Price is $4.44 Difference: $0.08
If NWH meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.38, suggesting downside of -1.5%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 18.00 cents and EPS of 33.20 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.37.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 33.2, implying annual growth of 447.9%.
Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 13.4.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 18.00 cents and EPS of 35.40 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.54.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 36.0, implying annual growth of 8.4%.
Current consensus DPS estimate is 20.8, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 12.3.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PNR PANTORO GOLD LIMITED
Gold & Silver – Overnight Price: $5.24
Moelis rates ((PNR)) as Downgrade to Hold from Buy (3) –
Moelis downgraded Pantoro Gold’s rating to Hold from Buy following recent share price gains. No change to $4.50 target price.
The broker notes the share price has appreciated 65% since July vs the 22% average gains in its gold coverage stocks.
The stock could continue to trade higher on pure momentum, but to drive a rating upgrade, the broker needs to have more conviction around peak production or the gold price to exceed $6,000/oz.
This report was published on September 4, 2025.
Target price is $4.50 Current Price is $5.24 Difference: minus $0.74 (current price is over target).
If PNR meets the Moelis target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 10.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 48.07.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 29.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.88.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
SGP STOCKLAND
Infra & Property Developers – Overnight Price: $6.21
Jarden rates ((SGP)) as Overweight (2) –
Jarden notes REIT stocks outperformed in August, up 6.2%, with the performance supported by the sector exceeding elevated expectations during the result season.
Macro tailwinds like rate cuts, cap rate compression and limited supply support rental/price growth and asset values. Balance sheets are healthy, enabling capital deployment and potential consolidation-driven upside.
Among key risks in the broker’s view are elevated rates vs past cycles, regulatory headwinds, and a wide gap between underlying and cash-backed earnings.
The broker sees Stockland well-positioned for accelerating earnings growth on improving residential momentum and a growing residential and commercial development pipeline.
Overweight. Target rises to $7.05 from $6.80
This report was published on September 3, 2025.
Target price is $7.05 Current Price is $6.21 Difference: $0.84
If SGP meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $6.23, 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 25.20 cents and EPS of 36.50 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.01.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 36.7, implying annual growth of 6.0%.
Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 16.9.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 27.60 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.52.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 39.6, implying annual growth of 7.9%.
Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 15.7.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
VCX VICINITY CENTRES
REITs – Overnight Price: $2.55
Jarden rates ((VCX)) as Overweight (2) –
Jarden notes REIT stocks outperformed in August, up 6.2%, with the performance supported by the sector exceeding elevated expectations during the result season.
Macro tailwinds like rate cuts, cap rate compression and limited supply support rental/price growth and asset values. Balance sheets are healthy, enabling capital deployment and potential consolidation-driven upside.
Among key risks in the broker’s view are elevated rates vs past cycles, regulatory headwinds, and a wide gap between underlying and cash-backed earnings.
In the case of Vicinity Centres, the broker notes the balance sheet provides scope to pursue further growth initiatives.
Overweight. Target rises to $2.92 from $2.85.
This report was published on September 3, 2025.
Target price is $2.92 Current Price is $2.55 Difference: $0.37
If VCX meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.43, suggesting downside of -4.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 12.60 cents and EPS of 15.20 cents.
At the last closing share price the estimated dividend yield is 4.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.78.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.2, implying annual growth of -31.1%.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 16.8.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 13.50 cents and EPS of 16.20 cents.
At the last closing share price the estimated dividend yield is 5.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.74.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.0, implying annual growth of 5.3%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 15.9.
Market Sentiment: -0.5
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.
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