Australian Broker Call *Extra* Edition – Sep 11, 2025

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            [0] => ((AGN))
            [1] => ((ALL))
            [2] => ((APE))
            [3] => ((ARB))
            [4] => ((ARF))
            [5] => ((ASK))
            [6] => ((AV1))
            [7] => ((BMN))
            [8] => ((BRE))
            [9] => ((CIP))
            [10] => ((CLW))
            [11] => ((CQE))
            [12] => ((CQR))
            [13] => ((CXO))
            [14] => ((DUR))
            [15] => ((APA))
            [16] => ((DXS))
            [17] => ((FFM))
            [18] => ((GPT))
            [19] => ((HDN))
            [20] => ((IAG))
            [21] => ((INA))
            [22] => ((INR))
            [23] => ((IPH))
            [24] => ((KAI))
            [25] => ((KMD))
            [26] => ((KMD))
            [27] => ((LIC))
            [28] => ((LIN))
            [29] => ((ILU))
            [30] => ((LYC))
            [31] => ((LNW))
            [32] => ((MGR))
            [33] => ((MMI))
            [34] => ((MQG))
            [35] => ((NWH))
            [36] => ((OBM))
            [37] => ((OBM))
            [38] => ((PEN))
            [39] => ((QAL))
            [40] => ((QUB))
            [41] => ((RUL))
            [42] => ((RIO))
            [43] => ((BHP))
            [44] => ((RXL))
            [45] => ((SHJ))
            [46] => ((SVR))
            [47] => ((TCG))
            [48] => ((THL))
            [49] => ((WPR))
        )

    [1] => Array
        (
            [0] => AGN
            [1] => ALL
            [2] => APE
            [3] => ARB
            [4] => ARF
            [5] => ASK
            [6] => AV1
            [7] => BMN
            [8] => BRE
            [9] => CIP
            [10] => CLW
            [11] => CQE
            [12] => CQR
            [13] => CXO
            [14] => DUR
            [15] => APA
            [16] => DXS
            [17] => FFM
            [18] => GPT
            [19] => HDN
            [20] => IAG
            [21] => INA
            [22] => INR
            [23] => IPH
            [24] => KAI
            [25] => KMD
            [26] => KMD
            [27] => LIC
            [28] => LIN
            [29] => ILU
            [30] => LYC
            [31] => LNW
            [32] => MGR
            [33] => MMI
            [34] => MQG
            [35] => NWH
            [36] => OBM
            [37] => OBM
            [38] => PEN
            [39] => QAL
            [40] => QUB
            [41] => RUL
            [42] => RIO
            [43] => BHP
            [44] => RXL
            [45] => SHJ
            [46] => SVR
            [47] => TCG
            [48] => THL
            [49] => WPR
        )

)

This story features ARGENICA THERAPEUTICS LIMITED, and other companies.
For more info SHARE ANALYSIS: AGN

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)

AGN   ALL   APE   ARB   ARF   ASK   AV1   BMN   BRE   CIP   CLW   CQE   CQR   CXO   DUR   DXS   FFM   GPT   HDN   IAG   INA   INR   IPH   KAI   KMD (2)   LIC   LIN   LNW   MGR   MMI   MQG   NWH   OBM (2)   PEN   QAL   QUB   RUL   RXL   SGLLV   SHJ   SVR   TCG   THL   WPR  

AGN    ARGENICA THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.35

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

Petra Capital notes Argenica Therapeutics’ phase 2 stroke trial results fell short of the lofty market expectation that it would benefit across the entire stroke patient population. The trial only showed meaningful benefits in a pre-specified high-risk subgroup.

The broker argues the result is still clinically meaningful and de-risks the drug’s development. However, it also means delays to the development and commercial timelines.

The company will now do a full analysis of the data before the end of 2025, and the broker has included a phase 2b trial in the model, ahead of phase 3. 

FY27-28 net profit forecasts downgraded, but FY29 upgraded, along with an upgrade to FY26.

Buy. Target cut to $0.63 from $1.24. 

This report was published on September 8, 2025.

Target price is $0.63 Current Price is $0.35 Difference: $0.28
If AGN meets the Petra Capital target it will return approximately 80% (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 3.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.00.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 6.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.30.

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

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $69.97

Jarden rates ((ALL)) as Neutral (3) –

The Aristocrat Leisure business is benefitting from positive operating momentum, with Jarden citing US gaming growth, with premium titles such as Phoenix Link and Dragon Link gaining floor share.

Stronger casino replacement demand is also being supported by the new Baron cabinet, explains the broker.

Further, gains are being made in adjacent markets including Illinois Video Gaming Terminals (VGT), Historical Horse Racing (HHR), and Georgia Coin Operated Amusement Machines (COAM).

The broker notes iLottery sales remain strong with new contract wins, including Massachusetts from 2026, supporting NeoGames’ US$900m FY29 revenue ambition. The launch of NFL slots in social casino is also seen as a positive.

Jarden expects premium gaming operations to drive upside in 2H25 and underpin FY26 recurring earnings momentum. Strong free cash flow and an under-levered balance sheet also support ongoing buybacks beyond February 2026, in the analysts’ view.

The broker lifts its target price to $69 from $64 on modest earnings upgrades and valuation roll-forward, while retaining a Neutral rating.

This report was published on September 4, 2025.

Target price is $69.00 Current Price is $69.97 Difference: minus $0.97 (current price is over target).
If ALL meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $73.09, suggesting upside of 6.2%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 95.00 cents and EPS of 251.70 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 245.1, implying annual growth of 19.7%.
Current consensus DPS estimate is 85.9, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 28.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 107.00 cents and EPS of 284.10 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 275.6, implying annual growth of 12.4%.
Current consensus DPS estimate is 94.7, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 25.0.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $27.06

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

August vehicle sales rose 2.9% year-on-year once EV Council data are included, leaving sales down just -0.4% so far this year, notes Canaccord Genuity.

The broker views this as a strong outcome given 2024 was a record year with demand supported by an extended order backlog, and now sees the market as demand-driven rather than supply-driven.

Volumes remain solid, in the analyst’s view, despite industry margin pressure. August sales growth is consistent with a run-rate above 1.2m vehicles for 2025. Canaccord considers this outcome probable and highlights resilience in demand despite cost-of-living pressures.

The Buy rating and $28 target are maintained.

This report was published on September 8, 2025.

Target price is $28.00 Current Price is $27.06 Difference: $0.94
If APE meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $22.95, suggesting downside of -13.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 79.00 cents and EPS of 109.00 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 103.6, implying annual growth of 29.1%.
Current consensus DPS estimate is 74.8, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 25.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 83.00 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.5, implying annual growth of 9.6%.
Current consensus DPS estimate is 76.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 23.3.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $39.09

Canaccord Genuity rates ((ARB)) as Hold (3) –

Canaccord Genuity notes sales of ARB Corp-linked top 11 vehicles models rose 4.1% y/y in August, slowing from a peak of 15.2% in June and below 8.7% in July.

Growth remains Prado-led, with the new model still delivering strong sales, and because the comparison is with zero base last year, the growth contribution is exaggerated. Excluding this, the other 10 models fell y/y, underscoring the lack of broad-based strength.

If the current run-rate sustains, the broker reckons Prado growth will turn negative y/y from November, pushing the 11 portfolio into decline unless other models show material improvement.

Hold. Target unchanged at $35.60.

This report was published on September 3, 2025.

Target price is $35.60 Current Price is $39.09 Difference: minus $3.49 (current price is over target).
If ARB meets the Canaccord Genuity target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $43.36, suggesting upside of 9.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 69.00 cents and EPS of 123.00 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.8, implying annual growth of 6.0%.
Current consensus DPS estimate is 71.7, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 31.6.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 78.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 2.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.8, implying annual growth of 14.4%.
Current consensus DPS estimate is 82.1, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 27.7.

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

ARF    ARENA REIT

REITs – Overnight Price: $3.98

Jarden rates ((ARF)) as Buy (1) –

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 believes Arena REIT provides an attractive yield (4.8%) despite trading at a 17% premium to updated NTA. 

Buy. Target rises to $4.75 from $4.60.

This report was published on September 3, 2025.

Target price is $4.75 Current Price is $3.98 Difference: $0.77
If ARF meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $4.22, suggesting upside of 5.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 19.30 cents and EPS of 19.50 cents.
At the last closing share price the estimated dividend yield is 4.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.7, implying annual growth of -5.7%.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 20.50 cents and EPS of 20.80 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.3, implying annual growth of 3.0%.
Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 19.8.

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

ASK    ABACUS STORAGE KING

REITs – Overnight Price: $1.41

Jarden rates ((ASK)) as Upgrade to Overweight from Neutral (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 Abacus Storage King, the broker believes growth will get a boost from a larger development pipeline, ongoing add-on acquisitions, and management system efficiencies.

Rating upgraded to Overweight from Neutral. Target unchanged at $1.65.

This report was published on September 3, 2025.

Target price is $1.65 Current Price is $1.41 Difference: $0.24
If ASK meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $1.57, suggesting upside of 8.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 6.20 cents and EPS of 6.80 cents.
At the last closing share price the estimated dividend yield is 4.40%.
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 5.9, implying annual growth of -73.2%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 6.60 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 4.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.3, implying annual growth of 6.8%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 22.9.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AV1    ADVERITAS LIMITED

Software & Services – Overnight Price: $0.17

Taylor Collison rates ((AV1)) as Speculative Buy (1) –

Adveritas’ FY25 result was in line with Taylor Collison’s expectations, with annual recurring revenue up 72% to $10.5m and $10.8m post-quarter.

The broker highlights Meta’s approval to integrate TrafficGuard across Facebook and Instagram as doubling the company’s addressable market and validating the platform.

TrafficGuard passed Meta’s technical and security checks, notes the analyst, with early trials encouraging.

Affiliate integrations, including with Impact Tech (a partnership automation and affiliate marketing platform), broaden reach beyond direct enterprise sales and support revenue diversification, explains Taylor Collison.

The target price increases to 17c from 16c, with a Speculative Buy rating maintained.

This report was published on August 29, 2025.

Target price is $0.17 Current Price is $0.17 Difference: $0.005
If AV1 meets the Taylor Collison target it will return approximately 3% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Taylor Collison 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 55.00.

Forecast for FY27:

Taylor Collison forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 55.00.

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

BMN    BANNERMAN ENERGY LIMITED

Uranium – Overnight Price: $3.45

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

Canaccord Genuity notes Bannerman Energy has signed initial agreements with two tier-1 North American utilities for 1Mlbs U308 to be produced from Etango. The deliveries are scheduled from 2029-33 and equate to 7% of Etango’s output during that period.

The contract is structured as a standard base-escalated agreement, broadly linked to the current long-term uranium price of US$80/lb.

The broker reckons this development will strengthen financing discussions ahead of the final investment decision, noting also the company is evaluating different funding options, including JV opportunities.

Speculative Buy. Target unchanged at $3.86.

This report was published on September 5, 2025.

Target price is $3.86 Current Price is $3.45 Difference: $0.41
If BMN meets the Canaccord Genuity target it will return approximately 12% (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 2.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 130.88.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.24 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 278.00.

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

BRE    BRAZILIAN RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $3.11

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

Brazilian Rare Earths has secured final approvals from the Brazilian National Authority on Nuclear Safety for a beneficiation and hydromet pilot plant at Camacari. Canaccord Genuity sees this news as a key step in advancing Monte Alto.

Piloting is scheduled for 2026 to support design and optimisation of processing flowsheets and could underpin future commercial facilities, suggest the analysts.

Metallurgical work shows direct leach characteristics and high recoveries into Mixed Rare Earth Carbonate (MREC), supporting Monte Alto’s potential as an integrated ore-to-oxide project, in the broker’s view.

A maiden Monte Alto resource and Scoping Study are due late 2025 or early 2026, with further upside from high-grade prospects and by-products not included in the analysts’ modeling. 

Speculative Buy. Target rises to $5.65 from $5.00.

This report was published on September 4, 2025.

Target price is $5.65 Current Price is $3.11 Difference: $2.54
If BRE meets the Canaccord Genuity target it will return approximately 82% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of minus 0.25 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1244.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 388.75.

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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.37

Jarden rates ((CIP)) 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 notes Centuria Industrial REIT is well-positioned to benefit from several tailwinds, including significant rent reversion on smaller inner-urban infill logistics assets and improving capital market liquidity.

Overweight. Target rises to $3.85 from $3.70.

This report was published on September 3, 2025.

Target price is $3.85 Current Price is $3.37 Difference: $0.48
If CIP meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.56, suggesting upside of 3.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 18.24 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.4, implying annual growth of -12.2%.
Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 18.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.5, implying annual growth of 6.0%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 17.6.

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

CLW    CHARTER HALL LONG WALE REIT

REITs – Overnight Price: $4.50

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

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 Charter Hall Long WALE REIT has outperformed the sector over the last six months, and now suggests a better risk-reward lays elsewhere. But this could change if management continues to execute and surprise on the upside.

Underweight. Target rises to $4.50 from $4.20.

This report was published on September 3, 2025.

Target price is $4.50 Current Price is $4.50 Difference: $0
If CLW meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.25, suggesting downside of -6.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 25.50 cents and EPS of 25.60 cents.
At the last closing share price the estimated dividend yield is 5.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of 51.6%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 18.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 24.90 cents and EPS of 25.10 cents.
At the last closing share price the estimated dividend yield is 5.53%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of 2.4%.
Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 17.7.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CQE    CHARTER HALL SOCIAL INFRASTRUCTURE REIT

Childcare – Overnight Price: $3.37

Jarden rates ((CQE)) 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 believes Charter Hall Social Infrastructure REIT is well-positioned to capture future NOI growth, and sees upside potential to its 6.0% FFO compounded annual growth forecast for FY25-28.

Neutral. Target rises to $3.60 from $3.35.

This report was published on September 3, 2025.

Target price is $3.60 Current Price is $3.37 Difference: $0.23
If CQE meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.80 cents and EPS of 16.90 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 19.94.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 17.20 cents and EPS of 17.30 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.48.

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

CQR    CHARTER HALL RETAIL REIT

REITs – Overnight Price: $4.19

Jarden rates ((CQR)) as Upgrade to Overweight from Neutral (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 notes Charter Hall Retail REIT shares are up around 33% YTD, but well supported by a -10% discount to NTA and 6.1% dividend yield.

Rating upgraded to Overweight from Neutral. Target rises to $4.75 from $4.35.

This report was published on September 3, 2025.

Target price is $4.75 Current Price is $4.19 Difference: $0.56
If CQR meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.18, suggesting downside of -1.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 25.40 cents and EPS of 26.30 cents.
At the last closing share price the estimated dividend yield is 6.06%.
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 26.0, implying annual growth of -29.3%.
Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 26.30 cents and EPS of 27.50 cents.
At the last closing share price the estimated dividend yield is 6.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.8, implying annual growth of 3.1%.
Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 15.8.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.10

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

Core Lithium has raised $50m at 10.5c per share, with a further $10m expected from a share purchase plan (SPP), to accelerate the BP33 development at the Finniss Lithium Project in the Northern Territory.

Funds will restart the box-cut and decline at what is intended to be the backbone of the mine plan, explains Petra Capital. Around -$25m will go toward dewatering and box-cut completion at BP33, with -$6m for long-lead items.

The Grants underground deposit could be developed within six months, with BP33 to follow 12 months later. Management may even advance BP33 as the start-up mine before the Grants deposit 

Commentary highlights mM\anagement is seeking non-dilutive funding through a strategic partner, joint venture, prepayments or debt to meet restart capex of -$175-200m, with $120m of equity assumed versus $160m previously.

A final investment decision is targeted by late 2025, with first concentrate expected in FY27. Petra Capital retains a Buy rating with a reduced 13c target from 14c.

This report was published on September 5, 2025.

Target price is $0.13 Current Price is $0.10 Difference: $0.032
If CXO meets the Petra Capital target it will return approximately 33% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.80.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

DUR    DURATEC LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.74

Taylor Collison rates ((DUR)) as Outperform (2) –

Duratec delivered FY25 revenue of $573m and earnings (EBITDA) of $53m were in line with guidance but slightly below Taylor Collison’s forecasts. Defence slowed to $181m versus $205m expected, with Garden Island projects still on track.

Mining revenue of $137m missed the analyst’s forecast, with lower margins, while energy at $82m was supported by contracts with APA Group ((APA)) and Chevron.

Building and Facades delivered $112m, in line with the broker’s expectations and underpinned by heritage strength.

Taylor Collison highlights Duratec’s remediation expertise and defence positioning, with exposure to AUKUS and mining maintenance cycles. Valuation is seen as attractive, and an Outperform rating is maintained. No target price.

This report was published on August 28, 2025.

Current Price is $1.74. Target price not assessed.
Current consensus price target is $1.92, suggesting upside of 9.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 5.70 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 3.28%.
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 11.5, implying annual growth of 26.4%.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY27:

Taylor Collison forecasts a full year FY27 dividend of 6.60 cents and EPS of 13.10 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.4, implying annual growth of 16.5%.
Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 13.1.

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

DXS    DEXUS

REITs – Overnight Price: $7.24

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

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 Dexus, the broker believes investors will need to see evidence of a clear AFFO recovery to step in from the sidelines.

Underweight. Target rises to $7.40 from $7.25.

This report was published on September 3, 2025.

Target price is $7.40 Current Price is $7.24 Difference: $0.16
If DXS meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $7.86, suggesting upside of 8.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 37.10 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.2, implying annual growth of 345.5%.
Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 37.60 cents and EPS of 63.20 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.2, implying annual growth of 1.7%.
Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 12.5.

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

FFM    FIREFLY METALS LIMITED

Gold & Silver – Overnight Price: $1.19

Moelis rates ((FFM)) as Buy (1) –

FireFly Metals’ FY25 EBITDA loss of -$18m missed Moelis’ forecast of -$16.9m due mainly to accounting treatment of expensed exploration and minor fluctuations in other income.

Investing cashflow was higher than forecast due to exploration treatment and a deferred Green Bay cash payment not captured in prior estimates.

Results are largely immaterial given the company is in pre-production status but the broker notes the recent capital raise would increase cash position to $109m by the end of the September quarter.

Modest changes to forecasts. Buy. Target unchanged at $1.40.

This report was published on September 8, 2025.

Target price is $1.40 Current Price is $1.19 Difference: $0.21
If FFM meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $1.60, suggesting upside of 34.5%(ex-dividends)
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 5.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.9, 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 FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is N/A, 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: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GPT    GPT GROUP

Infra & Property Developers – Overnight Price: $5.43

Jarden rates ((GPT)) 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 GPT Group is trading on 22.2x 12-month forward AFFO and further upside needs improving cash flow, especially against the accelerating growth profile of other large-cap REITs.

Neutral. Target rises to $5.75 from $5.60.

This report was published on September 3, 2025.

Target price is $5.75 Current Price is $5.43 Difference: $0.32
If GPT meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $5.60, suggesting upside of 2.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 24.00 cents and EPS of 33.20 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of N/A.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 24.90 cents and EPS of 34.50 cents.
At the last closing share price the estimated dividend yield is 4.59%.
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 34.0, implying annual growth of 2.7%.
Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.1.

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

HDN    HOMECO DAILY NEEDS REIT

REITs – Overnight Price: $1.36

Jarden rates ((HDN)) as Buy (1) –

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 HomeCo Daily Needs REIT, the broker expects growth to accelerate as active projects are completed and the REIT works through the -$80-$120m in FY26 commencements.

Buy. Target rises to $1.60 from $1.55.

This report was published on September 3, 2025.

Target price is $1.60 Current Price is $1.36 Difference: $0.235
If HDN meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $1.37, suggesting downside of -0.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 8.60 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 6.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.0, implying annual growth of -25.1%.
Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 9.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.1, implying annual growth of 1.1%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 15.2.

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

IAG    INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $8.71

Jarden rates ((IAG)) as Neutral (3) –

Insurance Australia Group’s proposed acquisition of Royal Automobile Club of Western Australia (RAC) faces heightened regulatory risks.

Jarden notes the ACCC’s statement of issues flagged material market concentration in WA, RAC’s strong position as a competitor, and limited prospects for new entrants.

The ACCC decision is due November 27, 2025. The broker suggests the muted share price reaction suggests the market had anticipated such concerns.

Approval following a Statement of Issues (SOI) typically requires structural remedies such as divestments, carve outs, or maintaining RAC as an independent operating entity, notes Jarden. All of which are expected to dilute deal economics or be unattractive to either party.

Absent a deal, Jarden expects management at Insurance Australia Group could pursue capital management.

The broker retains a Neutral rating and $8.50 target.

This report was published on September 4, 2025.

Target price is $8.50 Current Price is $8.71 Difference: minus $0.21 (current price is over target).
If IAG meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.13, suggesting upside of 5.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 32.00 cents and EPS of 42.80 cents.
At the last closing share price the estimated dividend yield is 3.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.9, implying annual growth of -21.9%.
Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 19.3.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 34.00 cents and EPS of 46.20 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.8, implying annual growth of 6.5%.
Current consensus DPS estimate is 34.3, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 18.2.

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $5.52

Jarden rates ((INA)) as Upgrade to Buy from Overweight (1) –

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 upside potential to Ingenia Communities’ guidance if market conditions remain strong and the lower rate environment continues to strengthen residential sentiment.

Rating upgraded to Buy from Underweight. Target unchanged at $7.10.

This report was published on September 3, 2025.

Target price is $7.10 Current Price is $5.52 Difference: $1.58
If INA meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $6.26, suggesting upside of 10.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 10.10 cents and EPS of 33.90 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.6, implying annual growth of 3.5%.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 10.60 cents and EPS of 37.20 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.0, implying annual growth of 13.5%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 15.3.

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

INR    IONEER LIMITED

New Battery Elements – Overnight Price: $0.14

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

Management at Ioneer has updated project economics for the Rhyolite Ridge Lithium-Boron Project in Nevada. Canaccord Genuity highlights a 38% rise in net present value (NPV) to US$1.9bn on reduced leach times and an optimised mine plan.

Throughput lifts 23% to 3.2mtpa with a small recovery loss, boosting lithium and boric acid output by 12% without extra capital, highlights the broker. The mine life shortens to 81 years, while lithium output rises to 19.3ktpa and boric acid to 68ktpa.

C1 costs fall -10% to US$5,636/t and costs (AISC) ease -5% to US$7,165/t LCE.

The broker models production for 2030 versus company guidance for 2028, with earnings (EBITDA) of US$450m a year expected at nameplate.

The broker applies a -65% discount (or “risk weighting”) but points to US$996m US Department of Energy debt support and recent US Bureau of Land Management (BLM) approvals.

Canaccord raises its target price to 40c from 25c and maintains a Speculative Buy rating.

This report was published on September 4, 2025.

Target price is $0.40 Current Price is $0.14 Difference: $0.26
If INR meets the Canaccord Genuity target it will return approximately 186% (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 0.25 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 56.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.24 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.28.

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

IPH    IPH LIMITED

Legal – Overnight Price: $4.18

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

Jarden cuts its target price on IPH Ltd post FY25 results to $6.50 from $8.45 while retaining an Overweight rating.

Results were disappointing with underlying EPS below the analyst’s forecast by -6.7% and -3.6% lower than consensus. The company experienced earnings (EBITDA) misses in A&NZ and Asia, offset by lower corporate costs and operations in Canada.

Australian market share fell to 29.3% from 31.7%, due to IPH’s large exposure to weak US PCT filings, down -7.9% versus the market decline of -1.9% on the prior year.

Jarden downgrades its EPS forecasts by -5% for FY26 and -10% for FY27 arising from softer A&NZ earnings expected, as well as assumed earnings declines in Asia and Canada.

This report was published on September 5, 2025.

Target price is $6.50 Current Price is $4.18 Difference: $2.32
If IPH meets the Jarden target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $6.23, suggesting upside of 53.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 48.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.4, implying annual growth of 91.1%.
Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 9.3%.
Current consensus EPS estimate suggests the PER is 8.2.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 49.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.2, implying annual growth of 1.6%.
Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 9.4%.
Current consensus EPS estimate suggests the PER is 8.1.

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

KAI    KAIROS MINERALS LIMITED

Overnight Price: $0.02

Petra Capital rates ((KAI)) as Initiation of coverage with Buy (1) –

Petra Capital has initiated coverage of Kairos Minerals with a Buy rating and target price of 5c.

The company owns the Mt York gold project in the Pilbara region, controlling gold and base metals rights over 1,720sq.km exploration tenements with a resource of 1.4Moz gold.

The broker highlights further mineralisation has been identified from the current 30,000m drilling program, and a resource update is due in the December quarter.

The November 2024 scoping study was based on a standalone 4Mtpa plan with pre-production capex estimated to $276m, and mine life of 8 years producing 85kozpa gold. 

NPV is currently estimated at $332m.

This report was published on September 8, 2025.

Target price is $0.05 Current Price is $0.02 Difference: $0.028
If KAI meets the Petra Capital target it will return approximately 127% (excluding dividends, fees and charges).

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

KMD    KMD BRANDS LIMITED

Sports & Recreation – Overnight Price: $0.23

Canaccord Genuity rates ((KMD)) as Hold (3) –

KMD Brands’ investor day commentary was viewed positively by Canaccord Genuity, though it’s thought near-term conditions remain difficult given no trading update was provided and June guidance stands.

Management’s “Next Level” strategy aims for stronger margins and working capital discipline, highlights the analyst. The company targets over 10% earnings (EBITDA) margins and 60% gross margins by FY28.

A -$25m cost-out program from FY26 is underway, with store closures and leadership changes supporting initiatives, though the broker observes realisation appears back-end weighted.

Digital remains a key focus, notes the analyst, with website and mobile refreshes for Kathmandu and Rip Curl set for January 2026, with growth also expected from marketplaces and loyalty customers.

Canaccord retains its 27c target and Hold rating with a fuller review of forecasts expected at the FY25 result on September 24, 2025.

This report was published on September 4, 2025.

Target price is $0.27 Current Price is $0.23 Difference: $0.045
If KMD meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.92 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.74.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.82 cents and EPS of 0.46 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 49.34.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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

KMD Brands’ strategy day highlighted a product-led focus. Jarden highlights Kathmandu’s shift to technical products and agile ranges, Rip Curl’s growth push in women’s and beach segments, and Oboz’s expansion into partnerships and trail running.

New three-year targets were set at over 10% earnings (EBITDA) margins and around 60% gross margins, though past misses undermine credibility, suggest the analysts.

Near-term measures include -NZ$25m of cost-outs annualising in FY26, offset by -NZ$15m of growth investment, -NZ$10m of inflation, and -21 store closures. 

FY25 guidance is unchanged at NZ$15m-25m earnings, with net debt near NZ$70m and inventory reduction a focus ahead of the September 24 result, highlights Jarden.

The broker retains its NZ45c target and Overweight rating, seeing valuation support but noting risks in brand turnaround, balance sheet and inventory.

This report was published on September 4, 2025.

Current Price is $0.23. Target price not assessed.
The company’s fiscal year ends in July.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.74 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.22.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 1.37 cents and EPS of 0.18 cents.
At the last closing share price the estimated dividend yield is 6.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 123.63.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $5.32

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

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 highlights Lifestyle Communities is trying to draw a line in the sand with a significant NTA downgrade and believes FY26 will likely be the trough for earnings.

Underweight. Target rises to $5.80 from $5.70.

This report was published on September 3, 2025.

Target price is $5.80 Current Price is $5.32 Difference: $0.48
If LIC meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.41, suggesting upside of 16.6%(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 32.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.3, implying annual growth of N/A.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 8.00 cents and EPS of 45.80 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.0, implying annual growth of 39.9%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 13.4.

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

LIN    LINDIAN RESOURCES LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $0.21

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

Lindian Resources has secured US$20m from Iluka Resources ((ILU)) and $91.5m via a placement, fully funding Stage 1 of the Kangankunde Project in Malawi. Construction is set for early 2026, with first concentrate late 2026 at 14,000tpa, notes the analyst.

The broker points out licence expansion to 2,500ha allows Stage 2 growth to at least 50,000tpa, with potential up to 100,000tpa. At 75,000tpa, NdPr output of 8,000tpa would rival Lynas Rare Earths ((LYC)) and US-listed MP Materials.

The broker’s base case assumes 50,000tpa by FY32, generating earnings (EBITDA) of $262m at spot NdPr prices, implying valuation of $6.2bn.

Petra Capital trims its target price to 89c from 93c and maintains a Buy rating.

This report was published on September 5, 2025.

Target price is $0.89 Current Price is $0.21 Difference: $0.675
If LIN meets the Petra Capital target it will return approximately 314% (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 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 43.00.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 35.83.

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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $133.70

Jarden rates ((LNW)) as Buy (1) –

Jarden expects Light & Wonder to benefit from firming gaming industry trends, citing stronger US gaming growth, and improved casino replacement demand.

Share gains are also expected across adjacent markets such as Illinois Video Gaming Terminals (VGT), Historical Horse Racing (HHR) and Georgia Coin Operated Amusement Machines (COAM).

The broker sees the company well positioned to capture upside from modest new casino openings and expansions.

Jarden believes the company’s earlier-than-expected sole ASX listing has created market dislocation, with trading driven by delisting and hedge fund flows rather than fundamentals.

Jarden cuts its target price to $182 from $183 and maintains a Buy rating.

This report was published on September 4, 2025.

Target price is $182.00 Current Price is $133.70 Difference: $48.3
If LNW meets the Jarden target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $188.67, suggesting upside of 41.1%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 721.97 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 910.9, 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 14.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 864.32 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1139.7, implying annual growth of 25.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.7.

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

MGR    MIRVAC GROUP

Infra & Property Developers – Overnight Price: $2.32

Jarden rates ((MGR)) 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 believes FY26 will be a turning point for Mirvac Group, with improved and potentially accelerating EPS and AFFO growth over the next few years.

Neutral. Target rises to $2.50 from $2.40.

This report was published on September 3, 2025.

Target price is $2.50 Current Price is $2.32 Difference: $0.18
If MGR meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.41, suggesting upside of 2.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 13.17 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.9, implying annual growth of 650.0%.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 14.58 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 10.1%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.5.

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

MMI    METRO MINING LIMITED

Coal – Overnight Price: $0.08

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

Metro Mining shipped 735kt of bauxite in August, a rise of 6% on the prior period, which came in below Petra Capital’s forecast by -6% due to weather impacts at the beginning of the month.

Positively, the barge loading facility operated at a record rate of 1,700t per hour, the analyst highlights, while management reiterated 2025 guidance at 6.5mt-7mt.

Petra Capital has lowered its 2025 production forecast by -1% to 6.2mt. Buy rating retained. Target slips to 10c from 10.2c.

This report was published on September 9, 2025.

Target price is $0.10 Current Price is $0.08 Difference: $0.018
If MMI meets the Petra Capital target it will return approximately 22% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 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 7.45.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.80 cents and EPS of 1.50 cents.
At the last closing share price the estimated dividend yield is 9.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.47.

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

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $220.79

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

Jarden notes the potential sale by Macquarie Group of its Commodities and Global Markets (CGM) business might achieve around $20bn of capital which could be recycled into higher return and higher growth opportunities.

The analyst believes the CGM business is challenging to forecast earnings for, and with a “no favourite children” approach to managing the group, the business or parts thereof might be divested.

Jarden states for Macquarie change is a constant.

Underweight. Target unchanged at $200. The broker’s earnings forecasts are unchanged.

This report was published on September 5, 2025.

Target price is $200.00 Current Price is $220.79 Difference: minus $20.79 (current price is over target).
If MQG 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 $221.77, suggesting upside of 1.1%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 693.00 cents and EPS of 1011.60 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1092.6, implying annual growth of 11.6%.
Current consensus DPS estimate is 717.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 783.00 cents and EPS of 1148.01 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1182.4, implying annual growth of 8.2%.
Current consensus DPS estimate is 755.3, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 18.6.

Market Sentiment: 0.1
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: $4.41

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

NRW Holdings’ acquisition of Fredon Industries adds a fourth pillar in Electrical, Mechanical, Infrastructure and Technology services (EMIT), Canaccord Genuity notes.

This transaction broadens the company’s offering beyond Civil, Mining and Mining Equipment, and Technology and Services (METs).

The -$200m deal offers entry into electrification, data storage and energy transition sectors, with potential mining client synergies, highlights the broker.

Canaccord lifts its FY26 and FY27 earnings forecasts by 9% and 12%, respectively, raises its target price to $4.77 from $3.99 and maintains a Buy rating.

This report was published on September 11, 2025.

Target price is $4.77 Current Price is $4.41 Difference: $0.36
If NWH meets the Canaccord Genuity target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.38, suggesting downside of -3.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 19.30 cents and EPS of 32.70 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.49.

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 4.3%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 21.30 cents and EPS of 35.90 cents.
At the last closing share price the estimated dividend yield is 4.83%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.28.

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 4.6%.
Current consensus EPS estimate suggests the PER is 12.5.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $1.07

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

Ora Banda Mining’s $73m, 329km drilling program at the Round Dam Trend at the the Davyhurst Gold project is seen by Canaccord Genuity as supporting growth in the 1.95moz Resource and 190koz Reserve. New ore sources are expected in FY26.

A feasibility study due March quarter 2026 will assess expanding the Davyhurst plant to 3mtpa from 1.2mtpa, potentially lowering costs and improving recoveries, highlight the analysts.

Early Waihi drilling returned a new gold lode of 13.5m at 6.1g/t and 8m at 8.7g/t plus extensions below 350m, positioning Waihi as a likely third underground mine, suggests the broker.

Round Dam results included 8m at 20.6g/t and 2m at 32.4g/t, highlighting to the analysts both open pit and underground potential along the Zuleika Shear.

Canaccord expects exploration success to drive mine life extension and support a possible mill expansion. Target raised to $1.20 from $1.05. Buy rating unchanged.

This report was published on September 4, 2025.

Target price is $1.20 Current Price is $1.07 Difference: $0.13
If OBM meets the Canaccord Genuity target it will return approximately 12% (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 13.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.23.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.92.

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

Moelis rates ((OBM)) as Buy (1) –

Ora Banda Mining has released its drilling results from Sand King, which Moelis views as very encouraging and confirming the growth outlook at Sand King.

The analyst points to extended mineralisation around 300m north of the current mine plan and at depth. Overall, the results suggest “meaningful” inventory additions which could create an extension to mine life.

Moelis views Ora Banda as a stock in the gold coverage most likely to have resource additions.

The broker retains a Buy rating and a target price of 85c.

This report was published on September 9, 2025.

Target price is $0.85 Current Price is $1.07 Difference: minus $0.22 (current price is over target).
If OBM meets the Moelis target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 8.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.02.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 9.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.92.

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.30

Canaccord Genuity rates ((PEN)) as No Rating (-1) –

Canaccord Genuity has a research restriction on Peninsula Energy. No rating or target price.

This report was published on September 10, 2025.

Current Price is $0.30. Target price not assessed.
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 7.91 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 3.79.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.43 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.53.

Market Sentiment: 0.0
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: $3.40

Jarden rates ((QAL)) as Buy (1) –

Jarden highlights Qualitas as well placed to benefit from private credit under-penetration in Australia, with offshore capital expected to support growth despite rising competition.

The property cycle is seen as rebounding while the credit cycle remains strong, offering tailwinds for the company’s lending pipeline.

Speakers at the AFR Property Summit, including Group Managing Director and Co-Founder Andrew Schwartz, noted Australia’s appeal to overseas investors.

This attraction is due to a weak currency, stable economy, and structural growth themes such as data centres, retirement assets and build-to-rent, explained Schwartz.

Jarden sees multi-residential approvals rising by at least 50% from current levels, supporting project volumes for lenders.

Unchanged Buy rating and $4.26 target.

This report was published on September 5, 2025.

Target price is $4.26 Current Price is $3.40 Difference: $0.86
If QAL meets the Jarden target it will return approximately 25% (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 3.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.64.

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 4.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.12.

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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $4.11

Jarden rates ((QUB)) as Neutral (3) –

Qube delivered FY25 underlying profit growth of 6%, in line with guidance, though Jarden notes the share price has fallen -6.5% against the ASX200 since the result.

The broker attributes this to the absence of earnings upgrades, ongoing capital intensity weighing on free cash flow (FCF), and limited visibility of near-term drivers across grain, bulk contracts, and M&A.

Jarden sees upside risks from FY26 guidance upgrades or transformational M&A, and downside risks from weaker GDP growth and competitive pricing.

The Neutral rating and $4.25 target are maintained.

This report was published on September 4, 2025.

Target price is $4.25 Current Price is $4.11 Difference: $0.14
If QUB meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.56, suggesting upside of 10.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 9.50 cents and EPS of 16.90 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of 173.4%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 23.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 11.40 cents and EPS of 20.40 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 9.7%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 21.4.

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

RUL    RPMGLOBAL HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $4.64

Taylor Collison rates ((RUL)) as Outperform (2) –

RPMGlobal’s FY25 result was eclipsed by a $5 per share non-binding offer from Caterpillar, which management intends to recommend or weigh against any superior bid.

With 25 confidentiality agreements signed and the company’s flagship product Asset Management Tool (AMT) long embedded in Caterpillar’s systems, Jarden sees limited due diligence risk.

The broker lists key positives in the result including 94% retention, Rio Tinto’s ((RIO)) planned rollout of Xecute, BHP Group’s ((BHP)) global AMT adoption, strong Americas contract growth, and a new Freeport framework.

Taylor Collison maintains an Outperform rating, and aligns its target to the $5.00 takeover proposal.

This report was published on September 2, 2025.

Target price is $3.48 Current Price is $4.64 Difference: minus $1.16 (current price is over target).
If RUL meets the Taylor Collison target it will return approximately minus 25% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 58.00.

Forecast for FY27:

Taylor Collison forecasts a full year FY27 dividend of 0.00 cents and EPS of 10.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 44.19.

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

RXL    ROX RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.42

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

Rox Resources is progressing the Youanmi Gold Project ahead of a definitive feasibility study (DFS) in November 2025. Canaccord Genuity notes key advances in dewatering, approvals, early works, financing and metallurgy.

Dewatering of the United North Pit is complete, while the Main Pit remains on schedule for March quarter 2026.

The broker highlights permitting progress with a clearing permit secured, camp expansions underway, and tenders for mining and catering contracts under review.

Metallurgical testwork confirms the Albion process as central to the flow sheet, observes Canaccord, with overall gold recoveries of 90-92% expected and gold bars to be poured onsite.

Speculative Buy. Target increased to 70c from 67c.

This report was published on September 3, 2025.

Target price is $0.70 Current Price is $0.42 Difference: $0.28
If RXL 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 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 14.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 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 42.00.

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

SGLLV    RICEGROWERS LIMITED

Food, Beverages & Tobacco – Overnight Price: $14.87

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

Canaccord Genuity believes Ricegrowers’ inclusion in the S&P/ASX 300 Index, effective 22 September, is a meaningful milestone. It will likely enhance liquidity, investor awareness, and institutional engagement over time.

Commenting on the AGM, the broker highlights the company expects to build on FY25’s solid results, targeting top- and bottom-line growth in FY26.

The broker sees the company well-placed to deliver on the 2030 strategy of a low double-digit earnings growth trajectory. 

Buy. Target unchanged at $13.70.

This report was published on September 5, 2025.

Target price is $13.70 Current Price is $14.87 Difference: minus $1.17 (current price is over target).
If SGLLV meets the Canaccord Genuity target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

SHJ    SHINE JUSTICE LIMITED

Legal – Overnight Price: $0.68

Moelis rates ((SHJ)) as Buy (1) –

While Shine Justice’s FY25 revenue rose 4% to $204.4m, Moelis notes earnings (EBITDA) fell to $38.4m from $45.0m and profit to $9.7m from $14.5m, with weaker operating cash flow (OCF).  A final dividend of 3.5c brought the full-year payout to 5.0c.

The broker points out personal injury remains core to the business, while class actions and international mass torts drive growth, with $202m and $180m settlements completed. The firm now has 29 filed actions and 29 under investigation.

Net debt increased to $53.6m, though dividends and buyback capacity highlight to the analyst disciplined capital management.

Improved fee recoveries and portfolio funding discussions underpin FY26, suggests the broker, supported by efficiency programs and litigation funding.

Moelis raises its target price to 99c from 81c and keeps a Buy rating.

This report was published on September 4, 2025.

Target price is $0.99 Current Price is $0.68 Difference: $0.31
If SHJ meets the Moelis target it will return approximately 46% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 5.00 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 7.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.44.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 5.00 cents and EPS of 8.20 cents.
At the last closing share price the estimated dividend yield is 7.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.29.

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

SVR    SOLVAR LIMITED

Business & Consumer Credit – Overnight Price: $1.64

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

Canaccord Genuity notes ASIC was only partially successful in its case against Solvar’s subsidiary Money3 Loans, finding limited contraventions of the responsible lending provisions in the relevant Act.

The hearing was adjourned for submission on relief, and the Court will then deliberate on penalties payable by Money3 and orders on legal costs.

The broker believes that while there will be penalties, the ruling has reduced the threat of a major compliance or structural issue for the company.

Buy. Target unchanged at $2.

This report was published on September 8, 2025.

Target price is $2.00 Current Price is $1.64 Difference: $0.36
If SVR meets the Canaccord Genuity target it will return approximately 22% (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 12.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 7.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.65.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 13.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 7.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.63.

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

TCG    TURACO GOLD LIMITED

Gold & Silver – Overnight Price: $0.49

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

Turaco Gold continues to advance the Afema Gold Project in Cote d’Ivoire, with Canaccord Genuity noting resource growth at Begnopan, Asupiri and Adiopan.

At Begnopan, drilling across a 3km strike returned high-grade intercepts, while metallurgical tests achieved 89% extraction. These outcomes support inclusion in a maiden resource update, notes the broker, due December quarter 2025.

The analysts highlight Asupiri drilling confirmed extensions and resource confidence, with results including 7m at 6.65 gold/t and 21m at 1.46 gold/t, while Adiopan drilling delivered encouraging high-grade intercepts such as 25m at 2.66 of gold/t.

Speculative Buy. Unchanged target price of $1.10.

This report was published on September 3, 2025.

Target price is $1.10 Current Price is $0.49 Difference: $0.605
If TCG meets the Canaccord Genuity target it will return approximately 122% (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 minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 24.75.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 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 49.50.

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

THL    TOURISM HOLDINGS LIMITED

Travel, Leisure & Tourism – Overnight Price: $2.27

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

Tourism Holdings Rentals delivered FY25 profit of NZ$28.7m, 5% above Wilsons’ forecasts and within guidance, with rental income up 10% and goods sales down -6%.

Growth was supported by fleet expansion in New Zealand and higher US revenue per rental vehicle, partly offset by a smaller fleet, explains the broker. Weaker RV retail sales and normalising margins weighed on Australian earnings.

Management reaffirmed its roadmap to NZ$100m profit over 3-4 years, underpinned by assumptions including 25% more rental days, fleet growth to 9,000 by FY28, and modest gross margin improvement.

The broker’s earnings (EBITDA) forecasts rise 9-10% across FY26-28, while profit lifts 4% in FY26 and 10% in FY28 on higher utilisation and revised interest assumptions. 

Wilsons upgrades its rating to Overweight from Market Weight after raising its target price to $2.94 from $2.12.

This report was published on September 5, 2025.

Target price is $2.94 Current Price is $2.27 Difference: $0.67
If THL meets the Wilsons target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $2.65, suggesting upside of 15.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 9.94 cents and EPS of 18.34 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of N/A.
Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 13.96 cents and EPS of 26.55 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.2, implying annual growth of 54.5%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 7.8.

This company reports in NZD. 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

WPR    WAYPOINT REIT LIMITED

REITs – Overnight Price: $2.75

Jarden rates ((WPR)) 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 believes the risk-reward is looking attractive for Waypoint REIT after underperforming the S&P/ASX 200 A-REIT index by around -6% over the past three months and offering a 6.2% dividend yield on a -8% NTA discount.

Neutral. Target unchanged at $2.85.

This report was published on September 3, 2025.

Target price is $2.85 Current Price is $2.75 Difference: $0.1
If WPR meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.63, suggesting downside of -5.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 17.00 cents.
At the last closing share price the estimated dividend yield is 6.18%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.0, implying annual growth of -18.2%.
Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 17.50 cents.
At the last closing share price the estimated dividend yield is 6.36%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 6.3%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 16.4.

Market Sentiment: -0.2
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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