Daily Market Reports | Sep 16 2025
This story features BOSS ENERGY LIMITED, and other companies.
For more info SHARE ANALYSIS: BOE
The company is included in ASX300 and ALL-ORDS
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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)
BOE CYL EBR GDG HDN HGO HRZ IFT ILU IMM KCN LTR MAQ MP1 MTS MYR OBM PLS SPK SSM SYR TTM VNT
BOE BOSS ENERGY LIMITED
Uranium – Overnight Price: $1.84
Canaccord Genuity rates ((BOE)) as Speculative Buy (1) –
Boss Energy is speeding up drilling to support the planning and sequencing of the injection and extraction wells, and plans to announce the results of the Honeymoon operational review in the December quarter.
Canaccord Genuity notes the outcome will be important for the valuation of Honeymoon and will be completed under incoming CEO Matt Dusci.
The broker cut FY26 production forecast to 1,550klbs, below the company’s 1,600klbs guidance at midpoint, while lifting cost forecast to $70/lb, above the $67/lb guidance midpoint.
Speculative Buy. Target unchanged at $3.65.
This report was published on September 12, 2025.
Target price is $3.65 Current Price is $1.84 Difference: $1.805
If BOE meets the Canaccord Genuity target it will return approximately 98% (excluding dividends, fees and charges).
Current consensus price target is $2.33, suggesting upside of 18.8%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.38 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.02.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.4, 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 10.7.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 20.57 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.97.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 34.5, implying annual growth of 87.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 5.7.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CYL CATALYST METALS LIMITED
Gold & Silver – Overnight Price: $7.80
Canaccord Genuity rates ((CYL)) as Buy (1) –
Catalyst Metals has lifted reserves at the Plutonic Belt to 1.54moz, supporting plans to reach circa 200kozpa by FY29 at costs (AISC) of around -$2,000/oz, Canaccord Genuity notes.
FY26 production guidance of 100-110koz is -13-16% below the broker’s forecasts, with production weighted to the second half.
The analysts highlight higher capex of -$93m and exploration of -$90m for FY26, with 14 rigs drilling to grow reserves to around 2moz.
Catalyst ended FY25 with $230m cash and bullion and no debt.
Canaccord raises its target price to $10.45 from $8.75, now forecasting FY29-30 production of 196kozpa, up 13%. The broker also raises its FY29-35 average production outlook to circa 160kozpa from 95kozpa previously. Buy rating maintained.
This report was published on September 11, 2025.
Target price is $10.45 Current Price is $7.80 Difference: $2.65
If CYL meets the Canaccord Genuity target it will return approximately 34% (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 69.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.30.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 97.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.04.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
EBR EBR SYSTEMS INC
Medical Equipment & Devices – Overnight Price: $1.17
Wilsons rates ((EBR)) as Overweight (1) –
Wilsons notes EBR Systems’ confirmed first 3 commercial implants of its Wise-CRT device and expects a modest uptick from next month when reimbursement incentives kick in. The target net average selling price of US$45k is well supported in the broker’s view.
The broker’s forecast for FY26 is for the sale of 436 systems based on an average of one case/week across 16 implanting centres. Expectation is for migration from inpatient to outpatient procedures to drive medium-term volume acceleration.
The broker will watch for clinical research and peer-reviewed studies for signs of broader electrophysiologist-driven adoption.
Overweight. Target unchanged at $3.
This report was published on September 11, 2025.
Target price is $3.00 Current Price is $1.17 Difference: $1.83
If EBR meets the Wilsons target it will return approximately 156% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 19.23 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.08.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 18.15 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.45.
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
GDG GENERATION DEVELOPMENT GROUP LIMITED
Wealth Management & Investments – Overnight Price: $6.84
Petra Capital rates ((GDG)) as Upgrade to Buy from Hold (1) –
Petra Capital upgrades its rating for Generation Development to Buy from Hold as the market is now more comfortable with the bedding-down of the Evidentia acquisition. The broker’s $7.17 target is unchanged.
Annuities are seen as a potential growth driver, supported by the Retirement Income Covenant, highlights the broker.
Currently, less than 2% of superannuation assets are in annuities, highlights Petra Capital, leaving significant scope for growth given retirees face longevity, investment, and inflation risks under account-based pensions.
Ord Minnett notes the company has a strong track record as a challenger brand, gaining share in investment bonds and positioning for annuity market disruption.
This report was published on September 15, 2025.
Target price is $7.17 Current Price is $6.84 Difference: $0.33
If GDG meets the Petra Capital target it will return approximately 5% (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 3.30 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 0.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 61.07.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 4.90 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 0.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.21.
Market Sentiment: 0.8
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: $1.41
Moelis rates ((HDN)) as Downgrade to Hold from Buy (3) –
Last month, HomeCo Daily Needs REIT delivered FY25 funds from operations (FFO) of 8.8cpu and distribution of 8.5cpu, in line with guidance.
Moelis highlights like-for-like net operating income (NOI) growth of 4%, ahead of peers, with weighted average rent reviews (WARR) of 3.5% and leasing spreads of 6%.
The broker notes net tangible assets (NTA) rose around 1% to $1.47 in six months, as portfolio capitalisation rates compressed -6bps to 5.56%.
Gearing eased to 35.2% from 36% as the trust recycled capital, with -$310m in acquisitions and developments offset by $250m in divestments, explains the analyst.
Management guided to FY26 FFO of 9cpu and distribution of 8.6cpu, implying a payout ratio of 95.6%. The broker highlights rebased hedging at around 50% allows earnings to benefit from falling interest rates, while capital recycling and developments remain accretive.
Moelis raises its target price to $1.44 from $1.36 but downgrades to Hold from Buy on valuation grounds.
This report was published on September 15, 2025.
Target price is $1.44 Current Price is $1.41 Difference: $0.035
If HDN meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.37, suggesting downside of -2.3%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Moelis 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 6.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.61.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.0, implying annual growth of -25.1%.
Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 15.6.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 8.90 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 6.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.95.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 6.4%.
Current consensus EPS estimate suggests the PER is 15.4.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
HGO HILLGROVE RESOURCES LIMITED
Copper – Overnight Price: $0.04
Moelis rates ((HGO)) as Buy (1) –
Hillgrove Resources downgraded FY25 copper production to 11-11.5kt from 12-14kt, and Moelis noted it was because previous estimate was optimistic on continued grade outperformance.
The broker’s forecast of 12.1kt was already on the low end of guidance, so this may likely need only a small revision. The cost forecast, however, was at US$3.69/lb vs the company’s new guidance of US$4.20-4.45/lb, requiring a bigger revision.
The positive announcement was on the completion of the accelerated program of the Nugent mine, which will help stabilise production from FY26 onwards, commentary suggests.
Buy. Target price 6c.
This report was published on September 11, 2025.
Target price is $0.06 Current Price is $0.04 Difference: $0.025
If HGO meets the Moelis target it will return approximately 71% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.00.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.92.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
HRZ HORIZON MINERALS LIMITED
Gold & Silver – Overnight Price: $0.06
Petra Capital rates ((HRZ)) as Buy (1) –
Horizon Minerals aims to complete a pre-feasibility study (PFS) on the Black Swan mill by December quarter 2025, with a final investment decision targeted by year-end and construction starting in early 2026.
Citi notes the study covers mill conversion, supporting infrastructure, and mine feed, with first gold targeted for late 2026.
The broker believes Horizon is well positioned financially, forecasting around $55m in net cash inflows through June quarter 2026 from toll milling and ore sales, plus $31m cash at July 2025. This is expected to support a 1.5mtpa redevelopment.
Citi assumes development costs of -$100m, split between plant refurbishment and mine development, producing 80koz per year for 5.5 years at costs (AISC) of -$2,150/oz, with first output in March quarter 2027.
Growth drilling at Burbanks is expected to support mine life extension, with initial assays due in October.
Buy. Target unchanged at 12c.
This report was published on September 12, 2025.
Target price is $0.12 Current Price is $0.06 Difference: $0.063
If HRZ meets the Petra Capital target it will return approximately 111% (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 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.35.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.17.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
IFT INFRATIL LIMITED
Wealth Management & Investments – Overnight Price: $11.05
Jarden rates ((IFT)) as Buy (1) –
Infratil is holding its Investor Day in Sydney on September 18, which Jarden views as an opportunity to reaffirm cash flow guidance and highlight the growth outlook.
Commentary stipulates Canberra Data Centres (CDC) remains the main growth driver, with updates on contracting and an extension of the pipeline to Perth in focus.
Cash flow with no equity raising likely will be a major focus, according to the analyst, including plans for capital recycling post the sale of RetireAustralia for NZ$324m and the 9.5% stake in Contact Energy for NZ$684m.
Buy. Target lifts to NZ$14.79 from NZ$14.31.
This report was published on September 10, 2025.
Current Price is $11.05. Target price not assessed.
Current consensus price target is N/A
The company’s fiscal year ends in March.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 16.87 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 65.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.0, implying annual growth of N/A.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 139.3.
Forecast for FY27:
Jarden forecasts a full year FY27 EPS of 15.78 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 70.04.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.3, implying annual growth of 66.3%.
Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 83.8.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
ILU ILUKA RESOURCES LIMITED
Mineral Sands – Overnight Price: $5.84
Canaccord Genuity rates ((ILU)) as Buy (1) –
Iluka Resources will suspend production at the Cataby mine and Synthetic Rutile Kiln 2 (SR2) from December 1 due to weak pigment feedstock markets.
Cataby is expected to remain offline for 12 months and SR2 for six months, notes Canaccord Genuity, with existing sales obligations met from inventories.
The broker reduces its 2025 zircon/rutile/synthetic rutile production forecast by -6% to 468kt and 2026 by -32% to 423kt, both below consensus.
Sales volumes are expected to decline through the December quarter 2025 and 2026, while no restart timing has been provided. The broker highlights Balranald commissioning late in 2025 remains unaffected.
The analysts warn prolonged market weakness could extend suspensions and lead to further sales downgrades beyond 2027.
Canaccord lowers its target price to $6.15 from $6.85 and retains a Buy rating.
This report was published on September 10, 2025.
Target price is $6.15 Current Price is $5.84 Difference: $0.31
If ILU meets the Canaccord Genuity target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.79, suggesting downside of -2.7%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 6.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.35.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.2, implying annual growth of -55.3%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 24.6.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 8.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.84.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.9, implying annual growth of -38.4%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 39.9.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
IMM IMMUTEP LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.26
Wilsons rates ((IMM)) as Overweight (1) –
Wilsons notes Immutep is progressing into late-stage clinical development, with TACTI-004 in phase 3 for non-small cell lung cancer.
The broker has strong conviction in the trial success, supported by the similar design of INSIGHT-003 and favourable cross-trial comparisons with Keynote-189.
Focus is now shifting toward the commercial landscape, including competitive positioning versus emerging drugs, but the broker cautions against viewing this as diminishing efti’s value.
Overweight. Target unchanged at $1.20, with the efti opportunity forming majority of the share’s target price ($0.85).
This report was published on September 10, 2025.
Target price is $1.20 Current Price is $0.26 Difference: $0.94
If IMM meets the Wilsons target it will return approximately 362% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 5.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.56.
Forecast for FY27:
Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.91.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
KCN KINGSGATE CONSOLIDATED LIMITED
Gold & Silver – Overnight Price: $2.92
Canaccord Genuity rates ((KCN)) as Upgrade to Buy from Speculative Buy (1) –
Management at Kingsgate Consolidated has guided to production of 85-95koz in FY26 at costs (AISC) of US$1,550-1,750/oz. Higher-grade ore is driving the lift, while the plant is running 14% above nameplate highlights Canaccord Genuity.
The broker notes this guidance compares with 75koz at US$2,024/oz in FY25 and is below the broker’s prior 99koz estimate.
Costs are higher than modeled by the broker, but free cash flow (FCF) of $120m in FY26 should enable repayment of the remaining $52m debt.
FY25 delivered earnings (EBITDA) of $95m and profit of $29m, both below the broker’s forecasts. The analysts’ FY26 and FY27 earnings (EBITDA) forecasts are reduced by around -14%.
Canaccord raises its target price to $4.95 from $4.50 and upgrades to Buy from Speculative Buy on lowering valuation risking on an improved balance sheet and more confidence in the operational outlook.
This report was published on September 11, 2025.
Target price is $4.95 Current Price is $2.92 Difference: $2.03
If KCN meets the Canaccord Genuity target it will return approximately 70% (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 31.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.42.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 46.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.35.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
LTR LIONTOWN RESOURCES LIMITED
New Battery Elements – Overnight Price: $0.84
Jarden rates ((LTR)) as Neutral (3) –
Last month, Liontown Resources raised $316m in equity, which Jarden sees as bridging to sustainable operating cash flow from mid-2026.
The broker highlights China’s anti-involution policy (aimed at reducing wasteful competition and uneconomic overcapacity across industries) could prove supportive for lithium prices if capacity cuts persist.
September quarter production will be the weakest of FY26, forecast the analysts, at around 62kt due to ore-sorting material and a major shutdown, with grade temporarily reduced to 4.9% and costs elevated at -$1,400/t.
Guidance of 365-450kt for FY26 remains weighted to the second half, with management indicating a 170kt/250kt split.
Jarden’s FY27 earnings (EBITDA) forecast rises by 7% on higher volumes. The target is increased to 51c from 50c.
Jarden retains an Underweight rating, awaiting a better entry point despite recognising strong execution.
This report was published on September 11, 2025.
Target price is $0.51 Current Price is $0.84 Difference: minus $0.335 (current price is over target).
If LTR meets the Jarden target it will return approximately minus 40% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.62, suggesting downside of -28.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 7.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.90.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -2.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.
Forecast for FY26:
Jarden forecasts a full year FY26 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 17.98.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -5.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MAQ MACQUARIE TECHNOLOGY GROUP LIMITED
Cloud services – Overnight Price: $62.50
Petra Capital rates ((MAQ)) as Buy (1) –
Petra Capital believes Macquarie Technology’s share price fall following the FY25 result highlights the disconnect between current trading levels and intrinsic value.
The broker reckons infrastructure investors understand the company is building long-duration, data centre infrastructure but others may be looking for short-term catalysts.
The broker has incorporated risk-adjusted value of the IC3SW data centre following additional disclosure from the company. The equity value is $1.05bn translating to $40.88/share, and present value works out to $25.05.
Factoring this into target price resulted in a lift to $104.01 from $87.33. Buy retained.
This report was published on September 11, 2025.
Target price is $104.01 Current Price is $62.50 Difference: $41.51
If MAQ meets the Petra Capital target it will return approximately 66% (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 125.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.64.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 136.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.65.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MP1 MEGAPORT LIMITED
Cloud services – Overnight Price: $14.66
Jarden rates ((MP1)) as Buy (1) –
Jarden reaffirms its positive view post initiation of coverage on Megaport, noting there is a “unique” opportunity for the company to boost its backbone underlay products with overlay products, and it has options to follow the strategy of Cato Networks, a leading pioneer in Secure Access Service Edge markets.
The analyst estimates that market to be worth around US$15bn and Security Service Edge TAM at US$8bn. Megaport’s EV/ARR stands at below 9x compared to Cato’s at around 16x, which infers there is upside potential if Megaport can capture 1% of the Secure Access Service Edge market.
No change in Buy rating and $16.77 target price.
This report was published on September 11, 2025.
Target price is $16.77 Current Price is $14.66 Difference: $2.11
If MP1 meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $14.65, suggesting downside of -0.7%(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 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7330.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -4.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 385.79.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -0.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MTS METCASH LIMITED
Food, Beverages & Tobacco – Overnight Price: $3.93
Jarden rates ((MTS)) as Overweight (2) –
Metcash’s AGM update revealed year-to-date sales up around 1%, with tobacco down -32% on the prior year and hardware up 1.85%. Jarden considers the overall update as “soft” and broadly meeting expectations.
Overheads lifted around $7m higher with mid-low single-digit earnings (EBIT) downgrades.
Jarden lowers its net profit after tax forecasts by circa -2% to -5% for FY26-FY28 on lower tobacco sales and higher overhead costs, and EPS is anticipated to compound at an average rate of 8% for FY26 to FY29 with around a 4.5% dividend yield.
Overweight. Target price slips to $4 from $4.10.
This report was published on September 10, 2025.
Target price is $4.00 Current Price is $3.93 Difference: $0.07
If MTS meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.15, suggesting upside of 5.3%(ex-dividends)
The company’s fiscal year ends in April.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 18.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.72.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 25.8, implying annual growth of -0.2%.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 15.3.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 21.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.55.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.0, implying annual growth of 8.5%.
Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 14.1.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MYR MYER HOLDINGS LIMITED
Household & Personal Products – Overnight Price: $0.66
Petra Capital rates ((MYR)) as Buy (1) –
Myer will report its FY25 result on September 23, with Citi focusing on delivery of strategic initiatives outlined in May.
The broker believes execution is tracking well, highlighting the expansion of Myer One to Apparel Brands from August 1 and the launch of the new shoppable app in late August.
The broker expects FY25 highlights to include flagged cost of doing business (CODB) pressures, mixed fourth-quarter trading but improving momentum into FY26, and a reduced impact from the national distribution centre (NDC).
The analyst forecasts FY25 profit of $42.4m and earnings (EBIT) of $145.8m, slightly below consensus, citing higher CODB as the swing factor.
Petra Capital maintains a Buy rating and a 90c target price.
This report was published on September 12, 2025.
Target price is $0.90 Current Price is $0.66 Difference: $0.245
If MYR meets the Petra Capital target it will return approximately 37% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 2.60 cents and EPS of 3.30 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.85.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 3.00 cents and EPS of 4.80 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.65.
Market Sentiment: 0.8
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: $1.04
Moelis rates ((OBM)) as Buy (1) –
Ora Banda Mining’s annual mineral resource and ore reserve (MROR) update shows total resources of 26mt at 2.4g/t gold for 2.11moz, up 8% on the prior statement. Total ore reserves lifted 24% to 3mt at 2.4g/t for 236koz, using a $2,500/oz cut-off.
The update excludes recent drilling at Little Gem, Waihi and Sand King, points out the broker, which will be included in the second half of FY26.
Despite exploration upside, the recent share price increase erodes valuation appeal, in Moelis’ view. The rating is downgraded to Hold from Buy. Target rises to 88c from 85c.
This report was published on September 12, 2025.
Target price is $0.88 Current Price is $1.04 Difference: minus $0.16 (current price is over target).
If OBM meets the Moelis target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.
Forecast for FY26:
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 11.69.
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 10.61.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PLS PILBARA MINERALS LIMITED
New Battery Elements – Overnight Price: $2.16
Jarden rates ((PLS)) as Overweight (2) –
Pilbara Minerals’ shares are up 46% in three months, with Jarden pointing to strong demand from chemical convertors and supportive Chinese policy. This demand is seen as positive for longer-term lithium pricing.
September quarter output is forecast at around 223kt at -$587/t, above FY26 production guidance and within cost guidance. Realised prices remain volatile, with the broker assuming US$695/t CIF, equal to about US$800/t SC6.
The broker expects FY26 to be smoother operationally for Pilbara Minerals, with optimisation of throughput at 5mtpa and 72-73% recoveries, while FY27 capex should hold near -$300m.
Jarden raises its FY26 earnings (EBITDA) forecast by 2% but keeps valuation at $2.20 and retains an Overweight rating.
This report was published on September 11, 2025.
Target price is $2.20 Current Price is $2.16 Difference: $0.04
If PLS meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.09, suggesting downside of -5.6%(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 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 166.15.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -0.1, implying annual growth of N/A.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is N/A.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 69.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 3.1, implying annual growth of N/A.
Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 71.3.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
SPK SPARK NEW ZEALAND LIMITED
Telecommunication – Overnight Price: $2.10
Jarden rates ((SPK)) as Overweight (2) –
Spark New Zealand used its investor day to provide more detail on the SPK-30 strategy, which Jarden views as centred on core connectivity.
The broker highlights priorities in maintaining leadership in mobile, stabilising broadband margins, and managing legacy headwinds in business connectivity.
Financial targets to 2030 include low single-digit earnings (EBITDA) growth and return on invested capital (ROIC) of 11-13%. The analysts see these as realistic, given competition and legacy challenges.
Capex remains targeted at 10-12% of revenue with additional cost-out flagged beyond 2027.
The broker sees potential upside if non-core IT assets are exited at attractive valuations. It’s felt the focus on stable and predictable earnings to be rewarded over time.
Jarden retains an Overweight rating and a NZ$2.82 target price.
This report was published on September 11, 2025.
Current Price is $2.10. Target price not assessed.
Current consensus price target is N/A
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 15.50 cents and EPS of 11.31 cents.
At the last closing share price the estimated dividend yield is 7.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.5, implying annual growth of N/A.
Current consensus DPS estimate is 14.5, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 18.5.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 16.41 cents and EPS of 13.95 cents.
At the last closing share price the estimated dividend yield is 7.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.05.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 15.4, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 15.9.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
SSM SERVICE STREAM LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $2.38
Canaccord Genuity rates ((SSM)) as Buy (1) –
Infrastructure services company Service Stream has secured a long-term Base Services Contract with the Australian Department of Defence to perform property and asset services. The contract covers 113 sites across South Australia and the Northern Territory.
Duties include estate upkeep, land management, aerodrome operations and training area support, requiring mobilisation of around 350 employees and contractors, highlights Canaccord Genuity.
The initial six-year term is valued at around $1.6bn, with options to extend by up to four years. Operations commence in February 2026 and reach a full run rate by July 2026, notes the broker.
Creating a new operational pillar for Service Stream in facilities and land management services for government, the analyst anticipates accelerating medium-term earnings growth, aligning with management’s mid-single digit margin expectations.
Canaccord raises its target price to $2.60 from $2.32 and retains a Buy rating.
This report was published on September 11, 2025.
Target price is $2.60 Current Price is $2.38 Difference: $0.22
If SSM meets the Canaccord Genuity target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.64, suggesting upside of 10.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 6.50 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.34.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.9, implying annual growth of 23.2%.
Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 20.0.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 8.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.2, implying annual growth of 19.3%.
Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 16.8.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
SYR SYRAH RESOURCES LIMITED
New Battery Elements – Overnight Price: $0.27
Jarden rates ((SYR)) as Overweight (2) –
Jarden observes industry de-stocking of around -US$6m, which was booked as a credit against operating costs, generating a slight beat on net profit after tax results for 1H 2025 for Syrah Resources.
Operating cash flow remained negative at -US$36m, but an improvement with net cash flow of -US$45m and lowering cash to around US$12m with an equity raise of $70m post the June 30 earnings update.
The company has also entered into changed arrangements with the US Department of Energy and the US DFC, the debt providers.
Tesla has stated Syrah defaulted on its offtake agreement by not providing AAM samples from Vidalia, and the issue is due to be settled by Sept 16. A final investment decision on Vidalia is flagged by June 30, 2026.
No change to Overweight. Target slips to 34c from 40c, by -15% post equity dilution.
This report was published on September 10, 2025.
Target price is $0.34 Current Price is $0.27 Difference: $0.07
If SYR meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $0.40, suggesting upside of 48.1%(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 minus 15.51 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1.74.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -7.9, 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 FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.81 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.62.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -0.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.
This company reports in USD. 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
TTM TITAN MINERALS LIMITED
Gold & Silver – Overnight Price: $0.40
Canaccord Genuity rates ((TTM)) as Speculative Buy (1) –
Titan Minerals has reported further “encouraging” drilling at the Linderos copper-gold project in Ecuador, Canaccord Genuity comments.
Key intercepts include 694m at 0.25% copper equivalent and 263m at 0.37% copper equivalent, supporting a large porphyry system open in all directions, highlights the broker.
The broker highlights the Copper Ridge porphyry is more than 1km wide and deep, with tonnage potential above 2bn, though grades remain modest at below 0.3% copper equivalent. It’s noted molybdenum adds further upside.
The company’s Dynasty gold project, also in Ecuador, remains the core asset, with a 1.22moz gold and 9moz silver resource, points out the analyst. A Scoping Study is expected in 1H26 following an upcoming resource update.
Canaccord lifts its target price to $1.45 from $1.40 and keeps a Speculative Buy rating.
This report was published on September 11, 2025.
Target price is $1.45 Current Price is $0.40 Difference: $1.05
If TTM meets the Canaccord Genuity target it will return approximately 262% (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 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 133.33.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 200.00.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
VNT VENTIA SERVICES GROUP LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $5.13
Canaccord Genuity rates ((VNT)) as Buy (1) –
Ventia Services has won two Defence Base Services Transformation packages worth $2.7bn over six years, with extensions possible to ten, explains Canaccord Genuity.
The contracts cover Living and Working Services in the Northern Territory, Victoria and Tasmania, and Property and Asset Services in Western Australia, Victoria and Tasmania, adding to the National Firefighting Services contract. Operations start in February 2026.
The broker notes revenue will begin at around $400m in FY26, rising towards $500m, below the prior $550m run-rate. It’s felt this win eases risks tied to Australian Competition and Consumer Commission (ACCC) price fixing claims raised in December 2024.
The broker cuts Defence and Social Infrastructure revenue and earnings (EBITDA) forecasts by -3% for FY26 and FY27, with margins down -14bps in FY26.
Canaccord Genuity retains a Buy rating and a $5.65 target price.
This report was published on September 11, 2025.
Target price is $5.65 Current Price is $5.13 Difference: $0.52
If VNT meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $5.42, suggesting upside of 6.2%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 23.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.10.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 30.2, implying annual growth of 17.3%.
Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 16.9.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 24.00 cents and EPS of 32.00 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 16.03.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 32.4, implying annual growth of 7.3%.
Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 15.7.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don’t have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.
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