Daily Market Reports | 2:20 PM
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)
ALL ANZ AQZ BC8 CEN CYG DUG (2) IGO LRK MM8 (2) OBM PME PNI REG SBM SYA TPG VAU WEB
SYA SAYONA MINING LIMITED
New Battery Elements - Overnight Price: $0.02
Canaccord Genuity rates ((SYA)) as Buy (1) -
Sayona Mining has implemented a share consolidation (reverse stock split). The consolidation ratio is 1-for-150, meaning every 150 Sayona shares held pre-consolidation will convert into 1 post-consolidation share.
Separately, Sayona Mining Ltd’s North American Lithium (NAL) scoping study supports an expansion to 2mtpa by 2030, notes Canaccord Genuity, lifting output to 315ktpa SC5.4 from 205kt in FY25.
Life-of-mine (LOM) cash costs are forecast at -US$562/t, down -35% from FY25, with -US$270m in capex covering crushing upgrades, a second concentrator, and storage, explain the analysts.
Strong balance sheet flexibility means expansion could be largely debt funded, while lithium prices above US$1,100/t SC6 would allow significant self-funding, highlights Canaccord.
FY26 guidance of 195-210kt at -US$765-830/t costs improves on the broker's forecasts.
Canaccord Genuity raises its target price to $9.00 from $8.35 and maintains a Buy rating.
This report was published on September 16, 2025.
Target price is $9.00 Current Price is $0.02 Difference: $8.98
If SYA meets the Canaccord Genuity target it will return approximately 44900% (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 minus 0.39 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.13.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.57.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TPG TPG TELECOM LIMITED
Telecommunication - Overnight Price: $4.94
Jarden rates ((TPG)) as Upgrade to Overweight from Neutral (2) -
Jarden notes TPG Telecom has underperformed excessively following energy, gas and water asset sales despite balance sheet and free float improvements.
A near-term overhang consists of minorities re-investing proceeds because that's required to further reduce debt.
The broker expects around 224m new shares to be issued under the -$688m reinvestment plan, assuming there's 100% take-up at a -5% discount.
At current levels, the broker highlights the implied forecast free cash flow yields of 6.5-10.3% in FY26–28 are attractive, supporting an upgrade to Overweight from Neutral.
Target trimmed to $5.25 from $5.30.
This report was published on September 15, 2025.
Target price is $5.25 Current Price is $4.94 Difference: $0.31
If TPG meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $5.39, suggesting upside of 10.0%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 54.89.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.2, implying annual growth of N/A.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 30.2.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 15.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.6, implying annual growth of 21.0%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 25.0.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VAU VAULT MINERALS LIMITED
Gold & Silver - Overnight Price: $0.66
Moelis rates ((VAU)) as Buy (1) -
Vault Minerals Ltd has released its annual Mineral Resource and Ore Reserve (MROR) update, with Moelis noting global ore reserves rose 17% year-on-year to 592koz, supported by higher gold price assumptions.
Mount Monger increased 9% to 50koz, Sugar Zone rose 20% to 64koz, while Deflector fell -27% to 72koz. Global resources declined slightly, and FY26 exploration spend was set at -$30m.
FY26 guidance remains outstanding. The analyst's forecasts assume 358koz of production at costs (AISC) of -$2,690/oz, delivering an expected $310m cash addition by June 2026 at spot prices.
Free cash flow yields of 9% and 20% are forecast for FY26 and FY27, respectively.
The broker suggests further upside is possible if gold prices hold. Moelis retains a Buy rating and a $0.67 target price.
This report was published on September 16, 2025.
Target price is $0.67 Current Price is $0.66 Difference: $0.015
If VAU meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting downside of -7.7%(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 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.79.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 4.4, implying annual growth of 26.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.8.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.70.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.2, implying annual growth of 18.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.5.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WEB WEB TRAVEL GROUP LIMITED
Travel, Leisure & Tourism - Overnight Price: $4.19
Wilsons rates ((WEB)) as Overweight (1) -
Web Travel's AGM trading update confirmed to Wilsons a strong start to 1H26 slowed in June due to the Israel-Iran conflict.
Positively, group total transaction value (TTV) to late August remained in the mid-teens, well ahead of competitor HBX Group’s 8% growth.
The analyst highlights the Americas with mid-20% TTV growth as the key driver.
Wilsons notes most guidance points were unchanged, with 1H26 TTV expected at “at least” $3.1bn and FY26 revenue/TTV confirmed at “at least” 6.5%. Currency translation effects provide a net 4% benefit.
Despite near-term caution, Wilsons sees Web Travel on track to deliver 19% earnings growth in FY26 and 17% CAGR to FY30, scaling toward its $10bn TTV target.
Wilsons trims its target price to $6.25 from $6.39 and retains an Overweight rating.
This report was published on September 16, 2025.
Target price is $6.25 Current Price is $4.19 Difference: $2.06
If WEB meets the Wilsons target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $5.98, suggesting upside of 43.5%(ex-dividends)
The company's fiscal year ends in March.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 22.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.87.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.4, implying annual growth of -53.2%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 17.1.
Forecast for FY27:
Wilsons forecasts a full year FY27 dividend of 13.20 cents and EPS of 30.90 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.56.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 32.2, implying annual growth of 32.0%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 13.0.
Market Sentiment: 0.6
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.
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