Australian Broker Call *Extra* Edition – Sep 25, 2025

Array
(
    [0] => Array
        (
            [0] => ((ASN))
            [1] => ((CNB))
            [2] => ((ERD))
            [3] => ((FLT))
            [4] => ((WBC))
            [5] => ((WEB))
            [6] => ((WJL))
            [7] => ((HLO))
            [8] => ((CTD))
            [9] => ((GLN))
            [10] => ((MEI))
            [11] => ((MYR))
            [12] => ((PMT))
            [13] => ((PNR))
            [14] => ((REG))
            [15] => ((SDR))
            [16] => ((SYA))
            [17] => ((TLX))
            [18] => ((VAU))
            [19] => ((VAU))
            [20] => ((VAU))
            [21] => ((VUL))
        )

    [1] => Array
        (
            [0] => ASN
            [1] => CNB
            [2] => ERD
            [3] => FLT
            [4] => WBC
            [5] => WEB
            [6] => WJL
            [7] => HLO
            [8] => CTD
            [9] => GLN
            [10] => MEI
            [11] => MYR
            [12] => PMT
            [13] => PNR
            [14] => REG
            [15] => SDR
            [16] => SYA
            [17] => TLX
            [18] => VAU
            [19] => VAU
            [20] => VAU
            [21] => VUL
        )

)

This story features ANSON RESOURCES LIMITED, and other companies.
For more info SHARE ANALYSIS: ASN

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)

ASN   CNB   ERD   FLT   GLN   MEI   MYR   PMT   PNR   REG   SDR   SGLLV   SYA   TLX   VAU (3)   VUL  

ASN    ANSON RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.09

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

Petra Capital notes that over the past 12 weeks, flows into the lithium sector are up 25% y/y, driving a 16% increase in overall sector valuation

While hard-rock names have captured near-term trading momentum, the broker sees better medium-term risk/reward in brine (salty underground water) players with cost advantages and strategic US alignment.

Anson Resources is one of the broker’s preferred exposures.

Target price 38c, which was upgraded from 31c on July 30 after the June quarter report as the broker factored in forex and commodity price revisions.

Buy retained.

This report was published on September 23, 2025.

Target price is $0.38 Current Price is $0.09 Difference: $0.292
If ASN meets the Petra Capital target it will return approximately 332% (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 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 44.00.

Forecast for FY27:

Petra Capital forecasts a full year FY27 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 44.00.

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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.34

Moelis rates ((CNB)) as Buy (1) –

Strong grades from the first drill result for Carnaby Resources from Trek 1 at Trekelano confirm potential, assesses Moelis. The broker expects results will contribute to the next resource update.

The project is being prioritised for inclusion in economic studies, explains the analyst, with legacy infrastructure supporting its case as an early ore source.

The broker maintains a positive investment view, noting Duchess requires only modest capital to restart using existing facilities. Rising interest from larger miners in early-stage copper assets provides additional upside, suggests Moelis.

Buy. Target unchanged at 87c.

This report was published on September 22, 2025.

Target price is $0.87 Current Price is $0.34 Difference: $0.525
If CNB meets the Moelis target it will return approximately 152% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.08.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.39.

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

ERD    EROAD LIMITED

Transportation & Logistics – Overnight Price: $2.36

Moelis rates ((ERD)) as Initiation of coverage with Buy (1) –

Moelis initiates coverage on Eroad  with a Buy rating and $3.00 target highlighting the company’s transformation into a multinational telematics platform with integrated fleet services and scalable growth opportunities.

Management’s strategy is positioned around industry shifts toward electrification, connected vehicles, and sustainability, with offerings aimed at enhancing fleet efficiency and compliance, explains the broker.

The analyst points to three growth drivers: regulatory changes introducing road user charges as fuel excise declines, rising data demand from connected and autonomous vehicles, and fleet operators seeking emissions and safety management solutions.

Expansion opportunities include deeper penetration in A&NZ and North America, upselling to a full operations platform, and broadening into light commercial and passenger fleets, highlights Moelis.

The broker expects disciplined execution to deliver margin expansion and improved returns. 

This report was published on September 22, 2025.

Target price is $3.00 Current Price is $2.36 Difference: $0.64
If ERD meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 76.18.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.56 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.45.

This company reports in NZD. 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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $12.23

Jarden rates ((FLT)) as Buy (1) –

Globally, travel data continue to improve and Jarden expects sector EPS revisions to turn positive through 2026, creating a catalyst for re-rating.

The broker notes stronger local travel spend in September, according to Westpac ((WBC)) data and record August ticket sales in the US from the Airlines Reporting Corporation. 

Jarden’s preferred order in the sector is Flight Centre, Web Travel ((WEB)), Webjet Group ((WJL)) and Helloworld Travel ((HLO)).

The broker awaits resolution of Corporate Travel Management’s ((CTD)) accounting queries, which do not affect cash but raise some concern.

The Buy rating and $17.20 target are maintained for Flight Centre Travel. The remaining stocks mentioned above all have overweight ratings, midway between Buy and Neutral.

This report was published on September 22, 2025.

Target price is $17.20 Current Price is $12.23 Difference: $4.97
If FLT meets the Jarden target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $15.15, suggesting upside of 23.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 58.00 cents and EPS of 106.50 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.5, implying annual growth of 106.5%.
Current consensus DPS estimate is 43.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 11.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 78.00 cents and EPS of 135.10 cents.
At the last closing share price the estimated dividend yield is 6.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.4, implying annual growth of 15.5%.
Current consensus DPS estimate is 50.1, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 10.3.

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

GLN    GALAN LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.14

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

Petra Capital notes that over the past 12 weeks, flows into the lithium sector are up 25% y/y, driving a 16% increase in overall sector valuation

While hard-rock names have captured near-term trading momentum, the broker sees better medium-term risk/reward in brine (salty underground water) players with cost advantages and strategic US alignment.

Galan Lithium is one of the broker’s preferred exposures.

Target price 41c, which was lowered from 42c on August 26, following the $20m equity funding from Clean Elements, which became binding and unconditional.

Buy retained.

This report was published on September 23, 2025.

Target price is $0.41 Current Price is $0.14 Difference: $0.27
If GLN meets the Petra Capital target it will return approximately 193% (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 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 70.00.

Forecast for FY26:

Petra Capital 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 70.00.

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

MEI    METEORIC RESOURCES NL

Gold & Silver – Overnight Price: $0.14

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

Meteoric Resources, in partnership with ANSTO, completed a comprehensive testwork program on the Caldeira project’s ionic clay, achieving 70% recovery of magnet rare earths and 60% recovery of total rare earth oxides.

Canaccord Genuity notes the use of higher pH lixiviant (pH 5 vs 4) suggests potential for lower reagent use, reduced impurities, and improved operating costs in the definitive feasibility study.

Construction for the pilot plant at Poços do Caldas is expected to start soon, with operations targeted for October, and key permits are expected over 2025–2028. The company is fully funded for the pilot and near-term programs.

Speculative Buy. Target unchanged at 35c.

This report was published on September 18, 2025.

Target price is $0.35 Current Price is $0.14 Difference: $0.21
If MEI meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).
Current consensus price target is $0.23, suggesting upside of 61.9%(ex-dividends)
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 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.1, 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:

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 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Market Sentiment: 0.7
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: $0.47

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

Myer reported FY25 profit of $36.8m, -13.2% below Petra Capital’s forecast, with earnings (EBIT) of $140.3m, -3.8% adrift of expectation. 

The broker notes costs-of-doing-business (CODB) rose 230bps on flat sales, driven by higher wages, occupancy inflation, and added capability.

Pressures are expected to persist in FY26 despite a ‘value creation’ program.  In FY26, the analyst forecasts a CODB headwind of around -$25m.

The national distribution centre dragged down earnings by -$16m in FY25, notes the broker. While the opex drag is easing, -$32m will need to be invested to achieve a $20m benefit by FY28.

While CODB is a set-back, management’s broader strategy progresses well, suggests Petra Capital. Strategic initiatives such as Apparel Brands integration and Myer One expansion are thought to be on track.

The first seven weeks of FY26 revealed a 3.1% rise in sales led by Myer Retail, with Myer Apparel Brands still negative.

The broker lowers its target price to 75c from 90c. Buy rating retained.

This report was published on September 24, 2025.

Target price is $0.75 Current Price is $0.47 Difference: $0.28
If MYR meets the Petra Capital target it will return approximately 60% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 2.00 cents and EPS of 3.40 cents.
At the last closing share price the estimated dividend yield is 4.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.82.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 2.70 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.59.

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

PMT    PMET RESOURCES INC

Mining – Overnight Price: $0.43

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

PMET Resources’ Shaakichiuwaanaan lithium project site visit by the analysts at Canaccord Genuity confirmed progress on infrastructure. A 100-man camp and road access are now operational, reducing reliance on helicopter support.

The broker notes large resources of 141mt at 1.4% Li2O, with high-grade zones at CV5 and CV13 offering flexibility for optimisation.

The analysts see potential upside from tantalum recovery and caesium resources, which could provide valuable by-product credits and new revenue streams.

The upcoming feasibility and Environmental and Social Impact Assessment will initiate the mine authorisation process, explains the broker. Stage 1 production of 400ktpa is targeted from late 2029 and Stage 2 expansion from 2032.

The broker leaves forecasts unchanged and retains a 65c target price with a Speculative Buy rating.

This report was published on September 24, 2025.

Target price is $0.65 Current Price is $0.43 Difference: $0.215
If PMT meets the Canaccord Genuity target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $0.71, suggesting upside of 64.1%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.13 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 327.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -9.1, 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:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.16 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 280.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -14.3, 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 CAD. 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

PNR    PANTORO GOLD LIMITED

Gold & Silver – Overnight Price: $5.83

Moelis rates ((PNR)) as Hold (3) –

Pantoro Gold’s annual Mineral Resource and Ore Reserve update showed global reserves and resources were down -4% but Moelis notes it was broadly unchanged after adjusting for Halls Creek divestment.

The net impact on the company is largely neutral as the decline is cushioned by higher gold price assumption. The broker sees potential for significant reserve conversion from drilling in the large underground resource base.

Hold. Target unchanged at $4.50.

This report was published on September 23, 2025.

Target price is $4.50 Current Price is $5.83 Difference: minus $1.33 (current price is over target).
If PNR meets the Moelis target it will return approximately minus 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.58, suggesting downside of -21.5%(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 29.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.0, 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 9.6.

Forecast for FY27:

Current consensus EPS estimate is 60.0, implying annual growth of -1.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.7.

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

REG    REGIS HEALTHCARE LIMITED

Aged Care & Seniors – Overnight Price: $6.49

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

Management at Regis Healthcare issued FY26 earnings (EBITDA) guidance of $130-135m, -8% below consensus, which Jarden says destabilised expectations of robust funding to cover staffing costs.

The negative share price reaction of -26% appears unjustified to the broker. It’s felt entry opportunities are supported by expectations of a government review of the Accommodation Supplement to address concessional resident underfunding.

Regis can also rebalance its mix towards RAD/DAP residents and raise RAD pricing, suggest the analysts.

The broker maintains an Overweight rating and lowers its target to $8.20 from $8.95.

This report was published on September 22, 2025.

Target price is $8.20 Current Price is $6.49 Difference: $1.71
If REG meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 13.80 cents and EPS of 19.50 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.28.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 18.20 cents and EPS of 25.70 cents.
At the last closing share price the estimated dividend yield is 2.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.25.

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $7.28

Moelis rates ((SDR)) as Buy (1) –

SiteMinder’s 2025 investor day reinforced Moelis’ view on the strategic value of scale and the strength of the company’s channel management platform.

Channels Plus sign-ups are outpacing previous product launches, highlights the broker, with early case studies demonstrating over 3% booking contribution.

Meanwhile, the Dynamic Revenue Plus rollout remains on track for FY26, with upselling progressing steadily and analytics integration adding depth, observes the analyst.

Management highlighted the opportunity to lift gross booking value capture to circa 1.5% from around 0.3%, supported by Smart Platform products.

Market potential was re-framed by management to room count, with SiteMinder currently at 9.6% penetration. The broker estimates a rise to 15.3% by FY35.

Target $8.51. Buy rating.

This report was published on September 24, 2025.

Target price is $8.51 Current Price is $7.28 Difference: $1.23
If SDR meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $7.95, suggesting upside of 9.2%(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 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 330.91.

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.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 10.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 72.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.5, 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 112.0.

Market Sentiment: 0.9
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: $17.02

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

Following Ricegrowers’ inclusion in the S&P/300 index, Canaccord Genuity conducted a re-examination of the company.

The broker remains of the view the business outlook is positive for the medium term, with multiple growth drivers and a supportive macro backdrop.

The company expects to grow revenue to $3bn by 2030, implying low double-digit earnings growth, but the broker’s forecasts are more conservative.

Upside seen from valuation, with the stock trading around 13x FY26 EPS with 5% yield and potential for a re-rating to 14.5x PE vs peers.

Buy. Target rises to $16.40 from $13.70 as the broker assigns a higher multiple for most divisions in the valuation.

This report was published on September 19, 2025.

Target price is $16.40 Current Price is $17.02 Difference: minus $0.62 (current price is over target).
If SGLLV meets the Canaccord Genuity target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in April.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 67.00 cents and EPS of 112.00 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.20.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 69.00 cents and EPS of 120.00 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.18.

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

SYA    SAYONA MINING LIMITED

New Battery Elements – Overnight Price: $3.34

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

The analysts at Canaccord Genuity visited the Sayona Mining North American Lithium (NAL) site, which produced 205kt SC5.3 at -US$778/t cash costs in FY25.

The broker notes concentrator utilisation was 93% in the June quarter, with recoveries near 72% managed via blast fragmentation, ore sorting and iron removal.

FY26 guidance is considered achievable, though costs remain near breakeven at current prices. Labour competition in Abitibi (the large geological region straddling Quebec and Ontario in Canada) is also a challenge, note the analysts.

An expansion study outlined -US$270m capex to lift output by 50% to 315ktpa at -US$562/t from late 2029. The broker also highlights Moblan and Ewoyya as undervalued growth options.

The broker leaves forecasts unchanged and retains a $9.00 target price with a Buy rating.

This report was published on September 22, 2025.

Target price is $9.00 Current Price is $3.34 Difference: $5.66
If SYA meets the Canaccord Genuity target it will return approximately 169% (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 856.41.

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 4771.43.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $15.46

Wilsons rates ((TLX)) as Overweight (1) –

Telix Pharmaceuticals has secured transitional pass-through (TPT) status for Gozellix (from October 1), which targets prostate-specific membrane antigen (PSMA).

This enables separate payment in the US hospital outpatient setting, explains broker Wilsons, and further supports a two-product PSMA Positron Emission Tomography/Computed Tomography (PET/CT) strategy.

The analysts see three benefits: market share expansion into underserved regions, franchise average selling price optimisation with Gozellix positioned as a premium brand while Illuccix competes in lower-priced segments, and margin uplift from improved pricing and distribution leverage.

With the US PSMA market only around 65% activated, Wilsons believes Gozellix could add 5-10% to the addressable market and strengthen Telix’s hospital presence.

Wilsons makes no earnings changes, with FY25 revenue guidance of US$770-800m unchanged, and retains a $27.33 target price. Overweight rating maintained.

This report was published on September 23, 2025.

Target price is $27.33 Current Price is $15.46 Difference: $11.87
If TLX meets the Wilsons target it will return approximately 77% (excluding dividends, fees and charges).
Current consensus price target is $28.40, suggesting upside of 83.7%(ex-dividends)
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 13.35 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 115.82.

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.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 24.99 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 61.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 143.1.

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

VAU    VAULT MINERALS LIMITED

Gold & Silver – Overnight Price: $0.66

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

Management at Vault Minerals has released FY26 guidance of 332-360koz at costs (AISC) of -$2,650-2,850/oz, broadly in line with consensus. Canaccord Genuity notes guidance implies a -10% production fall and -14% worsening of costs compared to FY25.

The broker notes Leonora guidance of 185-200koz is steady year-on-year, while Mt Monger output falls slightly and Deflector is set for a sharper decline as mining transitions to the Spanish Galleon area. Costs rise across all sites, with Deflector -38% worse than FY25.

Positively, group production is expected to recover to 360-390koz in FY27 and FY28, with growth from Leonora expansion and Sugar Zone’s restart, explain the analysts.

Buy. Target unchanged at 75c.

This report was published on September 22, 2025.

Target price is $0.75 Current Price is $0.66 Difference: $0.09
If VAU meets the Canaccord Genuity target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $0.64, 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 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.3, implying annual growth of -5.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.6, implying annual growth of 39.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.3.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

Jarden rates ((VAU)) as Downgrade to Neutral from Buy (3) –

Jarden lowers its target for Vault Minerals to 49c from 51c after allowing for management’s three-year targets and downgrades to Neutral from Buy given the recent strong share price.

FY26 production guidance of 332-360koz came in below consensus, with weaker output at Deflector during its owner-operator transition, while Mount Monger and King of the Hills are steady, explains the broker.

The analysts explain group costs (AISC) of -$2,650-2,850/oz reflect lower production and transition costs at Deflector, plus higher expensed mining at Mount Monger. It’s also noted Leonora also faces higher material movement costs offset by inventory credits.

Growth capex falls around -10% year-on-year, though Deflector’s -$48m is above consensus due to new underground equipment, notes Jarden. Production is expected to recover in FY27-28 via King of the Hills and Sugar Zone.

This report was published on September 23, 2025.

Target price is $0.49 Current Price is $0.66 Difference: minus $0.17 (current price is over target).
If VAU meets the Jarden target it will return approximately minus 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.64, suggesting downside of -3.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.3, implying annual growth of -5.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.6, implying annual growth of 39.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.3.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

Moelis rates ((VAU)) as Downgrade to Hold from Buy (3) –

Vault Minerals’ FY26 guidance is for gold production of 332-360koz, costs (AISC) of between -$2,650-2,850/oz, and capex of -$278m, all slightly softer than Moelis’ prior assumptions.

Exploration spend of -$30m was also higher than expected. FY27 and FY28 production guidance of 360-390koz and 370-400koz, respectively, provides scope for upside relative to consensus, highlight the analysts.

The broker adjusts its forecasts to align with midpoints of production and cost guidance, with near-term impacts at Deflector and stronger medium-term volumes across the portfolio.

While Moelis downgrades its rating to Hold from Buy, citing the recent rally in the share price which has eroded valuation upside, the target price is raised to 69c from 67c.

The broker notes a spot price scenario could justify valuation of around 90c, with FY27 trading on an 18.7% free cash flow (FCF) yield and forecast cash of around $1.5bn, leaving Vault among its preferred gold exposures.

This report was published on September 22, 2025.

Target price is $0.69 Current Price is $0.66 Difference: $0.03
If VAU meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $0.64, suggesting downside of -3.0%(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 3.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.3, implying annual growth of -5.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.6, implying annual growth of 39.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.3.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

VUL    VULCAN ENERGY RESOURCES LIMITED

New Battery Elements – Overnight Price: $5.07

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

A site visit by the analysts at Canaccord Genuity to  Vulcan Energy Resources’ Lionheart Lithium Project in Germany confirmed drilling progress. The first well was completed -18% under budget and 40% ahead of schedule.

Vulcan’s in-house drilling division is delivering strong results, according to the broker, with an innovative skid system reducing downtime between wells.

Upstream work continues with the acquisition of the Landau site for a combined geothermal and lithium extraction plant, subject to financing, notes Canaccord.

Management discussed a -EUR2.2bn funding plan to achieve FID, including EUR0.9bn in debt, up to EUR0.5bn from the European Investment Bank (EIB), along with EUR205m in grants and equity. The broker views government support as a key positive.

The Speculative Buy and $9.75 target are maintained for Vulcan Energy Resources. 

This report was published on September 22, 2025.

Target price is $9.75 Current Price is $5.07 Difference: $4.68
If VUL meets the Canaccord Genuity target it will return approximately 92% (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 18.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 28.17.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 10.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 50.70.

This company reports in EUR. 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

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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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