Daily Market Reports | 12:23 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.
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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)
AEL (2) ASB BGL CMM CUV CYL EMR EVN GGP GMD IMM INR KCN MYR NST OBM OCA PNR TLX
AEL AMPLITUDE ENERGY LIMITED
Crude Oil - Overnight Price: $0.23
Canaccord Genuity rates ((AEL)) as Buy (1) -
Amplitude Energy has strengthened its balance sheet with a $150m raising to fund drilling of the Nestor gas prospect.
Nestor is a high-probability Otway Basin target, highlights Canaccord Genuity, close to infrastructure, capable of lifting East Coast Supply Project output by 20-30 TJ/d or extending plateau production by two years. The rig is secured and drilling is scheduled for 1H 2027.
The broker points out net spend of around -$160m in FY26 and -$260m in FY27 will lift net debt beyond $240m, but long-term gas demand and tightening supply underpin the strategy.
Canaccord retains a Buy rating and 34c target price.
This report was published on September 24, 2025.
Target price is $0.34 Current Price is $0.23 Difference: $0.105
If AEL meets the Canaccord Genuity target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $0.31, suggesting upside of 33.7%(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 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1.8, 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 12.8.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.69.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.0, implying annual growth of 11.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.5.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((AEL)) as Buy (1) -
Amplitude Energy is raising $150m to fund its share of drilling the Nestor gas prospect and to reduce debt, Jarden notes. The raising comprises a $50m placement and a $100m entitlement offer at 24c, a -9.2% discount to the theoretical ex-rights price (TERP).
The broker assesses Nestor is a low-risk Otway Basin exploration target with an 81% chance of success and proximity to existing pipelines.
The raising lowers net debt to $88m, cuts interest costs, and diversifies growth options while reducing reliance on Elanora and Isabella, explain the analysts.
Jarden trims its target to 28c from 29c and maintains a Buy rating.
This report was published on September 23, 2025.
Target price is $0.28 Current Price is $0.23 Difference: $0.045
If AEL meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $0.31, suggesting upside of 33.7%(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 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.36.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1.8, 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 12.8.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.37.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.0, implying annual growth of 11.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.5.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ASB AUSTAL LIMITED
Commercial Services & Supplies - Overnight Price: $7.25
Petra Capital rates ((ASB)) as Hold (3) -
Harking back to late-August, Petra Capital notes Austal delivered a stronger-than-expected FY25 result, with an underlying EBIT margin of 5.8% versus 3.9% in FY24.
The uplift was driven by operating leverage from higher revenue and productivity gains, well ahead of the broker's 4.7% margin forecast.
The analyst expects revenues to rise over the next three years, supported by secured work in hand and tender conversions, with peak revenue in FY28 and peak EBIT margin in FY32 as multi-ship programs mature.
Petra Capital retains a Hold rating with a $7.07 target price, up from $6.67.
This report was published on September 25, 2025.
Target price is $7.07 Current Price is $7.25 Difference: minus $0.18 (current price is over target).
If ASB meets the Petra Capital target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.65, suggesting upside of 2.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 13.50 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.3, implying annual growth of -14.2%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 36.7.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 21.00 cents and EPS of 29.30 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.74.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.0, implying annual growth of 28.1%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 28.6.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BGL BELLEVUE GOLD LIMITED
Gold & Silver - Overnight Price: $1.07
Canaccord Genuity rates ((BGL)) as Speculative Buy (1) -
Canaccord Genuity has updated its long-term (from 2029) gold price forecast by 8.2% to US$4,173/oz, and the medium-term 2026/27/28 by 8.9%/8.5%/8.2%, respectively, in line with the forward curve.
For silver, the broker lifted the long-term price forecast by 14.5% to US$47.8/oz while long-term forex forecasts were left unchanged.
This has resulted in an average 13% rise in the broker's target price for senior producers, 12% for intermediate/junior producers, and 12% for explorers/developers.
For the September quarter, the broker forecasts Bellevue Gold's production to be -25% lower vs the June quarter and in line with the consensus. Cost forecast of $3,102/oz is -4% below consensus.
Speculatie Buy. Target rises to $1.75 from $1.65.
This report was published on September 26, 2025.
Target price is $1.75 Current Price is $1.07 Difference: $0.675
If BGL meets the Canaccord Genuity target it will return approximately 63% (excluding dividends, fees and charges).
Current consensus price target is $1.15, suggesting upside of 4.5%(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 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.94.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 10.2.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.8, implying annual growth of -46.3%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 19.0.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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