Australian Broker Call *Extra* Edition – Oct 01, 2025

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            [2] => ((ASL))
            [3] => ((ASN))
            [4] => ((AUC))
            [5] => ((AZY))
            [6] => ((BTR))
            [7] => ((EML))
            [8] => ((MYR))
            [9] => ((WES))
            [10] => ((FPR))
            [11] => ((GBZ))
            [12] => ((IFT))
            [13] => ((JHX))
            [14] => ((KCN))
            [15] => ((KMD))
            [16] => ((KMD))
            [17] => ((LTR))
            [18] => ((MM8))
            [19] => ((NWL))
            [20] => ((MQG))
            [21] => ((PDI))
            [22] => ((PMV))
            [23] => ((PMV))
            [24] => ((PRU))
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            [27] => ((RSG))
            [28] => ((RXL))
            [29] => ((RXR))
            [30] => ((SDR))
            [31] => ((SMI))
            [32] => ((SOM))
            [33] => ((STK))
            [34] => ((TCG))
            [35] => ((TRE))
            [36] => ((TTM))
            [37] => ((VAU))
            [38] => ((WAF))
            [39] => ((WGX))
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            [1] => AR9
            [2] => ASL
            [3] => ASN
            [4] => AUC
            [5] => AZY
            [6] => BTR
            [7] => EML
            [8] => MYR
            [9] => WES
            [10] => FPR
            [11] => GBZ
            [12] => IFT
            [13] => JHX
            [14] => KCN
            [15] => KMD
            [16] => KMD
            [17] => LTR
            [18] => MM8
            [19] => NWL
            [20] => MQG
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            [22] => PMV
            [23] => PMV
            [24] => PRU
            [25] => RMS
            [26] => RRL
            [27] => RSG
            [28] => RXL
            [29] => RXR
            [30] => SDR
            [31] => SMI
            [32] => SOM
            [33] => STK
            [34] => TCG
            [35] => TRE
            [36] => TTM
            [37] => VAU
            [38] => WAF
            [39] => WGX
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)

This story features ASTRAL RESOURCES NL, and other companies.
For more info SHARE ANALYSIS: AAR
The company is included in ALL-ORDS

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)

AAR   AR9   ASL   ASN   AUC   AZY   BTR   EML   FPR   GBZ   GOR   IFT   JHX   KCN   KMD (2)   LTR   MM8   NWL   PDI   PMV (2)   PRU   RMS   RRL   RSG   RXL   RXR   SDR   SMI   SOM   STK   TCG   TRE   TTM   VAU   WAF   WGX  

AAR    ASTRAL RESOURCES NL

Gold & Silver – Overnight Price: $0.23

Canaccord Genuity rates ((AAR)) 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.

Target price for Astral Resources rises to 73c from 64c. Speculative Buy retained.

This report was published on September 26, 2025.

Target price is $0.73 Current Price is $0.23 Difference: $0.495
If AAR meets the Canaccord Genuity target it will return approximately 211% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 23.50.

Forecast for FY27:

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

AR9    ARCHTIS LIMITED

Software & Services – Overnight Price: $0.14

Canaccord Genuity rates ((AR9)) as Buy (1) –

FY25 results for archTIS were in line with Canaccord Genuity’s expectations, with annual recurring revenue (ARR) up 17% year-on-year to $5m. Earnings (EBITDA) of -$0.4m were supported by higher gross margin and lower operating costs, explain the analysts.

Management announced the acquisition of US-based Spirion for -US$10.1m, adding US$11m ARR and over 150 enterprise customers, which the broker views as transformational for US expansion.

Canaccord highlights upside from the recently secured US Department of Defense contract, with potential expansion of up to 150,000 users in the near term, up from from 1,000, and possibly 4m in the longer term.

The broker retains a Buy rating and 35c target price.

This report was published on September 26, 2025.

Target price is $0.35 Current Price is $0.14 Difference: $0.205
If AR9 meets the Canaccord Genuity target it will return approximately 141% (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 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.67.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.13.

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

ASL    ANDEAN SILVER LIMITED

Gold & Silver – Overnight Price: $2.04

Canaccord Genuity rates ((ASL)) 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.

Target price for Andean Silver rises to $3.80 from $3.45. Speculative Buy retained.

This report was published on September 30, 2025.

Target price is $3.80 Current Price is $2.04 Difference: $1.76
If ASL meets the Canaccord Genuity target it will return approximately 86% (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 11.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.55.

Forecast for FY27:

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

ASN    ANSON RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.10

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

Anson Resources has signed a Definitive Offtake Agreement with LG Energy Solutions for 4ktpa of lithium carbonate over five years from January 2028, with an extension option.

Pricing will reference market benchmarks, notes Petra Capital, and discussions have commenced on a potential LG investment.

The broker views the deal as critical to US domestic supply, with LG operating or building eight North American plants.

Anson recently raised $5m at 9c per share and retains a $30m borrowing facility, while targeting a resource lift at Green River.

The broker retains a Buy rating and 38c target price.

This report was published on September 26, 2025.

Target price is $0.38 Current Price is $0.10 Difference: $0.284
If ASN meets the Petra Capital target it will return approximately 296% (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 48.00.

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 48.00.

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

AUC    AUSGOLD LIMITED

Gold & Silver – Overnight Price: $1.03

Canaccord Genuity rates ((AUC)) 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.

Target price for Ausgold rises to $2.05 from $1.80. Speculative Buy retained.

This report was published on September 26, 2025.

Target price is $2.05 Current Price is $1.03 Difference: $1.02
If AUC meets the Canaccord Genuity target it will return approximately 99% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 103.00.

Forecast for FY27:

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

AZY    ANTIPA MINERALS LIMITED

Mining – Overnight Price: $0.68

Canaccord Genuity rates ((AZY)) 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.

Target price for Antipa Minerals rises to $1.25 from $1.10. Speculative Buy retained.

This report was published on September 26, 2025.

Target price is $1.25 Current Price is $0.68 Difference: $0.57
If AZY meets the Canaccord Genuity target it will return approximately 84% (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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 22.67.

Forecast for FY27:

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

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.56

Canaccord Genuity rates ((BTR)) 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.

Target price for Brightstar Resources rises to $2.10 from $1.75. Speculative Buy.

This report was published on September 26, 2025.

Target price is $2.10 Current Price is $0.56 Difference: $1.535
If BTR meets the Canaccord Genuity target it will return approximately 272% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 56.50.

Forecast for FY27:

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

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $0.99

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

EML Payments has appointed Andre Reich as a non-executive director, with the broker noting his strong retail and turnaround background, including senior roles at Myer ((MYR)), Wesfarmers ((WES)), and as CEO of The Reject Shop.

His appointment is considered highly complementary to existing board skills and relevant as EML Payments advances its transformational EML 2.0 program.

The broker highlights Mr Reich’s network could help expand the company’s retail reach.

It’s noted management’s near-term focus remains on Project Arlo, a new global technology platform being built in partnership with Visa PISMO. The latter is the Brazilian-founded cloud-native banking and payments platform acquired by Visa in 2023.

The broker sees earnings growth continuing despite lower interest income and retains a Buy rating with a $1.70 target price.

This report was published on September 26, 2025.

Target price is $1.70 Current Price is $0.99 Difference: $0.705
If EML meets the Petra Capital target it will return approximately 71% (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 5.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.86.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.13.

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

FPR    FLEETPARTNERS GROUP LIMITED

Vehicle Leasing & Salary Packaging – Overnight Price: $2.89

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

Management at FleetPartners Group issued an FY25 trading update ahead of its September 30 year-end, with outcomes broadly in line with consensus, Citi notes.

The broker highlights disruption from the company’s Accelerate program cutover has now cleared, with backlogs resolved, service levels normalised, and net promoter score (NPS) improving.

New business written (NBW) of -16-17% matches prior guidance, while assets under management and originations funding (AUMOF) and net operating income (NOI) are expected by management to grow year-on-year.

The broker maintains forecasts, a Buy rating, and a $3.70 target price.

This report was published on September 26, 2025.

Target price is $3.70 Current Price is $2.89 Difference: $0.81
If FPR meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $3.66, suggesting upside of 26.6%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 33.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.0, implying annual growth of 4.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.5.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 38.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.4, implying annual growth of 1.2%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 8.4.

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

GBZ    GBM RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.06

Canaccord Genuity rates ((GBZ)) 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.

Target price for GBM Resources rises to 9c from 8c. Speculative Buy retained.

This report was published on September 26, 2025.

Target price is $0.09 Current Price is $0.06 Difference: $0.032
If GBZ meets the Canaccord Genuity target it will return approximately 55% (excluding dividends, fees and charges).

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $3.48

Canaccord Genuity – Cessation of coverage

This report was published on September 26, 2025.

Forecast for FY25:

Current consensus EPS estimate is 28.8, implying annual growth of 118.5%.
Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY26:

Current consensus EPS estimate is 28.9, implying annual growth of 0.3%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 12.0.

Market Sentiment: 0.0
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: $10.73

Jarden rates ((IFT)) as Buy (1) –

Jarden observes Infratil’s 49.75%-owned Canberra Data Centres (CDC) has signed around 100MW of new contracts, lifting contracted lease revenue to about 95% of the base needed to meet the company’s $660m FY27 earnings (EBITDA) target.

Management reiterated confidence in doubling FY25 earnings by FY27, closing the contracting gap flagged at the FY25 result and April Investor Day.

The broker highlights improved execution visibility with the shortfall only around $40m, or 15MW of contracted capacity after power usage effectiveness.

Jarden maintains a Buy rating and NZ$14.79 target price.

This report was published on September 24, 2025.

Current Price is $10.73. 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 16.85 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 63.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.7, implying annual growth of N/A.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 139.4.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 15.75 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 68.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of 59.7%.
Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 87.2.

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

JHX    JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $28.08

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

James Hardie Industries has released its AGM notice with Jarden noting focus on CEO pay, director elections, and a proposed 26% rise in non-executive director fees to US$4.8m.

The broker argues both board and management benefit from the costly Azek acquisition, which raised leverage to 3.5 times earnings (EBITDA) and added governance risks.

Proposed 2026-28 long-term incentives (LTI) are more quantitative, with one-third return on capital employed (ROCE), one-third total shareholder return (TSR) versus the S&P500, and one-third a mixed scorecard. Citi suggests targets appear easier to achieve.

Overweight rating and $38.00 target price.

This report was published on September 24, 2025.

Target price is $38.00 Current Price is $28.08 Difference: $9.92
If JHX meets the Jarden target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $35.22, suggesting upside of 25.4%(ex-dividends)
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 120.07 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 121.2, 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 23.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 198.66 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 169.4, implying annual growth of 39.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.6.

This company reports in USD. 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

KCN    KINGSGATE CONSOLIDATED LIMITED

Gold & Silver – Overnight Price: $3.84

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

Moelis initiates coverage of Kingsgate Consolidated with a Buy rating and $4.80 target price. The company operates the Chatree Gold Mine in central Thailand.

After a six-year suspension, the mine has reinstated operations which commenced mid-2024 following a refurbishment of the facilities. This is Thailand’s only gold mine and is open pit, hosting two parallel plants with nameplate capacity of 5mtpa.

Since the restart, processing recoveries have averaged around 82% gold and circa 52% silver, with throughput already above nameplate in FY25 at 5.4mt and a 4Q25 exit rate at an annualised capacity of circa 5.7mt.

The miner also has the Nueva Esperanza project in Chile, which is at pre-feasibility stage.

This report was published on September 26, 2025.

Target price is $4.80 Current Price is $3.84 Difference: $0.96
If KCN meets the Moelis target it will return approximately 25% (excluding dividends, fees and charges).
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 43.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.81.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 50.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.66.

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

KMD    KMD BRANDS LIMITED

Sports & Recreation – Overnight Price: $0.24

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

KMD Brands has outlined its “Next Level” turnaround strategy. By FY28, management is targeting a 60% gross margin, operating expenses below 50% of sales, earnings (EBITDA) margins above 10%, and net working capital below 16%.

Management has also initiated a -$25m cost reset to ease cost-of-doing-business (CODB) pressures.

FY25 trading remained volatile, observes the analyst, though Kathmandu sales in early FY26 have improved, with gross profit dollars up 11% in the first seven weeks. Rip Curl delivered $550m in sales but saw margin compression, while Oboz remains loss-making.

Canaccord maintains a Hold rating, cutting its target price to 25c from 27c pending evidence of stronger profitability.

This report was published on September 25, 2025.

Target price is $0.25 Current Price is $0.24 Difference: $0.01
If KMD meets the Canaccord Genuity target it will return approximately 4% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.47.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.82 cents and EPS of 0.91 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.34.

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

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

KMD Brands reported FY25 earnings (EBITDA) of NZ$18m, down -65% year-on-year and a record low, with margin contraction of -410bps in 2H25 as clearance activity intensified, explains Jarden.

Sales trends improved through the half, though Kathmandu remained weak, while net debt fell to NZ$53m on tighter working capital management, observes the broker.

The analysts expect FY26 to be challenging, with a further -400bps of margin compression in 1H26 across brands due to tariffs and inventory clearance. Recovery is forecast to begin in 2H26, supported by new product initiatives and merchandising improvements.

The broker lowers its FY26 earnings forecast by -26% to NZ$38m. Target price remains NZ$0.45 and Overweight rating retained.

This report was published on September 24, 2025.

Current Price is $0.24. Target price not assessed.
The company’s fiscal year ends in July.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.68.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.09.

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

LTR    LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.98

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

Last week, Liontown Resources reported FY25 underlying earnings (EBITDA) of $55m, missing Canaccord Genuity’s estimate of $82m but ahead of consensus of US$40m.

The variance was driven by inventory treatment and capitalisation of commissioning costs ahead of commercial production from January 2025, explains the broker. 

A net loss of -$193m, including an -$81m write-down, was wider than expected by the analysts, due to higher depreciation and unfavourable currency movements.

FY26 guidance of 365-450kt at cash costs of -$855-1,045/t remains unchanged, with the broker expecting margins to improve from Q3 FY26 as underground ore supports higher grades and recoveries.

Canaccord lifts its target price to 85c from 80c and maintains a Hold rating.

This report was published on September 25, 2025.

Target price is $0.85 Current Price is $0.98 Difference: minus $0.135 (current price is over target).
If LTR meets the Canaccord Genuity target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.73, suggesting downside of -26.2%(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 minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 123.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.3, 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 FY27:

Canaccord Genuity forecasts a full year FY27 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 328.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.0, 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

MM8    MEDALLION METAL LIMITED

Gold & Silver – Overnight Price: $0.54

Canaccord Genuity rates ((MM8)) 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.

Target price for Medallion Metal rises to 85c from 80c. Speculative Buy retained.

This report was published on September 26, 2025.

Target price is $0.85 Current Price is $0.54 Difference: $0.31
If MM8 meets the Canaccord Genuity target it will return approximately 57% (excluding dividends, fees and charges).

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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $29.39

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

Jarden notes Macquarie ((MQG)) agreed to remediate investors in Shield who accessed the funds through their super platform for -$321m, for a net cost of around -$100m after an expected circa $220m recovery.

Media reports have stated Netwealth Group has $127m FUA exposed to First Guardian, and potential remediation costs equate to less than -1% of the group’s market capitalisation, the analyst estimates, based on a 50% recovery rate or net profit after tax loss of -$44.5m.

Netwealth is viewed as having lower risks than other platforms, with new flows to First Guardian restricted in January 2023.

The stock remains Overweight rated with a $34 target.

This report was published on September 25, 2025.

Target price is $34.00 Current Price is $29.39 Difference: $4.61
If NWL meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $33.38, suggesting upside of 13.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 48.90 cents and EPS of 58.20 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 50.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of 15.1%.
Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 53.6.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 58.30 cents and EPS of 69.40 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.5, implying annual growth of 17.7%.
Current consensus DPS estimate is 52.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 45.6.

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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.43

Canaccord Genuity rates ((PDI)) 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.

Target price for Predictive Discovery 74c. Speculative Buy retained.

This report was published on September 26, 2025.

Target price is $0.74 Current Price is $0.43 Difference: $0.305
If PDI meets the Canaccord Genuity target it will return approximately 70% (excluding dividends, fees and charges).

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

PMV    PREMIER INVESTMENTS LIMITED

Apparel & Footwear – Overnight Price: $19.25

Jarden rates ((PMV)) as Neutral (3) –

Premier Investments’ FY25 were in line with expectations albeit “soft,” according to Jarden, with retail earnings (EBIT) down circa -18%, a slight miss on consensus.

Gross margins fell -142bps on the prior year due to promotions and weakness in Smiggle. The analyst sees a more positive outlook for Peter Alexander, with year-to-date sales up 9% and 8% ex-UK.

Jarden lowers its FY26 net profit after tax forecast by -9% on weaker assumed gross margins with ongoing underperformance at Smiggle and higher costs. From FY26-FY29, the analyst estimates EPS growth to compound at 12% per annum on average.

Target moves to $21.30 from $21.70 with a Neutral rating retained.

This report was published on September 25, 2025.

Target price is $21.30 Current Price is $19.25 Difference: $2.05
If PMV meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $24.12, suggesting upside of 25.3%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 102.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.5, implying annual growth of 12.3%.
Current consensus DPS estimate is 87.1, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 116.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 128.2, implying annual growth of 10.0%.
Current consensus DPS estimate is 95.8, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 15.0.

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

Petra Capital rates ((PMV)) as Hold (3) –

Premier Investments reported FY25 Retail EBIT (pre-AASB16) of $195.4m, down -18% year-on-year and -2.1% below Petra Capital’s forecast, due to margin contraction from higher rent and wage costs and increased clearance activity.

The year-on-year fall was due to a higher cost-of-doing-business (CODB) percentage and a lower gross margin percentage, partially offset by a 0.9% gain in sales, explains the broker.

The $195.4m of Retail earnings excludes PA UK market entry loss of -$10.9m, which the analysts include in their underlying forecasts.

Peter Alexander remains the standout, in Petra Capital’s view, with FY25 A&NZ sales up 7.7% and early 1H26 trading up 9.2%. By contrast, Smiggle sales fell -10.7% in FY25 and remain under pressure, particularly in the UK.

The broker cuts its FY26-FY28 Retail EBIT forecasts by around -3% and lowers its target price to $21.25 from $22.90. Hold retained.

This report was published on September 26, 2025.

Target price is $21.25 Current Price is $19.25 Difference: $2
If PMV meets the Petra Capital target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $24.12, suggesting upside of 25.3%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 75.80 cents and EPS of 108.20 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 17.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.5, implying annual growth of 12.3%.
Current consensus DPS estimate is 87.1, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 82.80 cents and EPS of 117.80 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 128.2, implying annual growth of 10.0%.
Current consensus DPS estimate is 95.8, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 15.0.

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

PRU    PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $4.90

Canaccord Genuity rates ((PRU)) as 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.

The broker expects Perseus Mining to report a -14% q/q fall in the September quarter to 104koz, 2% above the consensus. Cost forecast of US$1,469/oz is -4% lower than the consensus.

Buy. Target rises to $6.40 from $5.80.

This report was published on September 26, 2025.

Target price is $6.40 Current Price is $4.90 Difference: $1.5
If PRU meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $4.65, suggesting downside of -5.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 6.21 cents and EPS of 49.71 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.1, implying annual growth of N/A.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 6.21 cents and EPS of 48.15 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.4, implying annual growth of -19.7%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 15.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $3.88

Canaccord Genuity rates ((RMS)) as 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.

The broker expects Ramelius Resources to report 55koz production in the September quarter, -25% lower sequentially, and -5% below the consensus. Cost forecast of $1,538/oz is -3% lower than the consensus.

Buy. Target rises to $4.40 from $3.85.

This report was published on September 26, 2025.

Target price is $4.40 Current Price is $3.88 Difference: $0.52
If RMS meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.38, suggesting downside of -12.9%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 23.5, implying annual growth of -42.9%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY27:

Current consensus EPS estimate is 10.4, implying annual growth of -55.7%.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 37.3.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $6.01

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

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.

The broker expects Regis Resources to report 92koz production in the September quarter, 5% higher sequentially, and 3% higher than the consensus. Cost forecast of $2,957/oz is 2% higher than the consensus.

Hold. Target rises to $5.45 from $4.25.

This report was published on September 26, 2025.

Target price is $5.45 Current Price is $6.01 Difference: minus $0.56 (current price is over target).
If RRL meets the Canaccord Genuity target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.04, suggesting downside of -16.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 0.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.1, implying annual growth of 78.5%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 20.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.4, implying annual growth of -19.5%.
Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 12.4.

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

RSG    RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $1.03

Canaccord Genuity rates ((RSG)) as 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.

The broker forecasts a -21% q/q fall in Resolute Mining’s September quarter production to 60koz, in line with the consensus. Cost forecast of US$1,779/oz is -4% lower than the consensus.

Buy. Target rises to $1.85 from $1.60.

This report was published on September 26, 2025.

Target price is $1.85 Current Price is $1.03 Difference: $0.82
If RSG meets the Canaccord Genuity target it will return approximately 80% (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 13.98 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.37.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 21.75 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.74.

This company reports in USD. 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

RXL    ROX RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.48

Canaccord Genuity rates ((RXL)) 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.

Target price for Rox Resources rises to 80c from 70c. Speculative Buy retained.

This report was published on September 26, 2025.

Target price is $0.80 Current Price is $0.48 Difference: $0.32
If RXL meets the Canaccord Genuity target it will return approximately 67% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for 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 48.00.

Forecast for FY27:

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

RXR    ROBEX RESOURCES INC

Gold & Silver – Overnight Price: $4.04

Canaccord Genuity rates ((RXR)) 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.

Target price for Robex Resources rises to $6.15 from $5.70. Speculative Buy retained.

This report was published on September 26, 2025.

Target price is $6.15 Current Price is $4.04 Difference: $2.11
If RXR meets the Canaccord Genuity target it will return approximately 52% (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 0.15 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2693.33.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.54 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 262.34.

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: $7.21

Jarden rates ((SDR)) as Buy (1) –

SiteMinder’s Investor Day highlighted to Jarden ongoing momentum in Channels Plus, now used by more than 5,000 properties and 240,000 rooms, with net additions of 500 properties a month.

The broker notes uptake is strong given the opt-out model, though the speed of ramping gross booking volume (GBV) share remains uncertain.

Dynamic Revenue Plus was highlighted by management as a major ‘white space’ opportunity, with 80% of hotels lacking a revenue manager and demand for faster pricing adjustments.

The release of UltraSync enables automated updates, moving SiteMinder closer to full functionality.

The broker maintains a $7.65 target and a Buy rating. The analysts point to upside potential from expanding product penetration and have confidence in reaching $1bn annual recurring revenue (ARR), which only requires a relatively modest penetration rate.

This report was published on September 24, 2025.

Target price is $7.65 Current Price is $7.21 Difference: $0.44
If SDR meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $8.10, suggesting upside of 12.3%(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 minus 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1802.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.6, 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 EPS of 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 232.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.1, 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 118.2.

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

SMI    SANTANA MINERALS LIMITED

Gold & Silver – Overnight Price: $0.80

Canaccord Genuity rates ((SMI)) 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.

Target price for Santana Minerals rises to $1.85. Speculative Buy retained.

This report was published on September 26, 2025.

Target price is $1.85 Current Price is $0.80 Difference: $1.055
If SMI meets the Canaccord Genuity target it will return approximately 133% (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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 26.50.

Forecast for FY27:

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

SOM    SOMNOMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.76

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

Wilsons retains its Overweight rating and $1 target on SomnoMed post the latest RestAssure device data with the pilot study comparing the device against traditional home sleep testing.

The study verified a correlation with home sleep testing on apnoea, total sleep time, therapy compliance, and sleep time, the analyst states, which lends credence to RestAssure showing some positive results for achieving therapy data.

This report was published on September 24, 2025.

Target price is $1.00 Current Price is $0.76 Difference: $0.24
If SOM meets the Wilsons target it will return approximately 32% (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 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 69.09.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 50.67.

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

STK    STRICKLAND METALS LIMITED

Mining – Overnight Price: $0.16

Canaccord Genuity rates ((STK)) 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.

Target price for Strickland Metals rises to 50c from 43c. Speculative Buy retained.

This report was published on September 26, 2025.

Target price is $0.50 Current Price is $0.16 Difference: $0.34
If STK meets the Canaccord Genuity target it will return approximately 212% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

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

TCG    TURACO GOLD LIMITED

Gold & Silver – Overnight Price: $0.43

Canaccord Genuity rates ((TCG)) 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.

Target price for Turaco Gold rises to $1.15 from $1.10. Speculative Buy retained.

This report was published on September 26, 2025.

Target price is $1.15 Current Price is $0.43 Difference: $0.715
If TCG meets the Canaccord Genuity target it will return approximately 164% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.75.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 43.50.

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

TRE    TOUBANI RESOURCES LIMITED REGISTERED

Gold & Silver – Overnight Price: $0.41

Canaccord Genuity rates ((TRE)) 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.

Target price for Toubani Resources rises to $1.50 from $1.25. Speculative Buy retained.

This report was published on September 26, 2025.

Target price is $1.50 Current Price is $0.41 Difference: $1.085
If TRE meets the Canaccord Genuity target it will return approximately 261% (excluding dividends, fees and charges).

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: $0.45

Canaccord Genuity rates ((TTM)) 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.

Target price for Titan Minerals rises to $1.55 from $1.45. Speculative Buy.

This report was published on September 26, 2025.

Target price is $1.55 Current Price is $0.45 Difference: $1.1
If TTM meets the Canaccord Genuity target it will return approximately 244% (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 150.00.

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 225.00.

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) –

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.

The broker forecasts a -10% decline in Vault Minerals’ September quarter production to 86koz, -2% below consensus. Cost forecast of $2,839/oz is 5% above the consensus.

Buy. Target rises to 83c from 75c.

This report was published on September 26, 2025.

Target price is $0.83 Current Price is $0.66 Difference: $0.17
If VAU meets the Canaccord Genuity target it will return approximately 26% (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

WAF    WEST AFRICAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $3.04

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

Canaccord Genuity is under research restriction for West African Resources. No rating or target price.

This report was published on September 26, 2025.

Current Price is $3.04. Target price not assessed.
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 29.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.48.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 12.00 cents and EPS of 79.00 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.85.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $4.48

Canaccord Genuity rates ((WGX)) as 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.

The broker expects Westgold Resources to report a -9% q/q fall in September quarter production to 80koz, -1% below the consensus. Cost forecast of $2,688/oz is -7% lower than the consensus.

Buy. Target rises to $5.95 from $5.10.

This report was published on September 26, 2025.

Target price is $5.95 Current Price is $4.48 Difference: $1.47
If WGX meets the Canaccord Genuity target it will return approximately 33% (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 4.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 0.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.18.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 7.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.86.

Market Sentiment: 1.0
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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