Australian Broker Call *Extra* Edition – Oct 20, 2025

Array
(
    [0] => Array
        (
            [0] => ((A1M))
            [1] => ((APZ))
            [2] => ((AWJ))
            [3] => ((BTR))
            [4] => ((DDR))
            [5] => ((ELV))
            [6] => ((FBU))
            [7] => ((GMD))
            [8] => ((IGO))
            [9] => ((LTR))
            [10] => ((PLS))
            [11] => ((VUL))
        )

    [1] => Array
        (
            [0] => A1M
            [1] => APZ
            [2] => AWJ
            [3] => BTR
            [4] => DDR
            [5] => ELV
            [6] => FBU
            [7] => GMD
            [8] => IGO
            [9] => LTR
            [10] => PLS
            [11] => VUL
        )

)

This story features AIC MINES LIMITED, and other companies.
For more info SHARE ANALYSIS: A1M
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.

By Rudi Filapek-Vandyck

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)

A1M   APZ   AWJ   BTR   DDR   ELV   FBU   GMD   IGO   LTR   PLS   VUL  

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.47

Moelis rates ((A1M)) as Upgrade to Buy from Hold (1) –

Moelis has upgaded AIC Mines to Buy from Hold after the miner’s 1Q update. The broker notes Eloise delivered 3.2kt Cu and 1.6koz Au at AISC $4.97/lb, generating $11.8m net mine cashflow and closing cash of $67.8m.

The broker rolls spot copper (US$4.80/lb) into the next-12-months deck and argues funding headroom looks adequate as the -$156m Eloise/Jericho expansion advances; its cash-balance chart shows a trough around $28.1m by Dec-26 before rebuilding post-capex.

Forecasts are raised (FY26 EPS up by 58%) and the valuation steps up to a $0.54 target (44c in the week prior). Forecasts have noticeably improved.

This report was published on October 17, 2025.

Target price is $0.54 Current Price is $0.47 Difference: $0.07
If A1M meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $0.66, suggesting upside of 43.5%(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 4.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.3, implying annual growth of 65.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.1, implying annual growth of 65.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.5.

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

APZ    ASPEN GROUP LIMITED

Real Estate – Overnight Price: $5.05

Moelis rates ((APZ)) as Hold (3) –

Moelis sticks with its Hold rating for Aspen Group while its price target for the shares has improved to $5.22 from $4.43.

Aspen has lifted FY26 underlying pre-tax EPS guidance to 20.1c from 19.0c alongside an upbeat 1Q26 update including 5.3c underlying pre-tax EPS (+21% y/y), a strong Darwin Freespirit peak season (NRI +22% y/y), and 30 development settlements with 112 contracts in hand.

The broker highlights two acquisitions: a 300-site Wallaroo, SA project (a pivot toward build-to-rent townhouses plus land-lease homes) and a Surry Hills office to partly serve as HQ.

Balance-sheet headroom is ample (Moelis expects gearing at circa 18% by Dec-26), supporting pipeline expansion and a higher valuation, hence the higher price target.

Forecasts have slightly moved higher.

This report was published on October 17, 2025.

Target price is $5.22 Current Price is $5.05 Difference: $0.17
If APZ meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 11.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.25.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 12.20 cents and EPS of 22.40 cents.
At the last closing share price the estimated dividend yield is 2.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.54.

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

AWJ    AURIC MINING LIMITED

Gold & Silver – Overnight Price: $0.29

Taylor Collison rates ((AWJ)) as Initiation of coverage with Speculative Buy (1) –

Taylor Collison starts coverage on Auric Mining with Speculative Buy and $0.39 price target, arguing the story shifts from toll-treating to an integrated model built around Munda and the recently bought Burbanks mill.

The broker expects near-term cash from the Munda starter pit (6.1koz processed Oct–Q1 CY26) and models AISC $3,500/oz versus a $5,500/oz deck, implying solid margins and circa $11m operating cash flow.

Longer term, value is tied to scaling the Munda main pit and refurbishing/expanding Burbanks (180ktpa) to reduce third-party costs. 

Primary risk: execution on processing pathway and cost/grade variability, the broker says.

This report was published on October 10, 2025.

Target price is $0.39 Current Price is $0.29 Difference: $0.1
If AWJ meets the Taylor Collison target it will return approximately 34% (excluding dividends, fees and charges).

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: $0.60

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

Petra Capital keeps Brightstar Resources on Buy after a “strong” Sep Q’25 update: production rose 90% q/q to 7.0koz as Fish underground joined Second Fortune.

FY26 guidance stays 29–34koz at AISC $3,800–4,000/oz; the broker models 33koz at AISC $3,855/oz.

Forecasts rise mainly on a higher gold deck (+12–25% across FY26–LT), partly offset by an -8% trim to FY26 volumes and a 2% AISC lift, taking the price target to $1.57.

Only minor amendments have been made to forecasts.

This report was published on October 15, 2025.

Target price is $1.57 Current Price is $0.60 Difference: $0.97
If BTR meets the Petra Capital target it will return approximately 162% (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 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.50.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 11.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.36.

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

DDR    DICKER DATA LIMITED

Hardware & Equipment – Overnight Price: $10.46

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

Petra Capital believes TD Synnex’s record 3Q25 performance —highlighting Asia-Pacific & Japan up ~20% y/y and a 68bp gross-margin lift— supports a constructive 2H25 outlook for ASX-listed Dicker Data.

Among the positives noted: software and a PC refresh cycle rather than AI, plus firmer SMB/MSP demand (though the A&NZ read-through is unclear).

The broker models gross revenue growth of 8.4% in 2H25 and 11.9% in 2025, underpinned by Dicker Data’s strong A&NZ position and leverage to an SMB rebound.

The price target has lifted to $11.85.

This report was published on October 15, 2025.

Target price is $11.85 Current Price is $10.46 Difference: $1.39
If DDR meets the Petra Capital target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $9.98, suggesting downside of -4.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 47.50 cents and EPS of 47.30 cents.
At the last closing share price the estimated dividend yield is 4.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.7, implying annual growth of 9.4%.
Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 22.0.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 58.00 cents and EPS of 57.90 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.1, implying annual growth of 9.2%.
Current consensus DPS estimate is 51.5, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 20.1.

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

ELV    ELEVRA LITHIUM LIMITED

New Battery Elements – Overnight Price: $4.48

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

Canaccord Genuity notes lithium markets had a strong September quarter thanks to y/y EV sales growth, lift in Energy Storage Systems (ESS) demand forecasts, and supply disruptions in China.

The broker’s lithium stocks collectively rose, in line with the increase in lithium pricing and general positive macroeconomic factors.

Minor revisions made to lithium product prices

At the September quarterly, the broker expects Elevra Lithium to report -8% decline in q/q production at 54kt SC5.2, with costs to benefit from operational improvements and optimisation.

Buy. Target rises to $9.50 from $9.00 on revised prices and valuation roll-forward.

This report was published on October 13, 2025.

Target price is $9.50 Current Price is $4.48 Difference: $5.02
If ELV meets the Canaccord Genuity target it will return approximately 112% (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 1148.72.

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 6400.00.

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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $2.78

Jarden rates ((FBU)) as Buy (1) –

Buy rating and NZ$4.15 price target retained for Fletcher Building as the Q1 trading update provided further confirmation of ongoing soft dynamics across most divisions, Jarden comments.

Management is seen as doing its best, ramping up its scheduled cost-out program, but the broker observes management is also still indicating margins are still under pressure.

In line with management’s own outlook, Jarden is not expecting anything meaningful in recovery before FY27.

This report was published on October 14, 2025.

Current Price is $2.78. Target price not assessed.
Current consensus price target is $3.13, suggesting upside of 13.0%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 15.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY27:

Current consensus EPS estimate is 19.4, implying annual growth of 26.0%.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 14.3.

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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $6.81

Moelis rates ((GMD)) as Hold (3) –

Moelis sticks with its Hold rating for Genesis Minerals with increased price target of $6.55 (from $5.45).

The broker saw a strong first quarter performance, helped by third-party ore; net mine cashflow showed up at $142m and cash $299.6m despite -$30.7m stamp duty.

The broker rolls spot gold ($6,500/oz) into the next 12 months, pushing up the FY26 EPS forecast by 35%.

With processing fully utilised, Moelis argues growth needs added capacity; indicatively -$260m for circa 2.6mtpa, pointing to a potential path toward 400koz pa by FY29. 

This report was published on October 17, 2025.

Target price is $6.55 Current Price is $6.81 Difference: minus $0.26 (current price is over target).
If GMD meets the Moelis target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.89, suggesting upside of 5.0%(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 49.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.0, implying annual growth of 117.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 49.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.2, implying annual growth of 18.6%.
Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 12.6.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $5.32

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

Canaccord Genuity notes lithium markets had a strong September quarter thanks to y/y EV sales growth, lift in Energy Storage Systems (ESS) demand forecasts, and supply disruptions in China.

The broker’s lithium stocks collectively rose, in line with the increase in lithium pricing and general positive macroeconomic factors.

Minor revisions made to lithium product prices

At the September quarterly, the broker expects Greenbushes production to rise by 13% q/q, but costs to be 10% higher. Cash is forecast to remain flat q/q at $289m.

Hold. Target rises to $5.40 from $5.00.

This report was published on October 13, 2025.

Target price is $5.40 Current Price is $5.32 Difference: $0.08
If IGO meets the Canaccord Genuity target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $5.12, suggesting downside of -2.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 5.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 0.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.6, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 10.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of N/A.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 32.3.

Market Sentiment: 0.1
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: $1.09

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

Canaccord Genuity notes lithium markets had a strong September quarter thanks to y/y EV sales growth, lift in Energy Storage Systems (ESS) demand forecasts, and supply disruptions in China.

The broker’s lithium stocks collectively rose, in line with the increase in lithium pricing and general positive macroeconomic factors.

Minor revisions made to lithium product prices

At the September quarterly, the broker anticipates a softer quarter as planned mill maintenance and OSP blending affect recoveries. Production is estimated at 81kt for SC5.2, down -5% q/q, at cost of $1,409/t.

Margins are expected to improve through 2H FY26 as higher-grade underground feed ramps up.

Hold. Target rises to $1.10 from $0.85.

This report was published on October 13, 2025.

Target price is $1.10 Current Price is $1.09 Difference: $0.005
If LTR meets the Canaccord Genuity target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $0.73, suggesting downside of -32.7%(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 minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 136.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.2, 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 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 365.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, 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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $2.68

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

Canaccord Genuity notes lithium markets had a strong September quarter thanks to y/y EV sales growth, lift in Energy Storage Systems (ESS) demand forecasts, and supply disruptions in China.

The broker’s lithium stocks collectively rose, in line with the increase in lithium pricing and general positive macroeconomic factors.

Minor revisions made to lithium product prices

At the September quarterly, the broker expects flat q/q production at Pilgangoora with cash costs declining by around -10%. The broker reckons shipment timing is crucial given spodumene price volatility of over 60% during the quarter.

Growth capex is expected to drop -66% to $38m, and cash is forecast to remain broadly flat q/q  $956m.

Buy. Target rises to $3.00 from $2.70.

This report was published on October 13, 2025.

Target price is $3.00 Current Price is $2.68 Difference: $0.32
If PLS meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.26, suggesting downside of -16.1%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is -0.1, 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 FY27:

Current consensus EPS estimate is 2.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 112.1.

Market Sentiment: 0.1
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: $6.59

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

Canaccord Genuity sticks with its Speculative Buy rating for Vulcan Energy Resources alongside a price target of $9.75.

Management has flagged a new binding offtake with Glencore for 36–44kt of battery-grade LiOH over eight years (circa 20% of planned output), with product qualification from 2029.

The broker sees the deal as validation of the Lionheart project and the EU’s battery-supply build-out.

With Stellantis, Umicore and LG Energy Solution already contracted, Canaccord counts about 222kt of LiOH across the first 6–10 years now under binding, take-or-pay agreement; around 90% of expected production.

This report was published on October 13, 2025.

Target price is $9.75 Current Price is $6.59 Difference: $3.16
If VUL meets the Canaccord Genuity target it will return approximately 48% (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 36.61.

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 65.90.

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

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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