Daily Market Reports | 10:45 AM
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.
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
AMP CGF CGS CSC ERD EVN FEX IFT IMD MMI PDN RIC RXL STO XRO
ERD EROAD LIMITED
Transportation & Logistics - Overnight Price: $1.61
Moelis rates ((ERD)) as Buy (1) -
Moelis has reduced forecasts and keeps its rating for Eroad on Buy alongside a 12-month target price of $2.44 ($3 in late September) after the company announced revised FY26 guidance and management changes.
FY27 forecast NPAT shifted to NZ$5.5m from NZ$11.3m and diluted EPS to NZ2.9c from NZ6.1c, reflecting the loss of a large legacy North American transport customer (full-year impact in FY27).
FY26 revenue is guided to NZ$197–203m; Moelis infers -NZ$1m/month contract revenue and a -NZ$13m ARR reduction in North America.
Strategically, the broker says Eroad will refocus on A&NZ, where expanding eRUC offers growth, alongside governance shifts (single CEO, executive chair, new CFO).
The March 2026 investor day and eRUC progress are identified as potential catalysts.
This report was published on October 20, 2025.
Target price is $2.44 Current Price is $1.61 Difference: $0.83
If ERD meets the Moelis target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in March.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.64 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 98.41.
Forecast for FY27:
Moelis 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 61.08.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
EVN EVOLUTION MINING LIMITED
Gold & Silver - Overnight Price: $11.59
Canaccord Genuity rates ((EVN)) as Hold (3) -
Evolution Mining’s September quarter result was broadly in line with Canaccord Genuity’s forecasts on production, though weaker on cash flow due to higher capital spending and a -$101m working capital outflow.
Gold output of 174koz and copper output of 18kt were close to the broker's expectations, while costs (AISC) of -$1,724/oz matched forecasts. All operations delivered positive mine cash flow, led by Cowal and Ernest Henry, with Northparkes in particular outperforming.
FY26 guidance for 710-780koz of gold and 70-80kt of copper at costs (AISC) of -$1,720-1,880/oz was maintained.
Canaccord Genuity raises its target price to $10.75 from $9.50 and retains a Hold rating.
This report was published on October 15, 2025.
Target price is $10.75 Current Price is $11.59 Difference: minus $0.84 (current price is over target).
If EVN meets the Canaccord Genuity target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.81, suggesting downside of -15.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 30.00 cents and EPS of 74.00 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.66.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 81.5, implying annual growth of 75.3%.
Current consensus DPS estimate is 38.2, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 14.2.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 41.00 cents and EPS of 97.00 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.95.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 76.1, implying annual growth of -6.6%.
Current consensus DPS estimate is 42.1, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 15.2.
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FEX FENIX RESOURCES LIMITED
Iron Ore - Overnight Price: $0.48
Petra Capital rates ((FEX)) as Buy (1) -
Petra Capital keeps its Buy rating for Fenix Resources and nudges its price target to $1.04 from $1.03 after another record quarter.
Sep Q’25 shipments hit 885kt (+17% QoQ), with Dec Q’25 sales forecast at 1.1Mt (+24% QoQ) as Beebyn-W11 reaches steady state.
The broker cites the Sinosteel Right-to-Mine deal securing 290Mt of inventory and a 10Mtpa production path, lifting leverage to iron ore; at US$104/t spot, Petra’s valuation would be $1.66/sh.
Quarter-end cash was $57.7m after the $20m RTM upfront and a 1c dividend; FY26 guidance remains 4.0–4.4Mt at C1 $70–$80/wmt. Forecasts have been updated with higher FY26–27 iron-ore pricing projections.
This report was published on October 17, 2025.
Target price is $1.04 Current Price is $0.48 Difference: $0.56
If FEX meets the Petra Capital target it will return approximately 117% (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 1.00 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 2.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.21.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 1.00 cents and EPS of 2.40 cents.
At the last closing share price the estimated dividend yield is 2.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three source
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