Australian Broker Call *Extra* Edition – Oct 22, 2025

Array
(
    [0] => Array
        (
            [0] => ((AMP))
            [1] => ((CGF))
            [2] => ((CGS))
            [3] => ((CSC))
            [4] => ((ERD))
            [5] => ((EVN))
            [6] => ((FEX))
            [7] => ((IFT))
            [8] => ((IMD))
            [9] => ((MMI))
            [10] => ((PDN))
            [11] => ((RIC))
            [12] => ((RXL))
            [13] => ((OBM))
            [14] => ((PNR))
            [15] => ((STO))
            [16] => ((XRO))
        )

    [1] => Array
        (
            [0] => AMP
            [1] => CGF
            [2] => CGS
            [3] => CSC
            [4] => ERD
            [5] => EVN
            [6] => FEX
            [7] => IFT
            [8] => IMD
            [9] => MMI
            [10] => PDN
            [11] => RIC
            [12] => RXL
            [13] => OBM
            [14] => PNR
            [15] => STO
            [16] => XRO
        )

)

This story features AMP LIMITED, and other companies.
For more info SHARE ANALYSIS: AMP
The company is included in ASX100, ASX200, ASX300 and 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)

AMP   CGF   CGS   CSC   ERD   EVN   FEX   IFT   IMD   MMI   PDN   RIC   RXL   STO   XRO  

AMP    AMP LIMITED

Wealth Management & Investments – Overnight Price: $1.84

Jarden rates ((AMP)) as Neutral (3) –

AMP’s first quarter update showed strong Platform net flows, assesses Jarden, offsetting softer results in Super and Investments. Rising confidence in the capital-light Platform business is seen as the group’s key long-term growth driver.

Loan and deposit growth in AMP Bank exceeded the broker’s expectations, though caution is warranted on the net interest margin (NIM) outlook amid competitive deposit pricing.

The analyst believes further upside is dependent on improved Bank and Super performance, asset sales, or capital management.

Jarden raises its target price to $1.90 from $1.70 and retains a Neutral rating.

This report was published on October 17, 2025.

Target price is $1.90 Current Price is $1.84 Difference: $0.055
If AMP meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.97, suggesting upside of 6.8%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 11.1, implying annual growth of 56.6%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY26:

Current consensus EPS estimate is 12.0, implying annual growth of 8.1%.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 15.4.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CGF    CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $9.06

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

Challenger’s first quarter update showed solid momentum, according to Jarden, with the Life division outperforming expectations on sales and book value, offsetting continued outflows in Funds Management.

The broker highlights upcoming catalysts, including around $1.5bn in potential capital flexibility from APRA changes, and expansion of retirement partnerships across superfunds. Higher centre of excellence (COE) margins from credit origination are also anticipated.

The analyst points to a 7% EPS earnings compound annual growth rate (CAGR) over two years for Challenger, supported by strong regulatory tailwinds.

Jarden raises its target price to $9.20 from $8.75 and retains an Overweight rating.

This report was published on October 17, 2025.

Target price is $9.20 Current Price is $9.06 Difference: $0.14
If CGF meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.17, suggesting upside of 1.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 64.2, implying annual growth of 129.3%.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 14.1.

Forecast for FY27:

Current consensus EPS estimate is 70.2, implying annual growth of 9.3%.
Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 12.9.

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

CGS    COGSTATE LIMITED

Medical Equipment & Devices – Overnight Price: $2.54

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

Cogstate’s AGM update reaffirmed Canaccord Genuity’s view of a clear growth narrative. FY26 guidance was in line with the broker’s forecasts. Strong early momentum from the Medidata partnership is noted.

The broker observes Q1 sales contracts were up 88% year-on-year, reflecting a more diversified revenue base beyond Alzheimer’s, including depression and schizophrenia, and a broadening biopharma customer reach.

Guidance suggests revenue for the first half of FY26 will rise 18-20% year-on-year, with modest margin pressure as management invests for growth, explains the analyst.

Canaccord retains a Buy rating and $2.19 target.

This report was published on October 16, 2025.

Target price is $2.19 Current Price is $2.54 Difference: minus $0.35 (current price is over target).
If CGS meets the Canaccord Genuity target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 1.71 cents and EPS of 8.72 cents.
At the last closing share price the estimated dividend yield is 0.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.15.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 2.96 cents and EPS of 10.12 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.11.

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

CSC    CAPSTONE COPPER CORP.

Copper – Overnight Price: $12.80

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

Canaccord Genuity notes Orion Resource Partners will acquire a 25% stake in Capstone Copper’s Santo Domingo project (Chile) for US$225m at FID.

Orion will fund the first US$300m of project equity, including its US$75m share, plus up to US$60m in contingent milestone payments.

The deal values Santo Domingo at US$900m, or around 0.7x consensus NAV and 0.56x Capstone’s NAV estimate, implying a modest discount, the broker notes.

Capstone retains a buyback option for Orion’s 25% post start-up and will also receive a US$10m equity investment from Orion at a 5% premium.

Overall, the broker concludes the transaction is neutral near term, but the buyback option and Orion’s strategic ties to the US critical minerals policy offer long-term upside potential.

Buy. Target unchanged at CA$12.50.

This report was published on October 14, 2025.

Current Price is $12.80. Target price not assessed.
Current consensus price target is $14.21, suggesting upside of 11.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Current consensus EPS estimate is 28.2, implying annual growth of 68.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 45.4.

Forecast for FY26:

Current consensus EPS estimate is 75.5, implying annual growth of 167.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.0.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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 sources

IFT    INFRATIL LIMITED

Wealth Management & Investments – Overnight Price: $10.90

Jarden rates ((IFT)) as Buy (1) –

Infratil’s 49.75%-owned CDC will enter a new strategic partnership with Firmus Technologies and Nvidia to deliver around 40MW of additional data centre capacity from April 2026.

Jarden notes this expansion builds on the recently announced 100MW of new contracts, taking CDC to 95% of the revenue needed to double FY25 earnings (EBITDA) by FY27.

The new deal positions Infratil for a market earnings upgrade for FY27, suggests Jarden, as capacity and demand continue to expand.

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

This report was published on October 17, 2025.

Current Price is $10.90. Target price not assessed.
Current consensus price target is N/A

Forecast for FY26:

Current consensus EPS estimate is 7.7, implying annual growth of N/A.
Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 141.6.

Forecast for FY27:

Current consensus EPS estimate is 12.2, implying annual growth of 58.4%.
Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 89.3.

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

IMD    IMDEX LIMITED

Mining Sector Contracting – Overnight Price: $3.77

Jarden rates ((IMD)) as Sell (5) –

Imdex’s first quarter update revealed revenue growth of 10% year-on-year, marking an acceleration from the prior quarter, highlights Jarden.

Q1 revenue rose 10% year-on-year to $123m, the highest level expected by the broker for the first half due to seasonal factors. It’s noted trading conditions were mixed, with solid demand in key markets and sustained strength across EMEA providing the main positive.

The stock price remains heavily extended following the FY25 result, in the broker’s view, trading more than two standard deviations above its long-term average relative to the ASX200 ex-Resources.

Jarden maintains a Sell rating and a $2.75 target price.

This report was published on October 17, 2025.

Target price is $2.75 Current Price is $3.77 Difference: minus $1.02 (current price is over target).
If IMD meets the Jarden target it will return approximately minus 27% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.74, suggesting downside of -0.8%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 11.0, implying annual growth of 2.0%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 34.3.

Forecast for FY27:

Current consensus EPS estimate is 12.7, implying annual growth of 15.5%.
Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 29.7.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

MMI    METRO MINING LIMITED

Coal – Overnight Price: $0.07

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

Petra Capital maintains its Buy rating and leaves its price target at $0.10 (unchanged) after operational issues drove a 2025 guidance cut from Metro Mining to 6.2–6.6Mt.

Sep Q’25 output was 2.25Mt (+6% y/y), while net operating cash flow of $20.9m was -51% versus the broker’s estimate on weaker pricing as FOB netback averaged $48.6/wmt under low-priced legacy contracts.

Petra expects the remaining circa 700kt of legacy tonnes to ship this quarter, with full exposure to spot from 2026; Dec Q’25 FOB netback is modelled at $49.3/t, with $31.0m cash and $74.5m debt at quarter-end.

Forecasts have been reduced.

This report was published on October 17, 2025.

Target price is $0.10 Current Price is $0.07 Difference: $0.03
If MMI meets the Petra Capital target it will return approximately 43% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.50.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.40 cents and EPS of 1.70 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.12.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $8.84

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

Canaccord Genuity notes Paladin Energy delivered another strong quarter report in 1Q26, with production up 7% q/q to 1.07Mlbs, in line with expectations, and costs beating guidance at US$41.6/lb.

Sales volumes fell -25% q/q due to a shipment delay, which has since been completed, while the average realised price rose 21% to US$67.4/lb.

The broker notes operations at Langer Heinrich are now materially de-risked, with stable recoveries and solid grades.

The company ended the quarter with US$320m total liquidity and an estimated US$190m net cash position (ex-CNOL loan). Ramp-up remains on track, with full mining and processing plant operations targeted for FY27.

Minor changes to forecasts. Buy. Target unchanged at $12.50.

This report was published on October 15, 2025.

Target price is $12.50 Current Price is $8.84 Difference: $3.66
If PDN meets the Canaccord Genuity target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $9.71, suggesting upside of 9.9%(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 3.44 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 257.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, 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 74.3.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 29.43 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.4, implying annual growth of 399.2%.
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.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RIC    RIDLEY CORPORATION LIMITED

Agriculture – Overnight Price: $3.06

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

Ridley Corp’s outlook remains positive, Canaccord Genuity believes, supported by steady demand growth, ongoing reinvestment, and selective premiumisation. Potential for a significant earnings uplift in IPF Distribution and fertiliser operations is also noted..

The broker expects management’s next three-year plan (FY26-28) to focus on expanding capacity, adding extrusion assets, and increasing export exposure.

Seperately, IPF Distribution is likely to follow the Bulk Stockfeeds model by cutting costs and optimising assets.

Canaccord maintains its $3.48 target price and keeps a Buy rating.

This report was published on October 16, 2025.

Target price is $3.48 Current Price is $3.06 Difference: $0.42
If RIC meets the Canaccord Genuity target it will return approximately 14% (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 10.50 cents and EPS of 15.10 cents.
At the last closing share price the estimated dividend yield is 3.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.26.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 13.50 cents and EPS of 19.40 cents.
At the last closing share price the estimated dividend yield is 4.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.77.

Market Sentiment: 0.8
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: $0.51

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

Canaccord Genuity outlines its expectations for Rox Resources’ DFS (definitive feasibility study) for the Youanmi gold project, expected in November. The DFS will expand on the 2024 PFS (pre-feasibility study) in scale and scope.

The broker expects the DFS to model 6.0Mt at 4.8g/t gold for a 7-year mine life, producing around 124kozpa at cost (AISC) of $1,955/oz.

Pre-production capex is estimated at -$350m, with financing likely split 50/50 debt and equity ahead of a mid-2026 construction start.

With first gold expected in late FY27, the broker believes Youanmi could achieve competitive scale and margins versus peers such as Ora Banda Mining ((OBM)) and Pantoro Gold ((PNR)).

Speculative Buy. Target rises to 93c from 80c.

This report was published on October 15, 2025.

Target price is $0.93 Current Price is $0.51 Difference: $0.42
If RXL meets the Canaccord Genuity target it will return approximately 82% (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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.50.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 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 25.50.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $6.32

Jarden rates ((STO)) as Underweight (4) –

Santos’ September quarter production and revenue missed consensus forecasts by -4% and -5%, respectively, prompting Jarden to trim its target price to $6.10 from $6.25.

Software issues on the Barossa floating production storage and offloading (FPSO) vessel delayed commissioning by several weeks, notes the analyst, though first LNG sales are still expected before end-2025.

Flooding in the Cooper Basin and the Barossa delay led management to cut 2025 production guidance to 89-91mmboe from 90-95mmboe.

Jarden remains cautious, assuming only two LNG cargoes produced and one sold in 2025. The Underweight rating is maintained.

This report was published on October 17, 2025.

Target price is $6.10 Current Price is $6.32 Difference: minus $0.22 (current price is over target).
If STO meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.61, suggesting upside of 20.4%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 53.2, implying annual growth of N/A.
Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.9.

Forecast for FY26:

Current consensus EPS estimate is 58.4, implying annual growth of 9.8%.
Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 10.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

XRO    XERO LIMITED

Accountancy – Overnight Price: $151.54

Jarden rates ((XRO)) as Upgrade to Buy from Overweight (1) –

Xero’s earlier-than-expected completion of the Melio acquisition prompts Jarden to lower its FY26 earnings forecast by -10% due to timing and tax effects. The FY27 forecast and beyond remain unchanged.

Xero’s share price had fallen -20.3% by October 17, since the June 25 announcement of deal completion, wiping around -$6.3bn in market value, equivalent to 137% of Melio’s purchase cost, highlights the broker.

Nonetheless, the analyst expects long-term benefits from the acquisition.

Jarden raises its rating to Buy from Overweight and maintains a $196 target price.

This report was published on October 17, 2025.

Target price is $196.00 Current Price is $151.54 Difference: $44.46
If XRO meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $213.17, suggesting upside of 40.7%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 189.4, 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 80.0.

Forecast for FY27:

Current consensus EPS estimate is 255.9, implying annual growth of 35.1%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 59.2.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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