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.
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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)
AMA BC8 CIA (2) COL COV CYM EQT GEM IGO IMB IMR JBH LGP LOT MIN MM8 NDO NVX ORI SBM SVL TLS TM1 UNI VAU VUL WBC WES
AMA AMA GROUP LIMITED
Automobiles & Components - Overnight Price: $0.09
Canaccord Genuity rates ((AMA)) as Buy (1) -
AMA Group reported a solid 1Q26 update, with earnings (EBITDA) of $20.1m, up 36% on the prior year, and FY26 guidance maintained at $70–75m.
Canaccord Genuity viewed the results positively noting it was driven by ongoing strength in the AMA Collision division, lifting group earnings margins to 7.4% from 6.8% in 2H25, partly offset by softer performance in the Wales Heavy Truck business.
Revenue rose 6.5% y/y to $273.2m, with a higher average repair price helping to offset slightly lower repair volumes. Excluding delayed receipts, underlying operating cash flow was $5.6m versus $0.9m a year earlier.
The result was underpinned by improved efficiency and profitability, and the broker continues to expect progress toward AMA’s medium-term earnings margin target of 10%.
No change to Buy rating and 15c target.
This report was published on November 2, 2025.
Target price is $0.15 Current Price is $0.09 Difference: $0.057
If AMA meets the Canaccord Genuity target it will return approximately 61% (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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.60.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.29.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BC8 BLACK CAT SYNDICATE LIMITED
Gold & Silver - Overnight Price: $0.90
Petra Capital rates ((BC8)) as Buy (1) -
Black Cat Syndicate delivered a solid September quarter, with production up 68% on the prior quarter at Paulsens to 7.7koz and 10koz from Kal East under the MMS joint venture.
Petra Capital notes the Lakewood mill is in transition as mining at Myhree winds down and new feed from Fingals and Majestic builds toward first processing in March quarter 2026. Mill capacity has been maintained through 290kt of third-party ore purchases.
With a strong $90m cash position, Paulsens generating positive cash flow, and additional inflows expected from the MMS JV and toll milling, the analyst sees Black Cat as well funded and unhedged to pursue growth.
Petra revises its production forecasts lower to 59koz in FY26 and 120koz in FY27 due to adjusted ramp-up timing but still expects a run rate above 100koz per annum by June quarter 2026.
The rating is maintained at Buy, with the target price reduced to $2.30 from $2.50
This report was published on October 31, 2025.
Target price is $2.30 Current Price is $0.90 Difference: $1.405
If BC8 meets the Petra Capital target it will return approximately 157% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 27.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.29.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 47.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1.90.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CIA CHAMPION IRON LIMITED
Iron Ore - Overnight Price: $5.50
Canaccord Genuity rates ((CIA)) as Buy (1) -
Canaccord Genuity describes Champion Iron's September quarter as a solid operating period, with production and costs exceeding expectations despite planned maintenance.
Revenue of CA$493m and adjusted EBITDA of CA$175m were well above consensus, supported by strong rail performance and accelerated de-stocking.
Bloom Lake outperformed forecasts through effective blending strategies that offset harder ore challenges, resulting in higher production and lower costs. Shipments reached a record 3.85mt, aided by improved rail logistics, while on-site inventory fell to 1.7mt.
The CA$500m DRPF project is nearing completion, with commissioning expected by year-end and a gradual ramp-up through 2026 as customers test the product.
The KAMI JV with Nippon Steel and Sojitz has completed its initial closing, with a Definitive Feasibility Study due by end-2026.
Buy rating reiterated with CA$6.50 target price.
This report was published on October 30, 2025.
Current Price is $5.50. Target price not assessed.
This company reports in CAD. 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 ((CIA)) as Buy (1) -
Jarden comments Champion Iron delivered a strong 1Q26, with record sales of 3.85Mt, about 5% ahead of consensus and supported by improved rail logistics and inventory drawdown despite a scheduled shutdown. Production rose 1% q/q to 3.55Mt.
C1 costs of CA$76/t were -4% below consensus, reflecting sustained operational efficiencies and stronger ore recovery, Jarden notes.
Revenue of CA$493m and earnings (EBITDA) of CA$175m materially exceeded expectations, lifting cash to CA$326m.
The DRPF project remains on track for commissioning in December 2025, with capex slightly above plan at CA$508m. Jarden expects the higher-grade 69% Fe product to achieve a US$15/t premium once in full production.
Jarden lifts its earnings (EBITDA) forecasts with FY26 raised 25% to CA$476m and FY27–FY28 lifted modestly on stronger realised pricing and continued cost discipline.
Buy. Target moved down to $5.55 from $6.
This report was published on November 4, 2025.
Target price is $5.55 Current Price is $5.50 Difference: $0.05
If CIA meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
The company's fiscal year ends in March.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 33.68 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.33.
Forecast for FY27:
Jarden forecasts a full year FY27 EPS of 47.46 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.59.
This company reports in CAD. 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 source
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