Daily Market Reports | Nov 24 2025
This story features A2 MILK COMPANY LIMITED, and other companies.
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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)
A2M ACW ALQ BSL BWN CMA FFM HLO JHX KMD LIC MEI PLT (2) SHL SKO TLC TNE TPG VAU WA1 WJL
A2M A2 MILK COMPANY LIMITED
Dairy – Overnight Price: $9.36
Jarden rates ((A2M)) as Underweight (4) –
Management at a2 Milk Co has raised FY26 revenue growth guidance to low double-digits from prior high single-digits, driven by stronger core trading and some FX benefit, explains Jarden.
Management expects 1H26 to outperform 2H26, with English-label IMF growth well ahead of China-label. Operating margin guidance remains 15-16%, while FX impacts net of hedging should be immaterial.
Regulatory approvals for Pokeno China Label (produced at the Pokeno manufacturing site in New Zealand) registrations remain the final step before a NZ$300m special dividend.
Jarden upgrades its EPS forecasts by circa 7%. The target rises to NZ$8.60 from NZ$7.85. Underweight maintained.
This report was published on November 20, 2025.
Current Price is $9.36. Target price not assessed.
Current consensus price target is $9.51, suggesting upside of 1.6%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 21.74 cents and EPS of 27.81 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.66.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 25.3, implying annual growth of N/A.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 37.0.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 63.68 cents and EPS of 31.98 cents.
At the last closing share price the estimated dividend yield is 6.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.27.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.9, implying annual growth of 18.2%.
Current consensus DPS estimate is 43.1, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 31.3.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
ACW ACTINOGEN MEDICAL LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.05
Canaccord Genuity rates ((ACW)) as Initiation of coverage with Speculative Buy (1) –
Canaccord Genuity initiates coverage of Actinogen Medical with an 8c target and Speculative Buy rating.
The company holds meaningful un-risked value in its Xanamem program for Alzheimer’s disease, explains the broker, with the phase 2b/3 XanaMIA trial approaching an interim read in 1Q26.
The analysts see strong scientific rationale after earlier recut data identified a clear efficacy signal in patients with elevated pTau181 (a protein that helps stabilise neurons).
Elevated pTau181 levels in blood or cerebrospinal fluid correlate strongly with Alzheimer’s disease activity, progression, and tau pathology.
The analysts highlight deep target engagement in the brain and a well-defined responder phenotype as key reasons the program may succeed.
This report was published on November 20, 2025.
Target price is $0.08 Current Price is $0.05 Difference: $0.026
If ACW meets the Canaccord Genuity target it will return approximately 48% (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 5.40.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 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
ALQ ALS LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $21.35
Jarden rates ((ALQ)) as Underweight (4) –
Jarden describes the first half result from ALS Ltd as “stellar”, with the company delivering net profit that was 2.4% ahead of consensus. This confirms for the broker that commodities activity is accelerating and there is further margin accretion ahead.
The main concern is life sciences, specifically environmental operations, where operating conditions remain challenging and competitive intensity has increased.
Jarden is unsure whether investor should be more concerned about the second half for life sciences, and the implied margin headwinds, and awaits further disclosure on the underlying drivers. Underweight. Target is raised to $18.40 from $14.85.
This report was published on November 18, 2025.
Target price is $18.40 Current Price is $21.35 Difference: minus $2.95 (current price is over target).
If ALQ meets the Jarden target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $24.26, suggesting upside of 13.6%(ex-dividends)
The company’s fiscal year ends in March.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 42.30 cents and EPS of 74.20 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 28.77.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 73.3, implying annual growth of 38.5%.
Current consensus DPS estimate is 42.2, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 29.1.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 55.80 cents and EPS of 86.60 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 85.0, implying annual growth of 16.0%.
Current consensus DPS estimate is 48.9, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 25.1.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
BSL BLUESCOPE STEEL LIMITED
Steel & Scrap – Overnight Price: $21.96
Jarden rates ((BSL)) as Neutral (3) –
BlueScope Steel provided an update at its AGM, now expecting first half EBIT at the lower end of the $550-620m range.
Jarden envisages domestic end market demand will provide the tailwind into the second half, although notes company commentary suggests channel destocking has had a limited impact so far.
North Star guidance has improved and Jarden is encouraged by the perforrmance in North America. NZ losses continue amidst the transition and the broker expects the poor performance will continue into the second half.
Neutral maintained. Target rises to $24.90 from $24.60.
This report was published on November 19, 2025.
Target price is $24.90 Current Price is $21.96 Difference: $2.94
If BSL meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $25.20, suggesting upside of 14.8%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 174.80 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.56.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 176.2, implying annual growth of 823.0%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 12.5.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 60.00 cents and EPS of 198.20 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 210.2, implying annual growth of 19.3%.
Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 10.4.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
BWN BHAGWAN MARINE LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $0.48
Petra Capital rates ((BWN)) as Buy (1) –
Petra Capital continues to believe Bhagwan Marine’s FY26 revenue can grow at 8-10% excluding Thevenard Island, with a margin around 18%.
The analyst views the company’s growth strategy since IPO as achieving results, but the changes in cyclical momentum have yet to be experienced.
A Buy rating is reiterated with a target price of 68c.
This report was published on November 19, 2025.
Target price is $0.68 Current Price is $0.48 Difference: $0.2
If BWN meets the Petra Capital target it will return approximately 42% (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 5.50 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 8.73.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CMA CARMA LIMITED
Automobiles & Components – Overnight Price: $1.70
Canaccord Genuity rates ((CMA)) as No Rating (-1) –
Canaccord Genuity initiates coverage on Carma with a $3.50 target and Buy rating.
The company operates a vertically integrated digital platform for buying and selling used cars in Australia, offering a higher-quality and more reliable alternative to the traditional dealership experience
Carma’s FY25 performance reflects rapid early-stage scaling, observes the broker, with revenue of $71m expected to rise to $128m in FY26 on the path to $700m by FY30.
The analysts expect strong growth in retail, wholesale and ancillary revenue streams as supporting the company’s emerging position in the fragmented used-car market.
It’s thought improving unit economics will be driven by rising Sell-to-Carma sourcing, higher utilisation of the reconditioning centre and stronger finance attachment rates.
This report was published on November 19, 2025.
Target price is $3.50 Current Price is $1.70 Difference: $1.8
If CMA meets the Canaccord Genuity target it will return approximately 106% (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 25.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.64.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 20.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.37.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
FFM FIREFLY METALS LIMITED
Gold & Silver – Overnight Price: $1.63
Canaccord Genuity rates ((FFM)) as Speculative Buy (1) –
FireFly Metals’ Green Bay Resource has increased to 80mt at 2.2% copper equivalent for 1.74mt of contained metal, driven by a sharp lift in measured and indicated tonnes, explains Canaccord Genuity.
The broker sees the emergence of a circa 20mt high-grade core at 3.8% copper equivalent as enhancing early mine-life potential.
Strong drilling momentum is viewed as supporting further resource conversion and growth ahead of the 2H FY26 preliminary economic assessment.
The enlarged Resource underpins a potential scale-up beyond 3mtpa and a long-life 54ktpa copper equivalent profile, assess the analysts.
Canaccord raises its target price to $2.50 from $2.15 and retains a Speculative Buy rating.
This report was published on November 20, 2025.
Target price is $2.50 Current Price is $1.63 Difference: $0.87
If FFM meets the Canaccord Genuity target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $1.87, suggesting upside of 14.5%(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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 163.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -3.1, 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:
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 81.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -2.3, 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.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
HLO HELLOWORLD TRAVEL LIMITED
Travel, Leisure & Tourism – Overnight Price: $1.75
Jarden rates ((HLO)) as Overweight (2) –
Helloworld Travel has made a non-binding proposal to acquire Webjet ((WJL)) by way of a scheme of arrangement at $0.90 a share.
Jarden assesses the offer represents around 10x FY26 EBITDA and expects it to be more than 2% accretive for FY26 before synergies.
The broker envisages merit in the deal because having scale in travel is increasingly important to drive buying and selling synergies at a time when global operators such as Google are investing in the market. Overweight. Target is $3.20.
This report was published on November 19, 2025.
Target price is $3.20 Current Price is $1.75 Difference: $1.455
If HLO meets the Jarden target it will return approximately 83% (excluding dividends, fees and charges).
Current consensus price target is $2.39, suggesting upside of 37.2%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 22.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.76.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 21.5, implying annual growth of 18.9%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 8.1.
Forecast for FY27:
Jarden forecasts a full year FY27 EPS of 22.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.8, implying annual growth of 6.0%.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 7.7.
Market Sentiment: 0.7
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: $27.60
Jarden rates ((JHX)) as Overweight (2) –
James Hardie Industries delivered a second quarter result with the key incremental positive, Jarden notes, being upgraded guidance. Operating performance was in line with expectations.
Given the underlying quality of the operations and potential builder incentives, along with ageing US housing stock, the broker believes the combined businesses of Hardie and Azak are well-positioned. Overweight. Target is $39.
This report was published on November 19, 2025.
Target price is $39.00 Current Price is $27.60 Difference: $11.4
If JHX meets the Jarden target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $36.15, suggesting upside of 31.0%(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 147.93 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.66.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 160.8, 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 17.2.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 212.86 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.97.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 185.7, implying annual growth of 15.5%.
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
KMD KMD BRANDS LIMITED
Sports & Recreation – Overnight Price: $0.24
Jarden rates ((KMD)) as Overweight (2) –
Jarden believes the quarterly update from KMD Brands shows it moving in the right direction with a positive shift in sales trends and gross margin ahead of prior guidance.
Total sales growth for Rip Curl was 6.6% in the quarter, partially indicative of positive momentum in wholesale activity.
Balance sheet risks now appear better contained and Jarden is encouraged by the shift in sales trends and stalling of recent margin contraction.
Overweight. Target is NZ$0.45.
This report was published on November 19, 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 0.73 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 33.10.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.54 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.46.
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
LIC LIFESTYLE COMMUNITIES LIMITED
Aged Care & Seniors – Overnight Price: $5.42
Canaccord Genuity rates ((LIC)) as Buy (1) –
Canaccord Genuity describes Lifestyle Communities’ AGM update as upbeat, showing stronger FY26 year-to-date performance to 19 Nov 2025.
The company settled 93 net new homes and has 240 contracts on hand, with around 150 targeted for FY26 settlement. Net debt fell to $338m as of 31 Oct 2025 from $460.5m at end-FY25, assisted by earlier land sales, the broker highlights.
The company launched a “No Exit Fee” option under its refreshed “Way to Live” brand, letting customers choose to pay management fees upfront or at exit. Full rollout is expected in 3Q26.
No change to forecasts. Buy retained with unchanged target of $6.50.
This report was published on November 21, 2025.
Target price is $6.50 Current Price is $5.42 Difference: $1.08
If LIC meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $6.48, suggesting upside of 19.5%(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 28.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.36.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.3, implying annual growth of N/A.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 18.5.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 32.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 41.0, implying annual growth of 39.9%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 13.2.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MEI METEORIC RESOURCES NL
Gold & Silver – Overnight Price: $0.16
Canaccord Genuity rates ((MEI)) as Speculative Buy (1) –
Canaccord Genuity notes Meteoric Resources has completed the wet commissioning of a 25kg/hour plant in Pocos de Caldas and process commissioning has begun with first MREC production expected in early December.
Confirmation of the flowsheet at scale should provide substantial de-risking of the development, in the broker’s opinion.
Pilot bulk samples should support negotiations with offtake partners amid the potential for strategic financing and these present possible catalysts for the shares. Speculative Buy rating and $0.40 target maintained.
This report was published on November 20, 2025.
Target price is $0.40 Current Price is $0.16 Difference: $0.24
If MEI meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).
Current consensus price target is $0.33, suggesting upside of 106.3%(ex-dividends)
Forecast for FY26:
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.
Forecast for FY27:
Current consensus EPS estimate is -0.9, 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 N/A.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PLT PLENTI GROUP LIMITED
Business & Consumer Credit – Overnight Price: $1.27
Canaccord Genuity rates ((PLT)) as Buy (1) –
Canaccord Genuity sees Plenti Group’s 1H26 result as demonstrating strong operating leverage after cash profit (PBT) reached $14.1m, exceeding last year’s total.
The broker highlights revenue of around $150m, robust origination growth and improving net interest margin (NIM) as supporting its view of continued profitable expansion.
It is thought credit performance remained solid, with lower loan losses and reduced arrears reinforcing expectations for sustained growth.
Canaccord retains a Buy rating and sets a target of $1.69, up from $1.64.
This report was published on November 19, 2025.
Target price is $1.69 Current Price is $1.27 Difference: $0.415
If PLT meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Moelis rates ((PLT)) as Buy (1) –
Plenti Group reported an inline 1H26 result with most key items pre-announced at the 2Q trading update, Moelis notes.
Revenue over the 1H grew 20% y/y with cash net profit after tax of $12.8m up 133% y/y. The auto loan book, including the National Australia Bank ((NAB)) relationship, grew 24% y/y and renewables up 24% y/y also.
Loan expense of 0.94% was lower than the long-term average of around 1.1%.
The broker views the outlook for Plenti as positive with the next growth coming from Horizon 2.
Target set at $1.87 with a Buy rating.
This report was published on November 18, 2025.
Target price is $1.87 Current Price is $1.27 Difference: $0.595
If PLT meets the Moelis target it will return approximately 47% (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 13.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.66.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.67.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
SHL SONIC HEALTHCARE LIMITED
Healthcare services – Overnight Price: $23.09
Jarden rates ((SHL)) as Neutral (3) –
Jarden assesses Sonic Healthcare’s AGM update showed a solid start to FY26, with revenue up 17% versus the prior year and organic growth of 5% constant currency, ahead of the broker’s 15% 1H26 expectation.
Despite this, earnings (EBITDA) guidance of $1.87-1.95bn constant currency was unchanged. This outcome implies to the analysts ongoing margin pressure from funding cuts and the dilutive acquisitions of Labor Dr. Wisplinghoff and Health & Wellbeing England.
Jarden revises its EPS forecasts by 3.4%, -4.0% and -4.6%, respectively, across FY26-28, lowers its target by circa -6% to $26.27, and retains a Neutral rating.
This report was published on November 20, 2025.
Target price is $26.27 Current Price is $23.09 Difference: $3.18
If SHL meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $27.17, suggesting upside of 17.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 106.30 cents and EPS of 125.70 cents.
At the last closing share price the estimated dividend yield is 4.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.37.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 123.4, implying annual growth of 15.4%.
Current consensus DPS estimate is 105.9, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 18.7.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 108.30 cents and EPS of 143.20 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.12.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 136.5, implying annual growth of 10.6%.
Current consensus DPS estimate is 109.4, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 16.9.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
SKO SERKO LIMITED
Software & Services – Overnight Price: $2.22
Jarden rates ((SKO)) as Overweight (2) –
Serko has maintained its growth outlook, reiterating income guidance for FY26 of NZ$115-23m. The company has noted the success of both a new onboarding experience and loyalty program trial for the Booking.com for business segment.
Jarden lowers cash flow forecasts for the medium term on higher expenditure assumptions, which nets out to having minimal impact on long-term forecasts.
Overweight retained, with accelerating customer growth and technology roll-out indicating progress. Target is raised to NZ$4.55 from NZ$4.40.
This report was published on November 19, 2025.
Current Price is $2.22. Target price not assessed.
Current consensus price target is $4.72, suggesting upside of 112.4%(ex-dividends)
The company’s fiscal year ends in March.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of minus 1.63 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 136.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -5.8, 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.
Forecast for FY27:
Jarden forecasts a full year FY27 EPS of minus 4.71 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 47.12.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -2.5, 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.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
TLC LOTTERY CORPORATION LIMITED
Gaming – Overnight Price: $5.33
Jarden rates ((TLC)) as Underweight (4) –
Jarden estimates lotteries turnover in the first half is tracking 3% higher, year-on-year, with Lottery Corp still to cycle a $100m Powerball draw.
Any material Powerball jackpot, $100m or greater, within the calendar year poses upside risk to the broker’s revised estimates. Lead coverage now assumed by Liam Robertson. Underweight. Target is reduced $5.20 from $5.65.
This report was published on November 19, 2025.
Target price is $5.20 Current Price is $5.33 Difference: minus $0.13 (current price is over target).
If TLC meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.79, suggesting upside of 8.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 16.00 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.99.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.1, implying annual growth of 10.2%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 29.4.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 17.50 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.92.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.3, implying annual growth of 12.2%.
Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 26.3.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
TNE TECHNOLOGY ONE LIMITED
IT & Support – Overnight Price: $29.53
Jarden rates ((TNE)) as Overweight (2) –
TechnologyOne delivered a FY25 result that was largely in line with expectations.
Jarden attributes the share price reaction to four factors, including a slowdown in rates of return, softer-than-expected gross margin, lack of FY26 guidance and general market sentiment around high-growth technology names.
The broker has made a change in analyst coverage and rejigs forecasts, lowering FY26 and FY27 estimates by -5.2% and -7.5%, respectively. Rating edges down to Overweight from Buy and the target is reduced to $32.00 from $44.82.
This report was published on November 19, 2025.
Target price is $32.00 Current Price is $29.53 Difference: $2.47
If TNE meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $34.83, suggesting upside of 17.9%(ex-dividends)
The company’s fiscal year ends in September.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 50.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 58.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 48.6, implying annual growth of 15.4%.
Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 60.8.
Forecast for FY27:
Jarden forecasts a full year FY27 EPS of 59.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.30.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 57.6, implying annual growth of 18.5%.
Current consensus DPS estimate is 38.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 51.3.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
TPG TPG TELECOM LIMITED
Telecommunication – Overnight Price: $3.78
Jarden rates ((TPG)) as Overweight (2) –
Jarden now values TPG Telecom ex its capital reduction and special dividend. With a reset balance sheet and simplified model the focus is now on the ability to grow earnings through sustainable top-line momentum.
The sale of the EG&W assets and handset receivables has meant the company has a cleaner balance sheet and improved equity story, the broker adds.
In the short term, industry revenues are solid and this supports earnings momentum and Jarden maintains an Overweight rating.
Target is reduced to $3.70 from $5.25, reflecting the capital return that is offset slightly by a change in share count assumptions associated with the reinvestment plan.
This report was published on November 17, 2025.
Target price is $3.70 Current Price is $3.78 Difference: minus $0.08 (current price is over target).
If TPG meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.39, suggesting upside of 42.6%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 8.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.2, implying annual growth of N/A.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 23.3.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 12.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.24.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.6, implying annual growth of 21.0%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 19.3.
Market Sentiment: 0.1
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: $0.78
Moelis rates ((VAU)) as Buy (1) –
Vault Minerals is viewed by Moelis as inexpensive relative to peers, with the broker expecting unhedged production from 2026 to lift realised prices and strengthen free cash flow.
At the recent AGM, shareholders voted in favour of a 13 for 2 share consolidation program, which the broker incorporates into forecasts, resulting in a target price of $6.10, up from 93c. Buy rating retained.
The broker considers near-term appeal limited while hedge run-off, expansion spending at King of the Hills, and modest cash build continue.
Moelis also sees scope for a more active buyback once the September quarter results and AGM have cleared blackout constraints.
This report was published on November 20, 2025.
Target price is $6.10 Current Price is $0.78 Difference: $5.325
If VAU meets the Moelis target it will return approximately 687% (excluding dividends, fees and charges).
Current consensus price target is $0.95, suggesting upside of 25.8%(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 15.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.91.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.9, implying annual growth of -74.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.8.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 54.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.1, implying annual growth of 88.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.8.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
WA1 WA1 RESOURCES LIMITED
Industrial Metals – Overnight Price: $15.04
Canaccord Genuity rates ((WA1)) as Speculative Buy (1) –
WA1 Resources has delivered assay results from the 2025 infill and extension drilling at Luni, with the best intersection to date returning 67.3m at 5.4% niobium from 70.4m including 30m at 9.8% from 77 m.
Other infill holes delivered thick high-grade zones.
Canaccord Genuity believes this focus area will now form the early stages of a mine plan. Speculative Buy rating and $28 target.
This report was published on November 18, 2025.
Target price is $28.00 Current Price is $15.04 Difference: $12.96
If WA1 meets the Canaccord Genuity target it will return approximately 86% (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
WJL WEBJET GROUP LIMITED
Travel, Leisure & Tourism – Overnight Price: $0.91
Jarden rates ((WJL)) as Overweight (2) –
Webjet Group delivered a first half result that was in line with expectations, having earlier announced a soft update.
Balance sheet remains strong. Helloworld ((HLO)) has offered to acquire all the issued shares it does not already own.
Jarden notes the offer is above the one by BGH Capital back in May, which was rejected, yet is still -22% below the target and what is considered fair value. Overweight. Target is $1.10.
This report was published on November 19, 2025.
Target price is $1.10 Current Price is $0.91 Difference: $0.195
If WJL meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 3.00 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.63.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 3.00 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.34.
Market Sentiment: 0.5
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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