Daily Market Reports | Dec 01 2025
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
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)
ARX CAR CEN FPH (2) GGP GNE HLS HVN IDX IPG KCN (2) MAQ (2) MTO OCL OMA RHC SEK SHL SHV SNT TPW (2) VAU (2) WAF WEB (2)
VAU VAULT MINERALS LIMITED
Gold & Silver - Overnight Price: $5.00
Canaccord Genuity rates ((VAU)) as Buy (1) -
Vault Minerals has closed out its second half hedges, which represented 27% of Canaccord Genuity's estimated production over the period. This represents a -48% reduction in the total hedge book.
The broker updates its modelling for the hedge book closure as well as the recent 6.5:1share consolidation. Underlying free cash flow forecasts for the second half increase by 77%, and the FY26 forecasts by 65% to $444m.
The price target decreases to $6.15 from $6.21 on a post-consolidation basis. Buy rating retained.
This report was published on November 25, 2025.
Target price is $6.15 Current Price is $5.00 Difference: $1.15
If VAU meets the Canaccord Genuity target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $4.50, suggesting downside of -10.0%(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 36.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.89.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 35.6, implying annual growth of 57.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.0.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 76.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.58.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 51.4, implying annual growth of 44.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.7.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Moelis rates ((VAU)) as Buy (1) -
On first take, Moelis notes Vault Minerals has closed out all hedges due for delivery in 2H26, removing 47.3koz gold sold at an average $2,797/oz, at a cost of -$172.7m funded from cash of $703m at end September.
December quarter 2025 hedges remain to be delivered as planned and around 10koz gold still sold forward in 1Q2027.
The broker explains the move has no material impact financially, using cash now to avoid delivering into out of the money hedges later, with the ultimate benefit depending on the 2H2026 gold price.
The analyst questions the timing and motives, flagging possible links to muted buyback activity, recent AGM remuneration dissent, and whether this is housekeeping ahead of a new CEO.
Management did not touch on guidance and the broker suggests there is no meaningful valuation change implied at this stage.
Commentary maintains the stock looks inexpensive versus peers, with smaller assets expected to throw off cash in their remaining life and King of the Hills viewed as an undervalued, long life strategic asset.
Buy rated with a $6.10 target price.
This report was published on November 26, 2025.
Target price is $6.10 Current Price is $5.00 Difference: $1.1
If VAU meets the Moelis target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $4.50, suggesting downside of -10.0%(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 15.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 35.6, implying annual growth of 57.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.0.
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 9.26.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 51.4, implying annual growth of 44.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.7.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WAF WEST AFRICAN RESOURCES LIMITED
Gold & Silver - Overnight Price: $2.81
Canaccord Genuity rates ((WAF)) as No Rating (-1) -
Canaccord Genuity is under research restriction for West African Resources but notes the company has provided an update (and a more positive picture) on discussions with the Burkina Faso government.
These talks followed the latter's request to acquire additional equity interest in the Kiaka gold project. This would take government ownership to 50%.
As an alternative to a further equity stake, the company submitted a proposal to increase national participation and government revenue through the development of new and previously closed mining projects.
The company has clarified other assets such as Sanbrado and Toega are not part of the discussions.
This report was published on November 26, 2025.
Current Price is $2.81. Target price not assessed.
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 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.69.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 12.00 cents and EPS of 79.00 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.56.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WEB WEB TRAVEL GROUP LIMITED
Travel, Leisure & Tourism - Overnight Price: $4.77
Canaccord Genuity rates ((WEB)) as Buy (1) -
Web Travel's first half underlying EBITDA was ahead of Canaccord Genuity's estimates while revenue margin of 6.5% was also ahead of guidance and forecasts.
The broker believes it is important to step back and look at the multi-year view, assessing revenue in the low to mid-teen growth range and operating leverage as part of a "well-developed and significant technology stack".
Growth rates are expected to be sustainable to at least FY30. The stock appears to offer compelling value and the broker has a high conviction Buy rating. Target is raised to $6.40 from $6.30.
This report was published on November 25, 2025.
Target price is $6.40 Current Price is $4.77 Difference: $1.63
If WEB meets the Canaccord Genuity target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $5.96, suggesting upside of 24.9%(ex-dividends)
The company's fiscal year ends in March.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 23.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.13.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.8, implying annual growth of -54.4%.
Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 20.0.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 10.30 cents and EPS of 30.70 cents.
At the last closing share price the estimated dividend yield is 2.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.54.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 32.1, implying annual growth of 34.9%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 14.9.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((WEB)) as Overweight (2) -
Web Travel's 1H26 results showed a clear turnaround with accelerating share gains, especially via OTA (online travel agency) and in the US. Margins improved, and WebBeds EBITDA was up 21% y/y and 5% ahead of consensus, Jarden observes.
Momentum has carried into 2H, with total transaction value up 23% and 2H EBITDA forecast to rise 35%. The drivers are better AI-led conversions, sustained above-guidance profitability, and cyclical travel tailwinds across Americas, Europe and APAC.
The broker trimmed FY26 net profit forecast by -12% due to higher interest costs and expenses related to the bonus scheme. FY26-27 EBITDA forecasts cuts by -1-5% but FY28 lfited by 3%.
Overweight. Target rises to $5.90 from $5.40 on medium-term earnings upgrades.
This report was published on November 25, 2025.
Target price is $5.90 Current Price is $4.77 Difference: $1.13
If WEB meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $5.96, suggesting upside of 24.9%(ex-dividends)
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 24.30 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.63.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.8, implying annual growth of -54.4%.
Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 20.0.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 14.00 cents and EPS of 34.90 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 32.1, implying annual growth of 34.9%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 14.9.
Market Sentiment: 0.8
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.
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