article 3 months old

Australian Broker Call *Extra* Edition – Dec 02, 2025

Daily Market Reports | Dec 02 2025

Array
(
    [0] => Array
        (
            [0] => ((BML))
            [1] => ((RPL))
            [2] => ((BOL))
            [3] => ((FPH))
            [4] => ((GGP))
            [5] => ((IKE))
            [6] => ((IPG))
            [7] => ((MAH))
            [8] => ((MTM))
            [9] => ((NMG))
            [10] => ((WGX))
            [11] => ((PEX))
            [12] => ((QBE))
            [13] => ((SS1))
            [14] => ((TOR))
            [15] => ((TPW))
            [16] => ((TYR))
            [17] => ((WGX))
            [18] => ((NMG))
        )

    [1] => Array
        (
            [0] => BML
            [1] => RPL
            [2] => BOL
            [3] => FPH
            [4] => GGP
            [5] => IKE
            [6] => IPG
            [7] => MAH
            [8] => MTM
            [9] => NMG
            [10] => WGX
            [11] => PEX
            [12] => QBE
            [13] => SS1
            [14] => TOR
            [15] => TPW
            [16] => TYR
            [17] => WGX
            [18] => NMG
        )

)
List StockArray ( [0] => BML [1] => RPL [2] => BOL [3] => FPH [4] => GGP [5] => IKE [6] => IPG [7] => MAH [8] => MTM [9] => NMG [10] => WGX [11] => PEX [12] => QBE [13] => SS1 [14] => TOR [15] => TPW [16] => TYR [17] => WGX [18] => NMG )

This story features BOAB METALS LIMITED, and other companies.
For more info SHARE ANALYSIS: BML

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)

BML   BOL   FPH   GGP   IKE   IPG   MAH   MTM   NMG   PEX   QBE   SS1   TOR   TPW   TYR   WGX  

BML    BOAB METALS LIMITED

Mining – Overnight Price: $0.51

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

Boab Metals has entered into a debt facility for up to $236m with Merricks Capital and Davidson Capital Management.

Merricks is a private credit fund manager owned by Regal Partners ((RPL)).

Petra Capital notes the facility is sizeable, and when combined with existing cash of around $54m and the Trafigura prepayment of $45m, the miner has sufficient funds for the Sorby Hills silver-lead project.

A Buy rating is retained with a 99c target price, down from $1.05 previously.

This report was published on November 28, 2025.

Target price is $0.99 Current Price is $0.51 Difference: $0.48
If BML meets the Petra Capital target it will return approximately 94% (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 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 102.00.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.75.

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

BOL    BOOM LOGISTICS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.59

Taylor Collison rates ((BOL)) as Outperform (2) –

Taylor Collison did not anticipate Boom Logistics would offer earnings guidance at the 1Q26 update due to the recent departures of the CEO and CFO.

The analyst believes the decision to do so is encouraging around the confidence of the interim CEO and former COO, who has a more active role.

Guidance stands at 15% growth for FY26 EPS which according to commentary, even considering the $4m share buy-back, is upbeat and continues to support the ongoing turnaround in the company.

Net capex fell -76% y/y to $1.8m from $7.8m which assisted a decline in net debt by -$1.8m to $96m.

Outperform rating retained. Target $2.13.

This report was published on November 28, 2025.

Target price is $2.13 Current Price is $1.59 Difference: $0.535
If BOL meets the Taylor Collison target it will return approximately 34% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of 25.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.33.

Forecast for FY27:

Taylor Collison forecasts a full year FY27 dividend of 2.00 cents and EPS of 30.20 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.28.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $32.85

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

Canaccord Genuity notes Fisher & Paykel Healthcare delivered a stronger-than-expected 1H26, with revenue up 12% in constant currency and broad-based strength across hospital hardware, consumables and new applications.

The gross margin expanded despite US tariff headwinds, explain the analysts, and operating income rose 27%, supporting a modest upgrade to FY26 revenue and profit guidance.

Canaccord sees earnings leverage building as demand improves across all categories and expects further upside if tariff settings ease over time.

The broker’s forecasts rise, driven by stronger hospital trends and margin expansion. Target trimmed to $37.50 from $37.58. Buy rating kept.

This report was published on November 26, 2025.

Target price is $37.58 Current Price is $32.85 Difference: $4.73
If FPH meets the Canaccord Genuity target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $37.00, suggesting upside of 12.6%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 40.74 cents and EPS of 68.80 cents.
At the last closing share price the estimated dividend yield is 1.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 47.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.9, implying annual growth of N/A.
Current consensus DPS estimate is 43.9, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 49.1.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 50.70 cents and EPS of 76.95 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.6, implying annual growth of 17.5%.
Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 41.8.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GGP    GREATLAND RESOURCES LIMITED

Gold & Silver – Overnight Price: $8.32

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

Management at Greatland Resources is preparing to release an updated Havieron Feasibility Study, with first ore targeted for late FY28 and a staged ramp-up to 4mtpa by FY32, notes Canaccord Genuity.

The broker expects a final investment decision (FID) once approvals for additional dewatering ponds are secured.

The analysts model upfront capex of about -$1.3bn and total capex of roughly -$2bn, partly funded by early production and Telfer cash flow.

New West Dome Underground drilling has delivered broad high-grade intercepts across multiple domains, supporting the potential for a second underground mine, highlights the broker.

Canaccord retains a Buy rating with a $10.65 target, down from $14.00 due to a change of analyst (and assumptions) to Tim McCormack from Alex Bedwany.

This report was published on November 27, 2025.

Target price is $10.65 Current Price is $8.32 Difference: $2.33
If GGP meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $10.50, suggesting upside of 26.2%(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 96.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.0, implying annual growth of 38.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 88.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.3, implying annual growth of -41.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.2.

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

IKE    IKEGPS GROUP LIMITED

Hardware & Equipment – Overnight Price: $0.97

Moelis rates ((IKE)) as Hold (3) –

ikeGPS Group offered a 3Q26 update which revealed a robust period for subscription software sales and comes on top of the 1H26 results which were announced in late October, Moelis notes.

Management explained there is a seasonal weighting of subscription sales around the 2H of the fiscal year. Wages expense came in higher than anticipated for 1H26 even though management had pointed to higher costs at the time of the capital raising.

Cash outflows were above the analyst’s forecast by around -$1m due to more elevated working capital balances and higher costs.

The company has cash on hand of $33.6m, considered “ample”. Hold rated with a $1 target price.

This report was published on December 1, 2025.

Target price is $1.00 Current Price is $0.97 Difference: $0.03
If IKE meets the Moelis target it will return approximately 3% (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 minus 2.81 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 34.57.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.36 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 267.96.

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

IPG    IPD GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $3.89

Taylor Collison rates ((IPG)) as Speculative Buy (1) –

Taylor Collison comments the latest update at IPD Group’s AGM was more positive than the August earnings report, with an improvement in some of the more challenged divisions and a pick-up in the commercial construction market.

The 1H26 trading update was around $0.5m better than the analyst’s forecast and the positive outlook comments have resulted in a lift in the broker’s earnings forecasts by 5% for FY26 and 2% for FY27.

Gross margins remain below what is viewed as mid-cycle, while the net cash on the balance sheet has the potential to allow for M&A.

Buy rating retained. Target price rises to $4.70 from $4.50.

This report was published on November 26, 2025.

Target price is $4.70 Current Price is $3.89 Difference: $0.81
If IPG meets the Taylor Collison target it will return approximately 21% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 14.80 cents and EPS of 29.80 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.05.

Forecast for FY27:

Taylor Collison forecasts a full year FY27 dividend of 16.00 cents and EPS of 31.90 cents.
At the last closing share price the estimated dividend yield is 4.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.19.

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

MAH    MACMAHON HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.56

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

Petra Capital increases the target price on Macmahon Holdings to 67c from 49c and reiterates the Buy rating after reconsidering the growth strategy for the company and its attractive valuation.

The analyst notes the tender pipeline and medium term growth targets indicate the 8-year earnings “trajectory” has more gas in the tank, with the revenue target inferred at around $4bn and a targeted return on average capital employed over 25%.

The broker retains EPS estimates.

This report was published on October 28, 2025.

Target price is $0.67 Current Price is $0.56 Difference: $0.11
If MAH meets the Petra Capital target it will return approximately 20% (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 2.00 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.98.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 2.50 cents and EPS of 6.10 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.18.

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

MTM    METALLIUM LIMITED

Industrial Metals – Overnight Price: $1.04

Canaccord Genuity rates ((MTM)) as Initiation of coverage with Speculative Buy (1) –

Canaccord Genuity initiates coverage of Metallium with a Speculative Buy rating and a $1.60 target. The potential is noted for its Flash Joule Heating technology to materially improve metal recovery from e-waste and other feedstocks.

The US generates around 8mt of e-waste annually with high-value metal content, explain the analysts, and early test work shows strong recoveries without acid or prolonged heating.

The Texas Manufacturing Campus is fully funded and expected to commission in late 2025, with staged ramp-up supporting attractive economics, according to the broker.

Non-binding supply agreements help de-risk early throughput, explain the analysts, who see significant upside from commercial-scale delivery and future capacity expansion.

This report was published on November 27, 2025.

Target price is $1.60 Current Price is $1.04 Difference: $0.555
If MTM meets the Canaccord Genuity target it will return approximately 53% (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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 52.25.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.71.

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

NMG    NEW MURCHISON GOLD LIMITED

Gold & Silver – Overnight Price: $0.04

Taylor Collison rates ((NMG)) as Initiation of coverage with Speculative Buy (1) –

Taylor Collison initiated coverage of New Murchison Gold with a Speculative Buy rating and target price of 4.1c.

The company is an emerging WA gold producer, with strong production ramp-up in the September quarter from the high-grade Crown Prince open pit at Garden Gully in the Murchison.

The broker notes early mining has validated strong grades and near-term cash generation. High-grade open-pit feed plus a Westgold Resources ((WGX)) ore purchase agreement gives the company funding for further pits, underground growth, and regional exploration.

Commentary concludes a solid balance sheet and steady cash flow create flexibility to self-fund expansion and pursue value-accretive M&A locally.

This report was published on November 26, 2025.

Target price is $0.04 Current Price is $0.04 Difference: $0.001
If NMG meets the Taylor Collison target it will return approximately 3% (excluding dividends, fees and charges).

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

PEX    PEEL MINING LIMITED

Mining – Overnight Price: $0.12

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

Canaccord Genuity notes Peel Mining has refreshed its board and management team to reinvigorate the South Cobar Project. Experienced leadership has been instated with strong mining, development and capital-markets credentials.

The new strategy will focus on targeted exploration, pre-development work and regional consolidation, explain the analysts, underpinned by a 22.9mt resource base.

Early drilling results from the Nombinnie gold prospect show broad, shallow mineralisation and highlight a system with scale potential, assesses the broker, ahead of further assays.

Management has also secured NSW critical-minerals funding to accelerate exploration across its Cobar Basin portfolio.

Canaccord lifts its target to $0.20 from $0.17 and retains a Speculative Buy rating.

This report was published on November 27, 2025.

Target price is $0.20 Current Price is $0.12 Difference: $0.085
If PEX meets the Canaccord Genuity target it will return approximately 74% (excluding dividends, fees and charges).

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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $19.28

Jarden rates ((QBE)) as Neutral (3) –

QBE Insurance’ 3Q2025 trading update retained combined operating ratio at 92.5% and showed robust constant currency gross written premium growth of 6% year-to-date on the prior year.

Jarden observes robust international growth of 11% and North America at 3%. Premium rate rose 1.5% for the 9 months ending September, which was lower than the 1H run rate of 2.1%, which suggests to the analyst the group rate was slightly negative for the quarter.

Management reconfirmed FY25 guidance of mid-single digits constant currency growth in gross written premium and offered FY26 guidance for the core operating ratio of 92.5%.

The broker lowers EPS forecasts by -9.4% for FY26 and -0.2% for FY27, with FY28 lifted by 18%. Neutral rated. Target is lifted to $20.70 from $20.20.

This report was published on November 27, 2025.

Target price is $20.70 Current Price is $19.28 Difference: $1.42
If QBE meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $23.69, suggesting upside of 22.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 96.00 cents and EPS of 206.95 cents.
At the last closing share price the estimated dividend yield is 4.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 201.4, implying annual growth of N/A.
Current consensus DPS estimate is 99.2, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 96.00 cents and EPS of 192.15 cents.
At the last closing share price the estimated dividend yield is 4.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 197.7, implying annual growth of -1.8%.
Current consensus DPS estimate is 96.1, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 9.8.

This company reports in USD. 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

SS1    SUN SILVER LIMITED

Gold & Silver – Overnight Price: $1.39

Canaccord Genuity rates ((SS1)) as Speculative Buy (1) –

According to Canaccord Genuity, Sun Silver reported further encouraging drill results from Maverick Springs, strengthening the broker’s confidence in the scale and continuity of its silver-gold-antimony system.

New drilling intersected broad mineralisation above the current resource boundary, including 140m at 71g/t gold equivalent with a higher-grade core and meaningful antimony intervals, note the analysts.

This outcome suggests to Canaccord scope to enhance project economics by reducing pre-strip volumes. A twin hole also validated historic drilling, confirming grade continuity and supporting the robustness of the existing model.

The broker retains a Speculative Buy rating and a $2.20 target.

This report was published on November 26, 2025.

Target price is $2.20 Current Price is $1.39 Difference: $0.815
If SS1 meets the Canaccord Genuity target it will return approximately 59% (excluding dividends, fees and charges).
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 minus 0.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13850.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 13850.00.

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

TOR    TORQUE METALS LIMITED

Gold & Silver – Overnight Price: $0.29

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

Torque Metals’ first down-hole Electromagnetic survey at the HHH deposit has confirmed gold mineralisation extending at depth and revealed multiple new lodes, highlights Canaccord Genuity.

Commentary concludes this outcome overturns the previous view of a single north-south structure.

New east–west lodes show strong conductor plates aligned with high-grade intercepts, explain the analysts, while the main lode continues to expand. Additional conductors indicate further extensions across the system.

Canaccord says the results position HHH as a multi-lode orogenic system analogous to the company’s Paris gold deposit, with significant growth potential along a largely untested 57km corridor.

The broker retains a Speculative Buy rating and 55c target.

This report was published on November 27, 2025.

Target price is $0.55 Current Price is $0.29 Difference: $0.255
If TOR meets the Canaccord Genuity target it will return approximately 86% (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 0.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2950.00.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2950.00.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $14.39

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

Temple & Webster’s AGM update showed July-November revenue up 18% year-on-year, but growth slowed to around 14% across August–November, below 1H forecasts by both Canaccord Genuity and consensus.

Management cited softer macro conditions and tough comparisons following elevated brand marketing last year.

Consumers remain highly price-sensitive, and the year-to-date period represents only about 35% of annual sales, placing greater weight on November–December trading, suggest the analysts.

Guidance for a 3–5% FY26 earnings margin was reaffirmed, and management expects revenue growth to reaccelerate to 20% in FY26 to be within its guidance range.

Canaccord cuts its target price to $22.50 from $30.50 and retained a Buy rating.

This report was published on November 27, 2025.

Target price is $22.50 Current Price is $14.39 Difference: $8.11
If TPW meets the Canaccord Genuity target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $20.31, suggesting upside of 41.1%(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 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 179.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of 18.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 127.3.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 119.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.3, implying annual growth of 88.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 67.6.

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

TYR    TYRO PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $1.02

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

Canaccord Genuity feels Tyro Payments released an encouraging AGM update, with key operating metrics improving and tracking toward the upper end of guidance.

FY26 gross profit of $230m-$240m and an earnings (EBITDA) margin of 28.5%-30% were both re-iterated, supported by stronger transaction value growth and lower business churn, explain the analysts.

Gross profit is cycling a high base, notes the broker, but an improving economic backdrop should aid spending.

Canaccord sees Tyro as well-capitalised with around $100m in liquidity and margin upside from the RBA’s payments review. Broader growth initiatives also are thought to support the outlook.

The broker retains a Buy rating and $1.70 target.

This report was published on November 26, 2025.

Target price is $1.70 Current Price is $1.02 Difference: $0.68
If TYR meets the Canaccord Genuity target it will return approximately 67% (excluding dividends, fees and charges).
Current consensus price target is $1.38, suggesting upside of 35.3%(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 5.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.1, implying annual growth of 20.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.6, implying annual growth of 12.2%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 22.2.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $6.04

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

The analysts at Canaccord Genuity recently visited New Murchison Gold’s ((NMG)) Garden Gully project in the Murchison Goldfields.

In December last year, the company formed a strategic alliance and ore purchase agreement with Westgold Resources to commercialise the Crown Prince deposit, with Westgold also holding an 18.7% stake in New Murchison Gold.

The broker highlights New Murchison has successfully commercialised the Crown Prince deposit and is now pursuing additional ore sources and broader organic growth to lift and extend its production profile.

The $7.80 target and Buy rating are maintained for Westgold Resources.

This report was published on November 27, 2025.

Target price is $7.80 Current Price is $6.04 Difference: $1.76
If WGX meets the Canaccord Genuity target it will return approximately 29% (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 9.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 1.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.51.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 12.00 cents and EPS of 93.00 cents.
At the last closing share price the estimated dividend yield is 1.99%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.49.

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


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CHARTS

BML BOL FPH GGP IKE IPG MAH MTM NMG PEX QBE RPL SS1 TOR TPW TYR WGX

For more info SHARE ANALYSIS: BML - BOAB METALS LIMITED

For more info SHARE ANALYSIS: BOL - BOOM LOGISTICS LIMITED

For more info SHARE ANALYSIS: GGP - GREATLAND RESOURCES LIMITED

For more info SHARE ANALYSIS: IKE - IKEGPS GROUP LIMITED

For more info SHARE ANALYSIS: IPG - IPD GROUP LIMITED

For more info SHARE ANALYSIS: MAH - MACMAHON HOLDINGS LIMITED

For more info SHARE ANALYSIS: MTM - METALLIUM LIMITED

For more info SHARE ANALYSIS: NMG - NEW MURCHISON GOLD LIMITED

For more info SHARE ANALYSIS: PEX - PEEL MINING LIMITED

For more info SHARE ANALYSIS: QBE - QBE INSURANCE GROUP LIMITED

For more info SHARE ANALYSIS: RPL - REGAL PARTNERS LIMITED

For more info SHARE ANALYSIS: SS1 - SUN SILVER LIMITED

For more info SHARE ANALYSIS: TOR - TORQUE METALS LIMITED

For more info SHARE ANALYSIS: TPW - TEMPLE & WEBSTER GROUP LIMITED

For more info SHARE ANALYSIS: TYR - TYRO PAYMENTS LIMITED

For more info SHARE ANALYSIS: WGX - WESTGOLD RESOURCES LIMITED

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