In Case You Missed It – BC Extra Upgrades & Downgrades – 05-12-25

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This story features BIG RIVER INDUSTRIES LIMITED, and other companies.
For more info SHARE ANALYSIS: BRI

A summary of the highlights from Broker Call Extra updates throughout the week past.

Broker Rating Changes (Post Thursday Last Week)

Upgrade

BIG RIVER INDUSTRIES LIMITED ((BRI)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0

Moelis raises its target for Big River Industries to $1.68 from $1.60 and upgrades to Buy from Hold.

The company will acquire John’s Building Supplies for -$17m, adding scale in Western Australia and strengthening exposure to higher-margin product categories such as structural timber, engineered wood and cladding, explains the broker.

The analyst highlights John’s Building Supplies’ solid financial profile, with three-year average revenue of $41.2m and earnings of $5.2m. The deal is expected to be earnings accretive.

A $10m entitlement offer at a -2% discount to the 10-day VWAP will partly fund the upfront consideration.

Management’s latest trading update indicates to Moelis improving daily sales and resilient gross margins despite ongoing softness in several residential markets.

MACQUARIE GROUP LIMITED ((MQG)) Upgrade to Overweight from Underweight by Jarden.B/H/S: 0/0/0

After reviewing 1H results, Jarden believes Macquarie Group is entering a transition phase, with recent divestments providing improved earnings visibility.

The broker highlights the agreed sale of Macquarie Asset Management’s (MAM’s) stake in Aligned Data Centers, which secures around three years of performance fees.

MAM has stabilised, according to the analysts, with proceeds from selling its US and European public investments business to Nomura to be redeployed into private markets. A solid capital markets pipeline is believed to support Macquarie Capital (MacCap).

Jarden lifts its FY26-28 cash earnings by up to 5%, upgrading to Overweight from Underweight. Target rises to $220 from $200.

OBJECTIVE CORPORATION LIMITED ((OCL)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0

Moelis states Objective Corp’s electronic content management platform is well positioned to enable AI, and it has now branded its AI enabled services as “Objective Intelligence.”

The analyst believes Objective Intelligence is a significant incremental opportunity, allowing customers to share information with AI securely and efficiently.

Moelis has not updated earnings forecasts, so AI upside is not yet explicitly captured in estimates, while core growth remains underpinned by migration to Nexus SaaS, Build planning rollout, and Regulatory Solutions wins.

Rating is upgraded to Buy from Hold, with the broker arguing the stock trades at a material discount to its valuation and Objective Intelligence offers additional upside on top of existing strategies. Target remains at $24.29.

Downgrade

GREATLAND RESOURCES LIMITED ((GGP)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Greatland Resources intends to release outcomes from the Havieron feasibility study early in December, which Jarden notes will mark the first material update on the project since the 2024 admission document.

The broker accounts for potential scope changes, significant capital expenditure inflation and a longer development schedule. First production is still expected in FY28 but the forecast ramp up profile is lengthened.

Underground mining costs are expected to reflect ongoing industry cost pressures. Jarden’s -$70/t real underground mining cost forecast now is 40% higher than the 2024 company estimate.

Rating is downgraded to Neutral from Overweight as despite Havieron being one of the best undeveloped projects in Australia, the economics have been reduced. Jarden lowers the target to $5.50 from $6.90.

Price Target Changes (Post Thursday Last Week)

More Highlights

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

CEN    CONTACT ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $8.37 

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

Contact Energy set a FY31 EBITDAF (EBITDA plus financial instruments fair value movements) target of NZ$1.3-1.4bn compared with FY26 guidance of NZ$980m, Jarden notes.

A new 50MW geothermal project plus an extra 100MW longer-dated geo was also confirmed.

The broker estimates dividend-capable cash flow to rise to NZ79c per share by FY31 from NZ52cps in FY26, making the NZ50c-plus FY31 target look conservative.

Overweight maintained. Target unchanged at NZ$10.85.

This report was published on November 25, 2025.

Current Price is $8.37. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 28.97 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.89.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 30.96 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.03.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $33.34 

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

Fisher & Paykel Healthcare beat expectations in its first half results, and now targets 12-25% growth over FY26. Canaccord Genuity notes hospital sales beat across all categories while homecare slightly lagged its estimates.

Structural tailwinds are still expected from the sleep apnoea industry and the broker envisages a range of new drivers will come into contention as the high flow nasal cannula modality evolves across respiratory indications and care settings.

The broker retains a Buy rating with a target of $37.58.

This report was published on November 26, 2025.

Target price is $37.58 Current Price is $33.34 Difference: $4.24
If FPH meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $37.00, suggesting upside of 11.0%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 43.46 cents and EPS of 65.18 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.8, 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 49.9.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 48.89 cents and EPS of 74.87 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 44.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.4, implying annual growth of 17.4%.
Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 42.5.

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

IPG    IPD GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $3.85 

Moelis rates ((IPG)) as Buy (1) –

Moelis notes IPD Group’s trading update with 1H26 guidance implies earnings (EBITDA) of $24.8m to $25.3m and EBIT of $21.1m to $21.6m, up 6.1% and 5.7% versus a year earlier at midpoint.

Management cited building momentum and a positive FY26 growth outlook. The analyst highlights recovery across end markets, strong order book growth, and a growing opportunity pipeline, with earlier CMI investments starting to bear fruit.

FY26 to FY28 EPS forecasts lifted by 3%, 1%, and 1%, respectively, reflecting stronger FY26 trading to date.

Rating is retained at Buy and target price is increased to $4.83 from $4.74. The broker adds construction demand momentum and rising non residential and infrastructure work support continued growth through FY26.

This report was published on November 27, 2025.

Target price is $4.83 Current Price is $3.85 Difference: $0.98
If IPG meets the Moelis target it will return approximately 25% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 13.90 cents and EPS of 27.80 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.85.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 14.90 cents and EPS of 29.80 cents.
At the last closing share price the estimated dividend yield is 3.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.92.

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

MTS    METCASH LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.33 

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

Jarden observes Metcash’s 1H26 result came in about -5% below consensus, with hardware and liquor the main sources of weakness as competition, costs and softer demand weighed on earnings.

Food performed better, and the broker notes early signs of improvement in hardware, including strong Total Tools like-for-like growth early in 2H26, though liquor remains under pressure.

Jarden sees leverage to a housing recovery as a key medium-term driver of operating leverage and margin upside.

Overweight. Target price falls to $3.80 from $4.00 given the broker’s earnings forecasts are trimmed -2-3% across FY26-28 on margin pressure, despite modest upgrades to Food.

This report was published on December 2, 2025.

Target price is $3.80 Current Price is $3.33 Difference: $0.47
If MTS meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.80, suggesting upside of 14.1%(ex-dividends)
The company’s fiscal year ends in April.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 17.50 cents and EPS of 24.10 cents.
At the last closing share price the estimated dividend yield is 5.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of -2.9%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 21.00 cents and EPS of 27.40 cents.
At the last closing share price the estimated dividend yield is 6.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.4, implying annual growth of 9.2%.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.4
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

RCL    READCLOUD LIMITED

Education & Tuition – Overnight Price: $0.10 

Research as a Service (RaaS) rates ((RCL)) as No Rating (-1) –

ReadCloud had pre-released key financial metrics, hence why the Research as a Service (RaaS) analyst didn’t spot any major surprises in the FY25 result release.

It is the analyst’s assessment the core strategic Australian schools-facing businesses in eBooks and VET-in-Schools (collectively 85% of FY25 group sales revenue) delivered strong results, with VET-in-Schools the standout growing revenue at 26% to $5.7m and continuing to deliver gross margins exceeding 90%.

Commentary suggests the schools-facing businesses remain the growth driver for the company and they are considered well-positioned to continue to perform well in FY26 and beyond.

Small upward adjustments to forecasts have pushed up the DCF valuation to 0.38 from 0.35.

This company services the education and training sectors through the provision of digital learning content, proprietary interactive technology and support for students and educators.

Research as a Service (RaaS) research standard doesn’t carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

This report was published on December 3, 2025.

Target price is $0.38 Current Price is $0.10 Difference: $0.275
If RCL meets the Research as a Service (RaaS) target it will return approximately 262% (excluding dividends, fees and charges).
The company’s fiscal year ends in September.

Forecast for FY26:

Research as a Service (RaaS) 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 21.00.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.55.

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

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