Australian Broker Call *Extra* Edition – Dec 08, 2025

Array
(
    [0] => Array
        (
            [0] => ((AD8))
            [1] => ((AUE))
            [2] => ((A1G))
            [3] => ((BEN))
            [4] => ((BET))
            [5] => ((BNZ))
            [6] => ((CKF))
            [7] => ((CSX))
            [8] => ((VEE))
            [9] => ((ANG))
            [10] => ((DPM))
            [11] => ((LOT))
            [12] => ((MPK))
            [13] => ((A1G))
            [14] => ((NXL))
            [15] => ((ORE))
        )

    [1] => Array
        (
            [0] => AD8
            [1] => AUE
            [2] => A1G
            [3] => BEN
            [4] => BET
            [5] => BNZ
            [6] => CKF
            [7] => CSX
            [8] => VEE
            [9] => ANG
            [10] => DPM
            [11] => LOT
            [12] => MPK
            [13] => A1G
            [14] => NXL
            [15] => ORE
        )

)

This story features AUDINATE GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: AD8
The company is included in ALL-ORDS and ALL-TECH

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)

AD8   AUE   BEN   BET   BNZ   CKF   CSX   DPM   LOT   MPK   NXL   ORE  

AD8    AUDINATE GROUP LIMITED

Hardware & Equipment – Overnight Price: $4.51

Moelis rates ((AD8)) as Buy (1) –

As Moelis points out, strategically, Audinate Group has been trying to extend its leadership position to video from the dominant position it retains in networked audio with the acquisition of Iris Studio, bringing forth a cloud based platform for pan tilt zoom (PTZ) cameras.

Iris software permits end users to access Iris Studio via a subscription model and paves the way for AI driven production, incorporating automated switching, framing and shot selection, the analyst explains.

A Buy rating is retained with the group’s leadership in audio networking believed to be strategically valuable.

No change to the broker’s earnings forecasts and target price of $9.43.

This report was published on December 5, 2025.

Target price is $9.43 Current Price is $4.51 Difference: $4.92
If AD8 meets the Moelis target it will return approximately 109% (excluding dividends, fees and charges).
Current consensus price target is $5.33, suggesting upside of 17.5%(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 minus 14.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 30.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -19.9, 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.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 6.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 67.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -17.1, 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.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AUE    AURUM RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.59

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

Canaccord Genuity has initiated coverage of Aurum Resources with a Speculative Buy rating and target price of $1.50.

The company is advancing the 2.41Moz Boundiali Gold Project in Côte d’Ivoire, leveraging 12 company-owned diamond rigs to drill faster and cheaper. It spans 1,470sq.km with multiple deposits near major regional mines, giving a strong exploration and development context.

 A pre-feasibility study is due in March 2026, and the company envisages a 5-6Mtpa open pit producing up to 180koz annually with an estimated AISC around US$1,450/oz.

Strategic investors Montage Gold Corp (MAU), the Lundin family, and Zhaojin hold 9.9%, 9.9%, and 8.5%, respectively.  The broker sees project upside to 3.1Moz at Boundiali and 1.1Moz for the broader Napié gold project.

Last week, MAU’s offer to buy the rest of African Gold ((A1G)) at a rich $350/oz EV/resource multiple, if applied to Aurum, results in a valuation of $2.75/share, the broker highlights.

This report was published on December 4, 2025.

Target price is $1.50 Current Price is $0.59 Difference: $0.91
If AUE meets the Canaccord Genuity target it will return approximately 154% (excluding dividends, fees and charges).

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $10.38

Jarden rates ((BEN)) as Neutral (3) –

Jarden observes several updates from Bendigo & Adelaide Bank at its 2025 Investor Day, including the acquisition of RACQ Bank’s retail lending assets and deposits, with the transfer expected during 1H27.

Around 90k new customers will come on stream and the acquisition is anticipated to be both ROE and EPS positive.

Regarding the anti-money laundering investigation, little information was disclosed, with the analyst noting Deloitte was engaged in August 2025 to conduct an independent investigation.

The RACQ acquisition is considered as moving in the right direction to grow the regional lender’s low cost deposit base. No change to Neutral rating and $11 target.

This report was published on December 4, 2025.

Target price is $11.00 Current Price is $10.38 Difference: $0.62
If BEN meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $10.27, suggesting downside of -2.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 63.00 cents and EPS of 83.00 cents.
At the last closing share price the estimated dividend yield is 6.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.5, implying annual growth of N/A.
Current consensus DPS estimate is 63.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 66.00 cents and EPS of 87.40 cents.
At the last closing share price the estimated dividend yield is 6.36%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.6, implying annual growth of 3.8%.
Current consensus DPS estimate is 63.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.4.

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

BET    BETMAKERS TECHNOLOGY GROUP LIMITED

Gaming – Overnight Price: $0.17

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

Canaccord Genuity reckons Betmakers Technology’ recent updates were positive, highlighting new customer wins and margin improvement progress.

The company secured a five-year exclusive deal as the sole tech provider for the relaunched CrownBet with Betfair Australia, positioning it to earn fixed fees plus revenue share.

The company also negotiated improved terms with PENN Entertainment worth $1.2m EBITDA benefit annually, the broker notes. Additionally, multiple Apollo launches are slated for 2Q26, indicating strong momentum into 2026.

Speculative Buy maintained, with unchanged target of 22c.

This report was published on December 4, 2025.

Target price is $0.22 Current Price is $0.17 Difference: $0.045
If BET meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.37 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 47.30.

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

BNZ    BENZ MINING CORP.

Gold & Silver – Overnight Price: $1.46

Argonaut rates ((BNZ)) as Initiation of coverage with Speculative Buy (2) –

Argonaut has initiated coverage of WA-focused gold developer Benz Mining with a Speculative Buy rating and $2.20 price target. Benz is developing its Glenburgh project, acquired in November 2024.

The broker sees potential for further high-grade shoots to be discovered, expanding the scale of a Glenburgh development scenario, while noting Benz’s current aggressive four-rig drill program in progress.

This report was published on November 26, 2025.

Target price is $2.20 Current Price is $1.46 Difference: $0.74
If BNZ meets the Argonaut target it will return approximately 51% (excluding dividends, fees and charges).
The company’s fiscal year ends in April.

Forecast for FY26:

Argonaut forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.91 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 160.44.

Forecast for FY27:

Argonaut forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.41 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 356.10.

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

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $10.02

Jarden rates ((CKF)) as Downgrade to Neutral from Overweight (3) –

Jarden downgrades Collins Foods to Neutral from Overweight as the risk reward appears more balanced, with a higher target price of $11.40 from $10.10.

The quick service restaurant operator reported a 1H26 earnings beat, with FY26 earnings (EBITDA) guidance upgraded and Australian same store sales growth improving over the second half.

FY26 net profit after tax growth guidance was lifted to high mid teens from low to mid teens, and the broker raises earnings forecasts by 0-2% for FY26-FY28, including a rise in Australia store openings to around 7pa and 50 new stores forecast for Germany in the next five years.

Jarden estimates EPS can CAGR by 15% over the next three years.

This report was published on December 2, 2025.

Target price is $11.40 Current Price is $10.02 Difference: $1.38
If CKF meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $12.14, suggesting upside of 21.4%(ex-dividends)
The company’s fiscal year ends in April.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 51.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.4, implying annual growth of 585.3%.
Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 60.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.2, implying annual growth of 17.1%.
Current consensus DPS estimate is 34.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.6.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CSX    CLEANSPACE HOLDINGS LIMITED

Medical Equipment & Devices – Overnight Price: $0.66

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

CleanSpace’s trading update at the AGM effectively translated into a profit warning and the Research as a Service (RaaS) analyst draws a comparison with the likes of Veem ((VEE)) and Austin Engineering ((ANG)), suggesting trade and tariff tensions are to blame.

The news is not all bad, with H2 FY26 revenue growth expected to be stronger, aided by the first price increase since 2023 and a likely new model launch.

Hence, positive operating EBITDA and cash flow are still expected. Earnings estimates have received the chainsaw treatment. This has lowered the analyst’s DCF valuation to $1.05 from $1.15.

The analyst points out CleanSpace has a minor market share of less than 1% in the global industrial market for powered air purifying respirators (PAPR) but with a compelling product offering.

The company remains in the early days of expansion into the US, parts of Asia and parts of Europe, outside of already established markets in France and the UK.

This report was published on December 5, 2025.

Target price is $1.05 Current Price is $0.66 Difference: $0.395
If CSX meets the Research as a Service (RaaS) target it will return approximately 60% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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 131.00.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.26.

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

DPM    DPM METALS INC

Overnight Price: $42.36

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

DPM Metals released a feasibility study and updated resources/reserves for its Coka Rakita project in Serbia, showing slightly better economics than the Dec-2024 PFS, Canaccord Genuity notes.

The broker updated its model with 10% higher opex and capex, referencing PFS, where FS details are pending.

The discount rate was also cut to 7.0% from 7.5% on de-risking, resulting in a NAV rise to US$2.8bn from US$2.4bn.

Buy rating. Target price CA$45.50.

This report was published on November 26, 2025.

Current Price is $42.36. Target price not assessed.
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 371.98 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.39.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 420.23 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.08.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.18

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

Canaccord Genuity notes Lotus Resources re-iterated steady-state production for the Kayelekera mine in 1Q2026, though ramp-up remains limited by acid shortages until the acid plant is commissioned early next year.

Product qualification and first shipment are now guided for 1Q2026, with management citing pleasing throughput and recoveries so far.

The broker highlights plant completion is key to lowering ramp-up costs, with AISC expected to decline to US$45/lb at steady state from US$64.1/lb initially.

The company holds $73.9m cash as of 30 Nov 2025. Speculative Buy and unchanged target of 31c.

This report was published on December 4, 2025.

Target price is $0.31 Current Price is $0.18 Difference: $0.13
If LOT meets the Canaccord Genuity target it will return approximately 72% (excluding dividends, fees and charges).
Current consensus price target is $0.34, suggesting upside of 87.0%(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 minus 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 45.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.6, 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 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.9, 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 9.5.

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

MPK    MANY PEAKS MINERALS LIMITED

Overnight Price: $0.90

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

Canaccord Genuity has initiated coverage of Many Peaks Minerals with a Speculative Buy rating and target price of $1.85.

As per the report, the company is systematically testing ground in northern Cote d’Ivoire that was previously fragmented and underexplored.

The flagship Ferke gold project (earning up to 85%) is delivering a growing discovery at Ouarigue South, commentary suggests, building on strong historic drilling and defining a plunging intrusion-hosted system.

Recent drilling has extended high-grade mineralisation to over 500m strike and depth, outlined a 9-10km corridor, and showed around 94% free-milling recoveries. A maiden resource is targeted for mid-2026.

The broker reckons the company may attract strategic partners, and modelling suggests the Ouarigue South prospect alone could grow to around 2.6Moz over time.

Last week, Montage Gold Corp’s offer to buy the rest of African Gold ((A1G)) at a rich $350/oz EV/resource multiple, if applied to Many Peaks, results in a valuation of $3.55/share, the broker highlights.

This report was published on December 4, 2025.

Target price is $1.85 Current Price is $0.90 Difference: $0.95
If MPK meets the Canaccord Genuity target it will return approximately 106% (excluding dividends, fees and charges).

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

NXL    NUIX LIMITED

Software & Services – Overnight Price: $1.86

Moelis rates ((NXL)) as Buy (1) –

Moelis likes Nuix’s acquisition of Linkurious, of which the company already has an existing relationship by offering Nuix’s customers technology to graph and visualise the connected data on its platform.

The analyst believes the takeover will offer growth opportunities and is strategically aligned.

The maximum acquisition price is around -$35.4m with circa 62% upfront and around 25% as an earn out, with the balance in Nuix shares, and is expected to be finalised within the next four months.

Linkurious’ annualised contract value stood at around $12m in FY25 with positive operating cash flow and earnings (EBITDA).

Post the share price fall on disappointing earnings, Moelis sees Nuix as undervalued. Buy rating retained with a $3.37 target price.

This report was published on December 4, 2025.

Target price is $3.37 Current Price is $1.86 Difference: $1.51
If NXL meets the Moelis target it will return approximately 81% (excluding dividends, fees and charges).
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 4.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 43.26.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.80.

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

ORE    OREZONE GOLD CORPORATION REGISTERED

Gold & Silver – Overnight Price: $1.76

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

Orezone Gold’s shallow grade-control drilling at the P17 Zone at Bombore gold mine in central Burkina Faso confirmed reserve/resource models and strong high-grade continuity.

It supports the role as key hard-rock feed from 2026, Canaccord Genuity remarks.

Stage 1 hard-rock plant commissioning is well advanced with the crusher running and semi-autogenous grinding mill turning, with first ore to the mill and first gold expected imminently.

The updates underpin the broker’s confidence in 175koz production in 2026, rising to 233koz by 2027. The stock looks cheap at 0.25× NAV and high future free cash flow yields, in the broker’s view.

Buy retained. Target price $3.25.

This report was published on December 7, 2025.

Target price is $3.25 Current Price is $1.76 Difference: $1.49
If ORE meets the Canaccord Genuity target it will return approximately 85% (excluding dividends, fees and charges).

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.

<span style="

Click to view our Glossary of Financial Terms