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

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This story features FLIGHT CENTRE TRAVEL GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: FLT
The company is included in ASX200, ASX300 and ALL-ORDS

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

Broker Rating Changes (Post Thursday Last Week)

Upgrade

FLIGHT CENTRE TRAVEL GROUP LIMITED ((FLT)) Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0

Canaccord Genuity upgrades Flight Centre Travel to a Buy from Hold rating with a lift in target price to $15.20 from $12.95 post AGM comments and industry feedback which infers the company is trading above expectations for 1H26.

The analyst envisages Flight Centre may pick up some business from Corporate Travel Management ((CTD)) and emphasises FY26 results have a hefty 2H26 skew in order to meet forecasts and investors should remain alert to industry data to confirm expectations.

Looking out to FY27, the broker believes the trend will improve further with better operating efficiency and activity levels as well as Cruises, where Flight Centre has raised its exposure.

Canaccord Genuity makes no changes to earnings forecasts, noting consensus estimates for underlying profit before tax has declined to $321m from $334m compared to the analyst’s forecast of $317m for FY26.

There is now believed to be a lower risk of earnings disappointment.

Downgrade

COLLINS FOODS LIMITED ((CKF)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

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.

Price Target Changes (Post Thursday Last Week)

More Highlights

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $5.06 

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

Jarden notes post NBN’s 1Q26 wholesale market report that Aussie Broadband grew share of NBN’s SIOs (services in operation) by circa 20bps over the period, adding around 16k subscribers.

The analyst points to a robust underlying customer base with around 63k on speed tiers 100-plus Mbps against 59% at 4Q25 and this is anticipated to continue to expand as the company remains a leader through the NBN Fibre Connect upgrade program.

Jarden retains an Overweight rating and a $5.80 target price.

This report was published on December 4, 2025.

Target price is $5.80 Current Price is $5.06 Difference: $0.74
If ABB meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $6.01, suggesting upside of 19.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.00 cents and EPS of 24.50 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.6, implying annual growth of 75.2%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 25.7. 

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 11.00 cents and EPS of 33.90 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 32.1%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 19.5. 

Market Sentiment: 0.8
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

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

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

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