Weekly Reports | 10:40 AM
This story features ARAFURA RARE EARTHS LIMITED.
For more info SHARE ANALYSIS: ARU
The company is included in ALL-ORDS
A summary of the highlights from Broker Call Extra updates throughout the week past.
Broker Rating Changes (Post Thursday Last Week)
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ARAFURA RARE EARTHS LIMITED ((ARU)) Upgrade to Speculative Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0
Canaccord Genuity has removed Arafura Rare Earths from “under review” with an upgrade to Speculative Buy from Hold, and an increase in target price to 35c from 20c.
The company raised $482m at $0.28/sh for Nolans rare earths project, taking pro-forma cash to $570m and materially de-risking funding. Hancock Prospecting lifted its stake to 15.6%.
The broker notes the company has US$775m in senior debt secured and over US$1bn total debt support, and an estimated -US$1.9bn total funding needs.
This means the equity gap is now -US$500m, expected to be met via conditional cornerstone equity, with potential upside from US EXIM debt.
Funding visibility supports a 1Q26 FID, with the project development-ready and a 3-year build targeting commissioning in late 2029, the broker highlights.
| Order | Company | New Rating | Old Rating | Broker | |
|---|---|---|---|---|---|
| Upgrade | |||||
| 1 | ARAFURA RARE EARTHS LIMITED | Buy | Neutral | Canaccord Genuity | |
Price Target Changes (Post Thursday Last Week)
| Company | Last Price | Broker | New Target | Old Target | Change | |
|---|---|---|---|---|---|---|
| ARU | Arafura Rare Earths | $0.24 | Canaccord Genuity | 0.35 | 0.20 | 75.00% |
| BRE | Brazilian Rare Earths | $3.84 | Canaccord Genuity | 7.30 | 6.40 | 14.06% |
| CWP | Cedar Woods Properties | $8.71 | Moelis | 10.09 | 9.52 | 5.99% |
| FLT | Flight Centre Travel | $15.17 | Jarden | 18.50 | 18.00 | 2.78% |
| IMB | Intelligent Monitoring | $0.62 | Moelis | 0.95 | 0.91 | 4.40% |
| ORE | Orezone Gold | $2.03 | Canaccord Genuity | 3.75 | 3.25 | 15.38% |
| RSG | Resolute Mining | $1.20 | Canaccord Genuity | 2.30 | 2.00 | 15.00% |
| S32 | South32 | $3.40 | Canaccord Genuity | N/A | 2.60 | -100.00% |
| SCG | Scentre Group | $4.20 | Jarden | 4.55 | 4.45 | 2.25% |
| SDF | Steadfast Group | $5.15 | Jarden | 6.25 | 6.75 | -7.41% |
| Jarden | 6.90 | 6.75 | 2.22% | |||
| SUL | Super Retail | $15.95 | Jarden | 17.90 | 18.00 | -0.56% |
| WOW | Woolworths Group | $29.48 | Jarden | 31.00 | 30.10 | 2.99% |
| Company | Last Price | Broker | New Target | Old Target | Change | |
More Highlights
ATH ALTERITY THERAPEUTICS LIMITED
Overnight Price: $0.01
Canaccord Genuity rates ((ATH)) as Initiation of coverage with Speculative Buy (1) –
Canaccord Genuity has initiated coverage of Alterity Therapeutics with a Speculative Buy rating and target price of 1.6c.
The company is developing ATH434 for synucleinopathies such as MSA and Parkinson’s by targeting excess brain iron linked to neurodegeneration.
Two Phase II studies (87 patients total) delivered a range of positive efficacy signal, positioning ATH434 as the first iron-modulating therapy to show this breadth. Phase III MSA trial is expected to start within 12 months.
With no approved disease-specific MSA treatments, similar Phase III outcomes could drive rapid uptake and potential peak sales of US$1.5bn, in the broker’s view.
The fully de-risked valuation is estimated at 4.8c.
This report was published on December 17, 2025.
Target price is $0.02 Current Price is $0.01 Difference: $0.008
If ATH meets the Canaccord Genuity target it will return approximately 100% (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 10.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 0.08.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 20.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 0.04.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
3DA AMAERO LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $0.27
Research as a Service (RaaS) rates ((3DA)) as No Rating (-1) –
Amaero received a US Navy Letter of Support endorsing its PM-HIP process as a technically ready alternative to traditional castings/forgings, Research as a Service (RaaS) notes. This strengthens its positioning for defence prime collaboration.
The company also ordered a fourth EIGA Premium Atomiser and secured a $9m (60%) cost saving on an argon recycling plant. This is expected to be installed by end-2026 and commissioned in 1Q2027, bringing opex savings forward by 12 months.
RaaS notes the -$72m three-year capex program remains on time/budget to 30 June 2026, and is more confident of its forecasts for profitability in FY28 and at-capacity earnings by FY30.
Valuation 82c.
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 16, 2025.
Target price is $0.82 Current Price is $0.27 Difference: $0.555
If 3DA meets the Research as a Service (RaaS) target it will return approximately 209% (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 minus 2.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.04.
Forecast for FY27:
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 29.44.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
BFG BELL FINANCIAL GROUP LIMITED
Diversified Financials – Overnight Price: $1.28
Research as a Service (RaaS) rates ((BFG)) as No Rating (-1) –
Bell Financial’s trading update for the 11 months to November 2025 proved stronger than expected by the analyst at Research as a Service (RaaS).
Group pre-tax profit growth of 17% was no less than 15% above the RaaS estimate. However, generally lower peer multiples have compensated for the increase in forecasts, and thus the $2.45 valuation remains unchanged.
As Bell Financial continues to put in place a structure that incentivises fee income over transactional income, the analyst suggests this should lead to a re-rating over time.
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 11, 2025.
Target price is $2.45 Current Price is $1.28 Difference: $1.17
If BFG meets the Research as a Service (RaaS) target it will return approximately 91% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.
Forecast for FY25:
Research as a Service (RaaS) forecasts a full year FY25 dividend of 8.00 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 6.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.49.
Forecast for FY26:
Research as a Service (RaaS) forecasts a full year FY26 dividend of 9.00 cents and EPS of 10.30 cents.
At the last closing share price the estimated dividend yield is 7.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.43.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CWP CEDAR WOODS PROPERTIES LIMITED
Infra & Property Developers – Overnight Price: $8.80
Moelis rates ((CWP)) as Buy (1) –
Cedar Woods Properties lifted FY26 guidance to at least 20% net profit growth, marking the second upgrade since August. It is a reflection of greater confidence in full-year settlements, given most sales are already contracted, Moelis observes.
Growth is expected to be driven by price gains and margin expansion in key markets Perth and Brisbane, with South Australia steady and improving enquiry/sales in Victoria.
The broker lifted FY26 net profit growth forecasts to 23% from 17%. Target rises to $10.09 from $9.52, and Buy maintained.
This report was published on December 18, 2025.
Target price is $10.09 Current Price is $8.80 Difference: $1.29
If CWP meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 34.00 cents and EPS of 72.00 cents.
At the last closing share price the estimated dividend yield is 3.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.22.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 38.00 cents and EPS of 81.20 cents.
At the last closing share price the estimated dividend yield is 4.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.84.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
OCC ORTHOCELL LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.02
Canaccord Genuity rates ((OCC)) as Initiation of coverage with Speculative Buy (1) –
Canaccord Genuity has initiated coverage of Orthocell with a Speculative Buy rating and target price of $1.33.
The company is a regenerative medicine company focused on collagen-based devices for peripheral nerve repair. The lead product, Remplir, a collagen nerve wrap to aid regeneration and reduce scarring, has secured major global approvals, including FDA 510(k) in April 2025, setting up a multi-year growth runway.
The company is beginning its US rollout using a capital-light distributor model, guided by an in-house commercial team experienced in nerve repair.
The broker reckons the company is moving into a 12–24 month period where rising VAC uptake, greater surgeon familiarity, and strengthening clinical data could meaningfully de-risk its revenue outlook.
This report was published on December 17, 2025.
Target price is $1.33 Current Price is $1.02 Difference: $0.305
If OCC meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 34.17.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 102.50.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
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