Daily Market Reports | 1:20 PM
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)
AMI BGL (2) CDA CMM CXO ELV EVN GGP GLN GT1 HUB (2) IGO IMB INR LOV LTR NST PLS PMT SHG SS1 TTM VAU (2) WC8
AMI AURELIA METALS LIMITED
Gold & Silver - Overnight Price: $0.29
Moelis rates ((AMI)) as Buy (1) -
Moelis is clearly pleased with Aurelia Metals' Q2 update, assessing both cashflow and cash position as in line with expectations and noting the sequential improvement achieved on the September quarter.
Not everything is honky dory but the analyst argues any aberrations are within the normal margin of error. Plus, of course, this company remains exposed to gold (no further explanation required, one assumes).
Moelis believes the company is well positioned to capitalise on current pricing across the full commodity suite. Buy. Target 42c.
This report was published on January 21, 2026.
Target price is $0.42 Current Price is $0.29 Difference: $0.13
If AMI meets the Moelis target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $0.42, suggesting upside of 36.6%(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 4.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.59.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 4.2, implying annual growth of 45.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.4.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.58.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.7, implying annual growth of 35.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 5.4.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BGL BELLEVUE GOLD LIMITED
Gold & Silver - Overnight Price: $1.78
Jarden rates ((BGL)) as Neutral (3) -
Jarden marked to market commodity prices for the December quarter and lifted the near-term gold price forecast. 1H2026 price estimate raised to US$4,200/oz, with a taper to a long-term forecast of US$2,400/oz by FY31.
Acknowledging tighter copper markets and a concentrate-smelting imbalance, the broker also lifted the copper price forecast to US$5.45/lb in 1H2026, US$5.50/lb in FY27-29, and the long-term price to US$5.00/lb.
The broker downgraded FY26 EPS forecast for Bellevue Gold mainly due to voluntary hedge book delivery. FY27 forecast lifted by 3%.
Neutral retained. Target price $1.05.
This report was published on January 10, 2026.
Target price is $1.05 Current Price is $1.78 Difference: minus $0.73 (current price is over target).
If BGL meets the Jarden target it will return approximately minus 41% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.88, suggesting upside of 0.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.60.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.0, 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 17.0.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.87.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.7, implying annual growth of 70.0%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 10.0.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Moelis rates ((BGL)) as Buy (1) -
The one key element, Moelis highlights, is that Bellevue Gold remains on track to be largely hedge free by the end of 2026.
While peers will add more cash this year, this business will undergo a more significant change and thus offer greater re-rating potential on the broker's assessment.
Various changes have been made to forecasts (negative) following the December quarter update. Buy. Target $2.25.
This report was published on January 21, 2026.
Target price is $2.25 Current Price is $1.78 Difference: $0.47
If BGL meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $1.88, suggesting upside of 0.7%(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 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 84.76.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.0, 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 17.0.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.47.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.7, implying annual growth of 70.0%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 10.0.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CDA CODAN LIMITED
Hardware & Equipment - Overnight Price: $37.45
Canaccord Genuity rates ((CDA)) as Buy (1) -
Canaccord Genuity continues to rate Codan as a Buy with an upgraded target of $40.28 from $37.54, boosted by an improvement in the growth outlook as its product offering is set to benefit from a rise in global defence spending and record high gold prices.
Management lifted 1H26 guided revenue to 29% growth y/y and up 7% h/h, with net profit after tax guided to at least $70m, which is some 11% above the analyst's prior forecast and up 52% y/y.
The broker upgrades EPS estimates by 5% for FY26 and FY27.
This report was published on January 14, 2026.
Target price is $40.28 Current Price is $37.45 Difference: $2.83
If CDA meets the Canaccord Genuity target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $37.48, suggesting downside of -0.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 37.00 cents.
At the last closing share price the estimated dividend yield is 0.99%.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 81.0, implying annual growth of 41.9%.
Current consensus DPS estimate is 38.9, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 46.3.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 45.00 cents.
At the last closing share price the estimated dividend yield is 1.20%.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 96.6, implying annual growth of 19.3%.
Current consensus DPS estimate is 46.2, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 38.8.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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