Australian Broker Call *Extra* Edition – Jan 28, 2026

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            [2] => ((ARB))
            [3] => ((BGL))
            [4] => ((BPT))
            [5] => ((BPT))
            [6] => ((CEH))
            [7] => ((EVN))
            [8] => ((FBU))
            [9] => ((FMG))
            [10] => ((FPR))
            [11] => ((GDG))
            [12] => ((GNE))
            [13] => ((GNP))
            [14] => ((KAR))
            [15] => ((LNW))
            [16] => ((LYC))
            [17] => ((NST))
            [18] => ((NST))
            [19] => ((NWL))
            [20] => ((NWL))
            [21] => ((HUB))
            [22] => ((PDN))
            [23] => ((PEN))
            [24] => ((PNR))
            [25] => ((PPS))
            [26] => ((RRL))
            [27] => ((RSG))
            [28] => ((RXL))
            [29] => ((SFR))
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            [1] => A2M
            [2] => ARB
            [3] => BGL
            [4] => BPT
            [5] => BPT
            [6] => CEH
            [7] => EVN
            [8] => FBU
            [9] => FMG
            [10] => FPR
            [11] => GDG
            [12] => GNE
            [13] => GNP
            [14] => KAR
            [15] => LNW
            [16] => LYC
            [17] => NST
            [18] => NST
            [19] => NWL
            [20] => NWL
            [21] => HUB
            [22] => PDN
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            [24] => PNR
            [25] => PPS
            [26] => RRL
            [27] => RSG
            [28] => RXL
            [29] => SFR
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)

This story features 29METALS LIMITED, and other companies.
For more info SHARE ANALYSIS: 29M
The company is included in ALL-ORDS

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)

29M   A2M   ARB   BGL   BPT (2)   CEH   EVN   FBU   FMG   FPR   GDG   GNE   GNP   KAR   LNW   LYC   NST (2)   NWL (2)   PDN   PEN   PNR   PPS   RRL   RSG   RXL   SFR  

29M    29METALS LIMITED

Copper – Overnight Price: $0.48

Jarden rates ((29M)) as Underweight (4) –

Jarden highlights a $150m entitlement offer, taking cumulative dilution to around $480m over three years for 29Metals, following a weaker than expected December quarter and a further -$50m decline in liquidity.

Management’s 2026 guidance disappointed, with zinc production reduced to 40–50kt from prior expectations of 57kt and sustaining and growth capex lifted to -$160–195m, while production at Capricorn Copper remains suspended.

Jarden now forecasts negative free cash flow of around -$170m in 2026, despite a supportive base metals price outlook, and cuts earnings (EBITDA) by -62% in 2026 and -7% in 2027.

Underweight rated. Target falls to 37c from 41c.

This report was published on January 20, 2026.

Target price is $0.37 Current Price is $0.48 Difference: minus $0.11 (current price is over target).
If 29M meets the Jarden target it will return approximately minus 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.40, suggesting downside of -16.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 22.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.6, 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 FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.2, 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 40.0.

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

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $8.39

Jarden rates ((A2M)) as Underweight (4) –

Strong operating momentum is expected to carry through FY26 for a2 Milk, although valuation support is becoming harder to justify, in Jarden’s view.

The broker expects 1H26 revenue to rise 18% to NZ$982m, driven by infant formula revenue growth of 16%, while earnings are forecast to increase 10% to NZ$143m despite margin pressure from new product launches and FX.

Chinese newborn numbers disappointed in 2025 at 7.9m, but the analyst flags a modest rebound into 2026, while noting long term demographic headwinds remain.

Underweight rating and NZ$8.60 target price.

This report was published on January 20, 2026.

Current Price is $8.39. Target price not assessed.
Current consensus price target is $9.77, suggesting upside of 16.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 21.61 cents and EPS of 27.64 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of N/A.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 33.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 63.30 cents and EPS of 31.79 cents.
At the last closing share price the estimated dividend yield is 7.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of 19.1%.
Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 28.1.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $25.74

Canaccord Genuity rates ((ARB)) as Hold (3) –

A weaker than expected first half has forced a reset to ARB Corporation’s near term earnings outlook, in Canaccord Genuity’s view.

The broker flags expected 1H26 underlying profit before tax of $58.0m, around -15% below its forecast, driven by gross margin pressure from an unfavourable THB/AUD cross rate and a sharper than expected slowdown in Australian aftermarket and non US export sales.

Canaccord Genuity cautions Australian aftermarket growth is likely to remain modest, while visibility on a rebound in non US exports and the sustainability of US export growth has diminished.

The analyst cuts earnings forecasts by -13.4% in FY26, -12.1% in FY27, reflecting a lower sales base and reduced margin leverage. Target price is lowered to $29.60 from $35.60. Hold.

This report was published on January 22, 2026.

Target price is $29.60 Current Price is $25.74 Difference: $3.86
If ARB meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $38.78, suggesting upside of 50.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 60.00 cents and EPS of 107.00 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.9, implying annual growth of -3.3%.
Current consensus DPS estimate is 64.7, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 78.00 cents and EPS of 122.00 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 132.2, implying annual growth of 16.1%.
Current consensus DPS estimate is 75.2, implying a prospective dividend yield of 2.9%.
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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.86

Jarden rates ((BGL)) as Neutral (3) –

A mixed December quarter leaves Bellevue Gold heavily reliant on a stronger second half, according to Jarden.

Gold production of 32koz and sales of 31.9koz were broadly in line, while AISC of $2,989/oz improved q/q but missed forecasts due to higher royalties and a lower inventory credit.

The broker retains its 140koz FY26 production forecast, although notes operational contingency has eroded and the required 2H run rate of around 160kozpa skews risk to the downside.

Neutral retained. Target price $1.05.

This report was published on January 21, 2026.

Target price is $1.05 Current Price is $1.86 Difference: minus $0.81 (current price is over target).
If BGL meets the Jarden target it will return approximately minus 44% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.88, suggesting upside of 1.3%(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 3.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 48.95.

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 16.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.57.

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 9.9.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.21

Canaccord Genuity rates ((BPT)) as Hold (3) –

Beach Energy’s December quarter set the tone for a cautious update from Canaccord Genuity, despite a key operational milestone being reached.

The broker notes production fell -9% q/q to 4.5mnboe, driven by lower Otway customer nominations, maintenance impacts and a slower than expected ramp up at Waitsia, although sales revenue exceeded its forecast due to higher third party sales.

FY26 production forecast is lowered by the analyst to 19.9mnboe, near the bottom end of guidance. Commentary highlights the failed Hercules-1 well as a setback to longer term growth aspirations.

Canaccord Genuity retains its Buy rating and lowers its price target to $1.26 from $1.30, citing softer than expected production and limited remaining organic growth options.

This report was published on January 22, 2026.

Target price is $1.26 Current Price is $1.21 Difference: $0.05
If BPT meets the Canaccord Genuity target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.07, suggesting downside of -11.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 4.00 cents and EPS of 16.10 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of N/A.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 8.0.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 4.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 16.4%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 6.8.

Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

Jarden rates ((BPT)) as Sell (5) –

Early LNG cargo sales boosted Beach Energy’s December quarter but have brought forward repayment risk, the Jarden analyst notes.

Sales volumes of 5.9mmboe and revenue of $445m beat expectations due to the sale of two Waitsia LNG cargoes, despite group production of 4.5mmboe being down -9% q/q, broadly in line.

Liquidity was boosted with the addition of a $300m facility, lifting available funding to $925m and positioning the group to pursue growth, although the analyst’s FY26 underlying net profit after tax is cut -37% following higher LNG swap costs and expensed exploration.

Sell rated. No change to 90c target.

This report was published on January 21, 2026.

Target price is $0.90 Current Price is $1.21 Difference: minus $0.31 (current price is over target).
If BPT meets the Jarden target it will return approximately minus 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.07, suggesting downside of -11.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 3.50 cents and EPS of 10.50 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of N/A.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 8.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 4.50 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 16.4%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 6.8.

Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CEH    COAST ENTERTAINMENT HOLDINGS LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.55

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

Canaccord Genuity notes momentum at Coast Entertainment continues to build as peak season trading delivers a step change in earnings expectations.

Canaccord Genuity retains its Buy rating and lifts its target price to $0.68 from $0.64, driven by stronger than expected 1H26 trading and improved cash generation.

The broker highlights like for like operating revenue growth of 22%, with ticket sales up 47% and visitation up 44%, supported by higher in park spend and a growing mix of annual pass sales.

FY26 earnings (EBITDA) forecast raised by 6% and net profit after tax by 21%, citing increasing fixed cost leverage as attendance remains well above pre accident levels, while FY27 earnings (EBITDA) are lifted by 2%.

This report was published on January 21, 2026.

Target price is $0.68 Current Price is $0.55 Difference: $0.13
If CEH meets the Canaccord Genuity target it will return approximately 24% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 55.00.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $14.76

Canaccord Genuity rates ((EVN)) as Hold (3) –

A standout December quarter performance underpinned another valuation uplift for Evolution Mining, although upside is now seen as largely reflected in the share price with Canaccord Genuity retaining its Hold rating.

The broker notes group gold production of 191koz was in line with expectations, while group AISCs of $1,275/oz materially beat forecasts, driven by higher by-product credits and strong performances across Cowal, Mungari and Northparkes.

Record net mine cash flow of $727m was achieved boosting the balance sheet with gearing reduced to 6%.

Management offered a -6% reduction to FY26 AISC guidance, although weather related disruption at Ernest Henry is expected to trim FY26 output by -7 to –8koz gold.

Target price lifts to $13.85 from $13.75, reflecting stronger cash flow outcomes and lower cost assumptions.

This report was published on January 21, 2026.

Target price is $13.85 Current Price is $14.76 Difference: minus $0.91 (current price is over target).
If EVN meets the Canaccord Genuity target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.17, suggesting downside of -10.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 38.00 cents and EPS of 94.00 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.6, implying annual growth of 137.8%.
Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 54.00 cents and EPS of 125.00 cents.
At the last closing share price the estimated dividend yield is 3.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.9, implying annual growth of -1.5%.
Current consensus DPS estimate is 63.6, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 13.6.

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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $3.35

Jarden rates ((FBU)) as Buy (1) –

Fletcher Building has agreed to sell its Construction Division to Vinci for NZ$315.6m, with potential upside of up to NZ$18.5m, implying an exit multiple of around 6–7x EBIT based on FY25–26 earnings.

Jarden highlights the deal materially reduces contract risk, a key investor concern, and aligns with its expectation that proceeds of around NZ$300m would represent a good outcome.

Legacy construction provisions are increased by -NZ$55 to –NZ$65m for retained contracts, partially offsetting balance sheet benefits, while cash flow improvements are expected to emerge in FY27.

Overweight rating and NZ$4.09 target price are retained.

This report was published on January 20, 2026.

Current Price is $3.35. Target price not assessed.
Current consensus price target is $3.13, suggesting downside of -6.6%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 14.4, 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 23.3.

Forecast for FY27:

Current consensus EPS estimate is 17.7, implying annual growth of 22.9%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 18.9.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

FMG    FORTESCUE LIMITED

Iron Ore – Overnight Price: $21.87

Jarden rates ((FMG)) as Underweight (4) –

Fortescue announced Hematite shipments of 48.3Mt which were in line with Jarden’s forecast, contributing to record 1H shipments of 100.2Mt.

C1 costs of US$19.10/wmt missed expectations due to inventory timing, higher diesel prices and AUD headwinds.

Iron Bridge shipments of 2.2Mt fell short, but a record December month following mill optimisation gives the broker some confidence the low end of FY26 guidance can still be met.

The balance sheet strengthened following a US$750m debt buyback, reducing net debt to US$1.0bn and supporting dividends, although Jarden trims its FY26 DPS forecast to $1.15.

Underweight. Target lifts to $17.15 from $17.

This report was published on January 22, 2026.

Target price is $17.15 Current Price is $21.87 Difference: minus $4.72 (current price is over target).
If FMG meets the Jarden target it will return approximately minus 22% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $20.43, suggesting downside of -6.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 115.00 cents and EPS of 192.35 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 11.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 163.7, implying annual growth of N/A.
Current consensus DPS estimate is 116.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 114.15 cents and EPS of 128.49 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 127.6, implying annual growth of -22.1%.
Current consensus DPS estimate is 72.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 17.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

FPR    FLEETPARTNERS GROUP LIMITED

Vehicle Leasing & Salary Packaging – Overnight Price: $2.82

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

A subdued start to FY26 has left FleetPartners Group searching for a catalyst, despite stable underlying earnings drivers, in Canaccord Genuity’s view.

New business written fell -13% in 1Q26 to $185m, although assets under management or finance (AUMOF) remained steady at $2.4bn, which the broker highlights as the key determinant of near term earnings stability.

Management guided to marginal new business written growth in FY26 alongside stable AUMOF, core income and end of lease income, supported by ongoing cost discipline and strong cash generation.

Buy rating and $3.60 target price are retained.

This report was published on January 22, 2026.

Target price is $3.60 Current Price is $2.82 Difference: $0.78
If FPR meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $3.45, suggesting upside of 22.5%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 38.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.7, implying annual growth of 3.4%.
Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY27:

Current consensus EPS estimate is 33.7, implying annual growth of -2.9%.
Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 8.2%.
Current consensus EPS estimate suggests the PER is 8.4.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $5.65

Moelis rates ((GDG)) as Buy (1) –

Stronger than expected Investment bond flows offset softer managed account momentum at Generation Development Group, notes Moelis.

Investment bond net inflows of $330m beat expectations, driven by continued out-performance in bond returns, while managed account flows were softer due to mandate timing.

The broker notes Evidentia secured client wins representing around $3.4bn in FUA during the quarter, with conversion expected to support flows over time and a stronger 2H anticipated.

FY26 group EPS estimates are broadly unchanged, with stronger bond performance offsetting marginally lower managed account revenue assumptions. Buy rated with $8.46 target.

This report was published on January 22, 2026.

Target price is $8.46 Current Price is $5.65 Difference: $2.81
If GDG meets the Moelis target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $7.52, suggesting upside of 33.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 2.00 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 0.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 55.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.8, implying annual growth of -7.1%.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 52.3.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 2.00 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 0.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of 39.8%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 37.4.

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

GNE    GENESIS ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $2.10

Jarden rates ((GNE)) as Buy (1) –

Genesis Energy delivered 2Q26 earmings (EBITDA) of around NZ$119m, down on y/y, reflecting materially lower wholesale prices and deliberately reduced thermal dispatch under improved hydrological conditions.

For 1H26, implied EBITDA rose to around NZ$296m from NZ$217m, prompting an upgrade to FY26 normalised EBITDAF guidance to NZ$490–520m from NZ$455–485m, with all other guidance unchanged.

Jarden attributes the upgrade to improved margin quality from portfolio optimisation, partially offset by higher operating costs linked to the Gen35 programme.

Hydro generation increased 17% in 1H26 while thermal output fell -45% as lake storage improved to 122% of average by December. Jarden retains a Buy rating and NZ$3.01 target.

This report was published on January 22, 2026.

Current Price is $2.10. Target price not assessed.

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

GNP    GENUSPLUS GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $7.95

Moelis rates ((GNP)) as Buy (1) –

Order book momentum has translated into a step change in earnings expectations for GenusPlus Group, according to Moelis.

Management upgraded FY26 guidance to around 35% earnings (EBITDA) growth, implying FY26 EBITDA of about $91m, driven by stronger delivery across the Energy & Engineering and Services segments.

The broker lifts EPS forecasts by 11% in FY26, 6% in FY27 on the back of recent contract awards and improved visibility across the pipeline.

Key wins include the Western Renewable Link transmission project in Victoria, WA decarbonisation works for Fortescue and additional Western Power contracts.

Buy rating is retained and the target price is lifted to $8.71 from $7.73. 

This report was published on January 23, 2026.

Target price is $8.71 Current Price is $7.95 Difference: $0.76
If GNP meets the Moelis target it will return approximately 10% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.70 cents and EPS of 26.10 cents.
At the last closing share price the estimated dividend yield is 0.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.46.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 4.80 cents and EPS of 27.40 cents.
At the last closing share price the estimated dividend yield is 0.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.01.

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

KAR    KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $1.64

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

Jarden expects December quarter production to fall to 2.39mmboe, reflecting two Brazilian wells offline, with sales revenue of US$151m based on four cargoes.

Commentary highlights strong cash flow supports elevated 1H26 spend ahead of taking over floating production, storage and offloading (FPSO) operatorship.

Upcoming catalysts include a major FPSO workover campaign, repairs to SPS-92 and PRA-2 to restore output towards 27,000bopd, and a likely commitment to the Who Dat East development in 1Q26.

The broker also looks for updates on a potential Neon farm down and newly acquired deepwater Brazil exploration permits, which could shape Karoon’s medium term growth profile.

Overweight rating and $1.65 target price are retained

This report was published on January 22, 2026.

Target price is $1.65 Current Price is $1.64 Difference: $0.01
If KAR meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.88, suggesting upside of 14.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 4.63 cents and EPS of 17.58 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of N/A.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 8.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 4.32 cents and EPS of 16.97 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of -16.5%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 10.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $163.25

Jarden rates ((LNW)) as Buy (1) –

Jarden is looking for a clean 4Q25 for Light & Wonder and the analyst expects sequential earnings growth in the quarter, with 2025 earnings (EBITDA) of US$1.43bn at the bottom end of guidance.

Core gaming operations are forecast to add 500–1,000 net installs in the quarter, while charitable gaming momentum is accelerating into FY26 following the Grover rollout in Indiana.

Jarden also highlights continued strength across iGaming and resilient SciPlay performance, while flagging balance sheet deleveraging as the next key focus following the resolution of listing and litigation issues.

Buy rating and $195.00 target price are retained

This report was published on January 21, 2026.

Target price is $195.00 Current Price is $163.25 Difference: $31.75
If LNW meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $204.43, suggesting upside of 25.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 1027.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 834.3, 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 19.6.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1209.47 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1055.0, implying annual growth of 26.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $16.01

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

A weaker than expected December quarter has been overtaken by a more constructive pricing outlook for Lynas Rare Earths, in Canaccord Genuity’s view.

NdPr production of 1.3kt missed expectations due to power disruptions at Kalgoorlie and maintenance downtime in Malaysia, although this was offset by a 57% q/q increase in realised prices to US$85/kg, reflecting favourable sales mix and ex China premiums.

The broker highlights improving sector fundamentals, including easing China export controls, stronger demand signals and Lynas’ progressing heavy rare earth separation expansion in Malaysia.

Earnings forecasts are raised by the analyst around 10% across FY26–30.

Buy rating retained and target price lifts to $18.10 from $15.55, driven by higher long term pricing assumptions for heavy rare earths and a higher valuation multiple.

This report was published on January 21, 2026.

Target price is $18.10 Current Price is $16.01 Difference: $2.09
If LYC meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $14.08, suggesting downside of -12.0%(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 41.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 39.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.2, implying annual growth of 3335.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 54.8.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 64.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.0, implying annual growth of 102.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 27.1.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $27.70

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

A disrupted December quarter has forced Northern Star Resources to recalibrate near term expectations, prompting modest downgrades despite a stronger second half outlook, according to Canaccord Genuity.

Group gold sales of 348koz fell -9% q/q and AISCs rose 16% to $2,937/oz, reflecting a series of isolated operational issues across KCGM, Jundee, Thunderbox and Pogo.

Management’s FY26 production guidance was revised to 1.6–1.7Moz from 1.70–1.85Moz, while AISC guidance increased to $2,600–2,800/oz.

Improving operational momentum into 2H26, particularly at KCGM, is flagged by the analyst where material movement rates are now tracking at or above targeted levels.

Buy rating is retained but the target price is trimmed to $34.15 from $34.35 

This report was published on January 23, 2026.

Target price is $34.15 Current Price is $27.70 Difference: $6.45
If NST meets the Canaccord Genuity target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $28.48, suggesting upside of 2.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 43.00 cents and EPS of 147.00 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.0, implying annual growth of 20.7%.
Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 67.00 cents and EPS of 278.00 cents.
At the last closing share price the estimated dividend yield is 2.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.7, implying annual growth of 33.6%.
Current consensus DPS estimate is 67.1, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 15.2.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

Jarden rates ((NST)) as Underweight (4) –

Another downgrade cycle has reinforced Jarden’s bearish view on Northern Star Resources following three guidance cuts in three weeks.

FY26 capex guidance was lifted by around $175m to more than -$3.0bn, including a roughly -$150m blowout at the KCGM expansion, compounding earlier production and cost downgrades.

The December quarter was weak, with sales of 348koz down -9% q/q and revenue -8% below the broker’s forecast, resulting in negative free cash flow of -$328m.

Jarden cuts earnings (EBITDA) forecasts by -5% in FY26 and -6% in FY27 and flags rising concern around guidance credibility and disclosure quality. Underweight. Target price $17.20.

This report was published on January 23, 2026.

Target price is $17.20 Current Price is $27.70 Difference: minus $10.5 (current price is over target).
If NST meets the Jarden target it will return approximately minus 38% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.48, suggesting upside of 2.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 50.00 cents and EPS of 134.70 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.0, implying annual growth of 20.7%.
Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 50.00 cents and EPS of 172.40 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.7, implying annual growth of 33.6%.
Current consensus DPS estimate is 67.1, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 15.2.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $26.09

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

Netwealth Group’s December quarter showed continued flow momentum, although higher investment spending has weighed on near term margins.

Canaccord Genuity notes net custodial inflows of $4.1bn were down -7.7% on pcp due to a -$0.4bn institutional outflow, but gross inflows reached a second consecutive quarterly record and total FUA net flows of $4.2bn beat consensus.

The broker notes FY26 earnings (EBITDA_ margin guidance of around 49% sits below expectations, reflecting additional hiring and higher software capex to support longer term growth initiatives.

Earnings forecasts are trimmed by -3.4% in FY26, -4.1% in FY27 due to the higher cost base.

Buy rating is unchanged. Target price is lowered to $32.75 from $33.90, with valuation support seen as attractive relative to historical averages.

This report was published on January 22, 2026.

Target price is $32.75 Current Price is $26.09 Difference: $6.66
If NWL meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $30.96, suggesting upside of 18.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 42.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 1.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.0, implying annual growth of 2.9%.
Current consensus DPS estimate is 42.9, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 53.2.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 50.00 cents and EPS of 62.00 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.2, implying annual growth of 26.9%.
Current consensus DPS estimate is 49.7, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 41.9.

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

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

Jarden downgrades Netwealth Group to Neutral from Overweight noting slowing net flow momentum.

Total net inflows of $4.16bn for 2Q26 were broadly in line with expectations, although the annualised custodial net flow rate eased to 13.6%, continuing to lag key peer Hub24 ((HUB)).

The broker sees rising investment requirements to close the capability gap, trimming medium term growth assumptions while keeping near term earnings largely unchanged.

EPS forecasts are little changed in FY26 but trimmed in FY27–28 to reflect higher costs. Target price is cut to $27.15 from $31.30, driven by lower growth assumptions and a reduced valuation multiple.

This report was published on January 22, 2026.

Target price is $27.15 Current Price is $26.09 Difference: $1.06
If NWL meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $30.96, suggesting upside of 18.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 47.50 cents and EPS of 56.60 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.0, implying annual growth of 2.9%.
Current consensus DPS estimate is 42.9, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 53.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 53.30 cents and EPS of 63.50 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 41.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.2, implying annual growth of 26.9%.
Current consensus DPS estimate is 49.7, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 41.9.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $13.23

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

Canaccord Genuity comments a strong December quarter has reinforced confidence in Paladin Energy’s operational reset at Langer Heinrich.

Production of 1.23Mlb beat both its own and consensus forecasts, driven by a higher proportion of fresh ore feed, improved grades and record throughput and recoveries, while operating costs of US$39.7/lb came in well below guidance.

Sales volumes rose 168% q/q and realised pricing increased 7% to US$71.8/lb, reflecting delivery of higher priced contracts, although the broker notes ongoing lumpiness in quarterly shipments.

Canaccord Genuity lifts its near term expectations, with FY26 production and sales forecasts now sitting around 100klb above guidance and unit costs tracking the lower end of the US$44–48/lb range.

Target price is lifted to $13.60 from $12.70. Buy.

This report was published on January 22, 2026.

Target price is $13.60 Current Price is $13.23 Difference: $0.37
If PDN meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $11.46, suggesting downside of -13.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 8.01 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 165.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.4, 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 116.1.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 EPS of 29.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.5, implying annual growth of 343.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.98

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

Early operational data from MU4 have materially de risked Peninsula Energy’s restart plan at Lance, in Canaccord Genuity’s view.

Flow rates at Header House 14 are averaging 15gpm, around 25% above target, while acidification is tracking ahead of plan, supporting confidence that MU4 will supply around 60% of forecast uranium production in 2026–2027.

Delays at MU3 are expected to be more than offset by earlier than planned start up across MU4, leaving 2026 production guidance of 0.4–0.5Mlbs unchanged despite minimal December quarter output.

Canaccord Genuity rolls its valuation forward and lifts its sum of the parts price target to $1.29 from $1.03, reflecting reduced execution risk at Lance. Speculative Buy rating is retained.

This report was published on January 23, 2026.

Target price is $1.29 Current Price is $0.98 Difference: $0.31
If PEN meets the Canaccord Genuity target it will return approximately 32% (excluding dividends, fees and charges).

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

PNR    PANTORO GOLD LIMITED

Gold & Silver – Overnight Price: $5.57

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

A mixed December quarter has led Canaccord Genuity to make a modest valuation adjustment for Pantoro Gold, while maintaining a constructive medium term view.

Gold production of 22koz rose 13% q/q but missed broker expectations, while AISCs of $2,571/oz were higher than forecast despite improving underground grades at OK and Scotia.

The broker expects production to lift through the remainder of FY26, with Pantoro guiding to the lower end of 100–110koz at AISCs of $1,950–2,250/oz as mining fronts normalise and open pit contributions resume.

Pantoro ended the period debt and hedge free and holding $217m in cash and bullion, providing full exposure to prevailing gold prices.

Speculative Buy rating is retained, while the target price is trimmed to $7.45 from $7.50

This report was published on January 22, 2026.

Target price is $7.45 Current Price is $5.57 Difference: $1.88
If PNR meets the Canaccord Genuity target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $6.05, suggesting upside of 8.6%(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 56.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.4, implying annual growth of 395.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.6.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 83.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.9, implying annual growth of 15.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.6.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.79

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

Completion of the OneVue transition has underpinned a solid December quarter for Praemium, in Canaccord Genuity’s view.

Net platform inflows of $462m beat the broker’s forecast, driven by a rebound in Powerwrap flows, while OneVue related adviser outflows are flagged as largely complete.

Total platform FUA rose to $32.5bn, slightly below expectations, prompting modest downgrades to near term FUA and earnings assumptions.

Canaccord Genuity trims FY26 and FY27 net profit after tax forecasts by less than -1%, while reiterating confidence $3m of annualised OneVue synergies will begin to emerge through FY26.

No change to Buy rating and $1.30 target.

This report was published on January 21, 2026.

Target price is $1.30 Current Price is $0.79 Difference: $0.51
If PPS meets the Canaccord Genuity target it will return approximately 65% (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 2.25 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 2.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.80.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 2.50 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.17.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $8.37

Canaccord Genuity rates ((RRL)) as Hold (3) –

Regis Resources announced group production of 96.6koz, beating Canaccord Genuity’s expectations, supported by a stronger than forecast contribution from Tropicana, while group AISCs of $2,839/oz were in line.

Management reiterated FY26 guidance at 350–380koz at AISCs of $2,610–2,990/oz, with production expected to lift modestly in 2H26 as Garden Well Main underground ramps up.

The broker highlights Regis’ balance sheet strength, with $930m in cash and bullion, no debt and full exposure to spot gold prices, although a return to cash tax payments will weigh on near term free cash flow.

Hold rating and $7.35 target price are unchanged, with valuation supported by FY26–27 free cash flow yields of 14–16%.

This report was published on January 22, 2026.

Target price is $7.35 Current Price is $8.37 Difference: minus $1.02 (current price is over target).
If RRL meets the Canaccord Genuity target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.59, suggesting downside of -9.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 96.00 cents.
At the last closing share price the estimated dividend yield is 0.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.2, implying annual growth of 203.5%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 8.2.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 36.00 cents and EPS of 120.00 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.2, implying annual growth of 14.7%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 7.1.

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

RSG    RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $1.42

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

Resolute Mining’s production of 66koz beat Canaccord Genuity’s and consensus forecasts, with lower costs reflecting higher grades and throughput at both Syama and Mako.

Commentary highlights full year guidance was achieved following the resolution of explosives supply issues.

2026 guidance of 250–275koz at AISCs of US$2,000–2,200/oz came in slightly ahead of expectations, driven by higher grades at Syama North and the anticipated ramp up of the sulphide circuit.

The broker also highlights a de-risked growth pipeline, with Mako life extensions, Syama sulphide expansion and Doropo expected to lift average production above 500kozpa from calendar 2029.

Target price is lifted to $2.55 from $2.40. Buy.

This report was published on January 23, 2026.

Target price is $2.55 Current Price is $1.42 Difference: $1.13
If RSG meets the Canaccord Genuity target it will return approximately 80% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 12.34 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.51.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 35.48 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.00.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RXL    ROX RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.59

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

Site progress at Youanmi has reinforced Canaccord Genuity’s confidence that Rox Resources is on track to build WA’s next gold mine.

Post a recent site visit, the broker highlights advancing underground development, expanding site infrastructure and de-watering at the main pit tracking to plan.

First development ore is possible as early as May and first gold is targeted for mid calendar 2027.

The November 2025 DFS outlines a seven year underground mine producing around 117kozpa at AISC of $1,978/oz,

Speculative Buy rating and $1.15 target price are retained,

This report was published on January 22, 2026.

Target price is $1.15 Current Price is $0.59 Difference: $0.56
If RXL meets the Canaccord Genuity target it will return approximately 95% (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.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $19.71

Canaccord Genuity rates ((SFR)) as Hold (3) –

Sandfire Resources reported December quarter copper, zinc and silver production which met Canaccord Genuity’s expectations.

C1 costs at MATSA were higher than forecast following a drawdown in ROM stocks, partly offset by favourable FX, while Motheo costs fell -8% q/q but missed the broker’s estimate.

Management’s FY26 guidance was reiterated, with processing rates and grades at Motheo expected to improve through 2H26 as the operation transitions to higher grade ore from T3 and A4.

Hold rating is retained and the target price lifted to $19.50 from $19.25.

This report was published on January 22, 2026.

Target price is $19.50 Current Price is $19.71 Difference: minus $0.21 (current price is over target).
If SFR meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.60, suggesting downside of -10.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 15.43 cents and EPS of 98.72 cents.
At the last closing share price the estimated dividend yield is 0.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.1, implying annual growth of N/A.
Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 20.9.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 15.43 cents and EPS of 151.17 cents.
At the last closing share price the estimated dividend yield is 0.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.5, implying annual growth of 44.0%.
Current consensus DPS estimate is 37.6, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 14.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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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.

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