In Case You Missed It – BC Extra Upgrades & Downgrades – 30-01-26

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This story features BRAMBLES LIMITED, and other companies.
For more info SHARE ANALYSIS: BXB
The company is included in ASX20, ASX50, ASX100, 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

BRAMBLES LIMITED ((BXB)) Upgrade to Neutral from Sell by Jarden.B/H/S: 0/0/0

Brambles goes into the 1H26 result (Feb 19) with Jarden expecting resilient earnings delivery, supported by ongoing pricing discipline and pallet availability initiatives, despite softer volumes in some end markets.

The broker believes margin momentum should remain intact, underpinned by cost control, network optimisation and carry-over pricing benefits, with US demand trends seen as stable relative to other industrial exposures.

Jarden expects Brambles to reaffirm FY26 guidance, with free cash flow generation and capital discipline remaining key focus areas for investors at the result and lifts EPS forecasts by 1.3% for FY26 and 1.2% for FY27.

The stock is upgraded to Neutral from Sell due to the share price underperformance. Target price lifted to $23.10 from $22.10.

SUPPLY NETWORK LIMITED ((SNL)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0

Supply Network’s 1H26 preliminary result reinforces the view that operating leverage and capacity investment continue to drive earnings momentum, Moelis argues

Revenue of $200m rose 17% y/y and was 2% ahead of expectations, while NPAT of $22.9m beat forecasts by 3.3% and margins expanded to 11.5%, with ERP disruption proving minimal.

Strong returns are evident from recent network expansion, commentary suggests, including contributions from new WA stores and distribution centre upgrades, with further capacity investments expected to underpin future growth.

The analyst lifts EPS estimates  by 1–3% across  Rating is upgraded to Buy from Hold and the target price lifts to $42.90 from $40.10.

Downgrade

NETWEALTH GROUP LIMITED ((NWL)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

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.

VAULT MINERALS LIMITED ((VAU)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0

Vault Minerals reported weaker DecQ2025 production and higher costs, with group gold sales of 78koz missing expectations and all-in-sustaining-costs (AISCs) rising to $3,160/oz, driven by lower grades, maintenance downtime and operational disruptions across Mt Monger, Deflector and Leonora.

Canaccord Genuity notes FY26 guidance remains unchanged, but has downgraded earnings forecasts and moved to Hold from Buy, citing the stock’s 126% share price rally over the past six months and more limited valuation upside at current levels.

The $6.45 target price remains unchanged.

Price Target Changes (Post Thursday Last Week)

More Highlights

AMI    AURELIA METALS LIMITED

Gold & Silver – Overnight Price: $0.34

Moelis rates ((AMI)) as Buy (1) –

Solid December quarter production has Aurelia Metals tracking well toward FY26 guidance, with Moelis noting aggregate output and cash flow outcomes broadly met expectations despite mixed performance across individual commodities.

The broker highlights mine operating cash flow of $42.9m was slightly ahead of forecasts, supported by stronger gold grades, while copper, zinc and lead volumes were softer due to grade and throughput variability.

Positive tailwinds from higher commodity prices and improving free cash flow are noted, which the broker believes could pull forward a cash flow inflection point and support renewed investor interest.

 Buy rating retained. Target price to $0.43 from $0.42, with forecasts largely unchanged.

This report was published on January 22, 2026.

Target price is $0.43 Current Price is $0.34 Difference: $0.09
If AMI meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $0.44, suggesting upside of 29.4%(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 7.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.3, implying annual growth of 48.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.9.

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 6.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.7, implying annual growth of 32.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.0.

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

CWY    CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.49

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

Cleanaway Waste Management is expected to report steady earnings, supported by pricing outcomes and improved cost recovery, despite softer volumes across construction-exposed waste streams, according to Jarden.

The broker notes margin resilience is being driven by disciplined pricing, contract repricing and easing labour and fuel cost pressures, which are offsetting volume weakness in C&D and industrial waste.

FY26 guidance is anticipated to be maintained, with investors focused on free cash flow conversion and balance sheet discipline following recent capex and acquisition activities.

No changes to EPS forecasts. Overweight rating and $3 target are retained.

This report was published on January 21, 2026.

Target price is $3.00 Current Price is $2.49 Difference: $0.51
If CWY meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting upside of 28.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.30 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 2.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 50.8%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 23.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 8.50 cents and EPS of 12.50 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.5, implying annual growth of 17.9%.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: 0.9
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

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $17.47

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

Canaccord Genuity has reiterated its Buy rating on Pinnacle Investment Management but lowered its target price to $28.02 from $29.00, reflecting lower performance fee expectations and delays to the launch of Metrics’ Asset-Based Lending Trusts.

Commentary suggests Pinnacle remains well positioned into FY26, supported by expected inflows across affiliates including Metrics, Plato, Life Cycle and Coolabah, despite recent market volatility.

The broker has upgraded 1H26 FUM forecast to $210.1bn but downgraded its 1H26 net profit forecast to $64.7m, citing weaker performance fees, while 2Q26 net FUM flow expectations are lowered to $6.1bn from $7.2bn following an expected mandate loss at ResCap.

Pinnacle is expected to be removed from the ASX100 in the March rebalance and re-enter the Small Ordinaries.

This report was published on January 19, 2026.

Target price is $28.02 Current Price is $17.47 Difference: $10.55
If PNI meets the Canaccord Genuity target it will return approximately 60% (excluding dividends, fees and charges).
Current consensus price target is $23.46, suggesting upside of 34.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 68.00 cents and EPS of 70.50 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.5, implying annual growth of 10.0%.
Current consensus DPS estimate is 61.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 83.00 cents and EPS of 88.30 cents.
At the last closing share price the estimated dividend yield is 4.75%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.2, implying annual growth of 22.6%.
Current consensus DPS estimate is 75.2, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 20.5.

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

PMT    PMET RESOURCES INC

Mining – Overnight Price: $0.73

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

PMET Resources’ latest drilling results continue to build the case for upside beyond the CV5 deposit, with high grade lithium and caesium intersections at CV13 strengthening the development outlook, Canaccord Genuity observes.

The analyst highlights CV13 is likely to be incorporated into an updated feasibility study due in 2H26, which could improve project economics without disrupting permitting timelines.

Speculative Buy is retained and the target price is lifted to 95c from 80c.

This report was published on January 27, 2026.

Target price is $0.95 Current Price is $0.73 Difference: $0.22
If PMT meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $0.78, suggesting upside of 12.0%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is -2.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY27:

Current consensus EPS estimate is -3.8, 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.

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

QOR    QORIA LIMITED

Software & Services – Overnight Price: $0.36

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

Canaccord Genuity believes Qoria delivered a solid 2Q26 update, highlighting ARR growth of 23% to $154m and a weighted sales pipeline up 24%, supporting confidence in FY26 constant currency growth guidance of up 20%.

The broker notes operating momentum was offset by balance sheet pressure, with net debt expected to peak in 2H26 as quarterly cash costs of around -$35m weigh ahead of an anticipated free cash flow inflection in FY27.

Canaccord lowered its target price to $0.80 from $1.00 on forex-driven forecast revisions but retained its Buy rating, citing strong underlying growth, improving operating leverage and the prospect of sustainable free cash flow generation from FY27.

This report was published on January 20, 2026.

Target price is $0.80 Current Price is $0.36 Difference: $0.44
If QOR meets the Canaccord Genuity target it will return approximately 122% (excluding dividends, fees and charges).
Current consensus price target is $0.71, suggesting upside of 96.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.00.

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 N/A.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 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 36.00.

How do these forecasts compare to market consensus projections?

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

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

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $22.21

Jarden rates ((SEK)) as Buy (1) –

Previewing Seek’s 1H26 earnings, Jarden highlights upside risk to A&NZ yield, upgrading its FY26 estimate to 13% from 11% on stronger pricing, mix and add ons, partly offset by a softer volume outlook.

The broker forecasts 1H26 revenue of $603m, earnings (EBITDA) of $274m and adjusted NPAT of $113m, all modestly ahead of consensus, with FY26 adjusted profit expected at $209m, within guidance.

EPS estimates are lifted by 0.4% for FY26 and 1.4% for FY27, reflecting higher yield assumptions by the analyst.

The stock remains its top pick in the TMT sector in the run up to the results.

This report was published on January 22, 2026.

Target price is $29.80 Current Price is $22.21 Difference: $7.59
If SEK meets the Jarden target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $30.69, suggesting upside of 41.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 55.80 cents and EPS of 58.40 cents.
At the last closing share price the estimated dividend yield is 2.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.2, implying annual growth of -15.3%.
Current consensus DPS estimate is 56.2, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 37.3.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 70.70 cents and EPS of 74.10 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.6, implying annual growth of 31.6%.
Current consensus DPS estimate is 68.4, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 28.3.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SS1    SUN SILVER LIMITED

Gold & Silver – Overnight Price: $2.32

Canaccord Genuity rates ((SS1)) as Speculative Buy (1) –

Sun Silver has expanded its footprint at the Maverick Springs silver-gold project in Nevada, staking an additional 427 lode claims and lifting the total landholding by 219%, which Canaccord Genuity believes meaningfully enhances long-term exploration and development optionality.

The broker notes the expanded tenure captures potential along-strike extensions of the existing 539Moz resource and provides greater flexibility for future infrastructure placement, reducing potential permitting and access constraints should the project advance.

Canaccord highlights Maverick Springs’ strategic importance has increased following silver’s inclusion on the 2025 US Critical Minerals List, alongside tightening global supply dynamics linked to recent export controls and policy changes.

A Speculative Buy rating is retained with a $4.15 target price.

This report was published on January 19, 2026.

Target price is $4.15 Current Price is $2.32 Difference: $1.83
If SS1 meets the Canaccord Genuity target it will return approximately 79% (excluding dividends, fees and charges).

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $11.65

Jarden rates ((TLX)) as Buy (1) –

Telix Pharmaceuticals’ fourth quarter sales of US$208m missed consensus by -3.7%, prompting Jarden to reassess its interpretation of guidance and downgrade revenue forecasts by -3.1% for 2025 and -9.8% for 2026.

Despite this, the analyst highlights encouraging signs from the Illucix and Gozellix franchise, which returned to 3.9% q/q growth following two softer quarters.

Delays to Pixclara, Zircaix and TLX-591 approvals have been pushed further into outer years, contributing to earnings downgrades and a -10.5% cut to the DCF-based target price.

A Buy rating is retained on valuation grounds, with the target reduced to $25.10 from $28.06.

This report was published on January 20, 2026.

Target price is $25.10 Current Price is $11.65 Difference: $13.45
If TLX meets the Jarden target it will return approximately 115% (excluding dividends, fees and charges).
Current consensus price target is $27.24, suggesting upside of 146.3%(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 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 686.91.

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 0.31 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3782.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.2, 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 153.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WC8    WILDCAT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.41

Canaccord Genuity rates ((WC8)) as Speculative Buy (1) –

Canaccord Genuity sees Wildcat Resources increasingly de-risked to deliver Australia’s next lithium mine, lifting its target price to $0.75 from $0.70 and retaining a Speculative Buy.

The broker highlights Tabba Tabba as the most advanced undeveloped lithium project in Australia, with a July 2025 PFS outlining a staged open pit and underground operation producing up to 565ktpa at life of mine average AISC of US$658/t and development capex of -US$687m.

Upside is expected ahead of the DFS in 2H26, with optimisation opportunities across mine planning, capex, stripping ratios and potential petalite and tantalum by-products.

This report was published on January 27, 2026.

Target price is $0.75 Current Price is $0.41 Difference: $0.34
If WC8 meets the Canaccord Genuity target it will return approximately 83% (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

VUL    VULCAN ENERGY RESOURCES LIMITED

New Battery Elements – Overnight Price: $4.46

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

Vulcan Energy Resources reported successful production testing from its first new Lionheart development well in Germany, with flow rates of 105–125l/s exceeding study expectations and materially de-risking Phase 1 of the Lionheart Field Development Plan.

Canaccord Genuity believes the result reduces subsurface risk and could point to upside on both flow rates and capital efficiency, noting the first well was drilled 40% ahead of schedule and 18% under budget, with the potential for fewer wells to be required if performance is replicated.

The broker lifted its target price to $10.75 from $10.50 after increasing the Phase 1 risking to 85%, retaining its Speculative Buy rating on valuation grounds and citing further drilling results as a key catalyst as a second rig mobilises in 2H26 

This report was published on January 21, 2026.

Target price is $10.75 Current Price is $4.46 Difference: $6.29
If VUL meets the Canaccord Genuity target it will return approximately 141% (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 minus 28.12 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.86.

Forecast for FY26:

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

This company reports in EUR. All estimates have been converted into AUD by FNArena at present FX values.
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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