Australian Broker Call *Extra* Edition – Feb 02, 2026

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(
    [0] => Array
        (
            [0] => ((A1M))
            [1] => ((ASX))
            [2] => ((BC8))
            [3] => ((BCI))
            [4] => ((BNZ))
            [5] => ((BOE))
            [6] => ((BOQ))
            [7] => ((DOW))
            [8] => ((ELV))
            [9] => ((EMR))
            [10] => ((FCL))
            [11] => ((GGP))
            [12] => ((CMM))
            [13] => ((BGL))
            [14] => ((GMD))
            [15] => ((MLX))
            [16] => ((OBM))
            [17] => ((SYR))
            [18] => ((WDS))
        )

    [1] => Array
        (
            [0] => A1M
            [1] => ASX
            [2] => BC8
            [3] => BCI
            [4] => BNZ
            [5] => BOE
            [6] => BOQ
            [7] => DOW
            [8] => ELV
            [9] => EMR
            [10] => FCL
            [11] => GGP
            [12] => CMM
            [13] => BGL
            [14] => GMD
            [15] => MLX
            [16] => OBM
            [17] => SYR
            [18] => WDS
        )

)

This story features AIC MINES LIMITED, and other companies.
For more info SHARE ANALYSIS: A1M
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)

A1M   ASX   BC8   BCI   BNZ   BOE   BOQ   DOW   ELV   EMR   FCL   GGP   GMD   MLX   OBM   SYR   WDS  

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.64

Moelis rates ((A1M)) as Buy (1) –

AIC Mines’ 2Q26 update met Moelis’ expectations. 

Copper production of 3.2kt was in line with forecasts, while higher costs and delayed concentrate shipments weighed on sales and cashflow, creating a temporary working capital build.

Stronger copper prices materially improve the cashflow outlook, leading the analyst to include a potential second plant expansion to 1.5mtpa alongside faster development at Jericho.

The broker also lifted medium-term production assumptions and earnings, with FY26 net profit after tax forecast upgraded by 18% on higher prices and throughput.

Buy rating reiterated with a higher target of 71c.

This report was published on January 29, 2026.

Target price is $0.71 Current Price is $0.64 Difference: $0.07
If A1M meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $0.76, suggesting upside of 22.0%(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 6.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.2, implying annual growth of 23.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of 118.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.9.

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $51.44

Jarden rates ((ASX)) as Neutral (3) –

Jarden notes the ASX achieved stronger-than-expected revenue performance in 1H26 but FY26 total cost growth guidance has been lifted again to 20–23% by management, around 500bps higher at the midpoint.

The rise reflects higher operating expenses and ASIC inquiry costs, with further clarity on FY27 costs not due until the June investor day.

Pre-released 1H26 underlying net profit after tax at $263.6m beat the analyst and consensus by 5–7%, respectively prompting the broker to marginally lift FY26–27 earnings forecasts.

The stock trades at a -23% discount to its 10-year average valuation, but Jarden sees downside risks dominating given the challenge of balancing technology execution, regulatory remediation and shareholder returns.

Neutral retained with the target lifted to $58.00 from $57.65.

This report was published on January 28, 2026.

Target price is $58.00 Current Price is $51.44 Difference: $6.56
If ASX meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $55.02, suggesting upside of 5.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 195.50 cents and EPS of 259.20 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 259.2, implying annual growth of 0.0%.
Current consensus DPS estimate is 194.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 20.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 208.50 cents and EPS of 271.30 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 264.2, implying annual growth of 1.9%.
Current consensus DPS estimate is 206.2, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 19.8.

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

BC8    BLACK CAT SYNDICATE LIMITED

Gold & Silver – Overnight Price: $1.40

Moelis rates ((BC8)) as Buy (1) –

Moelis reiterates a Buy rating and maintains its $1.80 target on Black Cat Syndicate, pointing December to a more complex 2Q26 update than headline numbers suggest, arguing this should not distract from a much cleaner FY27 outlook.

Production of 25.5koz included significant third-party material. The analyst estimates underlying gold sales attributable to Black Cat were closer to 17.5koz, with a similar outcome likely in the March quarter due to legacy toll treatment arrangements.

The broker stresses this complexity is short-lived, with most agreements set to unwind by June and the business expected to transition to a conventional, wholly owned mining and processing structure from July.

Cash was steady at $54m after completing the remaining $25m Lakewood acquisition payment, which Moelis views as a strong signal of balance sheet strength.

This report was published on January 30, 2026.

Target price is $1.80 Current Price is $1.40 Difference: $0.4
If BC8 meets the Moelis target it will return approximately 29% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 20.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.97.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 32.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.36.

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

BCI    BCI MINERALS LIMITED

Mining – Overnight Price: $0.42

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

Canaccord Genuity says progress at Mardie remains on track despite a slower December quarter for construction, with momentum expected to lift materially through the March and June quarters.

Pond densities continue to rise as planned, supported by high utilisation rates, keeping the project on schedule for first salt shipments late in calendar 2026.

Cumulative spend has now reached $1.30bn, the broker notes funding headroom remains comfortable relative to remaining build costs.

Market conditions for salt are viewed as broadly supportive outside China, where recent pricing weakness is expected to be temporary.

Speculative Buy and a $0.50 target are retained.

This report was published on January 29, 2026.

Target price is $0.50 Current Price is $0.42 Difference: $0.08
If BCI meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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

BNZ    BENZ MINING CORP.

Gold & Silver – Overnight Price: $2.50

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

Canaccord Genuity notes recent drilling at Benz Mining’s Glenburgh project has materially improved confidence in the scale and quality of the Icon–Tuxedo system.

Shallow infill drilling has identified high-grade zones, including 13m at 29.0g/t Au and 9m at 28.0g/t Au, sitting within a much larger bulk-tonnage gold envelope.

Broader intersections continue to support open-pit potential, while step-out drilling at Tuxedo has extended mineralisation more than 200m down-dip.

The broker notes only about 30% of more than 3km of strike has been tested and maintains a combined, risked resource potential of 4.6Moz at Glenburgh. Speculative Buy retained with a $3.10 target

This report was published on January 28, 2026.

Target price is $3.10 Current Price is $2.50 Difference: $0.6
If BNZ meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $1.95

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

Boss Energy achieved its sixth consecutive quarterly production increase, with 456klb exceeding Canaccord Genuity’s estimate and cash costs falling to a record low of $30/lb, supported by lixiviant optimisation and cost-out initiatives.

Sales of 350klb at US$74/lb generated free cash flow of around $6m, although a legacy US utility contract, priced at roughly 65–70% of U308 spot price, is expected to weigh on realised prices through 2026 and beyond.

Management’s FY26 production guidance of 1.6Mlbs was retained, with C1 and AISC guidance lowered by -$5/lb, partly offset by a $4m increase in capex, while drilling outside the core Honeymoon domain introduces some uncertainty for FY27 and later years.

Speculative Buy retained with the target lifted to $2.30 from $2.20.

This report was published on January 29, 2026.

Target price is $2.30 Current Price is $1.95 Difference: $0.35
If BOE meets the Canaccord Genuity target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $1.74, suggesting downside of -7.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 17.7, 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 10.6.

Forecast for FY27:

Current consensus EPS estimate is 31.6, implying annual growth of 78.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 5.9.

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

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $6.79

Jarden rates ((BOQ)) as Sell (5) –

Bank of Queensland has appointed internal executive Rod Finch as CEO from March 2026, a move that does little to alter Jarden’s cautious view.

The broker argues the bank remains structurally constrained by an unfavourable deposit mix and a largely commoditised asset base, limiting scope for sustainable margin and return improvement.

Efforts to recycle capital out of home loans and accelerate digital retail transformation are seen as necessary but insufficient, particularly given ongoing instability in business banking leadership and execution.

Sell retained with $6.00 target unchanged

This report was published on January 28, 2026.

Target price is $6.00 Current Price is $6.79 Difference: minus $0.79 (current price is over target).
If BOQ meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.83, suggesting upside of 0.3%(ex-dividends)
The company’s fiscal year ends in August.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 40.00 cents and EPS of 54.90 cents.
At the last closing share price the estimated dividend yield is 5.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.6, implying annual growth of 180.1%.
Current consensus DPS estimate is 39.2, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 44.00 cents and EPS of 60.30 cents.
At the last closing share price the estimated dividend yield is 6.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.6, implying annual growth of 5.3%.
Current consensus DPS estimate is 40.4, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 11.4.

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

DOW    DOWNER EDI LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $8.05

Canaccord Genuity rates ((DOW)) as No Rating (-1) –

Canaccord Genuity initiates coverage of Downer EDI with a positive stance, arguing the company has emerged from a multi-year reset with a simpler structure, improved margins and more predictable earnings.

The broker highlights Downer’s refocus on essential services across transport, energy and facilities, which is reducing exposure to large, higher-risk construction contracts while lifting return quality.

A substantial divestment program since 2023 has sharpened the earnings profile and strengthened cash generation, supporting ongoing debt reduction and dividends.

Canaccord sees scope for steady margin expansion and earnings growth from FY26, underpinned by long-dated contracts and strong work-in-hand visibility. Buy initiated with an $8.58 target.

This report was published on January 29, 2026.

Target price is $8.58 Current Price is $8.05 Difference: $0.53
If DOW meets the Canaccord Genuity target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $8.45, suggesting upside of 6.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 28.50 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.7, implying annual growth of 109.5%.
Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 33.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.3, implying annual growth of 10.8%.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 16.7.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ELV    ELEVRA LITHIUM LIMITED

New Battery Elements – Overnight Price: $6.70

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

Canaccord Genuity has trimmed its target for Elevra Lithium after a weaker December quarter at north American lithium exposed short-term operational and cost pressures.

Production volumes and concentrate grades fell below expectations, pushing cash costs higher, while FY26 guidance was lowered to reflect lower recoveries and elevated iron content in feed, an issue the broker sees as temporary.

The analyst lowers earnings forecasts in FY26 and modestly in FY27, although Canaccord continues to highlight strong operating leverage to higher lithium prices once grades normalise.  

Buy retained, with the target reduced to $14.50 from $16.00.

This report was published on January 28, 2026.

Target price is $14.50 Current Price is $6.70 Difference: $7.8
If ELV meets the Canaccord Genuity target it will return approximately 116% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 46.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.57.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 EPS of 209.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.21.

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

EMR    EMERALD RESOURCES NL

Gold & Silver – Overnight Price: $7.45

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

Canaccord Genuity highlights resource growth momentum at Emerald Resources, with updated estimates at Memot and Dingo Range materially lifting long-term optionality without changes to Okvau.

Memot resources rose 27% to 1.7Moz following a lower cut-off grade, while Dingo Range increased 4% to 1.41Moz, with both assets now considered development-ready pending further conversion of inferred material.

The broker expects full development decisions for both projects this calendar year, modelling construction through FY27 and ramp-up from early FY28, funded from balance sheet strength.

Canaccord notes 2Q25 production at Okvau missed expectations for a fourth consecutive quarter, with shipment timing and lower mined tonnes weighing on cash, although FY26 guidance was not formally restated.

Buy retained with a $7.10 target.

This report was published on January 28, 2026.

Target price is $7.10 Current Price is $7.45 Difference: minus $0.35 (current price is over target).
If EMR meets the Canaccord Genuity target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

FCL    FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $2.23

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

Fineos Corp looks to be turning the corner according to Canaccord Genuity, the company delivering its first full year of positive free cash flow in 2025, ahead of both guidance and market expectations.

Strong cost control and operating efficiencies drove 2025 free cash flow to an estimated EUR9m, despite forex headwinds and a seasonally weaker fourth quarter, while revenue is expected to land at the lower end of guidance.

Two new AdminSuite Claims customers were signed for 2026 and management reiterated the pipeline remains robust, with upsell opportunities expected to account for around 60% of future revenue growth.

The broker left earnings forecasts unchanged ahead of the 2025 result, arguing the business has successfully navigated an inflection year and is positioned for accelerating cash generation. Buy retained with a $3.45 target unchanged.

This report was published on January 28, 2026.

Target price is $3.45 Current Price is $2.23 Difference: $1.22
If FCL meets the Canaccord Genuity target it will return approximately 55% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 1.58 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 140.96.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 2.11 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 105.74.

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

GGP    GREATLAND RESOURCES LIMITED

Gold & Silver – Overnight Price: $13.15

Jarden rates ((GGP)) as Downgrade to Underweight from Neutral (4) –

Jarden has downgraded Greatland Resources to Underweight from Neutral post the stock’s re-rating while lifting its target to $5.50 from $5.20.

The broker argues the current share price implies a long term gold price of roughly US$4,600/oz, which it views as unsustainable for the high cost Telfer operation and the technically challenging Havieron development.

The analyst lifts FY26 earnings (EBITDA) by 12% as production expectations move above guidance to 321koz, but FY27 and FY28 forecasts are trimmed on higher mining costs as open pit ore increases.

From FY27, Telfer is expected to face rising AISC of around $3,300 per oz, which Jarden says will again highlight the asset’s structurally high cost base.

While the balance sheet remains strong with net cash of $948m, Jarden sees limited valuation support at current gold prices and re-iterates a preference for Capricorn Metals ((CMM)) and Bellevue Gold ((BGL)).

This report was published on January 28, 2026.

Target price is $5.50 Current Price is $13.15 Difference: minus $7.65 (current price is over target).
If GGP meets the Jarden target it will return approximately minus 58% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.83, suggesting upside of 29.1%(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 101.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 105.0, implying annual growth of 65.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 61.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.1, implying annual growth of -39.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $7.59

Moelis rates ((GMD)) as Hold (3) –

Moelis maintains a Hold rating on Genesis Minerals, trimming its target by -1% to $7.30 following the December quarter that broadly met expectations despite headline production beating forecasts.

Gold output of 74.2koz exceeded estimates, driven by higher third-party ore, although sales were softer and capital guidance was lifted as the company moves toward expanding processing capacity.

Costs came in slightly better than forecast, with AISC of $2,635/oz supported by inventory movements and lower processing costs, offset by higher mining, corporate and sustaining spend.

Moelis made no material changes to forecasts, noting the market continues to price in a longer-term production path toward 400koz despite limited execution detail, helped by strong gold prices funding more aggressive capital plans.

This report was published on January 30, 2026.

Target price is $7.30 Current Price is $7.59 Difference: minus $0.29 (current price is over target).
If GMD meets the Moelis target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.75, suggesting upside of 24.3%(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 49.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.6, implying annual growth of 169.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 63.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.7, implying annual growth of 14.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.2.

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

MLX    METALS X LIMITED

Tin – Overnight Price: $1.31

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

Canaccord Genuity lifted its target on Metals X to $1.35 from $1.25 after a standout 4Q2025, with tin production rising 46% q/q to 3.3kt, well ahead of the broker’s 2.5kt forecast.

Higher grades and improved recoveries drove C1 costs down -28% q/q to $16,598/t, materially below expectations, while realised tin prices increased 12% q/q to $58,086/t, lifting quarterly revenue 63% to $193m.

Earnings (EBITDA) rose 129% q/q to $113m, versus Canaccord’s $71m estimate. The analyst lifts 2025 earnings (EBITDA) by 16% and 2% in 2026. Net cash ended the quarter at $294m, broadly in line.

Buy retained with the target lifted to $1.35 from $1.25.

This report was published on January 28, 2026.

Target price is $1.35 Current Price is $1.31 Difference: $0.04
If MLX meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 0.12 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1091.67.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 0.12 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1091.67.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $1.28

Moelis rates ((OBM)) as Hold (3) –

Moelis retains a Hold rating on Ora Banda Mining but cuts its target to $1.27 from $1.37 after a softer 2Q26 update and a second downgrade to FY26 cost guidance.

Gold production and sales missed expectations, while AISC rose materially, driven by higher toll treatment charges that increase in line with the gold price, a nuance Moelis says has been poorly understood by the market.

Despite the cost pressure, the broker highlights third-party processing remains value accretive, estimating the miner would be around -$38m worse off on cash had it not sold ore externally during the half.

FY26 capex guidance was almost doubled to -$143m to accelerate growth plans, including early works for a potential new 3mtpa processing plant, which Moelis views as a logical response to capacity constraints and strong geology.

This report was published on January 30, 2026.

Target price is $1.27 Current Price is $1.28 Difference: minus $0.01 (current price is over target).
If OBM meets the Moelis target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 14.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.59.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.08.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SYR    SYRAH RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.24

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

Jarden maintains an Overweight rating on Syrah Resources with an unchanged target of $0.34, arguing recent operational strength at Balama reinforces the long-term strategic value despite near-term headwinds.

December quarter saw Balama achieve graphite production of 34kt and sales of 29kt, ahead of expectations, although realised prices remained below C1 costs as Syrah continues selling at a loss to support the ex-China supply chain build-out.

Commercial momentum at Vidalia has stalled, with Jarden deferring first sales to June quarter as customers await final US AD/CVD determinations, now delayed following the government shutdown.

While frustrating, the broker views AD/CVD outcomes as structurally durable and expects commercial activity to accelerate once finalised, given Vidalia’s cost competitiveness versus Chinese supply.

This report was published on January 28, 2026.

Target price is $0.34 Current Price is $0.24 Difference: $0.1
If SYR meets the Jarden target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $0.47, suggesting upside of 94.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of minus 13.86 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -11.8, 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.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of minus 6.47 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 3.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.3, 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 N/A.

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $25.37

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

Jarden retains an Overweight rating on Woodside Energy and lifts its target to $25.20 from $24.40 after a “strong” 4Q2025 that, the broker believes, points to material upgrades to 2025 earnings and dividends.

Production of 48.9mmboe and revenue of US$3.0bn were both ahead of expectations, supported by high LNG uptime and a higher proportion of gas hub pricing, driving what the broker estimates as a roughly US$400m uplift to consensus 2025 net profit after tax forecasts.

Maiden 2026 production guidance of 173–186mmboe came in below expectations –viewed as conservative– reflecting caution around Scarborough’s later-than-expected 4Q2026 LNG start-up and faster oil decline at Sangomar.

Despite the softer headline guidance, the broker sees scope for outperformance given Woodside’s track record of upgrades and beats, alongside potential balance sheet upside from further Louisiana LNG sell-downs

This report was published on January 29, 2026.

Target price is $25.20 Current Price is $25.37 Difference: minus $0.17 (current price is over target).
If WDS meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $25.58, suggesting upside of 1.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 163.25 cents and EPS of 203.91 cents.
At the last closing share price the estimated dividend yield is 6.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 190.1, implying annual growth of N/A.
Current consensus DPS estimate is 151.5, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 77.01 cents and EPS of 97.64 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.4, implying annual growth of -46.7%.
Current consensus DPS estimate is 80.9, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 24.9.

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

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don’t have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

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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