Daily Market Reports | 11:00 AM
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.
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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)
A2M ALK ANZ ASG ASK BEN CEN COH CU6 EOL FRW GPT JBH NCK PXA QAL RWC SGP SKT TRE TWE
A2M A2 MILK COMPANY LIMITED
Dairy - Overnight Price: $9.69
Jarden rates ((A2M)) as Underweight (4) -
a2 Milk Co posted a strong 1H26 performance, Jarden suggests, ahead of expectations. Of the underlying growth, around a third came from the new products pipeline, and margins improved versus the broker's expectation across the board.
a2 Milk has outperformed on execution and has returned to consensus upgrade earnings mode, Jarden notes.
On the flipside, recent disclosure allows its more defined growth prospects to be better understood and, on the broker's assessment, they remain well priced at current levels.
Jarden retains an Underweight rating on valuation grounds. Target rises to NZ$9.40 from NZ$8.60.
This report was published on February 18, 2026.
Current Price is $9.69. Target price not assessed.
Current consensus price target is $9.87, suggesting upside of 1.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 22.43 cents and EPS of 28.89 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.54.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.4, implying annual growth of N/A.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 36.7.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 63.98 cents and EPS of 32.93 cents.
At the last closing share price the estimated dividend yield is 6.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.42.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 30.7, implying annual growth of 16.3%.
Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 31.6.
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
ALK ALKANE RESOURCES LIMITED
Gold & Silver - Overnight Price: $1.67
Moelis rates ((ALK)) as Buy (1) -
Alkane Resources' Dec Q/first half result was better at earnings and profit levels driven primarily by slightly lower cost of goods sold, which flowed through the result. Moelis made some material reductions to its cost outlook at the quarterly result.
Moelis reiterates its positive view on Alkane, flagging it as one of the broker's key investment ideas in the gold space. Alkane's $2.20 price target, up from $1.80, allows for circa 25% upside despite the strong reaction to the result (14% intraday).
Free cash flow yield is currently forecast at 20% in FY28, rising to 27% in the same year under spot prices. Buy retained.
This report was published on February 18, 2026.
Target price is $2.20 Current Price is $1.67 Difference: $0.53
If ALK meets the Moelis target it will return approximately 32% (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 17.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.77.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 24.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.90.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ANZ ANZ GROUP HOLDINGS LIMITED
Banks - Overnight Price: $39.23
Jarden rates ((ANZ)) as Overweight (2) -
Jarden argues the major banks are overstating their retail deposit advantage by excluding free deposits from interest-bearing liabilities, which the broker believes distorts the true cost of funding.
Reinstating deposits in the funding denominator implies materially higher actual transaction account costs, with Jarden estimating potential NIM compression of around -20bps for ANZ Bank and up to -76bps for CommBank ((CBA)) if deposits were repriced to prevailing cash rates.
Commentary posits growing competition from digital deposit offerings and stablecoins threatens the sustainability of retail funding arbitrage, particularly as base rates remain well below global peers.
At current valuations, Jarden believes this structural funding risk is not priced in and questions whether the deposit moat has effectively disappeared.
Overweight is retained on ANZ, Buy rated on Macquarie Group ((MQG)) while CommBank and National Australia Bank ((NAB)) are rated Sell and Westpac ((WBC)) is rated Underweight.
Overweight and $35 target retained.
This report was published on February 16, 2026.
Target price is $35.00 Current Price is $39.23 Difference: minus $4.23 (current price is over target).
If ANZ meets the Jarden target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $36.79, suggesting downside of -6.2%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 166.00 cents and EPS of 252.70 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.52.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 251.0, implying annual growth of 26.7%.
Current consensus DPS estimate is 168.0, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 15.6.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 166.00 cents and EPS of 271.60 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 257.8, implying annual growth of 2.7%.
Current consensus DPS estimate is 174.8, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 15.2.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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