Australian Broker Call *Extra* Edition – Feb 19, 2026

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            [0] => ((A2M))
            [1] => ((ALK))
            [2] => ((ANZ))
            [3] => ((CBA))
            [4] => ((MQG))
            [5] => ((NAB))
            [6] => ((WBC))
            [7] => ((ASG))
            [8] => ((ASK))
            [9] => ((BEN))
            [10] => ((CEN))
            [11] => ((COH))
            [12] => ((CU6))
            [13] => ((EOL))
            [14] => ((FRW))
            [15] => ((GPT))
            [16] => ((JBH))
            [17] => ((NCK))
            [18] => ((PXA))
            [19] => ((QAL))
            [20] => ((RWC))
            [21] => ((SGP))
            [22] => ((SKT))
            [23] => ((TRE))
            [24] => ((TWE))
        )

    [1] => Array
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            [0] => A2M
            [1] => ALK
            [2] => ANZ
            [3] => CBA
            [4] => MQG
            [5] => NAB
            [6] => WBC
            [7] => ASG
            [8] => ASK
            [9] => BEN
            [10] => CEN
            [11] => COH
            [12] => CU6
            [13] => EOL
            [14] => FRW
            [15] => GPT
            [16] => JBH
            [17] => NCK
            [18] => PXA
            [19] => QAL
            [20] => RWC
            [21] => SGP
            [22] => SKT
            [23] => TRE
            [24] => TWE
        )

)

This story features A2 MILK COMPANY LIMITED, and other companies.
For more info SHARE ANALYSIS: A2M
The company is included in ASX100, ASX200, ASX300 and 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)

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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $3.47

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

Jarden has trimmed its earnings forecasts for Autosports Group by -7%/-5% in FY26/27, largely driven by: 1) reassessment of revenue and earnings contribution from M&A completed in 1H26; and 2) increased net interest expense given the recent RBA rate increase.

The broker does not forecast unannounced future M&A contribution in its numbers and its FY26 forecasts now sit roughly in line with consensus.

Target falls to $4.20 from $4.30, driven by near-term earnings reductions, noting longer-term forecasts remain largely unchanged. Overweight retained.

This report was published on February 18, 2026.

Target price is $4.20 Current Price is $3.47 Difference: $0.73
If ASG meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 11.60 cents and EPS of 26.50 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.09.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 14.40 cents and EPS of 32.60 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.64.

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

ASK    ABACUS STORAGE KING

REITs – Overnight Price: $1.52

Moelis rates ((ASK)) as Hold (3) –

Abacus Storage King posted a weaker than expected operating result, largely driven by tough macroeconomic conditions in NZ. 1H26 RevPAM (revenue per available square metre) growth was below Moelis’ estimates.

Over time, Moelis expects the earnings yield to improve as Abacus continues to deliver on its -$620m (45% complete) development pipeline, while stabilising previously completed development assets.

The dividend yield remains at 4%, but Abacus retains a high quality portfolio amidst a competitive direct market, the broker suggests. Target falls to $1.55 from $1.62, Hold retained.

This report was published on February 18, 2026.

Target price is $1.55 Current Price is $1.52 Difference: $0.025
If ASK meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.58, suggesting upside of 2.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 6.20 cents and EPS of 6.40 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.5, implying annual growth of -70.5%.
Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 23.5.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 6.20 cents and EPS of 6.60 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of 4.6%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 22.5.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $11.37

Jarden rates ((BEN)) as Neutral (3) –

Bendigo & Adelaide Bank’s 1H26 cash profit rose 3% half on half but was down -3% year on year, Jarden notes. Positive underlying business trends were evident with strong margin trajectory, but volume growth continues to trail system.

The bank is making sound operating progress and leading in IT and customer advocacy. Customers love it, but the regulator may not in the near term, Jarden warns.

Jarden sees two tightropes, firstly balancing the volume versus margin trade-off as the bank now seeks to grow and win back lost market share on both sides of the balance sheet, and secondly, capital is likely to be consumed by a fine and growth strain.

Neutral and an $11 target retained as the broker awaits further clarity on the breadth of the anti-money laundering issues and the pace of a return to system growth.

This report was published on February 18, 2026.

Target price is $11.00 Current Price is $11.37 Difference: minus $0.37 (current price is over target).
If BEN meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $10.67, suggesting downside of -6.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 63.00 cents and EPS of 81.00 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.5, implying annual growth of N/A.
Current consensus DPS estimate is 63.0, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 64.00 cents and EPS of 83.00 cents.
At the last closing share price the estimated dividend yield is 5.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.5, implying annual growth of -2.4%.
Current consensus DPS estimate is 62.7, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.1.

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

CEN    CONTACT ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $7.76

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

Contact Energy posted an in-line first half EBITDA of NZ$500m and announced an NZ$525m capital raising at a -7.2%% discount to the Friday close.

Jarden expects the company to be better positioned now to commit to a sustainable dividend growth profile.

Guidance for FY26 EBITDA has been upgraded to NZ$965m, which causes the broker to lift its target, mitigated by the capital raising, to NZ$10.93 from NZ$10.85.

Jarden remains cautious regarding investment timing assumptions and particularly regarding the wholesale price outlook. Overweight maintained.

This report was published on February 16, 2026.

Current Price is $7.76. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 35.89 cents and EPS of 30.42 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.51.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 37.69 cents and EPS of 27.46 cents.
At the last closing share price the estimated dividend yield is 4.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.26.

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

COH    COCHLEAR LIMITED

Medical Equipment & Devices – Overnight Price: $197.86

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

Cochlear’s 1H26 underlying NPAT of $194.8m missed consensus by -5%, which Canaccord Genuity attributes to softer cochlear implant sales and weaker gross margin from mix and launch-related inefficiencies.

Management’s FY26 NPAT guidance of $435m–$460m was maintained, but management guided towards the low end and flagged an expected -$30m 2H26 NPAT headwind at current FX rates.

The broker notes Americas implant growth remained solid, while EMEA and Asia Pacific were weaker, and believes the near-term upgrade cycle is being slowed by tighter funding conditions.

Canaccord cuts FY26–FY28 EPS forecasts by -7%–9%, mainly reflecting updated FX and hedging assumptions and a more conservative view on near-term average selling price uplift from NEXA contracting.

Buy rating retained and the target falls to $295 from $330.

This report was published on February 16, 2026.

Target price is $295.00 Current Price is $197.86 Difference: $97.14
If COH meets the Canaccord Genuity target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $245.24, suggesting upside of 23.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 430.00 cents and EPS of 606.00 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 652.1, implying annual growth of 9.7%.
Current consensus DPS estimate is 464.4, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 30.3.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 455.00 cents and EPS of 679.00 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 723.0, implying annual growth of 10.9%.
Current consensus DPS estimate is 514.3, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 27.4.

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

CU6    CLARITY PHARMACEUTICALS LIMITED

Medical Equipment & Devices – Overnight Price: $3.40

Canaccord Genuity rates ((CU6)) as Buy (1) –

Canaccord Genuity reiterates its Buy rating and $9.00 target following the release of Co-PSMA trial results, which the broker describes as clinically meaningful.

The head-to-head study showed 64Cu-SAR-bisPSMA detected 78% of lesions versus 36% for 68Ga-PSMA-11, with statistically superior mean lesions per patient and a 44% change in planned management.

Canaccord believes the data reinforces 64Cu-SAR-bisPSMA as a clinically superior second-generation PSMA PET tracer in biochemical recurrent prostate cancer, particularly at low PSA levels where detection is critical for salvage radiotherapy decisions.

An estimated circa 150k additional patients could benefit, supporting incremental US$250m peak sales and total peak sales of US$750–800m, which are already incorporated in forecasts. 

This report was published on February 16, 2026.

Target price is $9.00 Current Price is $3.40 Difference: $5.6
If CU6 meets the Canaccord Genuity target it will return approximately 165% (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 26.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.64.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 34.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.83.

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

EOL    ENERGY ONE LIMITED

Energy Sector Contracting – Overnight Price: $14.25

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

Energy One’s price target has been cut to $21.32 from $22.94, reflecting Canaccord Genuity’s weaker AUDGBP and AUDEUR assumptions and a higher discounted cash flow risk-free rate of 4.0% from 3.5%, while Buy is retained.

The broker has downgraded annual recurring revenue (ARR) and revenue forecasts by -1% to -2% and cut Cash earnings (EBITDA) and EPS by -4% to -5%, partly offset by employee costs benefiting from a stronger AUD.

Canaccord now expects 1H26 revenue of $35–36m and cash earnings (EBITDA) of $10.6m, which the broker notes is broadly in line with consensus.

Management is expected to reiterated FY26 guidance, including 15%–20% ARR growth and a 20%–22% cash earnings (EBITDA) margin, alongside headcount of 205–210 and software capex of -$6–$7m.

Canaccord believes AI disruption fears are overstated given Energy One’s complex end markets and expects the company to leverage AI to enhance product capability and support its medium-term margin ambition.

This report was published on February 16, 2026.

Target price is $21.32 Current Price is $14.25 Difference: $7.07
If EOL meets the Canaccord Genuity target it will return approximately 50% (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 34.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 41.91.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 EPS of 47.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.32.

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

FRW    FREIGHTWAYS GROUP LIMITED

Transportation & Logistics – Overnight Price: $12.41

Jarden rates ((FRW)) as Neutral (3) –

First half earnings from Freightways Group were largely in line with expectations. Jarden notes solid momentum in key businesses albeit in a subdued operating environment. Allied Express is performing well, winning share with no signs of slowing momentum.

The broker found the outlook commentary cautious with no full year guidance provided.

The company is proactively targeting complimentary acquisitions and, based on recent metrics, Jarden estimates the top end of its gearing range could support an acquisition of up to NZ$250m without further equity.

Neutral maintained. Target rises to NZ$14.10 from NZ$14.00.

This report was published on February 16, 2026.

Current Price is $12.41. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 48.60 cents and EPS of 57.50 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.58.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 60.50 cents and EPS of 72.60 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.09.

This company reports in NZD. 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

GPT    GPT GROUP

Infra & Property Developers – Overnight Price: $5.08

Jarden rates ((GPT)) as Neutral (3) –

GPT Group delivered a 2025 result that was in line with Jarden’s estimates. The maiden 2026 FFO guidance of 35.4 cents per security is considered high-quality because of the absence of trading profit assumptions.

Raising capital on multiple fronts has been a focus for management and success is evident across retail and logistics.

The broker believes the business will need to balance ongoing capital raising initiatives against funding the assumed full take-up of the GWOF liquidity.

Jarden retains a Neutral rating and raises its target to $5.90 from $5.85.

This report was published on February 17, 2026.

Target price is $5.90 Current Price is $5.08 Difference: $0.82
If GPT meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $5.85, suggesting upside of 15.1%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 24.50 cents and EPS of 35.40 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.1, implying annual growth of -31.5%.
Current consensus DPS estimate is 24.7, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 25.40 cents and EPS of 36.60 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.1, implying annual growth of 5.7%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 13.7.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

JBH    JB HI-FI LIMITED

Consumer Electronics – Overnight Price: $87.69

Jarden rates ((JBH)) as Upgrade to Overweight from Neutral (2) –

JB Hi-Fi posted a first half result that was better than feared and Jarden finds a lot to like in the outlook. While in the second half business has slowed, the broker expects this will be short lived as there are a number of catalysts ahead.

Jarden expects minimal impact on demand from inflation given the essential nature of PCs, which will be affected. Rating is upgraded to Overweight from Neutral.

The broker also notes the strength of The Good Guys result, with steady share in a competitive market. Target is reduced to $88.90 from $96.80.

This report was published on February 16, 2026.

Target price is $88.90 Current Price is $87.69 Difference: $1.21
If JBH meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $96.56, suggesting upside of 10.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 441.00 cents and EPS of 466.20 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 460.3, implying annual growth of 8.8%.
Current consensus DPS estimate is 346.2, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 363.00 cents and EPS of 496.00 cents.
At the last closing share price the estimated dividend yield is 4.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 479.6, implying annual growth of 4.2%.
Current consensus DPS estimate is 361.5, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 18.3.

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

NCK    NICK SCALI LIMITED

Furniture & Renovation – Overnight Price: $19.52

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

Canaccord Genuity retains a Hold rating but cuts its target to $20.43 from $26.77 on Nick Scali, post a strong 1H26 result and softer A&NZ trading trends 

Normalised 1H26 NPAT of $41m rose 23.6% y/y, 5.6% ahead of expectations and 8.8% above consensus, driven by double-digit A&NZ written sales orders growth and higher gross margins.

The broker highlights a slowdown in A&NZ like for like sales growth to to 3.2% in January and expects tougher comparables through 2H26, prompting a reduction in outer-year forecasts.

While the analyst trims A&NZ estimates, Canaccord upgrades UK sales and margin assumptions following refurbishment-driven acceleration, although mid-single-digit EPS downgrades are made from 2H26 onwards. 

This report was published on February 13, 2026.

Target price is $20.43 Current Price is $19.52 Difference: $0.91
If NCK meets the Canaccord Genuity target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $21.20, 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 78.10 cents and EPS of 99.00 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.1, implying annual growth of 36.4%.
Current consensus DPS estimate is 70.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 21.2.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 79.00 cents and EPS of 102.00 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 19.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.3, implying annual growth of 13.2%.
Current consensus DPS estimate is 79.1, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 18.7.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $14.37

Jarden rates ((PXA)) as Buy (1) –

Jarden notes Pexa Group is exiting the majority of its Digital Solutions business, with discontinued operations expected to carry -$26m of impairments completed by mid-calendar 2026.

Group FY26 guidance has been updated by management, with revenue lowered by -$12.5m, earnings (EBITDA) margin increased by 2% and NPAT lifted by $10m, while capex guidance was reduced by -$10m.

The broker highlights the company expects an Australian cost optimisation program to deliver more than $10m of cash savings per annum, although this was already embedded in prior guidance.

Jarden retains a Buy rating and $17.40 target, and believes valuation is undemanding ahead of potential catalysts at the FY26 result, including Australian regulatory reviews, UK progress and the AML opportunity from Pexa Clear.

This report was published on February 17, 2026.

Target price is $17.40 Current Price is $14.37 Difference: $3.03
If PXA meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $17.41, suggesting upside of 21.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Current consensus EPS estimate is 21.8, 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 65.9.

Forecast for FY27:

Current consensus EPS estimate is 29.2, implying annual growth of 33.9%.
Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 49.2.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

QAL    QUALITAS LIMITED

Wealth Management & Investments – Overnight Price: $3.32

Jarden rates ((QAL)) as Buy (1) –

Qualitas has delivered a strong 1H26 result, with net profit before tax of $30.2m modestly ahead of both Jarden and consensus, supported by record gross deployment of $3.7bn and operating leverage.

The broker highlights transaction fees of $12.9m were materially stronger than expected, while performance fees and principal income were softer, and FY26 net profit before tax guidance of $60m–$66m was reaffirmed.

The deployment pipeline has grown to $5.5bn, with $1.8bn already approved and mandated by the investment committee, supporting medium-term base management fee growth.

Jarden lifts FY26 forecasts by 2% (0% change for FY27). Buy retained with the target increasing to $4.40 from $4.26.

This report was published on February 17, 2026.

Target price is $4.40 Current Price is $3.32 Difference: $1.08
If QAL meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 13.50 cents and EPS of 14.40 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.06.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 15.80 cents and EPS of 17.30 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.19.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RWC    RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $3.38

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

Jarden has downgraded Reliance Worldwide to Neutral from Overweight and cut its target to $3.80 from $4.47 following a weaker 1H26 result and what the broker views as elevated execution risk.

While the Americas performance was relatively resilient, APAC and EMEA were weaker as volumes and manufacturing shifts weighed on earnings with pricing expected to offset tariffs as supporting 2H26 visibility, although copper remains a headwind.

The broker believes the strategic pivot away from copper and brass towards stainless steel, with copper targeted to be non-material by FY29, introduces material risk around manufacturing complexity, channel adoption and price differential.

Jarden lowers FY26 EPS forecast by -1.6% and FY27 by -3.2%.

This report was published on February 17, 2026.

Target price is $3.80 Current Price is $3.38 Difference: $0.42
If RWC meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.13, suggesting upside of 22.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 7.04 cents and EPS of 24.81 cents.
At the last closing share price the estimated dividend yield is 2.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of N/A.
Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 8.73 cents and EPS of 31.39 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 10.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.8, implying annual growth of 29.7%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 11.7.

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

SGP    STOCKLAND

Infra & Property Developers – Overnight Price: $5.18

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

The first half FFO of 13.5c from Stockland was well ahead of Jarden’s estimates while EBIT was in line.

FY26 guidance is unchanged, with the broker noting the market was somewhat surprised the range was not narrowed, given there are just 4.5 months remaining.

Guidance does depend on residential settlements, with production the main constraint outside of Victoria.

Commentary explains the Overweight rating reflects a preference for active residential exposure as the drivers remain in place with structural undersupply and government support along with demand from migration.

Target is reduced to $6.40 from $7.05.

This report was published on February 16, 2026.

Target price is $6.40 Current Price is $5.18 Difference: $1.22
If SGP meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $6.16, suggesting upside of 19.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 25.20 cents and EPS of 36.50 cents.
At the last closing share price the estimated dividend yield is 4.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.5, implying annual growth of 5.5%.
Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 25.20 cents and EPS of 39.70 cents.
At the last closing share price the estimated dividend yield is 4.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.4, implying annual growth of 7.9%.
Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 13.1.

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

SKT    SKY NETWORK TELEVISION LIMITED

Print, Radio & TV – Overnight Price: $2.74

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

Sky Network Television’s long-running output deal with HBO is ending, which Jarden says was expected given HBO’s direct-to-consumer strategy and Sky’s prior commentary.

The broker notes Neon has been a key weakness in recent years, and highlights HBO titles dominated Neon’s most watched shows in 2025, creating risk to subscriber retention.

Sky is believed to have had time to prepare and suggests a refreshed Neon offering without HBO’s content cost burden could be earnings accretive, albeit with potential trading-down risk into the core Box product.

The broker expects more clarity on programming cost and pricing strategy at the upcoming 1H26 result, with FY27 guidance likely to be complicated by Discovery NZ content costs.

Overweight and the NZ$3.15 target are retained.

This report was published on February 18, 2026.

Current Price is $2.74. Target price not assessed.
Current consensus price target is N/A
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 26.92 cents and EPS of 27.01 cents.
At the last closing share price the estimated dividend yield is 9.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.8, implying annual growth of N/A.
Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 9.1%.
Current consensus EPS estimate suggests the PER is 9.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 26.92 cents and EPS of 29.61 cents.
At the last closing share price the estimated dividend yield is 9.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.6, implying annual growth of 6.5%.
Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 9.9%.
Current consensus EPS estimate suggests the PER is 9.3.

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

TRE    TOUBANI RESOURCES LIMITED REGISTERED

Gold & Silver – Overnight Price: $0.45

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

Canaccord Genuity raises its target for Toubani Resources to $1.70 from $1.50 and reiterates a Speculative Buy rating after management secured a $395m funding package for the Kobada gold project 

The package includes $151m equity, a US$80m gold stream, and US$83m in debt, which the broker believes fully funds development to first production.

Approvals and financing are seen by the analysts as key de-risking milestones, with construction slated for 1H26 and first gold in 2H27.

Canaccord’s forecasts are updated for the broker’s new gold price forecasts and funding structure, lifting average project earning forecasts by 17%.

This report was published on February 16, 2026.

Target price is $1.70 Current Price is $0.45 Difference: $1.255
If TRE meets the Canaccord Genuity target it will return approximately 282% (excluding dividends, fees and charges).

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $4.72

Jarden rates ((TWE)) as Neutral (3) –

Treasury Wine Estates delivered an operating result that was in line, being largely pre-released. The dividend has been suspended with the company looking to preserve capital and bring gearing back into the target range.

Jarden believes an earnings trough has been reached but the business needs to make progress on the balance sheet, which should become evident throughout 2026. This will still need to be seen happening before a re-rating can occur.

The broker take some comfort in the Nielsen January US wine data which show an improvement while China depletions have become stronger. Neutral rating. Target is reduced to $5.00 from $5.40.

This report was published on February 16, 2026.

Target price is $5.00 Current Price is $4.72 Difference: $0.28
If TWE meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.95, suggesting upside of 4.9%(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 32.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of -42.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 9.00 cents and EPS of 34.90 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.8, implying annual growth of 12.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.6.

Market Sentiment: -0.5
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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