Daily Market Reports | 10:00 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.
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
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
A1M ALL BXB CGS EGL EHL EQT GMD HUB MAH PNC SHV SPZ SVR TNE XRF
A1M AIC MINES LIMITED
Gold & Silver - Overnight Price: $0.58
Moelis rates ((A1M)) as Buy (1) -
AIC Mines delivered a first half result that was better at the EBITDA line than Moelis expected.
There were no material differences to the broker's forecasts and the business is considered on track for growth initiatives, as it remains well-positioned to capitalise on strong prices.
Catalysts include consistent development at Jericho, news flow on successful exploration and executing on the plant expansion. Buy rating and target of 71c.
This report was published on February 19, 2026.
Target price is $0.71 Current Price is $0.58 Difference: $0.125
If A1M meets the Moelis target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $0.90, suggesting upside of 52.5%(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 5.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.09.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.3, implying annual growth of 103.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.1.
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 7.70.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.8, implying annual growth of 122.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 5.0.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ALL ARISTOCRAT LEISURE LIMITED
Gaming - Overnight Price: $48.00
Jarden rates ((ALL)) as Buy (1) -
Jarden retains a Buy rating on Aristocrat Leisure and lowers its target price to $68.00 from $72.00 following a trading update at the 2026 AGM.
Management reiterated constant currency NPATA growth for FY26, albeit with a greater skew to 2H26, with North American Gaming Operations net installs guided to 4k-5k, weighted to 2H, and fee per day expected to be broadly flat in 1H26 before improving.
Product Madness is tracking positively despite a flat to declining TAM, with DTC penetration now above 20% of revenue, supporting margin expansion, although player acquisition investment is set to rise to 18%-21% of revenue in FY26.
Jarden cuts FY26-28 earnings forecasts by around -5% reflecting adverse FX, partially offset by legal cost recovery, and maintains a constructive medium term view citing land based and iGaming share gains and further buybacks as key drivers.
This report was published on February 19, 2026.
Target price is $68.00 Current Price is $48.00 Difference: $20
If ALL meets the Jarden target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $70.27, suggesting upside of 46.4%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 105.00 cents and EPS of 235.00 cents.
At the last closing share price the estimated dividend yield is 2.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.43.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 267.1, implying annual growth of 16.5%.
Current consensus DPS estimate is 96.7, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 18.0.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 115.00 cents and EPS of 285.10 cents.
At the last closing share price the estimated dividend yield is 2.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.84.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 298.5, implying annual growth of 11.8%.
Current consensus DPS estimate is 107.8, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 16.1.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BXB BRAMBLES LIMITED
Transportation & Logistics - Overnight Price: $24.22
Jarden rates ((BXB)) as Neutral (3) -
Jarden lifts its target price to $25.60 from $23.10 and maintains a Neutral rating on Brambles following a solid 1H26 result.
The broker highlights revenue growth of 2% and EBIT growth of 7%, with core EPS 4.5% ahead of consensus, as strong operating leverage in CHEP Americas offset a -4% EBIT decline in CHEP EMEA.
Management's FY26 tevenue guidance has been trimmed to 3% to 4% from 3% to 5%, while FY26 EBIT growth guidance of 8% to 11% was maintained, implying a stronger 2H26 skew supported by restructuring benefits and cost control.
Jarden increases its FY26, FY27 and FY28 EPS forecasts and includes a further US$400m on-market buyback in FY27, post higher expected free cash flow guidance of US$950m to US$1,100m and balance sheet capacity.
This report was published on February 19, 2026.
Target price is $25.60 Current Price is $24.22 Difference: $1.38
If BXB meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $26.60, suggesting upside of 9.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 45.30 cents and EPS of 109.07 cents.
At the last closing share price the estimated dividend yield is 1.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.21.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 100.6, implying annual growth of N/A.
Current consensus DPS estimate is 62.1, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 24.1.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 72.51 cents and EPS of 121.00 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.02.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 111.5, implying annual growth of 10.8%.
Current consensus DPS estimate is 68.2, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 21.7.
This company reports in USD. 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
CGS COGSTATE LIMITED
Medical Equipment & Devices - Overnight Price: $2.17
Canaccord Genuity rates ((CGS)) as Buy (1) -
Canaccord Genuity retains a Buy rating and $3.30 target price on Cogstate following an inline 1H26 result.
The broker notes revenue of $26.9m, up 12% y/y and above updated guidance of $25-26m, with clinical trials revenue of $25.7m, up 13% y/y, and contracts executed of $41.7m, up 105% y/y and above guidance of $37-40m.
Gross margin of 52.8% was slightly above updated guidance of 50-52% but below the prior period, which the analyst attributes to a strategic reallocation of senior scientists, while EBITDA of $6.5m, up 5% y/y, implied a 24.3% margin, ahead of 20-23% guidance.
The broker highlights $21.7m of contracted revenue already secured for 2H26.
This report was published on February 19, 2026.
Target price is $3.30 Current Price is $2.17 Difference: $1.13
If CGS meets the Canaccord Genuity target it will return approximately 52% (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 1.84 cents and EPS of 8.87 cents.
At the last closing share price the estimated dividend yield is 0.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.46.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 3.52 cents and EPS of 11.63 cents.
At the last closing share price the estimated dividend yield is 1.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.67.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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