Australian Broker Call *Extra* Edition – Feb 23, 2026

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            [0] => ((A1M))
            [1] => ((ALL))
            [2] => ((BXB))
            [3] => ((CGS))
            [4] => ((EGL))
            [5] => ((EHL))
            [6] => ((EQT))
            [7] => ((GMD))
            [8] => ((MAU))
            [9] => ((HUB))
            [10] => ((MAH))
            [11] => ((PNC))
            [12] => ((SHV))
            [13] => ((SPZ))
            [14] => ((SVR))
            [15] => ((TNE))
            [16] => ((XRF))
        )

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            [0] => A1M
            [1] => ALL
            [2] => BXB
            [3] => CGS
            [4] => EGL
            [5] => EHL
            [6] => EQT
            [7] => GMD
            [8] => MAU
            [9] => HUB
            [10] => MAH
            [11] => PNC
            [12] => SHV
            [13] => SPZ
            [14] => SVR
            [15] => TNE
            [16] => XRF
        )

)

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   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

EGL    ENVIRONMENTAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.23

Moelis rates ((EGL)) as Buy (1) –

Environmental Group’s first half result revealed strong underlying earnings with Moelis noting energy and waste grew strongly while Baltec and Air were short of expectations.

The broker revises FY26 and FY27 estimates for EPS down by -19% and -7%, respectively, to reflect the results and increased D&A.

Moelis continues to envisage strong industry tailwinds will support the business, coupled with mandated demand in regulated industries. Buy rating. Target is $0.33.

This report was published on February 19, 2026.

Target price is $0.33 Current Price is $0.23 Difference: $0.1
If EGL meets the Moelis target it will return approximately 43% (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 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.43.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.11.

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

EHL    EMECO HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $1.33

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

Jarden downgrades Emeco Holdings to Neutral from Overweight and lifts its target price to $1.30 from $1.05 following a better than expected 1H26 result against consensus.

Net profit after tax was 8% above consensus and 12% above the analyst’s forecast, while qualitative FY26 guidance for moderate earnings growth was reiterated and remains broadly unchanged.

The target price increase reflects higher long term earnings assumptions and a lift in terminal growth to 2.5%, with the broker citing potential capital returns and dividend reinstatement over FY27 to FY28 as key catalysts.

This report was published on February 19, 2026.

Target price is $1.30 Current Price is $1.33 Difference: minus $0.03 (current price is over target).
If EHL meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 16.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.87.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 16.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.06.

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

EQT    EQT HOLDINGS LIMITED

Diversified Financials – Overnight Price: $22.44

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

Canaccord Genuity retains a Buy rating and $34.57 target price on EQT Holdings following a 1H26 result which delivered no nasty surprises.

The broker notes funds under administration of $283.7bn, up 29% y/y and 3% versus expectations, revenue of $100.0m, up 12% y/y and in line, and net profit before tax of $31.6m, up 23% y/y but -4% versus forecast.

Adjusted EPS of 79.6c rose 22% y/y and was -6% below its estimate.

There has been a sizable lift in operational risk, financial requirement holdings to $153.1m versus its $67.7m estimate following CPS 230 changes, which it expects to lift other revenue but also interest expense.

The broker points to continued elevated legal and advisory costs in 2H26 relating to Shield and First Guardian, and notes Superannuation Trustee Services remains under strategic review with a 6 to 12 month timeline, with no quantitative guidance provided.

This report was published on February 19, 2026.

Target price is $34.57 Current Price is $22.44 Difference: $12.13
If EQT meets the Canaccord Genuity target it will return approximately 54% (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 117.00 cents and EPS of 168.00 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.36.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 122.00 cents and EPS of 178.00 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.61.

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: $6.87

Moelis rates ((GMD)) as Hold (3) –

Genesis Minerals posted first half results that were largely pre-released. Moelis highlights, of far greater interest is the intended acquisition of neighbouring Magnetic Resources ((MAU)) and the intention to build a new plant at Leonora.

The broker reworks its numbers with an eye towards potential timing, capital costs and blend strategies.

The company is currently fully utilising its 4.4mtpa installed capacity spread between both Laverton and Leonora and until this bottleneck is removed, the only path to higher production is higher feed grades, commentary posits.

While the broker concedes there is more work to do in forming a complete picture on the outlook, the increase in longer-dated production forecasts drives the target 10% higher to $8.05. Hold.

This report was published on February 19, 2026.

Target price is $8.05 Current Price is $6.87 Difference: $1.18
If GMD meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $9.72, suggesting upside of 41.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 47.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.5, implying annual growth of 173.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.4.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 57.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.8, implying annual growth of 11.4%.
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.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $97.50

Moelis rates ((HUB)) as Buy (1) –

Hub24’s net profit in the first half beat Moelis’ estimates. The broker upgrades EPS forecast for FY26 and FY27 by 6.3% and 4.9%, respectively.

The margin performance is expected to taper in the second half as product and personnel investment continues.

New product launches over the next 12-18 months, combined with this investment, provide the potential for elevated flows and market share gains, the broker adds.

A Buy rating is maintained. Target rises to $123.04 from $118.04.

This report was published on February 19, 2026.

Target price is $123.04 Current Price is $97.50 Difference: $25.54
If HUB meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $112.01, suggesting upside of 14.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 77.30 cents and EPS of 161.60 cents.
At the last closing share price the estimated dividend yield is 0.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 60.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 162.4, implying annual growth of 65.4%.
Current consensus DPS estimate is 77.2, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 60.0.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 94.20 cents and EPS of 196.90 cents.
At the last closing share price the estimated dividend yield is 0.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 194.5, implying annual growth of 19.8%.
Current consensus DPS estimate is 95.0, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 50.1.

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

MAH    MACMAHON HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.77

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

Canaccord Genuity raises its target price to $0.82 from $0.49 and retains a Buy rating on Macmahon Holdings following 1H26 results which were broadly in line with expectations.

The broker notes 1H26 EBIT of $91m, up 17% y/y and -2% versus its estimate, with revenue of $1,307m up 11% y/y, while a 0.95c interim dividend was 19% ahead of its 0.8c forecast and cash conversion reached 95%.

Net debt fell -11% on the prior half to $144m despite a one-off -$22m tax payment. The tender pipeline sits at $25.6bn, with $14.4bn expected to be awarded within 12 months.

This report was published on February 17, 2026.

Target price is $0.82 Current Price is $0.77 Difference: $0.05
If MAH meets the Canaccord Genuity target it will return approximately 6% (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 2.00 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.81.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 2.30 cents and EPS of 5.70 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 13.51.

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

PNC    PIONEER CREDIT LIMITED

Business & Consumer Credit – Overnight Price: $0.66

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

Canaccord Genuity raises its target price to $1.15 from $1.09 and retains a Buy rating on Pioneer Credit following a better than expected 1H26 and an upgrade in guidance.

The broker notes 1H underlying NPAT of $10.2m, broadly matching the prior full year result and 16% ahead of its estimate, with cash EBITDA up 7% to $51.5m, while PDP purchases of $31m were below expectations due to temporary bank pauses on forward flow programs.

Management’s net profit after tax guidance has been upgraded to over $20m from over $18m, implying only around $10m required in 2H, which is viewed as readily achievable given refinancing benefits were only partially reflected in 1H.

Canaccord Genuity upgrades its EPS forecasts for the change in guidance.

This report was published on February 18, 2026.

Target price is $1.15 Current Price is $0.66 Difference: $0.495
If PNC meets the Canaccord Genuity target it will return approximately 76% (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 11.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.65.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.08.

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

SHV    SELECT HARVESTS LIMITED

Agriculture – Overnight Price: $3.74

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

Canaccord Genuity retains a Hold rating and $4.30 target price on Select Harvests following what the broker describes as a truncated AGM update.

The broker notes no quantitative crop volume or almond price guidance was provided, with management deferring crop guidance to mid year, while confirming 10kt of the FY26 crop has been forward sold at what it describes as strong prices and revenue is around 60% hedged at 65.3c.

Some potential downside risks to FY26 crop yield and achieved almond prices are flagged by the analyst, citing a 7% forecast increase in the Australian crop and a -5-7% decline in USD spot almond prices since late November, alongside a stronger AUD.

The broker makes no changes to forecasts.

This report was published on February 17, 2026.

Target price is $4.30 Current Price is $3.74 Difference: $0.56
If SHV meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $5.22, suggesting upside of 39.5%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 45.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.3, implying annual growth of 57.3%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 9.20 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.8, implying annual growth of 4.2%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 10.2.

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

SPZ    SMART PARKING LIMITED

Hardware & Equipment – Overnight Price: $1.30

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

Canaccord Genuity raises its target price to $1.80 from $1.45 and retains a Buy rating on Smart Parking following a material 1H26 ‘beat’ to revenue and earnings expectations.

Revenue of $63m, up 96% y/y and 17% above forecasts, and adjusted EBITDA of $16m, up 89% y/y and 21% ahead of expectations, combined with margin impacted by start-up costs in Denmark and Switzerland and lower margin UK debt recovery revenue.

Total site count increased 19% to 1,852, with management reiterating its target of 3,000 sites by Dec-28, while net cash stood at $15m, excluding $10m of client funds, supporting further geographic expansion and M&A.

Canaccord upgrades FY26, FY27 and FY28 EBITDA forecasts by 7%, 10% and 9%, respectively, citing strong organic site growth, UK pricing tailwinds and longer term US ANPR potential.

This report was published on February 18, 2026.

Target price is $1.80 Current Price is $1.30 Difference: $0.5
If SPZ meets the Canaccord Genuity target it will return approximately 38% (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 3.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.14.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.00.

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

SVR    SOLVAR LIMITED

Business & Consumer Credit – Overnight Price: $1.82

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

Canaccord Genuity highlights Solvar continues to focus on capital management with1H26 closing gross loan book of $897m down -4% y/y, net interest income of $74.3m, down -9% y/y, and normalised NPAT of $20.0m, up 6% y/y.

Profitability benefited from an NZ$8m sale of the written-off loan book. An interim dividend of 6cps and a 2.5cps special dividend were declared, taking the last 12-month dividends to 19cps, and the buyback saw 11.5% of shares repurchased in recent years.

Management reiterated FY26 guidance for normalised NPAT of $36m, and the broker makes minor forecast revisions to reflect a lower closing book and higher employee costs, positioning for measured earnings growth into FY27.

Canaccord Genuity retains a Buy rating and $2.00 target price.

This report was published on February 18, 2026.

Target price is $2.00 Current Price is $1.82 Difference: $0.18
If SVR meets the Canaccord Genuity target it will return approximately 10% (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 19.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 10.44%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.58.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 14.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 7.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.58.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $24.75

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

TechnologyOne provided formal FY26 guidance at its AGM, flagging annual recurring revenue of $643-654m and pre-tax profit of $214.2m-$217.9m.

The company is targeting the top end of both metrics, which Canaccord Genuity notes have FX implications from a stronger AUD/GBP factored in.

The company has also flagged the front loading of costs surrounding the showcase in both Australia and the UK that will limit first half profit growth, but should deliver a meaningful acceleration in the second half.

With multi-year contracts and a strong brand, Canaccord Genuity believes the business is well insulated and retains its Buy rating with a $42.15 target.

This report was published on February 18, 2026.

Target price is $42.15 Current Price is $24.75 Difference: $17.4
If TNE meets the Canaccord Genuity target it will return approximately 70% (excluding dividends, fees and charges).
Current consensus price target is $33.04, suggesting upside of 33.5%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 34.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.3, implying annual growth of 17.0%.
Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 50.2.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 42.00 cents and EPS of 61.00 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 18.7%.
Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 42.3.

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

XRF    XRF SCIENTIFIC LIMITED

Mining Sector Contracting – Overnight Price: $1.74

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

Canaccord Genuity lowers its target price to $2.30 from $2.35 and retains a Buy rating on XRF Scientific following a 1H26 result which was subdued but showed stronger underlying momentum.

The broker reports revenue of $31.3m, up 9% y/y and -3% versus its estimate, EBITDA of $8.4m, up 6% y/y and -5% versus forecast, and PBT of $7.5m, up 7% y/y and -6% versus expectations, with net cash of $11.0m.

Canaccord highlights improved implied 2Q26 PBT margins despite weaker Consumables sales, which it attributes to timing of export orders into 2H26, while Precious Metals strength was supported by higher platinum prices.

The broker reduces FY26 and FY27 earnings forecasts by -7%.

This report was published on February 19, 2026.

Target price is $2.30 Current Price is $1.74 Difference: $0.56
If XRF meets the Canaccord Genuity target it will return approximately 32% (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 4.70 cents and EPS of 7.90 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.03.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 5.30 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 3.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.77.

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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