Australian Broker Call *Extra* Edition – Feb 25, 2026

Array
(
    [0] => Array
        (
            [0] => ((BFG))
            [1] => ((MQG))
            [2] => ((CGS))
            [3] => ((CHN))
            [4] => ((CVV))
            [5] => ((D3E))
            [6] => ((DXS))
            [7] => ((DYL))
            [8] => ((FBU))
            [9] => ((IMB))
            [10] => ((MGR))
            [11] => ((NAB))
            [12] => ((NWL))
            [13] => ((PEN))
            [14] => ((PLS))
            [15] => ((RHC))
            [16] => ((SFR))
            [17] => ((SLC))
            [18] => ((SPK))
            [19] => ((STO))
            [20] => ((TLC))
            [21] => ((TNE))
            [22] => ((VCX))
        )

    [1] => Array
        (
            [0] => BFG
            [1] => MQG
            [2] => CGS
            [3] => CHN
            [4] => CVV
            [5] => D3E
            [6] => DXS
            [7] => DYL
            [8] => FBU
            [9] => IMB
            [10] => MGR
            [11] => NAB
            [12] => NWL
            [13] => PEN
            [14] => PLS
            [15] => RHC
            [16] => SFR
            [17] => SLC
            [18] => SPK
            [19] => STO
            [20] => TLC
            [21] => TNE
            [22] => VCX
        )

)

This story features BELL FINANCIAL GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: BFG
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)

BFG   CGS   CHN   CVV   D3E   DXS   DYL   FBU   IMB   MGR   NAB   NWL   PEN   PLS   RHC   SFR   SLC   SPK   STO   TLC   TNE   VCX  

BFG    BELL FINANCIAL GROUP LIMITED

Diversified Financials – Overnight Price: $1.46

Research as a Service (RaaS) rates ((BFG)) as No Rating (-1) –

Bell Financial’s FY25 profit rose by 17% on the prior period to $30m, in line with Research as a Service’s (RaaS) forecast.

The analyst notes the strongest half for broking profit since H2 FY21, improved H2 FY25 net interest margin for margin lending, and one-off investment costs for Bell Potter Private Wealth’s new platform.

The closing cash balance is $146m.

The analyst expects a strong H1 FY26 driven by elevated equity capital markets activity and the transfer of Macquarie’ Group’s ((MQG)) online broking customers.

Valuation falls to $2.40 per share from $2.45. RaaS research doesn’t carry any ratings or targets. Investors can draw conclusions from valuation and commentary.

This report was published on February 20, 2026.

Target price is $2.40 Current Price is $1.46 Difference: $0.94
If BFG meets the Research as a Service (RaaS) target it will return approximately 64% (excluding dividends, fees and charges).

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: $2.20

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

Cogstate’s interim revenue of US$26.9m rose by 12% year-on-year, with earnings (EBITDA) of US$6.5m up 5% and margin of 24.3% ahead of guidance, highlights Canaccord Genuity. Clinical trial contracts executed surged 105% to US$41.7m.

The broker expects a stronger 2H with revenue up 19% half-on-half and margins expanding, supported by a more diversified and predictable contract base.

The analysts’ forecasts are moderated for FX and gross margin timing, but medium-term growth expectations remain intact. Target falls to $3.15 from $3.30. Buy unchanged.

This report was published on February 20, 2026.

Target price is $3.15 Current Price is $2.20 Difference: $0.95
If CGS meets the Canaccord Genuity target it will return approximately 43% (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 3.52 cents and EPS of 9.94 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.14.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 4.13 cents and EPS of 11.77 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.69.

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

CHN    CHALICE MINING LIMITED

Industrial Metals – Overnight Price: $2.00

Canaccord Genuity rates ((CHN)) as Initiation of coverage with Speculative Buy (1) –

Canaccord Genuity initiates coverage of Chalice Mining with a Speculative Buy rating and $3.70 target.

The Australian critical minerals developer is advancing its Gonneville palladium/nickel/copper project in Western Australia and has completed a prefeasibility study outlining a two-stage open pit operation that should produce an average 220,000 ozpa.

The broker models a 23-year mine life and assumes development expenditure of -$900m for stage I and -$840m for stage II, with stage II funded from stage I cash flow.

This report was published on February 19, 2026.

Target price is $3.70 Current Price is $2.00 Difference: $1.7
If CHN meets the Canaccord Genuity target it will return approximately 85% (excluding dividends, fees and charges).
Current consensus price target is $2.92, suggesting upside of 46.0%(ex-dividends)
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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 200.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 200.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

CVV    CARAVEL MINERALS LIMITED

Copper – Overnight Price: $0.39

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

Canaccord retains its Speculative Buy rating on Caravel Minerals and raises its price target to $0.80 from $0.60 following preliminary export credit agency support for the Caravel copper project.

The broker’s long-term copper price assumption is also raised by 22% to US$5.50/lb.

The analyst highlights non-binding Letters of Interest from Finnvera plc, Finland’s official Export Credit Agency, and KfW IPEX, including potentially US$220m in senior debt.

These prospects are a meaningful step towards a structured funding package alongside offtake and other financing options, according to the broker.

The definitive feasibility study (DFS) ts progressing towards mid-2026 completion, highlights Canaccord, with process plant design around 90% complete. 

This report was published on February 19, 2026.

Target price is $0.80 Current Price is $0.39 Difference: $0.41
If CVV meets the Canaccord Genuity target it will return approximately 105% (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 0.00 cents.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.

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

D3E    D3 ENERGY LIMITED

NatGas – Overnight Price: $0.38

Research as a Service (RaaS) rates ((D3E)) as No Rating (-1) –

D3 Energy represents a compelling investment case as a leveraged play on natural gas and helium in South Africa and Australia, Research as a Service (RaaS) suggests.

Commentary suggests the association of natural gas with helium gives a material point of difference compared with listed upstream peers.

The company is looking to achieve commercial resolution and project sanctions in 2026. The analyst believes the business is a niche opportunity in the global energy environment. Net asset valuation is $2.28.

RaaS research doesn’t carry any ratings or targets. Investors can draw conclusions from valuation and commentary.

This report was published on February 23, 2026.

Target price is $2.28 Current Price is $0.38 Difference: $1.9
If D3E meets the Research as a Service (RaaS) target it will return approximately 500% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.18 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.43.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.95 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.49.

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

DXS    DEXUS

REITs – Overnight Price: $6.57

Jarden rates ((DXS)) as Underweight (4) –

Jarden retains its Underweight rating on Dexus and lifts its price target by 10c to $7.55 after 1H adjusted funds from operations (AFFO) of 23.6c beat the 23.4 consensus forecast.

Stronger trading profits offset slightly weaker underlying FFO, explain the analysts. FY26 AFFO guidance of 44.5-45.5c was unchanged and a buyback of up to 10% of securities (around $750m) was announced.

The broker updates its forecasts to reflect lower trading profits from FY27, the buyback, and a higher interest rate curve, resulting in modest AFFO and FFO revisions across FY26-28.

Despite improving office conditions, Jarden highlights FY27 headwinds from positive FY26 one-offs rolling off the financial model and lower funds under management (FUM).

This report was published on February 19, 2026.

Target price is $7.55 Current Price is $6.57 Difference: $0.98
If DXS meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $7.40, suggesting upside of 12.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 37.00 cents and EPS of 64.00 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 10.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.8, implying annual growth of 389.1%.
Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 37.10 cents and EPS of 60.60 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.9, implying annual growth of 0.2%.
Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 10.4.

Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

DYL    DEEP YELLOW LIMITED

Uranium – Overnight Price: $2.62

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

Following a site visit to the Tumas project, the analysts at Canaccord Genuity note progress for long-lead items and bulk earthworks, with detailed engineering more than 60% complete.

These findings support flexibility for 2028 first production within 24 months of a final investment decision, suggests the broker.

Power agreements are executed and water supply negotiations are advancing, highlights Canaccord.

Now the independent technical engineering report is complete, the lead arranger Nedbank is seeking syndication partners for project financing.

Speculative Buy. Target unchanged at $3.01.

This report was published on February 19, 2026.

Target price is $3.01 Current Price is $2.62 Difference: $0.39
If DYL meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.29, suggesting downside of -12.6%(ex-dividends)
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 1.22 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 214.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 154.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.4, 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 655.0.

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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $2.97

Jarden rates ((FBU)) as Buy (1) –

Jarden retains its Overweight rating on Fletcher Building and lowers its target price to NZ$4.23 from NZ$4.32 following interim results. The analysts’ Overweight rating is retained.

The company reported continuing business earnings (EBIT) of NZ$145m (NZ$151m including Construction).

Divisional performance was mixed, assesses Jarden. Net debt rose to NZ$1,164m, with dividends remaining suspended pending deleveraging and a potential FY27 Construction sale.

The broker describes FY26 as a year of stabilisation, with cost savings of -NZ$45m offsetting subdued residential and infrastructure activity. It’s felt any meaningful housing recovery will be deferred until 2027.

This report was published on February 18, 2026.

Current Price is $2.97. Target price not assessed.
Current consensus price target is $2.89, suggesting downside of -2.7%(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 11.92 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.9, 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 23.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 17.66 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 31.8%.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 17.5.

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

IMB    INTELLIGENT MONITORING GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $0.55

Moelis rates ((IMB)) as Buy (1) –

Intelligent Monitoring provided a first half underlying EBITDA of $19.2m which beat Moelis’ estimate. Earnings and cash flow are expected to continue to grow across FY26, which reflects the typical business seasonality and a skew to the second half.

M&A remains a prospect for upside to estimates, although the broker does not factor in any transforming acquisitions.

EBITDA estimates are downgraded by -6% in FY26 and -5.6% in FY27 to reflect a later completion date for the acquisition of Tyco NZ and Red Wolf, as well as a softer performance in New Zealand and a slower ramping up profile in commercial.

Buy rating. Target is $0.84, reduced from $0.95.

This report was published on February 22, 2026.

Target price is $0.84 Current Price is $0.55 Difference: $0.29
If IMB meets the Moelis target it will return approximately 53% (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 4.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.10.

Forecast for FY27:

Moelis forecasts a full year FY27 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 9.48.

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

MGR    MIRVAC GROUP

Infra & Property Developers – Overnight Price: $2.03

Jarden rates ((MGR)) as Buy (1) –

Jarden assesses a “clean” 1H26 result for Mirvac Group, noting a 7% operating EPS beat versus the consensus forecast and earnings (EBIT) also 5% ahead.

FY26 guidance was maintained. The FY26 development EBIT guidance reflects an 8.4% return on $3.2bn of active capital. The broker suggests if this improved to, say, 13%, an additional $150m of development profit would be generated.

H2 is expected to benefit from residential settlements and commercial profits. Target eases to $2.52 from $2.55. Buy retained.

This report was published on February 19, 2026.

Target price is $2.52 Current Price is $2.03 Difference: $0.49
If MGR meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $2.35, suggesting upside of 15.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 9.50 cents and EPS of 13.20 cents.
At the last closing share price the estimated dividend yield is 4.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.9, implying annual growth of 650.0%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 10.40 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.9, implying annual growth of 7.8%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.6.

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

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $48.37

Jarden rates ((NAB)) as Sell (5) –

Jarden lifts its price target for National Australia Bank by 3% to $30.00 after raising its FY26-28 cash earnings forecasts by 5%, 5%, and 3%, respectively, following a stronger-than-expected 1Q26 trading update.

Cash profit of $2.02bn reflected improved markets and fee income, a 2bps lift in net interest margin (NIM) to 1.80% and stable costs, explains the broker. It’s noted bad debts remain below historical levels.

The analysts question whether NAB needs a clearer strategic narrative across business banking, deposits and home lending, despite appointing a Group Executive for Transformation.

Jarden cautions sector valuations appear stretched relative to long-term averages. Sell rating retained.

This report was published on February 18, 2026.

Target price is $30.00 Current Price is $48.37 Difference: minus $18.37 (current price is over target).
If NAB meets the Jarden target it will return approximately minus 38% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $42.09, suggesting downside of -13.0%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 171.00 cents and EPS of 238.20 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 245.3, implying annual growth of 11.0%.
Current consensus DPS estimate is 172.2, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 171.00 cents and EPS of 240.90 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 253.8, implying annual growth of 3.5%.
Current consensus DPS estimate is 175.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $24.20

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

Netwealth Group delivered underlying earnings of $95.3m, ahead of Canaccord Genuity’s estimates.

The broker bases its view on a mid to long-term outlook where it expects the business will remain a leading platform provider, supported by market share gains, industry growth and opportunity in the non-custodial segment.

The stock has materially derated relative to the ASX 200 and remains cheap, Canaccord Genuity asserts. Buy rating is maintained. Target is reduced to $30.05 from $32.75.

This report was published on February 18, 2026.

Target price is $30.05 Current Price is $24.20 Difference: $5.85
If NWL meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $30.92, suggesting upside of 27.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 43.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 1.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 44.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.2, implying annual growth of 5.4%.
Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 48.2.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 47.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.3, implying annual growth of 26.1%.
Current consensus DPS estimate is 51.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 38.2.

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.73

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

Canaccord retains its Speculative Buy rating and $1.53 price target on Peninsula Energy following an operational update highlighting strong grades from Mine Unit 4 (MU-4). This is a new wellfield area within the company’s Lance uranium project in Wyoming

The broker notes one well delivered a peak uranium grade of 352 milligrams per litre (mg/l), well above the prior operational average of below 40mg/l and the feasibility study life-of-mine (LOM) average of 77mg/l.

It’s felt this outcome for grades provides potential upside to 2026 production guidance of 0.4-0.5Mlbs.

Acidification at key wellfields HH-14/16 is ahead of schedule, which the broker suggests may reflect tighter spacing and process improvements.

This report was published on February 19, 2026.

Target price is $1.53 Current Price is $0.73 Difference: $0.8
If PEN meets the Canaccord Genuity target it will return approximately 110% (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 5.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 14.05.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 EPS of 3.06 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.88.

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

PLS    PLS GROUP LIMITED

New Battery Elements – Overnight Price: $4.72

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

Canaccord Genuity retains a Buy rating on PLS Group and lowers its price target by -2% to $5.20 following 1H FY26 earnings (EBITDA) of $253m, in line with the consensus forecast. 

Profit of $33m missed the analysts’ expectation, though it’s felt the result marked a significant turnaround year-on-year. The analysts explain earnings rose by 241%, while free cash flow (FCF) of $18m compares to -$402m in the prior year.

Net cash eased to $494m from $514m at the FY25 result.

A final investment decision (FID) has been taken to restart the Ngungaju plant, targeting 200ktpa from July 2026.

This report was published on February 20, 2026.

Target price is $5.20 Current Price is $4.72 Difference: $0.48
If PLS meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.85, suggesting upside of 2.8%(ex-dividends)
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 23.00 cents.
At the last closing share price the estimated dividend yield is 0.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of N/A.
Current consensus DPS estimate is 1.2, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 36.9.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 2.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 0.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.1, implying annual growth of 119.5%.
Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 16.8.

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

RHC    RAMSAY HEALTH CARE LIMITED

Healthcare services – Overnight Price: $37.85

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

Jarden upgrades its rating for Ramsay Health Care to Overweight from Neutral ahead of its 1H26 result on February 26, despite lowering its price target by -4.2% to $40.60.

The latter is due to earnings forecast downgrades of -9.6%/-12.7%/-11.5% across FY26-28. While UK and European headwinds and FX have driven forecast cuts, the broker sees the Australian business turning the corner. 

Improving Australian margins are noted, supported by stronger revenue growth and a 4.41% premium increase for private health insurers, aiding upcoming contract negotiations.

The analyst also highlights the pending strategic review, with a potential divestment of Ramsay Sante seen as balance sheet positive. 

This report was published on February 19, 2026.

Target price is $40.60 Current Price is $37.85 Difference: $2.75
If RHC meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $36.10, suggesting downside of -4.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 80.00 cents and EPS of 125.00 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.5, implying annual growth of 4443.9%.
Current consensus DPS estimate is 86.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 28.1.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 97.30 cents and EPS of 149.40 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 160.2, implying annual growth of 19.1%.
Current consensus DPS estimate is 102.8, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 23.6.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $20.04

Canaccord Genuity rates ((SFR)) as Upgrade to Buy from Hold (1) –

Canaccord Genuity raises its target for Sandfire Resources to $21.00 from $19.50 and upgrades to Buy from Hold following interim results and after allowing for the Kalkaroo acquisition.

Interim earnings (EBITDA) of US$304m were in line with the broker’s forecast, while profit of US$107m beat expectation on lower tax.

Free cash flow (FCF) of US$157m represented 52% conversion and raised the balance sheet to net cash of US$13m.

The broker values the Kalkaroo deposit (large undeveloped copper-gold in South Australia) at -$1.7bn on a risked basis and sees potential for a larger-scale development over time.

Guidance was largely unchanged aside from higher study and exploration spend, explains the broker.

This report was published on February 19, 2026.

Target price is $21.00 Current Price is $20.04 Difference: $0.96
If SFR meets the Canaccord Genuity target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $18.02, suggesting downside of -10.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 15.29 cents and EPS of 97.83 cents.
At the last closing share price the estimated dividend yield is 0.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.0, implying annual growth of N/A.
Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 19.6.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 15.29 cents and EPS of 152.86 cents.
At the last closing share price the estimated dividend yield is 0.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 147.1, implying annual growth of 44.2%.
Current consensus DPS estimate is 40.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 13.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SLC    SUPERLOOP LIMITED

Telecommunication – Overnight Price: $2.72

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

Canaccord Genuity highlights an “impressive” first half result, where earnings beat estimates and guidance was upgraded, plus a material acquisition that is both earnings and quality accretive.

The acquisition of Lightning Broadband will extend the growth profile, accelerate margin expansion and improve return on capital, the broker adds.

EBITDA guidance has risen to $112-120m and the swing factor in this, Canaccord Genuity asserts, is marketing expenditure. Buy rating maintained. Target is unchanged at $3.74.

This report was published on February 18, 2026.

Target price is $3.74 Current Price is $2.72 Difference: $1.02
If SLC meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $3.51, suggesting upside of 29.0%(ex-dividends)
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 4.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 63.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.1, implying annual growth of 2441.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 44.6.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of 41.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 31.6.

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

SPK    SPARK NEW ZEALAND LIMITED

Telecommunication – Overnight Price: $1.89

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

As part of Spark New Zealand’s 1H26 update, management confirmed FY26 guidance but offered limited visibility. The analysts now adopt more conservative forecasts pending clearer recovery signals.

While mobile revenue rose 1.6% and cost control remains on track, assesses the broker, IT services revenue fell -20% and broadband connections declined.

The broker trims its FY26 dividend forecast to NZ16cps from NZ17cps, reflecting reduced imputation as a prepaid tax asset is run down. Earnings forecasts are also lowered on softer revenue trends and IT uncertainty.

Jarden retains an Overweight rating and lowers its target to NZ$2.47 from NZ$2.83.

This report was published on February 18, 2026.

Current Price is $1.89. 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 14.34 cents and EPS of 10.49 cents.
At the last closing share price the estimated dividend yield is 7.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of N/A.
Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 14.34 cents and EPS of 11.83 cents.
At the last closing share price the estimated dividend yield is 7.61%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of 19.6%.
Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 7.8%.
Current consensus EPS estimate suggests the PER is 14.8.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $6.81

Jarden rates ((STO)) as Underweight (4) –

In the wake of Santos’ FY25 result, Jarden trims its 2027 production forecast by -4%, and highlights softer guidance. 2027 output is now flagged at around 25% above 2025 levels versus prior guidance of growth above 30%.

While 2025 underlying profit of US$898m was in line with the broker’s forecast, and 2026 guidance was unchanged, Jarden expects consensus downgrades to follow.

A strategic review of Australian assets is underway, note the analysts, with potential divestments flagged as capital is prioritised towards higher-return projects.

The target eases to $5.90 from $6.00. Underweight rating maintained.

This report was published on February 18, 2026.

Target price is $5.90 Current Price is $6.81 Difference: minus $0.91 (current price is over target).
If STO meets the Jarden target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.17, suggesting upside of 5.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 34.85 cents and EPS of 40.05 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.3, implying annual growth of N/A.
Current consensus DPS estimate is 31.2, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 35.01 cents and EPS of 53.50 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.6, implying annual growth of 18.1%.
Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.45

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

Jarden retains its Overweight rating on Lottery Corp and raises its price target by 6% to $5.60 following a modestly stronger-than-expected  interim EPS. Management described the period as the weakest jackpot half since demerger. 

The broker notes a circa -$400m unfavourable turnover impact from Powerball and Oz Lotto but highlights resilient base game and Keno performance, alongside cost growth below normalised revenue growth.

Jarden forecasts around 19% EPS growth into FY27, supported by normalised jackpots, operating leverage and pricing initiatives.

This report was published on February 19, 2026.

Target price is $5.60 Current Price is $5.45 Difference: $0.15
If TLC meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $5.78, suggesting upside of 6.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.50 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of 4.7%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 31.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 18.00 cents and EPS of 20.30 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.1, implying annual growth of 16.9%.
Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 27.1.

Market Sentiment: 0.7
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: $22.59

Jarden rates ((TNE)) as Upgrade to Buy from Overweight (1) –

Jarden lowers its target for TechnologyOne by -$2.00 to $30.00 and upgrades to Buy from Overweight following the company’s AGM update. It’s felt the current share price implies conservative medium-term annual recurring revenue (ARR) assumptions.

Management guided to FY26 profit before tax (PBT) growth of 18-20% and ARR growth of 16-18%, modestly ahead of prior consensus, highlight the analysts.

The broker views TechnologyOne as well positioned to defend and benefit from AI adoption, underpinned by high retention and structural moats. Potential is seen to exploit opportunities beyond the current $1bn FY30 ARR aspiration.

This report was published on February 18, 2026.

Target price is $30.00 Current Price is $22.59 Difference: $7.41
If TNE meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $33.04, suggesting upside of 46.3%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 49.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.82.

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 1.5%.
Current consensus EPS estimate suggests the PER is 45.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 59.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.22.

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 1.7%.
Current consensus EPS estimate suggests the PER is 38.6.

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

VCX    VICINITY CENTRES

REITs – Overnight Price: $2.46

Jarden rates ((VCX)) as Neutral (3) –

Jarden retains its Neutral rating on Vicinity Centres and lowers its price target by -10c to $2.75 following a 1H26 result with metrics modestly ahead of consensus forecasts.

FY26 guidance was maintained at the top end of the range, with funds from operations (FFO) of 15.0-15.2cpu and adjusted FFO of 12.8-13.0cpu.

The broker highlights strong retail fundamentals, including 99.6% occupancy and 4.6% leasing spreads, alongside continued portfolio “premiumisation”.

Jarden’s forecast updates reflect higher interest rates, asset divestments and lost rent, resulting in only minor FFO revisions across FY26-28. 

This report was published on February 18, 2026.

Target price is $2.75 Current Price is $2.46 Difference: $0.29
If VCX meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.61, suggesting upside of 6.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 12.60 cents and EPS of 15.20 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.8, implying annual growth of -32.9%.
Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 13.20 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of 6.1%.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.0
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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