Daily Market Reports | 10:30 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.
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Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.
The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.
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COMPANIES DISCUSSED IN THIS ISSUE
Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
3DA BGL BRE GDI GGP GNP HRZ NXL PDN PNR PPS SFR SUN TLS UNI WES
3DA AMAERO LIMITED
Industrial Sector Contractors & Engineers - Overnight Price: $0.25
Research as a Service (RaaS) rates ((3DA)) as No Rating (-1) -
Research as a Service (RaaS) has reviewed the first half accounts from Amaero, adjusting FY26 and FY27 forecasts to reflect the recent appreciation in the Australian dollar.
This results in a -4% reduction to FY26 revenue forecasts and -7% for FY27. Valuation is now $0.72 compared with $0.78 previously.
The company envisages re-domiciling in the US will position its shareholders for benefits from continued growth in the US defence industrial base, while maintaining a listing on the ASX and in turn provide access to a broader US investor pool.
Research as a Service (RaaS) research standard doesn't carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.
This report was published on February 25, 2026.
Target price is $0.72 Current Price is $0.25 Difference: $0.47
If 3DA meets the Research as a Service (RaaS) target it will return approximately 188% (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 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.62.
Forecast for FY27:
Research as a Service (RaaS) 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 14.71.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BGL BELLEVUE GOLD LIMITED
Gold & Silver - Overnight Price: $1.82
Moelis rates ((BGL)) as Buy (1) -
Bellevue Gold’s 1H26 result was broadly in line operationally, with earnings (EBITDA) modestly ahead of Moelis, aided by lease reclassification, while adjusted net profit of $2.5m reflected higher depreciation and amortisation.
Revenue was slightly below expectations and AISC of $3,133/oz was broadly as flagged, with no unusual treatment of accelerated hedges.
The broker incorporates higher D&A and lifts FY26 growth capex to -$105-115m to include construction of the paste plant, moderating near term cash flow and reducing asset level net present value by around -5%.
FY26-28 EPS forecasts are tweaked with FY26 moving to a small loss and outer year earnings trimmed on updated assumptions. Buy retained with a reduced target price to $2.20 from $2.25
This report was published on February 23, 2026.
Target price is $2.20 Current Price is $1.82 Difference: $0.375
If BGL meets the Moelis target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $2.20, suggesting upside of 20.2%(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 0.00 cents.
How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.0, 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 14.1.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 9.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.41.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.6, implying annual growth of 58.5%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 8.9.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BRE BRAZILIAN RARE EARTHS LIMITED
Rare Earth Minerals - Overnight Price: $5.36
Canaccord Genuity rates ((BRE)) as Speculative Buy (1) -
Canaccord Genuity notes strong drilling at Monte Alto, including intercepts up to 27.6m at 19.4% TREO and 23.9m at 17.4% TREO with peak grades of 35% TREO, supports growing resource expectations for Brazilian Rare Earths.
Commentary highlights infill and extensional drilling confirm continuity and extend strike to over 1.2km, with over 32,000m drilled at average grades above 14% TREO, while mineralisation remains open in multiple directions.
The broker expects market expectations for the maiden MRE in mid 2026 to lift, noting its prior 7Mt estimate and highlighting upside to mine life, uranium co-products and downstream support via the Carester partnership, with a Scoping Study also due mid 2026.
Speculative Buy rating and $8 target retained.
This report was published on February 20, 2026.
Target price is $8.00 Current Price is $5.36 Difference: $2.64
If BRE meets the Canaccord Genuity target it will return approximately 49% (excluding dividends, fees and charges).
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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