Daily Market Reports | 1:57 PM
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)
APE ARB ASX AZY BGL (2) CKF CMM DMP EVN GGP (2) GYG MPK NST PXA RIC TLX VAU WAF
ASX ASX LIMITED
Wealth Management & Investments - Overnight Price: $52.80
Jarden rates ((ASX)) as Neutral (3) -
Jarden maintains a Neutral rating and 57.15 price target for ASX Limited following the release of ASIC’s final inquiry report.
That report is characterised as a detailed evidential record supporting the findings of the December 2025 interim report with limited new surprises or material escalation of regulatory risk.
Underlying drivers, including prioritisation of shareholder returns over infrastructure resilience and governance failures, remain the operative framework.
Near-term focus shifts to CHESS Release 1 go-live (April) and FY27 cost guidance (late Jun). Organisational transformation demands sustained focus and disciplined execution to ensure safe and efficient infrastructure operation, commentary concludes.
Dividend payout restricted to the 75% "bottom end" of guidance to support the $150m capital charge accumulation.
Trading at 8x forward earnings represents a -20% discount to spot DCF estimates as the business transitions to a structurally higher earnings profile, the broker highlights.
This report was published on April 2, 2026.
Target price is $57.15 Current Price is $52.80 Difference: $4.35
If ASX meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $56.17, suggesting upside of 0.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 192.10 cents and EPS of 256.00 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.63.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 264.7, implying annual growth of 2.2%.
Current consensus DPS estimate is 198.6, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 197.80 cents and EPS of 263.80 cents.
At the last closing share price the estimated dividend yield is 3.75%.
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 269.0, implying annual growth of 1.6%.
Current consensus DPS estimate is 208.4, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AZY ANTIPA MINERALS LIMITED
Mining - Overnight Price: $0.60
Canaccord Genuity rates ((AZY)) as Speculative Buy (1) -
Canaccord maintains Speculative Buy on Antipa Minerals with a $1.25 target following the 9% resource upgrade at the Minyari Project.
The broker highlights a total gold resource of 2.9Moz and significantly improved confidence with 76% now in the Indicated category.
Investigation into toll treatment at the Telfer facility is seen as a strategic development pathway for the 100%-owned asset.
Canaccord expects these results to underpin a Pre-Feasibility Study in the September quarter 2026 and continues to view the expanded resource as providing additional mine life.
This report was published on April 2, 2026.
Target price is $1.25 Current Price is $0.60 Difference: $0.65
If AZY meets the Canaccord Genuity target it will return approximately 108% (excluding dividends, fees and charges).
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: $1.56
Jarden rates ((BGL)) as Neutral (3) -
Jarden lifts its long-term gold and silver price forecasts to US$3000/oz real from FY31 for gold and US$40/oz real for silver, although also increases near-term cost assumptions to reflect fuel supply disruption.
Production forecasts are not yet constrained, although the broker considers this a "real and increasing risk" should fuel shortages escalate.
Jarden continues to believe medium term exploration success could unlock additional mining fronts and potential increases to production at Bellevue Gold, with the critical test being whether mined grades lift materially as the mine transitions to higher grade stoping areas.
Neutral retained. Target is raised to $1.30 from $1.05.
This report was published on April 3, 2026.
Target price is $1.30 Current Price is $1.56 Difference: minus $0.265 (current price is over target).
If BGL meets the Jarden target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.18, suggesting upside of 19.3%(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 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.13.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.3, 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 14.9.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.18.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.0, implying annual growth of 62.6%.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 9.2.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Moelis rates ((BGL)) as Buy (1) -
Moelis, in an early response, notes Bellevue Gold enjoyed a strong March quarter, exceeding expectations in production, cash and making progress towards an unhedged 2027.
The cash result suggests underlying operating expenditure is lower than current estimates and this should manifest in lower AISC. FY26 guidance has been reiterated at 130-150,000 ounces at AISC of $2600-2900/oz.
The company also confirmed it is unaffected by any potential diesel shortages being well-placed to benefit from renewable energy infrastructure. A positive reaction is expected to the report and the broker retains a Buy rating with a $2.20 target.
This report was published on April 8, 2026.
Target price is $2.20 Current Price is $1.56 Difference: $0.635
If BGL meets the Moelis target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $2.18, suggesting upside of 19.3%(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 0.34 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 460.29.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.3, 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 14.9.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 13.11 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.0, implying annual growth of 62.6%.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 9.2.
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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