Daily Market Reports | 10:57 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.
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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)
ALC AMA ASX BOQ BXB CBE COH (2) ELV EQR GDG GHM HGO HMY IKE ILU MGR MPW NST (2) ORE PLT (2) PPS (2) PRU QOR REG RRL RSG SFR (2) STO VAU (2) WAF
STO SANTOS LIMITED
NatGas - Overnight Price: $7.79
Jarden rates ((STO)) as Upgrade to Overweight from Underweight (2) -
Jarden upgrades Santos to an Overweight rating from Underweight and lowers its target price to $8.80 following a solid quarterly production update clouded by ongoing commissioning issues.
Operations delivered 22.5m barrels of oil equivalent, reflecting a 1% sequential increase, though management was forced to procure four spot LNG cargoes to meet contracted commitments amid delays at the Barossa project.
Slower ramp-up profiles at both Barossa and the Pikka oil development prompt Jarden to anticipate an impending downgrade to 2026 production guidance.
Despite these near-term operational hurdles, the company is anticipated to transition from a prolonged capital investment phase into a period of robust free cash flow generation by the second half of 2026.
The conclusion drawn is valuation remains compelling, further supported by an elevated global energy pricing environment driven by persistent Middle Eastern supply risks.
This report was published on April 23, 2026.
Target price is $8.80 Current Price is $7.79 Difference: $1.01
If STO meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $8.18, suggesting upside of 5.0%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 101.62 cents and EPS of 99.22 cents.
At the last closing share price the estimated dividend yield is 13.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.85.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 77.4, implying annual growth of N/A.
Current consensus DPS estimate is 51.2, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 10.1.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 144.48 cents and EPS of 126.20 cents.
At the last closing share price the estimated dividend yield is 18.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.17.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.4, implying annual growth of -7.8%.
Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 10.9.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VAU VAULT MINERALS LIMITED
Gold & Silver - Overnight Price: $4.74
Canaccord Genuity rates ((VAU)) as Buy (1) -
Canaccord Genuity maintains a Buy rating and a $7.40 price target for Vault Minerals following a robust March quarter update characterised by "exceptional" free cash flow generation.
The broker observes group gold sales of 78,000 ounces aligned with expectations, supported by higher average ore grades at the Mt Monger operations alongside steady underground production rates at Deflector.
Elevated all-in sustaining costs at the Leonora division, exacerbated by lower recoveries at Darlot, prompted slightly downgraded near-term earnings estimates.
Management successfully completed Stage 1 of the processing plant upgrade at Leonora, while a largely unhedged forward book allowed the company to capitalise on surging spot gold markets and bolster cash reserves to $728m.
Canaccord Genuity finds Vault Minerals' valuation remains compelling as the business aggressively deploys its swelling cash balance towards share buybacks while tracking steadily toward FY26 production guidance.
This report was published on April 22, 2026.
Target price is $7.40 Current Price is $4.74 Difference: $2.66
If VAU meets the Canaccord Genuity target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $7.35, suggesting upside of 55.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 7.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 1.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.81.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 40.5, implying annual growth of 78.8%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 11.7.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 80.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.93.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.6, implying annual growth of 76.8%.
Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 6.6.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Moelis rates ((VAU)) as Buy (1) -
Moelis maintains a Buy rating and $7.70 price target for Vault Minerals following a third-quarter production update.
The broker observes softer output was comfortably offset by robust free cash flow generation, driven by disciplined capital expenditure and lower operating spend.
Operations are now demonstrating clear cash-generating capabilities following the closeout of the historical hedge book.
Moelis points out management requires a solid finish to the financial year to achieve the bottom end of its FY26 production guidance, though the completion of the King of the Hills Stage 1 expansion provides additional operational capacity.
Earnings estimates are lowered to reflect a more conservative production profile, while a final dividend has been included in the forecast to account for the growing cash balance.
This report was published on April 23, 2026.
Target price is $7.70 Current Price is $4.74 Difference: $2.96
If VAU meets the Moelis target it will return approximately 62% (excluding dividends, fees and charges).
Current consensus price target is $7.35, suggesting upside of 55.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 7.10 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.95.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 40.5, implying annual growth of 78.8%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 11.7.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 7.00 cents and EPS of 79.60 cents.
At the last closing share price the estimated dividend yield is 1.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.95.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.6, implying annual growth of 76.8%.
Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 6.6.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WAF WEST AFRICAN RESOURCES LIMITED
Gold & Silver - Overnight Price: $3.22
Canaccord Genuity rates ((WAF)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for West African Resources and raises its price target to $7.00 following news that the host government elected to acquire an additional 25% stake in the Kiaka project for $175m.
The deal takes the government's total ownership to 40% and Canaccord Genuity comments this outcome remains significantly more favourable than the 50% threshold previously feared.
Management intends to distribute proceeds to shareholders via a special dividend, providing relief alongside near-term operational headwinds observed at the Sanbrado mine, where higher strip ratios temporarily elevated all-in sustaining costs.
Conversely, the Kiaka division delivered in-line production and lower unit costs, keeping group volumes on track to meet annual guidance parameters despite intermittent grade variability.
The revised 60% equity ownership structure has been incorporated into the financial modeling while unwinding a portion of the geopolitical risking previously applied to the valuation, prompting minor adjustments to future earnings estimates.
This report was published on April 23, 2026.
Target price is $7.00 Current Price is $3.22 Difference: $3.78
If WAF meets the Canaccord Genuity target it will return approximately 117% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 91.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.54.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 101.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.19.
Market Sentiment: 1.0
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.
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