Australian Broker Call *Extra* Edition – May 07, 2026

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            [1] => ((AAR))
            [2] => ((AR1))
            [3] => ((AX1))
            [4] => ((BUB))
            [5] => ((CBE))
            [6] => ((COG))
            [7] => ((CPU))
            [8] => ((CSC))
            [9] => ((DXS))
            [10] => ((SGH))
            [11] => ((EDV))
            [12] => ((FFM))
            [13] => ((FLT))
            [14] => ((GG8))
            [15] => ((GMD))
            [16] => ((GTK))
            [17] => ((KCN))
            [18] => ((LMG))
            [19] => ((MM1))
            [20] => ((MRT))
            [21] => ((MYE))
            [22] => ((NAB))
            [23] => ((NEC))
            [24] => ((NIC))
            [25] => ((PNI))
            [26] => ((PXA))
            [27] => ((QAL))
            [28] => ((SIG))
            [29] => ((SIQ))
            [30] => ((STM))
            [31] => ((TLC))
            [32] => ((UNI))
            [33] => ((VAU))
            [34] => ((VAU))
            [35] => ((RRL))
            [36] => ((VAU))
            [37] => ((RRL))
            [38] => ((NST))
            [39] => ((EVN))
            [40] => ((VCX))
            [41] => ((VNT))
            [42] => ((WBC))
            [43] => ((WRK))
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            [1] => AAR
            [2] => AR1
            [3] => AX1
            [4] => BUB
            [5] => CBE
            [6] => COG
            [7] => CPU
            [8] => CSC
            [9] => DXS
            [10] => SGH
            [11] => EDV
            [12] => FFM
            [13] => FLT
            [14] => GG8
            [15] => GMD
            [16] => GTK
            [17] => KCN
            [18] => LMG
            [19] => MM1
            [20] => MRT
            [21] => MYE
            [22] => NAB
            [23] => NEC
            [24] => NIC
            [25] => PNI
            [26] => PXA
            [27] => QAL
            [28] => SIG
            [29] => SIQ
            [30] => STM
            [31] => TLC
            [32] => UNI
            [33] => VAU
            [34] => VAU
            [35] => RRL
            [36] => VAU
            [37] => RRL
            [38] => NST
            [39] => EVN
            [40] => VCX
            [41] => VNT
            [42] => WBC
            [43] => WRK
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)

This story features A2 MILK COMPANY LIMITED, and other companies.
For more info SHARE ANALYSIS: A2M
The company is included in ASX100, ASX200, ASX300 and 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)

A2M   AAR   AR1   AX1   BUB   CBE   COG   CPU   CSC   DXS   EDV   FFM   FLT   GG8   GMD   GTK   KCN   LMG   MM1   MRT   MYE   NAB   NEC   NIC   PNI   PXA   QAL   SGLLV   SIG   SIQ   STM   TLC   UNI   VAU (3)   VCX   VNT   WBC   WRK  

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $6.54

Jarden rates ((A2M)) as Underweight (4) –

Jarden maintains an Underweight rating and NZ$9.20 target price for a2 Milk Co following a voluntary recall of three batches of a2 Platinum USA label infant milk formula.

The broker notes the recall was initiated after additional testing detected the presence of cereulide, driven by new compliance standards introduced by the New Zealand Ministry for Primary Industries in mid-April 2026.

The report highlights no confirmed incidents of infant illness have been recorded and the issue remains isolated to the US-specific formulation, meaning all products sold outside the US are unaffected.

This recall is not expected to impact the FY26 financial results, though it raises questions around potential future testing challenges for the broader product range exported to China under the stricter regulatory regime.

The rating is retained as near-term supply chain uncertainties and compliance risks offset recent share price weakness.

This report was published on May 4, 2026.

Target price is $9.20 Current Price is $6.54 Difference: $2.66
If A2M meets the Jarden target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $8.61, suggesting upside of 30.3%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 23.6, implying annual growth of N/A.
Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 28.0.

Forecast for FY27:

Current consensus EPS estimate is 28.3, implying annual growth of 19.9%.
Current consensus DPS estimate is 43.4, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 23.4.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AAR    ASTRAL RESOURCES NL

Gold & Silver – Overnight Price: $0.15

Shaw and Partners rates ((AAR)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Astral Resources with a $0.45 target price following diamond drilling results at Theia indicating significant depth extension potential.

The broker notes two completed holes reached 693.9m and 775.1m respectively, with the deepest hole extending 390 vertical metres below the current pit design.

Commentary states logged quartz veining and visible gold well beyond existing boundaries provide a reliable mineralisation proxy ahead of June assay results.

Management has responded by expanding the current program to nine holes for 5,500m to further test this depth thesis.

Recent high-grade intercepts at the Spargoville 5B Deposit and the strategic acquisition of the Mandilla Homestead further de-risk the project’s regulatory pathway and resource base, the report concludes.

This report was published on May 6, 2026.

Target price is $0.45 Current Price is $0.15 Difference: $0.295
If AAR meets the Shaw and Partners target it will return approximately 190% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 155.00.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 51.67.

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

AR1    AUSTRAL RESOURCES AUSTRALIA LIMITED

Copper – Overnight Price: $0.09

Shaw and Partners rates ((AR1)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Austral Resources Australia with a $0.42 target price following the release of the March quarter 2026 results.

The broker notes the completed $55.9m acquisition of Lady Loretta leaves the company debt-free with $83m in net cash and a clear pathway to 50ktpa copper production by late 2027.

Mining at the Anthill site is now complete, shifting operational focus to processing the remaining ore stockpiles over the next 11 months while yielding a June quarter 2026 production guidance of 2,010t of copper.

The report outlines a two-year refurbishment program for the Rocklands concentrator aimed at a mid-2027 restart, incorporating a SAG mill to unlock the plant’s full 500tph potential and establishing a regional processing hub.

Shaw and Partners concludes the combination of the Lady Annie pit cutback and strong copper market fundamentals positions the company to meaningfully capitalise on rising critical minerals demand.

This report was published on May 5, 2026.

Target price is $0.42 Current Price is $0.09 Difference: $0.329
If AR1 meets the Shaw and Partners target it will return approximately 362% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 10.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 0.84.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.69.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $0.55

Jarden rates ((AX1)) as Neutral (3) –

Jarden retains a Neutral rating for Accent Group and cuts the target price to $0.70 from $1.20 following a soft trading update.

The broker downgraded FY26 earnings per share forecasts to 6.3c from 7.1c to reflect a -15% cut to second-half underlying EBIT guidance, driven by deteriorating April sales and contracting gross margins.

The report notes recent inflationary pressures and a highly promotional retail environment will create an approximate -$25m earnings headwind into FY27, prompting significant downward revisions across the forecast horizon.

Management is also facing an ongoing ASIC investigation and will look to outline a new cost-out program alongside a broader sales recovery strategy at an upcoming investor day.

This report was published on May 4, 2026.

Target price is $0.70 Current Price is $0.55 Difference: $0.155
If AX1 meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $0.66, suggesting upside of 22.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 4.00 cents and EPS of 6.30 cents.
At the last closing share price the estimated dividend yield is 7.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of -38.7%.
Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 7.8%.
Current consensus EPS estimate suggests the PER is 8.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 4.40 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 8.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.7, implying annual growth of 24.2%.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 9.3%.
Current consensus EPS estimate suggests the PER is 7.0.

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

BUB    BUBS AUSTRALIA LIMITED

Dairy – Overnight Price: $0.10

Shaw and Partners rates ((BUB)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Bubs Australia but has lowered the target price to $0.16 from $0.18 following the Q3 FY26 update.

The company reported a 10% year-on-year increase in net revenue to $25.5m, driven by a 43% revenue surge in the US where store distribution grew 98% against the previous corresponding period.

Performance in other regions remained challenging, with Australian revenue down -7% due to competitive pressures and Chinese revenue falling -15% amid out-of-stock impacts across certain channels.

The broker has reduced its FY26 revenue forecast by -7.5% to $112.4m, noting the company’s full-year guidance of $120m to $125m may be difficult to achieve given the sequential revenue trend.

Despite these near-term headwinds, the broker suggests the underlying investment thesis remains intact as Bubs awaits a potentially imminent permanent FDA approval in the critical US market.

This report was published on May 5, 2026.

Target price is $0.16 Current Price is $0.10 Difference: $0.06
If BUB meets the Shaw and Partners target it will return approximately 60% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 33.33.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 50.00.

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

CBE    COBRE LIMITED

Copper – Overnight Price: $0.22

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

Canaccord Genuity maintains a Speculative Buy rating and an unchanged $0.25 target price for Cobre following a site visit to the recently acquired Sierra Atacama copper asset in Chile.

The broker notes positive impressions regarding the asset’s condition despite historical undercapitalisation.

Cobre has initiated a US$28m work program to turn around the operation, targeting a production increase from roughly 4.8ktpa to 12ktpa through a series of 5% to 20% improvements across mining, infrastructure, and processing.

Key upgrades include reconnecting to mains power, installing active mine ventilation, refurbishing the cathode stripper, and optimising leach and crushing circuits to lift recoveries and lower unit costs.

The report highlights significant leverage to these cost reductions, estimating a 60% upside to the base case valuation if all-in sustaining costs can be lowered from the modelled US$4.00/lb to US$3.50/lb.

This report was published on May 5, 2026.

Target price is $0.25 Current Price is $0.22 Difference: $0.03
If CBE meets the Canaccord Genuity target it will return approximately 14% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.00.

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

COG    COG FINANCIAL SERVICES LIMITED

Business & Consumer Credit – Overnight Price: $1.54

Shaw and Partners rates ((COG)) as Buy (1) –

Shaw and Partners maintains a Buy rating and $2.45 target price for COG Financial Services following confirmation the Federal Government will extend the Fringe Benefit Tax (FBT) exemption on electric vehicles (EVs) until 2029.

The broker makes no material changes to earnings in this report, noting the company continues to screen as attractive while trading on a FY27 free cash flow yield of 17%.

For the leasing division, which represents 43% of group FY27 earnings, the broker assumes 12% volume growth supported by the recent EasiFleet acquisition and high EV demand.

The broking and aggregation division is expected to grow total assets financed by 5%, as small-to-medium enterprises rely more heavily on credit during tougher commercial environments.

Overall, the broker concludes the current share price does not yet reflect the significant value created through recent strategic acquisitions, which are projected to drive double-digit earnings growth through FY28.

This report was published on May 6, 2026.

Target price is $2.45 Current Price is $1.54 Difference: $0.91
If COG meets the Shaw and Partners target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $2.10, suggesting upside of 36.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 8.00 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, implying annual growth of 45.6%.
Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 9.20 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 5.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of 5.1%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 10.7.

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

CPU    COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $31.45

Jarden rates ((CPU)) as Neutral (3) –

Jarden retains a Neutral rating for Computershare and lowers the target price to $30.40 from $31.00 following a modestly disappointing second-half trading update.

The broker lifted Margin Income guidance to roughly US$740m on the back of higher client balances reaching US$31.3bn, although average yield expectations remained flat at 2.37% despite higher short-end interest rates.

Stronger Corporate Trust volumes and expanding Employee Share Plans revenues provided some operational offset, but a lack of meaningful near-term upside in Issuer Services signals a delayed revenue benefit from recovering capital markets.

Earnings per share forecasts increase slightly to US146.4c from US146.3c in FY26, to US152.9c from US152.4c in FY27, and to US161.3c from US158.4c in FY28, largely driven by favourable foreign exchange translation assumptions.

The target price reduction reflects updated AUD/USD currency metrics impacting valuation models, keeping the broker cautious amid unresolved structural concerns around tokenisation.

This report was published on May 6, 2026.

Current Price is $31.45. Target price not assessed.
Current consensus price target is $34.84, suggesting upside of 10.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 117.90 cents and EPS of 218.70 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 14.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.0, implying annual growth of N/A.
Current consensus DPS estimate is 116.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 123.10 cents and EPS of 228.41 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 203.7, implying annual growth of 1.8%.
Current consensus DPS estimate is 115.5, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CSC    CAPSTONE COPPER CORP.

Copper – Overnight Price: $11.70

Moelis rates ((CSC)) as Buy (1) –

Moelis highlights a strong start to FY26 for Capstone Copper, with 1Q production, costs and earnings all beating expectations. During the period there was less disruption at Mantoverde, improved cost control and stronger realised copper prices, the analyst explains.

The broker’s earnings forecasts are raised to reflect the stronger quarter, although slightly increased tax assumptions trim the target price by -20c to $14.40.

Buy-rated Capstone is Moelis’ preferred copper exposure. Improved momentum is noted following a guidance reset and reduced near-term uncertainty.

This report was published on May 1, 2026.

Target price is $14.40 Current Price is $11.70 Difference: $2.7
If CSC meets the Moelis target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $15.64, suggesting upside of 27.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 49.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.3, 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 19.1.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 70.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.0, implying annual growth of 47.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.9.

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

DXS    DEXUS

REITs – Overnight Price: $6.17

Jarden rates ((DXS)) as Neutral (3) –

Jarden maintains a Neutral rating and $6.94 target price for Dexus following a third-quarter update that showed steady progress despite a challenging macroeconomic environment.

The broker notes office occupancy improved by 90bps over the quarter, supported by 35.6k sqm of leasing, while logistics volumes remained strong at 129k sqm with occupancy stable at roughly 97%.

Management reiterated FY26 adjusted funds from operations (AFFO) guidance of 44.5-45.5c and a distribution of 37.0c, though it cautioned that FY27 earnings will face headwinds from lower performance fees and trading profits.

The report highlights a new capital-light logistics development joint venture with Boral ((SGH)) as a positive medium-term driver, even as near-term growth remains difficult to achieve.

While the redemption queue in the funds business has reduced to $700m, persistent headwinds in core CBD office markets and potential litigation risks continue to leave the broker cautious on the REIT’s outlook.

This report was published on May 5, 2026.

Target price is $6.94 Current Price is $6.17 Difference: $0.77
If DXS meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $6.99, suggesting upside of 13.3%(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 63.90 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.7, implying annual growth of 388.3%.
Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 37.00 cents and EPS of 60.50 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.5, implying annual growth of -3.5%.
Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 10.2.

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

EDV    ENDEAVOUR GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.25

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

Jarden retains an Underweight rating for Endeavour Group and raises the target price to $3.20 from $3.10 following adjustments to risk-free rate assumptions.

The broker cut earnings per share forecasts by -7% over the next two years reflecting softer sales trends across retail and hotels during March and April.

Margin pressures continue to build due to a higher promotional mix and rising fuel costs, while a $400m increase in inventory will generate incremental annual interest expenses.

A $100m net cost-out target for FY27 provides some offset, but the report notes rising competition, rent step-ups, and structural declines in liquor consumption remain significant headwinds.

The upcoming strategy day will be closely watched for plans to profitably grow market share, lift returns on invested capital, and transform into an integrated entertainment business.

This report was published on May 4, 2026.

Target price is $3.20 Current Price is $3.25 Difference: minus $0.05 (current price is over target).
If EDV meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.46, suggesting upside of 6.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 13.80 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.1, implying annual growth of -11.3%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 16.00 cents and EPS of 21.90 cents.
At the last closing share price the estimated dividend yield is 4.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of 5.2%.
Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 14.6.

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

FFM    FIREFLY METALS LIMITED

Gold & Silver – Overnight Price: $1.73

Moelis rates ((FFM)) as Buy (1) –

Moelis highlights continued strong exploration activity at FireFly Metals’ Green Bay project, with spend exceeding expectations and supporting an upcoming resource update in the June quarter.

Potential is seen for further resource growth, underpinning valuation upside, but the broker believes the company may be approaching a transition point along the Lassonde Curve as focus shifts from exploration to development.

While maintaining a Buy rating, Moelis flags the next phase could introduce new execution risks as attention turns to permitting, funding and project delivery.

Target raised to $2.40 from $2.16.

This report was published on April 30, 2026.

Target price is $2.40 Current Price is $1.73 Difference: $0.67
If FFM meets the Moelis target it will return approximately 39% (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 minus 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 64.07.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.61.

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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $10.68

Jarden rates ((FLT)) as Downgrade to Overweight from Buy (2) –

Jarden downgrades Flight Centre Travel Group Limited to an Overweight rating from Buy and nudges the target price up to $16.80 following a “solid” third-quarter update.

The broker notes the company reiterated guidance despite the negative impact of the Middle East conflict, which created a roughly -$10m hit to the Leisure division in April.

Confidence to maintain full-year targets was driven by a strong Q3 performance, highlighted by a 19% year-on-year lift in pre-tax profit and a 29% surge in Corporate pre-tax profit.

Jarden lifts its FY26 profit before tax estimate to $316m—the lower end of management’s guidance—implying flat fourth-quarter earnings as weaker Leisure demand offsets ongoing Corporate strength.

Earnings per share forecasts inch up to 98.2c from 97.5c in FY26, and to 124.4c from 124.3c in FY27, while the report highlights the recent US$6.3bn takeover offer for American Express Global Business Travel implies the Leisure division is currently trading at less than 2x EBITDA.

This report was published on May 5, 2026.

Target price is $16.80 Current Price is $10.68 Difference: $6.12
If FLT meets the Jarden target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $15.63, suggesting upside of 43.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 43.00 cents and EPS of 98.20 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.4, implying annual growth of 100.3%.
Current consensus DPS estimate is 42.3, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 72.00 cents and EPS of 124.40 cents.
At the last closing share price the estimated dividend yield is 6.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.2, implying annual growth of 17.9%.
Current consensus DPS estimate is 48.4, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 9.3.

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

GG8    GORILLA GOLD MINES LIMITED

Gold & Silver – Overnight Price: $0.40

Canaccord Genuity rates ((GG8)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating and $1.00 target price for Gorilla Gold Mines following the announcement of a new high-grade discovery at the Sovereign deposit.

The headline result of 9.3m at 20.6g/t gold from 415m represents a newly identified footwall lode located roughly 50m from the main Sovereign lode, marking the third new discovery at the Comet Vale Project in recent weeks.

Crucially, the broker notes this new lode occurs within ultramafic stratigraphy rather than typical quartz veins, suggesting a distinct, parallel mineralised system that remains largely untested along the multi-kilometre Sovereign strike.

The report highlights that ongoing drilling at the main Sovereign lode continues to return high-grade results, supporting continued resource growth and de-risking within the broader 1.2Moz North Kalgoorlie Hub.

This report was published on May 4, 2026.

Target price is $1.00 Current Price is $0.40 Difference: $0.6
If GG8 meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).

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: $5.90

Moelis rates ((GMD)) as Buy (1) –

Moelis maintains a Buy rating for Genesis Minerals with an $8.50 target price following a positive resource, reserve and drilling update focused on the Leonora and Laverton districts in Western Australia.

Mineral Resources expanded 29% to 18.9Moz of gold and Ore Reserves increased 19% to 4.4Moz of gold, driven largely by successful infill drilling conversion replacing 243koz of mining depletion.

The broker notes this growing inventory abundance strongly justifies the planned expansion of milling capacity at the Tower Hill concentrator.

High-grade drill intercepts at the Gwalia underground mine highlight the potential to target shallower remnant areas, driving lower haulage costs, faster stope cycles and better ground conditions to deliver lower cost ounces.

With an exploration spend of -$40m to -$50m planned for FY26, the report expects continued reserve conversion as the company explores its existing footprint.

This report was published on May 6, 2026.

Target price is $8.50 Current Price is $5.90 Difference: $2.6
If GMD meets the Moelis target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $9.33, suggesting upside of 50.7%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 51.5, implying annual growth of 154.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY27:

Current consensus EPS estimate is 62.4, implying annual growth of 21.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.9.

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

GTK    GENTRACK GROUP LIMITED

Software & Services – Overnight Price: $3.08

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

Jarden retains an Underweight rating on Gentrack Group and maintains a target price of NZ$8.85 following a disappointing downgrade of FY26 earnings guidance.

The broker notes underlying revenue guidance was cut by approximately -8% to NZ$229-238m, primarily driven by a lack of new business growth and a projected -20% year-on-year decline in non-recurring project revenue.

While management plans to shift toward a pricing model with higher recurring fees, the report views this as a sign of broader pricing pressure and a failure to convert a bullish pipeline into announced wins.

EBITDA guidance was also lowered significantly to NZ$13.5-20.0m, a -51% miss relative to prior Jarden estimates, as product development and international expansion costs remain elevated despite the revenue shortfall.

Although the company has signalled an intention to undertake an on-market share buyback of up to NZ$20m, the broker remains cautious as competitive momentum continues to move away from the business.

This report was published on May 6, 2026.

Current Price is $3.08. Target price not assessed.
Current consensus price target is $4.86, suggesting upside of 47.3%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 8.6, 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 38.4.

Forecast for FY27:

Current consensus EPS estimate is 16.9, implying annual growth of 96.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.5.

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

KCN    KINGSGATE CONSOLIDATED LIMITED

Gold & Silver – Overnight Price: $6.48

Moelis rates ((KCN)) as Buy (1) –

Moelis assesses a solid March quarter from Kingsgate Consolidated at the Chatree Mine, with a consistent operating performance despite slightly weaker production. Costs were also lower than expected.

The company declared a 10c dividend and refinanced its debt facility.

Chatree continues to demonstrate operational reliability, with the broker comfortable in its ability to sustain production over the medium term.

Recent share price strength is thought to have reduced near-term upside, with further catalysts such as exploration or asset monetisation likely to take time.

Moelis retains a Buy rating with an unchanged target price of $6.95.

This report was published on April 30, 2026.

Target price is $6.95 Current Price is $6.48 Difference: $0.47
If KCN meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 10.00 cents and EPS of 84.10 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.71.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 130.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.95.

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

LMG    LATROBE MAGNESIUM LIMITED

Industrial Metals – Overnight Price: $0.02

Shaw and Partners rates ((LMG)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Latrobe Magnesium with an unchanged $0.06 target price following a landmark March quarter featuring first sustained magnesium oxide production and commercial revenue.

The Demonstration Plant at Hazelwood North produced 20t of high-grade material meeting commercial specifications, reducing future briquetting costs due to beneficial calcium oxide levels.

The broker notes operations are now preparing for Phase 1B, targeting 500tpa of magnesium metal by the second half of 2026.

A strategic letter of interest from the US Ex-Im Bank for a US$200m construction debt facility supports a planned expansion to 10,000tpa.

Commentary suggests this planned scale-up capitalises on the absence of US import tariffs and domestic production, positioning the company as a critical non-Chinese supplier for lightweighting applications in the electric vehicle and aerospace sectors.

This report was published on May 5, 2026.

Target price is $0.06 Current Price is $0.02 Difference: $0.04
If LMG meets the Shaw and Partners target it will return approximately 200% (excluding dividends, fees and charges).

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

MM1    MIDAS MINERALS LIMITED

Copper – Overnight Price: $0.97

Canaccord Genuity rates ((MM1)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating for Midas Minerals and increases the target price to $1.50 from $1.35 following outstanding high-grade copper-silver results from initial infill drilling at the T-13 deposit within the Otavi Copper Project in Namibia.

The broker notes the intercepts represent the best results to date from the system, highlighted by 50m at greater than 7.9% copper equivalent from 194m, which includes a very high-grade core of 16.3m at 19.81% copper equivalent.

Valuation models have been updated to account for a recent $28m capital raise, refreshed enterprise value to resource multiples, and an enlarged exploration target for the Spaatzu prospect after observing a standout 50m intercept.

The report outlines potential for T13 extensions, Deblin, and Spaatzu to host a risked 340kt of contained copper equivalent metal over time, adding to the current 211kt resource at T13.

This report was published on May 4, 2026.

Target price is $1.50 Current Price is $0.97 Difference: $0.525
If MM1 meets the Canaccord Genuity target it will return approximately 54% (excluding dividends, fees and charges).

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

MRT    MARITANA MINERALS LIMITED

Gold & Silver – Overnight Price: $0.76

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

Research as a Service (RaaS) highlights Maritana Minerals’ March quarter reflects a transition phase, with lower gold sales from Boorara offset by strong cash distributions from the Phillips Find JV. Maritana Minerals was formerly Horizon Minerals.

According to the analyst, the key development in the quarter was the Black Swan feasibility study outlining a funded pathway to standalone production, supported by around $180m capital raise and sufficient liquidity to first production in mid-2027.

Despite near-term operational softness, RaaS sees significant value in the development pipeline and upgrades its valuation by 2c to $3.00 per share.

Research as a Service (RaaS) research doesn’t carry ratings or recommendations. Investors can draw conclusions from the unchanged 35c valuation and commentary.

This report was published on May 4, 2026.

Target price is $3.00 Current Price is $0.76 Difference: $2.24
If MRT meets the Research as a Service (RaaS) target it will return approximately 295% (excluding dividends, fees and charges).

Forecast for FY26:

Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.26 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 60.32.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.76 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.79.

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

MYE    MASTERMYNE GROUP LIMITED

Mining Sector Contracting – Overnight Price: $0.20

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

Research as a Service (RaaS) highlights Mastermyne Group has a strong balance sheet and record order book despite a challenging FY25 impacted by weaker coal markets and client disruptions.

The analyst expects a return to growth in FY26 as major projects ramp up, with a circa $440m order book providing earnings visibility and insulation from input cost risks.

While legal overhangs remain, recent rulings reduce uncertainty, in the analyst’s view, with any additional penalties manageable given the net cash position.

Research as a Service (RaaS) research doesn’t carry ratings or recommendations. Investors can draw conclusions from the unchanged 35c valuation and commentary.

This report was published on May 4, 2026.

Target price is $0.35 Current Price is $0.20 Difference: $0.15
If MYE meets the Research as a Service (RaaS) target it will return approximately 75% (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 EPS of 2.81 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.12.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 EPS of 3.55 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.63.

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: $40.03

Jarden rates ((NAB)) as Sell (5) –

Jarden maintains a Sell rating for National Australia Bank and cuts the target price to $29.00 from $30.00 following a downbeat half-year result.

The broker highlights a precarious position for the bank, noting a 26% half-on-half surge in operating expenses driven by a -$1.4bn software capitalisation write-off, alongside a 46% spike in bad debts to $706m.

While net interest margins improved 3bps to 1.81% due to deposit endowments in a rising rate environment, the report views this benefit as unsustainable amid increasing competition and technological advancements.

Jarden downgrades FY26, FY27, and FY28 cash earnings estimates by -2%, -2%, and -4% respectively, reflecting higher operating costs, elevated bad debts, and a marked deterioration in corporate and institutional asset quality.

Despite a $3bn equity buyback in FY25, organic capital generation remains weak, leaving the bank vulnerable to a potential credit cycle downturn, Jarden concludes.

This report was published on May 4, 2026.

Target price is $29.00 Current Price is $40.03 Difference: minus $11.03 (current price is over target).
If NAB meets the Jarden target it will return approximately minus 28% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $39.76, suggesting upside of 1.5%(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 206.00 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 212.0, implying annual growth of -4.1%.
Current consensus DPS estimate is 170.0, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 171.00 cents and EPS of 236.20 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 249.9, implying annual growth of 17.9%.
Current consensus DPS estimate is 170.3, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 15.7.

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

NEC    NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV – Overnight Price: $0.95

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

Jarden upgrades Nine Entertainment to a Buy rating from Overweight and lowers the target price to $1.15 from $1.30.

The broker lifts FY26 earnings per share forecasts to 8.8c from 7.9c after pulling forward the earnings contribution of the recently completed QMS acquisition into the final quarter.

This near-term earnings boost is offset by a soft fourth-quarter television advertising outlook and rising fuel prices inflating publishing distribution costs.

Outer year earnings estimates are trimmed slightly, reducing to 9.4c from 9.5c in FY27, while the target price reduction primarily reflects a higher risk-free rate assumption and conservative publishing valuations.

The upgrade is driven by “compelling valuation support”, with the report noting potential un-priced upside from future licensing agreements under the News Media Bargaining Code.

This report was published on May 5, 2026.

Target price is $1.15 Current Price is $0.95 Difference: $0.195
If NEC meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $1.17, suggesting upside of 23.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 6.60 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 6.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of 34.1%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 6.60 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 6.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of 9.1%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 9.9.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NIC    NICKEL INDUSTRIES LIMITED

Nickel – Overnight Price: $1.05

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

Nickel Industries’ March quarter revealed a sharp quarter-on-quarter rise in earnings. Canaccord Genuity explains outperformance was driven by improved mining execution and stronger nickel pricing supporting RKEF and HPAL margins.

Operationally, ore sales rebounded following an increased RKAB quota, the analysts observe, while downstream operations delivered solid output and margin expansion.

Commentary explains cash balances declined due to strategic ore stockpiling amid industry uncertainty.

Canaccord reiterates a Buy rating, citing attractive valuation, with an unchanged target price of $1.15.

Two days earlier, the broker updated as follows:

Canaccord Genuity maintains a Buy rating and an unchanged $1.15 target price for Nickel Industries following its March quarter production update.

The broker notes the company delivered Group EBITDA of US$135.6m, a 264% quarter-on-quarter increase, marking its strongest operational earnings since late 2023.

This was driven by a step-change in mine earnings after securing a 60% increase in its 2026 RKAB sales license to 14.3Mt, alongside improved RKEF and HPAL margins supported by higher nickel pricing.

However, the cash balance fell to US$212m as the company prioritised stockpiling saprolite ore in response to broader industry RKAB cuts.

To reflect the quarterly result, the broker has adjusted its financial models, leading to a -5% downgrade to 2026 EBITDA forecasts.

This report was published on May 6, 2026.

Target price is $1.15 Current Price is $1.05 Difference: $0.1
If NIC meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.55, suggesting upside of 42.2%(ex-dividends)
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 7.47 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.06.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.96 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.6, implying annual growth of 173.4%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 9.2%.
Current consensus EPS estimate suggests the PER is 5.0.

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $16.36

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

Canaccord Genuity highlights a strong funds under management (FUM) update from Pinnacle Investment Management, with net inflows of $9.4bn materially ahead of expectations.

Contributions from Life Cycle, Advantage Partners and key affiliates drove the ‘beat’, the analyst observes. The result is thought to de-risk 2H26 flow forecasts, with the broker’s FY26 inflow estimate lifted.

Commentary observes flows remain lumpy but earnings visibility is improving.

Canaccord re-iterates a Buy rating with an unchanged target price of $24.53, citing attractive growth supported by strong affiliate performance.

This report was published on May 5, 2026.

Target price is $24.53 Current Price is $16.36 Difference: $8.17
If PNI meets the Canaccord Genuity target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $22.17, suggesting upside of 35.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 57.00 cents and EPS of 60.80 cents.
At the last closing share price the estimated dividend yield is 3.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.1, implying annual growth of 6.2%.
Current consensus DPS estimate is 61.3, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 76.00 cents and EPS of 81.30 cents.
At the last closing share price the estimated dividend yield is 4.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.8, implying annual growth of 29.4%.
Current consensus DPS estimate is 77.7, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 18.9.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $13.23

Jarden rates ((PXA)) as Downgrade to Underweight from Neutral (4) –

Jarden downgrades Pexa Group to an Underweight rating and reduces the target price to $11.35 from $12.40 despite a solid third-quarter update.

The broker believes the significant downside risk associated with the impending IPART pricing review is not accurately reflected in the current share price.

While the company’s FY26 earnings are tracking toward the top end of guidance supported by a 7.3% year-on-year increase in Australian transaction volumes, Jarden estimates the regulatory asset base (RAB) would need to be roughly $600m to justify current valuations.

The broker’s analysis suggests a base RAB of just $209m, creating a material -$400m gap that is unlikely to be bridged by unrecovered costs or international expansion.

The report notes that near-term downside risk from the draft IPART report, expected in June, will likely overshadow any potential upside from the UK operations or AML initiatives.

This report was published on May 5, 2026.

Target price is $11.35 Current Price is $13.23 Difference: minus $1.88 (current price is over target).
If PXA meets the Jarden target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.12, suggesting upside of 21.8%(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 35.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, 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 47.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 46.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.6, implying annual growth of 24.0%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 0.3%.
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

QAL    QUALITAS LIMITED

Wealth Management & Investments – Overnight Price: $2.45

Jarden rates ((QAL)) as Buy (1) –

Jarden retains a Buy rating for Qualitas and reduces the target price to $3.80 from $4.40 following a market update that reaffirmed FY26 guidance.

The company expects FY26 earnings per share between 13.9c and 15.3c, supported by a record pipeline of $7.4bn and approximately $800m in new deployments since January 2026.

The broker notes that the business continues to benefit from its strong competitive position at the large end of the market, with 79% of investments exceeding $100m.

While Jarden trimmed medium-term earnings estimates modestly to reflect a revised churn and repayment profile, the report views the current valuation as attractive relative to private credit peers.

The target price reduction primarily reflects single-digit long-term earnings cuts and a higher risk-free rate driving an increased weighted average cost of capital.

This report was published on May 6, 2026.

Target price is $3.80 Current Price is $2.45 Difference: $1.35
If QAL meets the Jarden target it will return approximately 55% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 13.70 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.78.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 15.40 cents and EPS of 16.80 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.58.

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

SGLLV    RICEGROWERS LIMITED

Food, Beverages & Tobacco – Overnight Price: $12.74

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

Research as a Service (RaaS) notes Ricegrowers’ investor day showcased product innovation and growth opportunities across new categories and markets.

Key initiatives include the launch of protein rice in Australia and the US. Trukai, the group’s 66%-owned PNG subsidiary, has also recently entered the baker’s flour market, launching Trukai flour and leveraging its established brand and distribution network.

The broker notes SunRice (the trading name for Ricegrowers) benefits from a vertically integrated supply chain and strong local market insights, supporting new product development and margin expansion.

The valuation remains at 18.2c.

Research as a Service (RaaS) research doesn’t carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

This report was published on May 5, 2026.

Target price is $18.20 Current Price is $12.74 Difference: $5.46
If SGLLV meets the Research as a Service (RaaS) target it will return approximately 43% (excluding dividends, fees and charges).
The company’s fiscal year ends in April.

Forecast for FY26:

Research as a Service (RaaS) forecasts a full year FY26 EPS of 115.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.08.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 EPS of 110.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.58.

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

SIG    SIGMA HEALTHCARE LIMITED

Health & Nutrition – Overnight Price: $2.92

Jarden rates ((SIG)) as Buy (1) –

Jarden reiterates its Buy rating and $3.60 target price for Sigma Healthcare after the company reported accelerating top-line sales growth and announced a capital-light entry into the UK market.

Domestic momentum remained strong through the second half, with Chemist Warehouse (AU) sales growth picking up to 17.1% year-on-year in March and April due to store expansions, share gains, and structural health tailwinds.

The broker views the new 75% joint venture with London-based GreenLight Pharmacy as a sensible expansion strategy, providing immediate access to 22 locations and existing licenses with zero initial equity cost.

This allows the company to deploy its Every Day Low Price (EDLP) and multi-buy model into an under-penetrated market where competitors currently charge premiums.

Earnings forecasts are maintained, though the broker notes modest upside risk to margin expectations as the company scales its operations and integrates its newly announced $40m New Zealand distribution centre.

This report was published on May 4, 2026.

Target price is $3.60 Current Price is $2.92 Difference: $0.68
If SIG meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $3.23, suggesting upside of 10.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 3.80 cents and EPS of 6.40 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 26.5%.
Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 45.6.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 4.60 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 1.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.6, implying annual growth of 18.7%.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 38.4.

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

SIQ    SMARTGROUP CORPORATION LIMITED

Vehicle Leasing & Salary Packaging – Overnight Price: $9.79

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

Canaccord Genuity raises its target price for Smartgroup Corp by $1.00 to $10.10 and upgrades to Buy from Hold, highlighting near-term earnings momentum and potential upside from execution of strategic initiatives.

A strong operating backdrop driven by EV-related tax incentives and higher fuel prices is noted, supporting elevated demand for novated leases.

The broker expects FY26 to benefit from increased lease volumes and a higher mix of new leases, which are more profitable, alongside internal improvements in digitisation and customer service.

Demand is expected to moderate as fuel prices normalise and policy settings evolve.

This report was published on May 5, 2026.

Target price is $10.10 Current Price is $9.79 Difference: $0.31
If SIQ meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $9.69, suggesting downside of -3.4%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 64.5, implying annual growth of 5.4%.
Current consensus DPS estimate is 34.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY27:

Current consensus EPS estimate is 70.7, implying annual growth of 9.6%.
Current consensus DPS estimate is 37.6, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 14.2.

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

STM    SUNSTONE METALS LIMITED

Copper – Overnight Price: $0.38

Shaw and Partners rates ((STM)) as Buy (1) –

Shaw and Partners maintains a Buy rating and $2.10 target price for Sunstone Metals following the release of a highly positive scoping study for the Bramaderos project in Southern Ecuador.

The study outlined a post-tax net present value of US$0.9bn and a 28% internal rate of return at a base case gold price of US$3,500/oz, alongside a 34-month capital payback period.

The broker notes the existing 3.6moz gold equivalent resource offers substantial room for growth, supported by an additional exploration target of 5-13moz and promising initial drilling results at the Copete-Porotillo complex.

In northern Ecuador, the El Palmar project provides further blue-sky potential with a massive 15-45moz exploration target situated on the prolific Toachi fault system.

Record gold prices and elevated regional merger and acquisition activity provide an ideal backdrop for ongoing strategic partnering discussions to accelerate project development and unlock shareholder value, the report concludes.

This report was published on May 5, 2026.

Target price is $2.10 Current Price is $0.38 Difference: $1.72
If STM meets the Shaw and Partners target it will return approximately 453% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 31.67.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 42.22.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.29

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

Jarden retains an Overweight rating and an unchanged $5.60 target price for Lottery Corp following a 40-year extension of the Victorian Public Lottery Licence.

The broker views the deal as strategically transformative, pushing the next major renewal to 2050 and structurally de-risking the business, despite an upfront premium of -$1,145m creating near-term earnings dilution.

The report outlines an incremental headwind from higher finance costs and non-deductible licence amortisation, combined with the removal of online Keno revenues from January 2027 amid proposed gambling reforms.

To reflect these pressures, earnings per share forecasts decline to 17.6c from 20.2c in FY27 and to 18.4c from 21.8c in FY28, while FY26 estimates hold steady at 17.0c.

A simultaneous shift to a dividend policy based on net profit after tax and amortisation absorbs the vast majority of the earnings hit, the report stipulates, leaving dividend per share projections unchanged.

This report was published on May 6, 2026.

Target price is $5.60 Current Price is $5.29 Difference: $0.31
If TLC meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $5.88, suggesting upside of 10.4%(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 3.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.12.

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 3.3%.
Current consensus EPS estimate suggests the PER is 30.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 18.00 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.7, implying annual growth of 14.5%.
Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 27.0.

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $6.83

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

Jarden retains an Overweight rating for Universal Store and cuts the target price to $8.80 from $10.00 following a trading update that highlighted resilient retail sales but weakness in wholesale channels.

The company delivered FY26 EBIT guidance of $61.5-64.5m, aligning with consensus estimates at the midpoint.

While Universal Store and Perfect Stranger formats posted strong like-for-like sales growth of 8% in the second half to date, customer store closures drove a sharp deterioration in Thrills wholesale revenues, prompting a -$24m non-cash impairment.

In response, the broker cuts FY27 and FY28 earnings per share estimates by roughly -9% to -10%, factoring in a softer macroeconomic outlook for like-for-like sales and further wholesale weakness.

The target price reduction also incorporates a higher weighted average cost of capital due to increased macroeconomic risks.

Despite these headwinds, the broker notes the company remains well-positioned to capture market share and execute its multi-year store rollout strategy.

This report was published on May 5, 2026.

Target price is $8.80 Current Price is $6.83 Difference: $1.97
If UNI meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $9.80, suggesting upside of 42.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 42.90 cents and EPS of 51.70 cents.
At the last closing share price the estimated dividend yield is 6.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.0, implying annual growth of 74.6%.
Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 13.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 43.80 cents and EPS of 51.90 cents.
At the last closing share price the estimated dividend yield is 6.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.0, implying annual growth of 11.3%.
Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: 1.0
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: $4.45

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

Canaccord Genuity maintains a Buy rating and $7.40 target price for Vault Minerals following the announcement of a merger of equals with Regis Resources Limited.

The broker details that the scrip-only transaction involves Regis acquiring 100% of Vault shares, with Vault shareholders receiving 0.6947 Regis shares for every Vault share held, representing an 11% premium to the last closing price and an implied equity value of roughly $5.2bn.

The combined entity will become Australia’s third-largest primary ASX-listed gold producer with a pro-forma market capitalisation of approximately $10.7bn, supported by a robust balance sheet featuring $1.9bn in cash and bullion.

The report views the transaction as strategically sound, resolving management succession overhang for Vault while providing exposure to the cash-generative Duketon and Tropicana operations, alongside clear visibility on capital management and dividends.

This report was published on May 5, 2026.

Target price is $7.40 Current Price is $4.45 Difference: $2.95
If VAU meets the Canaccord Genuity target it will return approximately 66% (excluding dividends, fees and charges).
Current consensus price target is $7.35, suggesting upside of 59.4%(ex-dividends)

Forecast for FY26:

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 3.7%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY27:

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 4.4%.
Current consensus EPS estimate suggests the PER is 6.4.

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

Jarden rates ((VAU)) as Neutral (3) –

Jarden retains a Neutral rating and $4.30 target price for Vault Minerals following the proposed “merger of equals” with Regis Resources ((RRL)).

The transaction, structured as a scheme of arrangement, will see Regis Resources acquire 100% of Vault Minerals for 0.6947 Regis shares per Vault share, implying an 11% premium to the undisturbed price.

The combined entity will become the third-largest primary ASX-listed gold producer with a pro-forma market capitalisation of approximately $11bn and production capacity exceeding 700kozpa across five Western Australian hubs.

The broker notes the deal provides substantial operating leverage to spot gold due to a sector-leading balance sheet with over $2bn in net cash and an unhedged production profile.

While the strategic rationale centres on scale and a conceptual re-rate toward senior global peers, the report highlights operating synergies remain unquantified by management.

This report was published on May 6, 2026.

Target price is $4.30 Current Price is $4.45 Difference: minus $0.15 (current price is over target).
If VAU meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.35, suggesting upside of 59.4%(ex-dividends)

Forecast for FY26:

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 3.7%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY27:

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 4.4%.
Current consensus EPS estimate suggests the PER is 6.4.

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 for Vault Minerals with a $7.70 target price following the announcement of a merger of equals with Regis Resources Ltd ((RRL)).

The broker notes Vault shareholders will receive 0.69472 new Regis shares for each Vault share held, creating a combined entity owned 51% by Regis and 49% by Vault.

The implied offer price of circa $4.98 per share falls short of the broker’s valuation, though Moelis highlights a high likelihood the deal closes as outlined given support from both boards.

The newly formed “MergeCo” will join the top echelon of domestic producers, targeting roughly 700kozpa of gold production from five hubs with a combined mineral resource of 20.5Moz.

The broker views the combined entity as a strong alternative to peers like Northern Star Resources ((NST)) and Evolution Mining ((EVN)), noting robust near-term free cash flow and a balance sheet that could facilitate further development or M&A activity.

This report was published on May 6, 2026.

Target price is $7.70 Current Price is $4.45 Difference: $3.25
If VAU meets the Moelis target it will return approximately 73% (excluding dividends, fees and charges).
Current consensus price target is $7.35, suggesting upside of 59.4%(ex-dividends)

Forecast for FY26:

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 3.7%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY27:

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 4.4%.
Current consensus EPS estimate suggests the PER is 6.4.

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

VCX    VICINITY CENTRES

REITs – Overnight Price: $2.54

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

Jarden maintains an Underweight rating and $2.65 target price for Vicinity Centres following a “constructive” third-quarter update that showed robust operational metrics despite a deteriorating consumer backdrop.

The broker notes the REIT re-affirmed its FY26 earnings guidance at the upper end of the range, with FFO of 15.0c to 15.2c, supported by elevated occupancy of 99.6% and leasing spreads increasing to 5.1%.

While specialty sales productivity ticked up to $13,500/sqm, some categories like jewelry and leisure saw declines from previously elevated levels.

Active capital management has extended the weighted average debt maturity to 4.6 years, but Jarden remains cautious as the stock currently trades at a meaningful premium to its 10-year average PE.

The report highlights development returns at Chatswood Chase appear modest at 6%, leaving limited margin for error compared to sector peers.

This report was published on May 5, 2026.

Target price is $2.65 Current Price is $2.54 Difference: $0.11
If VCX meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.53, suggesting downside of -0.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 13.00 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 16.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.0, implying annual growth of -32.0%.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 15.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.9, implying annual growth of 6.0%.
Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 16.0.

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

VNT    VENTIA SERVICES GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $5.91

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

Canaccord Genuity believes Ventia Services’ investor day reinforced a clear growth agenda, with management outlining opportunities across telecoms, defence, energy and utilities. Profit (NPATA) growth guidance of 7%-10% was reaffirmed.

The broker gained confidence in margin sustainability and medium-term defence growth, supported by strong execution and recurring revenue streams. Fuel cost exposure is seen as largely pass-through, limiting risk.

Ventia is considered well positioned to benefit from digital infrastructure and data centre growth, alongside expanding defence and infrastructure spend.

Canaccord reiterates a Buy rating with an unchanged target price of $5.99.

This report was published on May 5, 2026.

Target price is $5.99 Current Price is $5.91 Difference: $0.08
If VNT meets the Canaccord Genuity target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $6.15, suggesting upside of 3.5%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 33.7, implying annual growth of 3.9%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY27:

Current consensus EPS estimate is 36.3, implying annual growth of 7.7%.
Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.4.

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

WBC    WESTPAC BANKING CORPORATION

Banks – Overnight Price: $38.94

Jarden rates ((WBC)) as Downgrade to Sell from Underweight (5) –

Jarden downgrades Westpac to a Sell rating from Underweight and lowers the target price to $31.00 from $32.00 after a half-year result that highlighted emerging vulnerabilities in the bank’s deposit franchise, on the broker’s assessment.

Jarden notes net interest margins fell -7bps half-on-half to 1.89%, primarily driven by the changing dynamics of the deposit market, with 12% of Westpac’s deposit base currently sitting in non-interest-bearing accounts.

While the bank delivered robust institutional and business loan growth over the past two years, core profits have remained flat as investments in tech simplifications like the Unite project continue to absorb capital.

The report questions the timing of this accelerated growth strategy given the potential for a credit cycle downturn catalysed by domestic fragility and Middle East tensions, reflected in a 155% half-on-half spike in bad debts to $443m.

Jarden cuts FY26 and FY27 cash earnings forecasts by -4% and -1%, respectively.

This report was published on May 5, 2026.

Target price is $31.00 Current Price is $38.94 Difference: minus $7.94 (current price is over target).
If WBC meets the Jarden target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $34.68, suggesting downside of -12.6%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 155.00 cents and EPS of 206.40 cents.
At the last closing share price the estimated dividend yield is 3.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 206.8, implying annual growth of 2.4%.
Current consensus DPS estimate is 158.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 19.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 157.00 cents and EPS of 211.90 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 217.0, implying annual growth of 4.9%.
Current consensus DPS estimate is 162.4, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WRK    WRKR LIMITED

Cloud services – Overnight Price: $0.12

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

Wrkr’s Q3 update shows continued investment ahead of growth, Research as a Service (RaaS) highlights. This includes onboarding of new clients, contributions from the PaidRight acquisition, and product development linked to Payday Super.

Onboarding progress is mixed, the broker observes, with larger employers showing strong uptake, while mid-sized clients are slower, prompting a delay to full onboarding assumptions into FY27.

The analyst makes modest revenue forecast downgrades, partly offset by higher float income. RaaS maintains a valuation of $0.125 per share, noting longer-term growth potential from compliance-driven tailwinds and client migration initiatives.

Research as a Service (RaaS) research doesn’t carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

This report was published on May 4, 2026.

Target price is $0.13 Current Price is $0.12 Difference: $0.01
If WRK meets the Research as a Service (RaaS) target it will return approximately 9% (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 0.17 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 67.65.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.56 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.54.

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.

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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