In Case You Missed It – BC Extra Upgrades & Downgrades – 08-05-26

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This story features 29METALS LIMITED, and other companies.
For more info SHARE ANALYSIS: 29M
The company is included in ALL-ORDS

A summary of the highlights from Broker Call Extra updates throughout the week past.

Broker Rating Changes (Post Thursday Last Week)

Upgrade

29METALS LIMITED ((29M)) Upgrade to Hold from Sell by Canaccord Genuity.B/H/S: 0/0/0

Canaccord Genuity upgrades 29Metals to Hold from Sell with a $0.25 price target following a first-quarter update.

Copper production was stronger than expected, although zinc output was materially constrained by restricted access at the Xantho Extended orebody.

Net cash improved following the recent capital raising, but higher operating costs weighed on the quarter.

Future value is tied to securing regulatory approval for the TSF3 tailings facility, which is required before operations can restart at Capricorn Copper.

Forecasts have been revised higher following the update, although the broker views the stock as trading close to fair value.

BEACH ENERGY LIMITED ((BPT)) Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0

Beach Energy’s March quarter production was impacted by downtime in Taranaki, weak demand in Otway, flooding in the Cooper Basin and a slower-than-expected ramp-up at Waitsia, Canaccord Genuity explains.

Production of 4.8MMboe rose qoq but missed expectations, prompting a downgrade to FY26 guidance. Stronger oil prices helped offset weaker gas sales, resulting in only a modest revenue ‘miss’, the analyst observes.

Despite near-term headwinds, the broker retains its FY26 production forecast and sees upside from improving LNG pricing and ongoing project execution.

Canaccord maintains a Buy rating and raises its target to $1.43 from $1.35.

COMPUTERSHARE LIMITED ((CPU)) Upgrade to Neutral from Underweight by Jarden.B/H/S: 0/0/0

Jarden upgrades Computershare to a Neutral rating from Underweight while maintaining a $31.00 target price.

The report highlights a newly announced partnership with Securitize that materially blunts the worst-case disintermediation risk associated with tokenised shares.

The agreement allows Computershare to act as the transfer agent for Issuer-Sponsored Tokens, addressing its lack of digital-native infrastructure while giving it a direct response to the NYSE’s open transfer agent program.

While the structural thesis remains unresolved until the economic sharing details are disclosed, the broker suggests the binary risk has been removed and the stock’s current de-rating adequately captures ongoing structural pressures within Issuer Services.

Earnings estimates are unchanged and sit roughly 2% above management’s guidance, reflecting the positive impact of higher short-term interest rates on margin income.

NINE ENTERTAINMENT CO. HOLDINGS LIMITED ((NEC)) Upgrade to Buy from Overweight by Jarden.B/H/S: 0/0/0

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.

SMARTGROUP CORPORATION LIMITED ((SIQ)) Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0

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.

WOODSIDE ENERGY GROUP LIMITED ((WDS)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden has upgraded Woodside Energy to an Overweight rating, with the target price moving to $36.50 from $37.00, following the March quarter report.

Operational performance was strong, with production exceeding expectations, supported by high reliability across key assets.

This was offset by an expanded oil hedging position at below-market prices, which is expected to weigh on near-term earnings.

Management has initiated a broader business review aimed at improving efficiency, with potential asset sales under consideration.

Forecasts have been revised to reflect the updated outlook.

Downgrade

COLES GROUP LIMITED ((COL)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Jarden has downgraded Coles Group to Neutral from Overweight following a period of relative share price outperformance, while concurrently lifting its target price to $22.60 from $21.60.

Commentary states the third-quarter update revealed a robust performance in food, with sales growing 4% supported by disciplined cost control, easing theft, and strong online momentum.

Conversely, the liquor division underperformed significantly, exiting the period with sales down more than -5% as lower foot traffic and heightened discounting weighed on margins.

Jarden has maintained its near-term earnings forecasts but modestly trimmed outer-year expectations, noting the supermarket giant’s discount to rival Woolworths ((WOW)) has narrowed back to historical averages.

Ultimately, the broker believes Coles is well-positioned structurally, but sees more compelling near-term upside elsewhere in the consumer discretionary sector.

FLIGHT CENTRE TRAVEL GROUP LIMITED ((FLT)) Downgrade to Overweight from Buy by Jarden.B/H/S: 0/0/0

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.

PEXA GROUP LIMITED ((PXA)) Downgrade to Underweight from Neutral by Jarden.B/H/S: 0/0/0

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.

WESTPAC BANKING CORPORATION ((WBC)) Downgrade to Sell from Underweight by Jarden.B/H/S: 0/0/0

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.

Price Target Changes (Post Thursday Last Week)

More Highlights

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.64

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

Canaccord Genuity maintains a Buy rating for Aroa Biosurgery, upgrading its target price to $1.35 from $1.16 after a strong FY26 trading update exceeded management’s expectations.

Revenue of NZ$104m and underlying EBITDA between NZ$11m and NZ$12m both outperformed guidance, driven by dramatic growth acceleration for the Myriad product in the fourth quarter.

The report attributes this outperformance to disciplined sales execution and strong clinical resonance from the Mastrr study, particularly within the US soft tissue repair market.

Looking ahead, recent regulatory changes to skin-substitute reimbursement are expected to pivot patients toward hospital outpatient settings, a shift ideally suited to the company’s existing infrastructure, commentary suggests.

Management expects the upcoming Symphony launch into chronic wound care to provide a sustainable catalyst for further decoupling stock performance from broader sector trends through FY28.

This report was published on May 3, 2026.

Target price is $1.35 Current Price is $0.64 Difference: $0.71
If ARX meets the Canaccord Genuity target it will return approximately 111% (excluding dividends, fees and charges).

This company reports in NZD. 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

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

EBO    EBOS GROUP LIMITED

Healthcare services – Overnight Price: $17.42

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

Jarden maintains an Overweight rating for Ebos Group with an unchanged target price of $33.80 following the company’s Sydney Investor Day.

The report suggests the group’s reset period is largely complete, with the -$360m distribution centre renewal program wrapping up by the end of FY26 and unlocking significant productivity improvements.

Management reiterated a portfolio shift away from capital-intensive wholesale pharmacy towards higher-growth, higher-margin divisions such as Medical Technology, Animal Care, and Retail Pharmacy Brands, which now represent over 70% of group EBITDA.

The broker notes the strategy continues to be supported by a return on capital employed target of 15% and an ongoing focus on bolt-on acquisitions.

Organic EBITDA growth is guided at mid-single digits. Jarden concludes this supports its view the business is well-positioned to return to its defensive compounder status.

This report was published on April 30, 2026.

Target price is $33.80 Current Price is $17.42 Difference: $16.38
If EBO meets the Jarden target it will return approximately 94% (excluding dividends, fees and charges).
Current consensus price target is $25.97, suggesting upside of 49.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 101.00 cents and EPS of 121.30 cents.
At the last closing share price the estimated dividend yield is 5.80%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 125.2, implying annual growth of 14.1%.
Current consensus DPS estimate is 104.5, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 13.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 104.00 cents and EPS of 127.40 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 13.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.5, implying annual growth of 8.2%.
Current consensus DPS estimate is 103.4, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 12.9.

Market Sentiment: 1.0
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

HPG    HIPAGES GROUP HOLDINGS LIMITED

Online media & mobile platforms – Overnight Price: $0.76

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

hipages Group remains a Buy for Canaccord Genuity with an unchanged $1.75 target price following what has been perceived as a positive investor day update.

Management maintained FY26 revenue guidance between $90m and $91m and reiterated a long-term Cash EBIT margin target of 30%.

The broker observed usage of job management features surged to 21% of subscription tradies in March 2026, helping drive a 7.5ppt increase in retention rates.

Strategic progress includes the 51% acquisition of VIZ Insurance and the announcement of a 10% on-market share buy-back.

Integration of AI via a ChatGPT-powered assistant has improved lead conversion to 46% for tradies, reinforcing the platform’s transition to a comprehensive service provider, the report concludes.

This report was published on May 4, 2026.

Target price is $1.75 Current Price is $0.76 Difference: $0.995
If HPG meets the Canaccord Genuity target it will return approximately 132% (excluding dividends, fees and charges).

Market Sentiment: 0.0
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

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

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

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

WZR    WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.02

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

Shaw and Partners comments Wisr remains on track to achieve positive cash net profit after tax in 2H26 as loan originations surpass previous expectations.

The loan book now stands at $1.0bn, providing a scaling foundation intended to underpin over $8m of cash profit in FY27.

Commentary highlights a world-class net promoter score of 80 and improved credit quality as core drivers for winning volume in the broker channel.

FY26 loan origination growth guidance is upgraded to over 50%. Shaw notes the business is currently trading at a steep discount to sector peers.

The broker maintains a Buy rating for the stock, alongside a price target of 7c.

This report was published on April 30, 2026.

Target price is $0.07 Current Price is $0.02 Difference: $0.048
If WZR meets the Shaw and Partners target it will return approximately 218% (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 0.00 cents.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.40.

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

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