Daily Market Reports | 10:30 AM
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.
One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.
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)
A1M AEL APE ARB (2) EBO EQR GDI GNC IPX NST PWR QAN RFG SLC SRG STM TEA TLC TPG VYS
TEA TASMEA LIMITED
Mining Sector Contracting - Overnight Price: $8.14
Canaccord Genuity rates ((TEA)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Tasmea with its target price increased to $9.00 following the announced acquisition of specialist electrical contractor Maxim for $254m.
The strategic transaction implies an attractive FY26 enterprise value to earnings before interest and tax multiple of 5.4x while capturing meaningful commercial exposure to structural data center and utility infrastructure construction end markets.
Canaccord explains operational activity will leverage strong structural momentum at Canberra Data Centres, which must accelerate future pipeline delivery across Victorian campuses to meet tightening market capacity constraints.
Forward modeling incorporates first-pass financial targets for the acquired business unit, forecasting standalone earnings contributions of $55m in FY27 and $62.5m in FY28.
The report concludes sum-of-the-parts valuation methodologies apply a minor relative discount to peer market multiples to account for compressed customer concentration boundaries while executing a superior underlying compound organic growth profile.
This report was published on June 4, 2026.
Target price is $9.00 Current Price is $8.14 Difference: $0.86
If TEA meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TLC LOTTERY CORPORATION LIMITED
Gaming - Overnight Price: $5.21
Jarden rates ((TLC)) as Overweight (2) -
Jarden maintains an Overweight rating for Lottery Corp with its target price increased to $5.65 following an investor day presentation outlining intermediate strategic drivers.
Commentary explains channel margin mix improvements from accelerated digital application penetration support a projected lotteries variable contribution expansion out to FY30.
Tightened financial year FY26 operating expenditure guidance of -$300m to -$310m is seen complementing a localised operating model restructure expected to yield $10m in annualised structural cost savings from FY27.
Near-term headwind variability from sub-theoretical jackpot sequences anchors current period performance expectations below historical consensus boundaries, the report highlights.
Jarden explains long-term licensing structures remain significantly de-risked to preserve the group's durable multi-year cash conversion optionality.
This report was published on June 4, 2026.
Target price is $5.65 Current Price is $5.21 Difference: $0.44
If TLC meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $5.88, suggesting upside of 12.8%(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 15.80 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.97.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.4, implying annual growth of -0.2%.
Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 31.8.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 18.00 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.7, implying annual growth of 14.0%.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 27.9.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TPG TPG TELECOM LIMITED
Telecommunication - Overnight Price: $3.60
Jarden rates ((TPG)) as Overweight (2) -
Jarden maintains an Overweight rating for TPG Telecom with a $4.30 target price after the group reaffirmed its FY26 financial guidance.
The broker observes stronger customer additions across mobile virtual network operator and digital-first brands characterised the half-year trading trajectory in line with long-term consumer portfolios.
Lower operating expenses and variable costs successfully offset ongoing national broadband network market share losses to leave near-term EBITDA forecasts intact.
Expanding the digital subscriber base to more than 1.1m services on issue by FY29 underpins a projected 3.5% EBITDA compound annual growth rate through FY30.
Post-transformation capital expenditure reductions complement this operational leverage to significantly accelerate intermediate free cash flow yields, the report concludes.
This report was published on June 2, 2026.
Target price is $4.30 Current Price is $3.60 Difference: $0.7
If TPG meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $4.02, suggesting upside of 11.7%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 19.00 cents and EPS of 6.30 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.14.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 6.5, implying annual growth of -5.9%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 55.4.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 20.00 cents and EPS of 9.60 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.7, implying annual growth of 33.8%.
Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 41.4.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VYS VYSARN LIMITED
Industrial Sector Contractors & Engineers - Overnight Price: $0.95
Canaccord Genuity rates ((VYS)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Vysarn with its target price increased to $1.07 following the strategic acquisition of industrial irrigation and water maintenance business NewGround.
Binding agreements detail a consideration structure comprising up to 33.0m shares and $25m in cash, implying an attractive enterprise value to earnings before interest and tax multiple of up to 5.9x, Canaccord comments.
Pro forma earnings per share accretion is estimated at 25% based on a forecast financial year FY26 profit before tax of approximately $20m.
Forward modeling incorporates a nine-month operational contribution in FY27, projecting asset level revenue of $55m and earnings before interest and tax of $7.0m.
Valuation metrics expand the operating business multiple to 15.0x enterprise value to earnings before interest, tax, depreciation, and amortisation to reflect an enhanced structural growth profile across the Australian east coast, Canaccord highlights.
This report was published on June 4, 2026.
Target price is $1.07 Current Price is $0.95 Difference: $0.12
If VYS meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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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