Daily Market Reports | 10:45 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.
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COMPANIES DISCUSSED IN THIS ISSUE
Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
AIS BC8 BGL DVP DYL ELV EQR GGP (2) GMD IGO IKE (2) ILU KCN LTR M7T MEI NIC OMA PNR STM VAU VUL WAF WC8
AIS AERIS RESOURCES LIMITED
Industrial Metals - Overnight Price: $0.41
Canaccord Genuity rates ((AIS)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Aeris Resources with a $0.70 target price following a fourth-quarter FY26 operational update delivering a 37% sequential increase in operating cash flow to $104m.
Full-year FY26 EBITDA expanded 78% to $285m, enabling the full repayment of a $40m debt facility and leaving the business with no net debt.
Tritton mineral resources grew 70% to 33Mt containing 540kt of copper, while ore reserves expanded fourfold to 10Mt containing 180kt of copper following successful drilling and completion of the Peel acquisition on 1 July 2026.
Granting a mining lease at Constellation clears the way for waste stripping in the September quarter of 2026, while Cracow produced 40.6koz of gold in FY26 to meet annual guidance.
Upgrading FY26 EBITDA estimates 10% higher to $285m and FY27 EBITDA forecasts 13% higher to $351.6m, the analyst views the stock as attractively valued at 0.54x P/NAV.
This report was published on July 29, 2026.
Target price is $0.70 Current Price is $0.41 Difference: $0.295
If AIS meets the Canaccord Genuity target it will return approximately 73% (excluding dividends, fees and charges).
Current consensus price target is $0.69, suggesting upside of 67.7%(ex-dividends)
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 13.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.09.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.1, implying annual growth of 180.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 3.1.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.13.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.6, implying annual growth of 19.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2.6.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BC8 BLACK CAT SYNDICATE LIMITED
Gold & Silver - Overnight Price: $0.90
Moelis rates ((BC8)) as Buy (1) -
Moelis maintains a Buy rating for Black Cat Syndicate with a $1.70 target price following a June quarter 2026 production report delivering 20.8koz in gold output.
Gold sales reached 21.7koz to beat broker estimates, while initial calculations indicate unit all-in sustaining costs of approximately $3,500/oz.
The company closed the period with $73.7m in cash reserves despite deploying $43.5m towards growth projects during the quarter.
Marking the first full quarter processing wholly-owned ore through internal assets, detailed operating cost disclosures allow clear modelling of cash movements ahead of formal FY27 guidance in August.
The analyst considers the shares inexpensive, expecting the valuation gap to narrow as operational visibility expands.
This report was published on July 30, 2026.
Target price is $1.70 Current Price is $0.90 Difference: $0.805
If BC8 meets the Moelis target it will return approximately 90% (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
BGL BELLEVUE GOLD LIMITED
Gold & Silver - Overnight Price: $1.26
Canaccord Genuity rates ((BGL)) as Buy (1) -
Canaccord Genuity upgrades its rating for Bellevue Gold to Buy from Speculative Buy with a $1.75 target price following full-year FY26 production results landing at the upper end of guidance at 144koz.
Fourth-quarter gold output reached 41.6koz at an all-in sustaining cost of $2,604/oz, bringing full-year unit costs to $2,827/oz while lifting cash and bullion reserves to $206m.
Management guidance for FY27 projects production between 150koz and 170koz at an all-in sustaining cost of $2,800/oz to $3,100/oz, with growth capital expenditure expected between -$90m and -$100m.
Model revisions increase FY27 unit cost estimates by 8%, reducing forecast EBITDA to $334m and free cash flow to $123m as remaining forward gold sales contracts undergo accelerated pre-delivery through early 2027.
The analyst considers the operation to have established a steady-state production profile, supporting the upgraded investment recommendation.
This report was published on July 28, 2026.
Target price is $1.75 Current Price is $1.26 Difference: $0.49
If BGL meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $1.77, suggesting upside of 40.2%(ex-dividends)
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.
How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -0.4, 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 N/A.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.20.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.6, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 6.1.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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