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.
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COMPANIES DISCUSSED IN THIS ISSUE
Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
ALC (2) BCI (2) BGD CCV EML EOL EVN GHM (2) HGO HSN (2) ILU MAF PC2 SGQ SHA (2) SLS SVR SXE (2) TTM
ALC ALCIDION GROUP LIMITED
Healthcare services - Overnight Price: $0.10
Canaccord Genuity rates ((ALC)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Alcidion Group with an unchanged price target of $0.14 as annual recurring revenue increasingly covers the operating cost base.
FY26 sales execution remained strong with $78.5m of new and renewal total contracted value signed, while annualised recurring revenue reached an exit rate of $38.3m.
The analyst notes that recurring revenue now fully covers the operating cost base, creating a valuation premium and strategic flexibility for future growth.
Management expects FY27 performance to exceed FY26, supported by robust revenue visibility and ongoing contract wins across domestic and international healthcare markets.
This report was published on August 20, 2026.
Target price is $0.14 Current Price is $0.10 Difference: $0.045
If ALC meets the Canaccord Genuity target it will return approximately 47% (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
Moelis rates ((ALC)) as Buy (1) -
Moelis Australia maintains a Buy rating for Alcidion Group with its target price increased to $0.17 from $0.16 following a strong FY26 result that demonstrates robust financial turnaround and growth.
Management enters FY27 with revenue visibility supported by contracts covering roughly 85% of estimated revenue.
Total contract value wins exceeding $140m over the past two years have established a larger recurring revenue base, enhancing earnings quality and reducing reliance on large upfront licence sales.
The broker's estimates reflect upward revisions to net profit after tax and earnings per share across FY27 and FY28, underpinned by diverse growth opportunities across the UK, Australia, and international markets.
This report was published on August 20, 2026.
Target price is $0.17 Current Price is $0.10 Difference: $0.075
If ALC meets the Moelis target it will return approximately 79% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Moelis 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 47.50.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.67.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BCI BCI MINERALS LIMITED
Mining - Overnight Price: $0.47
Canaccord Genuity rates ((BCI)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for BCI Minerals with its price target increased to $0.55 from $0.50 following a six-month valuation roll-forward and updates on the Mardie Salt and Potash Project.
Cumulative project expenditure reached -$1.479bn at the end of June 2026 with construction now 85% complete, while the operation has successfully crystallised its first 49kt of salt on pavement.
The analyst highlights that first salt on ship remains on track for the March quarter of 2027, supported by favourable weather conditions under an active El Nino pattern.
Commentary suggests the financial position remains robust with $423m in available funding against an estimated cost to completion of -$258m.
This report was published on August 20, 2026.
Target price is $0.55 Current Price is $0.47 Difference: $0.085
If BCI meets the Canaccord Genuity target it will return approximately 18% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Shaw and Partners rates ((BCI)) as Buy (1) -
Shaw and Partners maintains a Buy rating for BCI Minerals with its price target reduced to $0.72 from $0.75 following the company's FY26 annual review and progress update on the Mardie Salt and Potash Project.
Overall project construction reached 85% by 30 June 2026, with salt precipitation commencing on schedule and delivering 49kt of crystallised salt on pavement at year-end.
The analyst notes that while a construction contract has been awarded for the sulphate of potash (SOP) pilot plant, estimated full-scale SOP production has been pushed back by two years to 2031 due to development timelines.
Valuation and earnings estimate revisions remain minimal as first salt on ship during March quarter 2027 serves as the primary value catalyst for the transition from pre-revenue developer to cash-generator.
This report was published on August 20, 2026.
Target price is $0.72 Current Price is $0.47 Difference: $0.255
If BCI meets the Shaw and Partners target it will return approximately 55% (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 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.57.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 6.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.27.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BGD BARTON GOLD HOLDINGS LIMITED
Overnight Price: $1.03
Canaccord Genuity rates ((BGD)) as Initiation of coverage with Speculative Buy (1) -
Canaccord Genuity initiates coverage of Barton Gold with a Speculative Buy rating and a price target of $2.05.
The company has assembled a district-scale gold development portfolio in South Australia consisting of 2.2Moz Au and 3.1Moz Ag across four projects, underpinned by 100% ownership of the region's only gold processing mill.
The development strategy features a two-stage pathway, utilising a near-term restart of the Central Gawler Mill and Challenger project as a low-capital cash flow generator to support the larger Tunkillia project.
Tunkillia is highlighted as the core long-term value driver, resembling Capricorn Metals' Karlawinda operation with a 5Mtpa bulk open pit development plan.
This report was published on August 20, 2026.
Target price is $2.05 Current Price is $1.03 Difference: $1.02
If BGD meets the Canaccord Genuity target it will return approximately 99% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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