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)
AFG AIA ALK APA ASG AVH BCI BGD BRG BXB CCL CDA (2) CWY DOW DSK DXS EBO EGH EHL (2) EVN (2) FBU FMG GL1 GMD GMG HGO (2) HLS HMY IEL ILU IPH (2) MAF (2) MGR MP1 MPK MPL MXI NST NWH (3) PLY (2) PNC (2) PPM QAL RIC (2) RSG SGP SHL SKC SKS SLC (2) SLS SPK SRV SSM STO SUL SVR TLC TLX (2) TPW (2) TTM UNI VAU VCX VMM
VAU VAULT MINERALS LIMITED
Gold & Silver - Overnight Price: $6.78
Moelis rates ((VAU)) as Buy (1) -
Moelis maintains its Buy recommendation for Vault Minerals with its target price unchanged at $7.60 following an FY26 result featuring mixed operating metrics, where higher operating and corporate costs were offset by a lower tax recognition that drove an adjusted net profit after tax beat.
Reported adjusted revenue reached $1,880.2m alongside underlying EBITDA of $952.5m and adjusted net profit after tax of $482.4m, while the group paid an interim dividend of 7.0c in April with no final dividend declared.
The broker's estimates incorporate FY26 actuals while leaving standalone production, cost, and capital assumptions unchanged ahead of the anticipated merger with Genesis Minerals ((GMD)) expected to complete during the December 2026 quarter.
The analyst highlights that Vault Minerals enters the proposed transaction with $825.8m in cash, zero debt, and no gold hedge book, making the stock trade as a proxy for Genesis Minerals while scheme completion and combined mine planning remain the primary near-term catalysts.
This report was published on August 21, 2026.
Target price is $7.60 Current Price is $6.78 Difference: $0.82
If VAU meets the Moelis target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $6.83, suggesting upside of 0.8%(ex-dividends)
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 71.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 65.2, implying annual growth of 143.9%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 10.4.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 80.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is N/A, 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.
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: $2.62
Jarden rates ((VCX)) as Underweight (4) -
Jarden maintains its Underweight recommendation for Vicinity Centres with its target price increased to $2.70 from $2.67, highlighting high-quality assets performing well, low leverage, strong interest rate hedging, and a high-calibre management team.
Despite these operational strengths, the Underweight rating reflects the stock trading on an FY27 price-to-earnings multiple of 15.9x for a three-year funds from operations compound annual growth rate of 5.4%.
Key risks to this view include a higher-than-expected interest rate trajectory or a defensive market rotation, though commentary concludes Vicinity Centres remains best placed amongst large-cap passive real estate investment trusts due to its low leverage and extensive hedging.
This report was published on August 21, 2026.
Target price is $2.70 Current Price is $2.62 Difference: $0.08
If VCX meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.59, suggesting downside of -1.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 14.20 cents and EPS of 16.50 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.88.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.7, implying annual growth of -48.0%.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 16.7.
Forecast for FY28:
Jarden forecasts a full year FY28 dividend of 15.00 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 5.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.06.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.3, implying annual growth of 3.8%.
Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 16.1.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VMM VIRIDIS MINING AND MINERALS LIMITED
Rare Earth Minerals - Overnight Price: $4.35
Canaccord Genuity rates ((VMM)) as Speculative Buy (1) -
Canaccord Genuity maintains its Speculative Buy recommendation for Viridis Mining and Minerals with its target price unchanged at $6.30 following the release of a Definitive Feasibility Study for its 100%-owned Colossus ionic clay rare earth deposit in Brazil.
The study outlines a 25-year production target of 124Mt at 3,061ppm total rare earth oxides at 5Mtpa throughput, producing approximately 3ktpa of mixed rare earth oxides.
Capital expenditure increased to -US$449m from -US$358m in the pre-feasibility study due to the incorporation of an additional mixed rare earth oxide refinement circuit that removes low-value lanthanum and drives a material increase in payable basket pricing to US$76.50/kg.
The company secured commitments for up to US$120m in strategic equity funding, leaving a US$295m funding gap expected to be filled with debt financing on a target 70/30 debt-to-equity split.
The broker highlights upcoming permitting milestones, binding offtake agreements, project financing, and a final investment decision targeted for the first half of calendar year 2027 as key catalysts.
This report was published on August 22, 2026.
Target price is $6.30 Current Price is $4.35 Difference: $1.95
If VMM meets the Canaccord Genuity target it will return approximately 45% (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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