Australian Broker Call
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March 31, 2025
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, 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.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
NST - | Northern Star Resources | Upgrade to Buy from Hold | Bell Potter |
PNR - | Pantoro | Downgrade to Sell from Hold | Bell Potter |

Overnight Price: $7.98
Citi rates A2M as Buy (1) -
Citi reckons H&H's commentary about stabilising volumes in China infant milk formula in the final months of 2024 has positive implications for a2 Milk Co as it confirms an increase in birth rate.
The broker also notes the increased demand for the super premium milk segment is the key positive as a2 Milk Co's new Genesis line is a premium product.
Additionally, the broker sees potential for a less price-competitive environment for the company based on H&H FY25 guidance.
Target price of $8.20 and Buy rating are unchanged.
Target price is $8.20 Current Price is $7.98 Difference: $0.22
If A2M meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $7.30, suggesting downside of -8.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 17.02 cents and EPS of 24.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.5, implying annual growth of N/A. Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 32.4. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 19.30 cents and EPS of 27.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 13.9%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 28.5. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $0.67
Bell Potter rates ALK as Buy (1) -
Production guidance for Alkane Resources of 72koz in 2025, rising to 99koz in 2027, is unchanged and aligns with Bell Potter’s estimates.
The broker expects production to lift to 100-110kozpa from 2027 to 2032 under the Tomingley Gold Operation (TGO) expansion. Costs (AISC) and volumes remain consistent with prior forecasts, with the 1.5mtpa processing capacity upgrade proceeding as planned.
The broker's earnings (EBITDA) forecasts increase by 7% in 2025, 9% in 2026, and 10% in 2027, following a gold price upgrade to $4,308/oz in 2025 and $4,438/oz in 2026. Roughly one-third of production is hedged to 2027 at $2,850/oz, note the analysts.
Bell Potter raises the target price to $1.40 from $1.20 and retains a Buy rating.
Target price is $1.40 Current Price is $0.67 Difference: $0.73
If ALK meets the Bell Potter target it will return approximately 109% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 7.80 cents. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 18.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ANG AUSTIN ENGINEERING LIMITED
Mining Sector Contracting
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Overnight Price: $0.44
Bell Potter rates ANG as Buy (1) -
Bell Potter makes only minor changes to its forecasts for Austin Engineering and maintains a Buy rating and 85 cent target.
Austin appears well positioned for further growth in the second half, assess the analysts, supported by a record order book and ramp-up in orders and production across its North American and South American operations.
Target price is $0.85 Current Price is $0.44 Difference: $0.41
If ANG meets the Bell Potter target it will return approximately 93% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 1.40 cents and EPS of 6.30 cents. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 1.80 cents and EPS of 6.40 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $2.45
Macquarie rates BOE as Outperform (1) -
Macquarie toured Boss Energy's Honeymoon uranium project and highlighted the operations are performing well, with column IX 1 & 2 running at capacity and column 3 expected to be running at near to full capacity in the June quarter.
The company noted some challenges around the drying and packing area but anticipates drummed U3O8 of 270–290klbs, suggesting June quarter production of 330–350klbs, the broker explains.
Management highlighted the Chief Operating Officer and Chief Geologist are going to the USA soon to work with Encore to better appreciate the major issues around the 30% shareholding in Alta Mesa and Mestena Grande.
Target price slips to $4.50 from $4.80. Outperform rating maintained. Macquarie lowers FY25 EPS forecast by -9.3cps due to cost of goods sold accounting. FY26 EPS estimate is also cut by -29% on accounting treatments.
Target price is $4.50 Current Price is $2.45 Difference: $2.05
If BOE meets the Macquarie target it will return approximately 84% (excluding dividends, fees and charges).
Current consensus price target is $3.86, suggesting upside of 58.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.2, implying annual growth of -72.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 75.9. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 13.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of 740.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 9.0. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BOE as Buy (1) -
Following a visit to Boss Energy's Honeymoon mine, Ord Minnett observes the mine-ramp is not aggressive but still considers the stock as its pick for the sector.
The broker believes the in-situ mining recovery technique is chemistry, not mining, but with the technical team in place, the company is concentrating on Wellfield development to complete the ramp-up.
The broker reiterates both spot and term uranium prices will lift in 2H 2025 as utilities currently awaiting clarity on tariffs resume contract negotiations.
Target price of $4.70 and Buy rating maintained.
Target price is $4.70 Current Price is $2.45 Difference: $2.25
If BOE meets the Ord Minnett target it will return approximately 92% (excluding dividends, fees and charges).
Current consensus price target is $3.86, suggesting upside of 58.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Ord Minnett forecasts a full year FY25 EPS of 5.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.2, implying annual growth of -72.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 75.9. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 EPS of 31.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of 740.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 9.0. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BRE BRAZILIAN RARE EARTHS LIMITED
Rare Earth Minerals
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Overnight Price: $1.75
Ord Minnett rates BRE as Speculative Buy (1) -
Brazilian Rare Earths published drilling results from the Pele target near Monte Alto projecti and Ord Minnett notes the grades, while lower than Monte Alto, are still higher at around 6.5%.
The broker has updated NAV following the confirmation of mineralisation, with 50% risk-weighted surface and underground mining forecast adding $500m.
Speculative Buy rating maintained. Target price rises to $7.00 from $5.50.
Target price is $7.00 Current Price is $1.75 Difference: $5.25
If BRE meets the Ord Minnett target it will return approximately 300% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY25:
Ord Minnett forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 10.30 cents. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 12.30 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $8.15
Bell Potter rates CMM as Hold (3) -
Bell Potter has upgraded its gold price forecasts by 7% in 1H 2025 to US$2,890 ($4,634), by 9.3% for 2H 2025 to US$2,950 ($4,758), and by 12% in 2026 to US$2,800 ($4,300).
There are no changes in forex assumptions. The rise reflects higher levels of uncertainty in markets post the inauguration of President Trump.
Bell Potter retains a Hold rating on Capricorn Metals, with a higher target price of $8.61 from $7.84. The analyst lifts EPS estimates for higher gold price assumptions by 9% in FY25 and 51% in FY26.
Capricorn has removed the hedging book since the broker's last update and is expected to increase production to around 300koz by FY27 from circa 115koz.
Target price is $7.84 Current Price is $8.15 Difference: minus $0.31 (current price is over target).
If CMM meets the Bell Potter target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.45, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 36.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.2, implying annual growth of 60.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 61.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.2, implying annual growth of 45.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CSL CSL LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $252.72
Morgan Stanley rates CSL as Overweight (1) -
Morgan Stanley's scenario analysis from the US government's plan to implement tariffs on pharmaceutical products concludes the current share price is capturing the downside risks.
The broker notes the tariff would apply to the proportion of US sales from non-US markets, and in the company's case, manufacturing is spread across several countries, and most of the plasma collection happens within the US.
On an assumption of tariff rates of 25%, 15% and 10% and various degrees of pass-through, the broker's scenario analysis comes up with valuations ranging between $256 and $282. The broker notes these are all above the current target price (closing price $252.72 on March 28).
No change to $313 target price and Overweight rating.
Industry View: In-Line.
Target price is $313.00 Current Price is $252.72 Difference: $60.28
If CSL meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $327.51, suggesting upside of 31.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Morgan Stanley forecasts a full year FY25 dividend of 438.38 cents and EPS of 938.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1024.1, implying annual growth of N/A. Current consensus DPS estimate is 469.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 24.3. |
Forecast for FY26:
Morgan Stanley forecasts a full year FY26 dividend of 467.51 cents and EPS of 1051.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1180.3, implying annual growth of 15.3%. Current consensus DPS estimate is 528.9, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 21.1. |
This company reports in USD. 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

Overnight Price: $7.20
Bell Potter rates EVN as Buy (1) -
Bell Potter has upgraded its gold price forecasts by 7% in 1H 2025 to US$2,890 ($4,634), by 9.3% for 2H 2025 to US$2,950 ($4,758), and by 12% in 2026 to US$2,800 ($4,300).
There are no changes in forex assumptions. The rise reflects higher levels of uncertainty in markets post the inauguration of President Trump.
Bell Potter retains a Buy rating on Evolution Mining, with a higher target price of $7.89 from $7. The analyst raises EPS forecasts for the adjusted gold price assumptions by 7% in FY25 and 21% in FY26.
Evolution offers unhedged exposure to gold and copper prices with long-life assets, the broker explains, with improved cashflows to be passed on to investors in terms of higher dividend payouts.
Target price is $7.89 Current Price is $7.20 Difference: $0.69
If EVN meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.09, suggesting downside of -14.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 18.00 cents and EPS of 51.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.1, implying annual growth of 100.3%. Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 24.00 cents and EPS of 72.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.1, implying annual growth of 18.1%. Current consensus DPS estimate is 20.8, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $3.72
Bell Potter rates GMD as Hold (3) -
Bell Potter has upgraded its gold price forecasts by 7% in 1H 2025 to US$2,890 ($4,634), by 9.3% for 2H 2025 to US$2,950 ($4,758), and by 12% in 2026 to US$2,800 ($4,300).
There are no changes in forex assumptions. The rise reflects higher levels of uncertainty in markets post the inauguration of President Trump.
Bell Potter retains a Hold rating on Genesis Minerals as the share price continues to appreciate. Target price is raised to $3.75 from $3.35, and the company is expected to increase production to around 325koz in FY29 from circa 190koz in FY25.
Target price is $3.75 Current Price is $3.72 Difference: $0.03
If GMD meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.46, suggesting downside of -7.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 15.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 133.9%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 20.6. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 28.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 41.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

INA INGENIA COMMUNITIES GROUP
Aged Care & Seniors
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Overnight Price: $5.50
Citi rates INA as Buy (1) -
Citi analyst returned with a positive view on margin upside for Ingenia Communities' land lease and holiday businesses following a site tour of the assets in NSW.
The broker sees potential for margin improvement from cost efficiencies, new sales initiatives and increases in the number of homes per site.
While construction costs are a headwind, the broker believes downside surprises may be limited, given the competition from builders to secure work and high sales prices for newer homes.
Target price of $6.50 and Buy rating are unchanged.
Target price is $6.50 Current Price is $5.50 Difference: $1
If INA meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $6.30, suggesting upside of 15.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 11.30 cents and EPS of 32.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.3, implying annual growth of 722.7%. Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 13.60 cents and EPS of 36.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 12.4%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 17.1. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

IPL INCITEC PIVOT LIMITED
Mining Sector Contracting
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Overnight Price: $2.64
Citi rates IPL as Neutral (3) -
Incitec Pivot provided a business update ahead of 1H25 result on May 12, including new segment for Dyno Nobel business reporting.
Citi notes the revised 2H earnings skew implies -11% and -56% downgrades for its 1H Dyno Nobel and fertilisers business forecasts, but also upgrades of 7% and 16% to 2H forecasts, respectively.
While the company didn't mention prices in the update, the broker notes competitor Orica ((ORI)) has flagged price challenges in the Latam region.
No change to $3.20 target price and Neutral rating.
Target price is $3.20 Current Price is $2.64 Difference: $0.56
If IPL meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $3.22, suggesting upside of 25.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 9.90 cents and EPS of 19.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of N/A. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 13.50 cents and EPS of 26.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.3, implying annual growth of 15.3%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 12.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IPL as Buy (1) -
Recent weather disruptions in Australia are expected to negatively impact first-half results for Incitec Pivot, notes UBS.
For Dyno Nobel Asia Pacific (DNAP), Queensland rainfall will weigh on volumes, with recovery anticipated in the second half, explains the broker. The FY25 earnings (EBIT) split for Dyno Nobel is now expected to be 35%/65% rather than the usual 40%/60%.
As the Fertilisers segment is experiencing delayed dispatches due to weather, explains UBS, management now expects an even steeper 10%/90% earnings skew from 20%/80%.
Nonetheless, overall earnings momentum appears intact, and the broker maintains its $3.50 target and Buy rating.
Target price is $3.50 Current Price is $2.64 Difference: $0.86
If IPL meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $3.22, suggesting upside of 25.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
UBS forecasts a full year FY25 dividend of 9.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of N/A. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY26:
UBS forecasts a full year FY26 EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.3, implying annual growth of 15.3%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 12.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NST NORTHERN STAR RESOURCES LIMITED
Gold & Silver
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Overnight Price: $18.63
Bell Potter rates NST as Upgrade to Buy from Hold (1) -
Bell Potter has upgraded its gold price forecasts by 7% in 1H 2025 to US$2,890 ($4,634), by 9.3% for 2H 2025 to US$2,950 ($4,758), and by 12% in 2026 to US$2,800 ($4,300).
There are no changes in forex assumptions. The rise reflects higher levels of uncertainty in markets post the inauguration of President Trump.
The broker upgrades Northern Star Resources to Buy from Hold, with the target price lifting to $22 from $20 due to the miner’s "attractive" production growth to 2moz per annum in FY26 and the expansion being underpinned by higher gold prices.
A successful acquisition of De Grey Mining ((DEG)) would enhance the mine life and lower operating costs.
Target price is $22.00 Current Price is $18.63 Difference: $3.37
If NST meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $19.67, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 50.30 cents and EPS of 146.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.8, implying annual growth of 95.6%. Current consensus DPS estimate is 51.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 56.20 cents and EPS of 232.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.5, implying annual growth of 40.2%. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $1.80
Macquarie rates ORA as Outperform (1) -
Macquarie highlights the French competition authority has visited Orora's Saverglass office in France over potential anti-competitive practices in a period prior to Orora's takeover in December 2023.
The broker notes the inspection does not "prejudge the guilt of the companies concerned" and the allegations can only be confirmed after investigation. The maximum penalties under EU competition law are 10% of annual turnover.
For Saverglass, that would be around $100m, the analyst states, compared to an estimated -8c per share in lost earnings or -4% in market capitalisation, compared to the fall in Orora's share price of -8% on Friday.
An Outperform rating and $2.42 target price are maintained.
Target price is $2.42 Current Price is $1.80 Difference: $0.62
If ORA meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $2.44, suggesting upside of 29.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 10.00 cents and EPS of 11.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of -19.8%. Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 11.00 cents and EPS of 15.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.5, implying annual growth of 21.8%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $0.17
Bell Potter rates PNR as Downgrade to Sell from Hold (5) -
Bell Potter has upgraded its gold price forecasts by 7% in 1H 2025 to US$2,890 ($4,634), by 9.3% for 2H 2025 to US$2,950 ($4,758), and by 12% in 2026 to US$2,800 ($4,300).
There are no changes in forex assumptions. The rise reflects higher levels of uncertainty in markets post the inauguration of President Trump.
The broker lifts EPS estimates for Pantoro by 8% in FY25 and 18% in FY26.
Target price rises to 14c from 11.5c. The stock is downgraded to Sell from Hold, with the analyst cautious over the ramp-up in mining and the risks to production growth in 2H25.
Target price is $0.14 Current Price is $0.17 Difference: minus $0.025 (current price is over target).
If PNR meets the Bell Potter target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.80 cents. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.20 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.90
Bell Potter rates RRL as Buy (1) -
Bell Potter has upgraded its gold price forecasts by 7% in 1H 2025 to US$2,890 ($4,634), by 9.3% for 2H 2025 to US$2,950 ($4,758), and by 12% in 2026 to US$2,800 ($4,300).
There are no changes in forex assumptions. The rise reflects higher levels of uncertainty in markets post the inauguration of President Trump.
The broker lifts EPS estimates for Regis Resources by 20% in FY25 and 44% in FY26. No change to Buy rating.
Target price rises to $4.34 from $3.75. Bell Potter highlights Regis is one of the most sensitive companies of the large ASX gold producers to the gold price.
Target price is $4.34 Current Price is $3.90 Difference: $0.44
If RRL meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.38, suggesting downside of -13.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 28.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.3, implying annual growth of N/A. Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 50.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.6, implying annual growth of 63.0%. Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 9.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $1.14
Macquarie rates SKC as Outperform (1) -
Macquarie poses the question around whether SkyCity Entertainment earnings can start to recover and whether FY25 is the bottom of the earnings trough.
The broker suggests SkyCity could produce above NZ$30m in online gaming earnings (EBITDA) by FY28, assuming it successfully obtains a licence.
The NZ online casino market is being regulated, and legislation is due in 2025, with licensed operators expected to commence in mid-2026.
Macquarie anticipates SkyCity Entertainment will acquire an online casino licence, although the cost is not known, but a three-stage process is expected.
Target price slips by -3% to NZ$1.55, with the EPS estimate lowered by -4% in FY26. No change to Outperform rating.
Current Price is $1.14. Target price not assessed.
The company's fiscal year ends in June.
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of 9.56 cents. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.37 cents. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SSM SERVICE STREAM LIMITED
Industrial Sector Contractors & Engineers
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Overnight Price: $1.78
Citi rates SSM as Buy (1) -
Citi believes Downer EDI's ((DOW)) announcement of a six-month extension to Australian Department of Defence contract was better than expected and bodes well for Service Stream.
The broker believes if the company secures a contract in property and asset services, it would present an upside revenue risk from 2H26.
Target price of $2.00 and Buy rating are unchanged.
Target price is $2.00 Current Price is $1.78 Difference: $0.225
If SSM meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 10.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 5.20 cents and EPS of 9.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.7, implying annual growth of 103.8%. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 5.60 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 5.6%. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 15.5. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Overnight Price: $31.89
Macquarie rates WBC as Underperform (5) -
Macquarie acknowledges positive steps for Westpac in formalising the Unite transformation program, but sees material execution risk and expects it will take 12–24 months before performance visibility improves.
While spending in FY25 on UNITE is tracking below initial guidance, suggesting potential short-term upside to costs, it also implies to the broker delays in implementation.
To meet cost-to-income targets by FY29, Westpac would need to outperform peers by 2.5% on revenue and 5% on expenses, a scenario Macquarie considers ambitious given heightened competition and weaker margin outlook.
No changes have been made to earnings forecasts, with potential cost benefits offset by lower volume growth assumptions and margin pressure.
Macquarie retains an Underperform rating and its $28 target price.
Target price is $28.00 Current Price is $31.89 Difference: minus $3.89 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $29.07, suggesting downside of -8.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 152.00 cents and EPS of 197.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.0, implying annual growth of -0.9%. Current consensus DPS estimate is 155.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 152.00 cents and EPS of 187.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 198.8, implying annual growth of -0.1%. Current consensus DPS estimate is 156.6, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WBC as Underweight (5) -
Following Westpac's update on the Unite technology overhaul, Morgan Stanley notes the bank is now targeting a cost-to-income (CTI) ratio "less than peers" from its previous expectation of closing the gap with peers by FY28.
The broker believes the bank could reduce CTI by -2.5-3.0bps, which may exceed the gap of around -2.7bps with peers in FY24. This is based on the total benefit from the Unite overhaul of $650-750m.
The broker made no change to Unite cost and timeline of $3bn and FY28, respectively.
Target price of $27.3 and Underweight rating stays. Industry view remains In-Line.
Target price is $27.30 Current Price is $31.89 Difference: minus $4.59 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $29.07, suggesting downside of -8.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Morgan Stanley forecasts a full year FY25 dividend of 152.00 cents and EPS of 201.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.0, implying annual growth of -0.9%. Current consensus DPS estimate is 155.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY26:
Morgan Stanley forecasts a full year FY26 dividend of 152.00 cents and EPS of 200.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 198.8, implying annual growth of -0.1%. Current consensus DPS estimate is 156.6, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WBC as Lighten (4) -
Ord Minnett noted commentary from Westpac's update on the Unite technology program but hasn't incorporated any benefit into its forecasts.
The broker believes the bank is more optimistic of the impact of the program on the CTI ratio and ROTE metrics than its own forecasts are signalling.
The analyst sees potential for earnings upgrade of up to 20% by FY29, even though it acknowledges the project will encounter delays and cost overruns.
Target price of $27.00. Lighten.
Target price is $27.00 Current Price is $31.89 Difference: minus $4.89 (current price is over target).
If WBC meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $29.07, suggesting downside of -8.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Ord Minnett forecasts a full year FY25 dividend of 167.00 cents and EPS of 188.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.0, implying annual growth of -0.9%. Current consensus DPS estimate is 155.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 167.00 cents and EPS of 184.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 198.8, implying annual growth of -0.1%. Current consensus DPS estimate is 156.6, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WBC as Buy (1) -
UBS finds Westpac’s latest strategy update under new CEO Anthony Miller reassuring, with execution now key to unlocking value. The CEO outlined five priorities: customer, people, risk, transformation, and performance.
The broker sees delivery on targets, especially cost-to-income (CTI), market share, and return on tangible equity (ROTE), as critical for a re-rating.
Recent hires, including a new CFO and a Chief Transformation Officer, are signals of urgency and capability in implementing the strategy, suggests the analyst.
Management reaffirmed its cost reduction goals under Project Unite, with FY25 investment of around -$600m, of which 75% will be expensed.
Target $38. Buy.
Target price is $38.00 Current Price is $31.89 Difference: $6.11
If WBC meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $29.07, suggesting downside of -8.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
UBS forecasts a full year FY25 EPS of 196.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.0, implying annual growth of -0.9%. Current consensus DPS estimate is 155.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY26:
UBS forecasts a full year FY26 EPS of 206.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 198.8, implying annual growth of -0.1%. Current consensus DPS estimate is 156.6, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
ALK | Alkane Resources | $0.70 | Bell Potter | 1.40 | 1.20 | 16.67% |
BOE | Boss Energy | $2.43 | Macquarie | 4.50 | 4.80 | -6.25% |
BRE | Brazilian Rare Earths | $1.72 | Ord Minnett | 7.00 | 5.50 | 27.27% |
EVN | Evolution Mining | $7.11 | Bell Potter | 7.89 | 7.00 | 12.71% |
GMD | Genesis Minerals | $3.72 | Bell Potter | 3.75 | 3.35 | 11.94% |
NST | Northern Star Resources | $18.37 | Bell Potter | 22.00 | 20.00 | 10.00% |
PNR | Pantoro | $0.17 | Bell Potter | 0.14 | 0.12 | 21.74% |
RRL | Regis Resources | $3.91 | Bell Potter | 4.34 | 3.75 | 15.73% |
WBC | Westpac | $31.66 | UBS | 38.00 | 40.00 | -5.00% |
Summaries
A2M | a2 Milk Co | Buy - Citi | Overnight Price $7.98 |
ALK | Alkane Resources | Buy - Bell Potter | Overnight Price $0.67 |
ANG | Austin Engineering | Buy - Bell Potter | Overnight Price $0.44 |
BOE | Boss Energy | Outperform - Macquarie | Overnight Price $2.45 |
Buy - Ord Minnett | Overnight Price $2.45 | ||
BRE | Brazilian Rare Earths | Speculative Buy - Ord Minnett | Overnight Price $1.75 |
CMM | Capricorn Metals | Hold - Bell Potter | Overnight Price $8.15 |
CSL | CSL | Overweight - Morgan Stanley | Overnight Price $252.72 |
EVN | Evolution Mining | Buy - Bell Potter | Overnight Price $7.20 |
GMD | Genesis Minerals | Hold - Bell Potter | Overnight Price $3.72 |
INA | Ingenia Communities | Buy - Citi | Overnight Price $5.50 |
IPL | Incitec Pivot | Neutral - Citi | Overnight Price $2.64 |
Buy - UBS | Overnight Price $2.64 | ||
NST | Northern Star Resources | Upgrade to Buy from Hold - Bell Potter | Overnight Price $18.63 |
ORA | Orora | Outperform - Macquarie | Overnight Price $1.80 |
PNR | Pantoro | Downgrade to Sell from Hold - Bell Potter | Overnight Price $0.17 |
RRL | Regis Resources | Buy - Bell Potter | Overnight Price $3.90 |
SKC | SkyCity Entertainment | Outperform - Macquarie | Overnight Price $1.14 |
SSM | Service Stream | Buy - Citi | Overnight Price $1.78 |
WBC | Westpac | Underperform - Macquarie | Overnight Price $31.89 |
Underweight - Morgan Stanley | Overnight Price $31.89 | ||
Lighten - Ord Minnett | Overnight Price $31.89 | ||
Buy - UBS | Overnight Price $31.89 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 16 |
3. Hold | 3 |
4. Reduce | 1 |
5. Sell | 3 |
Monday 31 March 2025
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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 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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