Australian Broker Call
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December 17, 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
| NSR - | National Storage REIT | Downgrade to Neutral from Buy | UBS |
Overnight Price: $1.04
Bell Potter rates AUC as Speculative Buy (1) -
Ausgold's optimised DFS for the 100%-owned Katanning Gold Project (WA) lifted ore reserves to 1.33Moz from 1.25Moz, Bell Potter notes. It supports 1.21Moz life-of-mine production at AISC (cost) of $2,252/oz and 143kozpa average output in the first four years.
Development capex is $354m and post-tax NPV8 rises 7% to $827m, using unchanged assumptions $4,300/oz gold and AUD/USD exchange rate of 0.65.
The broker observes project execution is progressing with a 44,000m drill program underway, FEED and contract tenders advancing, and debt funding being pursued ahead of a mid-2026 FID.
Speculative Buy. Target rises to $1.70 from $1.60.
Target price is $1.70 Current Price is $1.04 Difference: $0.66
If AUC meets the Bell Potter target it will return approximately 63% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.40 cents. |
Forecast for FY27:
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 2.80 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BWP as Buy (1) -
As expected by Citi, BWP Trust's December valuation update showed portfolio cap rates tightened -13bps to 5.27%, driving a $156m revaluation uplift, also helped by stronger LFR (large format retail) re-leasing income.
BWP also bought Morayfield Home Centre (QLD) for $48m at a 5.75% cap rate and sold ex-Bunnings Morley (WA) for $19.5m, 56% above its Jun-25 valuation.
Overall, this supports expectations for further retail-sector cap-rate compression and valuation gains, Citi reckons.
Buy. Target price $4.
Target price is $4.00 Current Price is $3.94 Difference: $0.06
If BWP meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 19.40 cents and EPS of 19.40 cents. |
Forecast for FY27:
Citi forecasts a full year FY27 dividend of 19.80 cents and EPS of 20.10 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $24.00
Macquarie rates EBO as Outperform (1) -
Macquarie adjusted Ebos Group's earnings forecasts for FY26-28 to incorporate a 28% effective tax rate provided in FY26 guidance.
This resulted in a -3.4% cut to FY26-28 EPS forecasts.
Outperform maintained. Target unchanged at NZ$39.78.
Current Price is $24.00. Target price not assessed.
Current consensus price target is $31.94, suggesting upside of 37.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Macquarie forecasts a full year FY26 EPS of 143.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 134.7, implying annual growth of 22.8%. Current consensus DPS estimate is 105.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 17.3. |
Forecast for FY27:
Macquarie forecasts a full year FY27 EPS of 168.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.1, implying annual growth of 12.9%. Current consensus DPS estimate is 112.3, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $12.11
Citi rates EVN as Neutral (3) -
Citi updated its forecast on the gold price, maintaining its view for "peak gold" in 1Q2026, but lifting long-term price forecast to US$3,200/oz from US$3,000/oz.
The broker increased earnings forecasts for gold stocks by 20-30% for 2026-27, resulting in a lift in target prices. Citi believes structural risks, including US debt, USD status, Fed independence, will underpin prices.
The broker highlights gold equities imply US$2,950-3,650/oz via NAV/share prices versus spot around US$4,200/oz.
Target for Evolution Mining rises to $12.70 from $11.00. Neutral maintained.
The broker also shifted its view, now preferring Northern Star over Evolution Mining.
Target price is $12.70 Current Price is $12.11 Difference: $0.59
If EVN meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $10.28, suggesting downside of -18.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 EPS of 76.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.0, implying annual growth of 89.2%. Current consensus DPS estimate is 39.0, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY27:
Citi forecasts a full year FY27 EPS of 78.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 84.5, implying annual growth of -4.0%. Current consensus DPS estimate is 36.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FLT FLIGHT CENTRE TRAVEL GROUP LIMITED
Travel, Leisure & Tourism
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Overnight Price: $14.95
Morgans rates FLT as Buy (1) -
Morgans views the acquisition of Iglu by Flight Centre Travel as a strategically "sound" move, as the cruise sector is a high-growth and high-margin travel segment.
The analyst notes Iglu has a robust brand name and over 15% of UK cruise bookings and over 75% of online bookings, with cruise representing around 90% of Iglu's bookings, with another 10% from ski holidays.
Accounting for six-month consolidation of Iglu, Morgans lifts its FY26 underlying net profit before tax by 3.2% and 5.3% for FY27.
Target price is raised to $18.38 from $15.65 previously. Buy rating reiterated, even after the share price rally, with the travel company seen as a beneficiary of Corporate Travel's ((CTD)) problems.
Target price is $18.38 Current Price is $14.95 Difference: $3.43
If FLT meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $16.61, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Morgans forecasts a full year FY26 dividend of 52.00 cents and EPS of 103.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 102.3, implying annual growth of 106.1%. Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY27:
Morgans forecasts a full year FY27 dividend of 61.00 cents and EPS of 123.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 120.0, implying annual growth of 17.3%. Current consensus DPS estimate is 53.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 12.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.27
Citi rates GGP as Buy (1) -
Citi updated its forecast on the gold price, maintaining its view for "peak gold" in 1Q2026, but lifting long-term price forecast to US$3,200/oz from US$3,000/oz.
The broker increased earnings forecasts for gold stocks by 20-30% for 2026-27, resulting in a lift in target prices. Citi believes structural risks, including US debt, USD status, Fed independence, will underpin prices.
The broker highlights gold equities imply US$2,950-3,650/oz via NAV/share prices versus spot around US$4,200/oz.
Target for Greatland Resources rises to $11.90 from $10.25. Buy maintained.
Target price is $11.90 Current Price is $9.27 Difference: $2.63
If GGP meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $12.10, suggesting upside of 25.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 0.00 cents and EPS of 103.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.5, implying annual growth of 31.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY27:
Citi forecasts a full year FY27 dividend of 0.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.5, 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 11.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.45
Citi rates GMD as Neutral (3) -
Citi updated its forecast on the gold price, maintaining its view for "peak gold" in 1Q2026, but lifting long-term price forecast to US$3,200/oz from US$3,000/oz.
The broker increased earnings forecasts for gold stocks by 20-30% for 2026-27, resulting in a lift in target prices. Citi believes structural risks, including US debt, USD status, Fed independence, will underpin prices.
The broker highlights gold equities imply US$2,950-3,650/oz via NAV/share prices versus spot around US$4,200/oz.
Target for Genesis Minerals rises to $7.60 from $5.70. Neutral maintained.
Target price is $7.60 Current Price is $6.45 Difference: $1.15
If GMD meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $7.44, suggesting upside of 8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.2, implying annual growth of 147.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY27:
Citi forecasts a full year FY27 EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.2, implying annual growth of 13.9%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.78
UBS rates NSR as Downgrade to Neutral from Buy (3) -
The previously confirmed offer by a consortium led by GIC-Brookfield for 100% of National Storage REIT has now progressed to a Scheme Implementation Deed.
As background, securityholders are offered $2.86 cash per security, reduced by the 6.0c 1H26 distribution. UBS notes National Storage REIT's board unanimously recommends voting in favour, subject to no superior offer and a positive independent expert report.
Completion is targeted for April 2026, with the broker seeing low risk of the transaction breaking at this stage.
Given limited upside to the bid, target rises to $2.80 from $2.57. Rating downgraded to Neutral from Buy.
Target price is $2.80 Current Price is $2.78 Difference: $0.02
If NSR meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.71, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 12.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.5, implying annual growth of -26.7%. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY27:
UBS forecasts a full year FY27 dividend of 12.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.1, implying annual growth of 4.8%. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 21.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NST NORTHERN STAR RESOURCES LIMITED
Gold & Silver
More Research Tools In Stock Analysis - click HERE
Overnight Price: $26.14
Citi rates NST as Neutral (3) -
Citi updated its forecast on the gold price, maintaining its view for "peak gold" in 1Q2026, but lifting long-term price forecast to US$3,200/oz from US$3,000/oz.
The broker increased earnings forecasts for gold stocks by 20-30% for 2026-27, resulting in a lift in target prices. Citi believes structural risks, including US debt, USD status, Fed independence, will underpin prices.
The broker highlights gold equities imply US$2,950-3,650/oz via NAV/share prices versus spot around US$4,200/oz.
Target for Northern Star Resources rises to $28.10 from $24.00. Neutral maintained.
The broker also shifted its view, now preferring Northern Star over Evolution Mining.
Target price is $28.10 Current Price is $26.14 Difference: $1.96
If NST meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $28.09, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 EPS of 122.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 142.3, implying annual growth of 26.3%. Current consensus DPS estimate is 53.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY27:
Citi forecasts a full year FY27 EPS of 190.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 181.8, implying annual growth of 27.8%. Current consensus DPS estimate is 65.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.75
Citi rates PRN as Buy (1) -
Citi re-iterated its positive view on Perenti on solid order book and pipeline, with upside tied to contract renewals/greenfield wins (notably North America) and $34m of remaining growth capex within guidance.
The broker notes FY26 earnings and free cash are still expected to skew to 2H (47:53) as Drilling Services ramps with improving exploration and higher rig utilisation. The broker sees further upside given its estimate for rig utilisation is around 75% vs 85-90% capacity.
A higher valuation multiple is applied to reflect momentum in Contract Mining and improving Drilling Services trends, lifting the target price to $3.10 from $2.55. Buy retained.
Target price is $3.10 Current Price is $2.75 Difference: $0.35
If PRN meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.85, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 7.50 cents and EPS of 20.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.9, implying annual growth of 61.8%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY27:
Citi forecasts a full year FY27 dividend of 8.00 cents and EPS of 22.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.6, implying annual growth of 8.1%. Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.39
Citi rates PRU as Neutral, High Risk (3) -
Citi updated its forecast on the gold price, maintaining its view for "peak gold" in 1Q2026, but lifting long-term price forecast to US$3,200/oz from US$3,000/oz.
The broker increased earnings forecasts for gold stocks by 20-30% for 2026-27, resulting in a lift in target prices. Citi believes structural risks, including US debt, USD status, Fed independence, will underpin prices.
The broker highlights gold equities imply US$2,950-3,650/oz via NAV/share prices versus spot around US$4,200/oz.
Target for Perseus Mining rises to $5.70 from $4.80. Neutral, High Risk maintained.
Target price is $5.70 Current Price is $5.39 Difference: $0.31
If PRU meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $5.78, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 EPS of 46.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.0, 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 10.7. |
Forecast for FY27:
Citi forecasts a full year FY27 EPS of 49.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of 13.1%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 9.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.04
Bell Potter rates QPM as Speculative Buy (1) -
QPM Energy has strengthened funding for the Isaac Power Station (IPS) with a $30m placement, a proposed $40m convertible note, progressing NAIF due diligence, and a prior $114m lease facility.
Bell Potter highlights $250m is now available versus $210m remaining capex. With the development application lodged and grid/access agreements advancing, QPM expects approvals and a full funding package to support final investment decision (FID) in the March 2026 quarter.
The broker reminds IPS would be a step-change for earnings and for monetising Moranbah Gas (435PJ 2P), with the feasibility study pointing to $71m revenue and $49m EBITDA per year.
Speculative Buy. Target trimmed to 8c from 9c as the broker incorporates capital raise in the forecasts.
Target price is $0.08 Current Price is $0.04 Difference: $0.045
If QPM meets the Bell Potter target it will return approximately 129% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.20 cents. |
Forecast for FY27:
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.30 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.03
Bell Potter rates RAD as Speculative Buy (1) -
Radiopharm Theranostics published an interim readout from the first 12 patients in a phase 2b study of RAD101 PET/MRI for detecting recurrence in intracranial metastases.
It showed 11/12 met the primary endpoint (agreement with gadolinium MRI), with case examples showing strong, selective tumour uptake and clear contrast, Bell Potter highlights.
Recruitment continues, with full 30-patient data plus 6-month MRI/biopsy confirmation expected mid-2026, supporting plans for a pivotal trial starting late 2026, the broker notes.
Speculative Buy. Target rises to 6c from 5c as the broker reckons the interim data considerably derisks future revenue stream.
Target price is $0.06 Current Price is $0.03 Difference: $0.031
If RAD meets the Bell Potter target it will return approximately 107% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.30 cents. |
Forecast for FY27:
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.80 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates RGN as Buy (1) -
Region Group's December 2025 valuation update showed cap rates tightened another -10bps to 5.87%, delivering $129.2m of valuation gains and lifting NTA to $2.55 per share, Citi highlights.
Gearing improved to 32.6% from 33.5% in June, staying within Region's 30-40% target range. The broker expects retail REITs to post further positive valuation moves on solid fundamentals and strong investor inflows.
Region trades on 15x PE, 5.9% yield, and -6% below revised NTA, the broker highlights. Buy and target price $2.40.
Target price is $2.40 Current Price is $2.40 Difference: $0
If RGN meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.43, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 14.10 cents and EPS of 15.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of -14.7%. Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY27:
Citi forecasts a full year FY27 dividend of 14.50 cents and EPS of 16.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.4, implying annual growth of 5.1%. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.27
Citi rates RRL as Sell (5) -
Citi updated its forecast on the gold price, maintaining its view for "peak gold" in 1Q2026, but lifting long-term price forecast to US$3,200/oz from US$3,000/oz.
The broker increased earnings forecasts for gold stocks by 20-30% for 2026-27, resulting in a lift in target prices. Citi believes structural risks, including US debt, USD status, Fed independence, will underpin prices.
The broker highlights gold equities imply US$2,950-3,650/oz via NAV/share prices versus spot around US$4,200/oz.
Target for Regis Resources rises to $6.30 from $5.00. Sell maintained.
Target price is $6.30 Current Price is $7.27 Difference: minus $0.97 (current price is over target).
If RRL meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.74, suggesting downside of -12.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 EPS of 78.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.8, implying annual growth of 145.9%. Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY27:
Citi forecasts a full year FY27 EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.0, implying annual growth of 5.1%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 8.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.02
Morgans rates STM as Speculative Buy (1) -
Sunstone Metals announced 3.6Moz AuEq in resource (JORC code) at Bramaderos, southern Ecuador, which represents a rise of 33%, Morgans highlights. The initial resource at Brama-Alba increased to 220Mt at 0.5g/t AuEq (0.33g/t gold & 0.1% copper).
The analyst explains the regional Limon gold-silver epithermal domain, north-east of Brama-Alba, has an exploration target between 0.9-1.7Moz AuEq in 30-44Mt at a grade of between 0.9-1.2g/t AuEq. This provides higher grade potential for a scalable, lower capital cost start-up operation.
The explorer owns a 74.5% stake in El Palmar and is moving to 100% by June 30, 2026.
Target price rises to 5.3c from 3.5c previously. No change in Speculative Buy rating.
Target price is $0.05 Current Price is $0.02 Difference: $0.035
If STM meets the Morgans target it will return approximately 194% (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
Overnight Price: $4.81
Ord Minnett rates TLS as Accumulate (2) -
Ord Minnett cut its FY26 EBITDA forecast for Telstra Group by -$20m to $8.90bn to reflect the sale of Versent and other assets. This is lower than the consensus of $8.92bn.
However, it still aligns with the midpoint of Telstra’s $8.75–9.05bn EBITDA guidance (after adjusting for lease amortisation), the broker points out. It includes $60-70m of 1H26 redundancy costs booked above the line, with potential for more in 2H.
FY26 EPS forecast trimmed by -0.4% but FY27 lifted by 0.8%. Accumulate rating and $5 target price are unchanged.
Target price is $5.00 Current Price is $4.81 Difference: $0.19
If TLS meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.89, suggesting upside of 1.7% (ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 20.7, implying annual growth of 9.8%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY27:
Current consensus EPS estimate is 22.3, implying annual growth of 7.7%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.82
Ord Minnett rates TPG as Accumulate (2) -
Ahead of TPG Telecom's FY25 results in February, Ord Minnett has reviewed its forecasts, maintaining underlying EBITDA forecast of $1.63bn at the midpoint of $1.60-1.66bn guidance.
The broker highlights its figures include $27m of small 1H25 one-offs not in statutory results, while $100m of deal/separation costs sit outside guidance as discontinued items.
Consensus EBITDA looks “noisy”, in the broker's view, due to differing statutory vs guidance treatments, but overall appears broadly aligned with management’s range. The broker lifted FY25 EPS forecast by 56% on higher interest income but cut FY26-27 by -6.4% and -5.1%, respectively.
Accumulate. Target price $4.14.
Target price is $4.14 Current Price is $3.82 Difference: $0.32
If TPG meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $5.07, suggesting upside of 33.4% (ex-dividends)
Forecast for FY25:
Current consensus EPS estimate is 16.2, implying annual growth of N/A. Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 23.5. |
Forecast for FY26:
Current consensus EPS estimate is 19.6, implying annual growth of 21.0%. Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TWE as Sell (5) -
In a flash update Citi stresses the Sell rated Treasury Wine Estates has announced another noticeably weaker-than-expected trading update, with both China and the US markets deteriorating further. This is on top of a soft outlook and ongoing high inventory levels on the balance sheet.
Management has downgraded 1H26 earnings (EBIT) guidance by -31% at the consensus level to $235m, with the second half guidance suggesting it will be higher than the first half. The analyst, however, emphasises it is vague and there are material downside risks to 2H26 consensus forecasts.
Penfolds is trading down -12% below consensus, Treasury Americas guidance -55% below consensus and Treasury Collective -44% below consensus. Target $5.11.
Target price is $5.11
Current consensus price target is $6.14, suggesting upside of 24.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 40.00 cents and EPS of 56.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.1, implying annual growth of -5.1%. Current consensus DPS estimate is 33.0, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 9.7. |
Forecast for FY27:
Citi forecasts a full year FY27 dividend of 42.00 cents and EPS of 60.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.4, implying annual growth of 8.4%. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.94
Macquarie rates ZIP as Outperform (1) -
Macquarie continues to like Zip Co post a review of its unit economics across take rate, credit losses, funding costs and transaction data, with a credit loss payback of around 116 days for the US segment.
The latest data shows robust total transaction value growth and a slowing take rate due to growth in the US segment mix for expected double-digit revenue growth.
The analyst also states net transaction margin is in the range of 3.8%-4.2%, which aligns with guidance, and the stability underlies the better funding costs and higher loan losses as a percentage of total transaction value.
There are no changes to the broker's forecasts with Macquarie continuing to like Zip's speedy growth, accelerating product adoption, better customer engagement, digital product innovation and merchant expansion.
Outperform rated with a $4.85 target.
Target price is $4.85 Current Price is $2.94 Difference: $1.91
If ZIP meets the Macquarie target it will return approximately 65% (excluding dividends, fees and charges).
Current consensus price target is $5.04, suggesting upside of 70.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.9, implying annual growth of 27.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 37.3. |
Forecast for FY27:
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 13.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.1, implying annual growth of 53.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.4. |
Market Sentiment: 1.0
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 | |
| AUC | Ausgold | $1.11 | Bell Potter | 1.70 | 1.60 | 6.25% |
| EVN | Evolution Mining | $12.61 | Citi | 12.70 | 11.00 | 15.45% |
| FLT | Flight Centre Travel | $15.11 | Morgans | 18.38 | 15.65 | 17.44% |
| GGP | Greatland Resources | $9.66 | Citi | 11.90 | 10.25 | 16.10% |
| GMD | Genesis Minerals | $6.84 | Citi | 7.60 | 5.70 | 33.33% |
| NSR | National Storage REIT | $2.78 | UBS | 2.80 | 2.57 | 8.95% |
| NST | Northern Star Resources | $27.02 | Citi | 28.10 | 24.00 | 17.08% |
| PRN | Perenti | $2.80 | Citi | 3.10 | 2.55 | 21.57% |
| PRU | Perseus Mining | $5.56 | Citi | 5.70 | 4.80 | 18.75% |
| QPM | QPM Energy | $0.04 | Bell Potter | 0.08 | 0.09 | -11.11% |
| RAD | Radiopharm Theranostics | $0.03 | Bell Potter | 0.06 | 0.05 | 20.00% |
| RRL | Regis Resources | $7.67 | Citi | 6.30 | 5.00 | 26.00% |
| STM | Sunstone Metals | $0.02 | Morgans | 0.05 | 0.04 | 51.43% |
| TPG | TPG Telecom | $3.80 | Ord Minnett | 4.14 | 5.75 | -28.00% |
Summaries
| AUC | Ausgold | Speculative Buy - Bell Potter | Overnight Price $1.04 |
| BWP | BWP Trust | Buy - Citi | Overnight Price $3.94 |
| EBO | Ebos Group | Outperform - Macquarie | Overnight Price $24.00 |
| EVN | Evolution Mining | Neutral - Citi | Overnight Price $12.11 |
| FLT | Flight Centre Travel | Buy - Morgans | Overnight Price $14.95 |
| GGP | Greatland Resources | Buy - Citi | Overnight Price $9.27 |
| GMD | Genesis Minerals | Neutral - Citi | Overnight Price $6.45 |
| NSR | National Storage REIT | Downgrade to Neutral from Buy - UBS | Overnight Price $2.78 |
| NST | Northern Star Resources | Neutral - Citi | Overnight Price $26.14 |
| PRN | Perenti | Buy - Citi | Overnight Price $2.75 |
| PRU | Perseus Mining | Neutral, High Risk - Citi | Overnight Price $5.39 |
| QPM | QPM Energy | Speculative Buy - Bell Potter | Overnight Price $0.04 |
| RAD | Radiopharm Theranostics | Speculative Buy - Bell Potter | Overnight Price $0.03 |
| RGN | Region Group | Buy - Citi | Overnight Price $2.40 |
| RRL | Regis Resources | Sell - Citi | Overnight Price $7.27 |
| STM | Sunstone Metals | Speculative Buy - Morgans | Overnight Price $0.02 |
| TLS | Telstra Group | Accumulate - Ord Minnett | Overnight Price $4.81 |
| TPG | TPG Telecom | Accumulate - Ord Minnett | Overnight Price $3.82 |
| TWE | Treasury Wine Estates | Sell - Citi | Overnight Price $0.00 |
| ZIP | Zip Co | Outperform - Macquarie | Overnight Price $2.94 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 11 |
| 2. Accumulate | 2 |
| 3. Hold | 5 |
| 5. Sell | 2 |
Wednesday 17 December 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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