Australian Broker Call
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April 08, 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
| LYC - | Lynas Rare Earths | Downgrade to Hold from Buy | Ord Minnett |
| TNE - | TechnologyOne | Upgrade to Buy from Hold | Bell Potter |
Shaw and Partners rates ABG as Buy (1) -
Ki Corporation and Public Storage made a takeover proposal for Abacus Storage King ((ASK)) at $1.47/unit.
Shaw and Partners believes the offer price underestimates the company and should be $1.65/unit. On an assumption of a $1.65 price, the broker estimates Abacus Group would receive $430m for the 19.9% stake it owns in Abacus Storage King.
In such a scenario, the broker expects the FY26 gearing to fall to 22% from 34%, assuming the proceeds are used to retire debt.
Target price unchanged at $1.20 as the broker sees the risk of the company underperforming relative to its capital base if it divests in this deal and doesn't deploy capital back into office.
Buy maintained.
Target price is $1.20 Current Price is $1.09 Difference: $0.11
If ABG meets the Shaw and Partners target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.26, suggesting upside of 12.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Shaw and Partners forecasts a full year FY25 dividend of 8.50 cents and EPS of 8.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.0, implying annual growth of N/A. Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 8.50 cents and EPS of 7.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.7, implying annual growth of -3.3%. Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 7.7%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AGL AGL ENERGY LIMITED
Infrastructure & Utilities
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Overnight Price: $10.08
Macquarie rates AGL as Outperform (1) -
Macquarie notes the Labour government's election promise of an uncapped household battery subsidy of around $373 per kWh installed. The analyst expects NSW to be a major beneficiary given its own subsidies, and this policy could enable the planned closure of Eraring in FY27.
The broker believes the policy would favour AGL Energy as 0.1m additional batteries would add as much as $70-90m to its EBITDA.
No change to forecasts. Outperform with target of $12.29.
Target price is $12.29 Current Price is $10.08 Difference: $2.21
If AGL meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $11.92, suggesting upside of 15.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 55.00 cents and EPS of 99.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 99.7, implying annual growth of -5.7%. Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 53.00 cents and EPS of 95.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 99.4, implying annual growth of -0.3%. Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.40
Shaw and Partners rates ASK as Buy (1) -
Shaw and Partners raised Abacus Storage King's target price to $1.65 from $1.35 after it received a takeover proposal from Ki Corporation and Public Storage at $1.47/unit.
The broker believes the price is below the estimated FY25 NTA of $1.60/unit, and the company deserves a premium because of its market-leading storage platform. The price also doesn't account for growth from FY27 from development pipeline and the dynamic pricing tool.
Ki Corporation holds 39.62% of the company directly and 19.77% indirectly through its holding in Abacus Group ((ABG)).
Buy retained.
Target price is $1.65 Current Price is $1.40 Difference: $0.25
If ASK meets the Shaw and Partners target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $1.47, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Shaw and Partners forecasts a full year FY25 dividend of 6.30 cents and EPS of 5.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of -41.1%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 6.40 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 3.2%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 21.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $64.69
Morgans rates ASX as Hold (3) -
ASX's monthly trading activity report showed a solid quarter for cash market with overall cash market volumes up 27% y/y and average daily trade value up 14% y/y.
Capital raising was down in March but was strong for the quarter, up 332% versus the previous year, and on a rolling 12-month basis, it was up 17%. Futures volumes were also strong with shorter-term contracts outperforming, up 32% so far this year.
No change to Morgans' FY25-26 forecast but the broker slightly increased D&A expense for FY27.
Hold. Target unchanged at $67.20. No change to Hold rating.
Target price is $67.20 Current Price is $64.69 Difference: $2.51
If ASX meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $63.34, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Morgans forecasts a full year FY25 dividend of 220.80 cents and EPS of 260.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 260.9, implying annual growth of 6.6%. Current consensus DPS estimate is 219.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 24.8. |
Forecast for FY26:
Morgans forecasts a full year FY26 dividend of 228.00 cents and EPS of 268.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 266.8, implying annual growth of 2.3%. Current consensus DPS estimate is 223.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 24.2. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Bell Potter rates AV1 as Initiate Coverage with a Speculative Buy rating (-1) -
Bell Potter initiates coverage of Adveritas with a Speculative Buy rating and 12c target price.
Adveritas is a technology company that develops software solutions for enterprises aimed at increasing the return on digital advertising spend, with the main product called TrafficGuard.
TrafficGuard is a SaaS platform designed to detect and stop bots and fraudulent activity in real time, which saves advertising spend for customers.
The company is only starting to become cash flow positive, with $2.8m cash on the balance sheet at 31 December, and a near-term capital raising is factored into forecasts.
Target price is $0.12 Current Price is $0.07 Difference: $0.052
If AV1 meets the Bell Potter target it will return approximately 76% (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 minus 1.00 cents. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.40 cents. |
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $34.57
Citi rates BHP as Buy (1) -
In the tariff-related macro uncertainty environment, Citi analysts believe gold stands to benefit as a safe haven exposure, while oil, copper and coking coal would be exposed to growth risks.
The broker's downside scenario showed earnings coming under pressure but balance sheets broadly manageable.
Commodity prices under such a scenario for 2025-26 include iron ore at US$90/US$80 per ton, Brent oil at US$58/US$50 per barrel, LNG at $9.2/$7.7 per MMBtu and copper at US$8,425/US$7,500 per ton.
The broker believes BHP Group's higher copper plus coking coal exposure makes it less defensive versus Rio Tinto ((RIO)).
Buy. Target $45.
Target price is $45.00 Current Price is $34.57 Difference: $10.43
If BHP meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $44.60, suggesting upside of 26.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 153.47 cents and EPS of 302.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 358.1, implying annual growth of N/A. Current consensus DPS estimate is 168.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 9.8. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 164.21 cents and EPS of 316.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 359.6, implying annual growth of 0.4%. Current consensus DPS estimate is 179.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $19.82
UBS rates BXB as Buy (1) -
UBS continues to advocate for Brambles as a stock pick in Australian transports despite the threat of a US recession, which is highlighted as a potential negative.
The broker emphasises around 85% of the company's volumes are exposed to consumer staples, which are usually more "resilient" during a slowdown. If tariffs shift production to the US, this is also viewed as a positive for the pallets business.
A weak AUD supports the stock's valuation, with circa 90% of the valuation derived from outside Australia, and remains a tailwind on translation from EUR and USD. Thirdly, lumber is exempt from Trump's tariffs.
UBS believes Brambles can continue to re-rate despite the strong share price performance from earnings upgrades. No change to Buy rating and $22.80 target price.
Target price is $22.80 Current Price is $19.82 Difference: $2.98
If BXB meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $21.24, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
UBS forecasts a full year FY25 dividend of 57.00 cents and EPS of 92.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.3, implying annual growth of N/A. Current consensus DPS estimate is 65.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 63.00 cents and EPS of 100.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.6, implying annual growth of 12.1%. Current consensus DPS estimate is 71.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 18.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.78
Ord Minnett rates CBO as Buy (1) -
Ord Minnett sees Cobram Estate Olives as a beneficiary of US tariffs, albeit for a small 10% of its group EBITDA, as the company is the second largest local producer in the US with production, bottling and distribution model.
The broker expects the broader tariffs pass-through to lift prices for olive oil at the stores.
No change to forecasts but the broker is flagging an upside risk to US forecasts.
Buy. Target unchanged at $2.23.
Target price is $2.23 Current Price is $1.78 Difference: $0.45
If CBO meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $2.14, suggesting upside of 19.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Ord Minnett forecasts a full year FY25 dividend of 3.30 cents and EPS of 11.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.0, implying annual growth of 169.7%. Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 3.30 cents and EPS of 7.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.9, implying annual growth of -42.5%. Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 26.1. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CGF CHALLENGER LIMITED
Wealth Management & Investments
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Overnight Price: $6.00
Bell Potter rates CGF as Buy (1) -
Bell Potter highlights the acquisition of a 15.1% stake in Challenger by Dai-ichi Life from MS&AD Insurance Group Holdings at $8.46 per share, which is subject to regulatory approval.
This is viewed by the analyst as good news for Challenger and confirms the underlying value of the company and the possible establishment of a more commercial relationship with Dai-ichi, including a reinsurance deal.
An outstanding 9.9% stake held by Apollo may also be under consideration. The broker believes the company offers "safe" exposure amid the chaos of tariffs and market volatility, with a good balance sheet largely invested in bonds.
Buy rating retained with a positive outlook on the longer-term increase in lifetime annuities. Target price $7.80.
Target price is $7.80 Current Price is $6.00 Difference: $1.8
If CGF meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $6.95, suggesting upside of 15.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 28.70 cents and EPS of 62.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.5, implying annual growth of 218.8%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 31.00 cents and EPS of 67.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.8, implying annual growth of 5.5%. Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.10
Macquarie rates CMM as Neutral (3) -
Capricorn Metals' 3Q25 production of 30.6koz beat Macquarie's forecast by 4%, mainly due to higher grades. Capital spending was less than expected, but cash generated fell short of forecasts.
The company reiterated FY25 production guidance for 110-120koz at $1,370-1,470/oz cost, and the broker maintained its forecasts for 115koz at $1,467/oz.
The broker factored in the 3Q result into the forecasts and also included non-cash adjustments after the recent hedge book buyback. This led to the FY25 EPS estimate decline by -1% and FY26 by -11%.
Neutral. Target unchanged at $8.20.
Target price is $8.20 Current Price is $8.10 Difference: $0.1
If CMM meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $8.48, suggesting downside of -0.4% (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 37.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.0, implying annual growth of 60.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 23.0. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 41.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.7, implying annual growth of 39.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.81
Ord Minnett rates DXC as Accumulate (2) -
Ord Minnett retains its optimistic view on service station REITs, noting March quarter was an active one with auction clearance rates rising to 50% from 33% in the December 2024 quarter.
The broker notes cap rates and yields stabilised during the quarter, and upside risks ahead of federal elections include Liberal party's proposal to cut fuel excise by 25%.
The Labour party has also announced funding to deal with illicit tobacco trade, which would benefit service station convenience sales.
Target price for Dexus Convenience Retail REIT cut to $3.09 from $3.13. Accumulate retained.
Target price is $3.09 Current Price is $2.81 Difference: $0.28
If DXC meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Ord Minnett forecasts a full year FY25 dividend of 20.60 cents. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 21.10 cents. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $29.52
Ord Minnett - Cessation of coverage
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $14.32
Citi rates FMG as Neutral (3) -
In the tariff-related macro uncertainty environment, Citi analysts believe gold stands to benefit as a safe haven exposure, while oil, copper and coking coal would be exposed to growth risks.
The broker's downside scenario showed earnings coming under pressure but balance sheets broadly manageable.
Commodity prices under such a scenario for 2025-26 include iron ore at US$90/80 per ton, Brent oil at US$58/US$50 per barrel, LNG at $9.2/$7.7 per MMBtu and copper at US$8,425/US$7,500 per ton.
Neutral maintained for Fortescue. Target $17.50.
Target price is $17.50 Current Price is $14.32 Difference: $3.18
If FMG meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $17.80, suggesting upside of 20.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 97.00 cents and EPS of 168.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 178.7, implying annual growth of N/A. Current consensus DPS estimate is 96.5, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 102.82 cents and EPS of 135.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 162.5, implying annual growth of -9.1%. Current consensus DPS estimate is 81.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 9.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FPH FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED
Medical Equipment & Devices
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Overnight Price: $30.85
Morgan Stanley rates FPH as Equal-weight (3) -
Morgan Stanley assesses that US tariffs will have a less "material impact" on Fisher & Paykel Healthcare's earnings forecasts than previously anticipated.
The former estimates included a 25% tariff on US volumes sourced from Mexico, but most of those products meet the US-Mexico-Canada Agreement (USMCA) or are tariff exempt.
For NZ-based products, a 10% tariff will be applicable. As a result, the tariff imposition is lower than expected. The broker lifts EPS estimates by 4% for FY25.
No change to Equal-weight. Target price lifts to NZ$36.70 from NZ$36.30. Industry view: In-Line.
Current Price is $30.85. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in March.
Forecast for FY25:
Morgan Stanley forecasts a full year FY25 dividend of 37.05 cents and EPS of 55.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.3, implying annual growth of N/A. Current consensus DPS estimate is 41.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 55.2. |
Forecast for FY26:
Morgan Stanley forecasts a full year FY26 dividend of 42.42 cents and EPS of 65.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.3, implying annual growth of 19.5%. Current consensus DPS estimate is 47.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 46.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GDG GENERATION DEVELOPMENT GROUP LIMITED
Insurance
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Overnight Price: $4.24
Ord Minnett - Cessation of coverage
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GQG GQG PARTNERS INC
Wealth Management & Investments
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Overnight Price: $1.85
Ord Minnett - Cessation of coverage
Forecast for FY25:
Current consensus EPS estimate is 26.3, implying annual growth of N/A. Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 12.4%. Current consensus EPS estimate suggests the PER is 7.4. |
Forecast for FY26:
Current consensus EPS estimate is 28.8, implying annual growth of 9.5%. Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 13.0%. Current consensus EPS estimate suggests the PER is 6.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HUB HUB24 LIMITED
Wealth Management & Investments
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Overnight Price: $56.76
Ord Minnett - Cessation of coverage
Forecast for FY25:
Current consensus EPS estimate is 111.6, implying annual growth of 91.9%. Current consensus DPS estimate is 53.4, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 52.9. |
Forecast for FY26:
Current consensus EPS estimate is 139.5, implying annual growth of 25.0%. Current consensus DPS estimate is 68.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 42.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IFL INSIGNIA FINANCIAL LIMITED
Wealth Management & Investments
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Overnight Price: $3.70
Ord Minnett - Cessation of coverage
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.27
Macquarie rates IGO as Outperform (1) -
Macquarie analysts see lithium as a potential beneficiary if escalating trade tensions pushes China to stimulate EV consumption.
The broker notes major Australian lithium producers are trading at low implied lithium prices of US$950/t, with IGO Ltd trading at an implied lithium price of US$850/t.
Outperform. Target price $5.50.
Target price is $5.50 Current Price is $3.27 Difference: $2.23
If IGO meets the Macquarie target it will return approximately 68% (excluding dividends, fees and charges).
Current consensus price target is $4.95, suggesting upside of 50.9% (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 10.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -22.9, implying annual growth of N/A. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 19.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of N/A. Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 18.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.42
Ord Minnett rates ILU as Buy (1) -
Ord Minnett reckons China's move to restrict exports of seven rare earths could lift prices of heavy rare earth oxides, but this is uncertain in the absence of full details.
The broker lifted price forecast for Dy-Tb-Y by 2%-4% for 2025-26, and cut NdPr price estimates in 2025.
The broker expects HREO producers to be the biggest beneficiaries, with Iluka Resources' Eneabba refinery expected to produce a valuable magnet mix, though that will be in 2028-29.
Buy rating. Target price $5.40.
Target price is $5.40 Current Price is $3.42 Difference: $1.98
If ILU meets the Ord Minnett target it will return approximately 58% (excluding dividends, fees and charges).
Current consensus price target is $5.41, suggesting upside of 55.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Ord Minnett forecasts a full year FY25 EPS of 49.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.0, implying annual growth of -16.9%. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 7.7. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 EPS of 27.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.8, implying annual growth of 8.4%. Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 7.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LYC LYNAS RARE EARTHS LIMITED
Rare Earth Minerals
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Overnight Price: $7.54
Ord Minnett rates LYC as Downgrade to Hold from Buy (3) -
Ord Minnett reckons China's move to restrict exports of seven rare earths could lift prices of heavy rare earth oxides, but this is uncertain in the absence of full details.
The broker lifted price forecast for Dy-Tb-Y by 2-4% for 2025-26, and cut NdPr price estimates in 2025.
The broker expects HREO producers to be the biggest beneficiaries, with Lynas Rare Earths expected to produce minor Dy+Tb by mid-year and its Texas plant aiming for HREO output by 2027.
Rating downgraded to Hold from Buy following share price gains.Target unchanged at $7.80.
Target price is $7.80 Current Price is $7.54 Difference: $0.26
If LYC meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $6.88, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Ord Minnett forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.1, implying annual growth of -21.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 105.8. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of 29.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.3, implying annual growth of 777.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MAF MA FINANCIAL GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $5.92
Ord Minnett - Cessation of coverage
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MIN MINERAL RESOURCES LIMITED
Mining Sector Contracting
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Overnight Price: $16.72
Macquarie rates MIN as Outperform (1) -
Macquarie analysts see lithium as a potential beneficiary if escalating trade tensions pushes China to stimulate EV consumption.
The broker notes major Australian lithium producers are trading at low implied lithium prices of US$950/t,, with Mineral Resources at the lowest implied price of US$680/t.
Outperform. Target price $35.
Target price is $35.00 Current Price is $16.72 Difference: $18.28
If MIN meets the Macquarie target it will return approximately 109% (excluding dividends, fees and charges).
Current consensus price target is $34.16, suggesting upside of 110.2% (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 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -89.0, 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 N/A. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 161.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 203.6, implying annual growth of N/A. Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 8.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MSB MESOBLAST LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $1.62
Bell Potter rates MSB as Speculative Buy (1) -
Bell Potter points to the launch of Ryoncil for Mesoblast, with two recent announcements supporting the product, including the company entering the National Drug Rebate Agreement, which opens up Medicare access to the product for insured people.
This includes around 40% of all children in the US. The broker highlights the rebate agreement will result in the lowest rate in the market being offered.
Cash stood at an estimated circa US$200m at 31 December, which is viewed as more than sufficient to support the launch, with no expectations of a further capital injection from shareholders.
The Speculative Buy rating is maintained. Target is cut to $3.40 from $3.90 due to the de-rating of market valuations.
Target price is $3.40 Current Price is $1.62 Difference: $1.785
If MSB meets the Bell Potter target it will return approximately 111% (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 minus 10.13 cents. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 9.21 cents. |
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
NTU NORTHERN MINERALS LIMITED
Rare Earth Minerals
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Overnight Price: $0.02
Ord Minnett rates NTU as Speculative Buy (1) -
Ord Minnett reckons China's move to restrict exports of seven rare earths could lift prices of heavy rare earth oxides, but this is uncertain in the absence of full details.
The broker lifted price forecast for Dy-Tb-Y by 2-4% for 2025-26, and cut NdPr price estimates in 2025.
The broker expects HREO producers to be the biggest beneficiaries, with Northern Minerals likely to be the West's big HREO producer in time.
Target price of 3c and Speculative Buy.
Target price is $0.03 Current Price is $0.02 Difference: $0.009
If NTU meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Ord Minnett forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 24.30 cents. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWL NETWEALTH GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $22.17
Ord Minnett - Cessation of coverage
Forecast for FY25:
Ord Minnett forecasts a full year FY25 dividend of 37.00 cents and EPS of 46.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.1, implying annual growth of 35.0%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 50.3. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 47.00 cents and EPS of 58.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.9, implying annual growth of 21.3%. Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 41.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PAC PACIFIC CURRENT GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $11.20
Ord Minnett - Cessation of coverage
Forecast for FY25:
Ord Minnett forecasts a full year FY25 dividend of 34.00 cents and EPS of 45.50 cents. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 41.50 cents and EPS of 55.50 cents. |
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PLS PILBARA MINERALS LIMITED
New Battery Elements
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Overnight Price: $1.31
Macquarie rates PLS as Outperform (1) -
Macquarie analysts see lithium as a potential beneficiary if escalating trade tensions pushes China to stimulate EV consumption.
The broker notes major Australian lithium producers are trading at low implied lithium prices (US$950/t), with Pilbara Minerals trading at an implied spodumene price of US$875/t.
Outperform. Target price $2.40.
Target price is $2.40 Current Price is $1.31 Difference: $1.095
If PLS meets the Macquarie target it will return approximately 84% (excluding dividends, fees and charges).
Current consensus price target is $2.49, suggesting upside of 80.1% (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 0.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.3, implying annual growth of N/A. Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.0, implying annual growth of N/A. Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 27.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PNI PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $14.35
Ord Minnett - Cessation of coverage
Forecast for FY25:
Ord Minnett forecasts a full year FY25 dividend of 59.50 cents and EPS of 66.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.9, implying annual growth of 46.0%. Current consensus DPS estimate is 56.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 22.7. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 70.50 cents and EPS of 78.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.7, implying annual growth of 16.1%. Current consensus DPS estimate is 64.9, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 19.6. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PPS PRAEMIUM LIMITED
Wealth Management & Investments
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Overnight Price: $0.60
Ord Minnett - Cessation of coverage
Forecast for FY25:
Ord Minnett forecasts a full year FY25 dividend of 2.00 cents and EPS of 3.30 cents. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 2.40 cents and EPS of 4.00 cents. |
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RIO RIO TINTO LIMITED
Aluminium, Bauxite & Alumina
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Overnight Price: $108.40
Citi rates RIO as Neutral (3) -
In the tariff-related macro uncertainty environment, Citi analysts believe gold stands to benefit as a safe haven exposure, while oil, copper and coking coal would be exposed to growth risks.
The broker's downside scenario showed earnings coming under pressure but balance sheets broadly manageable.
Commodity prices under such a scenario for 2025-26 include iron ore at US$90/US$80 per ton, brent oil at US$58/US$50 per barrel, LNG at $9.2/$7.7 per MMBtu and copper at US$8,425/7,500 per ton.
The broker believes Rio Tinto is more defensive vs BHP Group ((BHP)) given its aluminium plus higher iron ore exposure.
Neutral. Target $130.
Target price is $130.00 Current Price is $108.40 Difference: $21.6
If RIO meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $124.83, suggesting upside of 13.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 501.84 cents and EPS of 847.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1124.7, implying annual growth of N/A. Current consensus DPS estimate is 691.9, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 9.7. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 580.11 cents and EPS of 964.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1071.9, implying annual growth of -4.7%. Current consensus DPS estimate is 661.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.2. |
This company reports in USD. 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
RPL REGAL PARTNERS LIMITED
Wealth Management & Investments
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Overnight Price: $1.83
Ord Minnett - Cessation of coverage
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.95
Macquarie rates RRL as Outperform (1) -
Regis Resources' 3Q25 production of 89.7koz beat Macquarie's forecast by 4%, thanks to strong performance at Tropicana.
The company's cash and bullion generation of $138m during the quarter also beat the broker's forecast of $115m. The analyst estimates cash balance at end-March of $310m, including the value of bullion on hand.
The broker believes the company is on track to achieve FY25 guidance and has retained its own forecast, which is 2% above the mid-point of guidance.
Outperform. Target price $4.30.
Target price is $4.30 Current Price is $3.95 Difference: $0.35
If RRL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.79, suggesting downside of -9.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 4.00 cents and EPS of 28.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 14.00 cents and EPS of 57.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.0, implying annual growth of 64.1%. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 9.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates RRL as Add (1) -
The highlight of Regis Resources' 3Q25 performance was the cash generation of $138m, which lifted the total cash and bullion position to $367m at the end of March.
Morgans notes the company is now debt-free after repaying $300m debt during the quarter. Total gold production of 89.7koz beat the broker's forecast of 86.8koz.
Target price rises to $4.65 from $3.89 mainly on the impact on balance sheet from strong cash flow. Add maintained.
Target price is $4.65 Current Price is $3.95 Difference: $0.7
If RRL meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.79, suggesting downside of -9.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY26:
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.0, implying annual growth of 64.1%. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 9.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.59
Citi rates S32 as Buy (1) -
In the tariff-related macro uncertainty environment, Citi analysts believe gold stands to benefit as a safe haven exposure, while oil, copper and coking coal would be exposed to growth risks.
The broker's downside scenario showed earnings coming under pressure but balance sheets broadly manageable.
Commodity prices under such a scenario for 2025-26 include iron ore at US$90/US$80 per ton, brent oil at US$58/US$50 per barrel, LNG at $9.2/$7.7 per MMBtu and copper at US$8,425/US$7,500 per ton.
The broker believes South32 stands out with an estimated net cash position in FY27 at 4.2x EV/EBITDA.
Buy. Target $4.
Target price is $4.00 Current Price is $2.59 Difference: $1.41
If S32 meets the Citi target it will return approximately 54% (excluding dividends, fees and charges).
Current consensus price target is $4.11, suggesting upside of 56.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 11.66 cents and EPS of 27.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.5, implying annual growth of N/A. Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 7.4. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 14.89 cents and EPS of 31.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.7, implying annual growth of 23.1%. Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 6.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.49
Macquarie rates SDF as Outperform (1) -
Macquarie will now publish an analysis of insurance premium rate changes every month (from quarterly) based on data from Ebix, which it will now source monthly.
The latest data for March month showed business package and negative pricing in Strata were the key challenges for Steadfast Group in the March quarter.
No change to forecasts. Outperform with $6.80 target.
Target price is $6.80 Current Price is $5.49 Difference: $1.31
If SDF meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $6.75, suggesting upside of 24.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 20.00 cents and EPS of 31.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of 38.7%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 21.00 cents and EPS of 33.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of 9.2%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates STO as Buy (1) -
In the tariff-related macro uncertainty environment, Citi analysts believe gold stands to benefit as a safe haven exposure, while oil, copper and coking coal would be exposed to growth risks.
The broker's downside scenario showed earnings coming under pressure but balance sheets broadly manageable.
Commodity prices under such a scenario for 2025-26 include iron ore at US$90/US$80 per ton, brent oil at US$58/US$50 per barrel, LNG at $9.2/$7.7 per MMBtu and copper at US$8,425/US$7,500 per ton.
Buy retained for Santos. Target $7.60.
Target price is $7.60 Current Price is $5.37 Difference: $2.23
If STO meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $7.85, suggesting upside of 39.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 23.02 cents and EPS of 60.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.5, implying annual growth of N/A. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 9.1. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 41.44 cents and EPS of 58.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 9.3%. Current consensus DPS estimate is 39.9, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 8.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TLX TELIX PHARMACEUTICALS LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $23.15
UBS rates TLX as Buy (1) -
UBS states Telix Pharmaceuticals is "materially undervalued," highlighting the company is profitable and everything it currently sells in the US is manufactured there.
The analyst stresses the company has multiple upside clinical and regulatory updates, while the share price is trading at levels that imply the therapeutic pipeline "sees total scientific and clinical failure."
UBS acknowledges the macro uncertainty around tariffs but views the sell-down in the share price as overdone.
Target price of $36 and Buy rating confirmed.
Target price is $36.00 Current Price is $23.15 Difference: $12.85
If TLX meets the UBS target it will return approximately 56% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY25:
UBS forecasts a full year FY25 dividend of 0.00 cents and EPS of 36.00 cents. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 0.00 cents and EPS of 76.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $24.59
Bell Potter rates TNE as Upgrade to Buy from Hold (1) -
Bell Potter upgrades TechnologyOne to Buy from Hold, with a downward move in the target price to $29 from $30.50 due to a lowering of the company's valuation.
The broker highlights the company is not impacted by tariffs, and revenues are viewed as defensive and recurring.
The first half results announcement in May is believed to be a potential catalyst for the share price.
Bell Potter continues to forecast profit before tax growth of 19% in FY25, FY26, and FY27 due to lower-teen revenue growth and margin expansion.
Cash flow is expected to boost the company's cash balance to over $300m by the end of FY25, post funding of the CourseLoop acquisition.
Target price is $29.00 Current Price is $24.59 Difference: $4.41
If TNE meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $29.12, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 25.80 cents and EPS of 42.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of 17.0%. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 62.0. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 29.70 cents and EPS of 50.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of 19.1%. Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 52.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TRJ TRAJAN GROUP HOLDINGS LIMITED
Medical Equipment & Devices
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Overnight Price: $0.74
Bell Potter rates TRJ as Initiation of coverage with Buy (1) -
Bell Potter initiates coverage of Trajan Group with a Buy rating and $1.50 target price. The company is a developer and manufacturer of analytical science instruments, devices, and solutions, the broker explains.
Trajan partners with multinational OEMs, pharmaceutical companies, food testing companies, and works in technology development programs that allow its components to be used in customers' instruments.
Post-covid de-stocking, the company is expected to return to high single-digit revenue growth and low double-digit earnings growth, Bell Potter states.
Target price is $1.50 Current Price is $0.74 Difference: $0.76
If TRJ meets the Bell Potter target it will return approximately 103% (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 5.70 cents. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 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
VVA VIVA LEISURE LIMITED
Travel, Leisure & Tourism
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Overnight Price: $1.21
Morgans rates VVA as Initiation of coverage with Add (1) -
Morgans has initiated coverage of Viva Leisure with an Add rating and target price of $1.75.
The company is focused on optimising its existing network, and the broker believes this will boost margins and EPS growth, and lead to better free cash flow and higher returns on capital.
The broker is forecasting an FY25 revenue of $205.7m and earnings (EBITDA) of $50m. As a comparison, the company's FY25 numbers based on annualising 4Q25 guidance works out to $224m revenue and $50m EBITDA.
The analyst's valuation is based on 50:50 estimated discounted cashflow and FY26 EV/EBITDA.
Target price is $1.75 Current Price is $1.21 Difference: $0.54
If VVA meets the Morgans target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.00 cents. |
Forecast for FY26:
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $19.25
Citi rates WDS as Neutral (3) -
Citi highlights the key benefit for Woodside Energy from the 40% sell-down of LLNG InfraCo is lower gearing, which is timely in an uncertain macro environment.
The broker notes gearing is reasonable even at US$50 oil, but there are uncertainties around how the company will achieve a 12% internal rate of return at LLNG. More sell-down announcements are likely in the near term, including HoldCo, the broker reckons.
Target price cut to $20.50 from $24.00 to account for tariff-related macro risks. Neutral maintained.
Target price is $20.50 Current Price is $19.25 Difference: $1.25
If WDS meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $25.77, suggesting upside of 30.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 116.64 cents and EPS of 144.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 197.9, implying annual growth of N/A. Current consensus DPS estimate is 145.2, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 44.51 cents and EPS of 55.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.2, implying annual growth of -34.2%. Current consensus DPS estimate is 92.5, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 15.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WDS as Neutral (3) -
Macquarie believes Woodside Energy is poised to make two final investment decisions in 2Q25, including the Louisiana LNG Project, following the recent sell-down. The other project is Venture Global's CP2.
The broker highlights the company is in a good position to secure a strategic partner in the HoldCo, which would ultimately leave it with 8-9mtpa net LNG volume to sell to global customers.
FY25 EPS forecast cut by -5% on lower spot LNG prices and higher exploration write-offs. FY26 forecast lifted by 5% on lower tax and asset swap.
Neutral retained. Target drops to $24 from $26 after accounting for three recent M&A actions.
Target price is $24.00 Current Price is $19.25 Difference: $4.75
If WDS meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $25.77, suggesting upside of 30.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 138.12 cents and EPS of 174.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 197.9, implying annual growth of N/A. Current consensus DPS estimate is 145.2, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 67.53 cents and EPS of 86.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.2, implying annual growth of -34.2%. Current consensus DPS estimate is 92.5, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 15.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WDS as Hold (3) -
Ord Minnett views Woodside Energy's 40% sell-down of the Louisiana LNG Project as a good outcome as it eases the pathway for a final investment decision on the project in this quarter.
The broker has factored the deal into the forecasts, which pushed FY25 EPS up by 0.2% and FY26-27 estimates by 3%.
Target price lifted to $26.50 from $26.00.
The broker has retained the Hold rating as it sees limited prospects for shareholder returns for some time and execution risks on existing projects.
Target price is $26.50 Current Price is $19.25 Difference: $7.25
If WDS meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $25.77, suggesting upside of 30.3% (ex-dividends)
Forecast for FY25:
Current consensus EPS estimate is 197.9, implying annual growth of N/A. Current consensus DPS estimate is 145.2, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY26:
Current consensus EPS estimate is 130.2, implying annual growth of -34.2%. Current consensus DPS estimate is 92.5, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 15.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WDS as Neutral (3) -
UBS notes the binding agreement for the sale of a 40% stake in Louisiana LNG Infrastructure (InfraCo) to Stonepeak by Woodside Energy, which will add US$5.7bn in capex to the foundation project, the analyst details, with capacity set at three LNG trains producing 16.5mt per annum.
Stonepeak will contribute 35% of the capex and earn a 40% interest in InfraCo due to the accelerated payments.
UBS sees the project as a potential risk for Woodside, while Stonepeak has taken on no risk of capex overruns. Trump’s tariffs could also pose a cost impost to the project, with an estimated 10–15% of the cost being steel imported from China.
Woodside is Neutral rated with an unchanged target price of $26.50.
Target price is $26.50 Current Price is $19.25 Difference: $7.25
If WDS meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $25.77, suggesting upside of 30.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
UBS forecasts a full year FY25 EPS of 165.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 197.9, implying annual growth of N/A. Current consensus DPS estimate is 145.2, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY26:
UBS forecasts a full year FY26 EPS of 156.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.2, implying annual growth of -34.2%. Current consensus DPS estimate is 92.5, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 15.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.39
Ord Minnett rates WPR as Accumulate (2) -
Ord Minnett retains its optimistic view on service station REITs, noting March quarter was an active one with auction clearance rates rising to 50% from 33% in the December 2024 quarter.
The broker notes cap rates and yields stabilised during the quarter, and upside risks ahead of federal elections include Liberal party's proposal to cut fuel excise by 25%.
The Labour party has also announced funding to deal with illicit tobacco trade, which would benefit service station convenience sales.
Target price for Waypoint REIT cut to $2.70 from $2.72. Accumulate retained.
Target price is $2.70 Current Price is $2.39 Difference: $0.31
If WPR meets the Ord Minnett target it will return approximately 13% (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 16.50 cents and EPS of 16.50 cents. |
Forecast for FY26:
Ord Minnett forecasts a full year FY26 dividend of 16.80 cents and EPS of 16.80 cents. |
Market Sentiment: -0.3
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 | |
| ASK | Abacus Storage King | $1.39 | Shaw and Partners | 1.65 | 1.35 | 22.22% |
| BHP | BHP Group | $35.23 | Citi | 45.00 | 46.00 | -2.17% |
| DXC | Dexus Convenience Retail REIT | $2.82 | Ord Minnett | 3.09 | 3.13 | -1.28% |
| EQT | EQT Holdings | $29.72 | Ord Minnett | N/A | 35.00 | -100.00% |
| FPH | Fisher & Paykel Healthcare | $31.08 | Morgan Stanley | N/A | 36.30 | -100.00% |
| GDG | Generation Development | $4.38 | Ord Minnett | N/A | 5.80 | -100.00% |
| GQG | GQG Partners | $1.95 | Ord Minnett | N/A | 2.90 | -100.00% |
| HUB | Hub24 | $59.03 | Ord Minnett | N/A | 84.00 | -100.00% |
| IFL | Insignia Financial | $3.75 | Ord Minnett | N/A | 4.60 | -100.00% |
| ILU | Iluka Resources | $3.48 | Ord Minnett | 5.40 | 5.75 | -6.09% |
| MAF | MA Financial | $5.94 | Ord Minnett | N/A | 10.00 | -100.00% |
| MSB | Mesoblast | $1.76 | Bell Potter | 3.40 | 4.30 | -20.93% |
| PLS | Pilbara Minerals | $1.38 | Macquarie | 2.40 | 2.20 | 9.09% |
| RPL | Regal Partners | $1.88 | Ord Minnett | N/A | 4.30 | -100.00% |
| RRL | Regis Resources | $4.19 | Macquarie | 4.30 | 3.60 | 19.44% |
| Morgans | 4.65 | 3.89 | 19.54% | |||
| TNE | TechnologyOne | $26.30 | Bell Potter | 29.00 | 30.00 | -3.33% |
| WDS | Woodside Energy | $19.78 | Citi | 20.50 | 24.00 | -14.58% |
| Macquarie | 24.00 | 26.00 | -7.69% | |||
| Ord Minnett | 26.50 | 26.00 | 1.92% | |||
| WPR | Waypoint REIT | $2.45 | Ord Minnett | 2.70 | 2.72 | -0.74% |
Summaries
| ABG | Abacus Group | Buy - Shaw and Partners | Overnight Price $1.09 |
| AGL | AGL Energy | Outperform - Macquarie | Overnight Price $10.08 |
| ASK | Abacus Storage King | Buy - Shaw and Partners | Overnight Price $1.40 |
| ASX | ASX | Hold - Morgans | Overnight Price $64.69 |
| AV1 | Adveritas | Initiate Coverage with a Speculative Buy rating - Bell Potter | Overnight Price $0.07 |
| BHP | BHP Group | Buy - Citi | Overnight Price $34.57 |
| BXB | Brambles | Buy - UBS | Overnight Price $19.82 |
| CBO | Cobram Estate Olives | Buy - Ord Minnett | Overnight Price $1.78 |
| CGF | Challenger | Buy - Bell Potter | Overnight Price $6.00 |
| CMM | Capricorn Metals | Neutral - Macquarie | Overnight Price $8.10 |
| DXC | Dexus Convenience Retail REIT | Accumulate - Ord Minnett | Overnight Price $2.81 |
| EQT | EQT Holdings | Cessation of coverage - Ord Minnett | Overnight Price $29.52 |
| FMG | Fortescue | Neutral - Citi | Overnight Price $14.32 |
| FPH | Fisher & Paykel Healthcare | Equal-weight - Morgan Stanley | Overnight Price $30.85 |
| GDG | Generation Development | Cessation of coverage - Ord Minnett | Overnight Price $4.24 |
| GQG | GQG Partners | Cessation of coverage - Ord Minnett | Overnight Price $1.85 |
| HUB | Hub24 | Cessation of coverage - Ord Minnett | Overnight Price $56.76 |
| IFL | Insignia Financial | Cessation of coverage - Ord Minnett | Overnight Price $3.70 |
| IGO | IGO Ltd | Outperform - Macquarie | Overnight Price $3.27 |
| ILU | Iluka Resources | Buy - Ord Minnett | Overnight Price $3.42 |
| LYC | Lynas Rare Earths | Downgrade to Hold from Buy - Ord Minnett | Overnight Price $7.54 |
| MAF | MA Financial | Cessation of coverage - Ord Minnett | Overnight Price $5.92 |
| MIN | Mineral Resources | Outperform - Macquarie | Overnight Price $16.72 |
| MSB | Mesoblast | Speculative Buy - Bell Potter | Overnight Price $1.62 |
| NTU | Northern Minerals | Speculative Buy - Ord Minnett | Overnight Price $0.02 |
| NWL | Netwealth Group | Cessation of coverage - Ord Minnett | Overnight Price $22.17 |
| PAC | Pacific Current Group | Cessation of coverage - Ord Minnett | Overnight Price $11.20 |
| PLS | Pilbara Minerals | Outperform - Macquarie | Overnight Price $1.31 |
| PNI | Pinnacle Investment Management | Cessation of coverage - Ord Minnett | Overnight Price $14.35 |
| PPS | Praemium | Cessation of coverage - Ord Minnett | Overnight Price $0.60 |
| RIO | Rio Tinto | Neutral - Citi | Overnight Price $108.40 |
| RPL | Regal Partners | Cessation of coverage - Ord Minnett | Overnight Price $1.83 |
| RRL | Regis Resources | Outperform - Macquarie | Overnight Price $3.95 |
| Add - Morgans | Overnight Price $3.95 | ||
| S32 | South32 | Buy - Citi | Overnight Price $2.59 |
| SDF | Steadfast Group | Outperform - Macquarie | Overnight Price $5.49 |
| STO | Santos | Buy - Citi | Overnight Price $5.37 |
| TLX | Telix Pharmaceuticals | Buy - UBS | Overnight Price $23.15 |
| TNE | TechnologyOne | Upgrade to Buy from Hold - Bell Potter | Overnight Price $24.59 |
| TRJ | Trajan Group | Initiation of coverage with Buy - Bell Potter | Overnight Price $0.74 |
| VVA | Viva Leisure | Initiation of coverage with Add - Morgans | Overnight Price $1.21 |
| WDS | Woodside Energy | Neutral - Citi | Overnight Price $19.25 |
| Neutral - Macquarie | Overnight Price $19.25 | ||
| Hold - Ord Minnett | Overnight Price $19.25 | ||
| Neutral - UBS | Overnight Price $19.25 | ||
| WPR | Waypoint REIT | Accumulate - Ord Minnett | Overnight Price $2.39 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 22 |
| 2. Accumulate | 2 |
| 3. Hold | 10 |
Tuesday 08 April 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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