Australian Broker Call

Bell Potter rates A4N as Buy (1) -

Bell Potter details how the analyst is becoming more confident in Alpha HPA's market-based events, which are de-risking the company.

Notably, the growth in volumes post letter of intent off-take announcements is anticipated to be over Stage 2 capacity of 10ktpa, which will enable the drawdown of project finance debt.

The broker expects the company can deliver on commercial market volumes within two years, and there is an upside risk to Alpha HPA's basket price against the May 2024 definitive feasibility study pricing range.

No change to Speculative Buy rating and $2 target price. Earnings estimates are retained.

Target price is $2.00 Current Price is $0.69 Difference: $1.315
If A4N meets the Bell Potter target it will return approximately 192% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates AIZ as Outperform (1) -

Macquarie notes the already challenging backdrop faced by Air New Zealand could worsen from trade war uncertainties hitting consumer confidence and weighing on its business.

The broker believes the first impact would be seen in cargo along with inbound tourism from US travellers, especially given the peak season is arriving soon.

Decline in fuel prices is a benefit and offers hedging opportunities but further NZD weakness could become a headwind for import costs.

The broker left FY25 EPS forecast unchanged but lowered FY26 estimate by -17%.

Outperform. Target cut to NZ83c from NZ85c.

Current Price is $0.53. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates ANN as Equal-weight (3) -

Morgan Stanley emphasises the introduction of tariffs is a rising risk to the global macroeconomic outlook, resulting in a tempering of revenue growth assumptions for FY26/FY27.

For Ansell, there is downside risk to EPS estimates from the introduction of tariffs and the inability to pass through price increases. Management plans to pass through cost rises, but there is a downside risk to volumes, the broker explains.

Morgan Stanley lowers EPS forecasts by -9% for FY26 and -11% for FY27.

Target price falls to $33.40 from $37.20 and Equal-weight rating. Industry View: In-Line.

Target price is $33.40 Current Price is $29.70 Difference: $3.7
If ANN meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.04, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Citi rates CAR as Buy (1) -

Citi highlights used car sales fell -1% y/y in March in Korea and was down -4% y/y in the March quarter vs a flat outcome in the preceding December quarter.

The broker notes it is a negative outcome but has a decent forecast of a 15% y/y rise in 2H25 for CAR Group's Encar business, slowing marginally from 16% y/y in 1H as Guarantee penetration and 10% price increase are expected to drive growth.

Buy. Target unchanged at $42.

Target price is $42.00 Current Price is $32.23 Difference: $9.77
If CAR meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $41.40, suggesting upside of 27.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates EBO as Outperform (1) -

Macquarie notes Ebos Group's total $250m equity raise, comprising of $200m placement and $50m retail offer, to fund two acquisitions.

The latest deal was a 100% acquisition of New Zealand company SVS Veterinary at an estimated FY25 EV/EBITDA multiple of 7x. 

Minor changes to EPS forecasts with FY26 lifted by 1% on acquisition benefits and equity dilution.

Outperform. Target trimmed to NZ$41.72 from NZ$42.00 as value accretion was offset by model roll-forward.

Current Price is $33.96. Target price not assessed.

Current consensus price target is $36.32, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates EBO as Add (1) -

Morgans notes Ebos Group's $250m equity raise, consisting of $200m placement and up to $50m retail offer to fund a recent acquisition and complete an earlier deal.

The recent transaction is the acquisition of NZ company SVS Veterinary for $105m plus future earn-outs bought at an EV/EBITDA multiple of 7x, which the broker reckons is reasonable.

The broker notes the company will use net cash proceeds of around $96m to repay debt and pursue more M&A.

EPS forecast for FY25 lifted by 2.2% and by 1.9% for FY26-27.

Add. Target rises to $39.15 from $38.56.

Target price is $39.15 Current Price is $33.96 Difference: $5.19
If EBO meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $36.32, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates GQG as Add (1) -

Morgans marks to market earnings for financial services with the March updates and April to-date moves.

The broker notes the ASX200 is down circa -5.3% versus the MSCI World in AUD by -3.2%, the S&P500 down by -7.2%, the FTSE off by -6%, and the AUDUSD down by -1% for 2025 year-to-date.

For GQG Partners, the analyst factors in a decline in funds under management (FUM) of -5% for April, and EPS estimates are lowered due to downgrades in FUM.

Earnings forecast downgrades across the sector are between -4% to -8%, excluding Regal Partners ((RPL)), down by -30%.

Target price slips to $2.63 with an unchanged Add rating.

Target price is $2.63 Current Price is $2.03 Difference: $0.6
If GQG meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.79, suggesting upside of 34.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Morgans rates HMC as Hold (3) -

Morgans marks to market earnings for financial services with the March updates and April to-date moves.

The broker notes the ASX200 is down circa -5.3% versus the MSCI World in AUD by -3.2%, the S&P 500 down by -7.2%, the FTSE off by -6%, and the AUDUSD down by -1% for 2025 year-to-date.

No change to $5.30 target price and Hold rating. No change to earnings estimates which were reviewed post the April 3 Investor Day for HMC Capital.

Target price is $5.30 Current Price is $4.63 Difference: $0.67
If HMC meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.47, suggesting upside of 77.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates HUB as Hold (3) -

Morgans marks to market earnings for financial services with the March updates and April to-date moves.

The broker notes the ASX200 is down circa -5.3% versus the MSCI World in AUD by -3.2%, the S&P 500 down by -7.2%, the FTSE off by -6%, and the AUDUSD down by -1% for 2025 year-to-date.

Hub24 is expected to continue to retain a leading position along with Netwealth Group ((NWL)) in the sector, and Morgans likes the longer-term growth prospects for the business, with the valuation remaining a cap on the rating to Hold.

The analyst lowers the FY26 EPS estimate by -5.3% to align with the expected changes in funds under administration.

Target price sits at $73.80.

Target price is $73.80 Current Price is $64.40 Difference: $9.4
If HUB meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $72.97, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates IFT as No Rating (-1) -

At the 2025 investor day hosted by CDC and Infratil, CDC talked about accelerating demand for its data centres driven by cloud services and Generative AI.

Macquarie notes CDC has competitive advantages that would help secure a larger share of rollouts in Australia/NZ, including high revenue base from federal government business, Future Fund and CSC shareholder base, AAA-rated customers and deep strategic relationships with clients.

Infratil has 49.75% stake in CDC.

Due to research restrictions, Macquarie does not currently have a rating or target for Infratil.

Current Price is $9.01. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates LYC as Neutral (3) -

Macquarie is forecasting a weak 3Q25 result for Lynas Rare Earths, with rare earth oxides production and sales estimates -4% and -8% below consensus, respectively.

Average realised price for NdPr is expected to be in line with its estimate of US$51.1/kg, and total sales -3% lower quarter-on-quarter at 2.8kt.

The broker expects limenite sales to drag on total mineral sands sales, forecasting -12% miss to consensus.

The broker has marked-to-market commodity prices and exchange rates for the March quarter.

Neutral. Target rises to $7.30 from $7.10 on valuation roll-forward.

Target price is $7.30 Current Price is $7.81 Difference: minus $0.51 (current price is over target).
If LYC meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.01, suggesting downside of -9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates MFG as Hold (3) -

Morgans marks to market earnings for financial services with the March updates and April to-date moves.

The broker notes the ASX200 is down circa -5.3% versus the MSCI World in AUD by -3.2%, the S&P 500 down by -7.2%, the FTSE off by -6%, and the AUDUSD down by -1% for 2025 year-to-date.

Magellan Financial is expected to experience a stabilisation in earnings, with some potential for fee and flow pressures to remain. Growth should improve with the scaling of Barrenjoey, the addition of a 29.5% stake in Vinva, and further possible acquisitions, the broker explains.

A decline in FUM of -2% for April year-to-date is factored into earnings estimates, and EPS forecasts are lowered by -1.3% and -5.4% for FY25/FY26.

Target price $9.90 with no change to Hold rating.

Target price is $9.90 Current Price is $7.24 Difference: $2.66
If MFG meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $8.19, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates MND as Hold (3) -

Bell Potter highlights the ongoing opportunities for Monadelphous Group across the renewable energy sector with its Zenviron JV.

The broker explains the company has the ability to win and deliver large-scale "turn-key" onshore wind projects. Installed shallow capacity is expected to grow at a compound average growth rate of 45% over FY25–FY29.

Onshore wind capacity is anticipated to advance at 22% p.a. over the same period, and Zenviron might be progressing to a period of increased project tendering, the analysis proposes.

Capex for iron ore producers is expected to rise further, including from BHP Group ((BHP)).

Bell Potter tweaks EPS forecasts for FY25/FY26.

Target price rises to $16.20 from $15.90 with Hold rating unchanged.

Target price is $16.20 Current Price is $14.81 Difference: $1.39
If MND meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.83, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates MQG as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley downgrades Macquarie Group to Equal-weight from Overweight, with the target price lowered to $191.00 from $224 on the back of a reduction in the FY26 EPS forecast by -9%, as several of the company's major growth levers will be "unavailable".

There is a delay in the recovery for capital markets, and sales of renewable assets continue to be soft and below expectations.

The group has a strong balance sheet, with excess capital of $9.6bn over the regulatory minimum. Modeling the financials for a possible recession, Morgan Stanley highlights the impact would be on earnings rather than a balance sheet event.

The industry view remains In-Line.

Target price is $191.00 Current Price is $178.96 Difference: $12.04
If MQG meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $213.31, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates MVF as Downgrade to Hold from Add (3) -

Morgans notes Monash IVF has responded to media reports confirming an embryo of one patient was incorrectly transferred to another patient and resulted in the birth of a child.

The company stated this incident won't negatively impact FY25 earnings, but the broker believes the hit to reputation will result in a loss of market share. The broker also reckons some doctors may choose not to work with this brand.

Target price cut to $1.09 from $1.45 as the broker applies -25% discount to valuation.

Rating downgraded to Hold from Add.

Target price is $1.09 Current Price is $0.69 Difference: $0.4
If MVF meets the Morgans target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $1.42, suggesting upside of 100.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates NWL as Neutral (3) -

Netwealth Group's 3Q25 custodial inflow of $3.5bn was in line with consensus and the company guided to "seasonally strong" June quarter net inflow, but Macquarie trimmed its forecast to $7.5bn for 2H.

The broker notes member accounts rose in 3Q, but market weakness dragged down FUA by -1. Cash balances rose to 5.6% of FUA and increased further to 5.8% in the early April period.

The company pointed to a 5% rise in 2H opex and software investment of $2m, plus a rise in headcount.

EPS forecast for FY25 cut by -1%, but FY26 was lowered significantly by -12% on market movements and lower inflow estimates.

Neutral. Target cut to $28.40 from $33.90.

Target price is $28.40 Current Price is $25.45 Difference: $2.95
If NWL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $26.32, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates NWL as Upgrade to Overweight from Equal-weight (1) -

Post Netwealth Group's 3Q25 update, with funds under administration advancing 23% on a year earlier and net inflows of $3.5bn, Morgan Stanley upgrades the stock to Overweight from Equal-weight.

The fall in the share price of around -20% offers an opportunity to buy a structural grower, the broker states, as advisers migrate from incumbent platforms to specialist platforms like Netwealth, which has around an 8.5% share versus the incumbents with just under 70% share.

Longer term, the analyst prefers Netwealth as it is founder-led with higher earnings growth quality. Near term, Morgan Stanley prefers Hub24 ((HUB)) for more net inflow momentum and higher EPS estimates with a lower valuation.

Overweight. Target is cut to to $29.75 from $31.50. Industry View: In-Line. Earnings forecasts are tweaked.

Target price is $29.75 Current Price is $25.45 Difference: $4.3
If NWL meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $26.32, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates NWL as Hold (3) -

Morgans marks to market earnings for financial services with the March updates and April to-date moves.

The broker notes the ASX200 is down circa -5.3% versus the MSCI World in AUD by -3.2%, the S&P 500 down by -7.2%, the FTSE off by -6%, and the AUDUSD down by -1% for 2025 year-to-date.

The broker views Netwealth Group as an attractive business with high cash flow generation and industry tailwinds, with management continuing to perform well. The stock's valuation is highlighted as "full," hence the ongoing Hold rating.

Morgans lowers the EPS estimates to align with the current funds under administration. Net profit after tax forecasts are tweaked lower by -1.4% and -3.8% for FY25/FY26, respectively.

Target price $29.

Target price is $29.00 Current Price is $25.45 Difference: $3.55
If NWL meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.32, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates PNI as Add (1) -

Morgans marks to market earnings for financial services with the March updates and April to-date moves.

The broker notes the ASX200 is down circa -5.3% versus the MSCI World in AUD by -3.2%, the S&P 500 down by -7.2%, the FTSE off by -6%, and the AUDUSD down by -1% for 2025 year-to-date.

Pinnacle Investment Management is expected to achieve a very strong 1H25 performance fees contribution from Hyperion in FY26, and to anticipate underlying growth supported in part by Life Cycle, a full-year contribution from acquisitions, and operating leverage from Metrics and Five V to start notable performance fees.

The analyst is currently forecasting 2H25 performance fee reliance at $12m–$15m, which is believed to be reasonable.

EPS estimates by Morgans are lowered by -6.3% for FY25 and -7.9% for FY26.

Add rating retained with target price set at $23.80.

Target price is $23.80 Current Price is $16.00 Difference: $7.8
If PNI meets the Morgans target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $23.56, suggesting upside of 39.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates RMD as Buy (1) -

Citi is adding ResMed to a downside 90-day catalyst watch on the back of a decline in growth in US app downloads to 4.1% for the March quarter year-on-year, versus the US devices sales growth consensus for the quarter of 7.2%.

The broker highlights US devices represent one third of ResMed's revenue, and back-tested data suggests there is "some correlation" between US devices sales growth and myAir app downloads.

Ahead of the Phase 3 readout for Orforglipron (daily oral GLP-1), which is expected sometime in 2Q 2025, the analyst is cautious on the stock and warns against reading too much into US app downloads data due to GLP-1 distortions last year.

The stock is rated Buy with a target of $44. Citi notes tariffs will be topical at the company's 3Q25 update due to the company's manufacturing exposure in Singapore and Australia.

Target price is $44.00 Current Price is $34.21 Difference: $9.79
If RMD meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $44.38, suggesting upside of 32.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Morgans rates RPL as Add (1) -

Morgans marks to market earnings for financial services with the March updates and April to-date moves.

The broker notes the ASX200 is down circa -5.3% versus the MSCI World in AUD by -3.2%, the S&P 500 down by -7.2%, the FTSE off by -6%, and the AUDUSD down by -1% for 2025 year-to-date.

Regal Partners reported a decline in FUM of -8.3% for 1Q25 to $16.5bn, with the bulk due to the reclassification of a Taurus mandate from FUM to a commitment, the broker states. The well-publicised delisting of Opthea and Regal's large position has further moderated the analyst's expectations for 2H25.

Target price falls to $3.30 from $4.50. Add rating unchanged.

Target price is $3.30 Current Price is $1.70 Difference: $1.6
If RPL meets the Morgans target it will return approximately 94% (excluding dividends, fees and charges).

Current consensus price target is $3.42, suggesting upside of 74.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates RPL as Buy (1) -

Ord Minnett lowers its target for Regal Partners to $3.60 from $4.20 following an -8.3% decline in total funds under management to $16.5bn in the March quarter, driven by weaker equity markets.

As part of a mark-to-market review, the broker cuts its FY25–27 EPS forecasts by -51.8%, -29.6% and -18.2%, respectively. The target reduction also reflects a change in analyst coverage within Ord Minnett.

Ord Minnett anticipates a further negative FUM impact of approximately -$500m as of April 9, attributed to US tariff-related volatility since March 31.

The Buy rating is maintained.

Target price is $3.60 Current Price is $1.70 Difference: $1.9
If RPL meets the Ord Minnett target it will return approximately 112% (excluding dividends, fees and charges).

Current consensus price target is $3.42, suggesting upside of 74.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates SFR as Underweight (5) -

Morgan Stanley expects Sandfire Resources 3Q25 production to be within 1% of consensus, but costs to be -5% lower at US$1.35/lb against consensus of US$1.42/lb.

The broker will look for new approvals on tailings storage facilities.

Underweight. Target $6.95.

Target price is $6.95 Current Price is $9.13 Difference: minus $2.18 (current price is over target).
If SFR meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.30, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Macquarie rates STO as Outperform (1) -

Ahead of 1Q result on April 17, Macquarie has lifted Santos' 1Q25 production forecast by 3% to 22.2mmboe, and revenue by 7% to  US$1.3bn on higher production and higher oil prices.

The broker expects the company to benefit from the remaining hedges in 2Q, given 5mmbbls put strikes at US$70/bbl vs its forecast of US$66/bbl.

EPS forecasts for FY25 and FY26 cut by -2% on higher D&A and tax.

Target price trimmed to $8.60 from $8.95. Outperform maintained.

Target price is $8.60 Current Price is $5.50 Difference: $3.1
If STO meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $7.68, suggesting upside of 36.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Shaw and Partners rates SX2 as Buy, High Risk (1) -

Shaw and Partners notes it is encouraging for resource development companies like Southern Cross Gold the Victorian regulator has approved the mining licence for VHM's (VHM)) Goschen Mineral Sands project.

The broker believes the licence approval, alongside multiple EES advancements and the release of a Critical Minerals Roadmap, demonstrates the Victorian government’s clear intent to revitalise the state’s resources sector.

Buy, High Risk rating and $6.03 target maintained. Southern Cross Gold remains one of Shaw's key gold developer picks,

Target price is $6.03 Current Price is $4.94 Difference: $1.09
If SX2 meets the Shaw and Partners target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in May.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources