Azzet reports on three stocks with price moving updates today.
Perenti leaps on leadership update ~
Shares in Perenti (ASX: PRN) were trading around 3.1% higher by 2:10 pm AEDT (3:10 am GMT) after the market reacted favourably to revelations that the mining services group has resolved leadership uncertainty by appointing former South32 (ASX: S32) COO Vanessa Torres to succeed Mark Norwell as managing director and CEO.
Investors' vote of confidence in Torres reminds the market of the importance of selecting a high-calibre candidate with a strong track-record to senior mining appointments.
Torres has over 25 years of experience from top-tier global resources companies, including senior roles at BHP (ASX: BHP) and Vale, and as COO at South 32, was credited with leading the successful recovery of the GEMCO operation following significant damage from Tropical Cyclone Megan.
Whoever was appointed to the top job at Perenti was always going to have big shoes to fill, given that Norwell oversaw a fourfold increase in revenue since 2018.
Commenting on today’s update, chair of the Perenti Board, Diane Smith-Gander, told the market that the board is confident Torres’ leadership will build on Perenti’s strong foundations, drive its strategy forward and support the Company’s next phase of growth.
Brazilian-born Torres will commence with Perenti on 13 April 2026 and will be appointed as the Managing Director & CEO on 1 June 2026.
Today’s update also puts paid to leadership uncertainty that Citi analyst William Park recently flagged as weighing on investor sentiment.
Today’s share price kicker comes as a welcome relief to shareholders who have witnessed a 27% fall following the release of a weaker-than-anticipated first-half performance late February.
Due in part to lower contributions from the Contract Mining division and increased idoba costs - its technology-led service business - Perenti adjusted its financial outlook for FY26 and is now forecasting revenue between $3.45 billion and $3.55 billion and underlying earnings ranging from $335 million to $350 million.
The contractor also reduced its net capital expenditure guidance to approximately $325 million and anticipates free cash flow exceeding $170 million.
Following the interim result, Argonaut’s Jon Scholtz issued a Buy rating on the stock with a price target of $3 per share.
Perenti has a market cap of $1.9 billion; the share price is up 49% in one year and up 9% in the last week.
The stock’s shares are in a downtrend confirmed by multiple indicators. In the medium-term, the 5-day moving average is beneath the 50-day moving average.
Consensus is Strong Buy.
The Star rises after offloading Queen’s Wharf
Shares in Star Entertainment Group (ASX: SGR) were trading 1.7% higher at $0.115 - rising as high at 4.4% at the open – after it told investors that Hong Kong-listed group Far East Consortium and Chow Tai Fook Enterprises had taken full control of Brisbane’s Queen’s Wharf precinct in line with the two-stage agreement signed 12 August last year.
The transaction leaves the two partners as equal owners of the consortium that holds the multibillion-dollar integrated resort, following regulatory approvals and a refinancing of the project’s debt.
The deal, which removes Star Entertainment from ownership, means the Hong Kong entity can proceed with the Queen’s Wharf after supplying guarantees to the Queensland government on the completion of the project.
While a phased opening of the Queen’s Wharf project started in August 2024, full completion - expected to cost $496.4 million - isn’t expected until 2029.
The recapitalisation strengthens the balance sheet of the Queen’s Wharf development and secures more than 2700 jobs tied to the site, one of Brisbane’s largest tourism and hospitality projects ahead of the 2032 Olympics.
The ownership overhaul marks a reset for the project’s capital structure as its backers weigh longer-term operating arrangements and growth opportunities.
What Star Entertainment investors responded favourably to today was revelations that the deal provides a critical cash injection of around $53 million and releases the group from 50% of the associated parent company debt guarantees.
Star Entertainment still manages the casino operations at Queen's Wharf Brisbane and will be paid $18 million a year to manage it – or $1.5 million a month – along with possible performance-based fees based on earnings.
Today’s update follows revelations earlier this week that Star Entertainment has secured a $550 million debt lifeline from US-based private credit firm WhiteHawk Capital Partners.
It’s understood that this debt - which replaces a facility provided by lenders including Soul Patts, Macquarie, Perpetual and Deutsche Bank - effectively refinances the group's entire existing debt and provide essential liquidity for day-to-day operations.
Following a period of significant divestments to stay afloat, Star Entertainment's asset portfolio is now concentrated on its core casino properties:
- The Star Sydney: Remains the flagship asset.
- The Star Gold Coast: The company has consolidated its holdings here after exiting other joint venture interests.
With a market cap of $779 million, Star Entertainment has been controlled by Bally’s Corporation and the billionaire Mathieson family since November.
The share price is up 6% in one year and down 34% year to date.
The stock’s shares appear to be in a near-term downtrend confirmed by its 20-day moving average.
Consensus does not cover this stock.
Eagers leaps after adding scale in key metro markets
Shares in Eagers Automotive (ASX: APE) were trading around 9.4% higher at noon after the motor vehicles distributor told the market it had signed two agreements that promise to add scale in key metro markets.
Firstly, there’s a strategic 49% investment in Grand Motors Group (GMG), a multi-brand dealership portfolio - for Toyota, Mazda, Subaru, Kia, BMW and Mini - spanning the Gold Coast and metro Sydney, which is expected to be completed by the end of June 2026.
It’s understood that the portfolio generates around $490 million in annual revenue, includes six leading brand partners across 11 locations, and sells roughly 6,100 new vehicles per year.
As part of the transaction, GMG and its existing dealer equity partners will retain their respective remaining ownership interests, and the current management team will continue to operate the business.
In a separate deal, Eagers will expand its Audi footprint in Victoria by acquiring Audi Centre Melbourne and Audi Richmond from Zagame Automotive Group.
On a consolidated basis, the two dealerships generated about $140 million in revenue for the 12 months ended December 2025.
Within a third missive to the market today, Eagers also told the market that the completion of the CanadaOne Auto completion is now expected in 2Q FY26 and not 1Q as initially projected.
Commenting on today’s updates, Eagers CEO, Keith Thornton, told investors that the acquisition of these high-quality dealerships demonstrates the opportunities to continue to grow in the Australian market.
“The expansion of our relationship with Audi strengthens our premium segment portfolio and provides a platform for further growth as recent changes to the luxury car tax come into effect,” he said.
“We are delighted to partner with Greg Scott [of GMG] and his Dealer Partners… we view this partnership model as an example of our ability to leverage our large-scale operating platform and collaborate to build a more optimised business for both parties whilst exploring strategic growth opportunities via parts of our business such as easyauto123.”
While the stock’s share price has been bouncing higher since falling to $20.20 on 20 March, it still remains around $10 below the $34.99 it was trading at mid-October 2025.
Eagers is scheduled to hold its 2026 AGM on 27 May.
The company achieved a Statutory Net Profit Before Tax of $393.7 million for FY25, compared to $335.6 million in the previous period and paid an ordinary final dividend of 50.0 cps (fully franked) for FY25.
Eagers Automotive has a market cap of $6.9 billion; the share price is up 63% in one year and up 13% in the last week.
The stock’s shares are in a downtrend confirmed by multiple indicators.
Consensus is Moderate Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
