Daily Market Reports | Aug 24 2022
This story features ABACUS PROPERTY GROUP, and other companies. For more info SHARE ANALYSIS: ABP
An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.
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COMPANIES DISCUSSED IN THIS ISSUE
Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
ABP AIA AIZ AMC APZ ARU ASX BLX BXB CDA (2) CSL (2) CTD (2) CVN DHG (2) DRR DXS EHL EVN FBU (2) HDN (2) HT1 IPH IRE IRI LIC (2) MFG MGH MNY MPL MXI NWH ORA PGC PME (3) PPM RBL RDY (2) RIC SDF SEK SGM STO SUL TLX (2) VCX WSP
ABP ABACUS PROPERTY GROUP
REITs – Overnight Price: $2.71
Jarden rates ((ABP)) as Overweight (2) –
Abacus Property's FY22 result pleased Jarden, slightly outpacing on some estimates, and the broker considers the company to be undervalued.
The company's storage assets delivered 16.1% growth on revenue per square metre in the June half, compared with 11.7% growth in the December half.
The broker surmises this should be sufficient to offset rising debt costs and a forecast slowing in Office (which represents the main risk to its rating).
Given rising debt costs, the company's steep -25% discount to net tangible assets and 30%-plus gearing, the broker says the prospect of acquisitions is slim, so expects asset recycling may be on the cards.
Overweight rating retained. Target price falls to $3.20 from $3.45.
This report was published on August 17, 2022.
Target price is $3.20 Current Price is $2.71 Difference: $0.49
If ABP meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 19.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 18.40 cents and EPS of 19.40 cents.
At the last closing share price the estimated dividend yield is 6.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.97.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.1, implying annual growth of -70.4%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 15.0.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 18.80 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 6.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.69.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.6, implying annual growth of -2.8%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 15.4.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AIA AUCKLAND INTERNATIONAL AIRPORT LIMITED
Infrastructure & Utilities – Overnight Price: $6.70
Jarden rates ((AIA)) as Underweight (4) –
Auckland International Airport reported FY22 results that were better than forecast with a loss of -NZ$11.6m compared to Jarden's forecast loss of -NZ$29.7m.
Over the period, international passenger volumes fell -88% and domestic was lower by -56%, providing a tough operating backdrop. However, the property division was noted as a "standout" with rental income rising 12.6% on the previous year and up 20% on FY19.
Management's FY23 guidance is lower than expected with domestic passengers returning to 82% of FY19 volumes and international at 59% of FY19 results.
Jarden views these assumptions as conservative, although capital expenditure has been guided to increase to -NZ$600-NZ$700m from -NZ$253.1m in FY22.
The broker's earnings forecasts are adjusted by -37% and -16% for FY23 and FY24, respectively.
An Underweight rating and the price target is lowered to NZ$6.55 from NZ$6.65.
This report was published on August 18, 2022.
Current Price is $6.70. Target price not assessed.
Current consensus price target is $7.50, suggesting upside of 11.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 6.33 cents and EPS of 6.33 cents.
At the last closing share price the estimated dividend yield is 0.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 105.83.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.1, implying annual growth of N/A.
Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 82.7.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 12.10 cents and EPS of 15.18 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.15.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.5, implying annual growth of 91.4%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 43.2.
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
AIZ AIR NEW ZEALAND LIMITED
Transportation & Logistics – Overnight Price: $0.60
Jarden rates ((AIZ)) as Upgrade to Neutral from Sell (3) –
Jarden upgrades Air New Zealand's rating to Neutral from Sell heading into its result on August 25, at which it expects the company will announce a profit-before-tax -NZ$707m loss.
This compares favourably with guidance of -NZ$750m.
The broker considers the FY23 outlook to be uncertain given the high cost of fuel and inflation, possible further covid disruption, shorter forward booking curve, and global slowing.
Jarden doubts guidance will be provided, although the forecast ramp-up may garner some cost guidance.
Nonetheless, the broker expects a step-up as NZ's borders reopen and upgrades earnings and costs. Target price rises to NZ72c from NZ65c.
This report was published on August 17, 2022.
Current Price is $0.60. Target price not assessed.
The company's fiscal year ends in June.
Forecast for FY22:
Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 32.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.85.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.77 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.92.
This company reports in NZD. 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
AMC AMCOR PLC
Paper & Packaging – Overnight Price: $18.20
Jarden rates ((AMC)) as Neutral (3) –
Amcor continues to deliver in line earnings for FY22 according to Jarden and emphasises the investor appeal of the defensive earnings and free cash flow generation, as well as the strength of the company's balance sheet.
A further US$400m buyback was announced which Jarden expects will be executed from the 2Q23 with the operating outlook remaining strong.
The Flexibles business will continue to benefit from the inflation-linked price increases and increasingly so in the Rigids business. Amcor expects the exit from Russia to provide a -4-5% headwind for FY23 earnings.
A Neutral rating given the significant share price outperformance and the target price is raised to $17.80 from $17.60.
This report was published on August 19, 2022.
Target price is $17.80 Current Price is $18.20 Difference: minus $0.4 (current price is over target).
If AMC meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.58, suggesting upside of 2.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 67.59 cents and EPS of 114.05 cents.
At the last closing share price the estimated dividend yield is 3.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.96.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 119.5, implying annual growth of N/A.
Current consensus DPS estimate is 70.6, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 15.2.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 72.74 cents and EPS of 122.25 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.89.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 124.7, implying annual growth of 4.4%.
Current consensus DPS estimate is 73.3, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 14.6.
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
APZ ASPEN GROUP LIMITED
Real Estate – Overnight Price: $1.63
Moelis rates ((APZ)) as Buy (1) –
Aspen Group's FY22 result appears to have satisfied the broker, net asset value jumping 36% to $1.79 with another 16c forecast over the next six to 18 months as residential refurbishments are finalised.
EPS forecasts are roughly steady across FY23 to FY25.
Management points to continued momentum in FY23 and expects the number of acquisition opportunities to rise (values have been high despite economic weakness). Government programs are likely to directly and indirectly benefit the company, says the broker.
Buy rating retained. Target price lifts to $2.11 from $2.09.
This report was published on August 19, 2022.
Target price is $2.11 Current Price is $1.63 Difference: $0.48
If APZ meets the Moelis target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Moelis forecasts a full year FY23 dividend of 7.00 cents and EPS of 10.30 cents.
At the last closing share price the estimated dividend yield is 4.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.83.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 7.40 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 4.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.17.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ARU ARAFURA RESOURCES LIMITED
Rare Earth Minerals – Overnight Price: $0.30
Bell Potter rates ((ARU)) as Buy (1) –
Arafura Resources reported a greater than expected FY22 loss of -$35.6m according to Bell Potter with project costs at Nolans largely accountable for the rise.
The Nolans costs should decelerate towards the end of 2022, when the final investment decision is taken. The project has secured project finance and offtake agreements and the analyst remains upbeat about the outlook for rare earth projects.
EPS forecasts are adjusted for the $41.5m capital raising in August with 157m shares issued at a $0.265 price per share, alongside 78m options at a $0.34 exercise price (February 24 expiry).
Speculative Buy rating retained. Target price falls to 54c from 56c.
This report was published on August 18, 2022.
Target price is $0.54 Current Price is $0.30 Difference: $0.24
If ARU meets the Bell Potter target it will return approximately 80% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.18 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.43.
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.16 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.86.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ASX ASX LIMITED
Wealth Management & Investments – Overnight Price: $80.91
Jarden rates ((ASX)) as Underweight (4) –
ASX reported FY22 earnings in line with expectations and just slightly ahead of Jarden's forecasts and marginally below consensus.
Revenues were supported by higher fees on futures and growth in information services, and offset by lower net interest income on collateral balances.
ASX management has guided to higher than expected cost growth of 10-11%, and Jarden views ongoing inflationary risks and cost pressures tipping into FY24 estimates as depreciation and amortisation rise with the replacement of the CHESS system, assuming it eventuates.
Jarden earnings forecasts are adjusted by -1.4% for FY23 and 1.1% for FY24. An Underweight rating is retained and the target price is lowered to $74.45 from $76.10.
This report was published on August 18, 2022.
Target price is $74.45 Current Price is $80.91 Difference: minus $6.46 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $80.93, suggesting upside of 0.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 249.40 cents and EPS of 277.00 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.21.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 278.4, implying annual growth of 6.0%.
Current consensus DPS estimate is 252.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 29.1.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 263.70 cents and EPS of 292.90 cents.
At the last closing share price the estimated dividend yield is 3.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.62.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 289.5, implying annual growth of 4.0%.
Current consensus DPS estimate is 262.2, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 27.9.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BLX BEACON LIGHTING GROUP LIMITED
Furniture & Renovation – Overnight Price: $2.38
Jarden rates ((BLX)) as Downgrade to Neutral from Overweight (3) –
Beacon Lighting reported better than expected FY22 earnings, with strength in both retail and trade sales alongside margin improvements.
Management offered an upbeat outlook with a 25% growth target for FY23 including five new store openings and an expected 37% rise in the residential volume order book. Margins rose to "premiumisation" of products, price increases and new products.
Jarden highlights Beacon Lighting has outperformed market expectations, but the forecast deterioration in the macro outlook towards the 2H23 and 1H24 will lead to a slower growth profile for the company.
The price target is upgraded to $2.30 from $2.00 and the rating is downgraded to Neutral from Overweight as the stock is seen as fairly valued.
This report was published on August 18, 2022.
Target price is $2.30 Current Price is $2.38 Difference: minus $0.08 (current price is over target).
If BLX meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 9.20 cents and EPS of 15.10 cents.
At the last closing share price the estimated dividend yield is 3.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.76.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 7.80 cents and EPS of 12.80 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.59.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BXB BRAMBLES LIMITED
Transportation & Logistics – Overnight Price: $12.64
Jarden rates ((BXB)) as Overweight (2) –
Brambles' FY22 result pleased Jarden, and the broker says figures to date suggest the December half will be "good enough to hang around for", while the dividend sharply outpaced.
Jarden expects core pricing and surcharge initiatives will drive an 8% to 9% rise in EPS across FY23 to FY25, much of which it expects will be skewed to the December FY23 half, and considers the company to be well placed to manage inflation.
The result revealed unexpected strength in CHEP Americas. Free cash flow outpaced guidance but the broker says Brambles needs to ease up on capital intensity.
Overweight rating retained. Target price rises to $12.60 from $11.60.
This report was published on August 18, 2022.
Target price is $12.60 Current Price is $12.64 Difference: minus $0.04 (current price is over target).
If BXB meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.24, suggesting upside of 4.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 43.53 cents and EPS of 62.87 cents.
At the last closing share price the estimated dividend yield is 3.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 69.0, implying annual growth of N/A.
Current consensus DPS estimate is 35.5, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 18.3.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 46.18 cents and EPS of 66.76 cents.
At the last closing share price the estimated dividend yield is 3.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.93.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 74.8, implying annual growth of 8.4%.
Current consensus DPS estimate is 38.9, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 16.9.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CDA CODAN LIMITED
Hardware & Equipment – Overnight Price: $7.24
Canaccord Genuity rates ((CDA)) as Buy (1) –
With Codan delivering a record full year result more or less in line with Canaccord Genuity's expectations, the broker highlighted better than expected performance from the DTC and Zetron acquisitions.
Looking ahead, company management guided to strong growth in Communications in the coming year, while Metal Detection looks to continue to face headwinds, particularly in the first half.
Canaccord Genuity notes new product launches should support growth in the second half. The Buy rating is retained and the target price decreases to $10.05 from $10.60.
This report was published on August 19, 2022.
Target price is $10.05 Current Price is $7.24 Difference: $2.81
If CDA meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Canaccord Genuity forecasts a full year FY23 dividend of 29.00 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.48.
Forecast for FY24:
Canaccord Genuity forecasts a full year FY24 dividend of 33.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 4.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.14.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Moelis rates ((CDA)) as Buy (1) –
Codan's FY22 top-line result proved a mixed bag for Moelis, communications acquisitions outperforming to comprise 29% of group earnings (EBIT) but organic group earnings (EBITDA) falling -19% after gold detector sales slumped in Sudan.
While metal detection EBIT margin grew, overall costs generally disappointed.
Moelis expects growth to be underpinned by new metal detector releases, continued strength in the communications pipeline, more distribution channels, on-the-ground business development, and the entry into new markets in India and South America.
The broker appreciates the strong return on investment capital and balance sheet. Buy rating retained. Target price slips to $10.20 from $10.60.
This report was published on August 19, 2022.
Target price is $10.20 Current Price is $7.24 Difference: $2.96
If CDA meets the Moelis target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Moelis forecasts a full year FY23 dividend of 30.10 cents and EPS of 57.30 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.64.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 32.50 cents and EPS of 61.90 cents.
At the last closing share price the estimated dividend yield is 4.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.70.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CSL CSL LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $289.80
Goldman Sachs rates ((CSL)) as Neutral (3) –
Revenue guidance for FY23 suggests to Goldman Sachs that the growth profile will still be limited by Behring restocking.
The broker believes CSL has applied a "typical dose" of conservatism to its 7-11% growth guidance, although the trough in gross margins at Behring has likely passed.
Vaccines continue to outperforrm expectations, countering the continuing difficulties with plasma collections. Neutral maintained. Target is reduced to $291 from $307.
This report was published on August 18, 2022.
Target price is $291.00 Current Price is $289.80 Difference: $1.2
If CSL meets the Goldman Sachs target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $324.80, suggesting upside of 12.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 350.49 cents and EPS of 739.92 cents.
At the last closing share price the estimated dividend yield is 1.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.17.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 809.5, implying annual growth of N/A.
Current consensus DPS estimate is 375.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 35.8.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 446.45 cents and EPS of 941.59 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.78.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 996.4, implying annual growth of 23.1%.
Current consensus DPS estimate is 455.9, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 29.1.
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
Jarden rates ((CSL)) as Overweight (2) –
CSL's FY22 result met guidance, but FY23 guidance, excluding Vi-for, fell -10% short of Jarden's forecasts, as gross margins disappointed.
Behring's gross margin particularly disappointed the broker, who expects this could fall further in FY23. EPS forecasts fall -7.5% in FY23; -8.6% in FY24; and -2% in FY25 accordingly.
Jarden expects margins to bottom in the December half, after which it says the prospect of a sharp recovery can't be ruled out as the cost profile starts to normalise and inventory cycles out.
Overweight rating retained. Target price slips to $333.97 from $336.81.
This report was published on August 18, 2022.
Target price is $333.97 Current Price is $289.80 Difference: $44.17
If CSL meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $324.80, suggesting upside of 12.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 356.61 cents and EPS of 773.02 cents.
At the last closing share price the estimated dividend yield is 1.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.49.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 809.5, implying annual growth of N/A.
Current consensus DPS estimate is 375.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 35.8.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 428.51 cents and EPS of 928.93 cents.
At the last closing share price the estimated dividend yield is 1.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.20.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 996.4, implying annual growth of 23.1%.
Current consensus DPS estimate is 455.9, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 29.1.
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
CTD CORPORATE TRAVEL MANAGEMENT LIMITED
Travel, Leisure & Tourism – Overnight Price: $18.78
Jarden rates ((CTD)) as Buy (1) –
Corporate Travel Management's FY22 earnings (EBITDA) and revenue fell roughly -2.5% below consensus. The result broadly met Jarden's forecasts, EBITDA outpacing by 9%.
Jarden says North America is still travelling well shy of prepandemic levels but expects the removal of transatlantic impediments should deliver a full benefit in the December half. European trade has outpaced pre-pandemic metrics.
Management guided to a full recovery in FY24 and the broker expects productivity gains will drive 50% incremental earnings (EBITDA) margins.
Buy rating retained. Target price rises to $27.03 to $26.22.
This report was published on August 18, 2022.
Target price is $27.03 Current Price is $18.78 Difference: $8.25
If CTD meets the Jarden target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $24.06, suggesting upside of 28.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 EPS of 70.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.9, implying annual growth of 3153.4%.
Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 26.1.
Forecast for FY24:
Jarden forecasts a full year FY24 EPS of 108.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.32.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 110.1, implying annual growth of 53.1%.
Current consensus DPS estimate is 46.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 17.1.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
JP Morgan rates ((CTD)) as Overweight (1) –
FY22 results for Corporate Travel Management exceeded forecasts by both JP Morgan and consensus by 6%, with management upbeat on the demand outlook.
The broker has increased confidence that the company's FY24 full recovery target will be met, partly because the dividend was reinstated. Also, 4Q revenue was significantly higher than for the prior two quarters, with a strong earnings conversion, according to the analyst.
JP Morgan expects a continuation of market share gains and medium-term double-digit earnings growth. The Overweight rating and $25 target are retained.
This report was published on August 18, 2022.
Target price is $25.00 Current Price is $18.78 Difference: $6.22
If CTD meets the JP Morgan target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $24.06, suggesting upside of 28.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
JP Morgan forecasts a full year FY23 dividend of 29.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.45.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.9, implying annual growth of 3153.4%.
Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 26.1.
Forecast for FY24:
JP Morgan forecasts a full year FY24 dividend of 54.00 cents and EPS of 116.00 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.19.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 110.1, implying annual growth of 53.1%.
Current consensus DPS estimate is 46.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 17.1.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CVN CARNARVON ENERGY LIMITED
Crude Oil – Overnight Price: $0.16
Jarden rates ((CVN)) as Overweight (2) –
Jarden adjusts earnings and the target price for Carnarvon Energy, post the announcement by Santos to delay the final investment decision (FID) for Dorado.
The Santos CEO highlighted cost challenges and the requirement for additional appraisal, with the FID pushed out from the 2H22, with no date offered.
The broker's earnings forecasts are modified for an increase in the capital cost and project start-up deferred to 2H24 from FY23 and the first oil sales in FY29, compared to FY27.
A Overweight rating is retained and the target price is lowered to $0.22 from $0.28.
This report was published on August 18, 2022.
Target price is $0.22 Current Price is $0.16 Difference: $0.06
If CVN meets the Jarden target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
Jarden forecasts a full year FY22 EPS of minus 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.52.
Forecast for FY23:
Jarden forecasts a full year FY23 EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 40.00.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate – Overnight Price: $3.49
Goldman Sachs rates ((DHG)) as Buy (1) –
FY22 results at the EBITDA line were weaker than Goldman Sachs expected. Commentary implies FY23 EBITDA of at least $155m, in line with the broker's forecasts.
Goldman Sachs remains "bullish" around the revenue outlook for Domain Holdings Australia amid continued growth in the agent services business and residential yield growth likely to accelerate in FY24.
Estimates for earnings per share are revised up 7-11% for FY23-25 and a Buy rating is maintained. Target edges up to $4.25 from $4.20.
This report was published on August 17, 2022.
Target price is $4.25 Current Price is $3.49 Difference: $0.76
If DHG meets the Goldman Sachs target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $4.22, suggesting upside of 20.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 8.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.5, implying annual growth of 94.9%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 30.3.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 9.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.27.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.1, implying annual growth of 22.6%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 24.8.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((DHG)) as Neutral (3) –
Domain Holdings Australia FY22 reported earnings were softer than expected from higher costs with a slight beat on revenue, according to Jarden.
The broker adjusts FY23 earnings for a stronger guidance on yield, the contribution from acquisitions made in FY22 and the company guidance on the cost base.
Interestingly, Jarden assumes 8% growth in new listings on FY22 which is greater than guidance, but in line with the macro view of higher interest rates will drive accelerating house price falls.
A Neutral rating is retained the target price is raised to $3.90 from $3.60 for the earnings forecast changes.
This report was published on August 17, 2022.
Target price is $3.90 Current Price is $3.49 Difference: $0.41
If DHG meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.22, suggesting upside of 20.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 7.80 cents and EPS of 11.10 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.5, implying annual growth of 94.9%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 30.3.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 9.70 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.1, implying annual growth of 22.6%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 24.8.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DRR DETERRA ROYALTIES LIMITED
Iron Ore – Overnight Price: $4.51
Canaccord Genuity rates ((DRR)) as Buy (1) –
Deterra Royalties' full year earnings of $257m were a beat to Canaccord Genuity's forecasts, and up 77% year-on-year. The broker noted stronger royalty revenue in the June quarter supported the result, and flowed through to net profit.
The broker notes Deterra Royalties continues to seek and review additional royalty opportunities, and Canaccord Genuity expects the company is well positioned to negotiate with potential counterparties.
The Buy rating is retained and the target price increases to $5.70 from $5.50.
This report was published on August 19, 2022.
Target price is $5.70 Current Price is $4.51 Difference: $1.19
If DRR meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $4.94, suggesting upside of 9.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Canaccord Genuity forecasts a full year FY23 dividend of 34.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 7.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.26.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 34.5, implying annual growth of 2.2%.
Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 7.8%.
Current consensus EPS estimate suggests the PER is 13.1.
Forecast for FY24:
Canaccord Genuity forecasts a full year FY24 dividend of 25.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.04.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.8, implying annual growth of -13.6%.
Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 15.1.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DXS DEXUS
REITs – Overnight Price: $8.73
Jarden rates ((DXS)) as Underweight (4) –
Jarden views the FY22 Dexus funds from operations as in line with expectations and consensus.
However, the analyst points out Dexus has provided an "underwhelming" dividend guidance of 50-51.5c for FY23, which is well below Jarden's expectations and market consensus.
Jarden considers the valuation conundrum for investors.
Dexus trades at a -24% discount to NTA with no value ascribed for the Funds Management and Development pipeline, but the outlook for office, the largest exposure for the group, is likely to deteriorate before it improves, giving reason for investor caution.
An Underweight rating is maintained and the target price is lowered to $10 from $10.60.
This report was published on August 18, 2022.
Target price is $10.00 Current Price is $8.73 Difference: $1.27
If DXS meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $10.51, suggesting upside of 20.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 51.00 cents and EPS of 67.80 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.88.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 66.1, implying annual growth of -56.0%.
Current consensus DPS estimate is 52.6, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 13.2.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 53.00 cents and EPS of 69.10 cents.
At the last closing share price the estimated dividend yield is 6.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.63.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 67.6, implying annual growth of 2.3%.
Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.9.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
EHL EMECO HOLDINGS LIMITED
Mining Sector Contracting – Overnight Price: $0.89
Jarden rates ((EHL)) as Buy (1) –
Emeco Holdings missed on FY22 earnings, notes Jarden, although the de-rating in the shares over the last 12 months is viewed by the analyst as more discounting the potential for further earnings downgrades for the market.
Pit N Portal continues to restructure from a difficult contract and Emeco Holdings is optimistic that the issues will be resolved in the 1H23, while the Rental business is exhibiting improved utilisation rates in Eastern regions and is stable in the Western region.
Jarden is forecasting flat FY23 margins and concludes the new $6.7m on market share buyback is indicative of a strong balance sheet.
A Buy rating and $1.25 price target are retained.
This report was published on August 18, 2022.
Target price is $1.25 Current Price is $0.89 Difference: $0.36
If EHL meets the Jarden target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 5.30 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 5.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.93.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 6.70 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 7.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.33.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
EVN EVOLUTION MINING LIMITED
Gold & Silver – Overnight Price: $2.47
JP Morgan rates ((EVN)) as Neutral (3) –
FY22 results for Evolution Mining were largely in line with the prior forecasts of JP Morgan and consensus, while the dividend was a beat and net debt was a miss. Underlying profit was a 9% beat versus consensus on a lower D&A charge.
The broker sees greater valuation support for Northern Star Resources ((NST)) and retains a Neutral rating for Evolution Mining. The target falls to $2.90 from $3.00.
The analyst pares back its FY23 dividend forecast to 3cps with gearing set to peak above 30% in the financial year. In some assistance for cash costs, management noted the prices for oil, energy and steel have fallen since the June trading update.
This report was published on August 19, 2022.
Target price is $2.90 Current Price is $2.47 Difference: $0.43
If EVN meets the JP Morgan target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $2.80, suggesting upside of 13.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
JP Morgan forecasts a full year FY23 dividend of 3.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.74.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.4, implying annual growth of -1.9%.
Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 14.2.
Forecast for FY24:
JP Morgan forecasts a full year FY24 dividend of 9.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.82.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.5, implying annual growth of 0.6%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 14.1.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FBU FLETCHER BUILDING LIMITED
Building Products & Services – Overnight Price: $5.03
Jarden rates ((FBU)) as Buy (1) –
Fletcher Building's FY22 earnings report beat Jarden's expectations and the company's guidance, with a 2H22 dividend of NZ$0.22, equating to a FY22 dividend of NZ$0.44 or a 67% payout ratio.
Looking ahead, the company has indicated a pick-up in activity to normal levels in August of about 30-40 house sales per month with the guided pipeline strong for FY23.
The analyst noted a strong balance sheet for Fletcher Building with NZ$1.1bn in liquidity and leverage of only 0.6x, below the target range.
A Buy rating is retained the target price is raised to NZ$6.43 from NZ$6.40.
This report was published on August 17, 2022.
Current Price is $5.03. Target price not assessed.
Current consensus price target is $7.00, suggesting upside of 39.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 40.04 cents and EPS of 65.36 cents.
At the last closing share price the estimated dividend yield is 7.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.70.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 57.2, implying annual growth of N/A.
Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 8.8.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 35.38 cents and EPS of 55.68 cents.
At the last closing share price the estimated dividend yield is 7.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.03.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 53.2, implying annual growth of -7.0%.
Current consensus DPS estimate is 38.8, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 9.5.
This company reports in NZD. 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
JP Morgan rates ((FBU)) as Overweight (1) –
JP Morgan maintains its Overweight rating for Fletcher Building and increases its target price to NZ$6.50 from NZ$6.40 following FY22 results. The overall outlook is considered relatively unchanged with guidance for FY23 earnings maintained.
Management sees a potential step-up for incremental demand over the next half year, after housing sentiment stabilised into July and August.
The broker estimates the company is undervalued given the cost base has been optimised over the last two years and the competitive position in key product categories has improved. Demonstrated strong pricing power is also thought to add impetus.
This report was published on August 18, 2022.
Current Price is $5.03. Target price not assessed.
Current consensus price target is $7.00, suggesting upside of 39.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
JP Morgan forecasts a full year FY23 dividend of 38.18 cents and EPS of 59.59 cents.
At the last closing share price the estimated dividend yield is 7.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 57.2, implying annual growth of N/A.
Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 8.8.
Forecast for FY24:
JP Morgan forecasts a full year FY24 dividend of 37.24 cents and EPS of 58.66 cents.
At the last closing share price the estimated dividend yield is 7.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 53.2, implying annual growth of -7.0%.
Current consensus DPS estimate is 38.8, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 9.5.
This company reports in NZD. 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
HDN HOMECO DAILY NEEDS REIT
REITs – Overnight Price: $1.28
Jarden rates ((HDN)) as Overweight (2) –
FY22 results for HomeCo Daily Needs REIT were broadly in line with both Jarden and consensus forecasts. FY23 guidance is for 8.6cpu funds from operations (FFO), a miss versus the broker and consensus of -4.8% and -3.1%.
A dividend of 8.3cpu was -3.5% shy of the broker's and the consensus estimate. The target price is lowered to $1.50 from $1.60, while the Overweight rating is unchanged. It's felt the REIT can comfortably grow top-line rental income.
The strong development pipeline in FY23 should provide a strong buffer for valuation, even in the face of rising costs, suggests the analyst.
This report was published on August 19, 2022.
Target price is $1.50 Current Price is $1.28 Difference: $0.22
If HDN meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $1.47, suggesting upside of 14.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 8.30 cents.
At the last closing share price the estimated dividend yield is 6.48%.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.8, implying annual growth of -68.6%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 14.5.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 8.60 cents.
At the last closing share price the estimated dividend yield is 6.72%.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.8, implying annual growth of N/A.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 14.5.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
JP Morgan rates ((HDN)) as Overweight (1) –
JP Morgan assesses FY22 operating metrics were strong for HomeCo Daily Needs REIT and expects above-peer growth from delivery of the development pipeline. Strong fixed rent reviews and below-market gross rents are also expected to assist growth.
FY22 funds from operations (FFO) of 8.85cpu were a 1.5% beat compared to the broker's forecast. FY23 FFO guidance is for 8.6cpu, which allows for the sale of Sunshine Coast for $140m and rising debt costs (74% hedged after the sale), explains the analyst.
JP Morgan retains its Overweight rating and $1.55 target price.
This report was published on August 19, 2022.
Target price is $1.55 Current Price is $1.28 Difference: $0.27
If HDN meets the JP Morgan target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $1.47, suggesting upside of 14.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
JP Morgan forecasts a full year FY23 dividend of 8.20 cents.
At the last closing share price the estimated dividend yield is 6.41%.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.8, implying annual growth of -68.6%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 14.5.
Forecast for FY24:
JP Morgan forecasts a full year FY24 dividend of 8.50 cents.
At the last closing share price the estimated dividend yield is 6.64%.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.8, implying annual growth of N/A.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 14.5.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HT1 HT&E LIMITED
Out of Home Advertising – Overnight Price: $1.39
Wilsons rates ((HT1)) as Overweight (1) –
HT&E reported 1H22 earnings ahead of expectations with a stronger margin from ARN Regional and lower financing costs contributing to the beat, according to Wilsons.
Management is cautiously optimistic about the remainder of 2022 with 3Q22 results ahead by 6-8% on the previous year and costs up some 5%, suggesting positive earnings growth.
The buyback has also been reinstated and could be up to $20m notes Wilsons, adding the FY23 earnings forecast looks conservative if advertising spend remains resilient.
An Overweight rating and $1.85 target price.
This report was published on August 23, 2022.
Target price is $1.85 Current Price is $1.39 Difference: $0.46
If HT1 meets the Wilsons target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 18.7%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Wilsons forecasts a full year FY22 dividend of 9.60 cents and EPS of 15.20 cents.
At the last closing share price the estimated dividend yield is 6.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.14.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.5, implying annual growth of 170.5%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 9.6.
Forecast for FY23:
Wilsons forecasts a full year FY23 dividend of 9.30 cents and EPS of 14.10 cents.
At the last closing share price the estimated dividend yield is 6.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.86.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.6, implying annual growth of -6.2%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 10.2.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IPH IPH LIMITED
Legal – Overnight Price: $9.57
Canaccord Genuity rates ((IPH)) as Buy (1) –
Canaccord Genuity notes IPH delivered a solid full year result, with Australia New Zealand largely in line and Asia well ahead of forecasts.
The broker noted net debt of -$30m was higher than expected but still below full year earnings, demonstrating the ability to fund acquisition with cash and debt.
The company announced the $387m acquisition of Canadian IP company Smart and Bigger alongside its results release, which it anticipates to be 10% earnings per share accretive in the first year. The broker notes the purchase brings scale in a new market.
The Buy rating is retained and the target price increases to $11.65 from $10.10.
This report was published on August 19, 2022.
Target price is $11.65 Current Price is $9.57 Difference: $2.08
If IPH meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Canaccord Genuity forecasts a full year FY23 dividend of 34.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.75.
Forecast for FY24:
Canaccord Genuity forecasts a full year FY24 dividend of 37.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 3.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.94.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IRE IRESS LIMITED
Wealth Management & Investments – Overnight Price: $11.13
JP Morgan rates ((IRE)) as Overweight (1) –
Following an in-line FY22 result for Iress, JP Morgan maintains its Overweight rating and increases its target price to $13.10 from $12.50. The broker likes that APAC region growth can be boosted by raising prices and notes a strong Superannuation pipeline.
Management retains its 2025 performance targets, despite lowering FY22 profit guidance to the lower end of the 7-10% year-on-year range.
The analyst feels a slow start to FY22 was already factored-in by the market following the July 25 trading update, and the focus is now upon upside for Superannuation.
This report was published on August 19, 2022.
Target price is $13.10 Current Price is $11.13 Difference: $1.97
If IRE meets the JP Morgan target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $12.55, suggesting upside of 12.8%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
JP Morgan forecasts a full year FY22 dividend of 44.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.54.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 40.7, implying annual growth of 5.0%.
Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 27.3.
Forecast for FY23:
JP Morgan forecasts a full year FY23 dividend of 46.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 46.7, implying annual growth of 14.7%.
Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 23.8.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IRI INTEGRATED RESEARCH LIMITED
IT & Support – Overnight Price: $0.51
Bell Potter rates ((IRI)) as Hold (3) –
Integrated Research reported FY22 revenue and earnings results consistent with those that were highlighted in mid-July, highlights Bell Potter.
The key difference as noted by the broker were lower other income and a higher tax benefit. Cash on hand stood at $12.3m with no debt.
Looking to FY23, management offered no guidance, as is normal for Integrated Research, although management did identify "key priorities" such as returning America and Europe to growth, as well as launching new generation SaaS products.
The target price is raised to 55c from 50c. A Hold rating is maintained.
This report was published on August 18, 2022.
Target price is $0.55 Current Price is $0.51 Difference: $0.04
If IRI meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 510.00.
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.29.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LIC LIFESTYLE COMMUNITIES LIMITED
Aged Care & Seniors – Overnight Price: $16.77
Goldman Sachs rates ((LIC)) as Buy (1) –
Goldman Sachs raises Lifestyle Communities' target price to $25.75 from $24.30 (6%), heading into the FY22 result.
The broker admires the company's proven track record in recycling all operating and capital costs from the development of its communities, and considers it to be one of most attractive business models in its sector-coverage universe, and expects this should help it weather rising interest rates and construction costs.
EPS forecasts fall -3% in FY23, primarily due to declining home settlements (to 400 from 410). The broker forecasts gross development margins will be steady at 10.8%.
Buy rating retained. Target price rises 6% to $25.75 from $24.30.
This report was published on August 18, 2022.
Target price is $25.75 Current Price is $16.77 Difference: $8.98
If LIC meets the Goldman Sachs target it will return approximately 54% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 15.00 cents and EPS of 69.00 cents.
At the last closing share price the estimated dividend yield is 0.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.30.
Forecast for FY24:
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((LIC)) as Buy (1) –
Lifestyle Communities reported FY22 results above Jarden's expectations and the dividend in line with the broker's forecasts and above consensus.
The analyst provides an upbeat assessment for the future with the listed investment company guiding to release seven projects in FY23, providing a small contribution in the 4Q23 and an increases in settlements from FY24 onwards.
Jarden highlights the growth in passive income as the portfolio grows, so will the rental backing, as well as the reduction in gearing to 34.9% from 40.9%.
Buy rating retained and the price target is raised to $20.60 from $18.90 for an updated valuation.
This report was published on August 17, 2022.
Target price is $20.60 Current Price is $16.77 Difference: $3.83
If LIC meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 11.50 cents and EPS of 60.10 cents.
At the last closing share price the estimated dividend yield is 0.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.90.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 14.00 cents and EPS of 79.80 cents.
At the last closing share price the estimated dividend yield is 0.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.02.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MFG MAGELLAN FINANCIAL GROUP LIMITED
Wealth Management & Investments – Overnight Price: $13.00
Jarden rates ((MFG)) as Underweight (4) –
Magellan Financial reported FY22 earnings below Jarden's expectations with lower base management fees contributing to the weaker performance.
The broker is looking to a revised business plan to be announced in October by the new CEO David George with management confirming it is not seeking to reduced retail fees, despite significant funds outflows, estimated at -30% of retail FUM.
Jarden estimates institutional fees fell 12% in the 2H22, but couldn't confirm whether existing clients received fee cuts or whether there was a shift to lower fee paying clients.
With the broker's earnings forecasts expected to decline by -7% for FY23 and FY24, as net outflows continue, an Underweight rating is retained and the target is lowered to $8.85 from $9.45.
This report was published on August 18, 2022.
Target price is $8.85 Current Price is $13.00 Difference: minus $4.15 (current price is over target).
If MFG meets the Jarden target it will return approximately minus 32% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $11.76, suggesting downside of -9.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 106.30 cents and EPS of 114.40 cents.
At the last closing share price the estimated dividend yield is 8.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.36.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 111.7, implying annual growth of -46.0%.
Current consensus DPS estimate is 99.9, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 11.6.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 78.80 cents and EPS of 96.00 cents.
At the last closing share price the estimated dividend yield is 6.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.54.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 97.6, implying annual growth of -12.6%.
Current consensus DPS estimate is 87.6, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 13.3.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MGH MAAS GROUP HOLDINGS LIMITED
Building Products & Services – Overnight Price: $4.06
Moelis rates ((MGH)) as Buy (1) –
Maas Group's FY22 result was in line with Moelis forecasts, despite disruptions from covid and the weather. Earnings (EBITDA) outpaced, falling at the top end of guidance, 4% ahead of the broker.
Moelis sheets weak cash conversion at 25% back to investments in WC, land, and general growth.
Management guides to a 44% to 60% jump in FY23 EBITDA, excluding impending acquisitions, which should yield another $22m.
The broker estimates net debt of $282m post the $105m placement, including near-term acquisitions.
Moelis reinstates coverage after research restriction with a Buy rating and $5.62 target price.
This report was published on August 18, 2022.
Target price is $5.62 Current Price is $4.06 Difference: $1.56
If MGH meets the Moelis target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Moelis forecasts a full year FY23 dividend of 9.00 cents and EPS of 32.30 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.57.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 11.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 2.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MNY MONEY3 CORPORATION LIMITED
Business & Consumer Credit – Overnight Price: $2.33
Bell Potter rates ((MNY)) as Buy (1) –
Money3 reported earnings of $51.6m, above guidance of $50m, highlights Bell Potter.
The growth in profitability was noted as "good", however the analyst flags the miss on the loan book growth, falling short of guidance with higher loan redemptions.
Bell Potter points to slowing loan growth on a half year basis and accordingly adjusts FY23 estimates. The broker struggles to see how Money3 can achieve the $1bn guided loan book.
A Buy rating and the target price is lowered to $2.90 from $3.22.
This report was published on August 17, 2022.
Target price is $2.90 Current Price is $2.33 Difference: $0.57
If MNY meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 13.00 cents and EPS of 24.80 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.40.
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 13.80 cents and EPS of 25.90 cents.
At the last closing share price the estimated dividend yield is 5.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.00.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MPL MEDIBANK PRIVATE LIMITED
Insurance – Overnight Price: $3.68
Jarden rates ((MPL)) as Overweight (2) –
Underlying FY22 profit for Medibank Private was broadly in line with Jarden's forecast, while larger investment mark-to-market losses were responsible for a -2.8% miss on reported profit.
Management expects policyholder growth to moderate to 2.7% in FY23 from 3.2% in FY22, while benign claims inflation should stay around the FY22 level. Ongoing productivity savings are also expected to offset FY23 cost growth.
The analyst sees scope for underlying net margins to edge higher and raises the FY23 EPS forecast by 3%. The target price rises to $3.50 from $3.40 and the Overweight rating is unchanged.
This report was published on August 19, 2022.
Target price is $3.50 Current Price is $3.68 Difference: minus $0.18 (current price is over target).
If MPL meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.76, suggesting upside of 2.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 15.60 cents and EPS of 18.40 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.5, implying annual growth of 29.4%.
Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 19.9.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 16.30 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.27.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.8, implying annual growth of 1.6%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 19.6.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MXI MAXIPARTS LIMITED
Automobiles & Components – Overnight Price: $2.34
Canaccord Genuity rates ((MXI)) as Buy (1) –
Maxiparts delivered underlying earnings of $8.7m, at the top of guidance, a performance Canaccord Genuity finds sound given operational pressures, as well as Trailer Solutions divestment in the first half and Truckzone acquisition in the second half.
The broker notes external challenges are set to persist into the coming year, but despite this Maxiparts has provided a solid outlook for FY23, targeting low double-digit revenue growth. Canaccord Genuity has lowered earnings forecasts -4% and -2% for FY23 and FY24, accounting for market conditions.
The Buy rating is retained and the target price decreases to $3.60 from $4.00.
This report was published on August 19, 2022.
Target price is $3.60 Current Price is $2.34 Difference: $1.26
If MXI meets the Canaccord Genuity target it will return approximately 54% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Canaccord Genuity forecasts a full year FY23 dividend of 8.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.76.
Forecast for FY24:
Canaccord Genuity forecasts a full year FY24 dividend of 9.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.70.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWH NRW HOLDINGS LIMITED
Mining Sector Contracting – Overnight Price: $2.30
Jarden rates ((NWH)) as Overweight (2) –
Despite labour cost inflation and bad weather, NRW Holdings delivered a strong FY22 result, according to Jarden, assisted by a lower D&A expense following the sale of equipment.
When recent contract wins are combined with ongoing Mining and Civil Infrastructure industry strength, the broker lifts its FY23 EPS forecast by 4% and raises the revenue outlook following a strong work-in-hand performance. Jarden also notes signs of lessening cost inflation.
Management guidance is for FY23 revenue of $2.6bn-$2.7bn, with around 87% already locked-in via the order book or recurring business.
The target price rises to $2.50 from $2.10 and the Overweight rating is unchanged.
This report was published on August 19, 2022.
Target price is $2.50 Current Price is $2.30 Difference: $0.2
If NWH meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 13.60 cents and EPS of 24.40 cents.
At the last closing share price the estimated dividend yield is 5.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.43.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 14.40 cents and EPS of 25.50 cents.
At the last closing share price the estimated dividend yield is 6.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.02.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ORA ORORA LIMITED
Paper & Packaging – Overnight Price: $3.50
Jarden rates ((ORA)) as Neutral (3) –
Consensus and Jarden expectations were exceeded by Orora's FY22 results due to ongoing strength in the North American business. This was partly due to the Orora Packaging Solutions business, from which management expects ongoing margin improvement.
The broker raises its FY23 core EPS forecast by 8% and lifts its target to $3.70 from $3.60.
The analyst highlights near-term free cash flow is $100m less than the market had expected due to an increase in budgeted capex expenditure. of the -$230m to be spent, around $150m is growth capex and management expects a return in FY24-25, explains Jarden.
The Neutral rating is maintained, with the bnroker expecting a period of slower earnings growth and higher capex.
This report was published on August 19, 2022.
Target price is $3.70 Current Price is $3.50 Difference: $0.2
If ORA meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.81, suggesting upside of 8.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 16.80 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.84.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.0, implying annual growth of 1.6%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 15.9.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 17.80 cents and EPS of 22.70 cents.
At the last closing share price the estimated dividend yield is 5.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.42.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.4, implying annual growth of 6.4%.
Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 15.0.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PGC PARAGON CARE LIMITED
Medical Equipment & Devices – Overnight Price: $0.37
Bell Potter rates ((PGC)) as Hold (3) –
Bell Potter initiates coverage of Paragon Care with a Buy rating and $0.44 price target. Ths shares are considered as offering "deep value" on valuation and an attractive 4.6% fully franked yield.
The company is a leading supplier of equipment, devices and consumables to the Australian and New Zealand healthcare markets and should benefit from the recent merger with Quantum Health, offering revenue exposure to Thailand and Korea, suggests the broker.
With the worst of the covid disruptions in the rear mirror, Bell Potter is looking for the company to generate more consistent earnings growth, including the positive appointment of Mark Hooper, formerly of Sigma and Symbion Health as CEO.
A Buy rating and $0.44 price target.
This report was published on August 17, 2022.
Target price is $0.44 Current Price is $0.37 Difference: $0.07
If PGC meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 1.20 cents and EPS of 2.70 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.70.
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 1.60 cents and EPS of 2.90 cents.
At the last closing share price the estimated dividend yield is 4.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.76.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PME PRO MEDICUS LIMITED
Medical Equipment & Devices – Overnight Price: $52.82
Bell Potter rates ((PME)) as Downgrade to Hold from Buy (3) –
Pro Medicus reported FY22 revenues in line with Bell Potter's expectations of some 38% growth, driven by new clients and growth in transactions volumes for US clients.
The company successfully grew gross margins by 500bp to 67%, observes the broker, which is attributed to the value add from the core Visage 7 product through renewals of long-term contracts.
No revenue or earnings guidance is offered by Pro Medicus, however Bell Potter points to the outlook statements which support ongoing growth.
The rating is lowered to Neutral from Buy and the $55 target maintained.
This report was published on August 18, 2022.
Target price is $55.00 Current Price is $52.82 Difference: $2.18
If PME meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 28.80 cents and EPS of 57.70 cents.
At the last closing share price the estimated dividend yield is 0.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 91.54.
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 39.90 cents and EPS of 79.70 cents.
At the last closing share price the estimated dividend yield is 0.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.27.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Moelis rates ((PME)) as Downgrade to Hold from Buy (3) –
Pro Medicus's FY22 result met Moelis's forecasts thanks largely to margin expansion following a step up in US sales, as acquisition contributions flowed through.
This was despite a sharp rise in operating expenditure. The broker appreciates the company's strong balance and net cash position. The full-year dividend rose 46.7%.
Management guided to steady margins on average but no specific guidance was provided.
Moelis believes growth prospects are good given management advised that nearly all of its future pipeline is for cloud-based deployment, and the company is optimised for the cloud, and its addressable market is expanding.
The broker downgrades to Hold from Buy given the recent share price rally. Target price rises to $56.70 from $55.10.
This report was published on August 18, 2022.
Target price is $56.70 Current Price is $52.82 Difference: $3.88
If PME meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Moelis forecasts a full year FY23 dividend of 27.00 cents and EPS of 57.10 cents.
At the last closing share price the estimated dividend yield is 0.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 92.50.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 32.00 cents and EPS of 68.70 cents.
At the last closing share price the estimated dividend yield is 0.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 76.89.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Wilsons rates ((PME)) as Overweight (1) –
In the wake of FY22 results for Pro Medicus, Wilsons lifts its target price to $62 from $51, despite a -5% miss versus the broker's revenue forecast. The Overweight rating is unchanged.
Growth for the Visage 7 product increased by 44% versus the previous corresponding period, with radiology information systems (RIS) product revenue exceeding the analyst's forecast by 4%.
The broker notes three of the company's biggest contracts are going live in the next six months, setting up FY23 for a strong start. No formal FY23 guidance was provided though earnings (EBIT) margins are expected to be stable within a range.
The analyst assesses the return on investment (ROI) from capital reinvestment is the most accretive, when compared to potential M&A or other investment alternatives. As a result, a higher relative number of shares bought back in FY22 compared to prior years is considered a positive.
This report was published on August 19, 2022.
Target price is $62.00 Current Price is $52.82 Difference: $9.18
If PME meets the Wilsons target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Wilsons forecasts a full year FY23 dividend of 27.80 cents and EPS of 55.60 cents.
At the last closing share price the estimated dividend yield is 0.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 95.00.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 32.90 cents and EPS of 65.90 cents.
At the last closing share price the estimated dividend yield is 0.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 80.15.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PPM PEPPER MONEY LIMITED
Business & Consumer Credit – Overnight Price: $1.51
Goldman Sachs rates ((PPM)) as Buy (1) –
First half cash earnings were up 10.8% with Goldman Sachs suspecting aggressive mortgage price competition has provoked margin pressure and been a key headwind in the half-year.
Given the substantial change in the macro economic backdrop, the broker will be keenly observing how Pepper Money will sustain volume growth and defend its business. Target is reduced to $2.24 from $2.87. Buy rating maintained.
This report was published on August 17, 2022.
Target price is $2.24 Current Price is $1.51 Difference: $0.73
If PPM meets the Goldman Sachs target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY22:
Goldman Sachs forecasts a full year FY22 dividend of 13.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 8.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.03.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 12.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 7.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.58.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RBL REDBUBBLE LIMITED
Retailing – Overnight Price: $0.86
Jarden rates ((RBL)) as Neutral (3) –
According to Jarden, the Redbubble FY22 earnings results were in line with expectations and the EBITDA loss was better than forecast due to lower paid acquisition costs.
The company offered an "uncertain" earnings outlook but did note slowing headcount hiring to 4% from 30% in FY22.
The broker's earnings forecasts are lowered by -5% for FY23 and -9% for FY24, adjusting for lower customer growth estimates due to macro headwinds and uncertainty around the outlook for the consumer.
A Neutral Rating and a slight adjustment in the price target to 92c from 93c.
This report was published on August 18, 2022.
Target price is $0.92 Current Price is $0.86 Difference: $0.06
If RBL meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.40, suggesting upside of 62.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 6.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.84.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -4.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -1.4, 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.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RDY READYTECH HOLDINGS LIMITED
Software & Services – Overnight Price: $3.28
Goldman Sachs rates ((RDY)) as Buy (1) –
ReadyTech's FY22 result pleased Goldman Sachs.
The broker says the FY22 result was in line with top-line momentum exceeding expectations thanks to growth across all segments and a shift up to larger enterprises.
FY23 guidance also outpaced expectations but the broker cut the target price to $4.30, after raising it slightly to $4.75 heading into the result on August 11. No explanation was given for the discrepancy.
Buy rating retained.
This report was published on August 17, 2022.
Target price is $4.30 Current Price is $3.28 Difference: $1.02
If RDY meets the Goldman Sachs target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.50.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.26.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Shaw and Partners rates ((RDY)) as Buy (1) –
ReadyTech's FY22 revenue and earnings (EBITDA) outpaced guidance, and Shaw and Partners says FY23 guidance implies growth in the mid teens.
The broker appreciates the company's execution, noting acquisitions are contributing; that ReadyTech is winning larger customer; and that its high-conviction pipeline has risen sharply.
The company has increased its FY26 revenue target to $160m from $140m.
Headline EBITDA and margins weakened and capitalisation rose, as did like-for-like expenses, none of which surprised the broker given FY22 was a tough year for IT wage inflation. But Shaw expects wage inflation has peaked and spies growth for EBITDA cash margins.
Buy rating retained. Target price rises to $4.60 from $4.40.
This report was published on August 18, 2022.
Target price is $4.60 Current Price is $3.28 Difference: $1.32
If RDY meets the Shaw and Partners target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 8.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.85.
Forecast for FY24:
Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.65.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RIC RIDLEY CORPORATION LIMITED
Agriculture – Overnight Price: $1.92
Wilsons rates ((RIC)) as Overweight (1) –
Ridley Corp released a "strong" FY22 earnings report according to Wilsons, with a beat from Packaged Feeds & Ingredients and a miss from Bulk Stockfeeds, Packaged Feeds & Ingredients.
The 4c dividend per share was a 100% increase on the previous year and above the broker's forecast of 3.4c while the -31% miss on operational cashflow resulted from a strategic increase in inventory.
Wilsons' earnings forecasts are adjusted by 2% in FY23 and 5% in FY24 which do not include the share buyback that would add 3% to EPS, if deployed.
An Overweight rating is retained and the target price is raised to $2.21 from $1.95 for changes in earnings and a higher valuation.
This report was published on August 19, 2022.
Target price is $2.21 Current Price is $1.92 Difference: $0.29
If RIC meets the Wilsons target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Wilsons forecasts a full year FY23 dividend of 8.60 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.12.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 9.60 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.52.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SDF STEADFAST GROUP LIMITED
Insurance – Overnight Price: $5.15
Jarden rates ((SDF)) as Neutral (3) –
Steadfast Group delivered FY22 results in line with Jarden and consensus.
Agency written premiums rose 20% from strong organic growth, while Broking grew 17% from a higher commission mix.
The company intends to make -$520m in acquisitions in FY23, assisted by $300m in new equity ($225m institutional placement and $25m retail share purchase), including IBA for $301m (IBA's vendors should receive $56m in stock).
The acquisition should be 2% earnings accretive. The Neutral rating is retained and the price target raised to $5.30 from $5.25.
This report was published on August 18, 2022.
Target price is $5.30 Current Price is $5.15 Difference: $0.15
If SDF meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $6.12, suggesting upside of 18.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 14.90 cents and EPS of 23.30 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.10.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.3, implying annual growth of 24.7%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 23.1.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 16.20 cents and EPS of 25.60 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.12.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.8, implying annual growth of 6.7%.
Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 21.6.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SEK SEEK LIMITED
Jobs & Skilled Labour Services – Overnight Price: $21.40
Jarden rates ((SEK)) as Overweight (2) –
Seek's reported FY22 results came in better than Jarden's expectations with the company providing updated guidance which the broker believes disappointed the market.
Jarden points to higher interest costs. operating expenditure and investment guidance for FY23 with a better outlook for A&NZ revenues and higher FY23 forecasts on volumes (up 4.5%) and yields. LatAM estimates are lowered reflecting the FY22 results.
The Growth Fund showed strength in its investment with higher mark-to-market.
An Overweight rating is maintained as the analyst is upbeat about Asian expansion investment opportunities and the Growth Fund.
The target price is lowered to $32.00 from $34.80 for lower earnings estimates and Seek remains one of the preferred stocks in the online classifieds space.
This report was published on August 17, 2022.
Target price is $32.00 Current Price is $21.40 Difference: $10.6
If SEK meets the Jarden target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $30.22, suggesting upside of 41.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 47.70 cents and EPS of 73.40 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.16.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 69.1, implying annual growth of 44.9%.
Current consensus DPS estimate is 38.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 31.0.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 48.10 cents and EPS of 73.90 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.96.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 78.7, implying annual growth of 13.9%.
Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 27.2.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SGM SIMS LIMITED
Steel & Scrap – Overnight Price: $15.32
Goldman Sachs rates ((SGM)) as Neutral (3) –
Sims' FY22 result met guidance and consensus, the company logging steady earnings (EBITDA) of roughly 10%.
Goldman Sachs says the SA recycling business in the US proved the star, thanks to recent acquisitions. Group scrap sales outpaced by 1%, again thanks to acquisitions.
The company closed the year in a "modest" net debt position due to a bump up in working capital, which the broker expects will unwind this September quarter.
Management reports limited visibility to the December half given inflation and supply-chain challenges, but the broker notes weakness is already emerging in Europe and Turkey.
EPS forecasts fall -4% in FY23; -5% in FY24 and -6% in FY25 to reflect higher corporate costs and forecast declines in scrap volumes from Britain, Australia and New Zealand.
Net asset value falls -3% but target price rises 11% to $16.70 given below mid-cycle earnings near term. Neutral rating retained.
This report was published on August 17, 2022.
Target price is $16.70 Current Price is $15.32 Difference: $1.38
If SGM meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $16.57, suggesting upside of 8.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 EPS of 129.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.88.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 150.4, implying annual growth of -50.4%.
Current consensus DPS estimate is 50.7, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 10.2.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 EPS of 174.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.80.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 123.7, implying annual growth of -17.8%.
Current consensus DPS estimate is 42.4, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 12.4.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
STO SANTOS LIMITED
NatGas – Overnight Price: $7.56
Jarden rates ((STO)) as Overweight (2) –
Santos's FY22 underlying profit outpaced consensus and Jarden's forecasts by 12% to 13%, thanks primarily to one-off income items, a lower tax rate and derivatives gains.
The receipt of a final investment decisions for Alaska's Pikka Phase 1 was earlier than expected.
The broker says that while Santos's failure to sell or part-sell its 51% stake in Pikka disappointed many, Jarden believes the numbers stack up given widening asset value spreads between buyer and sellers given differing views on commodity prices and inflation and regulatory risks.
Jarden expects the PNG LNG sales proceeds will likely be allocated to more buybacks in 2023.
Target price slips to $8.40 from $8.60 to reflect a cut in the Dorado valuation and risks to growth opportunities. Overweight rating retained.
This report was published on August 18, 2022.
Target price is $8.40 Current Price is $7.56 Difference: $0.84
If STO meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $9.56, suggesting upside of 26.4%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Jarden forecasts a full year FY22 dividend of 39.08 cents and EPS of 100.42 cents.
At the last closing share price the estimated dividend yield is 5.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.53.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 125.7, implying annual growth of N/A.
Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 6.0.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 50.77 cents and EPS of 69.96 cents.
At the last closing share price the estimated dividend yield is 6.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.81.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 104.8, implying annual growth of -16.6%.
Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 7.2.
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
SUL SUPER RETAIL GROUP LIMITED
Automobiles & Components – Overnight Price: $10.42
Jarden rates ((SUL)) as Downgrade to Neutral from Buy (3) –
Super Retail's FY22 earnings (EBITDA) outpaced consensus and Jarden forecasts by 10%, after posting a solid performance across all business, albeit the quality being mixed. Macpac and Rebel proved the standouts.
Overheads disappointed due to a -$5.9m writedown of Autoguru.
Cash flow softened due to a 15% jump in tax, inventory and payable timing, but the broker expects this will normalise in FY23, only to be replaced by costs related to CRM investment (which the broker considers to be a net positive).
Meanwhile, like-for-like sales jumped 17% in the first six weeks of FY23 and the broker is forecasting lower inflation and wages growth.
EPS forecasts rise 11% to 15% across FY23 to FY25.
Rating is downgraded to Neutral from Overweight following recent share price strength. Target price jumps to $10.75 from $9.70.
This report was published on August 17, 2022.
Target price is $10.75 Current Price is $10.42 Difference: $0.33
If SUL meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $12.16, suggesting upside of 16.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 62.00 cents and EPS of 93.80 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 89.0, implying annual growth of -16.7%.
Current consensus DPS estimate is 56.4, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 11.7.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 56.00 cents and EPS of 83.60 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.46.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 84.5, implying annual growth of -5.1%.
Current consensus DPS estimate is 56.1, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.3.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TLX TELIX PHARMACEUTICALS LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $6.08
Bell Potter rates ((TLX)) as Speculative Buy (1) –
Bell Potter highlights the 1H22 revenues for Telix Pharmaceuticals were in line with expectations, although operating costs came in higher than forecast.
Illuccix reported revenues of US$9.1m in July which the broker sees as very "encouraging" with growth expected to accelerate as the product moves through the Cardinal Health distribution networks.
Bell Potter makes notable changes to the FY22 and FY23 forecasts to account for sales of US$15m/month of Illucix, and higher operating expenses, resulting in greater losses in FY22 and lower earnings in FY23.
Post the $175m January capital raise, the company has cash on hand of $122m. The price target is lowered to $8.65 from $9.00 with a Speculative Buy rating.
This report was published on August 18, 2022.
Target price is $8.65 Current Price is $6.08 Difference: $2.57
If TLX meets the Bell Potter target it will return approximately 42% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.43.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 129.36.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Wilsons rates ((TLX)) as Overweight (1) –
Telix Pharmaceuticals reported a 1H22 loss of -$70m which was higher than market expectations, according to Wilsons.
Encouragingly the launch of Illuccix generated sales of US$9m for July with disbursement support in the US.
Wilsons remains conservative on the outlook for Illuccix sales, noting competitor pressures from Lantheus and Novartis as well as slower growth in the largest segment of the market, the "community referral to radiology providers" which relies on medical education.
The broker's earnings forecasts are adjusted for 1H22 results, noting the $122m cash on hand should help support profitability by FY24 without further equity raisings.
Overweight rating and $8.50 target price are retained.
This report was published on August 19, 2022.
Target price is $8.50 Current Price is $6.08 Difference: $2.42
If TLX meets the Wilsons target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY22:
Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 25.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.94.
Forecast for FY23:
Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 10.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 55.78.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VCX VICINITY CENTRES
REITs – Overnight Price: $1.90
Jarden rates ((VCX)) as Overweight (2) –
Post the FY22 result, Jarden retains an Overweight rating for Vicinity Centres and shaves the target price to $2.15 from $2.20.
The broker says the covid recovery for malls is punching ahead and expects Vicinity Centres will post a five-year compound annual growth rate of 5% in funds from operations (FFO) and dividends per unit (DPU), despite a rising interest rate and a forecast slowing in consumer demand.
Jarden expects news on the development pipeline and possible growth in fund management plans could generate further growth (although this is not included in current forecasts or valuation).
FFO and DPU forecasts are cut -3.6% to -9.6% across FY23 to FY25 to reflect slower than forecast rent recovery and higher debt cost.
Overweight rating retained. Target price is shaved to $2.15 from $2.20.
This report was published on August 17, 2022.
Target price is $2.15 Current Price is $1.90 Difference: $0.25
If VCX meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $1.94, suggesting upside of 2.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 11.00 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 5.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.87.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.3, implying annual growth of -50.2%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 14.3.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 11.80 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 6.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.01.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.9, implying annual growth of 4.5%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 13.7.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WSP WHISPIR LIMITED
Cloud services – Overnight Price: $1.03
Shaw and Partners rates ((WSP)) as Buy (1) –
Whispir's largely pre-announced FY22 result was in line.
Shaw and Partners was surprised at the lack of FY23 annual recurring revenue and general revenue guidance ranges, which has traditionally been issued along with the result.
But management did reiterate all of its break-even guidance. Shaw assumes FY23 revenue of $76m and a cash burn of -$13m.
All-in, the story remains intact, despite North America momentum reversing in the June half, and the Singtel relationship is expected to be a strong driver of growth through the Asian region.
A Buy rating and $3.50 price target are maintained.
This report was published on August 18, 2022.
Target price is $3.50 Current Price is $1.03 Difference: $2.47
If WSP meets the Shaw and Partners target it will return approximately 240% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 9.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.20.
Forecast for FY24:
Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 206.00.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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.
As part of emerging new trends overseas, The Australian Broker Call *Extra* Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.
Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.
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