Australian Broker Call *Extra* Edition – Sep 12, 2022

This story features AI-MEDIA TECHNOLOGIES LIMITED, and other companies. For more info SHARE ANALYSIS: AIM

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

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)

AIM   ALL   AND (2)   CVN   DDH   DGL   DUG   FWD   GDG   HVN   IVC   MOZ   OPT   RFF   SFR   TSI   WEB (2)  

AIM    AI-MEDIA TECHNOLOGIES LIMITED

Commercial Services & Supplies – Overnight Price: $0.33

Bell Potter rates ((AIM)) as Buy (1) –

In the wake of in-line FY22 results for Ai-Media Technologies, Bell Potter highlights a 33% rise in gross margins (to 55%), due to a higher proportion of SaaS and devices revenue, which offset slower services revenue growth.

The Buy rating and $0.70 target price are unchanged.

The analyst points out net cash of $15.2m provides some capacity for acquisitions targeting smaller growth opportunities. The company was operating cash flow positive in FY22, an outcome management expects to continue.

This report was published on September 1, 2022.

Target price is $0.70 Current Price is $0.33 Difference: $0.37
If AIM meets the Bell Potter target it will return approximately 112% (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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 66.00.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.00.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $34.64

Jarden rates ((ALL)) as Overweight (2) –

Jarden has marginally upgraded forecasts for Aristocrat Leisure in FY23 and FY24, accounting for a strong North America Gaming outlook and the company's competitive position. 

Strength in Aristocrat Leisure's social casino operations was somewhat offset by weakness in casual gaming. 

Jarden lifts its design and development costs forecasts for FY22, expecting expenses to further heighten in the the remainder of the second half, which it anticipates to be a key focus of the end of year result.

The Overweight rating is retained and the target price decreases to $38.38 from $40.00.

This report was published on August 31, 2022.

Target price is $38.38 Current Price is $34.64 Difference: $3.74
If ALL meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $43.11, suggesting upside of 24.5%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 50.00 cents and EPS of 170.40 cents.
At the last closing share price the estimated dividend yield is 1.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 163.8, implying annual growth of 27.8%.
Current consensus DPS estimate is 59.3, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 21.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 54.00 cents and EPS of 178.60 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 185.0, implying annual growth of 12.9%.
Current consensus DPS estimate is 70.4, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 18.7.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

AND    ANSARADA GROUP LIMITED

Software & Services – Overnight Price: $1.70

Canaccord Genuity rates ((AND)) as Buy (1) –

Ansarada Group delivered 44% revenue growth in the last year to $48.3m and 42% gross profit growth to $45.8m. Canaccord Genuity notes earnings of $6m were lower than expected on higher second half expenditure. 

The broker notes merger and acquisition activity softened in the final quarter, and has carried into the new year. Ansarada Group has made it easy for customers to interact with its products for free, and has benefited from historical conversion rates, but this appears to be slowing in the current environment.

Canaccord Genuity considers Ansarada Group to be starting the new year in a strong position. The Buy rating is retained and the target price decreases to $2.50 from $3.00.

This report was published on September 1, 2022.

Target price is $2.50 Current Price is $1.70 Difference: $0.8
If AND meets the Canaccord Genuity target it will return approximately 47% (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 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 188.89.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.67.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

---

Moelis rates ((AND)) as Downgrade to Hold from Buy (3) –

Moelis downgrades its rating for Ansarada Group to Hold from Buy following FY23 guidance pointing to a slowdown in M&A activity across the 1H of FY23.

The analyst expects a partial offset to slower M&A from growing sales across government tenders, and management expects M&A activity to pick up across the 2H.

From FY22 results, the broker highlights monthly average revenue per user (ARPU) rose 23% year-on-year following pricing changes for subscriptions and increased usage.

The target falls to $1.82 from $1.92.

This report was published on September 1, 2022.

Target price is $1.82 Current Price is $1.70 Difference: $0.12
If AND 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 0.00 cents and EPS of minus 7.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.94.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 51.52.

Market Sentiment: 1.0
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: $0.17

Jarden rates ((CVN)) as Overweight (2) –

Jarden notes no surprises in Carnarvon Energy's full year results, with the company reporting a net loss of -$53.7m which included -$41m in exploration expense write offs and impairments. 

The broker reiterated Carnarvon Energy's announcement that a final investment decision on Dorado has been delayed, noting its forecasts assume a decision is reached in the second half of FY24 for first oil sales in FY29, and that Carnarvon Energy sells down a -5% stake to fund the project.

The Overweight rating and target price of $0.22 are retained.

This report was published on August 31, 2022.

Target price is $0.22 Current Price is $0.17 Difference: $0.05
If CVN meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
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 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 42.50.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 42.50.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

DDH    DDH1 LIMITED

Mining Sector Contracting – Overnight Price: $0.91

Moelis rates ((DDH)) as Buy (1) –

Moelis notes another year of solid growth from DDH1, with underlying earnings up 30% year-on-year to $97.1m. The company noted utilisation of 77.4% would have been 4% higher if not for covid impacts, but this looks to moderate by 2% in the coming year. 

Moelis finds DDH1's significant discount to peers unwarranted given a strong track record and growth outlook.

The Buy rating and target price of $1.47 are retained.

This report was published on August 31, 2022.

Target price is $1.47 Current Price is $0.91 Difference: $0.56
If DDH meets the Moelis target it will return approximately 62% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 5.70 cents and EPS of 14.20 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 6.41.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 6.50 cents and EPS of 16.30 cents.
At the last closing share price the estimated dividend yield is 7.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.58.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

DGL    DGL GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $1.83

Canaccord Genuity rates ((DGL)) as Buy (1) –

The market has been disappointed by DGL Group's latest market update, with the stock declining -36%. Canaccord Genuity expects DGL Group undermined a good full year result with a confusing outlook for the year ahead. 

The company delivered earnings $26m above what had been assumed from prospectus and acquisitions, and announced an additional four acquisitions alongside its results. 

Canaccord Genuity described guidance for a flattening of earnings growth in the coming year as ambiguous given the 133% earnings growth achieved in FY22. 

The Buy rating is retained and the target price decreases to $3.05 from $4.20.

This report was published on September 1, 2022.

Target price is $3.05 Current Price is $1.83 Difference: $1.22
If DGL meets the Canaccord Genuity target it will return approximately 67% (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 0.00 cents and EPS of 12.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 13.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.36.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

DUG    DUG TECHNOLOGY LIMITED

Cloud services – Overnight Price: $0.53

Canaccord Genuity rates ((DUG)) as Buy (1) –

With DUG Technology's financials pre-released in July, Canaccord Genuity notes heightened tendering and awards activity from the company in recent months.

Management has suggested further strong awards in July and August, which the broker notes supports revenue build in FY23 and FY24.

Canaccord Genuity highlights a six-to-nine month lag in awards to completed workloads and revenue. The broker is positive on the near-term outlook given the company's cost base, prior profitable trading, and growing awards.

The Buy rating and target price of $0.97 are retained.

This report was published on September 9, 2022.

Target price is $0.97 Current Price is $0.53 Difference: $0.44
If DUG meets the Canaccord Genuity target it will return approximately 83% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.19 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.66.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.99.

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

FWD    FLEETWOOD LIMITED

Infra & Property Developers – Overnight Price: $1.51

Moelis rates ((FWD)) as Buy (1) –

While the FY22 EBITDA loss of -$12m was in line with recent updates by Fleetwood, Moelis was very disappointed by losses in the Building Solutions (BS) division.

Management had previously assured that losses from the two underperforming contracts in BS would be contained to the 1H. While the broker's target drops to $2.06 from $2.74, and evidence of a turnaround will be needed in BS before a re-rate, the Buy rating is retained.

The analyst notes a strong overall outlook, a currently low multiple, a strong balance sheet and potential for further contracts at Searipple (accommodation village services) in the near term.

No final dividend was declared.

This report was published on September 1, 2022.

Target price is $2.06 Current Price is $1.51 Difference: $0.55
If FWD meets the Moelis target it will return approximately 36% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 10.40 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 6.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.52.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 26.80 cents and EPS of 26.80 cents.
At the last closing share price the estimated dividend yield is 17.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.63.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $1.40

Moelis rates ((GDG)) as Buy (1) –

Moelis spotted a strong year from Generation Development, noting company results show resilience in a volatile market. With Investment Bond net profits lifting 57% in the last year, the broker notes a good start to sales from the bond business in the new year. 

Accounting for ongoing volatility, Moelis expects sales will remain broadly consistent in the coming year, and investment performance will remain flat. The broker finds Lonsec positioned for growth and expects its contributions to increase 25% in FY23.

The Buy rating is retained and the target price increases to $1.96 from $1.90.

This report was published on August 31, 2022.

Target price is $1.96 Current Price is $1.40 Difference: $0.56
If GDG meets the Moelis target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 2.00 cents and EPS of 3.70 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.84.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 2.40 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 1.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.33.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

HVN    HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics – Overnight Price: $4.29

Goldman Sachs rates ((HVN)) as Buy (1) –

Following largely in-line FY22 results and promising early FY23 sales, Goldman Sachs increases is FY23/24 profit estimates by 1-3% on higher sales and slightly better margins. The target rises to $4.80 from $4.60.

The better forecast margins result from a normalisation of marketing expenses and lower covid expenses, as well lower cost-of-goods-sold (COGS) inflation, explains the analyst.

The broker justifies its Buy rating by citing an attractive dividend yield and the high percentage of bulky items shipped to internet-shy baby boomer customers (Amazon doesn't ship bulky items at present).

This report was published on September 1, 2022.

Target price is $4.80 Current Price is $4.29 Difference: $0.51
If HVN meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.62, suggesting upside of 7.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 38.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 8.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.1, implying annual growth of -40.0%.
Current consensus DPS estimate is 31.5, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 32.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 7.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.2, implying annual growth of -7.4%.
Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

IVC    INVOCARE LIMITED

Consumer Products & Services – Overnight Price: $10.33

Moelis rates ((IVC)) as Hold (3) –

Rebounding death volumes and strong pricing were behind a slight 1H operating earnings beat by InvoCare over expectations held by Moelis.

Margins remained flat due to cost inflation, tight labour markets and weather-related impacts, explains the analyst.

While the Hold-rated broker awaits a better entry price, the company is considered well placed to grow medium-to-long-term earnings and market share. The $10.99 target price is unchanged.

Pricing power has likely increased, according to Moelis, after network enhancements of prior years, and it's felt the company has largely emerged from its multi-year turnaround.

This report was published on September 1, 2022.

Target price is $10.99 Current Price is $10.33 Difference: $0.66
If IVC meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $11.65, suggesting upside of 12.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 24.50 cents and EPS of 36.80 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.6, implying annual growth of -29.4%.
Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 26.1.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 24.40 cents and EPS of 38.80 cents.
At the last closing share price the estimated dividend yield is 2.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.6, implying annual growth of 5.1%.
Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 24.8.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MOZ    MOSAIC BRANDS LIMITED

Apparel & Footwear – Overnight Price: $0.30

Wilsons rates ((MOZ)) as Market Weight (3) –

Mosaic Brands delivered full year loss of -$15.7m, in line with guidance, and delivered a revenue beat to Wilsons' forecasts but a gross margin miss to the tune of -172.3 basis points.

The broker finds incremental foot traffic to be encouraging, as is the company's improvements in cost of doing business and inventory position. 

Mosaic Brands' big store strategy, which continues to be rolled out, should offer attractive economics. The broker waits on further customer stability to take a more constructive outlook.

The Market Weight rating is retained and the target price increases to $0.32 from $0.23.

This report was published on September 1, 2022.

Target price is $0.32 Current Price is $0.30 Difference: $0.02
If MOZ meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.71.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.70.

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

OPT    OPTHEA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.13

Goldman Sachs rates ((OPT)) as Buy (1) –

Goldman Sachs makes no changes to core sales forecasts following FY22 results for Opthea.

The broker's FY22-25 earnings (EBITDA) forecasts are lowered by -5% to reflect a slightly higher near-term cash burn, while outer year forecasts now include a 7% royalty stream to Carlyle/Abingworth.

These earnings revisions are largely offset by a higher net cash balance (after a capital raise) and favourable currency movements. The target rises to $2.80 from $2.60 and the Buy rating is unchanged.

This report was published on September 1, 2022.

Target price is $2.80 Current Price is $1.13 Difference: $1.67
If OPT meets the Goldman Sachs target it will return approximately 148% (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 minus 23.72 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.76.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 20.93 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.40.

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

RFF    RURAL FUNDS GROUP

REITs – Overnight Price: $2.55

Wilsons rates ((RFF)) as Market Weight (3) –

Rural Funds delivered a solid full year according to Wilsons, and the broker highlights a recent rent review of its Natal cattle property, and subsequent significant FY23 property income lift, reflects the company's core value proposition. 

The broker acknowledges rising rates, as well as un- or under-utilised assets, present near-term headwinds, but finds long-term value creation in the company. 

Rural Funds retains a $261m development pipeline across its macadamia, cattle and cropping assets, and annualised funds from operations are expected to improve as these are developed and leased.

The Market Weight rating is retained and the target price decreases to $2.72 from $2.80, reflecting a lower earnings guidance for the coming year.

This report was published on September 1, 2022.

Target price is $2.72 Current Price is $2.55 Difference: $0.17
If RFF meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 11.70 cents and EPS of 10.10 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.25.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 11.70 cents and EPS of 9.60 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.56.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $4.20

Goldman Sachs rates ((SFR)) as Neutral (3) –

Despite in-line FY22 earnings, profit for Sandfire Resources was below the consensus forecast and missed Goldman Sachs' estimate by -29%, due to higher than expected D&A. No dividend was declared.

First production for the Motheo copper project is scheduled for the June quarter of 2023 and construction appears to be on-track, notes the analyst.

FY23 guidance was lower than the broker expected largely due to lower zinc and copper grades at Matsa and higher costs at both Matsa and Degrussa.

Neutral rating and $4.30 target are unchanged.

This report was published on September 1, 2022.

Target price is $4.30 Current Price is $4.20 Difference: $0.1
If SFR meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $5.54, suggesting upside of 31.8%(ex-dividends)
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 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of N/A.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 27.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 15.70 cents and EPS of 62.90 cents.
At the last closing share price the estimated dividend yield is 3.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of -51.7%.
Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 57.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

TSI    TOP SHELF INTERNATIONAL HOLDINGS LIMITED

Food, Beverages & Tobacco – Overnight Price: $1.40

Moelis rates ((TSI)) as Downgrade to Hold from Buy (3) –

Following FY22 results for Top Shelf International, Moelis lowers its earnings forecasts to reflect the higher-than-anticipated 2H opex base. A partial offset is provided by improving gross margins from the shift to premiumisation of whiskey products.

The FY22 EBITDA loss was higher than expected due to increased investment in brands and overheads. The rating falls to Hold from Buy, while the target slips to $1.56 from $1.66.

First export sales were made to China in FY22, with sales of both Ned Whisky and Grainshaker vodka. The analyst still forecasts an inaugural positive read for earnings (EBITDA) in the 1H of FY25.

This report was published on September 1, 2022.

Target price is $1.56 Current Price is $1.40 Difference: $0.16
If TSI meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 31.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.50.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 20.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.00.

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

WEB    WEBJET LIMITED

Travel, Leisure & Tourism – Overnight Price: $5.25

Goldman Sachs rates ((WEB)) as Buy (1) –

Following a trading update by Webjet, Goldman Sachs highlights growth in the Americas regions within the B2B segment and a stronger-than-expected operating cash flow outlook.

Boosted by a strong recovery in the Bedbanks business, management expects bookings to be at around 95% of pre-pandemic levels in the 1H of FY23.

On the downside, the international travel recovery is lagging the analyst's expectations. Dividends are expected to resume with the FY23 final dividend.

The Buy rating is retained and the target falls to $6.80 from $6.90.

This report was published on September 1, 2022.

Target price is $6.80 Current Price is $5.25 Difference: $1.55
If WEB meets the Goldman Sachs target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $6.56, suggesting upside of 24.9%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 6.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of N/A.
Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 32.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 14.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of 86.4%.
Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

---

JP Morgan rates ((WEB)) as Neutral (3) –

Following Webjet's trading update, JP Morgan notes continued strength in the B2B business with market share gains and operating leverage from cost efficiencies (despite the inflationary backdrop).

The broker also points out the company has repositioned its GoSee business (formerly called Online Republic) to reduce reliance on paid search, with a simplified, singular technology platform.

Technology investments will result in a meaningful earnings contribution in the future, according to the analyst. Prior to covid, Online Republic made a 12% contribution to the group earnings (EBITDA).

The Neutral rating is maintained, while the target rises to $6.00 from $5.80.

This report was published on September 1, 2022.

Target price is $6.00 Current Price is $5.25 Difference: $0.75
If WEB meets the JP Morgan target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $6.56, suggesting upside of 24.9%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 2.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 0.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of N/A.
Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 32.4.

Forecast for FY24:

JP Morgan forecasts a full year FY24 dividend of 8.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 1.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of 86.4%.
Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.8
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.

Click to view our Glossary of Financial Terms