Australian Broker Call *Extra* Edition – Jun 26, 2023

This story features BABY BUNTING GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: BBN

An additional news report on the recommendation, valuation, forecast and opinion changes and updates 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)

ALL   BBN   CTD   CWY   DXS   FBU   FLT (2)   GOZ   HVN   IPH   JHX   JIN   LEL   LLL   MDR   PBH   SGR   SKC   TAH   TLC   WDS   WEB  

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $38.03

Goldman Sachs – Cessation of coverage

This report was published on June 21, 2023.

Forecast for FY23:

Current consensus EPS estimate is 193.9, implying annual growth of 35.7%.
Current consensus DPS estimate is 63.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 19.6.

Forecast for FY24:

Current consensus EPS estimate is 209.2, implying annual growth of 7.9%.
Current consensus DPS estimate is 73.3, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 18.2.

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

BBN    BABY BUNTING GROUP LIMITED

Apparel & Footwear – Overnight Price: $1.21

Wilsons rates ((BBN)) as Overweight (1) –

Wilsons assesses the recent update from Baby Bunting has provided evidence that its customers are not immune to interest rate rises and cost inflation, despite nursery "essentials" being less of a discretionary purchase in theory.

Nevertheless, the broker is positive about the brand value and the sizeable store network built over the last seven years, understanding the leverage available with more than 70 stores when sales growth begins to recover (estimated in the first half of FY25).

Overweight maintained. Target is reduced to $1.60 from $2.70.

This report was published on June 22, 2023.

Target price is $1.60 Current Price is $1.21 Difference: $0.39
If BBN meets the Wilsons target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $1.56, suggesting upside of 28.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 7.00 cents and EPS of 11.10 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 10.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.3, implying annual growth of -30.7%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 4.20 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.6, implying annual growth of 12.6%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 10.4.

Market Sentiment: -0.2
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: $18.07

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

Goldman Sachs notes Lisa Deng has assumed coverage of Corporate Travel Management. Target price, ratings and estimates have not changed. Buy rating and $22.60 target.

This report was published on June 21, 2023.

Target price is $22.60 Current Price is $18.07 Difference: $4.53
If CTD meets the Goldman Sachs target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $23.02, suggesting upside of 27.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 28.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.6, implying annual growth of 2777.8%.
Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 28.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 59.00 cents and EPS of 118.00 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.5, implying annual growth of 73.7%.
Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 16.4.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CWY    CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.56

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

A highlight of Cleanaway Waste Management's strategy day, according to Jarden, was management's expectation for Waste-to-Energy (W2E) capex around 15-20% higher than originally planned.

The broker also noted commentary stating W2E growth capex's current feasibility is "marginal" given higher operational and capital costs.

Moreover, given the company intends to fund the capex on balance sheet, the analysts points out leverage levels in FY25 will exceed the top end of management's targeted gearing, based on Jarden's earnings forecasts.

The Overweight rating and $2.80 target are retained.

This report was published on June 22, 2023.

Target price is $2.80 Current Price is $2.56 Difference: $0.24
If CWY meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.75, suggesting upside of 7.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 4.40 cents and EPS of 6.90 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of 75.4%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 36.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.90 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of 22.9%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 29.8.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

DXS    DEXUS

REITs – Overnight Price: $7.67

Jarden rates ((DXS)) as Underweight (4) –

An update on portfolio valuations by Dexus revealed a total estimated drop of -$1bn or -6% on prior book values for the 2H period, with cap rates rising by 32bps to 5.12%, offset by a little rental growth, explains Jarden.

While valuations continue to fall, the slide is not as much as the broker was anticipating. It's thought the market is pricing-in an overly bearish scenario, as is the case for most REITs.

Compared to peers, the analysts believe earnings momentum for Dexus will remain sluggish into FY24, which may hold back a re-rating of shares.

The Underweight rating and $9.20 target are unchanged.

This report was published on June 22, 2023.

Target price is $9.20 Current Price is $7.67 Difference: $1.53
If DXS meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $9.11, 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 51.30 cents and EPS of 67.20 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 11.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.0, implying annual growth of -57.4%.
Current consensus DPS estimate is 51.0, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 52.00 cents and EPS of 67.20 cents.
At the last closing share price the estimated dividend yield is 6.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.2, implying annual growth of -1.2%.
Current consensus DPS estimate is 50.2, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 12.1.

Market Sentiment: 0.1
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: $4.85

Jarden rates ((FBU)) as Buy (1) –

Jarden assesses Fletcher Building provided a overall positive update at its investor day.

The FY24 outlook does gives some volume support though less certainty than before on management's ability to hold onto margins, coupled with provision risks, explains the broker.

While management still expects FY24 to be soft, with volumes down around -8% versus FY23, committed capex across FY24-26 is expected to deliver organic growth and further margin gains.

Management confirmed confirmed FY23 earnings (EBIT) guidance of around NZ$800m, at the bottom of the guidance range of NZ$800-855m.

The broker's Buy rating and NZ$6.70 target are unchanged.

This report was published on June 26, 2023.

Current Price is $4.85. Target price not assessed.
Current consensus price target is $5.30, suggesting upside of 9.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 36.62 cents and EPS of 44.86 cents.
At the last closing share price the estimated dividend yield is 7.55%.
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 53.0, implying annual growth of N/A.
Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 9.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 31.12 cents and EPS of 40.83 cents.
At the last closing share price the estimated dividend yield is 6.42%.
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 46.8, implying annual growth of -11.7%.
Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 10.4.

This company reports in NZD. 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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $18.81

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

Goldman Sachs notes Lisa Deng has assumed coverage of Flight Centre Travel. Neutral rating maintained. Target is raised to $19.40.

This report was published on June 21, 2023.

Target price is $19.40 Current Price is $18.81 Difference: $0.59
If FLT meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $21.52, suggesting upside of 14.4%(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 32.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 58.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.6, implying annual growth of N/A.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 54.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 94.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.7, implying annual growth of 188.2%.
Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 18.9.

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

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

In line with Jarden 's forecast, Flight Centre Travel reiterated FY23 earnings (EBITDA) guidance of $270-290m during its Leisure Strategy update.

According to the analysts, the update was upbeat, with management confirming momentum for total transaction volume (TTV) is set to continue and the group profit (PBT) margin target of 2% was reaffirmed.

In stark contrast to recent retailer downgrades on the ASX, the company is not currently seeing any signs of slowing demand though no guidance upgrade and commentary on conditions normalising raised a few questions for the broker.

The Overweight rating and $21.40 target are maintained.

This report was published on June 22, 2023.

Target price is $21.40 Current Price is $18.81 Difference: $2.59
If FLT meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $21.52, suggesting upside of 14.4%(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 25.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 73.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.6, implying annual growth of N/A.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 54.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 112.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.7, implying annual growth of 188.2%.
Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 18.9.

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

GOZ    GROWTHPOINT PROPERTIES AUSTRALIA

Infra & Property Developers – Overnight Price: $2.78

Moelis rates ((GOZ)) as Buy (1) –

Growthpoint Properties Australia has upgraded FY23 guidance on the back of a surrender payment from 5 Murray Rose and a $6.5m bank guarantee received from Collection House. The proceeds offset downtime in foregone rental income.

Meanwhile, office valuations declined -5% compared with December 2022 and industrial valuations declined -0.3%

 With negligible expiry risk and a conservative structured balance sheet, Moelis believes the stock is a relatively safe source of income and retains a Buy rating. Target is $3.80.

This report was published on June 21, 2023.

Target price is $3.80 Current Price is $2.78 Difference: $1.02
If GOZ meets the Moelis target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $3.63, suggesting upside of 30.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 21.40 cents and EPS of 26.70 cents.
At the last closing share price the estimated dividend yield is 7.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.4, implying annual growth of -59.0%.
Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 21.40 cents and EPS of 24.60 cents.
At the last closing share price the estimated dividend yield is 7.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of -1.2%.
Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 11.5.

Market Sentiment: 0.8
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: $3.22

Jarden rates ((HVN)) as Underweight (4) –

Jarden reduces its net profit forecasts for Harvey Norman by -4-9% for FY23-25 to reflect weaker second half trading and a share loss that accelerated in the third quarter and into the the fourth.

Moreover, it reflects increased promotional activity and consequent negative leverage as tactical support is lifted. The broker lowers the target to $3.50 from $3.60 and maintains an Underweight rating.

Jarden remains cautious about the consumer and observes growing risk building into FY24.

This report was published on June 20, 2023.

Target price is $3.50 Current Price is $3.22 Difference: $0.28
If HVN meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.70, suggesting upside of 14.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 23.00 cents and EPS of 39.90 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 8.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of -33.5%.
Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 8.5%.
Current consensus EPS estimate suggests the PER is 7.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 21.00 cents and EPS of 35.20 cents.
At the last closing share price the estimated dividend yield is 6.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of -23.6%.
Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 9.7.

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

IPH    IPH LIMITED

Legal – Overnight Price: $7.83

Petra Capital rates ((IPH)) as Buy (1) –

Petra Capital has May data on patent filing numbers which is used as a measure of market share and provides an indicator for forward work. The broker notes there has been a strong rebound in May filings and believes this marks an important positive inflection point.

The broker believes this update also confirms the cyber incident had no enduring impact and solid June data will further reinforce this. Buy rating and $10.65 target maintained.

This report was published on June 21, 2023.

Target price is $10.65 Current Price is $7.83 Difference: $2.82
If IPH meets the Petra Capital target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $10.74, suggesting upside of 37.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 33.20 cents and EPS of 43.10 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 18.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.8, implying annual growth of 77.7%.
Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 34.30 cents and EPS of 45.10 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.9, implying annual growth of 4.9%.
Current consensus DPS estimate is 33.0, implying a prospective dividend yield of 4.2%.
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

JHX    JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $38.73

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

Jarden reminds investors new housing activity represents around 35% of James Hardie Industries' North America end-market exposure, and suggests new housing data in May shows downside risk may not be as bad as feared.

US housing starts for May revealed a 21.7% month-on-month increase, well ahead of Bloomberg consensus expectations for a -0.8%
decline.

Based on industry feedback, the analysts believe new housing will be supported due to to improved homebuilder confidence driven by low levels of existing home inventory.

Moreover, the broker notes ongoing supply chain improvement and growing consumer acceptance of a new normal incorporating higher interest rates.

The Overweight rating and $40.00 target are unchanged.

This report was published on June 22, 2023.

Target price is $40.00 Current Price is $38.73 Difference: $1.27
If JHX meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $43.10, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 189.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 186.8, 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 20.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 212.98 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 215.6, implying annual growth of 15.4%.
Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 18.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $14.02

Goldman Sachs – Cessation of coverage

This report was published on June 21, 2023.

Forecast for FY23:

Current consensus EPS estimate is 54.3, implying annual growth of 8.9%.
Current consensus DPS estimate is 43.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 25.8.

Forecast for FY24:

Current consensus EPS estimate is 74.6, implying annual growth of 37.4%.
Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 18.8.

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

LEL    LITHIUM ENERGY LIMITED

Overnight Price: $0.83

Petra Capital rates ((LEL)) as Buy (1) –

Lithium Energy as a binding agreement with China's Lanshen to fund and construct a 3000tpa plant at its Solaroz lithium project in Argentina. Petra Capital ascribes a $128m valuation for the project based on 38% long-term operating margin.

Capital expenditure is estimated at $132m. The agreement will allow the company to fully test the capabilities of the plant prior to spending funds, which the broker observes materially de-risks both the business model and commissioning.

Buy rating reiterated. Target is raised to $1.97 from $1.75.

This report was published on June 21, 2023.

Target price is $1.97 Current Price is $0.83 Difference: $1.14
If LEL meets the Petra Capital target it will return approximately 137% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 11.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.09.

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

LLL    LEO LITHIUM LIMITED

New Battery Elements – Overnight Price: $1.14

Jarden rates ((LLL)) as Buy (1) –

Leo Lithium has updated the resource for Goulamina lithium project, which now ranks as the fourth largest hard rock spodumene resource on ASX and third in terms of grade. Jarden highlights the grade is improving with drilling confidence.

The growth in resources, at the least, should extend the 23-year operating life per the 2021 DFS, the broker adds, and endorses its base case that the JV undertakes a second stage of expansion.

Buy rating retained. Target increases to $1.43 from $1.33.

This report was published on June 20, 2023.

Target price is $1.43 Current Price is $1.14 Difference: $0.29
If LLL meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 190.00.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.00.

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

MDR    MEDADVISOR LIMITED

Healthcare services – Overnight Price: $0.24

Moelis rates ((MDR)) as Buy (1) –

MedAdvisor has undertaken a strategic review that identifies significant cost savings in its operations. By the end of FY23 the company will reduce its Australian personnel by -20% resulting in a $2m per annum saving in FY24.

Australian operations will therefore be breakeven in FY24. Yet in FY23, the company is seen remaining loss-making at the EBITDA line based on guidance. Moelis had expected breakeven.

The broker downgrades estimates for FY23 to reflect lower revenue and increased costs associated with the restructure. Buy rating maintained. Target is steady at 41c.

This report was published on June 22, 2023.

Target price is $0.41 Current Price is $0.24 Difference: $0.17
If MDR meets the Moelis target it will return approximately 71% (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 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.43.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 240.00.

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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $1.66

Goldman Sachs – Cessation of coverage

This report was published on June 21, 2023.

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

SGR    STAR ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $1.04

Goldman Sachs – Cessation of coverage

This report was published on June 21, 2023.

Forecast for FY23:

Current consensus EPS estimate is 1.6, 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 65.3.

Forecast for FY24:

Current consensus EPS estimate is 4.0, implying annual growth of 150.0%.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 26.1.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SKC    SKYCITY ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $2.01

Goldman Sachs – Cessation of coverage

This report was published on June 21, 2023.

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

TAH    TABCORP HOLDINGS LIMITED

Gaming – Overnight Price: $1.08

Goldman Sachs – Cessation of coverage

This report was published on June 21, 2023.

Forecast for FY23:

Current consensus EPS estimate is 3.7, implying annual growth of -98.8%.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 29.2.

Forecast for FY24:

Current consensus EPS estimate is 4.2, implying annual growth of 13.5%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 25.7.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.07

Goldman Sachs – Cessation of coverage

This report was published on June 21, 2023.

Forecast for FY23:

Current consensus EPS estimate is 16.2, implying annual growth of 4.0%.
Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY24:

Current consensus EPS estimate is 18.3, implying annual growth of 13.0%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 27.7.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $33.74

Jarden rates ((WDS)) as Neutral (3) –

Woodside Energy has approved the Trion oil development, a growth asset acquired as part of its merger with BHP Petroleum. The project is offshore on the Mexican side of the Gulf of Mexico.

A total of 24 wells will be drilled to produce 467 mmboe of 2C contingent resource with start-up expected in 2028. Jarden increases its valuation to US$1.69bn, given the impact of higher forecast oil production rates.

The main risk is maintaining tight cost control in a highly inflationary environment. The broker retains a Neutral rating and raises the target to $34.55 from $34.15.

This report was published on June 20, 2023.

Target price is $34.55 Current Price is $33.74 Difference: $0.81
If WDS meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $36.68, suggesting upside of 8.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 166.35 cents and EPS of 208.97 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 248.9, implying annual growth of N/A.
Current consensus DPS estimate is 177.1, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 187.14 cents and EPS of 236.45 cents.
At the last closing share price the estimated dividend yield is 5.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 265.9, implying annual growth of 6.8%.
Current consensus DPS estimate is 187.8, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 12.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

WEB    WEBJET LIMITED

Travel, Leisure & Tourism – Overnight Price: $6.79

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

Goldman Sachs notes Lisa Deng has assumed coverage of Webjet. Target prices, ratings and estimates have not changed. Buy rating and $7.90 target.

This report was published on June 21, 2023.

Target price is $7.90 Current Price is $6.79 Difference: $1.11
If WEB meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $8.58, suggesting upside of 26.4%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 31.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 771.1%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 38.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.4, implying annual growth of 28.1%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 16.0.

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

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