Australian Broker Call *Extra* Edition – Sep 09, 2019

This story features ATRUM COAL LIMITED, and other companies. For more info SHARE ANALYSIS: ATU

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

Overnight prices mentioned are from September 6, 2019.

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)

APT (2)   ASL (2)   ATU   BGA   BTH   CUV   MSB   MTO   PAC   RDC   SNL   SRG   ST1  

APT    AFTERPAY TOUCH GROUP LIMITED

Business & Consumer Credit – Overnight Price: $33.28

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

Afterpay Touch's FY19 result outpaced Bell Potter's estimates. 

While the broker notes short-term earnings are hard to predict, it remains confident in the company's trajectory, citing its dominance in high-value customer areas, rapid growth across key markets, and the surpassing of customer milestones in both the US and the UK.

Afterpay has announced a partnership with VISA in the United States, the pair committing to develop a range of product, experience and efficiency solutions. The broker upgrades earnings-per-share estimates 7.2%, 4.2% and 8.2% across FY20, FY21 and FY22. Target price rises to $38.41 from $31.76. Buy rating retained.

This report was published on August 28, 2019.

Target price is $38.41 Current Price is $33.28 Difference: $5.13
If APT meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 0.00 cents and EPS of 13.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 246.52.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 114.76.

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

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Wilsons rates ((APT)) as Hold (3) –

Afterpay Touch's FY19 results met Wilsons' estimates, thanks to powerful US growth, positive signs from Britain, and stellar growth in Australia and New Zealand in-store numbers, plus strong talent acquisition. The company also managed to control net transaction losses.

Afterpay has announced a collaboration with Visa but details are thin on the ground, the analysts complain. While Australia and New Zealand in-store numbers were strong, online growth slowed to 8% thanks to seasonal headwinds.

The broker says the company's trading momentum suggests investors should at least be market weight but notes the valuation is aggressive. Hold rating retained on valuation grounds. Target price rises to $27.47.

This report was published on August 29, 2019.

Target price is $27.47 Current Price is $33.28 Difference: minus $5.81 (current price is over target).
If APT meets the Wilsons target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 0.00 cents and EPS of 5.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 627.92.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of 21.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 154.79.

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

ASL    AUSDRILL LIMITED

Mining Sector Contracting – Overnight Price: $2.17

Moelis rates ((ASL)) as Upgrade to Buy (1) –

Ausdrill's FY19 result beat Moelis's estimates by 5% and guidance outpaced by 6%. Underground operations delivered a solid performance, posting a 2% uptick in second-half margins to 16%, from 14% in the first half. 

African operations proved challenging but the company forecasts an improvement in FY20.? Moelis expects -$295m in capital expenditure will continue to constrain free cash flow, despite improved cash conversion (89% from 66% in FY18).

The broker upgrades FY20 forecasts 9% to meet company guidance. Rating upgraded to Buy and target price rises to $2.33 from $1.82.

This report was published on August 30, 2019.

Target price is $2.33 Current Price is $2.17 Difference: $0.16
If ASL meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 8.00 cents and EPS of 20.40 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.64.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 9.20 cents and EPS of 23.00 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 9.43.

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

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Wilsons rates ((ASL)) as Buy (1) –

Ausdrill's FY19 result romped in ahead of consensus and management guidance implied to 4%-12% consensus upgrades, thanks to solid operations, capital efficiency (gearing fell), improved margins and accelerating cash flow.

Wilsons believes a positive tendering outlook and uptick in gold mining activity should drive solid top-line growth, and notes the company is reporting double the sector's earnings-per-share growth while trading at a steep discount across several multiples.

The company has an order book of $7bn, a tender pipeline of $8bn, and is expected to benefit from recent gold price rallies (on the downside it has a high exposure to any weakness given gold comprises 70% of revenue). 

The broker predicts a 35% total shareholder return over the year and raises the price target to $2.45 from $2.40. Buy rating retained.

This report was published on August 30, 2019.

Target price is $2.45 Current Price is $2.17 Difference: $0.28
If ASL meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 8.20 cents and EPS of 20.40 cents.
At the last closing share price the estimated dividend yield is 3.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.64.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 8.80 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.86.

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

ATU    ATRUM COAL LIMITED

Coal – Overnight Price: $0.36

Bell Potter rates ((ATU)) as Initiation of coverage with Hold (3) –

Bell Potter has initiated coverage on Atrum Coal with a Speculative Hold rating, noting the company is accelerating the Elan South Hard Coking Coal project.

While the company has a few hurdles yet to overcome, the broker believes the permitting process experience from Grassy Mountain should stand it in good stead.

Bell Potter believes the company is appropriately valued for an early-stage project and the broker's 35c valuation/target price includes the expected dilution of a full project development scenario.

The broker notes Elan is a huge resource but the Speculative proviso reflects the risk profile and volatility of returns.

This report was published on September 3, 2019.

Target price is $35.00 Current Price is $0.36 Difference: $34.64
If ATU meets the Bell Potter target it will return approximately 9622% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY19:

Bell Potter forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.18.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.00.

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

BGA    BEGA CHEESE LIMITED

Dairy – Overnight Price: $4.21

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

Bega Cheese's FY19 result met Bell Potter's estimates thanks to strong revenues. Highlights included operating cash flow of $100.3m (up from $6m in FY18). The company recently opened a line of securitised receivables, which added $188m to operating cash flow.

Net debt rose year on year but fell well short of guidance. Management provided no FY20 earnings guidance but said margin pressure was expected to persevere given the drought. Milk collection rose and the company managed to maintains its share of the contracting organic milk market.

Bell Potter downgrades earnings forecasts to reflect shifts in commodity prices. Target price is steady at $5.50. Buy rating retained, the broker noting the company is not operating at capacity given abnormal headwinds such as the drought, and says rainfall could prove a real windfall.

This report was published on August 28, 2019.

Target price is $5.50 Current Price is $4.21 Difference: $1.29
If BGA meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 11.00 cents and EPS of 20.30 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.74.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 14.00 cents and EPS of 27.80 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.14.

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

BTH    BIGTINCAN HOLDINGS LIMITED

Cloud services – Overnight Price: $0.50

E.L. & C Baillieu rates ((BTH)) as Buy (1) –

Bigtincan Holdings' FY19 results fell just shy of the broker, the company posting strong organic growth and a five basis-point growth in margins, thanks to economies of scale and tight cost control. 

Baillieu notes increased diversification away from the United States and solid contract expansion, and expects the $22m cash balance will enable further organic growth (the company guided to 30%-40%) and acquisitions in FY20.

The broker retains a Buy rating and 60c target price, noting the stock is trading at a low multiple relative to peers and recent transaction multiples.

This report was published on September 4, 2018.

Target price is $0.60 Current Price is $0.50 Difference: $0.1
If BTH meets the E.L. & C Baillieu target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

E.L. & C Baillieu forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 71.43.

Forecast for FY21:

E.L. & C Baillieu forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.00 cents.

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

CUV    CLINUVEL PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $27.16

Moelis rates ((CUV)) as Hold (3) –

Clinuvel Pharmaceuticals' FY19 result beat Moelis's estimates by 7%, thanks to seasonal factors. The balance sheet and cash position strengthened, although the broker expects higher costs in FY20 as the company invests in products, rolls out in the US and accelerates its vitilago program.

No guidance was forthcoming but management expected EU distribution to grow, to receive FDA approval for entrance into the US market in FY20, and continue developing its pipeline for skin treatments, which had already driven strong volume growth in FY19. The broker expects European returns to be offset by the above-mentioned investments.

The company also flagged the development of an over-the-counter sun-care product – a large new potential market. Target price rises to $30.58 from $26.43.

This report was published on August 29, 2019.

Target price is $30.58 Current Price is $27.16 Difference: $3.42
If CUV meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 2.50 cents and EPS of 24.10 cents.
At the last closing share price the estimated dividend yield is 0.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 112.70.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 2.80 cents and EPS of 29.70 cents.
At the last closing share price the estimated dividend yield is 0.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 91.45.

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

MSB    MESOBLAST LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.46

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

Mesoblast reported a FY19 loss that still clocked a 2% improvement on Bell Potter's forecast. Lower operating expenditure and improved Japanese royalty revenues battled it out against higher interest expenses and cash expense adjustments. 

The company is cashed up (US$50.4m) with access to another US$35m in finance and a Subscription Commitment from M&G; and confirms it is in advanced commercial partnership negotiations.

The broker spies plenty of catalysts for a potential re-rating, ranging from filings to trial results. Buy rating and $4.13 target price retained.

This report was published on September 4, 2019.

Target price is $4.13 Current Price is $1.46 Difference: $2.67
If MSB meets the Bell Potter target it will return approximately 183% (excluding dividends, fees and charges).

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 7.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.21.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 14.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.14.

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

MTO    MOTORCYCLE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $2.40

Wilsons rates ((MTO)) as Upgrade to Buy from Hold (1) –

Motorcycle Holdings' FY19 result outpaced the broker's estimates, thanks to two dealership acquisitions. ? Wilsons believes the business may have stabilised and expects earnings growth in FY20 thanks to a cost-out. An improvement in industry conditions would be icing on the cake.

The company did not declare a dividend, determining to keep the cash for acquisitions. Gearing is top-heavy but the broker notes headroom in the covenants, and the improved earnings outlook.

Management said new bike sales rose 4.5% in July, outpacing market growth of 4%. Target price rises to $2.56. Broker upgrades to Buy from Hold.

This report was published on August 28, 2019.

Target price is $2.56 Current Price is $2.40 Difference: $0.16
If MTO meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 0.00 cents and EPS of 18.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.77.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 9.10 cents and EPS of 21.70 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.06.

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

PAC    PACIFIC CURRENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $6.14

Wilsons rates ((PAC)) as Buy (1) –

Pacific Current Group reported a FY19 result just shy of Wilsons' revised estimates, thanks to a higher than expected tax rate.

The broker spies strong FY20 momentum, expecting the full-year contribution from Carlisle and an uptick in Victory Park will translate into strong earnings growth – that's before accounting for mergers and acquisitions foreshadowed by the company.

The company guided to flat costs. Target price rises 5% to $8.46 on a roll-forward of the valuation; a 5% premium to net assets. Buy recommendation retained.

This report was published on September 3, 2019.

Target price is $8.46 Current Price is $6.14 Difference: $2.32
If PAC meets the Wilsons target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 30.30 cents and EPS of 55.00 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 11.16.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 32.80 cents and EPS of 59.40 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.34.

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

RDC    REDCAPE HOTEL GROUP

Travel, Leisure & Tourism – Overnight Price: $1.08

Moelis rates ((RDC)) as Buy (1) –

Redcape Hotel Group's FY19 result met Moelis's estimates, the company delivering distributable earnings of 8.8c per share.

Strong revenue, struck on a rise in like-for-like sales of 3.3%, faced off lower-than expected gaming margins and delays in integrating the Vauxhall and Australian Brewery acquisitions. Moelis says the purchases have since stabilised.

The company has a five-year development pipeline and has undertaken four feasibility studies to unlock value from existing sites.? Redcape has been busy on the capital management front, securing a $503m debt facility, and reset its hedge book, resulting in a net fall in debt costs of -100 basis points from September onward.

Target price rises to $1.26 from $1.23. Buy rating retained, the broker noting the stock is trading at a -4.4% discount to net asset value and is offering a dividend yield of 8%. Moelis believes guidance is conservative and expects refurbishment will drive further returns.

This report was published on August 29, 2019.

Target price is $1.26 Current Price is $1.08 Difference: $0.18
If RDC meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 8.80 cents and EPS of 9.20 cents.
At the last closing share price the estimated dividend yield is 8.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.74.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 8.80 cents and EPS of 9.70 cents.
At the last closing share price the estimated dividend yield is 8.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.13.

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

SNL    SUPPLY NETWORK LIMITED

Automobiles & Components – Overnight Price: $4.01

E.L. & C Baillieu rates ((SNL)) as Hold (3) –

Supply Network's FY19 results met guidance, the company posting 6.2% growth in earnings, thanks to strong sales growth, albeit at a slower pace than in FY18. Margins contracted to 10.3% from 10.7% reflecting investment in new programs.

Baillieu appreciates the company's strong track record of growth (double digits for several years), based on solid industry fundamentals and branch growth. The company is continuing apace with branch expansion, planning one in Christchurch and one in Brisbane.

Return on capital remains high, but the broker fears capital expenditure on distribution could dilute return on investment capital. Hold recommendation retained. Target price is set at $4.25.

This report was published on August 28, 2019.

Target price is $4.25 Current Price is $4.01 Difference: $0.24
If SNL meets the E.L. & C Baillieu target it will return approximately 6% (excluding dividends, fees and charges).

Forecast for FY20:

E.L. & C Baillieu forecasts a full year FY20 dividend of 15.50 cents and EPS of 23.50 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 17.06.

Forecast for FY21:

E.L. & C Baillieu forecasts a full year FY21 dividend of 17.00 cents and EPS of 25.70 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 15.60.

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

SRG    SRG GLOBAL LIMITED

Mining Sector Contracting – Overnight Price: $0.45

E.L. & C Baillieu rates ((SRG)) as Buy (1) –

SRG Global's FY19 result met Baillieu's estimates and fell at the lower end of guidance, project delays marring the result.

A number of contract awards triggered ramp-up costs which hit working capital. The extra capital requirements diminished the dividend, which came in at 1.5c a share, below the broker's forecasts of 2.5c.

The company emerged from FY19 with net cash of $12m, $708m of work in hand, a strong, diversified pipeline and improved margin profile. The broker believes the award of any large-scale construction contracts will translate into strong upside and retains a Buy rating given the undemanding valuation. Target price rises to 52c from 50c.

This report was published on August 28, 2019.

Target price is $0.52 Current Price is $0.45 Difference: $0.07
If SRG meets the E.L. & C Baillieu target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

E.L. & C Baillieu forecasts a full year FY20 dividend of 1.80 cents and EPS of 3.20 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 14.06.

Forecast for FY21:

E.L. & C Baillieu forecasts a full year FY21 dividend of 2.00 cents and EPS of 4.50 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

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

ST1    SPIRIT TELECOM LIMITED

Telecommunication – Overnight Price: $0.14

Shaw and Partners rates ((ST1)) as Initiation of coverage with Buy (1) –

Shaw and Partners has initiated coverage on Spirit Telecom with a Buy, high risk, recommendation. Spirit Telecom provides super-fast internet and telecoms services across Australia's east coast through an innovative owned and operated infrastructure network of fixed wireless transmitters.

About 75% of its business is sourced from higher-value commercial customers. The broker believes the company is well-leveraged to the 5G and high-speed interconnected device revolution. The company has recently been scaling up and has recruited a well-credentialed executive team. The broker expects the rollout, market share and return on marketing rates will hasten in FY20.

Shaw estimates revenue growth of 70% through FY19-FY21, and solid margin expansion to boost gross profit. The broker notes the industry is rapidly consolidating, meaning M&A is on the menu, and the predator could well become the prey. Target price is 27c.

This report was published on September 4, 2019.

Target price is $0.27 Current Price is $0.14 Difference: $0.135
If ST1 meets the Shaw and Partners target it will return approximately 100% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Shaw and Partners forecasts a full year FY20 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 1.50.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.64.

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

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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.

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