Australian Broker Call *Extra* Edition – Jun 10, 2020

This story features ACROW LIMITED, and other companies. For more info SHARE ANALYSIS: ACF

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)

ACF   AD8   ADH   APZ   ASB   BKL   BSA   CAT   CRN   CYC   EHL (2)   EXP (2)   FNP   GDF   GNC   INA   JLG   MYX   NEA   PBH   PNV   PPE   PSI   SXY (2)   WTC  

ACF    ACROW FORMWORK AND CONSTRUCTION SERVICES LIMITED

Building Products & Services – Overnight Price: $0.29

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

Acrow Formwork & Construction Services has experienced better than expected trading conditions since the beginning of its cash saving program at March-end. The broker expects the company to deliver a strong second half.

Bell Potter considers the company is doing a good job considering the current operational uncertainty and has increased its FY20 operating income forecast, while leaving the FY21 and FY22 figures unchanged.

The broker maintains its Buy rating with target price increased to $0.31 from $0.30.

This report was published on May 26, 2020.

Target price is $0.31 Current Price is $0.29 Difference: $0.02
If ACF meets the Bell Potter target it will return approximately 7% (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 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.84.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 2.20 cents and EPS of 4.50 cents.
At the last closing share price the estimated dividend yield is 7.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.44.

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

AD8    AUDINATE GROUP LIMITED

Hardware & Equipment – Overnight Price: $6.61

Shaw and Partners rates ((AD8)) as Buy (1) –

Audinate Group’s key customer Yamaha Corp reiterated continuing uncertainty regarding the impact of covid-19 with third-quarter revenue for FY20 declining year on year. Audinate finds it challenging to forecast for FY21, notes Shaw and Partners, although it does indicate a robust pipeline of strong AV products.

Shaw and Partners believes the group’s core chips, cards and module (CCM) business remains robust with multiple revenue streams expected in the coming months. The broker maintains its Buy recommendation with a target price of $8.

This report was published on May 29, 2020.

Target price is $8.00 Current Price is $6.61 Difference: $1.39
If AD8 meets the Shaw and Partners target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $6.43, suggesting downside of -2.7%(ex-dividends)
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 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1101.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 287.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.8, 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 N/A.

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

ADH    ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $2.04

Goldman Sachs rates ((ADH)) as Upgrade to Buy (1) –

Goldman Sachs expects a quicker than expected recovery for Adairs due to an improved covid-19 trajectory. The earnings forecast has been upgraded by 6% for FY21, while reduced by -11% for FY22.

A strong online presence, improving supply chain and a solid product offering are some positives in the company’s favour. Goldman Sachs upgrades its rating to Buy with a target price of $2.40.

This report was published on May 28, 2020.

Target price is $2.40 Current Price is $2.04 Difference: $0.36
If ADH meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 0.00 cents and EPS of 18.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.33.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.

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

APZ    ASPEN GROUP

Real Estate – Overnight Price: $1.04

Taylor Collison rates ((APZ)) as Outperform (2) –

Aspen Group’s revenue is considered by Taylor Collison to be insulated with demand for affordable housing expected to increase. The broker expects the group to continue its acquisition activities, noting the latest to be the acquisition of 18 townhouses in Burleigh Heads and a co-living facility in Newcastle.

Aspen has reinstated guidance and the broker’s forecast is in-line. The broker is positive about the company’s prospects noting the capital raising of $20m and rates the stock as Outperform. Net present value (NPV) derived price target is $1.21.

This report was published on June 4, 2020.

Target price is $1.21 Current Price is $1.04 Difference: $0.17
If APZ meets the Taylor Collison target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Taylor Collison forecasts a full year FY20 dividend of 6.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 5.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.86.

Forecast for FY21:

Taylor Collison forecasts a full year FY21 dividend of 7.00 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 6.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.44.

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

ASB    AUSTAL LIMITED

Commercial Services & Supplies – Overnight Price: $3.42

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

Austal raised FY20 operating income guidance by 14% on account of strong trading conditions and less than expected impact of covid-19. Goldman Sachs has raised FY20-21 operating income forecasts.

Positives in the company’s favour include multi-year backlog, potential for margin improvement in its Littoral Combat Ship (LCS) program, a strong balance sheet and resilient near-term conditions.

Goldman Sachs is positive about the company’s prospects and has included the stock in its conviction list. The broker reaffirms its Buy rating with a target price of $4.08.

This report was published on May 29, 2020.

Target price is $4.08 Current Price is $3.42 Difference: $0.66
If ASB meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.22, suggesting downside of -5.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 6.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.4, implying annual growth of 33.0%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 7.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of 6.4%.
Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 13.7.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BKL    BLACKMORES LIMITED

Health & Nutrition – Overnight Price: $82.59

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

Blackmores has announced a capital raising to protect its balance sheet from downside risk with $92m in institutional placement and about $25m from retail investors. Goldman Sachs considers this prudent in an uncertain environment.

Trading is in-line with FY20 guidance. Increase in demand for immunity products was offset by a decrease in demand for the other core products. The broker has reduced earnings forecasts for FY20-22 by -1%, -26% and -17%, respectively.

Goldman Sachs rates the stock neutral with a target price of $74.20.

This report was published on May 28, 2020.

Target price is $74.20 Current Price is $82.59 Difference: minus $8.39 (current price is over target).
If BKL meets the Goldman Sachs target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $72.47, suggesting downside of -12.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 0.00 cents and EPS of 110.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 75.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.1, implying annual growth of -64.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 75.0.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 128.00 cents and EPS of 170.00 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 48.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 191.5, implying annual growth of 73.9%.
Current consensus DPS estimate is 135.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 43.1.

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

BSA    BSA LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.25

PhillipCapital rates ((BSA)) as Downgrade to Accumulate from Buy (2) –

BSA’s first-half operating income was -20% below Phillip Capital’s expectations, with BSA Maintain division down -$0.9m. The company has withdrawn its guidance noting a hit to calls for maintenance and adverse impact on margins for all three businesses.

Earnings estimates for FY20-22 have been reduced with the broker's rating downgraded to Accumulate from Buy. The target price has been decreased to $0.28 from $0.49.

This report was published on June 4, 2020.

Target price is $0.28 Current Price is $0.25 Difference: $0.03
If BSA meets the PhillipCapital target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

PhillipCapital forecasts a full year FY20 dividend of 1.00 cents and EPS of 1.90 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 13.16.

Forecast for FY21:

PhillipCapital forecasts a full year FY21 dividend of 1.10 cents and EPS of 2.50 cents.
At the last closing share price the estimated dividend yield is 4.40%.
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

CAT    CATAPULT GROUP INTERNATIONAL LTD

Medical Equipment & Devices – Overnight Price: $1.33

Bell Potter rates ((CAT)) as Downgrade to Hold from Buy (3) –

Bell Potter notes no changes to its forecasts for Catapult Group, last updated in mid to late March. The broker expects sporting competitions (at least the elite ones) to recommence over the next few months and most customers to renew subscriptions.

The broker continues to view the stock positively from a medium to long term perspective, but notes higher churn risk in the short term.

Rating downgraded to Hold from Buy with target price increased to $1.75 from $1.50.

This report was published on May 26, 2020.

Target price is $1.75 Current Price is $1.33 Difference: $0.42
If CAT meets the Bell Potter target it will return approximately 32% (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 minus 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.93.

Forecast for FY21:

Bell Potter forecasts a full year FY21 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 266.00.

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

CRN    CORONADO GLOBAL RESOURCES

Coal – Overnight Price: $1.25

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

Coronado Global Resources will resume production in its Buchanan and Logan mines (US) by June 1, suspended since March 30, mostly aimed at the US market. Bell Potter considers this a positive development in a weak met coal market.

Earnings forecast for 2020 increased by 6% with no change in 2021 and 2022.

The group is leveraged to met coal demand and pricing and thus the broker retains its Buy recommendation, with target price increased to $1.90 from $1.60.

This report was published on May 26, 2020.

Target price is $1.90 Current Price is $1.25 Difference: $0.65
If CRN meets the Bell Potter target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $2.22, suggesting upside of 77.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY20:

Bell Potter forecasts a full year FY20 EPS of 11.91 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.2, implying annual growth of N/A.
Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 27.24 cents and EPS of 29.77 cents.
At the last closing share price the estimated dividend yield is 21.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.8, implying annual growth of 147.2%.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 7.8%.
Current consensus EPS estimate suggests the PER is 7.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CYC    CYCLOPHARM LIMITED

Medical Equipment & Devices – Overnight Price: $1.50

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

Cyclopharm’s new drug application for Technegas was granted Approval to File by the FDA. The review process is expected to take ten months, reports Bell Potter. The broker expects approval by March 2021.

The broker is positive about the company's prospects and reminds the investor Technegas captured the majority of its market within five years of being launched.

The broker maintains its Buy (Speculative) rating with a target price of $2.11.

This report was published on May 27, 2020.

Target price is $2.11 Current Price is $1.50 Difference: $0.61
If CYC meets the Bell Potter target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 1.00 cents and EPS of minus 0.40 cents.
At the last closing share price the estimated dividend yield is 0.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 375.00.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 1.20 cents and EPS of 2.40 cents.
At the last closing share price the estimated dividend yield is 0.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.50.

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

EHL    EMECO HOLDINGS LTD

Mining Sector Contracting – Overnight Price: $1.27

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

Emeco Holdings has guided towards FY20 operating income of $244-247m which Bell Potter observes is a little above its estimated $246.8m. Second-half earnings have been affected by additional operating costs due to covid-19 led precautionary measures with a decline in utilisation within the Eastern Regions from falling coal prices, notes the broker.

Pit N Portal is expected to grow by circa 15% in FY20-21, believes Bell Potter, noting it has recently executed a five-year contract with Mincor Resources at its Kambalda Nickel Operations.

FY20-22 earnings forecasts have been upgraded by the broker. Bell Potter reiterates its Buy recommendation with a target price of $1.52.

This report was published on May 28, 2020.

Target price is $1.52 Current Price is $1.27 Difference: $0.25
If EHL meets the Bell Potter target it will return approximately 20% (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 23.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.43.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 12.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.08.

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

Emeco Holdings has noted increased costs due to covid-19 along with a decline in coal prices, although the latter has been offset by growth in the Western Region. Goldman Sachs highlights guidance of $246mn is about 14% above its own forecast.

The company recently entered into a contract with Mincor Resources ((MCR)) and the broker notes the underground mining segment is performing as expected with a strong tender pipeline.

FY20-21 operating earnings have been upgraded by the broker. Goldman Sachs reiterates Buy with target price increased to $1.40 from $1.30.

This report was published on May 28, 2020.

Target price is $1.40 Current Price is $1.27 Difference: $0.13
If EHL meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 0.00 cents and EPS of 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.68.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 9.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 7.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.08.

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

EXP    EXPERIENCE CO LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.14

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

Canaccord Genuity notes the considerable recovery in Experience Co’s share price since March 24^th. The company is planning to recommence operations in New Zealand with a number of drop zones in Australia to resume in June.

Replacement of international tourism by domestic tourism is an important factor for recovery, suggests the broker. Canaccord Genuity retains its Buy rating with a target price of $0.18.

This report was published on May 29, 2020.

Target price is $0.18 Current Price is $0.14 Difference: $0.04
If EXP meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Canaccord Genuity forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.00.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.00 cents.

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 ((EXP)) as Market Weight (3) –

Trading will remain difficult for Experience Co owing to covid-19 induced restrictions, expects Wilsons. However, with domestic tourism on the rise gradually, the broker expects businesses to operate at a cash break-even level in the immediate-term.

The broker adopts a wait and watch approach and reaffirms its Market Weight rating with a target price of $0.16.

This report was published on May 29, 2020.

Target price is $0.16 Current Price is $0.14 Difference: $0.02
If EXP meets the Wilsons target it will return approximately 14% (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 minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.33.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.73.

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

FNP    FREEDOM FOODS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.97

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

Freedom Foods Group’s out of home (OOH) and foodservice channels have been hit due to covid-19 along with bad debt provisioning, notes Goldman Sachs. The broker believes these factors will have a material, if one-off, impact on the second half operating income.  

The broker downgrades FY20 operating income estimate by -26%. Overall, Goldman Sachs remains positive about the broader strategy and expects FY21 earnings to grow significantly.

This stock has been included in the broker's conviction list and is rated Buy with a target price of $5.75.

This report was published on May 29, 2020.

Target price is $5.75 Current Price is $3.97 Difference: $1.78
If FNP meets the Goldman Sachs target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $4.79, suggesting upside of 20.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 397.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.8, implying annual growth of 2.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 82.7.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 11.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.6, implying annual growth of 141.7%.
Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 34.2.

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

GDF    GARDA DIVERSIFIED PROPERTY FUND

REITs – Overnight Price: $1.01

Taylor Collison rates ((GDF)) as Upgrade to Outperform (2) –

Taylor Collison is cautiously optimistic about Garda Property Group noting exposure to growth areas in Brisbane and Melbourne and a muted covid-19 impact in terms of rent collection.

Rent deferrals since covid-19 till date account for circa 7% of rental revenue and only 1.5% of the annual rental income. The broker has reduced expected revenue from Botannica 9 with a slowdown in leasing due to covid-19.

The broker upgrades to Outperform, observing the share price remains below its Net Asset Value (NAV) derived valuation of $1.15.

This report was published on June 1, 2020.

Target price is $1.15 Current Price is $1.01 Difference: $0.14
If GDF meets the Taylor Collison target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Taylor Collison forecasts a full year FY20 dividend of 8.60 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 8.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.12.

Forecast for FY21:

Taylor Collison forecasts a full year FY21 dividend of 8.50 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 8.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.63.

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

GNC    GRAINCORP LIMITED

Agriculture – Overnight Price: $4.32

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

Goldman Sachs considers Graincorp to be a macro-insulated cyclical with an improving harvest backdrop. Operating earnings are expected to improve to $183m in FY21 with conditions stabilising after three years of drought.

The broker reaffirms its neutral rating with a target price of $4.02.

This report was published on May 26, 2020.

Target price is $4.02 Current Price is $4.32 Difference: minus $0.3 (current price is over target).
If GNC meets the Goldman Sachs target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.17, suggesting downside of -3.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 0.09 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4800.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.3, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 187.8.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 7.11 cents and EPS of 0.14 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3085.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of 634.8%.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 25.6.

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $4.45

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

Ingenia Communities Group’s FY20 settlement figures are ahead of expectations, notes Goldman Sachs. Other positives include strong annuity rental income, positive leading indicators for tourism with holiday parks expected to open in NSW and Queensland.

The broker has increased earnings growth forecasts by 2.5% and 1.3% for FY20 and FY21 due to expectations of higher new home settlements. Goldman Sachs rates the stock Buy with a target price of $5.10.

This report was published on May 28, 2020.

Target price is $5.10 Current Price is $4.45 Difference: $0.65
If INA meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 10.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.42.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 9.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 2.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.42.

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

JLG    JOHNS LYNG GROUP LIMITED

Building Products & Services – Overnight Price: $2.63

Canaccord Genuity rates ((JLG)) as Initiation of coverage with Buy (1) –

Johns Lyng Group’s core capabilities focus on restoration of properties after damage from insurable events. Canaccord Genuity forecasts operating income CAGR of 29% in the three-year period ending FY22. The group's foray into strata services in 2019 will provide diversification and growth avenues, believes the broker.

FY20 operating income is forecasted at $38.9m (up 68%) by the broker. Canaccord Genuity initiates coverage with a Buy recommendation and target price of $2.75.

This report was published on June 1, 2020.

Target price is $2.75 Current Price is $2.63 Difference: $0.12
If JLG meets the Canaccord Genuity target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Canaccord Genuity forecasts a full year FY20 dividend of 3.60 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.53.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 4.50 cents and EPS of 9.00 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 29.22.

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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.46

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

The FY21-22 earnings driver for Mayne Pharma will be women’s health, believes Wilsons, expecting two new approvals in the third quarter and launch of the contraceptive product Estelle in the first half of 2021.

The company has guided towards peak sales of circa US$200m which the broker considers conservative. The broker upgrades FY21-22 net profit estimates.

Wilsons retains its Market weight rating with a target price of $0.45.

This report was published on May 29, 2020.

Target price is $0.45 Current Price is $0.46 Difference: minus $0.01 (current price is over target).
If MYX meets the Wilsons target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.42, suggesting downside of -9.2%(ex-dividends)
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 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 230.00.

How do these forecasts compare to market consensus projections?

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

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 32.9.

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

NEA    NEARMAP LTD

Software & Services – Overnight Price: $2.22

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

Nearmap is performing better than expected and is targeting an Annualised Contract Value (ACV) growth of 20-40% in the medium term, reports Goldman Sachs.

Between a potential market size worth $2.9bn, spread across four markets and a very fragmented aerial imagery market, Goldman Sachs believes the company has an opportunity to grow, especially given its competitive technology.

The broker maintains its Buy rating with a target price of $2.55.

This report was published on May 28, 2020.

Target price is $2.55 Current Price is $2.22 Difference: $0.33
If NEA meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.36, suggesting upside of 6.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 74.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.8, 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 N/A.

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

PBH    POINTSBET HOLDINGS LTD

Gaming – Overnight Price: $6.94

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

PointsBet Holdings has benefited from the continuation of Australian racing and the shift to online betting with venues being closed, notes Bell Potter. NRL resumed on May 28 while NBA, MLB and NHL are working towards reopening in July.

Bell Potter believes the Sportsbet and BetEasy merger will shift customers to PointsBet Holdings. The broker has retained its Speculative Buy rating with a target price of $7.

This report was published on May 27, 2020.

Target price is $7.00 Current Price is $6.94 Difference: $0.06
If PBH meets the Bell Potter target it will return approximately 1% (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 minus 33.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.97.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 32.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.69.

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

PNV    POLYNOVO LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.69

E.L. & C Baillieu rates ((PNV)) as Downgrade to Hold from Buy (3) –

PolyNovo’s share price has rebounded strongly since March 2020’s low. Baillieu notes sales for the third quarter at $4.5m with the product operating in hospitals in Germany and Switzerland. PolyNovo’s hernia product will be known as Novosorb Syntrel and will be launched in the US market in July/August 2021.

Baillieu has picked up that another similar soft tissue regeneration developer/manufacturer might be seeking to get listed on the ASX soon – New Zealand based Aroa Biosurgery. The broker considers the latter's key product to be slightly more commercially advanced than PolyNovo's. The broker downgrades its rating to Hold with a target price of $2.85.

This report was published on May 29, 2020.

Target price is $2.85 Current Price is $2.69 Difference: $0.16
If PNV meets the E.L. & C Baillieu target it will return approximately 6% (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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 896.67.

Forecast for FY21:

E.L. & C Baillieu forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 206.92.

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

PPE    PEOPLE INFRASTRUCTURE LTD

Jobs & Skilled Labour Services – Overnight Price: $2.01

PhillipCapital rates ((PPE)) as Buy (1) –

People Infrastructure has been insulated from the pandemic to a certain extent due to its exposure to healthcare and disability services, but other areas including specialist businesses have been impacted. Phillip Capital assumes a -$20m revenue impact in FY20 with -$15m expected in FY21.

The broker has reduced earnings forecasts for FY20-22, but remains attracted to the company due to its exposure to healthcare and disability sectors. The broker also expects acquisition opportunities in the near future.

The broker holds onto its Buy recommendation with target price reduced to $2.85 from $4.05.

This report was published on May 29, 2020.

Target price is $2.85 Current Price is $2.01 Difference: $0.84
If PPE meets the PhillipCapital target it will return approximately 42% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY20:

PhillipCapital forecasts a full year FY20 dividend of 9.50 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 4.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.04.

Forecast for FY21:

PhillipCapital forecasts a full year FY21 dividend of 10.50 cents and EPS of 20.40 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.85.

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

PSI    PSC INSURANCE GROUP LIMITED

Insurance – Overnight Price: $2.60

Bell Potter rates ((PSI)) as Hold (3) –

PSC Insurance Group continues to perform well with strong cash collections during April and seems on track to achieve management’s expectations. Bell Potter notes the company is trying to tighten costs and expects a circa -2% reduction in operating costs over FY21-22.

Following the positive trading update, and with management at the insurer maintaining guidance, Bell Potter has upgraded FY21-22 earnings forecasts by circa 4.2% and 4.8%. The broker maintains a Hold rating with target price increased to $2.75 from $2.60.

This report was published on May 25, 2020.

Target price is $2.75 Current Price is $2.60 Difference: $0.15
If PSI meets the Bell Potter target it will return approximately 6% (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 8.70 cents and EPS of 13.10 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.85.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 9.80 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.31.

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

SXY    SENEX ENERGY LIMITED

Crude Oil – Overnight Price: $0.28

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

Senex Energy upgraded its production guidance to 2-2.1mmboe due to continued outperformance across the Surat Basin coal seam gas assets (Roma North and Atlas) with production exceeding 34TJ/day.

Looking at the weak LNG markets, the company has decided to divert production to the domestic market. Fewer wells at Atlas will lead to capital expenditure savings, estimated by Bell Potter to be around -$6m.

The broker upgrades earnings forecasts for FY20-22 by 5%, 9% and 7% respectively. Bell Potter retains its Buy recommendation with target price increased to $0.33 from $0.25.

This report was published on May 26, 2020.

Target price is $0.33 Current Price is $0.28 Difference: $0.05
If SXY meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $0.35, suggesting upside of 24.4%(ex-dividends)
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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 93.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.2, implying annual growth of -13.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 140.0.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.5, implying annual growth of 650.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
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

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

Senex Energy has lifted FY20 production and operating earnings guidance driven by better performance at both Atlas and Roma North. The upgrade is ahead of Canaccord Genuity’s expectations.

With the LNG market still weak, Senex will sell more volumes domestically. The broker has upgraded operating income estimates for both FY20-21.

Canaccord Genuity retains its Buy rating with a target price of $0.40.

This report was published on May 27, 2020.

Target price is $0.40 Current Price is $0.28 Difference: $0.12
If SXY meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $0.35, suggesting upside of 24.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY20:

Canaccord Genuity forecasts a full year FY20 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 140.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.2, implying annual growth of -13.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 140.0.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.5, implying annual growth of 650.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
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

WTC    WISETECH GLOBAL LIMITED

Cloud services – Overnight Price: $22.50

Bell Potter rates ((WTC)) as Sell (5) –

WiseTech Global recently renegotiated earnout arrangements on 17 of its past acquisitions, reducing contingent liabilities and leading to a one-off gain of $69.5m, to be booked in the second half of FY20.

Bell Potter makes negligible changes to its FY20-22 earnings forecasts. The FY20 forecast remains in-line with company guidance, although situated on the lower-end.

The broker holds onto its Sell recommendation with the target price increased to $17.50 from $14.25.

This report was published on May 28, 2020.

Target price is $17.50 Current Price is $22.50 Difference: minus $5 (current price is over target).
If WTC meets the Bell Potter target it will return approximately minus 22% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $22.00, suggesting downside of -2.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 3.20 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 0.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 146.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, implying annual growth of 16.9%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 108.7.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 4.40 cents and EPS of 22.50 cents.
At the last closing share price the estimated dividend yield is 0.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 100.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.3, implying annual growth of 36.7%.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 79.5.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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