article 3 months old

Australian Broker Call *Extra* Edition – Sep 21, 2020

Daily Market Reports | Sep 21 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   AMA (2)   ANG   APE (3)   APT (2)   APX   BGA   CBR   CCX (2)   CGC   CXL   EXP   FCL   GNX   HLA   HUO   IFM   IGL (2)   LNK   LOV   LYL   MMM   NEU   NXT (2)   PGX   PTM (2)   RHP   SUL   UWL   WHC (2)   WOR  

ACF    ACROW FORMWORK AND CONSTRUCTION SERVICES LIMITED

Building Products & Services – Overnight Price: $0.35

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

Acrow Formwork & Construction Services delivered a "strong" FY20 result, with underlying (pre-AASB-16) earnings (EBITDA) 5% ahead of Bell Potter's expectations.

The key drivers, according to the broker, were an eight-month contribution from the Uni-Span acquisition and increased momentum in the Victorian civil market. Additionally, there was a strong focus on product sales and improved trading from the Natform business.

Bell Potter's positive view is predicated on the company's leverage to civil infrastructure markets, buoyed by fiscal stimulus and improved operational execution.

The Buy rating is unchanged and the target price is increased to $0.36 from $0.32.

This report was published on August 26, 2020.

Target price is $0.36 Current Price is $0.35 Difference: $0.01
If ACF meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 2.20 cents and EPS of 3.60 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.72.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 2.40 cents and EPS of 4.50 cents.
At the last closing share price the estimated dividend yield is 6.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.78.

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

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.68

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

Normalised FY20 earnings (EBITDA) were 7% above the Bell Potter forecast.

The beat was driven by higher revenue and a better earnings margin than the broker had forecast. However, the statutory net loss was much larger than forecast, driven by an impairment of goodwill charge of -$52.7m.

The broker makes negligible changes to forecasts. The Buy rating is unchanged and the target price is decreased to $0.75 from $0.85.

This report was published on August 26, 2020.

Target price is $0.75 Current Price is $0.68 Difference: $0.07
If AMA meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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 136.00.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 3.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.25.

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


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

Wilsons deems the second half result for AMA Group commendable, with the full year earnings (EBITDA) in-line with the broker's forecast.

Trading conditions for the core panel repair business have improved, given increased traffic volumes. Additionally, confirmation of a favourable pricing outcome with the company's insurance partners has helped.

However, earnings (EBITDA) for the Automotive Component, Accessory and Procurement Business (ACAD) declined -75% on the previous corresponding period and was weaker than the broker forecast.

The broker notes the company's desire to recommence significant acquisition activity remains somewhat constrained by the balance sheet.

Wilsons lowers EPS estimates for FY21 and FY22 by -32% and -17%, respectively. The Market Weight rating is unchanged and the target price is decreased to $0.58 from $0.70.

This report was published on August 27, 2020.

Target price is $0.58 Current Price is $0.68 Difference: minus $0.1 (current price is over target).
If AMA meets the Wilsons target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.81.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 2.00 cents and EPS of 6.10 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.15.

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

ANG    AUSTIN ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.16

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

Austin Engineering delivered an impressive set of results to round out FY20, comments Wilsons, with a solid earnings beat and moving to a strong net cash position.

The broker highlights the order book is robust with 50% of FY21 already filled and strong customer enquiry levels. Management has suggested a net profit forecast of at least $9m versus Wilsons' estimated $10.6m.

Overweight rating maintained with the target price decreasing to $0.24 from $0.25.

The report was published on August 28, 2020.

Target price is $0.24 Current Price is $0.16 Difference: $0.08
If ANG meets the Wilsons target it will return approximately 50% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.70 cents and EPS of 1.80 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 8.89.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.90 cents and EPS of 2.20 cents.
At the last closing share price the estimated dividend yield is 5.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.27.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $9.37

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

The first half FY20 result for Eagers Automotive showed revenue well ahead of the Bell Potter forecast and statutory earnings (EBITDA) also ahead of forecast.

Other notable points for the broker were an asset impairment of -$40.4m (mostly relating to the Holden exit) ahead of the broker's forecast of -$27.5m. There was also strong operating cashflow of $473m.

Bell Potter upgrades EPS estimates for FY20, FY21 and FY22 by 8%, 15% and 6%, respectively. These are driven by upgrades in revenue forecasts, while margin forecasts are slightly reduced.

The rating is downgraded to Hold from Buy and the target price is increased to $9.50 from $9.00.

This report was published on August 26, 2020.

Target price is $9.50 Current Price is $9.37 Difference: $0.13
If APE meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $9.32, suggesting downside of -0.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 5.00 cents and EPS of 30.10 cents.
At the last closing share price the estimated dividend yield is 0.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.1, implying annual growth of N/A.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 33.3.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 12.50 cents and EPS of 44.80 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.5, implying annual growth of 51.2%.
Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 22.0.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


Moelis rates ((APE)) as Upgrade to Buy from Hold (1) –

The first half result for a Eagers Automotive was on expected lines, comments Moelis, with cost-outs softening the impact of the pandemic.

No formal guidance was provided, however, management noted outside of Victoria, other states have 'started the new half well'.

The broker expects the full period of cost reductions should lead to a significantly better second half, in the absence of any further pandemic-related restrictions.

Moelis raises EPS forecasts for FY21 and FY22 by 8% and 15%, respectively, to capture further operational leverage.

The rating is upgraded to Buy from Hold and the target price is increased to $10.29 from $8.73.

This report was published on August 26, 2020.

Target price is $10.29 Current Price is $9.37 Difference: $0.92
If APE meets the Moelis target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $9.32, suggesting downside of -0.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 0.00 cents and EPS of 30.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.1, implying annual growth of N/A.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 33.3.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 33.90 cents and EPS of 45.40 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.5, implying annual growth of 51.2%.
Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 22.0.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


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

Eagers Automotive confirmed a resilient in-line result in a volatile trading environment, reports Wilsons.

The broker explains profit (PBT) of $40.3m was helped by good execution on cost-out from management and robust growth in the truck and car retailing businesses.

The analyst's forecasts may prove conservative with a more sustained recovery in the new vehicle sales market, and a quicker than expected realisation of strategic initiatives.

Wilsons continues to assume sales return to pre-covid-19 levels by the second half of calendar 2021.

The broker makes material EPS forecast upgrades, driven by modest sales upgrades and the assumption of the full cost-out benefit being carried into later years.

The Market Weight rating is unchanged and the target price is increased to $9.30 from $8.10.

This report was published on August 26, 2020.

Target price is $9.30 Current Price is $9.37 Difference: minus $0.07 (current price is over target).
If APE meets the Wilsons target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.32, suggesting downside of -0.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 15.80 cents and EPS of 34.30 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.1, implying annual growth of N/A.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 33.3.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 35.50 cents and EPS of 52.70 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 17.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.5, implying annual growth of 51.2%.
Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 22.0.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

APT    AFTERPAY LIMITED

Business & Consumer Credit – Overnight Price: $75.80

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

Goldman Sachs includes Afterpay's EU footprint into its estimates as Afterpay intends to expand there through its proposed acquisition of Pagantis. The broker notes momentum with merchants appears strong and will likely continue. 

Earnings forecasts have been downgraded materially due to lower net transaction profit margins with higher opex costs to develop the EU footprint. The broker's outer year forecasts have risen considerably, in-sync with Afterpay's addressable market expansion.

Goldman Sachs reiterates its Neutral rating with the target price rising to $93.45 from $71.95.

This report was published on August 28, 2020.

Target price is $93.45 Current Price is $75.80 Difference: $17.65
If APT meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $81.72, suggesting upside of 7.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 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 842.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, 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 1222.6.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 583.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.2, implying annual growth of 564.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 184.0.

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


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

Afterpay's FY20 results highlighted an improving merchant fee mix and a declining loss rate, viewed by Wilsons as highly encouraging to longer-term net transaction margin (NTM) of circa 2%.

The broker notes the acquisition of Pagantis and Empatkali have opened up new continents and should drive further growth once established.

Strong trading conditions after the fourth quarter have continued into early FY21, highlights Wilsons, with sales in the fourth quarter in excess of $15bn.

Overweight rating retained with the target price increasing to $102.23 from $94.16.

This report was published on August 28, 2020.

Target price is $102.23 Current Price is $75.80 Difference: $26.43
If APT meets the Wilsons target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $81.72, suggesting upside of 7.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 583.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, 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 1222.6.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 31.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 239.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.2, implying annual growth of 564.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 184.0.

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

APX    APPEN LIMITED

IT & Support – Overnight Price: $31.76

Canaccord Genuity rates ((APX)) as Hold (3) –

Appen’s first-half result leads Canaccord Genuity to expect a strong second-half led by revenue and earnings.

Operating income guidance remains unchanged at $125-130m which implies a circa 60% skew to the second half of the year, notes the broker.

With smaller customers under pressure and a projected slowing in online ad spending, the broker fears there could be some challenges ahead. Revenue for FY20 is expected to be $687m, down -2%.

Canaccord Genuity retains its Hold rating with the target price reducing to $39.40 from $40.10.

The report was published on August 28, 2020.

Target price is $39.40 Current Price is $31.76 Difference: $7.64
If APX meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $36.58, suggesting upside of 15.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY20:

Canaccord Genuity forecasts a full year FY20 dividend of 12.00 cents and EPS of 62.00 cents.
At the last closing share price the estimated dividend yield is 0.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.8, implying annual growth of 80.8%.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 49.8.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 21.00 cents and EPS of 84.00 cents.
At the last closing share price the estimated dividend yield is 0.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.8, implying annual growth of 37.6%.
Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 36.2.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BGA    BEGA CHEESE LIMITED

Dairy – Overnight Price: $5.31

Goldman Sachs rates ((BGA)) as No Rating (-1) –

Bega Cheese's FY20 result was ahead of Goldman Sachs's expectations. The broker notes Bega's strong retail channel performance mostly offset the weakness in its bulk dairy ingredients and nutritionals segments.

No formal guidance was provided but management's outlook commentary pointed to an improvement in the group operating income led by the new Lactoferrin facility and cost reductions.

The broker notes the cessation of Bega's two-year supply agreement at Koroit will lead milk intake to be flat to slightly down. Also, cost improvement is expected to drive operating income growth in FY21.

Goldman Sachs maintains its Neutral rating with the target price increasing to $4.73 from $4.15.

This report was published on August 27, 2020.

Target price is $4.73 Current Price is $5.31 Difference: minus $0.58 (current price is over target).
If BGA meets the Goldman Sachs target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 11.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 2.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.14.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 12.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.42.

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

CBR    CARBON REVOLUTION LIMITED

Automobiles & Components – Overnight Price: $2.27

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

Carbon Revolution has delivered a FY20 result largely in-line with Bell Potter estimates.

The broker believes the company is entering a period of positive incremental news flow, with official vehicle launches to provide increased visibility on future growth volume. This is after a period of significant covid-19 impacts on the business.

Key takeaways from the result for the analyst included an improvement in the implied cash margin per wheel. Also, the company expects to become gross profit positive in the second half of FY21.

Bell Potter believes the company is well positioned to return to its pre pandemic growth trajectory from the second half FY21.

The Buy rating is unchanged and the target price is increased to $2.40 from $2.30.

This report was published on August 25, 2020.

Target price is $2.40 Current Price is $2.27 Difference: $0.13
If CBR 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 FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 17.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.27.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.83.

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

CCX    CITY CHIC COLLECTIVE LTD

Apparel & Footwear – Overnight Price: $3.12

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

Canaccord Genuity highlights City Chic Collective's aggressive shift from selling dresses to casual and active wear in recent months helped it remain profitable. Management highlighted while eight of the top ten items sold before covid-19 were dresses, it is now jeans and hoodies that are most popular.

The broker is pleased with the company's competency in product design and applauds Chic City's strategy of owning the customer rather than the category. This, according to the broker, has helped create City Chic's emotional connection with the consumer.

Canaccord Genuity's investment thesis relies on City Chic being able to leverage these competencies overseas – especially the US where covid has accelerated the demise of legacy retail models. Here, the broker believes City Chic has a unique opportunity to acquire scale and win back customers.

The Buy rating is maintained with a target price of $4.10.

This report was published on August 28, 2020.

Target price is $4.10 Current Price is $3.12 Difference: $0.98
If CCX meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $3.78, suggesting upside of 21.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 4.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 1.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 85.4%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 35.1.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 7.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of 25.8%.
Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 27.9.

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


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

City Chic Collective's FY20 operating income was up 17.9% (versus last year) and in line with Goldman Sachs's estimates.

The broker notes the outlook for City Chic remains positive due to the increasing skew to online channels, improving scale in the US and a strong balance sheet.

The broker's FY21-22 earnings forecasts have been decreased with the inclusion of the share purchase plan. 

Goldman Sachs retains its Buy rating with the target price reducing to $4 from $4.15.

This report was published on August 27, 2020.

Target price is $4.00 Current Price is $3.12 Difference: $0.88
If CCX meets the Goldman Sachs target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $3.78, suggesting upside of 21.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 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 34.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 85.4%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 35.1.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 7.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of 25.8%.
Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 27.9.

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

CGC    COSTA GROUP HOLDINGS LIMITED

Agriculture – Overnight Price: $3.26

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

Costa Group Holdings reported its first-half operating income, missing Goldman Sachs's estimates due to lower than expected domestic produce. 

The broker considers the outlook to be broadly positive and expects a strong improvement in operating income in the second half versus last year. Market conditions are favourable across the core product portfolio, states the broker and notes the company expects to meet its labour needs in the second half.

Goldman Sachs maintains its Neutral rating with a target price of $3.30.

This report was published on August 28, 2020.

Target price is $3.30 Current Price is $3.26 Difference: $0.04
If CGC meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.63, suggesting upside of 11.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of N/A.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 29.1.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 51.8%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 19.2.

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

CXL    CALIX LIMITED

Overnight Price: $0.91

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

Calix reported a strong FY20 result highlighting the momentum in its domestic water treatment business along with a strong performance by its US-based acquisition – Inland Environmental Resources (IER).

Canaccord Genuity expects the water treatment business to continue to drive sales growth and profitability In the medium term. However, the broker also believes the biggest potential for upside comes from Calix's CO2 mitigation technology.

Calix expects more than $30m in R&D grant income receivable over the next five years to fund its current LEILAC projects and other pre-commercialisation applications, highlights Canaccord Genuity. 

The broker retains its Buy rating with the target price increasing to $1.09 from $1.04.

This report was published on August 28, 2020.

Target price is $1.09 Current Price is $0.91 Difference: $0.18
If CXL meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity 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 70.00.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 75.83.

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: $0.20

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

Canaccord Genuity finds Experience Co's FY20 result admirable in a particularly challenging period with a well-managed cash situation and operating income profitability in July. The broker was also pleasantly surprised to see the debt level improve.

While there remain many questions about the smoothness of any recovery and unknowns with border closures, the broker feels encouraged looking at the company's ability to generate profitability at low volumes.

The broker believes FY21 will be mostly cash flow neutral at a group level with a stronger recovery anticipated in FY22.

Canaccord Genuity maintains its Buy recommendation with the target price lifted to $0.22 from $0.18.

This report was published on August 28, 2020.

Target price is $0.22 Current Price is $0.20 Difference: $0.02
If EXP meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

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

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 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 20.00.

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

FCL    FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $4.97

Moelis rates ((FCL)) as Buy (1) –

The FY20 results for Fineos were pre-reported and the company reiterated its guidance of 20% revenue growth and 30% subscription growth (ex Limelight).

Moelis believes the majority of subscription growth guidance for FY21 is close to being fulfilled.

The broker notes a number of growth initiatives and industry tailwinds including legacy modernisation, paid leave legislation and international expansion. Additional potential positives are cloud upgrades, product development and cross-selling Limelight.

The Buy rating is unchanged and the target price is increased to $6.15 from $5.50. This uplift in valuation primarily reflects the ongoing re-rating in technology peers.

This report was published on August 26, 2020.

Target price is $6.15 Current Price is $4.97 Difference: $1.18
If FCL meets the Moelis target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 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 4970.00.

Forecast for FY22:

Moelis forecasts a full year FY22 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 310.63.

This company reports in EUR. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

GNX    GENEX POWER LIMITED

EV, Solar & Batteries – Overnight Price: $0.20

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

Genex Power delivered a reasonable FY20 result, observes Canaccord Genuity, with operating income of $2m missing the broker's estimated $5m due to higher costs. 

The broker reports construction activities at the 50MW Jemalong project was largely unaffected by the pandemic with construction circa 75% complete.

Canaccord Genuity maintains its Speculative Buy rating with the target price reducing to $0.30 from $0.34.

This report was published on August 28, 2020.

Target price is $0.30 Current Price is $0.20 Difference: $0.1
If GNX meets the Canaccord Genuity target it will return approximately 50% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity 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 40.00.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.09.

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

HLA    HEALTHIA LIMITED

Healthcare services – Overnight Price: $1.05

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

Healthia's FY20 operating income was up 48%, driven by a combination of acquisitive expansion and organic growth.

Canaccord Genuity notes the business performed well in the lockdown period. In fact, consolidation activity continued and Healthia acquired a portfolio of 12 podiatry clinics during the June quarter.

The broker expects an additional four allied health clinics to be settled in October and retains its Buy rating with the target price rising slightly to $1.50 from $1.45.

This report was published on August 28, 2020.

Target price is $1.50 Current Price is $1.05 Difference: $0.45
If HLA meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 4.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.55.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 4.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.50.

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

HUO    HUON AQUACULTURE GROUP LIMITED

Aquaculture – Overnight Price: $3.01

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

Huon Aquaculture Group's FY20 result was lower than expected, notes Goldman Sachs, with operating income -9% less than the broker's forecast.

While production was strong, the broker highlights the result was impacted by a disruption in the wholesale and export channels through the fourth quarter.

FY21-22 earnings forecasts have declined due to dilution from new shares issued and a reset of Huon's earnings to a lower base after the FY20 result.

Goldman Sachs maintains its Neutral rating with a target price of $3.05. 

This report was published on August 28, 2020.

Target price is $3.05 Current Price is $3.01 Difference: $0.04
If HUO meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 8.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.04.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 10.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.03.

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

IFM    INFOMEDIA LTD

Automobiles & Components – Overnight Price: $1.58

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

Infomedia's FY20 result was almost in-line with Bell Potter's forecast with operating cash flow ahead of the broker's forecast. A final dividend of 2.15c (70% franked) was announced.

No FY21 guidance was provided but the broker did not expect any to begin with. The company pointed to the impact of covid-19 restrictions and expects the first half of FY21 to be flat before growth resumes.

Earnings forecasts have been downgraded by -25% for FY21-22 driven by both reductions in the broker's forecasts and the expected delay in acquisitions by 3-6 months. 

Bell Potter retains its Buy rating with the target price reducing to $1.75 from $2.

This report was published on August 25, 2020.

Target price is $1.75 Current Price is $1.58 Difference: $0.17
If IFM meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 3.50 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.60.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 4.00 cents and EPS of 6.20 cents.
At the last closing share price the estimated dividend yield is 2.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.48.

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

IGL    IVE GROUP LIMITED

Media – Overnight Price: $0.84

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

IVE Group reported a "resilient" FY20 result with revenue above Bell Potter's expectations.

The broker estimates the bulk of the revenue impacts were attributable to catalogue production and letterbox distribution. The company recognised a -$40m impairment in relation to the large format web offset (LFWO) catalogues (Franklin WEB) and distribution business (Salmat).

With an improving outlook and prospect for a resumption of dividends, the analyst believes the company appears undervalued.

Bell Potter adjusts EPS forecasts for FY21, FY22 and FY23 by 91.2%, 2.5% and -2%, respectively, driven by the revenue beat and JobKeeper.

The rating is upgraded to Buy from Hold and the target price is increased to $1.05 from $0.64.

This report was published on August 26, 2020.

Target price is $1.05 Current Price is $0.84 Difference: $0.21
If IGL meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 9.70 cents and EPS of 21.80 cents.
At the last closing share price the estimated dividend yield is 11.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.85.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 12.60 cents and EPS of 21.30 cents.
At the last closing share price the estimated dividend yield is 15.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.94.

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


Shaw and Partners rates ((IGL)) as Hold (3) –

IVE Group delivered a FY20 result in-line with Shaw and Partners' expectations, excluding JobKeeper and one-offs.

The cashflow was above the broker's expectations, driving net debt down.

Guidance was provided for FY21 with earnings (EBITDA) to be consistent with FY20, margins to remain stable, and net debt to continue declining. 

The analyst speculates if dividends were resumed within 12 months of covid-19, it would represent a material catalyst.

The Hold rating is unchanged and the target price is decreased to $1.44 from $1.46.

This report was published on August 27, 2020.

Target price is $1.44 Current Price is $0.84 Difference: $0.6
If IGL meets the Shaw and Partners target it will return approximately 71% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 6.70 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 7.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.60.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 10.70 cents and EPS of 21.30 cents.
At the last closing share price the estimated dividend yield is 12.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.94.

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

LNK    LINK ADMINISTRATION HOLDINGS LIMITED

Wealth Management & Investments – Overnight Price: $3.78

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

FY20 operating net profit was -27% below last year although slightly above Goldman Sachs's forecast. The write-down of European Corporate Market's goodwill and fair value of Leveris meant the statutory result was well below the broker's estimate.

The broker considers the result to be poor due to high expenses. A final dividend of 3.5c was announced, below the estimated 7c.

Heading into FY21, the broker believes Link should be able to drive costs lower. Overall, operating income is downgraded by circa -2%-4%. Earnings forecasts have been downgraded for FY21-22.

Goldman Sachs retains its Neutral rating with the target price decreasing to $4.38 from $4.78.

The report was first published on August 27, 2020.

Target price is $4.38 Current Price is $3.78 Difference: $0.6
If LNK meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.54, suggesting upside of 20.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 10.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 2.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of N/A.
Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 17.3.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 15.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.8, implying annual growth of 36.1%.
Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 12.7.

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

LOV    LOVISA HOLDINGS LIMITED

Luxury – Overnight Price: $7.68

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

Lovisa Holdings announced underlying FY20 earnings (EBIT) – post-AASB-16 – broadly in-line with Bell Potter's estimates.

Globally, management stated its attention is now returning to new site acquisition. Consequently, the broker expects new store rollouts to gather pace toward the end of first half 2021 and into the second half.

It's also considered tailwinds will emerge over the medium-term with respect to site availability and rent. This will occur as other retailers reduce their store footprints on the back of pandemic disruption.

Bell Potter notes significant uncertainty around FY21 earnings, but believes with a strong balance sheet the company will be able to navigate the pandemic.

The Buy rating is unchanged and the target price is increased to $8.35 from $7.50.

This report was published on August 26, 2020.

Target price is $8.35 Current Price is $7.68 Difference: $0.67
If LOV meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $7.27, suggesting downside of -5.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 12.50 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.5, implying annual growth of 102.8%.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 35.7.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 22.70 cents and EPS of 34.90 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.6, implying annual growth of 42.3%.
Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 25.1.

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

LYL    LYCOPODIUM LIMITED

Mining Sector Contracting – Overnight Price: $4.27

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

Lycopodium delivered FY20 revenue and profit (NPAT) slightly above the May guidance, notes Bell Potter.

The analyst reports a strong cashflow performance, with the company recording cashflow conversion of 157.5%.

The broker notes project delivery has been generally unaffected. Additionally, the on-schedule delivery of the Yaoure gold project in Cote d'Ivoire shows that construction in Africa can be delivered effectively.

The Hold rating is unchanged and the target price is increased to $4.85 from $4.65.

This report was published on August 26, 2020.

Target price is $4.85 Current Price is $4.27 Difference: $0.58
If LYL meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 18.00 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 4.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.88.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 27.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 6.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.86.

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

MMM    MARLEY SPOON AG

Consumer Products & Services – Overnight Price: $2.88

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

Marley Spoon released its first-half result with revenue up 89% while the operating loss was -EUR2m.

Canaccord Genuity notes Marley Spoon's outlook statement continues to expect strong momentum in customer acquisition and better-than-usual unit economics. Marley Spoon upgraded its FY20 revenue growth guidance to between 80-100% from 70%. 

FY20-22 revenue forecasts have been revised upwards, but the broker notes if the company holds to its May/June revenue run-rate and second quarter contribution margins, the operating leverage would be higher than consensus forecasts.

The broker maintains the Buy (speculative) rating. The target price is increased to $4.20 from $3.20.

The report was published on August 28, 2020.

Target price is $4.20 Current Price is $2.88 Difference: $1.32
If MMM meets the Canaccord Genuity target it will return approximately 46% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY20:

Canaccord Genuity forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 3.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 87.27.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of 8.25 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.91.

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

NEU    NEUREN PHARMACEUTICALS LTD

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.16

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

Neuren Pharmaceuticals' net loss of -$4.8m was around 18% better than the forecast of Bell Potter. This was driven by lower operating expense and other income (foreign exchange gain and refund of payroll tax), according to the broker.

Bell Potter notes the current share price is materially below the broker's valuation for Trofinetide for rett syndrome alone. This is with the market not ascribing any value to the NNZ-2591 drug and expanded indications for Trofinetide.

The company's partner Acadia confirmed results from the Phase 3 trials for Trofinetide are expected in the second half of 2021. In the broker's view this is the most important upcoming catalyst.

The Buy rating is unchanged and the price target is increased to $3.10 from $3.05.

This report was published on August 26, 2020.

Target price is $3.10 Current Price is $1.16 Difference: $1.94
If NEU meets the Bell Potter target it will return approximately 167% (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 0.00 cents and EPS of minus 10.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.26.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 8.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.98.

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $11.79

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

NextDC's FY20 operating income was at the top end of its $100-105m range.

Canaccord Genuity expects interconnections, that improve the quality of the ecosystem, to continue to grow strongly. The associated revenues are estimated to increase by 25% year on year.

For FY21, NextDC has guided to data centre revenue of $242-250m, less than the consensus forecast of $252m. Operating income is guided to a range of $125-130m with capex in the same range as in FY20.

Canaccord Genuity retains its Buy rating with a target price of $12.50.

This report was published on August 28, 2020.

Target price is $12.50 Current Price is $11.79 Difference: $0.71
If NXT meets the Canaccord Genuity target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $12.67, suggesting upside of 7.5%(ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is -0.9, 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 FY22:

Current consensus EPS estimate is 3.3, 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 357.3.

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


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

NextDC's FY20 sales and operating income were almost in-line with Goldman Sachs's forecasts and at the top end of its guidance range. The company delivered a strong cash performance, notes the broker while also observing cash capex was 16% above the broker's forecast.

FY21 revenue outlook is ahead of the broker's estimate. NextDC provided guidance for the data centre service revenue of $242-$250m versus the broker's expected $242m with underlying operating income guided to a range of $125-$130m.

Buy rating maintained with the target price increased to $12.10 from $11.10.

This report was published on August 27, 2020.

Target price is $12.10 Current Price is $11.79 Difference: $0.31
If NXT meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $12.67, suggesting upside of 7.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.9, 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 FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 294.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.3, 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 357.3.

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

PGX    PRIMERO GROUP LIMITED

Mining Sector Contracting – Overnight Price: $0.28

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

Primero Group's FY20 earnings were below Canaccord Genuity's expectations with margins recovering slower than forecast. Revenue was 1% higher than forecast, but both operating income and net profit missed the broker's estimates.

Going ahead, the broker notes the group's FY21 order book is at $230m with operating income margins guided to be in the range of 6%–8%. The broker notes the company has a strong growth profile and also expects a cash payment from its legal dispute.

Canaccord Genuity maintains its Buy rating with $0.54 as the target price.

This report was published on August 28, 2020.

Target price is $0.54 Current Price is $0.28 Difference: $0.26
If PGX meets the Canaccord Genuity target it will return approximately 93% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 2.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 7.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.60.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 2.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 7.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.60.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $3.25

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

The FY20 results for Platinum Asset Management revealed to Bell Potter the continual erosion in the management fee is starting to create operating deleveraging in the business. This is because the cost-base can't fall as quickly as the revenue is falling.

The broker explains this is set to really hit home in FY21, where around -23% EPS growth is forecast by the analyst. This is mainly driven by falling funds under management (FUM).

The Sell rating and price target of $2.50 are unchanged.

This report was published on August 26, 2020.

Target price is $2.50 Current Price is $3.25 Difference: minus $0.75 (current price is over target).
If PTM meets the Bell Potter target it will return approximately minus 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.19, suggesting downside of -1.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 18.00 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.5, implying annual growth of -19.7%.
Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 14.00 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 4.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.1, implying annual growth of -1.9%.
Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 15.4.

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


Goldman Sachs rates ((PTM)) as Sell (5) –

Platinum Asset Management's FY20 net profit was down -2% versus last year but 1% above Goldman Sachs's expectations. A final dividend of 11c (fully-franked) was announced, in-line with the broker resulting in an FY20 payout ratio of about 90%.

With limited new guidance on group strategy, the broker considers risks to earnings to be negatively skewed to the near term. The investment company did note seeding two new Cayman funds for servicing the US market and acknowledged listing some of its more successful funds (e.g. PIHF) on the ASX required careful consideration of costs.

Goldman Sachs retains its Sell rating with the target price reducing to $3.45 from $3.51.

This report was published on August 27, 2020.

Target price is $3.45 Current Price is $3.25 Difference: $0.2
If PTM meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting downside of -1.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 22.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 6.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.5, implying annual growth of -19.7%.
Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 22.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 6.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.1, implying annual growth of -1.9%.
Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 15.4.

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

RHP    RHIPE LIMITED

Cloud services – Overnight Price: $1.70

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

Rhipe reported an operating report in-line with the expectations of Bell Potter. Group sales growth were considered strong, driven by continued growth for public cloud software and infrastructure.

The broker notes the second half licensing margin continued to contract, but management suggested the outlook for margins in FY21 remains relatively stable.

There was no FY21 guidance, but management expects revenue and earnings growth to continue.

It remains clear to Bell Potter the company operates a highly profitable business model, leveraged to a large and growing market.

The Buy rating and target price of $2.30 are unchanged.

This report was published on August 26, 2020.

Target price is $2.30 Current Price is $1.70 Difference: $0.6
If RHP meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 3.00 cents and EPS of 4.50 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.78.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 4.00 cents and EPS of 6.20 cents.
At the last closing share price the estimated dividend yield is 2.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.42.

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

SUL    SUPER RETAIL GROUP LIMITED

Automobiles & Components – Overnight Price: $10.50

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

Super Retail Group's FY20 operating income was in-line with its July trading update. Sales saw a strong rebound in May and June and continue in the early first-half FY21, highlights Bell Potter.

The broker expects the monthly volatility seen in the second half of FY20 will continue, given renewed restrictions. The broker also fears lower inventory levels could constrain sales heading into the key Black Friday and Christmas period.

FY21-23 earnings forecasts have been increased and Bell Potter believes key opportunities for the group include simplifying its business.

Bell Potter retains its Hold rating based on valuation with the target price rising to $10.30 from $8.

This report was published on August 24, 2020.

Target price is $10.30 Current Price is $10.50 Difference: minus $0.2 (current price is over target).
If SUL meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $11.34, suggesting upside of 8.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 40.30 cents and EPS of 71.70 cents.
At the last closing share price the estimated dividend yield is 3.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.6, implying annual growth of 37.3%.
Current consensus DPS estimate is 48.2, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 40.40 cents and EPS of 67.90 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.8, implying annual growth of 0.3%.
Current consensus DPS estimate is 52.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 13.7.

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

UWL    UNITI GROUP LIMITED

Telecommunication – Overnight Price: $1.47

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

Uniti Group's FY20 operating income was slightly ahead of Bell Potter's forecast and within its guidance range.

The highlight of the result, according to the analyst, was the group's cash flow with the operating cash flow equating to 82% of the operating income.  No final dividend was announced.

No FY21 guidance was provided although the group did provide a pro forma operating income run rate of more than $90m for Uniti and Opticomm ((OPC)) combined. 

Bell Potter retains its Buy rating with a target price of $2.25.

This report was published on August 25, 2020.

Target price is $2.25 Current Price is $1.47 Difference: $0.78
If UWL meets the Bell Potter target it will return approximately 53% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 6.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.30.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 3.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.33.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $0.89

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

The FY20 underlying earnings (EBITDA) for Whitehaven Coal were in-line with Bell Potter estimates. However, a substantial increase in net debt and a relatively soft FY21 outlook have weighed on the company, notes the broker.

The analyst notes guidance for FY21 shows improvement across most metrics.

After adjusting operational estimates, Bell Potter decreases EPS estimates for FY21, FY22 and FY23 by -24%, -3% and -1%, respectively.

The broker cites reasons for a Buy rating are an improved operational outlook for FY22, a stabilisation in thermal coal markets and growth opportunities, should markets recover.

The Buy rating is unchanged and the target price is decreased to $2.25 from $2.30.

This report was published on August 26, 2020.

Target price is $2.25 Current Price is $0.89 Difference: $1.36
If WHC meets the Bell Potter target it will return approximately 153% (excluding dividends, fees and charges).
Current consensus price target is $1.56, suggesting upside of 75.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.9, implying annual growth of N/A.
Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 8.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 8.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.4, implying annual growth of N/A.
Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 20.2.

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


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

Both earnings (EBITDA) and profit (NPAT) for Whitehaven Coal  were in-line with Goldman Sachs estimates, but net debt and gearing were much higher than expected.

Guidance for FY21 production and unit costs were in-line with the broker, but are on the wrong side of what the company outlined at the 2019 strategy day.

The analyst sees the key focus is now on the balance sheet and whether covenants might be breached in the next six months.

The Neutral rating is unchanged on the stretched balance sheet and uncertain free cashflow outlook, but valuation support exists at present, according to Goldman Sachs.

The target price is decreased to $1.40 from $1.60.

This report was published on August 26, 2020.

Target price is $1.40 Current Price is $0.89 Difference: $0.51
If WHC meets the Goldman Sachs target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $1.56, suggesting upside of 75.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 1.00 cents and EPS of 0.80 cents.
At the last closing share price the estimated dividend yield is 1.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 111.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.9, implying annual growth of N/A.
Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 3.90 cents and EPS of 19.40 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 4.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.4, implying annual growth of N/A.
Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 20.2.

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

WOR    WORLEY LIMITED

Energy Sector Contracting – Overnight Price: $9.71

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

The FY20 results for Worley highlight to Goldman Sachs through-the-cycle benefits provided by the JEC acquisition.

The broker notes the chemicals business strength more than offset energy market compression. It's expected the hydrocarbon market will remain challenged into FY21, but the analyst views these headwinds are more than reflected in the share price.

The Buy rating is unchanged and the target price is increased to $12.40 from $12.10.

This report was published on August 26, 2020.

Target price is $12.40 Current Price is $9.71 Difference: $2.69
If WOR meets the Goldman Sachs target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $11.74, suggesting upside of 20.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 47.00 cents and EPS of 67.00 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.2, implying annual growth of 126.2%.
Current consensus DPS estimate is 43.3, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 63.00 cents and EPS of 90.00 cents.
At the last closing share price the estimated dividend yield is 6.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.3, implying annual growth of 13.6%.
Current consensus DPS estimate is 50.3, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 11.5.

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


Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

As part of emerging new trends overseas, The Australian Broker Call *Extra* Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

Share on FacebookTweet about this on TwitterShare on LinkedIn

Click to view our Glossary of Financial Terms

CHARTS

ACF AMA ANG APE APX BGA CBR CCX CGC CXL EXP FCL GNX HLA IFM IGL LNK LOV LYL MMM NEU NXT PTM SUL WHC WOR

For more info SHARE ANALYSIS: ACF - ACROW LIMITED

For more info SHARE ANALYSIS: AMA - AMA GROUP LIMITED

For more info SHARE ANALYSIS: ANG - AUSTIN ENGINEERING LIMITED

For more info SHARE ANALYSIS: APE - EAGERS AUTOMOTIVE LIMITED

For more info SHARE ANALYSIS: APX - APPEN LIMITED

For more info SHARE ANALYSIS: BGA - BEGA CHEESE LIMITED

For more info SHARE ANALYSIS: CBR - CARBON REVOLUTION LIMITED

For more info SHARE ANALYSIS: CCX - CITY CHIC COLLECTIVE LIMITED

For more info SHARE ANALYSIS: CGC - COSTA GROUP HOLDINGS LIMITED

For more info SHARE ANALYSIS: CXL - CALIX LIMITED

For more info SHARE ANALYSIS: EXP - EXPERIENCE CO LIMITED

For more info SHARE ANALYSIS: FCL - FINEOS CORPORATION HOLDINGS PLC

For more info SHARE ANALYSIS: GNX - GENEX POWER LIMITED

For more info SHARE ANALYSIS: HLA - HEALTHIA LIMITED

For more info SHARE ANALYSIS: IFM - INFOMEDIA LIMITED

For more info SHARE ANALYSIS: IGL - IVE GROUP LIMITED

For more info SHARE ANALYSIS: LNK - LINK ADMINISTRATION HOLDINGS LIMITED

For more info SHARE ANALYSIS: LOV - LOVISA HOLDINGS LIMITED

For more info SHARE ANALYSIS: LYL - LYCOPODIUM LIMITED

For more info SHARE ANALYSIS: MMM - MARLEY SPOON SE REGISTERED

For more info SHARE ANALYSIS: NEU - NEUREN PHARMACEUTICALS LIMITED

For more info SHARE ANALYSIS: NXT - NEXTDC LIMITED

For more info SHARE ANALYSIS: PTM - PLATINUM ASSET MANAGEMENT LIMITED

For more info SHARE ANALYSIS: SUL - SUPER RETAIL GROUP LIMITED

For more info SHARE ANALYSIS: WHC - WHITEHAVEN COAL LIMITED

For more info SHARE ANALYSIS: WOR - WORLEY LIMITED