Daily Market Reports | Sep 30 2020
This story features LIFE360 INC, and other companies. For more info SHARE ANALYSIS: 360
An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.
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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)
360 A2M AHX AMA APT AQR ARX ASB ASG (2) AT1 BVS CDP CGC CQR D2O GNC GNG HLO IEL IFL MTO MWY (2) NEA NXT OSL (2) PCK PME (3) PRN PWG PXS RMD SNL SPL ST1 SXE TPW VTH WZR
360 LIFE360 INC
Software & Services – Overnight Price: $4.10
Bell Potter rates ((360)) as Buy (1) –
Life360 was Bell Potter's top pick prior to a first-half result that only served to reinforce the broker's view.
Significant new or upgraded subscribers for the new membership offering impresses upon the analyst the company's strong position to capitalise on the opportunity. Especially with over US$50m in cash, no credit risk, no capitalisation of IT costs and no ADT (The ADT Security Corporation) stake overhang, lists the broker.
Bell Potter's estimated monthly active users (MAU) will remain unchanged and the EPS forecast for FY20 is reduced. However, the broker upgrades the underlying EPS estimates for FY21 and FY22 by 13.9% and 4.4%, respectively.
Following the changes above, and after increasing the retention rate estimate, Bell Potter increases the target price to $7 from $5.20. The Buy rating is unchanged.
This report was published on September 4, 2020.
Target price is $7.00 Current Price is $4.10 Difference: $2.9
If 360 meets the Bell Potter target it will return approximately 71% (excluding dividends, fees and charges).
The company's fiscal year ends in November.
Forecast for FY20:
Bell Potter forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 11.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.35.
Forecast for FY21:
Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.44 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 927.60.
This company reports in USD. 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
A2M THE A2 MILK COMPANY LIMITED
Dairy – Overnight Price: $15.20
Bell Potter rates ((A2M)) as Upgrade to Hold from Sell (3) –
Bell Potter has softened FY21-22 expectations for a2 Milk, reflecting a lower than expected increase in shelf prices for stage 3 and 4 infant milk formula products, on top of soft Daigou demand.
Shipments to Hong Kong, which have a strong correlation with cross-border e-commerce (CBEC) revenues, fell -77% year on year in July.
Bell Potter upgrades its rating to Hold from Sell with the target price falling to $17.15 from $17.30 as near term earnings are insulated by the movement in the AUD/NZD.
This report was published on September 11, 2020.
Target price is $17.15 Current Price is $15.20 Difference: $1.95
If A2M meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $16.87, suggesting upside of 15.6%(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 53.75 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.28.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 52.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 27.7.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 58.85 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.83.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 61.3, implying annual growth of 16.5%.
Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 23.8.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AHX APIAM ANIMAL HEALTH LTD
Medical Equipment & Devices – Overnight Price: $0.64
Shaw and Partners rates ((AHX)) as Buy (1) –
Shaw and Partners notes, despite the extremely difficult backdrop, Apiam Animal Health has continued to increase its profit since listing. The company expects growth conditions will improve and become favourable, including better weather and a decrease in input prices.
The broker expects dairy heads to rise by 1% and production by 1-3% in 2020.
As the company is a market leader in a consolidating sector, the broker expects both distributions and cash flows to continue to rise.
Shaw and Partners reinitiates its coverage on the stock with a Buy recommendation and a target price of $0.79.
This report was published on September 10, 2020.
Target price is $0.79 Current Price is $0.64 Difference: $0.15
If AHX meets the Shaw and Partners target it will return approximately 23% (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 1.50 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.85.
Forecast for FY22:
Shaw and Partners forecasts a full year FY22 dividend of 2.00 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.53.
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: $0.67
Bell Potter rates ((AMA)) as Buy (1) –
With the number of daily new covid cases in Victoria steadily reducing and a roadmap being provided for the potential easing of restrictions over the coming weeks, Bell Potter has reassessed the outlook provided by AMA Group at its FY20 result.
The broker concludes there is some chance of the parts and services business being sold in the next three to six months which would help reduce the group's debt and avoid any need for a capital raising. This causes Bell Potter to take a more optimistic view in the short to medium term.
No changes to forecasts. The Buy rating is unchanged and the target price rises slightly to $0.85 from $0.75.
This report was published on September 11, 2020.
Target price is $0.85 Current Price is $0.67 Difference: $0.18
If AMA meets the Bell Potter target it will return approximately 27% (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 134.00.
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 20.94.
Market Sentiment: 1.0
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: $79.80
Bell Potter rates ((APT)) as Buy (1) –
Bell Potter revisits Afterpay after the FY20 result and believes the market opportunity continues to expand. A key highlight from the recent result for the broker is the higher frequency in use of Afterpay users versus other BNPL providers.
The analyst sees PayPal as the most credible new entrant of recent competitors, however, Afterpay’s business model is considered uniquely different. Bell Potter provides the example of the company’s directory generating over 15m referrals back to retailers each month. Additionally, the company runs marketing campaigns for retailers.
Following the FY20 result, Bell Potter increases underlying earnings estimates for FY21, FY22 and FY23 by 2.8%, 6.5% and 1.7%, respectively.
The Buy rating is unchanged and the target price is increased to $99.10 from $96.70.
This report was published on September 3, 2020.
Target price is $99.10 Current Price is $79.80 Difference: $19.3
If APT meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $85.60, suggesting upside of 4.7%(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 12.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 643.55.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.3, 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 879.4.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 27.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 295.56.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 39.5, implying annual growth of 324.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 207.0.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AQR APN CONVENIENCE RETAIL REIT
REITs – Overnight Price: $3.88
Moelis rates ((AQR)) as Buy (1) –
APN Convenience Retail REIT will be acquiring a service station in Perth for $6.15m. The Shell station is tenanted by Viva Energy ((VEA)) and the deal is expected to settle by the end of October.
Moelis considers this a relatively small acquisition for the REIT, estimated to lead to a 0.8% increase in the group’s FY22 earnings forecast.
The REIT has guided toward funds from operations (FFO) and dividend range of 21.8-22c in FY21. The broker believes a handful of similar acquisitions could result in upward earnings revision to the guidance range.
Hold rating retained. Target price is $4.05.
This report was published on September 10, 2020.
Target price is $4.05 Current Price is $3.88 Difference: $0.17
If AQR meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Moelis forecasts a full year FY21 dividend of 21.90 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.64.
Forecast for FY22:
Moelis forecasts a full year FY22 dividend of 22.40 cents and EPS of 22.70 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 17.09.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ARX AROA BIOSURGERY LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.35
Wilsons rates ((ARX)) as Overweight (1) –
Wilsons explains Aroa Biosurgery’s exclusive marketing partner for OviTex, called Tela Bio, could accelerate market share gains in the short term.
As a biologic/synthetic hybrid, OviTex is an alternative to biologic mesh.
The broker understands a key competitor of Tela Bio has not been re-contracted to supply biologic mesh across a broad range of hospitals. It’s considered Tela Bio may step into the breach.
Separately, Wilsons has collected very favourable clinical feedback on Aroa’s MYRIAD product for dermal soft tissue reconstruction.
The Overweight rating is unchanged and the target price is increased to $2 from $1.91.
This report was published on September 7, 2020
Target price is $2.00 Current Price is $1.35 Difference: $0.65
If ARX meets the Wilsons target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.55.
Forecast for FY22:
Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 75.00.
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: $3.31
Goldman Sachs rates ((ASB)) as Buy (1) –
The Congressional Research Service (CRS) released an update on the Navy Force Structure report for the US.
Goldman Sachs summarises this represent a 10% and 80% upgrade to the vessel count for manned and unmanned ships, respectively, versus current ship fleet plans.
This could meaningfully increase the group of programs Austal can realistically bid on, and thus the shipbuilders long-run US Navy total addressable market, assesses the broker.
Coupled with recent US Navy funding for the company's steel capacity expansion, Goldman Sachs has increased confidence in the company's post-Littoral Combat Ship (LCS) program future.
The Buy rating and target price of $4.35 are unchanged
This report was published on September 7, 2020.
Target price is $4.35 Current Price is $3.31 Difference: $1.04
If ASB meets the Goldman Sachs target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $3.97, suggesting upside of 18.8%(ex-dividends)
The company's fiscal year ends in June.
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 2.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.24.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.9, implying annual growth of -4.4%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 14.0.
Forecast for FY22:
Goldman Sachs forecasts a full year FY22 dividend of 9.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.24.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.1, implying annual growth of 0.8%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 13.9.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ASG AUTOSPORTS GROUP LIMITED
Automobiles & Components – Overnight Price: $1.29
Moelis rates ((ASG)) as Buy (1) –
There were no headline surprises in Autosports Group's FY20 result, observes Moelis. The group's revenue was up 1.2% while the operating income was down -14.7%.
The revenue, impacted by covid-19, was offset somewhat by a strong June, rental waivers and JobKeeper payments. The group also recognised a non-cash impairment charge of -$109.2m. No final dividend was declared, as expected.
The group expects a strong rebound in Victoria once restrictions are lifted. Moelis reinstates its earnings estimates, capturing a tougher operating environment in FY21 followed by recovery in FY22.
Moelis retains its Buy rating with a target price of $1.50.
The report was published on February 3, 2020.
Target price is $1.50 Current Price is $1.29 Difference: $0.21
If ASG meets the Moelis target it will return approximately 16% (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 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.33.
Forecast for FY22:
Moelis forecasts a full year FY22 dividend of 5.30 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 4.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.03.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Wilsons rates ((ASG)) as Market Weight (3) –
Autosports Group had a resilient FY20 result in a challenging external environment, comments Wilsons. The profit before tax was in line with expectations with stronger sales.
Wilsons expects a strong FY21, led by a partial recovery in original equipment manufacturer rebates with the group rebuilding inventory. Beyond FY21, the broker expects earnings growth to be modest in FY22 with growth returning to low-to-mid teens in FY23.
Wilsons maintains its Market Weight rating with a target price of $1.29.
The report was published on September 1, 2020.
Target price is $1.29 Current Price is $1.29 Difference: $0
If ASG meets the Wilsons target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Wilsons forecasts a full year FY21 dividend of 5.80 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 4.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.12.
Forecast for FY22:
Wilsons forecasts a full year FY22 dividend of 5.70 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.32.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AT1 ATOMO DIAGNOSTICS LIMITED
Medical Equipment & Devices – Overnight Price: $0.37
Canaccord Genuity rates ((AT1)) as Buy (1) –
Atomo Diagnostics’ first full-year result post its IPO did not disappoint Canaccord Genuity, with revenue ahead of the broker's forecast and operating loss less half of what was expected.
The company earned revenue from four products, a feat which the broker takes as proof the business is broader than the pandemic. Working capital is a drag on cash flow but the company is expected to turn cash flow positive in the second half of FY21.
With the pending launch of the US business via its partner Access Bio and the development of a digital eHealth solution to facilitate regulatory approval for the covid-19 product as a self-test for consumers, FY21 is expected to be even stronger.
Canaccord Genuity maintains its Buy recommendation with the target price increasing to $0.78 from $0.65.
This report was published on August 31, 2020.
Target price is $0.78 Current Price is $0.37 Difference: $0.41
If AT1 meets the Canaccord Genuity target it will return approximately 111% (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 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.67.
Forecast for FY22:
Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.76.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BVS BRAVURA SOLUTIONS LIMITED
Wealth Management & Investments – Overnight Price: $3.51
Goldman Sachs rates ((BVS)) as Buy (1) –
Goldman Sachs believes Bravura Solutions is well-positioned given its strong market position in its existing product offering with a high degree of recurring revenues. The emerging micro-services ecosystem strategy could also increase the company's scope and sales velocity, asserts the broker.
While acknowledging uncertainty in the near term due to the pandemic, the broker believes there is limited downside risk given the revenue base is recurring with largely unchanged fundamentals.
Goldman Sachs maintains its Buy rating with the target priced decreasing to $4.80 from $5.40.
This report was published on September 11, 2020.
Target price is $4.80 Current Price is $3.51 Difference: $1.29
If BVS meets the Goldman Sachs target it will return approximately 37% (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 12.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.65.
Forecast for FY22:
Goldman Sachs forecasts a full year FY22 dividend of 13.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.47.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CDP CARINDALE PROPERTY TRUST
REITs – Overnight Price: $3.68
Moelis rates ((CDP)) as No Rating (-1) –
Carindale Property Trust's FY20 funds from operations (FFO) was down circa -19% versus last year's income due to the ongoing remix of David Jones and Kmart, along with the impact of the pandemic.
The result includes an expected credit loss of -$5.1m. No distribution will happen in the second half to preserve the balance sheet.
No guidance was provided for FY21. Moelis considers the Trust to represent a deep value and counter-cyclical investment opportunity. Admitting there is limited liquidity in the stock and gearing is at the upper the end of the broker's range, Moelis believes Carindale remains one of the best shopping malls in Australia.
The second half earnings are considered the low point and the broker expects recovery to follow. Moelis reinstates its coverage with a Buy rating and a target price of $5.10.
This report was published on September 14, 2020.
Target price is $5.10 Current Price is $3.68 Difference: $1.42
If CDP meets the Moelis target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Moelis forecasts a full year FY21 dividend of 18.00 cents and EPS of 23.40 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.73.
Forecast for FY22:
Moelis forecasts a full year FY22 dividend of 25.00 cents and EPS of 31.50 cents.
At the last closing share price the estimated dividend yield is 6.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.68.
Market Sentiment: 0.0
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: $3.50
E.L. & C Baillieu rates ((CGC)) as Downgrade rating to Hold (3) –
Baillieu believes Costa Group Holdings' second half will be driven by the remaining citrus harvest along with mushroom, berry and tomato. The company has access to plenty of water from the rains and from its water infrastructure, adds the broker.
The issues affecting the company in the first half will not persist in the second half, predicts the broker. In 2021, Baillieu expects topline growth due to farm and acreage expansions.
Share price strength prompts the broker to downgrade its rating to Hold with a target price of $3.60.
This report was published on September 1, 2020.
Target price is $3.60 Current Price is $3.50 Difference: $0.1
If CGC meets the E.L. & C Baillieu target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.63, suggesting upside of 4.8%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
E.L. & C Baillieu forecasts a full year FY20 dividend of 7.20 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.82.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 2.1%.
Current consensus EPS estimate suggests the PER is 30.9.
Forecast for FY21:
E.L. & C Baillieu forecasts a full year FY21 dividend of 9.80 cents and EPS of 16.40 cents.
At the last closing share price the estimated dividend yield is 2.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.34.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 2.9%.
Current consensus EPS estimate suggests the PER is 20.4.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CQR CHARTER HALL RETAIL REIT
REITs – Overnight Price: $3.55
Moelis rates ((CQR)) as Buy (1) –
Charter Hall Retail REIT has increased its exposure to passive fuel investments, acquiring circa 49% interest in a portfolio of 70 triple net leased BP convenience assets in New Zealand. The REIT has done this via a JV fund with Charter Hall Long WALE REIT ((CLW)).
The portfolio has a circa 20-year weighted average lease expiry, highlights Moelis. The broker would have preferred a strategy involving direct investments from a strategic investment perspective, but notes the REIT is likely to pursue this long WALE strategy, whether direct investment or otherwise.
This acquisition in the BP portfolio fund increases Charter Hall Retail REIT's exposure to defensive income streams, highlights the broker, and adds certainty to distributions.
Noting the stock will be supported by a defensible income stream and attractive distribution yield, Moelis retains its Buy rating. Target increases to $3.69 from $3.65.
This report was published on September 11, 2020.
Target price is $3.69 Current Price is $3.55 Difference: $0.14
If CQR meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $3.38, suggesting downside of -2.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Moelis forecasts a full year FY21 dividend of 22.60 cents and EPS of 25.20 cents.
At the last closing share price the estimated dividend yield is 6.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.09.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 25.9, implying annual growth of 173.8%.
Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 13.4.
Forecast for FY22:
Moelis forecasts a full year FY22 dividend of 24.40 cents and EPS of 27.80 cents.
At the last closing share price the estimated dividend yield is 6.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.77.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 27.0, implying annual growth of 4.2%.
Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 12.8.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
D2O DUXTON WATER LIMITED
Agriculture – Overnight Price: $1.31
Bell Potter rates ((D2O)) as Hold (3) –
Duxton Water reported a first half loss (NPAT) of -$4.3m which was better than the -$4.6m estimated by Bell Potter. Excluding the impact of impairments and interest rate swap movements, the result was broadly in-line with the broker.
There was no formal guidance provided. However, the analyst notes leases now cover around 64% of the permanent water position with circa $9.5m in annualised rental income.
The broker now projects a headline loss in FY20 and downgrades profit in FY21 and FY22 by -14% and -17%, respectively.
Bell Potter points out the company gives investors exposure to through-the-cycle growth in entitlement values and attractive through-the-cycle cash yields.
The Hold rating is unchanged and the target price is increased to $1.45 from $1.10.
This report was published on September 2, 2020.
Target price is $1.45 Current Price is $1.31 Difference: $0.14
If D2O meets the Bell Potter target it will return approximately 11% (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 5.70 cents and EPS of minus 1.00 cents.
At the last closing share price the estimated dividend yield is 4.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 131.00.
Forecast for FY21:
Bell Potter forecasts a full year FY21 dividend of 6.10 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.15.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GNC GRAINCORP LIMITED
Agriculture – Overnight Price: $3.92
Bell Potter rates ((GNC)) as Hold (3) –
The official agricultural forecaster The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) released its highest September east coast winter crop production forecast in ten years. There was also an initial forecast for the summer crop.
Bell Potter explains that because Graincorp has a grains contract with an insurer (WRI), operating leverage kicks in at around the forecast level. As it stands, the broker calculates maximum payments will be due by the company to WRI, but also sees a likely lower share of crop captured in the company’s network.
The analyst notes there is greater operating leverage with the summer crop as there is no WPI payment link. Bell Potter makes no changes to forecasts.
The Hold rating and target price of $4.85 are unchanged.
This report was published on September 9, 2020.
Target price is $4.85 Current Price is $3.92 Difference: $0.93
If GNC meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $4.59, suggesting upside of 18.4%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Bell Potter forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 9.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1.3, 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 298.5.
Forecast for FY21:
Bell Potter forecasts a full year FY21 EPS of 19.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.21.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.0, implying annual growth of 1438.5%.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 19.4.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GNG GR ENGINEERING SERVICES LIMITED
Mining Sector Contracting – Overnight Price: $1.01
Moelis rates ((GNG)) as Buy (1) –
GR Engineering Services' FY20 revenue was ahead of its guidance with operating income and profit before tax broadly in-line with Moelis's forecast.
The broker considers this a solid result and notes no material impact from covid-19. A final dividend of 4c was announced taking the total for FY20 to 6c.
The broker assumes margin will continue to improve in FY21, leading to FY21 operating income estimate of $22.8m. The company is considered well-positioned to deliver on its strong pipeline of work and opportunities due to its strong balance sheet and minimal debt.
Moelis reinstates coverage with a Buy rating and a target price of $1.28.
The report was published on September 1, 2020.
Target price is $1.28 Current Price is $1.01 Difference: $0.27
If GNG meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Moelis forecasts a full year FY21 dividend of 7.00 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 6.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.48.
Forecast for FY22:
Moelis forecasts a full year FY22 dividend of 7.00 cents and EPS of 9.70 cents.
At the last closing share price the estimated dividend yield is 6.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.41.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HLO HELLOWORLD TRAVEL LIMITED
Travel, Leisure & Tourism – Overnight Price: $1.85
Bell Potter rates ((HLO)) as Hold (3) –
Helloworld Travel delivered an FY20 underlying earnings (EBITDA) result (pre-AASB-16) below Bell Potter’s expectations.
The broker explains the company's total transaction value (TTV) and revenue growth were both negatively impacted by the pandemic across the second half. Moreover, a one-off non-cash impairment charge of -$67.1m saw the company report a net loss after tax of -$70m, highlights the analyst.
At 30 June the company had a net cash position of around $3.3m and an available cash position (adjusted for working capital and restricted cash) of circa $100m, details the broker.
As a result, the company is considered well placed to see out the prolonged downturn based not only on liquidity, but also how effectively management restructured the cost-base.
The Hold rating is unchanged and the target price is increased to $2.10 from $2.
This report was published on September 2, 2020.
Target price is $2.10 Current Price is $1.85 Difference: $0.25
If HLO 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 0.00 cents and EPS of minus 18.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.05.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 9.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.89.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IEL IDP EDUCATION LIMITED
Education & Tuition – Overnight Price: $19.21
Goldman Sachs rates ((IEL)) as Buy (1) –
Goldman Sachs considers IDP Education well placed for the eventual re-start of the international student market. The broker believes recovery is ongoing and expects to reach pre-covid volumes sometime in FY22.
While the broker cautions a relapse in some markets can’t be ruled out, there are positive indicators with the UK starting to open up international travel/flights.
Goldman Sachs remains positive on IDP Education as it is a leading player exposed to structural tailwinds in international education and well-positioned to increase its market share in the fragmented student placement market.
The broker maintains its Buy rating with the target price rising to $22.50 from $19.
This report was published on September 9, 2020.
Target price is $22.50 Current Price is $19.21 Difference: $3.29
If IEL meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $20.11, suggesting upside of 5.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Goldman Sachs forecasts a full year FY21 dividend of 13.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 0.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 106.72.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.7, implying annual growth of -32.3%.
Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 107.9.
Forecast for FY22:
Goldman Sachs forecasts a full year FY22 dividend of 29.00 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 1.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.85.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 42.4, implying annual growth of 139.5%.
Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 45.0.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IFL IOOF HOLDINGS LIMITED
Wealth Management & Investments – Overnight Price: $3.15
Bell Potter rates ((IFL)) as Reduce to Sell from Hold (5) –
Bell Potter challenges the rationale behind IOOF Holdings’ MLC acquisition. The transaction is considered too risky, too big and too complicated for the company to embark upon in its current state.
As opposed to the company’s guided rate of 20% earnings accretion, the broker calculates the deal is in fact dilutive "in a real world scenario".
The deal is considered by the analyst unlikely to complete until the end of FY21. This doesn't tally with the company's assumption of synergies beginning to flow from July 1, 2020, points out the broker.
Additionally, Bell Potter anticipates a deterioration in MLC’s earnings each year, and the requirement for reinvestment coupled with compliance concerns will limit synergies and the timing of the gains.
The broker also has concerns over the balance sheet position regarding the amount of additional debt required now and over time. Further, additional costs over the years are considered onerous, including integration, remediation and compliance costs.
Bell Potter downgrades underlying EPS estimates for FY21 by -41.2% and for FY22-FY24 by -4.1% for each year.
The rating is reduced to Sell from Hold. The target price is increased to $4.30 from $4.00.
This report was published on September 2, 2020.
Target price is $4.30 Current Price is $3.15 Difference: $1.15
If IFL meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $4.66, suggesting upside of 46.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Bell Potter forecasts a full year FY21 dividend of 15.00 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.58.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 31.8, implying annual growth of -24.3%.
Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 10.0.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 21.00 cents and EPS of 32.40 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.72.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 31.3, implying annual growth of -1.6%.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 10.2.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MTO MOTORCYCLE HOLDINGS LIMITED
Automobiles & Components – Overnight Price: $2.00
Wilsons rates ((MTO)) as Market Weight (3) –
Motorcycle Holdings saw an exceptionally strong FY20 result, comments Wilsons, with operating income up 53% and operating cash flow up 85%. The broker notes trading conditions remain favourable in terms of demand and profitability.
It is difficult to calculate when demand will return to more normal levels, admits the broker. Management sees a favourable change in consumer attitudes towards outdoor leisure activities. Motorcycle Holdings will benefit from a renewed interest in motorcycles, suggests the broker.
Even with the share price reasonably cheap, the broker advocates caution due to the elevated uncertainty. The Market Weight rating is maintained. The target price is $2.04.
This report was published on September 1, 2020.
Target price is $2.04 Current Price is $2.00 Difference: $0.04
If MTO meets the Wilsons target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Wilsons forecasts a full year FY21 dividend of 9.00 cents and EPS of 29.80 cents.
At the last closing share price the estimated dividend yield is 4.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.71.
Forecast for FY22:
Wilsons forecasts a full year FY22 dividend of 9.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 4.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.70.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MWY MIDWAY LIMITED
Agriculture – Overnight Price: $1.05
Bell Potter rates ((MWY)) as Upgrade to Buy from Hold (1) –
Midway is Australia’s largest hardwood and softwood fibre exporter.
Bell Potter lists headwinds impacting on the FY20 result including weak pulp prices from oversupply in Brazil, US tariffs on Chinese imports and the impact on demand from pandemic lockdowns.
However, the analyst points out the company achieved progress on consistently generating cash flow that reduced debt levels. This is the catalyst for Bell Potter to upgrade the rating to Buy from Hold, and the target price is increased to $1.25 from $1.15.
The broker considers the company has repositioned its operations in an environment of bottom up cycle pulp pricing. The analyst sees leverage to a recovery in pulp and wood fibre pricing.
This report was published on September 3, 2020.
Target price is $1.25 Current Price is $1.05 Difference: $0.2
If MWY meets the Bell Potter target it will return approximately 19% (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 6.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.44.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 6.00 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.29.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Shaw and Partners rates ((MWY)) as Hold (3) –
Midway had a tough FY20, notes Shaw and Partners, with the impact of covid-19 on both Chinese and Japanese demand for pulp and paper. This has delayed the recovery and impacted earnings during the year, states the broker.
The broker considers Midway to be an attractive Australian story with a large addressable market and a relatively simple business. Earnings are anticipated to pick up in FY21 along with a reversion back to increasing free cash flow and low maintenance capex requirements.
Positive catalysts include woodchip pricing strength, demand from China and acquisitions/equity investments. Hold rating retained with a target price of $1.25.
The report was published on February 27, 2020.
Target price is $1.25 Current Price is $1.05 Difference: $0.2
If MWY meets the Shaw and Partners target it will return approximately 19% (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 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.00.
Forecast for FY22:
Shaw and Partners forecasts a full year FY22 dividend of 3.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.
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: $2.34
Goldman Sachs rates ((NEA)) as Buy (1) –
Nearmap will be raising capital worth $70m together with a further potential share purchase plan of $20m.
Goldman Sachs thinks these factors should materially improve the company's balance sheet. The company did not provide any trading update but stated its current trading was in line with management expectations and medium term growth targets of 20-40% per annum.
Goldman Sachs downgrades its rating to Neutral from Buy with a target price of $2.95.
This report was published on September 10, 2020.
Target price is $2.95 Current Price is $2.34 Difference: $0.61
If NEA meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $3.12, suggesting upside of 31.5%(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 minus 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 39.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -3.9, 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 minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 58.50.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 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
NXT NEXTDC LIMITED
Cloud services – Overnight Price: $12.37
Goldman Sachs rates ((NXT)) as Buy (1) –
NextDC's FY20 result demonstrates the momentum within the business, observes Goldman Sachs, helped by a step change in growth during the pandemic. This momentum led to a record year of new wins. NextDC aims to beat this again in FY21, notes the broker.
The broker is of the opinion given the significant contracted but not billed MW, the full revenue run rate must incorporate this to get a better idea of its EV/Sales multiple.
The Buy rating is unchanged with a target price of $13.20.
This report was published on September 11, 2020.
Target price is $13.20 Current Price is $12.37 Difference: $0.83
If NXT meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $12.67, suggesting upside of 1.4%(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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1237.00.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 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 618.50.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 378.8.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
OSL ONCOSIL MEDICAL LTD
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.13
Bell Potter rates ((OSL)) as Buy (1) –
The delays to commercialisation resulting from covid-19 are now easing and Bell Potter is virtually certain commercial revenues will accrue this year.
The broker lists several important upcoming catalysts, including an update on survival for patients from the Panco study. Another catalyst is the outcome of the company’s Humanitarian Device Exemption (HDE) application to the FDA for the treatment of bile duct cancer.
The Buy rating and price target of $0.42 are unchanged.
This report was published on September 3, 2020.
Target price is $0.42 Current Price is $0.13 Difference: $0.29
If OSL meets the Bell Potter target it will return approximately 223% (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 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.50.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.44.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Wilsons rates ((OSL)) as Overweight (1) –
Wilsons believe an FDA Humanitarian Device Exemption (HDE) later this year could re-rate the stock. Such an approval is considered to offer the company a uniformity and immediacy in market access terms that would take years to develop in Europe or Asia Pacific.
Wilsons' valuation is based on the company’s commercialisation for locally advanced pancreatic cancer in major markets.
The broker understands that first commercial (paid) treatments could be scheduled as early as October and likely conducted at sites that have had scientific and clinical engagement since inception (London, Singapore).
The company has marketing authorisations in the UK, EU, Singapore, Malaysia and New Zealand. In addition, approvals are pending in Australia and Hong Kong.
The analyst reminds us that overall survival in the PanCO trial has reached 16 months as at May 19. The Overweight rating and the target price of $0.40 are unchanged.
This report was published on September 3, 2020.
Target price is $0.40 Current Price is $0.13 Difference: $0.27
If OSL meets the Wilsons target it will return approximately 208% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Wilsons forecasts a full year FY21 dividend of 0.00 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 11.82.
Forecast for FY22:
Wilsons 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 10.83.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PCK PAINCHEK LIMITED
Medical Equipment & Devices – Overnight Price: $0.09
Canaccord Genuity rates ((PCK)) as Buy (1) –
PainChek reported a better-than-expected FY20 result, notes Canaccord Genuity, with revenue ahead of the broker's estimate and the operating loss better than expected.
The broker notes momentum slowed in the fourth quarter due to covid-19 related restrictions on the aged care sector. The company saw its pivot to digital operations succeeding and the broker thinks it could grow more.
With the government program extending till June 2021, the broker thinks the company will meets its target of 100k dementia beds and set up positive commercial revenues with operators rolling onto commercial contracts from January 2021.
The Buy rating and target price of $0.55 remain unchanged.
This report was published on September 1, 2020.
Target price is $0.55 Current Price is $0.09 Difference: $0.46
If PCK meets the Canaccord Genuity target it will return approximately 511% (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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 90.00.
Forecast for FY22:
Canaccord Genuity forecasts a full year FY22 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 45.00.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PME PRO MEDICUS LIMITED
Medical Equipment & Devices – Overnight Price: $26.75
Bell Potter rates ((PME)) as Downgrade to Hold from Buy (3) –
Pro Medicus' FY20 result was solid, in the view of Bell Potter, with both revenues and operating income up by 16%. Earnings were impacted by lower revenues between March-May but the broker notes many drivers of revenue growth for FY21 are now in place.
While circa 75% of revenues are earned in the US, a disproportionate level of costs are incurred outside of the US. Thus, currency driven revenue headwind is expected to have a material impact on earnings, cautions the broker.
Over the next decade, as healthcare operators in the US look to cloud based computing solutions as an alternative to the traditional capital purchase model, the broker expects expansion of Pro Medicus' contract pipeline.
FY21-22 earnings forecast's are downgraded largely due to currency driven headwinds. Bell Potter downgrades its rating to Hold from Buy with the price target reduced to $26.50 from $28.50.
This report was published on September 10, 2020.
Target price is $26.50 Current Price is $26.75 Difference: minus $0.25 (current price is over target).
If PME meets the Bell Potter target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY21:
Bell Potter forecasts a full year FY21 dividend of 14.00 cents and EPS of 27.70 cents.
At the last closing share price the estimated dividend yield is 0.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 96.57.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 17.30 cents and EPS of 34.50 cents.
At the last closing share price the estimated dividend yield is 0.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 77.54.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Goldman Sachs rates ((PME)) as Neutral (3) –
Pro Medicus has signed a 7-year, $25m deal with NYU Langone Health, one of the leading health systems in the US. The deal will see Pro Medicus' wholly-owned Visage being implemented across NYU’s radiology business.
Goldman Sachs notes this announcement follows closely behind the $22m deal with Northwestern and represents the 3rd largest contract in Pro Medicus' history.
Going forward, the broker sees a clear scope for deeper penetration and also expects slow but steady penetration of the mass-market channel.
The Neutral rating is unchanged with a target price of $25.90.
This report was published on September 11, 2020.
Target price is $25.90 Current Price is $26.75 Difference: minus $0.85 (current price is over target).
If PME meets the Goldman Sachs target it will return approximately minus 3% (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 13.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 0.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 92.24.
Forecast for FY22:
Goldman Sachs forecasts a full year FY22 dividend of 16.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 0.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 74.31.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Moelis rates ((PME)) as Hold (3) –
Pro Medicus signed a $25m contract with NYU Langone – made up of $2.5m in professional services revenue and about $3.2m in exam revenue at the contracted minimums. The roll-out is expected to go live in the third quarter of FY21.
Moelis had already factored a large contract win in FY21 and sees this win as validation of the quality of Visage 7 – especially looking as this was the third large contract win.
The company also announced a multi-year joint development agreement with NYU Langone to develop the next generation of enterprise imaging. Earnings forecasts for FY22-23 have been upgraded by 2%.
Moelis maintains its Hold rating with the target price increasing to $29.66 from $27.47.
This report was published on September 14, 2020.
Target price is $29.66 Current Price is $26.75 Difference: $2.91
If PME meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Moelis forecasts a full year FY21 dividend of 15.50 cents and EPS of 28.60 cents.
At the last closing share price the estimated dividend yield is 0.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 93.53.
Forecast for FY22:
Moelis forecasts a full year FY22 dividend of 19.00 cents and EPS of 36.80 cents.
At the last closing share price the estimated dividend yield is 0.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 72.69.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PRN PERENTI GLOBAL LIMITED
Mining Sector Contracting – Overnight Price: $1.18
Wilsons rates ((PRN)) as Overweight (1) –
Perenti Global was testing the Australian medium-term notes market by trying to issue $200m of debt, but withdrew noting tepid investor appetite. Wilsons does not take this to mean the company is facing a liquidity event as it has comfortable equity and debt metrics.
The broker thinks this was a prudent time for Perenti Global to test the market and see if this was a potential option to refinance larger bonds due in about 20months, domestically.
The share price reaction looks overblown, states the broker, noting strong commodity price lifts. In addition, Wilsons expects a solid win rate to continue.
The Overweight rating is maintained with a target price of $2.00.
The report was published on September 11, 2020.
Target price is $2.00 Current Price is $1.18 Difference: $0.82
If PRN meets the Wilsons target it will return approximately 69% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Wilsons forecasts a full year FY21 dividend of 7.00 cents and EPS of 16.90 cents.
At the last closing share price the estimated dividend yield is 5.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.98.
Forecast for FY22:
Wilsons forecasts a full year FY22 dividend of 8.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 6.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.90.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PWG PRIMEWEST
Real Estate – Overnight Price: $1.10
Moelis rates ((PWG)) as Reinstate coverage with Buy (1) –
Primewest Group delivered an inaugural earnings per share of 5.5c. With a stronger than expected funds under management (FUM) growth to circa $4.5bn, Moelis considers the result positive, more so when seen in the context of the pandemic.
Primewest Group has added about $658m assets under management (AUM) since its IPO. Key initiatives during the year include the acquisition of the Vital Harvest ((VTH)) management rights along with a 13.9% stake, launch of 7 new syndicates totaling ~$308m in AUM in FY20.
The group is considered a scalable platform positioned for growth with a significant balance sheet capacity. Moelis reinstates its coverage with a Buy rating. Target price is $1.29.
This report was published on September 1, 2020.
Target price is $1.29 Current Price is $1.10 Difference: $0.19
If PWG meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Moelis forecasts a full year FY21 dividend of 4.50 cents and EPS of 5.50 cents.
At the last closing share price the estimated dividend yield is 4.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.
Forecast for FY22:
Moelis forecasts a full year FY22 dividend of 5.30 cents and EPS of 6.20 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.74.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PXS PHARMAXIS LTD
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.09
Bell Potter rates ((PXS)) as Downgrade to Hold from Buy (3) –
Boehringer Ingelheim (BI) has terminated its 2015 agreement with Pharmaxis for Drug BI_1467335 and discontinued its development for Diabetic Retinopathy (DR).
According to Bell Potter, this decision was prompted by a lack of clear efficacy signal in the Phase 2A DR trial.
The company intends to look at the totality of the data to identify if the drug can be developed for another indication in which risk of drug interaction is of less concern.
The removal of the drug from the broker’s financial model has a material impact on long term forecasts and valuation. As a result, the rating is downgraded to Hold from Buy and the target price is decreased to $0.09 from $0.20.
The valuation is now weighted towards the Bronchitol and Aridol segment, with modest value ascribed to the company’s development business.
This report was published on September 9, 2020.
Target price is $0.09 Current Price is $0.09 Difference: $0
If PXS meets the Bell Potter target it will return approximately 0% (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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.00.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.60.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RMD RESMED INC
Medical Equipment & Devices – Overnight Price: $23.90
Wilsons rates ((RMD)) as No Rating (-1) –
The Lumis HFT (high flow therapy device) is a new addition to the company's respiratory care portfolio. It is aimed at supporting moderate to severe chronic obstructive pulmonary disease (COPD) patients in the home care setting.
The absence of a high flow nasal cannula (HFNC) modality was an obvious gap in the Resmed portfolio and strategy, explains Wilsons. The strategy provides device options along the continuum of COPD progression.
The analyst makes no adjustments to earnings estimates as the home care opportunity is something for outer years. Wilsons remains Overweight with a price target of $28.55.
This report was published on September 1, 2020.
Target price is $28.55 Current Price is $23.90 Difference: $4.65
If RMD meets the Wilsons target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $24.96, suggesting upside of 3.0%(ex-dividends)
Forecast for FY21:
Current consensus EPS estimate is 67.8, implying annual growth of N/A.
Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 35.7.
Forecast for FY22:
Current consensus EPS estimate is 75.6, implying annual growth of 11.5%.
Current consensus DPS estimate is 24.7, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 32.0.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SNL SUPPLY NETWORK LIMITED
Automobiles & Components – Overnight Price: $4.87
E.L. & C Baillieu rates ((SNL)) as Buy (1) –
Supply Network operates under the Multispares Limited brand, providing aftermarket parts to commercial vehicles in Australia and New Zealand. Its FY20 net profit was up 17.7% with a fully franked 9c final dividend.
Baillieu notes, despite initial challenges from covid-19, sales recovered quickly in May/June.
Management finds the short-term outlook uncertain, but is hopeful there may be an upturn in major infrastructure projects and forecasts revenue growth of at least 8% in FY21.
Supply Network's enviable record of consistent earnings remained intact during the pandemic, highlights Baillieu. The broker believes the company will continue to make progress based on robust industry growth and expansion of branches in the company's network.
Buy retained with a target price at $5.60.
The report was published on September 1, 2020.
Target price is $5.60 Current Price is $4.87 Difference: $0.73
If SNL meets the E.L. & C Baillieu target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
E.L. & C Baillieu forecasts a full year FY21 dividend of 18.00 cents and EPS of 25.50 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.10.
Forecast for FY22:
E.L. & C Baillieu forecasts a full year FY22 dividend of 19.00 cents and EPS of 27.50 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.71.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SPL STARPHARMA HOLDINGS LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.61
Bell Potter rates ((SPL)) as Buy (1) –
The FY20 net loss for Starpharma was in-line with the forecast of Bell Potter.
The highlight for the broker was the strong growth in revenues, which was largely driven by a $4.3m milestone received from AstraZeneca on initiation of Phase 1 trials with partnered drug AZD0466. Additionally, there was $1.5m in product sales and royalties for VivaGel BV.
Morgans decreases the estimate for the FY22 net loss by -30%, driven by a double digit percentage reduction in cost of goods sold (COGS) and opex forecast.
The Buy rating is unchanged and the target price is increased to $2.20 from $1.84.
This report was published on September 2, 2020.
Target price is $2.20 Current Price is $1.61 Difference: $0.59
If SPL meets the Bell Potter target it will return approximately 37% (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 119.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.35.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 51.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.16.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ST1 SPIRIT TELECOM LIMITED
Telecommunication – Overnight Price: $0.36
Shaw and Partners rates ((ST1)) as Buy (1) –
Previous guidance by Spirit Telecom of $85m in revenue by 2020 and a 15% earnings (EBITDA) margin by the end of FY21 has been achieved six months early, points out Shaw and Partners.
The broker forecasts that on an annualised basis the company now has greater than $50m in recurring revenues.
The company could have up to $40m in capital available to drive further accretive consolidation (ex-scrip), highlights the analyst.
Shaw and Partners upgrades EPS estimates for FY21 and FY22 onwards by 19% and 30%, respectively.
The Buy rating is unchanged and the target price is increased to $0.48 from $0.35.
This report was published on September 3, 2020.
Target price is $0.48 Current Price is $0.36 Difference: $0.12
If ST1 meets the Shaw and Partners target it will return approximately 33% (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 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.73.
Forecast for FY22:
Shaw and Partners 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 22.50.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SXE SOUTHERN CROSS ELECTRICAL ENGINEERING LTD
Mining Sector Contracting – Overnight Price: $0.50
Moelis rates ((SXE)) as Reinstate coverage with Buy (1) –
Southern Cross Electrical Engineering's FY20 revenue was slightly below guidance and operating income was -6% below consensus.
Gross margins decreased to 10.7% (from 12.3% in FY19 ) partly due to covid-19 related disruptions and lower margins on transport infrastructure projects.
The company guided to FY21 revenue of $400m, -4% less than last year's numbers. Moelis's forecast for FY21 revenue is $399m. While Southern Cross Electrical's FY21 outlook is soft, the broker believes this is already reflected in its current valuation.
Moelis reinstates its Buy rating with a target price of $0.68.
The report was published on September 01, 2020.
Target price is $0.68 Current Price is $0.50 Difference: $0.18
If SXE meets the Moelis target it will return approximately 36% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Moelis forecasts a full year FY21 dividend of 3.00 cents and EPS of 4.40 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.36.
Forecast for FY22:
Moelis forecasts a full year FY22 dividend of 3.70 cents and EPS of 5.30 cents.
At the last closing share price the estimated dividend yield is 7.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.43.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TPW TEMPLE & WEBSTER GROUP
Furniture & Renovation – Overnight Price: $11.46
Bell Potter rates ((TPW)) as Buy (1) –
Temple & Webster provided a strong update for the July-August period (alongside its FY20 results) noting sales up 161%. This was led by a strong Net Promotor Score (over 65%) which helped drive repeat purchases.
Bell Potter forecasts sales to increase looking at the group's accelerating sales momentum and the continued strong NPS. This leads to an increase in earnings estimates for FY21-23.
The broker believes Temple and Webster has material growth prospects underpinned by the structural shift to online, strategic growth initiatives and a strong balance sheet.
Bell Potter retains its Buy rating with the target price increasing to $11.40 from $9.70.
This report was published on August 31, 2020.
Target price is $11.40 Current Price is $11.46 Difference: minus $0.06 (current price is over target).
If TPW meets the Bell Potter target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 15.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 75.39.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 20.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.36.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VTH VITALHARVEST FREEHOLD TRUST
Real Estate – Overnight Price: $0.78
Bell Potter rates ((VTH)) as Buy (1) –
Vitalharvest Freehold Trust's FY20 adjusted funds from operations (AFFO) were largely in-line with Bell Potter's expectations at $8.8m. Rental revenue was down -20% versus Bell Potter's forecast. Dividend of 1.5c in the second half was in line with guidance.
No formal guidance was given for FY21. The broker notes the 2020 citrus harvest had been delayed two weeks and that pricing and volume of the 2020 crop has so far been stronger than initial forecasts.
The broker has increased its AFFO forecasts for FY21-22, led by better pricing assumptions in the citrus category and a delayed 2020 crop harvest shifting earnings from to FY21 from FY20.
Bell Potter retains its Buy rating with the target price rising slightly to $0.85 from $0.84.
This report was published on August 31, 2020.
Target price is $0.85 Current Price is $0.78 Difference: $0.07
If VTH meets the Bell Potter target it will return approximately 9% (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 5.10 cents and EPS of 5.50 cents.
At the last closing share price the estimated dividend yield is 6.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.18.
Forecast for FY22:
Bell Potter forecasts a full year FY22 dividend of 5.70 cents and EPS of 6.20 cents.
At the last closing share price the estimated dividend yield is 7.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.58.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WZR WISR LIMITED
Business & Consumer Credit – Overnight Price: $0.20
Moelis rates ((WZR)) as Upgrade to Buy from Hold (1) –
Wisr has announced the launch of its secured vehicle loan product. Following a successful pilot, Moelis believes this will greatly accelerate the company’s push into the $33bn vehicle finance market.
The broker sees secured vehicle finance as being a key driver of growth for the company. It is considered to potentially generate a similar level of originations to unsecured loans, within three to five years.
In addition, the analyst points out the company has several other growth initiatives including the resumption of digital marketing (paused during the fourth quarter) and a prudent relaxing of underwriting standards.
The rating is upgraded to Buy from Hold and the target price is increased to $0.27 from $0.26.
This report was published on September 4, 2020.
Target price is $0.27 Current Price is $0.20 Difference: $0.07
If WZR meets the Moelis target it will return approximately 35% (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 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.50.
Forecast for FY22:
Moelis forecasts a full year FY22 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 18.18.
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.
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