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Australian Broker Call *Extra* Edition – Mar 02, 2021

Daily Market Reports | Mar 02 2021

This story features APN INDUSTRIA REIT, and other companies. For more info SHARE ANALYSIS: ADI

Dear Reader: As part of FNArena's coverage of the February reporting season in Australia, Editions of the Australian Broker Call *Extra* Report will be focusing on responses to released financial results during the month.

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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)

ADI   AQR   CDA   CL1   CQR   EBO   EXP   HDN   INA   IPH (3)   IRI   MCP   MNY   ORA   PGH   PPT   PSQ (2)   RDC   RFF   RHC   SUL   TRS (2)   UMG  

ADI    APN INDUSTRIA REIT

REITs – Overnight Price: $2.95

Moelis rates ((ADI)) as Hold (3) –

APN Industria REIT reported first-half funds from operations (FFO) of 19.8c, up 8.2% year on year with like for like net property income growth of 1.8%, and more than 99% of rent collected for the period.

While trading at an attractive -1.7% discount to net tangible assets and with room to bolster its earnings profile via acquisitions, Moelis notes the income growth profile remains at risk in the near term. As a result, the broker remains cautious.

The REIT reaffirmed its FY21 guidance for FFO of 19.7-19.9c and distribution of 17.3c. 

Hold rating with the target rising to $3.04 from $3.03.

This report was published on February 18, 2021.

Target price is $3.04 Current Price is $2.95 Difference: $0.09
If ADI meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 17.30 cents and EPS of 19.90 cents.
At the last closing share price the estimated dividend yield is 5.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.82.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 17.30 cents and EPS of 18.30 cents.
At the last closing share price the estimated dividend yield is 5.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.12.

Market Sentiment: 0.5
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: $3.46

Moelis rates ((AQR)) as Buy (1) –

APN Convenience Retail REIT reported a first-half funds from operations FFO of 10.8c, which Moelis considers to be on track to meet the REIT's FY21 guidance of 21.8-22c. Contracted annual rental growth increased to 2.9% from 2.8% six months ago.

Moelis continues to view the REIT as a compelling investment proposition, highlighting the recent share price underperformance provides an attractive entry point. Some points in the broker's investment case include a defensive business model and growing size.

Buy rating with the target price rising to $4.11 from $4.08.

This report was published on February 17, 2021.

Target price is $4.11 Current Price is $3.46 Difference: $0.65
If AQR meets the Moelis target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 22.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 6.36%.
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 23.30 cents and EPS of 23.50 cents.
At the last closing share price the estimated dividend yield is 6.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.72.

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

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $14.90

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

Codan reported a strong result that was slightly above Canaccord Genuity's expectations. The net profit was 36% above last year and above the circa $40m guidance. The broker notes the result was driven by strong momentum in metal detection.

In Canaccord Genuity's view, the outlook for the second half is shaping up to be stronger with growth in metal detection expected to be supported by the launch of the GPX6000 gold detector.

The communications guidance was also strong, observes the broker, on the back of a solid order book and sales pipeline. The broker has updated its FY21 net profit estimate by 10.6% to $95m.

The target price rises to $16.60 from $14.80 with the Buy rating retained.

This report was published on February 19, 2021.

Target price is $16.60 Current Price is $14.90 Difference: $1.7
If CDA meets the Canaccord Genuity target it will return approximately 11% (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 26.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.11.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 32.00 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.28.

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

CL1    CLASS LIMITED

Cloud services – Overnight Price: $1.74

Shaw and Partners rates ((CL1)) as Buy (1) –

Cloud-based developer and distributor, Class Ltd delivered a solid 1H21 revenue of $28.5m, which was bang in-line with Shaw and Partners' forecast.

Reported earnings (EBITDA) of $10.6m (+24% YoY) was -4% below the broker's estimate, but the difference was largely explained by lower capitalised amounts.

FY21 underlying guidance was reiterated. However, due to an accelerated R&D spend the broker has increased its FY21-23 cost growth forecasts by 8-11%.

Class announced the acquisition of Reckon Docs for $13m cash, which Shaw and Partners believes to be attractively priced at around 4-5x EBITDA. Adding roughly 2,100 customers and revenue of circa $4m, the broker expects the new acquisition to add scale to NowInfinity and further consolidates the document management space.

Overall, Shaw and Partners continues to like the strategy and maintains its Buy rating, with the price target moving to $2.48 from $2.47.

The report was issued on February 17, 2021.

Target price is $2.48 Current Price is $1.74 Difference: $0.74
If CL1 meets the Shaw and Partners target it will return approximately 43% (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 5.00 cents and EPS of 5.70 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.53.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 5.00 cents and EPS of 5.50 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.64.

Market Sentiment: 1.0
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: $3.76

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

Charter Hall Retail REIT delivered first-half operating earnings of $75.2m, circa 9% ahead of Moelis's estimate led by covid support that is reflected in the REIT's adjusted funds from operations. The distribution for the half was 10.7c.

The REIT has guided to operating earnings of at least 27.3c with a second-half dividend of at least 12.7c. This implies a FY21 dividend of no less than 23.4c.

Moelis highlights the REIT saw a record 224 leasing deals completed during the period. Further, the broker points to an improving retail environment, underscored by the strong moving annual total (MAT) numbers.

With the stock trading at a discount, Moelis considers this is an opportune time and upgrades to Buy from Hold with the target rising to $3.86 from $3.75.

This report was published on February 16, 2021.

Target price is $3.86 Current Price is $3.76 Difference: $0.1
If CQR meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.70, suggesting downside of -1.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 23.40 cents and EPS of 27.30 cents.
At the last closing share price the estimated dividend yield is 6.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.8, implying annual growth of 183.3%.
Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 25.50 cents and EPS of 28.40 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 13.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.7, implying annual growth of 3.4%.
Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 13.5.

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

EBO    EBOS GROUP LIMITED

Healthcare services – Overnight Price: $26.54

Jarden rates ((EBO)) as Buy (2) –

Capturing above-market growth rates in both segments, (Community Pharmacy wholesale customers and Terry White Chemmart), Ebos Group’s underlying earnings (EBITDA) was $163m, up 9% on the previous corresponding period, and in line with Jarden's estimate at $164m.

Commenting on the result, Jarden noted the continued strength in the company’s market positions from key brands (Blackhawk and Vitapet), plus strong structural tailwinds in the pet care market, saw animal care earnings (EBIT) jump 26%.

To reflect to 1H performance and trends, Jarden’s forecast FY21-23 EPS changes are 0.6%, 0.1%, and 0% respectively.

Jarden maintain its Overweight rating, with the target price lifting 3% to NZ$30.

This report was issued February 17, 2021.

Current Price is $26.54. Target price not assessed.
Current consensus price target is $28.20, suggesting upside of 5.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 84.80 cents and EPS of 119.40 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.6, implying annual growth of 13.9%.
Current consensus DPS estimate is 72.7, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 23.4.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 90.10 cents and EPS of 126.90 cents.
At the last closing share price the estimated dividend yield is 3.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.4, implying annual growth of 8.6%.
Current consensus DPS estimate is 79.7, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 21.5.

Market Sentiment: 0.6
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: $0.28

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

Canaccord Genuity finds the first half of Experience Co presented many challenges but cost management and government support measures led to a surprisingly positive operating income of $4.4m relative to the broker's expected $1.7m.

Even so, the broker expects trading conditions to remain patchy with state level policies impacting momentum in what is normally a peak season for the company. Some periods of domestic demand were well ahead of the last period in some regions.

The company dealt with 2020 admirably, suggests the broker, and believes Experience Co EXP can operate profitably on domestic demand alone over 2021. 

Buy recommendation with the target rising to $0.25 from $0.22.

This report was published on February 19, 2021.

Target price is $0.25 Current Price is $0.28 Difference: minus $0.03 (current price is over target).
If EXP meets the Canaccord Genuity 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:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.65 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.08.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 400.00.

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

HDN    HOMECO DAILY NEEDS REIT

REITs – Overnight Price: $1.27

Jarden rates ((HDN)) as Buy from overweight (1) –

Given the Homeco Daily Needs REIT 1H21 result covered just over a month since being spun out of Home Consortium in November 2020, Jarden sees scope for a reasonable uplift in net tangible assets (NTA) at the release of full year numbers, when a large part of the portfolio will be revalued independently.

Jarden’s FY21 fund from operations (FFO) forecast sits at $21.1m.

Underpinning the broker’s positive view on FFO growth over the next few years are existing portfolio optimisation; contracted rental escalation; and brownfield pad site developments.

Jarden notes progress on trading occupancy was good through the period while Richlands and Ellenbrook developments are tracking ahead of PDS with leasing pre-commitments now over 90% for both.

The broker sees upside in the share price from current levels and expect this to open the way for further accretive acquisitions in calendar 2021.

Recommendation is upgraded to Buy from Overweight, and target price rises to $1.50 from $1.46.

This report was issued on February 17, 2021.

Target price is $1.50 Current Price is $1.27 Difference: $0.23
If HDN meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Jarden forecasts a full year FY20 dividend of 4.20 cents and EPS of 4.50 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.22.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 7.90 cents and EPS of 8.20 cents.
At the last closing share price the estimated dividend yield is 6.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.49.

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $5.05

Moelis rates ((INA)) as Downgrade to Hold from Buy (3) –

Ingenia Communities Group's first-half result showed revenue from domestic tourism was up 12% over last year to $24.1m.

The company's lifestyle division's operating income at $22.4m was up 39% with an operating income margin of 42.1%, reflecting benefits of scale from a fast-growing site count. The group has 194 contracts on hand that are expected to settle in the second half.

Moelis has reduced its earnings per share forecast by -4.7% to 21.1c for FY21 and is positioned at the top end of management's guidance range of 20.1-21.1c.

While the domestic tourism’s performance and outlook remain strong, the earnings guidance for the year is less than Moelis expected, partly due to higher finance charges and tax rate.

Looking at the appreciation in share price since December 2020, Moelis moves to a Hold rating from Buy with the target falling to $5.40 from $5.49.

This report was published on February 17, 2021.

Target price is $5.40 Current Price is $5.05 Difference: $0.35
If INA meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 10.10 cents and EPS of 21.10 cents.
At the last closing share price the estimated dividend yield is 2.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.93.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 11.60 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.96.

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

IPH    IPH LIMITED

Legal – Overnight Price: $6.02

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

IPH's first half operating income at $61.7m was higher than Bell Potter's expected $60.7m. The broker notes organic operating income increased 8% versus last year. Margin gains in the acquired Xenith IP Group helped contribute $15m to the operating income.

The company's Asia business achieved like for like operating income growth of 6% which the broker considers a strong result given the strong disruption from covid.

IPH’s business continues to do well, suggests Bell Potter, with long-term growth prospects intact. The broker believes the current share price weakness presents an attractive entry-level for investors.

Buy rating with the target dropping to $8.15 from $8.70. 

This report was published on February 19, 2021.

Target price is $8.15 Current Price is $6.02 Difference: $2.13
If IPH 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 28.40 cents and EPS of 34.50 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.45.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 29.60 cents and EPS of 38.40 cents.
At the last closing share price the estimated dividend yield is 4.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.68.

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


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

While Canaccord Genuity suffered a moment of trepidation on realising they had been too optimistic over IPH's revenue in the first half, the broker conceded equally underestimating management's ability to improve the performance of acquired businesses.

The result was an in-line first-half operating income with a "stellar" cash conversion that allowed a significant reduction in debt. The broker notes the business will now enter a period with much softer revenue comps and an improving new filings trend.

Buy rating with the target price dropping to $8.90 from $9.50.

This report was published on February 19, 2021.

Target price is $8.90 Current Price is $6.02 Difference: $2.88
If IPH meets the Canaccord Genuity target it will return approximately 48% (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 29.50 cents and EPS of 33.60 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.92.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 31.00 cents and EPS of 26.10 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.07.

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


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

Goldman Sachs expects modest profit growth for IPH led by growth in Asian markets, cost control and acquisition synergies offset by currency headwinds. In the broker's view, acquisitions are likely to be the key catalyst going forward.

While the company did not indicate any imminent transactions, management is confident of completing acquisitions despite international travel restrictions. 

The Buy rating is unchanged and the target price drops to $7.55 from $8.60.

This report was published on February 18, 2021.

Target price is $7.55 Current Price is $6.02 Difference: $1.53
If IPH meets the Goldman Sachs target it will return approximately 25% (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 28.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 4.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.71.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 30.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 4.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.27.

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

IRI    INTEGRATED RESEARCH LIMITED

IT & Support – Overnight Price: $2.13

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

Integrated Research's first-half revenue and net profit were in line with Bell Potter's forecasts and consistent with the lower end of the guidance ranges.

While the operating income was below the broker's expected $6.9m, the shortfall was made up by lower D&A and higher net interest revenue leading to an in-line net profit. No interim dividend was announced and the broker did not expect any.

Integrated Research did not provide any guidance for the second half but did point towards a recovery in the second half.

Hold rating retained with a target price of $2.75.

This report was published on February 19, 2021.

Target price is $2.75 Current Price is $2.13 Difference: $0.62
If IRI meets the Bell Potter target it will return approximately 29% (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 5.80 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.72.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 5.50 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.72.

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

MCP    MCPHERSON'S LIMITED

Health & Nutrition – Overnight Price: $1.21

Moelis rates ((MCP)) as Hold (3) –

McPherson's headline result was as expected, observes Moelis while pointing out visibility remains poor.

First-half profit before tax of $7.1m was in-line with guidance, along with revenue at $101.7m and operating income of $7.7m. An interim dividend of 3.5c was declared. No formal guidance was provided due to uncertainty.

Despite four of McPherson's six owned brands delivering growth, Moelis notes the weak result was driven by the underperformance of the highest margin brand – Dr. LeWinn's. 

The company expects the second half profit before tax and earnings to be "materially below" last year.

The Hold rating is maintained with the target price falling to $1.28 from $1.30.

This report was published on February 18, 2021.

Target price is $1.28 Current Price is $1.21 Difference: $0.07
If MCP meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 7.90 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 6.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.86.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 8.50 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 7.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.92.

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

MNY    MONEY3 CORPORATION LIMITED

Business & Consumer Credit – Overnight Price: $2.90

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

Having put in one of the best results of the reporting season, Money3 Corp reported 1H21 net profit (NPAT) of $19.9m, up 27% year on year (YOY), ahead of Shaw and Partners by 20%, and earnings (EBITDA) of $40.5m, up 33% YoY, 29% ahead of Shaw’s estimates.

Money3 recently upgraded guidance to $36m in net profit for the full year in late January, and if NZ and Victoria lockdowns weren’t in existence at the result, the broker suspects the company would have potentially upgraded again on the strength of this result.

Commenting on the result, the broker noted that Money3 appears to be a vastly stronger company exiting covid, with guidance looking conservative.

Shaw has upgraded its earnings (EBITDA) estimate by11% in FY21 with no change in FY22-23.

With margins, profits and an acceleration likely over the next 12 months, Money3 remains one of the broker’s top picks.

The stock’s Buy rating is maintained with the target price moving to $3.49 from $3.39.

The report was published on February 17, 2021

Target price is $3.49 Current Price is $2.90 Difference: $0.59
If MNY meets the Shaw and Partners target it will return approximately 20% (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 9.20 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.18.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 13.60 cents and EPS of 22.60 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.83.

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

ORA    ORORA LIMITED

Paper & Packaging – Overnight Price: $3.01

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

Orora delivered a solid first half result, notes Goldman Sachs, with operating income up 5% to $140m, 5% ahead of Goldman Sachs's estimate. Net profit rose 19% to $91m.

Both Australasia and North America posted strong results, notes the broker, led by stronger volumes and better cost management.

The company expects higher year on year earnings in FY21 and Goldman Sachs expects the North American business will have little difficulty delivering growth looking at better operating and financial performance.

Neutral rating with the target rising to $2.99 from $2.69.

This report was published on February 19, 2021.

Target price is $2.99 Current Price is $3.01 Difference: minus $0.02 (current price is over target).
If ORA meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.01, suggesting downside of -0.4%(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 4.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 465.5%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 14.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 4.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 10.4%.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.7.

Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PGH    PACT GROUP HOLDINGS LTD

Paper & Packaging – Overnight Price: $3.18

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

Pact Group Holdings delivered a solid first half result with operating income up 26% over last year to $97m, beating Goldman Sachs's forecast by 9%. Net profit was 31% ahead of the broker's estimate and grew 59% over last year. An interim dividend of 5c was declared.

The group expects business to demonstrate sustainable momentum and earnings resilience. Management expects FY21 operating income to grow with a continuation of the trends seen in the first half.

The Buy rating is unchanged and the target price is increased to $3.43 from $2.86.

This report was published on February 18, 2021.

Target price is $3.43 Current Price is $3.18 Difference: $0.25
If PGH meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.87, suggesting downside of -10.5%(ex-dividends)
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 28.00 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of -6.2%.
Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 12.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of 2.9%.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 12.9.

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

PPT    PERPETUAL LIMITED

Wealth Management & Investments – Overnight Price: $31.31

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

Profit after tax for Perpetual at $52.6m was down -11% versus last year and -8% below Goldman Sachs's expectation. On the bright side, a fully franked dividend of 84c was higher than the 80c expected by the broker.

Revenue grew 2% over last year while operating expenses grew 6% leading to profit before tax of $72.1m and an operating profit margin of 25.7%.

While revenues were slightly more than forecast, core trends were softer than Goldman Sachs anticipated. Also, the outlook revolves around expenses which the broker expects will increase in FY21 by 1-3% with a 28-30% rise in the cost base due to recent acquisitions.

Neutral rating with the target falling to $34.78 from $36.91.

This report was published on February 18, 2021.

Target price is $34.78 Current Price is $31.31 Difference: $3.47
If PPT meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $35.49, suggesting upside of 13.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 169.00 cents and EPS of 204.00 cents.
At the last closing share price the estimated dividend yield is 5.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 208.0, implying annual growth of 18.0%.
Current consensus DPS estimate is 175.0, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 198.00 cents and EPS of 232.00 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 13.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 236.9, implying annual growth of 13.9%.
Current consensus DPS estimate is 194.7, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 13.2.

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

PSQ    PACIFIC SMILES GROUP LIMITED

Healthcare services – Overnight Price: $2.70

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

The Pacific Smiles Group operating income of $21.2m and net profit of $10.4m were about 5% and 7.5% ahead of Bell Potter's forecasts, driven by cost efficiencies and higher JobKeeper payment.

Lesser than expected revenue and patient fees were offset by higher gross margins, notes the analyst.

For FY21, operating income guidance has been lifted to 40%-50% growth versus 35%-45% while leaving the patient fees growth guidance unchanged at 25%-30%. Bell Potter, in line with the guidance, continues to expect a lower second half as compared to the first half. 

The Hold rating is retained with the target price rising to $2.80 from $2.65.

This report was published on February 19, 2021.

Target price is $2.80 Current Price is $2.70 Difference: $0.1
If PSQ meets the Bell Potter target it will return approximately 4% (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 6.80 cents and EPS of 9.70 cents.
At the last closing share price the estimated dividend yield is 2.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.84.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 7.00 cents and EPS of 8.90 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.34.

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


Wilsons rates ((PSQ)) as Downgrade to Market Weight from Overweight (3) –

Pacific Smiles Group's operating income of $21.2m was 65% higher than modelled by Wilsons. The JobKeeper benefit along with cost deselection inflated earnings with gross patient fee revenue and margin only 1-2% ahead of the broker's forecasts.

Distribution was reinstated with an interim dividend of 2.4c. Wilsons assesses the group's actual organic growth rate is running 200-300bps above normal in 1H21 but competition has increased.

Guidance for the second half includes two headwinds in the form of start-up losses from 15 new practices in FY21 and unforeseen covid impacts.

Wilsons downgrades to Market Weight from Overweight with a target price of $2.75.

This report was published on February 18, 2021.

Target price is $2.75 Current Price is $2.70 Difference: $0.05
If PSQ 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 6.40 cents and EPS of 9.60 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.13.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 6.50 cents and EPS of 8.40 cents.
At the last closing share price the estimated dividend yield is 2.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.14.

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

RDC    REDCAPE HOTEL GROUP

Travel, Leisure & Tourism – Overnight Price: $0.92

Moelis rates ((RDC)) as Buy (1) –

Redcape Hotel Group delivered a strong first half result as the business continues to thrive post-covid, observes Moelis. Distributable earnings were up 25% versus last year led by strong like for like growth of 9.7%.

Moelis highlights both gaming and off-premise revenues were strong and offset the softness in on-premise which continues to be impacted by covid related restrictions.

The group has guided to FY21 distributable earnings of 9.7c, about 14% more than Moelis's forecast. The broker also expects moderately positive growth in FY22.

Moelis retains its Buy rating with the target rising to $1.18 from $1.09.

This report was published on February 18, 2021.

Target price is $1.18 Current Price is $0.92 Difference: $0.26
If RDC meets the Moelis target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 7.30 cents and EPS of 9.70 cents.
At the last closing share price the estimated dividend yield is 7.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.48.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 7.50 cents and EPS of 9.70 cents.
At the last closing share price the estimated dividend yield is 8.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.48.

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

RFF    RURAL FUNDS GROUP

REITs – Overnight Price: $2.39

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

Rural Funds Group's first half adjusted funds from operations were ahead of Bell Potter's expectations at $22.2m. Key operating statistics include revenue of $36.8m, ahead of the broker's expected $34.8m.

FY21 distribution guidance remains unchanged at 11.28c with FY22 guidance set to 11.73c. The broker has upgraded its adjusted FFO by 3% for FY22 reflecting the incorporation of macadamia capex. 

The Hold rating is unchanged with a target price of $2.50.

This report was published on February 19, 2021.

Target price is $2.50 Current Price is $2.39 Difference: $0.11
If RFF meets the Bell Potter target it will return approximately 5% (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 11.30 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 4.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.43.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 11.70 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.38.

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

RHC    RAMSAY HEALTH CARE LIMITED

Healthcare services – Overnight Price: $68.11

Jarden rates ((RHC)) as Initiation of coverage with Buy (1) –

In its initiation of coverage report, Jarden notes Ramsay Healthcare stands out as one of the pure recovery stories that should benefit from the deployment of a vaccine, but the shares have been left behind despite this developing momentum.

The broker’s Buy rating relies on the tidal wave of volumes it expects will follow in Australia, UK and France following the deferral of elective surgeries during covid.

Jarden is encouraged by early evidence of an improvement in private hospital volumes, and expects the surgical backlog in the private sector to underpin volumes across the next few years.

The broker is expecting improving momentum for 1H21, with around 1% group growth, and 2.5% Australian growth on the top line, and has an initial target price of $79.30.

The report was issued February 17, 2021.

Target price is $79.30 Current Price is $68.11 Difference: $11.19
If RHC meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $69.63, suggesting upside of 2.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of -91.60 cents and EPS of 177.00 cents.
At the last closing share price the estimated dividend yield is – 1.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 197.4, implying annual growth of 50.7%.
Current consensus DPS estimate is 116.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 34.5.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of -126.10 cents and EPS of 252.00 cents.
At the last closing share price the estimated dividend yield is – 1.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 262.9, implying annual growth of 33.2%.
Current consensus DPS estimate is 146.3, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 25.9.

Market Sentiment: 0.1
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: $11.34

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

Super Retail Group delivered a strong operating performance, notes Goldman Sachs, backed up by a strong balance sheet and ongoing sales momentum. Like for like sales grew across all divisions and the outlook for more sales remains solid for FY21, asserts the broker.

With freight costs and reliability beginning to impinge trade flows into Australia, the broker believes the group's inventory position will underpin availability and even cost competitiveness to the detriment of competitors.

Goldman Sachs retains its Buy rating with the target price rising to $15 from $14.80.

This report was published on February 18, 2021.

Target price is $15.00 Current Price is $11.34 Difference: $3.66
If SUL meets the Goldman Sachs target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $13.29, suggesting upside of 18.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 81.00 cents and EPS of 134.00 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 8.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.3, implying annual growth of 122.8%.
Current consensus DPS estimate is 69.7, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 9.1.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 59.00 cents and EPS of 97.00 cents.
At the last closing share price the estimated dividend yield is 5.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.5, implying annual growth of -29.6%.
Current consensus DPS estimate is 56.2, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 12.9.

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

TRS    THE REJECT SHOP LIMITED

Household & Personal Products – Overnight Price: $6.25

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

The Reject Shop's first-half result materially beat Goldman Sachs's forecasts with the reduction in the costs of doing business (CODB) as a percentage of sales the key positive of the result.

The company has guided on losses on the operating income front in the second half given the impact of the recent lockdowns on sales, and delays associated with shipping/logistics issues.

While these issues are outside of The Reject Shop's control, Goldman Sachs notes the company is executing well against what can be controlled. As a result, the broker expects earnings growth of 63% over FY20-FY23 (compounded annual growth rate).

Buy rating with the target rising to $8.85 from $8.70.

This report was published on February 17, 2021.

Target price is $8.85 Current Price is $6.25 Difference: $2.6
If TRS meets the Goldman Sachs target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $9.75, suggesting upside of 55.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 6.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 519.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 28.2.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 29.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 4.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.0, implying annual growth of 70.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.5.

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


Jarden rates ((TRS)) as Buy (1) –

Driven by a circa -230bps year-on-year fall in cost of doing business (CODB) margins, The Reject Shop delivered a 30% beat to consensus 1H21 underlying net profit, and around 15% ahead of Jarden’s estimates.

To reflect flat 2H21 year-on-year sales versus prior expectations of a 2% lift, and cost-headwinds from higher freight and adverse foreign exchange hedges, Jarden has cut its FY21 EPS forecasts by around -10% and -6% at the earnings (EBIT) line.

But given Jarden’s view that 2H issues are short term, and the strong 1H21 result is a validation that the strategy and underlying trends are improving, its Buy recommendation and price target of $11.00 remain unchanged.

This report was issue February 17, 2021.

Target price is $11.00 Current Price is $6.25 Difference: $4.75
If TRS meets the Jarden target it will return approximately 76% (excluding dividends, fees and charges).
Current consensus price target is $9.75, suggesting upside of 55.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 0.00 cents and EPS of 21.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 519.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 28.2.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 37.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.0, implying annual growth of 70.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.5.

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

UMG    UNITED MALT GROUP LIMITED

Agriculture – Overnight Price: $3.59

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

United Malt Group has guided to first-half operating income guidance of $47-$50m. Bell Potter thinks the operating income will be closer to $55-58m driven by unfavourable currency conversion and a transition to lower margin malt sales.

The group did not provide any formal FY21 guidance although management remains optimistic of a stronger second half based on seasonality in the business and a return to a more normalised operating environment.

The broker downgrades its net profit forecasts for FY21-23 for the third time in the year. The Hold rating is maintained. The target price is reduced to $4.05 from $4.30. 

The report was published on February 19, 2021.

Target price is $4.05 Current Price is $3.59 Difference: $0.46
If UMG meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.41, suggesting upside of 23.5%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 9.00 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 2.51%.
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 13.5, implying annual growth of -19.6%.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 12.00 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 77.8%.
Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 14.9.

Market Sentiment: 0.8
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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For more info SHARE ANALYSIS: UMG - UNITED MALT GROUP LIMITED