Australian Broker Call *Extra* Edition – Mar 25, 2021

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.

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)

360   ARX   BOE   CTP   DEG   ERD   GNP   GPR   IMR   IPD   KMD   OPY   PDN   PEX   PLT   TLX   TNE   WSA   WZR  

360    LIFE360 INC

Software & Services – Overnight Price: $4.79

Bell Potter rates ((360)) as Buy (1) –

Bell Potter remains positive on Life360 and the company's outlook noting the strong organic growth implied by the company's 2021 guidance along with the potential for corporate activity like listing/dual listing on a US exchange, acquisition or even a merger with a larger entity.

The broker has reduced its 2021-2022 revenue forecasts by -8-14% expecting the negative impact from the current covid environment to continue in the first half of 2021.

Also, looking at the investment in additional initiatives to drive growth in the business, Bell Potter now forecasts negative rather than positive operating income in 2021-22. 

The broker retains its Buy rating and reduces the target price to $6 from $8.05.

This report was published on March 24, 2021.

Target price is $6.00 Current Price is $4.79 Difference: $1.21
If 360 meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 15.79 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.34.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 7.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 64.69.

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

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.18

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

Wilsons maintains its Overweight rating with a target of $2 on Aroa Biosurgery.

TELA Bio's data from the prospective study of Aroa’s OviTex devices in hernia repair (the BRAVO Study) enrolled 91 patients. According to the analysis, Fifty-one patients reached the 24-month follow-up, with none experiencing a recurrence.

As a reminder, surgical site infections and hernia recurrence are expensive complications of hernia surgery for hospitals and can be devastating for patients, the broker explains.

Wilsons notes the prospective data remain supportive of TELA Bio's efforts in commercialising the OviTex platform in hernia repair.

This report was published on March 19, 2021.

Target price is $2.00 Current Price is $1.18 Difference: $0.82
If ARX meets the Wilsons target it will return approximately 69% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 5.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.14.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 69.41.

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

BOE    BOSS RESOURCES LIMITED

Uranium – Overnight Price: $0.16

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

Canaccord Genuity hosted a global uranium market panel discussion. Overall, a very bullish picture was painted for the uranium market, with panelists acknowledging the lack of price action over the past 10 years may have left some investors feeling impatient on the space.

Even so, experts highlighted a number of reasons as to why the long-awaited upward pressure on prices should come to bear fruit over the next 12 months including sentiments on climate change that would spur demand for uranium in a tighter supply environment.

Canaccord Genuity rates Boss Resources as Buy with the target rising to $0.13 from $0.10.

This report was published on March 22, 2021.

Target price is $0.13 Current Price is $0.16 Difference: minus $0.03 (current price is over target).
If BOE meets the Canaccord Genuity target it will return approximately minus 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

CTP    CENTRAL PETROLEUM LIMITED

NatGas – Overnight Price: $0.13

Bell Potter rates ((CTP)) as Initiation of coverage with Buy (1) –

Bell Potter initiates coverage with a Buy rating with a target price of $0.23.

Central Petroleum is an established conventional gas supplier with a focus on three assets in the Northern Territory and one pre-development coal seam gas project in Queensland.

Bell Potter notes expected production in FY21 of 10pj/year will be from gas via gas sales agreements which provide some near-term revenue and cash flow stability. 

Longer-term, the broker believes Central Petroleum's increasing uncontracted gas supply growth coincides favourably with a tightening east coast market along with the potential for new pipeline infrastructure to increase the company's reach into this market.

This report was published on March 22, 2021.

Target price is $0.23 Current Price is $0.13 Difference: $0.1
If CTP meets the Bell Potter target it will return approximately 77% (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 0.00 cents.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.00.

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

DEG    DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $1.09

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

Canaccord Genuity notes drilling continues to accelerate across Hemi and the Greater Hemi region with an additional RC rig bringing the total number to nine.

The Hemi system continues to grow, observes the broker, seen by the recent discovery of Diucon and Eagle, located about 1km to the west of the Crow zone.

Recent drilling at Brolga has revealed a developing plunge to the south-west towards the Falcon site. In the broker's view, the results demonstrate good potential for further extensions along strike to the west and southwest.

Canaccord Genuity thinks its maiden resource estimate for Hemi at 4-5moz looks conservative and has refined a number of its base-case inputs.

The broker now assumes milling rates of 9mtpa and capex of -$800m which support the production of 339kozpa at a cost of $1052/oz for 12 years.

Buy rating with the target rising to $1.50 from $1.35.

This report was published on March 23, 2021.

Target price is $1.50 Current Price is $1.09 Difference: $0.41
If DEG meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

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

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

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

ERD    EROAD LTD

Transportation & Logistics – Overnight Price: $3.99

Bell Potter rates ((ERD)) as Initiation of coverage with Buy (1) –

Bell Potter initiates coverage on Eroad with a Buy recommendation and a target price of $4.87.

Eroad, a hardware enabled SaaS company, provides regulatory compliance and telematics solutions to heavy and light commercial vehicle fleets in New Zealand, North America and Australia.

Bell Potter's favourable investment view is supported by Eroad's strong track record of average revenue per user and revenue growth, opportunities to expand the ARPU via launching new products and a large and growing addressable market.

The broker also highlights material growth opportunities in North America and Australia.

With contracted units increasing, Bell Potter assesses the point where the company generates surplus recurring revenue is approaching and Eroad will be able to pursue product development and or undertake strategic acquisitions. 

This report was published on March 23, 2021.

Target price is $4.87 Current Price is $3.99 Difference: $0.88
If ERD meets the Bell Potter target it will return approximately 22% (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 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 173.48.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 95.00.

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

GNP    GENUSPLUS GROUP LTD

Infrastructure & Utilities – Overnight Price: $0.95

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

Bell Potter initiates coverage on GenusPlus Group with a Hold rating and a $1.05 target price.

GenusPlus Group is a power and telecommunications infrastructure service provider to resources, utilities and other private customers. The company has four business segments – overhead power, underground power and telecommunications, electrical & instrumentation (E&I), mechanical fabrication, high voltage (HV) testing and commissioning services.

The company's heavy Western Australia bias has resulted in an East Coast expansion becoming a strategic focus, points out Bell Potter. The opportunities on the East Coast are expected to be supported by around -$4.9bn of critical investments to support renewable energy generation.

The broker expects the group's winning streak in getting contracts will result in a record FY21 result. Even so, maintaining this in FY22 will likely be challenging, warns Bell Potter.

This report was published on March 24, 2021.

Target price is $1.05 Current Price is $0.95 Difference: $0.1
If GNP meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 11.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.41.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 2.50 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.22.

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

GPR    GEOPACIFIC RESOURCES LTD

Gold & Silver – Overnight Price: $0.32

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

Shaw and Partners highlights Geopacific Resources is making progress with its Woodlark Gold Project and announced the issuance of a letter of intent (LOI) to HBS to support the purchase of the first tranche mining fleet.

The letter of intent authorises HBS to order five Caterpillar 775 haul trucks and one Caterpillar 6015 excavator. The equipment is expected to be operational in the December quarter of 2021 to commence pre-strip operations.

Once in production, the broker notes Woodlark will be producing 100koz of gold that at current gold prices will generate a cash flow of circa $150mpa.

The broker believes Geopacific is one of the cheapest gold developers on the ASX Shaw and Partners retains its Buy rating with a target price of $1.25.

This report was published on March 24, 2021.

Target price is $1.25 Current Price is $0.32 Difference: $0.93
If GPR meets the Shaw and Partners target it will return approximately 291% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners 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 10.32.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.50 cents and EPS of 10.10 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.17.

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

IMR    IMRICOR MEDICAL SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $2.11

Bell Potter rates ((IMR)) as Initiation of coverage with Buy (1) –

Bell Potter initiates coverage on Imricor Medical Systems with a Buy rating and a $2.85 target price.

Imricor Medical Systems develops, manufactures, and distributes novel MRI-compatible cardiac ablation hardware and consumables devices and addresses an unmet clinical need in the cardiac ablation space, explains the broker.

Distribution partnership agreements with Phillips and (pending) Siemens will go a long way to validate and provide a scalable growth opportunity, suggests Bell Potter.

Some near-term catalysts include new hospital additions while long term catalysts include US regulatory approval.

The broker forecasts FY21 revenues of $6m, noting hospital procurement activities should resume in the near-term. The company is seen as being well-placed to execute on its commercial plans.

This report was published on March 24, 2021.

Target price is $2.85 Current Price is $2.11 Difference: $0.74
If IMR meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 18.58 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.36.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 15.65 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.49.

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

IPD    IMPEDIMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.12

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

Wilsons maintains its Overweight rating with a target of $0.22.

ImpediMed expects to publish final results from the company's three-year study in lymphoedema prevention (PREVENT).

Wilsons notes PREVENT’s year 1 results remain controversial while the trial’s second and third years may resolve questions and convince the US to adopt ImpediMed’s technology as the new standard of care in lymphoedema prevention.

This report was published on March 22, 2021.

Target price is $0.22 Current Price is $0.12 Difference: $0.1
If IPD meets the Wilsons target it will return approximately 83% (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 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.45.

Forecast for FY22:

Wilsons 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 10.91.

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

KMD    KATHMANDU HOLDINGS LIMITED

Sports & Recreation – Overnight Price: $1.24

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

Kathmandu Holdings' first half result was propped up by the acquired brands Rip Curl and Oboz, observes Canaccord Genuity, which remained mostly unaffected by covid restrictions from a demand perspective.

The core brand sales were down -35% and ended up effectively breakeven after wage assistance, rent abatements and restructuring.

The broker believes the demand for rainwear during the A&NZ winter should be less impacted by travel restrictions than summer was while acknowledging any restrictions on winter tourism activities need to be monitored.

Add to this a new CEO appointment and Canaccord Genuity thinks there’s probably more downside risk to FY21 forecast consensus than upside. 

Hold retained with the target price rising to $1.25 from $1.08.

This report was published on March 24, 2021.

Target price is $1.25 Current Price is $1.24 Difference: $0.01
If KMD meets the Canaccord Genuity target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.38, suggesting upside of 10.9%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 5.61 cents and EPS of 8.41 cents.
At the last closing share price the estimated dividend yield is 4.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of N/A.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 7.48 cents and EPS of 11.22 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.0, implying annual growth of 26.4%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 11.3.

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

OPY    OPENPAY GROUP LTD

Business & Consumer Credit – Overnight Price: $2.50

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

Following on from the recent partnership with St John of God Health Care, Openpay Group now enters the US and UK veterinary markets in partnership with cloud-based practice management software platform, ezyVet.

This will enable any of ezyVet’s practices to offer payment plans to pet owners seeking to spread the cost of their veterinary procedures and treatments, explains Shaw and Partners.

The broker points out this partnership further demonstrates an ability to service specialist requirements for a variety of healthcare partners, a major differentiator to its BNPL peers. The Buy rating and $5 target are retained.

This report was published on March 23, 2021.

Target price is $5.00 Current Price is $2.50 Difference: $2.5
If OPY meets the Shaw and Partners target it will return approximately 100% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 29.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.59.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 23.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.68.

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

PDN    PALADIN ENERGY LTD

Uranium – Overnight Price: $0.38

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

Canaccord Genuity hosted a global uranium market panel discussion. Overall, a very bullish picture was painted for the uranium market, with panelists acknowledging the lack of price action over the past 10 years may have left some investors feeling impatient on the space.

Even so, experts highlighted a number of reasons as to why the long-awaited upward pressure on prices should come to bear fruit over the next 12 months including sentiments on climate change that would spur demand for uranium in a tighter supply environment.

Canaccord Genuity rates Paladin Energy as Buy with a target of $0.31.

This report was published on March 22, 2021.

Target price is $0.31 Current Price is $0.38 Difference: minus $0.07 (current price is over target).
If PDN meets the Canaccord Genuity target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

PEX    PEEL MINING LIMITED

Mining – Overnight Price: $0.26

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

Canaccord Genuity initiates coverage of Peel Mining with a Buy recommendation and a price target of $0.55.

Peel Mining is a polymetallic explorer with a number of 100%-owned assets in the Cobar Basin in NSW. Canaccord Genuity notes to date, Peel Mining has amassed 12.84mt of resources with copper dominant at the Mallee Bull deposit and zinc prevalent at Wagga Tank-Southern Nights deposit.

The broker's current valuation of the company is preliminary in nature and should be viewed as a what-if case since there are no formal mining studies. 

This report was published on March 23, 2021.

Target price is $0.55 Current Price is $0.26 Difference: $0.29
If PEX meets the Canaccord Genuity target it will return approximately 112% (excluding dividends, fees and charges).

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $1.05

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

Wilsons retains its Overweight rating with a target of $1.60.

In March, two automotive backed securities totalling $750m were priced and issued by domestic non-banks lenders. This leads Wilsons to reconsider its previous funding and balance sheet assumptions for Plenti.

Wilsons now includes a $275m securitised bond issuance in its forecasts.

The broker believes securitisation of the group's automotive loan book is the most likely option right now given the success of asset-based securities issuances at attractive rates and rising investor appetite for higher-yielding assets.

This report was published on March 23, 2021.

Target price is $1.60 Current Price is $1.05 Difference: $0.55
If PLT meets the Wilsons target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 6.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.67.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.65.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $4.51

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

Wilsons maintains its Overweight rating with the target upgraded to $5.40 from $4.76.

Wilsons notes Novartis’ successful Phase III VISION trial is the first to prove targeting PSMA expressing prostate cancer with a directed radio pharmaceutical can improve survival. This validates “PSMA” as a therapeutic target and de-risks Telix’s Phase III, PSMA directed program.

Telix’s ProstACT trial starts soon, seeking to test TLX591 as a second line therapy. The broker notes major market approvals for Illuccix from the third quarter are key to first commercial sales. 

The report was published on March 24, 2021.

Target price is $5.40 Current Price is $4.51 Difference: $0.89
If TLX meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 8.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 50.67.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 10.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.65.

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

TNE    TECHNOLOGYONE LIMITED

IT & Support – Overnight Price: $9.48

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

TechnologyOne has entered into a contract with the Department of Agriculture, Water and the Environment to move the department's on-premise finance system to the company's SaaS solution.

Bell Potter views the win as significant for TechnologyOne since the deal is with a federal government department and highlights the benefit of the company’s IRAP protected status.

Where the company was working on an on premise finance system solution to one department, the newly merged department chose TechnologyOne to be the single provider and to move to SaaS. This means the company is now selling to more users and has effectively displaced SAP for part of the contract.

In response to an up-trending share price, Bell Potter downgrades to Hold from Buy with the target price rising to $9.75 from $9.25.

This report was published on March 23, 2021.

Target price is $9.75 Current Price is $9.48 Difference: $0.27
If TNE meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $9.43, suggesting downside of -0.5%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 14.20 cents and EPS of 22.80 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of 15.4%.
Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 41.6.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 16.30 cents and EPS of 25.80 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.0, implying annual growth of 9.6%.
Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 37.9.

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

WSA    WESTERN AREAS NL

Nickel – Overnight Price: $2.05

Bell Potter rates ((WSA)) as Upgrade to Buy from Hold (1) –

Western Areas completed a private placement of $85m to fund its remaining -$243m capex requirement for development activities at Odysseus including mine development, infrastructure construction/refurbishment and completion of the haulage shaft.

According to the company's timeline, Odysseus’ construction is on schedule for first concentrate in FY23 and the company anticipates average production of 14.6ktpa nickel in concentrate from FY24.

The company's latest capex guidance for FY21 at -$90m is viewed as a prudent move by Bell Potter between the volatile nickel market and the weaker-than-forecast first-half production.

Bell Potter upgrades its rating to Buy from Hold with the target price falling to $2.45 from $2.52.

This report was published on March 22, 2021.

Target price is $2.45 Current Price is $2.05 Difference: $0.4
If WSA meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.69, suggesting upside of 31.1%(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 minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 51.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.2, implying annual growth of N/A.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of N/A.
Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 33.1.

Market Sentiment: 0.6
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

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

For the two months ending 28 February 2021, Wisr's loan volumes rose by 138% to $58.8m from $24.7m over last year. Shaw and Partners considers this a phenomenal result given the March quarter is seasonally weak.

Shaw and Partners highlights Wisr seems well placed to reach its medium-term target of a $1bn loan book and remains one of the broker's key small caps picks in 2021.

The broker's positive investment thesis is further cemented by a combination of high loan origination growth, strong net cash balance, a prime customer base and low bad debt.

According to the broker, Wisr seems to be doing everything right and its accelerated growth trajectory should continue with a clear runway ahead.

The Buy rating is unchanged with a target price of $0.47.

This report was published on March 22, 2021.

Target price is $0.47 Current Price is $0.20 Difference: $0.27
If WZR meets the Shaw and Partners target it will return approximately 135% (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 minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.67.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 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 50.00.

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

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