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Australian Broker Call *Extra* Edition – Apr 14, 2021

Daily Market Reports | Apr 14 2021

This story features AFT PHARMACEUTICALS LIMITED, and other companies. For more info SHARE ANALYSIS: AFP

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)

AFP   AIZ   AQZ   AX1   BRG   CCX   CDA (2)   CMM   CNU   CSX   CWY (2)   DMP   IPL   JBH   JHG   LOV   MFG (2)   MOZ   NXT   PAN   PDL   PEX   PMV   PPT   PTM   QAN   SUL   SYD   TNK   TPW   UWL   XRO  

AFP    AFT PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.82

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

Bell Potter has downgraded AFT Pharmaceuticals to Hold from Buy and the target price is reduced to $4.31 from $5, after the company issued a material downgrade to FY21 guidance.

The underperformance relative to guidance is due to a series of delays in the commercialisation of Maxigesic in offshore markets. These include licensing deals (which drive up front milestone income) and product launches for Maxigesic tablets and Maxigesic IV.

Despite the disappointment, the broker continues to expect healthy EPS growth in FY21 due to a reduction in finance costs. Also, the core business in Australia and New Zealand is trading in-line with expectation.

This report was published on April 6, 2021.

Target price is $4.31 Current Price is $3.82 Difference: $0.49
If AFP meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 6.06 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 63.03.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 1.59 cents and EPS of 7.83 cents.
At the last closing share price the estimated dividend yield is 0.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.77.

This company reports in NZD. 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

AIZ    AIR NEW ZEALAND LIMITED

Transportation & Logistics – Overnight Price: $1.66

Jarden rates ((AIZ)) as Sell (5) –

Despite amendments to the terms of Air New Zealand's Crown loan facility, the company has announced it will still undertake a capital raise, with the date being pushed back from June to September. 

Air New Zealand's loan has increased to NZ$1.5bn from NZ$900m with lower rates of interest, allowing for sufficient cash flow until the delayed capital raise. 

Jarden forecasts that a raise of NZ$1.2bn would be required to repay debt and provide sufficient capital. Sell rating is retained with the target price remaining at NZ$1.15. 

This report was published on April 12, 2021. 

Current Price is $1.66. Target price not assessed.
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 minus 2954.88 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.06.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 438.11 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 0.38.

This company reports in NZD. 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

AQZ    ALLIANCE AVIATION SERVICES LIMITED

Transportation & Logistics – Overnight Price: $4.56

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

While somewhat of a formality, Wilsons acknowledges the significant milestone resulting from the regulatory approval of the Civil Aviation Safety Authority (CASA) to commence commercial operations with the Embraer E190 aircraft.

This follows an intense six-month program of aircraft and spare parts acquisition, maintenance, training and regulatory and compliance checks, explains the broker.

First commercial services are scheduled for 10th April 2021 and the previously announced wet lease services to be provided to Qantas ((QAN)) will commence on 25th May 2021 with three aircraft. The Market Weight rating and $4.58 target are unchanged.

This report was published on April 6, 2021.

Target price is $4.58 Current Price is $4.56 Difference: $0.02
If AQZ meets the Wilsons target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $5.27, suggesting upside of 15.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of 23.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.9, implying annual growth of 30.7%.
Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 19.9.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 17.70 cents and EPS of 27.20 cents.
At the last closing share price the estimated dividend yield is 3.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.1, implying annual growth of 18.3%.
Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 16.8.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $2.27

Bell Potter rates ((AX1)) as Buy (1) –

Discretionary retail sales for February increased 0.8% month-on-month. The data reveal continued buoyant trading versus last year and are consistent with trading updates provided over the reporting season, explains Bell Potter.

Accent Group remains one of the broker's key picks. Buy rating with a target price of $2.65.

This report was published on April 6, 2021.

Target price is $2.65 Current Price is $2.27 Difference: $0.38
If AX1 meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $2.62, suggesting upside of 15.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 11.90 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 5.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.9, implying annual growth of 34.8%.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 12.20 cents and EPS of 14.40 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.6, implying annual growth of -2.2%.
Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 16.7.

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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $27.53

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

Discretionary retail sales for February increased 0.8% month-on-month. The data reveal continued buoyant trading versus last year and are consistent with trading updates provided over the reporting season, explains Bell Potter.

A rise in Electrical and Electronic Goods by 2.4% for the month is a positive, notes the broker. Hold rating with a target price of $32.25.

This report was published on April 6, 2021.

Target price is $32.25 Current Price is $27.53 Difference: $4.72
If BRG meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $32.93, suggesting upside of 19.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 26.90 cents and EPS of 67.70 cents.
At the last closing share price the estimated dividend yield is 0.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.2, implying annual growth of 33.1%.
Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 41.0.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 32.90 cents and EPS of 82.30 cents.
At the last closing share price the estimated dividend yield is 1.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.1, implying annual growth of 16.2%.
Current consensus DPS estimate is 32.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 35.2.

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

CCX    CITY CHIC COLLECTIVE LTD

Apparel & Footwear – Overnight Price: $4.25

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

Discretionary retail sales for February increased 0.8% month-on-month. The data reveal continued buoyant trading versus last year and are consistent with trading updates provided over the reporting season, explains Bell Potter.

Citi Chic Collective remains one of the broker's key picks. The plus-size women’s apparel retailer has greater than 70% of sales online with material upside in the US and UK. Buy rating with a target price of $4.60.

This report was published on April 6, 2021.

Target price is $4.60 Current Price is $4.25 Difference: $0.35
If CCX meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.54, suggesting upside of 6.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 2.60 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 0.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.8, implying annual growth of 174.5%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 43.4.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 10.20 cents and EPS of 13.60 cents.
At the last closing share price the estimated dividend yield is 2.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.1, implying annual growth of 43.9%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 30.1.

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

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $17.21

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

Canaccord Genuity assesses the recent acquisition of  US-based Zetron Inc. is very complementary to Codan’s existing Critical Communications division. Zetron is a provider of critical communications systems for the rural and regional first responder market.

Including the recently announced acquisition of Domo Tactical Communications (DTC), the broker expects a material change from injecting new capabilities, scale, greater distribution and a broader platform for growth into Communications.

The target price rises to $17.10 from $16.60 with the Buy rating retained. The -US45m acquisition of Zetron is to be funded by existing cash and debt.

This report was published on March 6, 2021.

Target price is $17.10 Current Price is $17.21 Difference: minus $0.11 (current price is over target).
If CDA meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

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 1.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.47.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 33.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.08.

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


Moelis rates ((CDA)) as Hold (3) –

Moelis expects the acquisition of the US-based critical communications business called Zetron will be around 5% accretive to the FY22 earnings forecast. The target price lifts to $15.81 from $14.86 and the Hold rating is maintained.

The business appears to the broker complimentary to the company’s existing critical communications offering. The combined businesses will form an end-to-end solution targeting public sector customers across suburban/rural areas, primarily in North America.

This report was published on April 6, 2021.

Target price is $15.81 Current Price is $17.21 Difference: minus $1.4 (current price is over target).
If CDA meets the Moelis target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 28.50 cents and EPS of 53.60 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.11.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 33.70 cents and EPS of 63.30 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.19.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $1.63

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

Rapid progress to date provides Cannacord Genuity with comfort that Karlawinda remains on track for first gold in less than 3 months. The company is expected to have a healthy stockpile of ore ahead of commissioning.

Development capital spent to date of -$129.3m, is comfortably in-line with guidance of -$165-170m, notes the broker.

The Buy (Speculative) rating is maintained and the target price is increased to $2.10 from $2.05. The analyst highlights upcoming catalysts including completion of the project construction facilities, mining ramp-up, first gold pour and ongoing exploration results.

This report was published on April 7, 2021.

Target price is $2.10 Current Price is $1.63 Difference: $0.47
If CMM meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for 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 28.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.82.

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

CNU    CHORUS LIMITED

Telecommunication – Overnight Price: $6.03

Jarden rates ((CNU)) as Neutral (3) –

As a result of higher inflation assumptions impacting indexation, including correction of a previous error, Chorus announced a lower estimate for the Maximum Allowable Revenue (MAR) range. 

It reduced to $680-$710m from $715-$755m per annum over Regulatory Period 1 (RP1), starting 1/1/2022. The brokers' forecasts are unchanged at this point while acknowledging further pressure on FY22/23 dividend constraints. 

Jarden's rating remains Neutral reflecting uncertainty over finalisation of the regulatory outcome in the shorter-term, together with medium-term risks around network competition that also require some caution on risk-reward. The NZ$7.32 price target is unchanged.

 This report was published on April 7, 2021. 

Current Price is $6.03. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 23.30 cents and EPS of 13.61 cents.
At the last closing share price the estimated dividend yield is 3.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.31.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 27.96 cents and EPS of 9.79 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 61.61.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CSX    CLEANSPACE HOLDINGS LIMITED

Medical Equipment & Devices – Overnight Price: $2.04

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

Based on improved availability of respiratory personal protective equipment, the FDA has recommended a transition away from using decontaminated disposable respirators in US healthcare facilities.

Indicating a return to normal practices following the covid-19 supply shortage, healthcare facilities are being encouraged to increase stores of approved respirators. Wilsons considers the directive to increase inventories as positive for all manufacturers, including CleanSpace. 

The FDA has also authorised the first use of reusable elastomeric respirators such as the CleanSpace Halo. Wilsons' independent research has shown initial positive potential demand for the Halo. 

Market weight rating is retained and target price remains at $2.00. 

This report was published on April 12, 2021. 

Target price is $2.00 Current Price is $2.04 Difference: minus $0.04 (current price is over target).
If CSX meets the Wilsons target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of 16.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 5.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.78.

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

CWY    CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.53

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

The company has entered into an agreement to acquire Suez’s recycling & recovery (R&R) business in Australia for $2.52bn. Management expects the proposed acquisition to generate $70m of annual cost synergies by FY25.

The acquisition is subject to various conditions. Should it proceed, the company intends to raise equity to fund the transaction alongside additional debt facilities. Goldman Sachs doesn't include any potential contribution in estimates. Neutral and $2.47 target.

This report was published on April 7, 2021.

Target price is $2.47 Current Price is $2.53 Difference: minus $0.06 (current price is over target).
If CWY meets the Goldman Sachs target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.48, suggesting downside of -1.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 4.80 cents and EPS of 8.10 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.0, implying annual growth of 45.2%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 31.6.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 5.80 cents and EPS of 9.60 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of 8.7%.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 29.1.

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


Jarden rates ((CWY)) as Buy (1) –

The company announced it has entered into a conditional agreement with Suez Groupe for the purchase of its Australian Recycling and Recovery (R&R) business for $2.52bn. Management stated it would raise equity to partially fund the proposed acquisition.

Jarden feels the acquisition provides scope to consolidate as Australia's leading Solid Waste business and materially expand footprint, expertise and post collections assets in Australia. Management expects $70m of cost synergies by FY25.

The Buy rating and target of $3 are unchanged and the analyst expects industry consolidation can drive earnings (EBITDA) margin upside to consensus estimates.

This report was published on April 7, 2021.

Target price is $3.00 Current Price is $2.53 Difference: $0.47
If CWY meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $2.48, suggesting downside of -1.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 4.90 cents and EPS of 8.60 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.0, implying annual growth of 45.2%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 31.6.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 5.80 cents and EPS of 9.70 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of 8.7%.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 29.1.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $105.50

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

Discretionary retail sales for February increased 0.8% month-on-month. The data reveal continued buoyant trading versus last year and are consistent with trading updates provided over the reporting season, explains Bell Potter.

Domino's Pizza Enterprises remains one of the broker's key picks. The company is the largest franchisee outside of the US, with multi-year growth prospects in Europe, Japan and new markets. Buy rating with a target price of $122.

This report was published on April 6, 2021.

Target price is $122.00 Current Price is $105.50 Difference: $16.5
If DMP meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $93.43, suggesting downside of -11.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 158.90 cents and EPS of 220.70 cents.
At the last closing share price the estimated dividend yield is 1.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 217.2, implying annual growth of 35.0%.
Current consensus DPS estimate is 154.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 48.6.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 187.10 cents and EPS of 261.20 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 251.2, implying annual growth of 15.7%.
Current consensus DPS estimate is 175.5, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 42.0.

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

IPL    INCITEC PIVOT LIMITED

Agriculture – Overnight Price: $2.77

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

Incitec Pivot provided an update on the Waggaman operations, disclosing further disruptions following the asset’s initial turnaround maintenance, completed in early March. Investigations/repairs around the issue are currently ongoing.

The further delay in startup is expected by Goldman Sachs to result in an adverse earnings/profit (EBIT/NPAT) impact of -$36m and -$28m in FY21. The impact includes -$80m in turnaround costs, which is expected to be depreciated over a 4 year period.

The Buy rating is retained with a target price of $2.72.

This report was published on April 7, 2020.

Target price is $2.72 Current Price is $2.77 Difference: minus $0.05 (current price is over target).
If IPL meets the Goldman Sachs target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.02, suggesting upside of 9.0%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 6.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.8, implying annual growth of 107.9%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 8.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.8, implying annual growth of 20.3%.
Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 15.6.

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

JBH    JB HI-FI LIMITED

Consumer Electronics – Overnight Price: $52.65

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

Discretionary retail sales for February increased 0.8% month-on-month. The data reveal continued buoyant trading versus last year and are consistent with trading updates provided over the reporting season, explains Bell Potter.

A rise in Electrical and Electronic Goods sales by 2.4% for the month is a positive, notes the broker. Hold rating with a target price of $49.80.

This report was published on April 6, 2021.

Target price is $49.80 Current Price is $52.65 Difference: minus $2.85 (current price is over target).
If JBH meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $51.85, suggesting downside of -1.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 252.50 cents and EPS of 383.30 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 403.1, implying annual growth of 53.2%.
Current consensus DPS estimate is 264.1, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 191.00 cents and EPS of 291.60 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 306.9, implying annual growth of -23.9%.
Current consensus DPS estimate is 204.4, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 17.2.

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

JHG    JANUS HENDERSON GROUP PLC.

Wealth Management & Investments – Overnight Price: $42.80

Jarden rates ((JHG)) as Underweight (2) –

Global markets were up for the March quarter, which drove asset manager funds under management (FUM) balances and fee income
higher, explains Jarden. The broker notes Value outperformed Growth through the quarter. 

The broker increases FY21 EPS estimates for Janus Henderson Group by 2.5% and increases the target price to $44.10 from $42.90. The Underweight rating is retained.

This report was published on April 6, 2021.

Target price is $44.10 Current Price is $42.80 Difference: $1.3
If JHG meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $45.03, suggesting upside of 5.2%(ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is 409.0, implying annual growth of N/A.
Current consensus DPS estimate is 211.0, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY22:

Current consensus EPS estimate is 437.8, implying annual growth of 7.0%.
Current consensus DPS estimate is 210.1, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 9.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

LOV    LOVISA HOLDINGS LIMITED

Luxury – Overnight Price: $15.11

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

Discretionary retail sales for February increased 0.8% month-on-month. The data reveal continued buoyant trading versus last year and are consistent with trading updates provided over the reporting season, explains Bell Potter.

A rise in Footwear and Other Personal Accessory sales by 2.8% for the month is a positive, notes the broker. Buy rating with a target price of $15.10.

This report was published on April 6, 2021.

Target price is $15.10 Current Price is $15.11 Difference: minus $0.01 (current price is over target).
If LOV meets the Bell Potter target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.44, suggesting upside of 2.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 28.20 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 1.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 59.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of 129.2%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 62.4.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 30.40 cents and EPS of 41.40 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.9, implying annual growth of 64.9%.
Current consensus DPS estimate is 31.9, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 37.9.

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $48.40

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

Magellan Financial Group’s funds under management (FUM) have increased 5.4% to $106.1bn from $101.4bn during March, largely due to investment returns to the tune of $5.2bn.

Despite the greater-than-expected growth, Goldman Sachs continues to consider the stock expensive given recent performance, saying more needs to be done to repair the negative one year records of two of Magellan's largest strategies. 

Sell rating is retained with the target price at $45.56 (unchanged). 

This report was published on April 12, 2021.

Target price is $45.56 Current Price is $48.40 Difference: minus $2.84 (current price is over target).
If MFG meets the Goldman Sachs target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $50.41, suggesting upside of 4.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 202.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 231.5, implying annual growth of 6.1%.
Current consensus DPS estimate is 211.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 20.9.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 258.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 253.9, implying annual growth of 9.7%.
Current consensus DPS estimate is 232.5, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 19.1.

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


Jarden rates ((MFG)) as Buy (1) –

Global markets were up for the March quarter, which drove asset manager funds under management (FUM) balances and fee income
higher, explains Jarden. The broker notes Value outperformed Growth through the quarter. 

The broker estimates the group should generate net inflows of $540m/mth over March-June 2021. This is considered driven by a strong distribution team, greater than 6 years of outperformance and a newly established relationship with Netwealth Group ((NWL)).

The broker increases FY21 EPS estimates for Magellan Financial Group by 0.3% and decreases the target price to $57.60 from $58. The Buy rating is retained.

This report was published on April 6, 2021.

Target price is $57.60 Current Price is $48.40 Difference: $9.2
If MFG meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $50.41, suggesting upside of 4.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 210.20 cents and EPS of 236.30 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 231.5, implying annual growth of 6.1%.
Current consensus DPS estimate is 211.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 20.9.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 110.70 cents and EPS of 130.20 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 253.9, implying annual growth of 9.7%.
Current consensus DPS estimate is 232.5, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 19.1.

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

MOZ    MOSAIC BRANDS LIMITED

Apparel & Footwear – Overnight Price: $0.79

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

Wilsons lifts the target price to $3 from $2 and retains an Overweight rating, due to the continuation of improved visibility on revenue and cost lines and the inclusion of EziBuy in the overall valuation.

The broker expects the acquisition of the remaining 49.9% of EziBuy by 30 June 2021 and estimates this would lead to online sales representing 36.2% of group sales in FY22.

Based on a $15m equity raise, around -25% in dilution and $10m in synergies, the analyst expects FY22 earnings (EBITDA) to increase to $65.1m from $55.1m. 

This report was published on April 6, 2021.

Target price is $3.00 Current Price is $0.79 Difference: $2.21
If MOZ meets the Wilsons target it will return approximately 280% (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 14.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.37.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 21.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.73.

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $11.57

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

After collating views from industry participants, Goldman Sachs increases the value ascribed to NextDC's expansions and raises the target price to $15 from $13.50.

The broker's key learnings include demand remains very strong and pricing remains healthy in Australia across all operators. Additionally, the company is likely to progress the S4/M4 facility as a joint venture and the International segment is strategically sound. 

The analyst believes the strong growth outlook for NextDC remains compelling, particularly given its hyperscale contracts have inflation escalators embedded within them.

This report was published on April 7, 2021. 

Target price is $15.00 Current Price is $11.57 Difference: $3.43
If NXT meets the Goldman Sachs target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $14.09, suggesting upside of 21.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1157.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Goldman Sachs 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 1157.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 413.2.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PAN    PANORAMIC RESOURCES LIMITED

Nickel – Overnight Price: $0.16

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

Mining and development at the Savannah nickel operation is scheduled to recommence during August 2021, with the first concentrate shipment targeted for December. The Buy (Speculative) rating is unchanged and the target increased to $0.20 from $0.18.

The new strategy involves bringing forward the development of Savannah North and creating surface ore stockpiles ahead of processing to reduce execution risk, explains Canaccord Genuity.

The analyst highlights the near-term (fully funded) production and improving sentiment for both nickel and copper.

This report was published on April 7, 2021.

Target price is $0.20 Current Price is $0.16 Difference: $0.04
If PAN meets the Canaccord Genuity target it will return approximately 25% (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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 160.00.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.00.

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

PDL    PENDAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $7.01

Jarden rates ((PDL)) as Neutral (3) –

Global markets were up for the March quarter, which drove asset manager funds under management (FUM) balances and fee income
higher, explains Jarden. The broker notes Value outperformed Growth through the quarter. 

The broker increases FY21 EPS estimates by 2.5% and decreases the target price to $6.30 from $6.40. The Neutral rating is retained.

This report was published on April 6, 2021.

Target price is $6.30 Current Price is $7.01 Difference: minus $0.71 (current price is over target).
If PDL meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.18, suggesting upside of 2.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 39.90 cents and EPS of 44.40 cents.
At the last closing share price the estimated dividend yield is 5.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.4, implying annual growth of 11.7%.
Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 37.90 cents and EPS of 42.10 cents.
At the last closing share price the estimated dividend yield is 5.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.4, implying annual growth of 6.8%.
Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 14.8.

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

PEX    PEEL MINING LIMITED

Mining – Overnight Price: $0.25

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

After Peel Mining upgraded the May Day resource confidence level to an Indicated level of classification, Canaccord Genuity believes there is added rigour around the company 's resource estimations.

This is owing to the use of constrained pit shells and optimised stope shapes, which implies a future high conversion rate to reserves, explains the broker.

The analyst cautions the valuation/target price of $0.55 is preliminary in nature and should be viewed as a what-if case, given no formal mining studies have been published. The Buy (Speculative rating) is unchanged.

This report was published on April 7, 2021.

Target price is $0.55 Current Price is $0.25 Difference: $0.3
If PEX meets the Canaccord Genuity target it will return approximately 120% (excluding dividends, fees and charges).

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

PMV    PREMIER INVESTMENTS LIMITED

Apparel & Footwear – Overnight Price: $26.94

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

Discretionary retail sales for February increased 0.8% month-on-month. The data reveal continued buoyant trading versus last year and are consistent with trading updates provided over the reporting season, explains Bell Potter.

Some positives included a build-up of the household financial buffer (international travel restrictions, stimulus) which results in more capacity to shop and a rebound in the job outlook. Hold rating with a target price of $25 for Premier Investments.

This report was published on April 6, 2021.

Target price is $25.00 Current Price is $26.94 Difference: minus $1.94 (current price is over target).
If PMV meets the Bell Potter target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $26.26, suggesting downside of -2.5%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 72.80 cents and EPS of 158.30 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 148.2, implying annual growth of 70.6%.
Current consensus DPS estimate is 85.3, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 18.2.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 89.80 cents and EPS of 130.00 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.8, implying annual growth of -18.5%.
Current consensus DPS estimate is 84.1, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 22.3.

Market Sentiment: 0.3
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: $34.35

Jarden rates ((PPT)) as Overweight (2) –

Global markets were up for the March quarter, which drove asset manager funds under management (FUM) balances and fee income
higher, explains Jarden. The broker notes Value outperformed Growth through the quarter. 

The broker suspects consensus is too optimistic on Perpetual's flows, and has an outflow estimate of -$3.6bn over the second half (versus -$2.2bn consensus), capturing sizeable outflows in newly acquired Barrow Hanley.

The broker increases FY21 EPS estimates by 1.5% and decreases the target price to $36.30 from $36.80. The Overweight rating is retained.

This report was published on April 6, 2021.

Target price is $36.30 Current Price is $34.35 Difference: $1.95
If PPT meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $35.49, suggesting upside of 3.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 170.50 cents and EPS of 220.10 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.61.

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 5.1%.
Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 199.90 cents and EPS of 235.00 cents.
At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.62.

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 5.7%.
Current consensus EPS estimate suggests the PER is 14.5.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $4.84

Jarden rates ((PTM)) as Underweight (2) –

Global markets were up for the March quarter, which drove asset manager funds under management (FUM) balances and fee income higher, explains Jarden.

The broker notes Value outperformed Growth through the quarter. This assisted Platinum Asset Management, which also saw fund outperformance through January and February.

The broker increases FY21 EPS estimates by 3.7% and increases the target price to $4.40 from $4.10. The Underweight rating is retained.

This report was published on April 6, 2021.

Target price is $4.40 Current Price is $4.84 Difference: minus $0.44 (current price is over target).
If PTM meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.05, suggesting downside of -16.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 23.80 cents and EPS of 28.00 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 17.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of -2.1%.
Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 21.20 cents and EPS of 24.90 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of -4.2%.
Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 19.3.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $5.27

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

Upon assessing the two-way quarantine-free trans-Tasman bubble, Goldman Sachs notes trans-Tasman volumes accounted for around 13% of the company's total international travel in 2019. 

While other international destinations remain closed, the bubble could present upside to pre-covid levels, suggests the broker.

The Buy rating is unchanged and the analyst believes the company represents a strong recovery investment, if the Australian covid-19
vaccination program has the effect of reducing community transmission of the virus.

The Buy rating and $6.38 target are maintained.

This report was published on April 7, 2021.

Target price is $6.38 Current Price is $5.27 Difference: $1.11
If QAN meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $5.79, suggesting upside of 9.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 50.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -68.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 40.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.7, implying annual growth of N/A.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 18.4.

Market Sentiment: 0.7
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: $11.99

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

Discretionary retail sales for February increased 0.8% month-on-month. The data reveal continued buoyant trading versus last year and are consistent with trading updates provided over the reporting season, explains Bell Potter.

One negative was a fall of -1.9% in Recreational Goods. Hold rating with a target price of $11.80.

This report was published on April 6, 2021.

Target price is $11.80 Current Price is $11.99 Difference: minus $0.19 (current price is over target).
If SUL meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.29, suggesting upside of 10.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 67.20 cents and EPS of 118.60 cents.
At the last closing share price the estimated dividend yield is 5.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.3, implying annual growth of 122.9%.
Current consensus DPS estimate is 69.7, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 47.30 cents and EPS of 78.90 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.20.

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 4.7%.
Current consensus EPS estimate suggests the PER is 13.7.

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

SYD    SYDNEY AIRPORT HOLDINGS LIMITED

Infrastructure & Utilities – Overnight Price: $6.08

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

Upon assessing the two-way quarantine-free trans-Tasman bubble, Goldman Sachs notes trans-Tasman volumes accounted for 14% of Sydney Airport's total international travel in 2019. In addition, the proposed move allows for international capacity to return.

More importantly, explains the broker, it allows for international retail and duty-free business to recommence. The analyst states the company remains in an effective hibernation and expects it to be a major beneficiary of the Australian domestic inoculation strategy. 

The Buy rating is maintained with a $6.73 target price.

This report was published on April 7, 2021.

Target price is $6.73 Current Price is $6.08 Difference: $0.65
If SYD meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.21, suggesting upside of 2.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Current consensus EPS estimate is -3.3, implying annual growth of N/A.
Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Current consensus EPS estimate is 10.5, implying annual growth of N/A.
Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 57.9.

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

TNK    THINK CHILDCARE GROUP

Childcare – Overnight Price: $3.10

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

The company has received an indicative non-binding takeover offer from Busy Bees of $3.20/share. The multiples reflect a valuation close to the larger-listed operators though far in excess of the valuation metrics of the smaller operators, notes Canaccord Genuity.

The broker views this as a positive outcome for shareholders, with the $3.20 price above expectations. The Hold rating and target price of $2.10 are unchanged.

The offer price will be reduced by any further dividends, however the company is able to pay additional fully franked dividends of up to $0.34 per share, explains the analyst.

This report was published on April 7, 2021.

Target price is $2.10 Current Price is $3.10 Difference: minus $1 (current price is over target).
If TNK meets the Canaccord Genuity target it will return approximately minus 32% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 9.20 cents and EPS of 10.10 cents.
At the last closing share price the estimated dividend yield is 2.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.69.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 10.80 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 3.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.41.

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

TPW    TEMPLE & WEBSTER GROUP

Furniture & Renovation – Overnight Price: $10.23

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

Discretionary retail sales for February increased 0.8% month-on-month. The data reveal continued buoyant trading versus last year and are consistent with trading updates provided over the reporting season, explains Bell Potter.

Some positives included a build-up of the household financial buffer (international travel restrictions, stimulus) which results in more capacity to shop and a rebound in the job outlook. Hold rating with a target price of $11.75 for Temple and Webster Group.

This report was published on April 6, 2021.

Target price is $12.60 Current Price is $10.23 Difference: $2.37
If TPW meets the Bell Potter target it will return approximately 23% (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 19.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.93.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 28.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.41.

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

UWL    UNITI GROUP LIMITED

Telecommunication – Overnight Price: $2.58

Goldman Sachs rates ((UWL)) as Initiation of coverage with Buy (1) –

Goldman Sachs initiates coverage of Uniti Group with a Buy rating and $3 price target. The company is a provider of fibre connectivity to new Australian residential premises, competing with the government-owned National Broadband Network (NBN).

The broker explains the group constructs and operates these fibre networks as a wholesaler. Partnering reasons for developers include lower pricing, inclusion of TV and 'smart-building’ services, improved co-ordination with developers and estate aesthetics.

Already, currently contracted premises underpin an extended period of organic growth, and now the company aims to increase its share of new residential fibre connections in Australia, explains the analyst.

This report was released on April 7, 2021.

Target price is $3.00 Current Price is $2.58 Difference: $0.42
If UWL meets the Goldman Sachs target it will return approximately 16% (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 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.25.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.80.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $143.22

Goldman Sachs rates ((XRO)) as Initiation of coverage with Buy (1) –

Xero is set to launch its core accounting product in the Scandinavian market following the recent acquisitions of both Planday and Tickstar.

Goldman Sachs considers this to be an attractive potential market given limited competition and high digitisation. The acquisition further allows Xero to broaden its product offering into workforce management. 

It follows a confirmed partnership between Xero and BDO in March which allows Xero to leverage BDO's existing presence in 171 geographies. 

Buy rating is retained with the twelve-month target price falling -3% to $153.00. 

This report was published on April 13, 2021. 

Target price is $153.00 Current Price is $143.22 Difference: $9.78
If XRO meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $114.75, suggesting downside of -19.9%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 25.17 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 569.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 339.4.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 30.76 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 465.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.8, implying annual growth of 15.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 293.5.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
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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CHARTS

AFP AIZ AQZ AX1 BRG CCX CDA CMM CNU CSX CWY DMP IPL JBH JHG LOV MFG MOZ NWL NXT PAN PDL PEX PMV PPT PTM QAN SUL SYD TNK TPW UWL XRO

For more info SHARE ANALYSIS: AFP - AFT PHARMACEUTICALS LIMITED

For more info SHARE ANALYSIS: AIZ - AIR NEW ZEALAND LIMITED

For more info SHARE ANALYSIS: AQZ - ALLIANCE AVIATION SERVICES LIMITED

For more info SHARE ANALYSIS: AX1 - ACCENT GROUP LIMITED

For more info SHARE ANALYSIS: BRG - BREVILLE GROUP LIMITED

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

For more info SHARE ANALYSIS: CDA - CODAN LIMITED

For more info SHARE ANALYSIS: CMM - CAPRICORN METALS LIMITED

For more info SHARE ANALYSIS: CNU - CHORUS LIMITED

For more info SHARE ANALYSIS: CSX - CLEANSPACE HOLDINGS LIMITED

For more info SHARE ANALYSIS: CWY - CLEANAWAY WASTE MANAGEMENT LIMITED

For more info SHARE ANALYSIS: DMP - DOMINO'S PIZZA ENTERPRISES LIMITED

For more info SHARE ANALYSIS: IPL - INCITEC PIVOT LIMITED

For more info SHARE ANALYSIS: JBH - JB HI-FI LIMITED

For more info SHARE ANALYSIS: JHG - JANUS HENDERSON GROUP PLC

For more info SHARE ANALYSIS: LOV - LOVISA HOLDINGS LIMITED

For more info SHARE ANALYSIS: MFG - MAGELLAN FINANCIAL GROUP LIMITED

For more info SHARE ANALYSIS: MOZ - MOSAIC BRANDS LIMITED

For more info SHARE ANALYSIS: NWL - NETWEALTH GROUP LIMITED

For more info SHARE ANALYSIS: NXT - NEXTDC LIMITED

For more info SHARE ANALYSIS: PAN - PANORAMIC RESOURCES LIMITED

For more info SHARE ANALYSIS: PDL - PENDAL GROUP LIMITED

For more info SHARE ANALYSIS: PEX - PEEL MINING LIMITED

For more info SHARE ANALYSIS: PMV - PREMIER INVESTMENTS LIMITED

For more info SHARE ANALYSIS: PPT - PERPETUAL LIMITED

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

For more info SHARE ANALYSIS: QAN - QANTAS AIRWAYS LIMITED

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

For more info SHARE ANALYSIS: SYD - SYDNEY AIRPORT

For more info SHARE ANALYSIS: TNK - THINK CHILDCARE GROUP LIMITED

For more info SHARE ANALYSIS: TPW - TEMPLE & WEBSTER GROUP LIMITED

For more info SHARE ANALYSIS: UWL - UNITI GROUP LIMITED

For more info SHARE ANALYSIS: XRO - XERO LIMITED