Australian Broker Call *Extra* Edition – Apr 15, 2021

This story features ACROW LIMITED, and other companies. For more info SHARE ANALYSIS: ACF

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

ACF   AIA   AIZ   ALU   BML   COH   CRN   CXL   EML   FPH   FZO   IMM   JHG   KMD   OPY   PLT   RHP (2)   RMS   SKC   SXY   TIE   WEB   WHC   WTC   XRO  

ACF    ACROW FORMWORK AND CONSTRUCTION SERVICES LIMITED

Building Products & Services – Overnight Price: $0.38

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

Management continues to see strong momentum in March across both new hire wins and contract sales, which finished up 92% and 50%, respectively. Bell Potter believes this suggests another strong performance for the first quarter FY22. The Buy rating is unchanged.

The broker upgrades EPS forecasts for FY22 and FY23 by 5.4% and 4.2%, respectively, and the target is increased to $0.45 from $0.44. The overall positive view centres around leverage to civil infrastructure markets and improved operational execution.

This report was published on April 7, 2021.

Target price is $0.45 Current Price is $0.38 Difference: $0.07
If ACF meets the Bell Potter target it will return approximately 18% (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 1.80 cents and EPS of 4.20 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.05.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 2.00 cents and EPS of 5.40 cents.
At the last closing share price the estimated dividend yield is 5.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.04.

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

AIA    AUCKLAND INTERNATIONAL AIRPORT LTD

Infrastructure & Utilities – Overnight Price: $7.09

Jarden rates ((AIA)) as Neutral (3) –

The start date of 19 April for quarantine-free travel across the Tasman is 2 months earlier than Jarden's expectation. It's estimated this will result in increased travel numbers to between 10%-37% of pre-covid levels and resulting earnings should rule-out further equity support.

The broker reiterates the Neutral rating. The target price of NZ$7.10 is based on high quality leverage to international travel resuming.

This report was published on April 8, 2021.

Current Price is $7.09. Target price not assessed.
Current consensus price target is N/A
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 2.52 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 281.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.8, 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 N/A.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 9.97 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 71.09.

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 3.6, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 114.4.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
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: $1.64

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 $1.64. 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 2954.61 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 438.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 0.37.

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

ALU    ALTIUM LIMITED

Hardware & Equipment – Overnight Price: $28.92

Jarden rates ((ALU)) as Initiation of coverage with Underweight (2) –

Jarden initiates coverage of Altium with an Underweight rating and $23 target price. Despite a track record of profitability the broker sees near-term earnings risk and limits to long-term growth compared to peers. 

The analyst believes the organic pathway to management targets may prove optimistic and forecasts a miss to the FY21 $182m revenue guidance. 

The printed circuit board market size is $1.5bn and adoption is near full penetration. While forecasting a strong share for Altium in the middle-market segment, Jarden notes strong competition surrounding the high-end product Nexus.

The broker cautions that to reach the FY25 aspirational revenue target of 100,000 subscribers, Altium needs to achieve record 2H revenue and record historical net new subscriptions.

This report was published on April 7, 2021.

Target price is $23.00 Current Price is $28.92 Difference: minus $5.92 (current price is over target).
If ALU meets the Jarden target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $33.90, suggesting upside of 17.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 57.02 cents and EPS of 45.98 cents.
At the last closing share price the estimated dividend yield is 1.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.9, implying annual growth of N/A.
Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 65.9.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 61.16 cents and EPS of 54.81 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.8, implying annual growth of 20.3%.
Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 54.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BML    BOAB METALS LTD

Mining – Overnight Price: $0.43

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

In an interim update, the overall resource at the Sorby Hills lead/silver project is largely unchanged at 44.9Mt at 3.2% lead and 37 g/t silver, according to Shaw and Partners. 

The broker explains the recent focus was on increasing the confidence in the resource for the definitive feasablity study (DFS), not expanding the resource.

However, the measured resource has increased by 4Mt (up 56%) and there is a 19% increase in the resource base at shallow depths of less than 60 metres, notes the analyst. The Buy rating and $1.02 target price are maintained.

This report was published on April 7, 2021.

Target price is $1.02 Current Price is $0.43 Difference: $0.59
If BML meets the Shaw and Partners target it will return approximately 137% (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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 143.33.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.33.

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

COH    COCHLEAR LIMITED

Medical Equipment & Devices – Overnight Price: $224.19

JP Morgan rates ((COH)) as Neutral (3) –

After an encouraging first quarter update and recent positive feedback from the US, JP Morgan is confident Cochlear will a report a strong earnings recovery, supported by share gains and flat operating costs.

Implant volumes have recovered in the US, in some cases to pre-pandemic levels, and other developed markets are likely following a similar trajectory, assesses the broker. With the stock appearing fully valued, JP Morgan remains Neutral with a $216 target price.

This report was published on April 8, 2021.

Target price is $216.00 Current Price is $224.19 Difference: minus $8.19 (current price is over target).
If COH meets the JP Morgan target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $214.87, suggesting downside of -4.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 230.00 cents and EPS of 362.00 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 372.7, implying annual growth of N/A.
Current consensus DPS estimate is 237.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 60.2.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 268.00 cents and EPS of 412.00 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 54.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 457.4, implying annual growth of 22.7%.
Current consensus DPS estimate is 328.2, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 49.0.

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

CRN    CORONADO GLOBAL RESOURCES

Coal – Overnight Price: $0.87

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

Chinese import restrictions continue to impact Australian coal sales but Coronado Global Resources' US operations have likely benefited from sales to China over the last quarter. 

Despite this, increases in Australian thermal coal prices have continued into 2021, liken driven by supply risk, with Newcastle thermal coal prices up 30% on last quarter. Similarly, hard coking coal saw a price increase of 16% on last quarter. 

Long term constraints on new thermal coal supply persist as shareholders continue to align investments with climate change goals, says the broker.

Buy rating is retained with the target price falling to $1.45 from $1.50. 

This report was published on April 9, 2021.

Target price is $1.45 Current Price is $0.87 Difference: $0.58
If CRN meets the Bell Potter target it will return approximately 67% (excluding dividends, fees and charges).
Current consensus price target is $1.30, suggesting upside of 49.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 1.93 cents and EPS of 1.66 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, implying annual growth of N/A.
Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 108.8.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 7.59 cents and EPS of 15.46 cents.
At the last closing share price the estimated dividend yield is 8.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.6, implying annual growth of 1350.0%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 7.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CXL    CALIX LIMITED

Mining Sector Contracting – Overnight Price: $2.35

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

After several announcements and a capital raise, Shaw and Partners expects Calix to continue to benefit from a range of tailwinds including increasing industry and market focus on CO2 emissions and ESG investing. 

In addition, the investment towards cleaner and more energy efficient energy/manufacturing processes is considered beneficial. The broker expects a pipeline of catalysts over the next 12 months will support a further re-rating.

One of the above-mentioned announcements pertained to Calix and Adbri ((ABC)) executing a Heads of Agreement covering the co-development of a Calix calciner for lime production with CO2 capture.

The Buy rating and $3 target price are maintained.

This report was published on April 8, 2021.

Target price is $3.00 Current Price is $2.35 Difference: $0.65
If CXL meets the Shaw and Partners target it will return approximately 28% (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 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 102.17.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2350.00.

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

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $5.72

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

Wilsons expects the newly-acquired Sentenial Group to generate around 40% earnings (EBITDA) margins in FY23. The UK/EU-based payments platform-as-a-service was acquired for -$109m.

The broker expects Sentenial Group to expand EML Payment’s vertical exposure into Open Banking, diversify its revenues. Also, via highly visible recurring SaaS fees, revenue volatility is expected to reduce.

The group's core business is called NuaPay, which capitalises on the UK/EU structural shift towards Open Banking and Non-Card and Non-Scheme payments. Overweight rating with the target rising to $6.51 from $5.41.

This report was published on April 8, 2021.

Target price is $6.51 Current Price is $5.72 Difference: $0.79
If EML meets the Wilsons target it will return approximately 14% (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 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 65.00.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 12.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.13.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $30.87

JP Morgan rates ((FPH)) as Overweight (1) –

JP Morgan revisits the investment thesis and assesses covid-19 has supported the rapid uptake of Nasal High-Flow (NHF) therapy to the extent that it is now many years ahead of expectations. It's considered this should support a permanent uplift in consumables sales.

The company has a solid position in the obstructive sleep apnea segment. The broker notes an expansion is being driven by the adoption of its therapies in other areas of the hospital and homecare markets, which should support solid medium-term growth.

The overweight rating is maintained and the target rises to NZ$36.50 from $NZ$35.40.

This report was published on April 8, 2021.

Current Price is $30.87. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in March.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 38.21 cents and EPS of 93.21 cents.
At the last closing share price the estimated dividend yield is 1.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.3, implying annual growth of N/A.
Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 33.4.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 38.21 cents and EPS of 68.04 cents.
At the last closing share price the estimated dividend yield is 1.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.5, implying annual growth of -26.9%.
Current consensus DPS estimate is 44.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 45.7.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

FZO    FAMILY ZONE CYBER SAFETY LTD

Software & Services – Overnight Price: $0.47

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

Family Zone’s third quarter results have showcased significant growth with its annual contract value up $1.8m and total contract value up $3.6m as they look to further expand in the US education market.

Based on data from US competitors, the broker expects edu-tech activity to be positive during the US education markets' upcoming highest expenditure quarters.

The  company finished the quarter with 350,000 students utilising its trial period. Based on trial-to-contract conversion rates of over 80%  Shaw and Partners estimates around 280,000 of these to become contracted in this year’s fourth quarter, and estimates a total 400,000 net student adds.

The cyber solutions provider currently services 3,100 schools and around 2m students. 

Buy rating is retained with the target price falling to $0.70 from $0.73.

This report was published on April 12, 2021.

Target price is $0.70 Current Price is $0.47 Difference: $0.23
If FZO meets the Shaw and Partners target it will return approximately 49% (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 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.19.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.57.

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

IMM    IMMUTEP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.46

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

Immutep's efti trial has been granted Fast Track status by the FDA, making the drug eligible for benefits that will speed up the development and review time.

The broker feels this implies a more efficient path to market for the treatment, and expects that with further positive clinical data to be released in mid-2021, an assumed licensing deal for efti will be on the table iby 2023. 

Bell Potter has increased the probability of success of efti for head and neck cancer to 34% from 23%.

The Buy (Speculative) rating is retained and the target price increases to $0.85 from $0.75. The stock remains Bell Potter's key stock pick for the year.

This report was published on April 9, 2021.

Target price is $0.85 Current Price is $0.46 Difference: $0.39
If IMM meets the Bell Potter target it will return approximately 85% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 6.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.54.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.20.

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: $42.20

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 $42.20 Difference: $1.9
If JHG meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $45.03, suggesting upside of 6.7%(ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is 405.3, implying annual growth of N/A.
Current consensus DPS estimate is 209.2, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY22:

Current consensus EPS estimate is 434.0, implying annual growth of 7.1%.
Current consensus DPS estimate is 208.2, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 9.7.

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

KMD    KATHMANDU HOLDINGS LIMITED

Sports & Recreation – Overnight Price: $1.31

Jarden rates ((KMD)) as Buy (1) –

The start date of 19 April for quarantine-free travel across the Tasman is two months earlier than Jarden's expectation. This is considered an incremental positive as first half earnings were impacted by depressed sales of travel-related products. 

The Buy rating and NZ$1.75 target price are unchanged.

This report was first issued April 8, 2021.

Current Price is $1.31. Target price not assessed.
Current consensus price target is $1.38, suggesting upside of 5.0%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 6.52 cents and EPS of 9.32 cents.
At the last closing share price the estimated dividend yield is 4.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of N/A.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 9.32 cents and EPS of 11.65 cents.
At the last closing share price the estimated dividend yield is 7.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of 26.1%.
Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 11.8.

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: $2.29

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

An investor briefing highlighted to Shaw and Partners the significant opportunity available in the US. This is expected via the multi-billion dollar total transaction value (TTV) potential and the differentiated offering to its homogenous “pay-in-4” and short-term peer offering.

The broker highlights the company is well-funded to meet and support a rapid acceleration. A sensitivity analysis by the analyst on the potential revenue impact of US penetration highlights the significant scale, opportunity and revenue runway.

The Buy rating and $5 target price are retained.

This report was published on April 8, 2021.

Target price is $5.00 Current Price is $2.29 Difference: $2.71
If OPY meets the Shaw and Partners target it will return approximately 118% (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 7.87.

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 9.79.

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: $1.17

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

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

Plenti Group reported fourth quarter loan origination growth of 120% over last year which was 22.6%  higher than Wilsons' forecast. The growth rates were mixed compared to its forecasts, notes the broker.

Further, personal lending demand rose due to new product releases and better consumer confidence while auto-segment growth also remained strong.

While no outlook guidance was provided, initial indications look encouraging given March loan originations were $67.5m, ahead of the monthly average originations of $57.5m.

This report was published on April 13, 2021.

Target price is $1.60 Current Price is $1.17 Difference: $0.43
If PLT meets the Wilsons target it will return approximately 37% (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 17.46.

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 50.87.

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

RHP    RHIPE LIMITED

Cloud services – Overnight Price: $1.83

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

Rhipe announced the acquisition of emt Distribution for upfront consideration of -$11.0m. Bell Potter estimates the purchase is at an attractive multiple. Emt is a cyber security distribution specialist with operations across Australia, the Middle East and Asia.

The broker sees it as a compelling transaction due to the diversification of existing business away from Microsoft, leverage to the growing cyber security market and the expansion opportunity into the enterprise client segment.

In addition, the broker sees a margin expansion opportunity and a positive impact on EPS (up to 15% accretive). The Buy rating is maintained and the target price is unchanged at $2.50.

This report was published on April 8, 2021.

Target price is $2.50 Current Price is $1.83 Difference: $0.67
If RHP meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 3.50 cents and EPS of 4.80 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.13.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 4.50 cents and EPS of 7.30 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.07.

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

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

Rhipe has announced the accretive acquisition of emt Distribution, a cybersecurity channel and services business that is established, growing and profitable, according to Shaw and Partners. It's considered the cyber security market is likely to deliver extreme growth in coming years.

Consideration is for -$11m upfront with a further -$2m in available earn-out over the next 24 months. The broker believes the company has now commenced EPS accretion outside of organic growth and the group has the balance sheet and appetite to accelerate this.

The analyst upgrades EPS forecasts by 8% in FY22, and 7% in FY23 onwards. The Buy rating is unchanged and the target rises to $3.04 from $3.02.

This report was published on April 7, 2021.

Target price is $3.04 Current Price is $1.83 Difference: $1.21
If RHP meets the Shaw and Partners target it will return approximately 66% (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 3.90 cents and EPS of 8.20 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.32.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 5.60 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.19.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.72

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

Shaw and Partners highlights gold production of 66,029oz in the March quarter was in-line with guidance of 65,000-70,000oz. Production was split 41,832oz from Mt Magnet and 24,197oz from Edna May.

Without a 7 day outage at Edna May, the company would have been at the top end of guidance. The broker retains the Buy rating and $2.82 target.

This report was published on April 8, 2020.

Target price is $2.82 Current Price is $1.72 Difference: $1.1
If RMS meets the Shaw and Partners target it will return approximately 64% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 6.00 cents and EPS of 18.90 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.10.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 12.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 6.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.93.

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

SKC    SKY CITY ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $3.20

Jarden rates ((SKC)) as Downgrade to Underweight from Buy (5) –

The start date of 19 April for quarantine-free travel across the Tasman is two months earlier than Jarden's expectation. This is considered to underpin stronger margin recovery for Auckland via Hotels, Food & Beverage and the Sky Tower assets.

On the flipside, there may be some leakage from high value domestic players that now have the wider choice to game at Crown Resorts ((CWN)) and the Star Entertainment Group ((SGR)) properties. The Buy rating and target price of NZ$3.40 are unchanged.

This report was published on March 8, 2021.

Current Price is $3.20. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 4.66 cents and EPS of 9.79 cents.
At the last closing share price the estimated dividend yield is 1.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.70.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 9.32 cents and EPS of 13.24 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.18.

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

SXY    SENEX ENERGY LIMITED

Crude Oil – Overnight Price: $3.19

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

Trading on a post 8:1 share consolidation basis commenced on Monday, 22 March 2021. Bell Potter makes no changes to operational or macroeconomic assumptions. The Buy rating is unchanged and the target price is amended for the consolidation to $3.71.

The company is due to release its March 2021 quarterly report on Tuesday 20 April, 2021.

This report was published on April 7, 2020.

Target price is $3.71 Current Price is $3.19 Difference: $0.52
If SXY meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $3.77, suggesting upside of 18.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 8.00 cents and EPS of 8.50 cents.
At the last closing share price the estimated dividend yield is 2.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.8, implying annual growth of N/A.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 8.10 cents and EPS of 29.90 cents.
At the last closing share price the estimated dividend yield is 2.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.8, implying annual growth of 155.8%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 4.0.

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

TIE    TIETTO MINERALS LTD

Gold & Silver – Overnight Price: $0.31

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

Tietto Minerals has published the pre-feasibility study for the Abujar Gold Project in Côte d’Ivoire. The study considers an open pit mining scenario based around the large Abujar Gludehi deposit while also pointing towards expanding its level of detail.

Canaccord Genuity is pleased to see such a high level of detail in the study and the expanded case and notes its pre-study assumptions mostly lie between the study and the expanded case assumptions. 

In fact the costs have come out to be lower than expected owing to higher grades and lower unit costs. Canaccord Genuity believes the first 6 years present a compelling open pit opportunity that will be augmented over time via drilling to deliver a long mine life operation. 

Buy rating with the target dropping to $0.75 from $0.80.

This report was published on April 12, 2021.

Target price is $0.75 Current Price is $0.31 Difference: $0.44
If TIE meets the Canaccord Genuity target it will return approximately 142% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.50.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.50.

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

WEB    WEBJET LIMITED

Travel, Leisure & Tourism – Overnight Price: $5.17

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

Webjet announced the issue of $250m in convertible notes along with an invitation to convert the EUR100m convertible note issued in July last year.

The company confirmed the conversion of 100% of the EUR notes leading to the issuance of 39.7m shares and a cash payment of -$33.3m under the conversion invitation. Goldman Sachs has reduced its earnings forecasts for both FY23-24 post the update, in line with shareholders dilution.

Buy rating with a target of $7.

This report was published on April 12, 2021.

Target price is $7.00 Current Price is $5.17 Difference: $1.83
If WEB meets the Goldman Sachs target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $5.28, suggesting upside of 2.2%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 26.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -24.7, implying annual growth of N/A.
Current consensus DPS estimate is -0.3, implying a prospective dividend yield of -0.1%.
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 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 172.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, implying annual growth of N/A.
Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 47.4.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $1.85

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

Whitehaven Coal chieved increased performance at Maules Creek and Narrabri following a weak prior quarter. Thermal coal prices in the March 2021 quarter increased by as much as 30% and the broker predicts coal stocks to remain elevated. 

Bell Potter expects Whitehaven's assets to de-risk with Maules Creek increasing in-pit dumping and optimising autonomous haulage and Narrabri returning to shallower coal geology. 

Buy rating is retained with the target price increasing to $2.35 from $2.29. 

This report was published on April 9, 2021.

Target price is $2.35 Current Price is $1.85 Difference: $0.5
If WHC meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $2.10, suggesting upside of 13.4%(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 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 231.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.2, 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 N/A.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 5.00 cents and EPS of 15.80 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 11.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.3, implying annual growth of N/A.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 43.0.

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

WTC    WISETECH GLOBAL LIMITED

Cloud services – Overnight Price: $32.41

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

Jarden initiates coverage of WiseTech Global with an Overweight rating and $31 target price. The company operates in the $20.8bn supply chain execution IT market where adoption is low at less than 15%, the broker points out.

The broker notes catalysts driving market adoption are industry consolidation, acquisitions, regulation and freight globalisation.

The analyst thinks this year is key to proving the underlying organic growth and operating leverage inherent in its business model. This comes as earn-outs are settled and the company is scaling back M&A.

To alleviate acquisition growth concerns, Jarden highlights US-listed Descartes has a similar acquired-growth profile and holds greater than 50% of total assets as goodwill.

This report was published on April 7, 2021.

Target price is $31.00 Current Price is $32.41 Difference: minus $1.41 (current price is over target).
If WTC meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $32.00, suggesting downside of -1.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 13.80 cents and EPS of 29.80 cents.
At the last closing share price the estimated dividend yield is 0.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 108.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of -39.4%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 106.3.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 23.90 cents and EPS of 40.10 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 80.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.5, implying annual growth of 45.9%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 72.8.

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: $146.08

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

Jarden initiates with a Buy on Xero and a price target of $150. The company is a global market leader in a $74bn total addressable market (TAM) for enterprise resource planning finance, the broker points out.

With IT adoption at less than 20%, the company provides a long runway for growth, explains the broker. It has shown scalable economics with operating margins in A&NZ sitting at 62% versus 9% internationally, explains the analyst. 

Jarden sits 10-30% above consensus on subscriber growth forecasts for the UK, North America and the Rest of World, driven by cloud software adoption. The broker sees regulation, platform revenue growth and acquisitions as catalysts to driving the share price.

This report was published on April 7, 2021.

Target price is $150.00 Current Price is $146.08 Difference: $3.92
If XRO meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $114.75, suggesting downside of -21.4%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 0.00 cents and EPS of 44.74 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 326.52.

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 346.2.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 73.82 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 197.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of 15.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 298.7.

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

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