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Australian Broker Call *Extra* Edition – Apr 27, 2021

Daily Market Reports | Apr 27 2021

This story features AMPOL LIMITED, and other companies. For more info SHARE ANALYSIS: ALD

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

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

One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availabilityofsuitable 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 publicationmay not be up to date, or yet awaiting another update by FNArena’steam 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)

ALD BIN BOQ CNI CPU CTT ERD(2) GDC HMC IGO MHJ MYX NWL NXS(2) PDL PEN QAN SEK SM1 ST1 UWL VUL WHC WZR Z1P

ALD AMPOL

Consumer Products & Services – Overnight Price: $25.17

Goldman Sachs rates ((ALD)) as Initiation of coverage with Sell (5) –

Although Ampolclosed out the March quarter on a 5.4% increase, Goldman Sachs reports this result is an overly positive market reaction.Excluding foreign exchange movements the first quarter results were -14% below forecasts.

According to the broker recent results in convenience retail can be attributed to consumer preference for convenience stores over larger retail formats duringCOVID-19 lockdowns. Despite this, continued growth in convenience retail is a focus for Ampolinvestors, a strategy the broker believes needs further de-risking.

The $165m Caltex rebranding program has so far completed 105 stores, with a further 100 to be targeted each month from March, but Goldman Sachs raises concerns that not all network owners are prepared to re-brand.

The Sell rating remains and target price decreases to$23.40 from $23.60.

This report was published on April 15, 2021.

Target price is $23.40 Current Price is $25.17 Difference: minus $1.77 (current price is over target).
If ALD meets the Goldman Sachs target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $29.10, suggesting upside of 15.6%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 150.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 122.9, implying annual growth of N/A.
Current consensus DPS estimate is 72.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 168.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 164.0, implying annual growth of 33.4%.
Current consensus DPS estimate is 97.5, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 15.3.

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

BIN BINGO INDUSTRIES LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $3.20

Shaw and Partners rates ((BIN)) as Hold (3) –

Uncertainty around Bingo Industries’ potential takeover by private equity group CPE Capital has resulted in a weakening share price, according to Shaw and Partners.

Despite Bingo not commenting on the takeover by the end of March as expected, the broker views the chances of a takeover as highas the Australian waste sector consolidation continues, and understands a $3.50 per share all cash deal has been proposed by CPE.

According to the broker the sector outlook is positive, with strong growth in both waste volumes and regulatory support.

Hold rating with a target price of $3.30 remains.

This report was published on April 14, 2021.

Target price is $3.30 Current Price is $3.20 Difference: $0.1
If BIN meets the Shaw and Partners target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.36, suggesting upside of 5.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 3.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 0.94%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.4, implying annual growth of -46.4%.
Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 59.3.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 4.00 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of 83.3%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 32.3.

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

BOQ BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $9.15

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

Bank of Queensland’sfirst half resultsrevealed cash earnings increased 9%.Results were largely pre-announced at the time of the ME Bank acquisitionand in line with the broker’s expectations.

Goldman Sachs has marginally amended its cash earnings per share forecastfor the next three financial years by 4.7%, 2.2% and -2.9% respectively. According to the broker these changes are driven by better lending momentum and lower bad and doubtful debts.

Goldman Sachs retains its Buy rating and thetarget price increases to $9.83 from$7.17.

This report was published on April 15, 2020.

Target price is $9.83 Current Price is $9.15 Difference: $0.68
If BOQ meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.67, suggesting upside of 5.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 55.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.8, implying annual growth of 144.1%.
Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 47.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.4, implying annual growth of 13.9%.
Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 13.0.

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

CNI CENTURIA CAPITAL GROUP

Diversified Financials – Overnight Price: $2.66

Jarden rates ((CNI)) as Initiation of coverage with Overweight (2) –

In the current environment Jarden prefers active REIT’s over passive due to the former’s forecast three year funds from operation (FFO) compound annual growth rates(CAGR) of 9% versus 3%. It’s believedactive managers are currently well capitalised.

Additionally, the broker notes there’s a return of strong demand for real assets after covid and there’s now significant operating leverage available to real estate fund managers. Finally,growing alternative assets are increasingly in demand by active managers.

Thus, Jarden initiates coverage of Centuria Capital Group with an Overweight rating. It’s considered to have a balanced exposure to listed and unlisted funds, an early mover advantage to alternative assets and an expanding development pipeline. Target price is $2.90.

This report was published on April 14, 2021.

Target price is $2.90 Current Price is $2.66 Difference: $0.24
If CNI meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.76, suggesting upside of 3.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 10.00 cents and EPS of 12.60 cents.
At the last closing share price the estimated dividend yield is 3.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.6, implying annual growth of 165.8%.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 21.1.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 10.40 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.7, implying annual growth of 0.8%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 20.9.

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

CPU COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $14.43

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

Jarden initiates coverage on Computersharewith a Buy rating and $18.65 target price.The broker sees a sharp recovery in earnings
from 2% pa organic growth, including cost control, and 10% per annum margin income leverage ex-CTS based on futures markets.

CTS refers to the recent acquisition of Wells Fargo’s US Corporate Trust Services,which the analyst sees as adding significant scale toexisting North American operations. This is considered to be derived from highly recurring trust fee income and low capital intensity.

Additionally, the analyst sees9% pa from CTS cost synergies and interest rate upside. With interest rate exposure at least doubling post CTS, it’s believed the company’s leverage to a post-covid global macro recovery is underappreciated.

This report was published on April 14, 2021.

Target price is $18.65 Current Price is $14.43 Difference: $4.22
If CPU meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $15.86, suggesting upside of 9.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 63.13 cents and EPS of 69.99 cents.
At the last closing share price the estimated dividend yield is 4.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.3, implying annual growth of N/A.
Current consensus DPS estimate is 54.5, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 22.1.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 63.13 cents and EPS of 72.05 cents.
At the last closing share price the estimated dividend yield is 4.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.0, implying annual growth of 7.2%.
Current consensus DPS estimate is 49.4, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 20.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CTT CETTIRE LIMITED

Apparel & Footwear – Overnight Price: $1.76

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

Bell Potter initiates coverage on global luxury goods online retailerCettire Limited. Leveraging the online shift,Cettirehas gained traction in international markets in the last year, with active customers at the end of the 2021 first quarterup 319% year-on-year.

The broker explains, key to Cettire’s business model is its highly scalable proprietary technology platform that allows for automation of key operational processes with the potential to drive order volumes for significant sales growth at minimal increase of operating costs.

Further, the company utilises a no-inventory model where products are sent to customers directly by the supplier, allowing for a capital-light business with minimal inventory risk and access to a global market.

The broker estimates net sales of $81m by the end of the 2021 financial year, a year-on-year increase of $58.1m.

Coverage is initiated with a Buy rating and a target price of $1.90.

This report was published on April 14, 2021.

Target price is $1.90 Current Price is $1.76 Difference: $0.14
If CTT meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 880.00.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 586.67.

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

ERD EROAD LTD

Transportation & Logistics – Overnight Price: $5.35

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

Eroadhas signed a five-year contract with Ventia, its largest Australian enterprise customer to date, notesBell Potter. The contract will see around 2,500 EHUBO-2 units installed in Australia and an additional 1,500 units installed in New Zealand.

This almost doubles Eroad’scontracted Australian units to over 5,000. According to the broker, Ventia represents one of around 300 Trans-Tasman enterprises that Eroadis targeting in Australia, with a short to medium target pipeline of 15,000-20,000 vehicle installations in Australia.

The company has further identified around 11,000 enterprise fleets, or a total of2.62m vehicles in North America, for potential units, points out Bell Potter.

Buy rating is retained with the target price increasing to $5.62from $4.87.

This report was published on April 15, 2021.

Target price is $5.62 Current Price is $5.35 Difference: $0.27
If ERD meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 2.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 232.61.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 127.38.

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


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

Eroadhassigneda first major Australian contract win. This isinitially for 2,500 units in Australia and a further 1,500 units in New Zealand with scope to increase over time. It’s estimated the annual recurring revenue (ARR) uplift is greater than NZ$2m per annum.

The broker believesbelieve an improving pipeline of opportunitiesand a normalising of churn should aid an uplift in revenues in FY22. This lift is by comparison tothe cyclical growth low-point in the second half of FY21. The Buy rating and NZ$6target are unchanged.

This report was published on April 14, 2021.

Current Price is $5.35. Target price not assessed.
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 0.84 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 638.42.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.52 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 82.04.

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

GDC GLOBAL DATA CENTRE GROUP

Cloud services – Overnight Price: $1.83

Shaw and Partners rates ((GDC)) as Initiation of coverage with Buy (1) –

Global Data Centres Group is proving itself to be one of the fastest growing pure play data centre operators and investors in the Asia-Pacific region after shifting from a non-operating investment fund to a company focused on operational ownership of data centres, according to Shaw and Partners.

The broker highlights Global Data CentresGroup has retaineditsoperating assets as it continues to expand in the growing data centre market, placing the company in a strong position to deliver growth in assets through increased leverage.

The broker expects strong demand to continue in the global data centre market with the increase in IoT, 5g, fibre, intelligent homes and vehicles and computing power and Global Data Centres Group shows strong potential growth, particularlythrough its Guam data centre and the recent entry of its AirTrunk asset into Japan.

Shaw and Partners initiates coverage with a Buy rating and a target price of $2.82.

This report was published on April 13, 2021.

Target price is $2.82 Current Price is $1.83 Difference: $0.99
If GDC meets the Shaw and Partners target it will return approximately 54% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 122.00.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 140.77.

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

HMC HOME CONSORTIUM LIMITED

Real Estate – Overnight Price: $4.82

Jarden rates ((HMC)) as Upgrade to Overweight from Neutral (2) –

In the current environment Jarden prefers active REITs over passive due to the former’s forecast three year funds from operation (FFO) compound annual growth rates(CAGR) of 9% versus 3%. It’s believedactive managers are currently well capitalised.

Additionally, the broker notes there’s a return of strong demand for real assets after covid andthere’s now significant operating leverage available to real estate fund managers. Finally,growing alternative assets are increasingly in demand by active managers.

Thus, Jarden lifts the rating for Home Consortium to Overweightfrom Neutral with a $5.05 target.The REIT is considered to be at an inflection point where it is deleveraging from its balance sheet and maneuvering assets to an asset-life/funds management structure.

Should the proceeds from asset sales beredeployed expediently,transaction fees and ongoing funds management fees will potentially make up for lost net operating income, explains the broker.Growth is then anticipated toaccelerate versusbeing a rent collector.

This report was published on April 14, 2021.

Target price is $5.05 Current Price is $4.82 Difference: $0.23
If HMC meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.92, suggesting downside of -18.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 12.00 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 2.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of N/A.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 38.9.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 14.50 cents and EPS of 18.40 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of 25.8%.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 30.9.

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

IGO IGO LIMITED

Nickel – Overnight Price: $7.18

Shaw and Partners rates ((IGO)) as Initiation of coverage with Buy (1) –

IGO Limited has announced the sale of its 30% interest in the Tropicana Gold Mine to Regis Resources Limited for $903m. The proceeds of the sale are set to fund IGO’s investment in Tianqi Lithium’s Australian lithium assets in line with the company’s focus on commodities critical to clean energy.

The $900m proceed from the divestment will almost offset the $1bn funding facility announced in December to cover pending funding for the Tianqi Lithium deal.According to Shaw and Partners the future success of IGO will depend on a successful integration with Tianqi.

Completion of the Tropicanatransaction is expected in June.

The rating is Buy with a target price of $7.00.

This report was published on April 14, 2021.

Target price is $7.00 Current Price is $7.18 Difference: minus $0.18 (current price is over target).
If IGO meets the Shaw and Partners target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.54, suggesting downside of -8.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 10.00 cents and EPS of 23.10 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of -15.7%.
Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 32.8.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 14.00 cents and EPS of 36.10 cents.
At the last closing share price the estimated dividend yield is 1.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of 10.5%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 29.7.

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

MHJ MICHAEL HILL INTERNATIONAL LIMITED

Luxury – Overnight Price: $0.78

Jarden rates ((MHJ)) as Buy (1) –

Michael Hill has released results from its March quarter showing trading up 5.7% on Jarden’s forecast, with group sales of $118.5m largely mirroring third quarter results from 2019 of $119.3m.

The company’s three key markets, Australia, New Zealand and Canada, all reported double digit same store salesgrowth, totaling 16.4% growth across the group on the previous corresponding quarter. According to Jarden, the strong same store sales growth during the first nine weeks of the quarter, which were largely unaffected by COVID,indicates positive momentum.

The broker has modestly upgraded earnings forecasts for the next three years by 1%, 4% and 5%.

The Buy rating is retained and the target price increases to NZ$1.10 from NZ$1.00.

This report was published on April 15, 2021.

Current Price is $0.78. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 4.50 cents and EPS of 12.40 cents.
At the last closing share price the estimated dividend yield is 5.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.29.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 6.50 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 8.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.39.

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

MYX MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.44

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

Bell Potter anticipates an imminent target action date for Mayne Pharma’scombined hormonal contraceptive (CHC) Nextstellisto be no later than April 24.

The broker has noted that recent media attention to the blot clot risks associated with the AstraZeneca covid-19 vaccine has raised awareness of the estimated blood clot frequency of currently available CHCs of between 150 to 262 times higher than the Astra Zeneca vaccine.

Bell Potter expects safety, tolerability and avoidance of weight gain to be the key selling points of Nextstellis. Although full safety data from the phase 3 trialis yet to be published, the broker is optimistic that serious adverse events in the trial are unlikely and the safety ofNextstellis potentially represents a competitive advantage.

Buy rating and target price of $0.56 areretained.

This report was published on April 15, 2021.

Target price is $0.56 Current Price is $0.44 Difference: $0.12
If MYX meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $0.36, suggesting downside of -17.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.50.

How do these forecasts compare to market consensus projections?

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

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.4, 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.

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

NWL NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $14.66

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

Netwealth Group’s third quarter update revealed total funds under administration (FUA) reached $41.8bn, representing a 50%increase on the prior corresponding period.

Total funds under management (FUM) stood at$10.5bn, a 66% increase on the prior corresponding period.The company recorded FUA net inflows of $2.3bn for the quarter, placing them on track forfull year FUA net inflows of $9bn, observes Goldman Sachs.

Due to the better-than-expected results the broker has raised earnings forecasts for 2023.

The Neutral rating remains and target price increases to $15.42 from$15.18.

This report was published on April 15, 2021.

Target price is $15.42 Current Price is $14.66 Difference: $0.76
If NWL meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $15.14, suggesting upside of 3.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 24.20 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 63.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of 23.6%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 64.6.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 15.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 56.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of 12.3%.
Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 57.5.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NXS NEXT SCIENCE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.63

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

Next Science’s first quarter results for 2021 suggest an ongoing recovery, with the company meeting sales expectations. Bell Potter points out the Xperience surgical wash is expected to receive FDA approval this quarter and is critical to reaching near-term targets.

Although the approval timeline for Xperience has been delayed for additional use testing, the broker remains optimistic that this product offering could drive an increase in revenue by meeting an unmet medical need with no effective alternative product.

Bell Potter estimates an initial addressable market ofUS$1.5bn. The Hold rating and target price of $1.51 are retained.

This report was published on April 14,2021.

Target price is $1.51 Current Price is $1.63 Difference: minus $0.12 (current price is over target).
If NXS meets the Bell Potter target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 6.31 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.82.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.12 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 39.59.

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


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

After the March quarter update, Canaccord Genuity highlights the business achieved a practical breakeven outcome with a net cash outflow of only -US$0.02m, driven by cash receipts of US$3.35m.

The broker feelsthe key moment is imminent, when the FDA is expected to provide its decision on the 510(k) application for the XPerience surgical rinse product.A positive decision is expectedto be transformational for the company.

Management is ready to launch the product immediately upon FDA clearance, and the analyst expects a sales contribution in the current quarter. The Buy rating is unchanged with a target of $2.70.

This report was published on April 14 , 2021.

Target price is $2.70 Current Price is $1.63 Difference: $1.07
If NXS meets the Canaccord Genuity target it will return approximately 66% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.96 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 169.61.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 8.78 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.56.

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

PDL PENDAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $7.63

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

Pendal Group has increased its funds under management (FUM) by $4.3bn, or 4.4%, in the March quarter to a total of $101.7bn. According to Goldman Sachs, a2.6% increase in investment returns and a0.9% increase in organic growth were both drivers in these results.

Pendal Australia’s net flows totaled$0.7bn, while the company’s UK subsidiary J O Hambro Capital Management saw inflows of $0.2bn.

Goldman Sachs notesrecent improvement in relative growth translating into improved organic growth is encouraging.The broker has increased earnings forecasts for the next three years by 3%, 1% and 2% respectively.

Goldman Sachs retains its Buy rating and the target price increases to $7.81 from $7.37.

This report was published on April 15, 2021.

Target price is $7.81 Current Price is $7.63 Difference: $0.18
If PDL meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $7.85, suggesting upside of 2.9%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 45.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.7, implying annual growth of 17.5%.
Current consensus DPS estimate is 39.9, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 49.00 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 6.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.9, implying annual growth of 6.9%.
Current consensus DPS estimate is 42.1, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 15.3.

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

PEN PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.12

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

Peninsula Energy is seeking to restart the Lance Uranium Projectsin Wyoming, US. Canaccord Genuitylikes the update on progress for the low pH demonstration, relative to the prior month’s update.

A decision to install two additional injection wells into each of the patternshas led to a rapid fall in pH, explains the broker.Since late February, the recovery stream uranium grade has doubled. The Buy (Speculative) and $0.15 target price are unchanged.

This report was published on April 14, 2021.

Target price is $0.15 Current Price is $0.12 Difference: $0.03
If PEN meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).

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: $4.93

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

Qantas’ market update has revealed modest recovery in the domestic sector, increasing its fourth quarter outlook on domesticto approximately 90% of pre-COVID levels, up from 80%.

The company has also provided a forecast for 2022 domestic capacity, with Jetstar expected to be up 20% on pre-COVID levels and Qantas Domestic to be up 7%. These numbers are slightly ahead of Jarden’s expectations.

The broker awaits further results in August surrounding the 2022 fuel hedging outlook and yield environment.

The Buy rating and target price of $6.70 are retained.

This report was published April 15, 2021.

Target price is $6.70 Current Price is $4.93 Difference: $1.77
If QAN meets the Jarden target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $5.80, suggesting upside of 17.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 62.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -67.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 547.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of N/A.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 18.5.

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

SEK SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $31.43

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

Goldman Sachs upgradesits forecasts forSeek’s earnings based onpotential greater-than-expected outcomes for the second half of 2021.

Seek has continued to outperformcompetitors in volume recovery and the Seek Employment Index has continued to recover after 2020 lows, which Goldman Sachs believes to be consistent with a recovering labour market in Australia.

Goldman Sachs retains its Neutral rating and the target price increases to $27.40 from $20.20.

This report was published on July 17, 2020.

Target price is $27.40 Current Price is $31.43 Difference: minus $4.03 (current price is over target).
If SEK meets the Goldman Sachs target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.62, suggesting downside of -9.0%(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 36.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 87.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.8, implying annual growth of N/A.
Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 90.3.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 27.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 65.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.5, implying annual growth of 53.7%.
Current consensus DPS estimate is 36.9, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 58.7.

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

SM1 SYNLAIT MILK LIMITED

Dairy – Overnight Price: $3.21

Bell Potter rates ((SM1)) as Upgrade to Buy from Hold (1) –

Bell Potter has upgraded Synlait Milk to a Buy rating reflective of the broker’s more favorable view of one of Synlait’s most important clients, a2Milk ((A2M)), and a more positive outlook of the infant milk formula market.

Synlait has been impacted by a2Milk’s lower sell, as well as adestockingto address excess inventory in the second half of the 2021 financial year, and this has been reflected in returns, explains the broker.

Hold rating is upgraded to Buy and the the target price increases to $4.10from $3.30.

This report was published on April 15, 2021.

Target price is $4.10 Current Price is $3.21 Difference: $0.89
If SM1 meets the Bell Potter target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $2.58, suggesting downside of -19.6%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.65 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 492.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.7, 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 458.6.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 21.89 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of 2028.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.5.

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

ST1 SPIRIT TELECOM LIMITED

Telecommunication – Overnight Price: $0.38

Shaw and Partners rates ((ST1)) as Buy (1) –

Spirit Technology Solutions hasannounced the acquisition of Nexgen, a business-to-business telco that enables Spirit Technologies products to be offered nationally.

Shaw and Partners predicts the acquisition will be highly cash generative for Spirit Technologies, increasing expected revenue for the 2022 financial year by over 30% to$155.1m from $119.1m,making it one of the faster growing infrastructure and telco businesses on the ASX.

The Buy rating remains and the target price increase to $0.61 from $0.57.

This report was published on April 13, 2021.

Target price is $0.61 Current Price is $0.38 Difference: $0.23
If ST1 meets the Shaw and Partners target it will return approximately 61% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.55.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.27.

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

UWL UNITI GROUP LIMITED

Telecommunication – Overnight Price: $2.69

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

Bell Potter has revised its revenueforecasting approach to telco providerUniti Group to highlight key revenue drivers of the company’s largest division,Wholesale and Infrastructure.

Under this new approach the broker modestly upgraded its 2021, 2022 and 2023 end offinancial year forecasts by 2%, 7% and 6% respectively.

Despite competition in the market, the broker expects connected premises to double by 2026 and active premises to more than double by 2025.

The Buy rating is unchanged and the target increasesto $2.85from $2.50.

This report was published on April 14, 2021.

Target price is $2.85 Current Price is $2.69 Difference: $0.16
If UWL meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 6.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 39.56.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 11.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.81.

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

VUL VULCAN ENERGY RESOURCES LTD

New Battery Elements – Overnight Price: $7.62

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

Cannacord Genuity initiates coverage on Vulcan Energy Resources, whichis developing the Zero Carbon Lithium project in the Upper Rhine Valley, Germany. The rating is a Buy (Speculative) with a $15 target price.

The 40ktpa lithium hydroxide/73MW geothermal energy project has the largest lithium resource in Europe (more than 100 years in Resource at nameplate), details the broker.It is also expected to have first quartile operational costs.

The project isfavorably located to be a flagship project in Europe’s transition to electrified transportation, enthuses the analyst. First production is expected in 2025at nameplate capacity, and annual earnings (EBITDA) of $1bn are expected.

Canaccord Genuitymodels a long-term price of US$15,300/t for lithium hydroxide, an 8% discount rate for its lithium business and 5% for its energy business.A 35-year project life is also incorporated.

This report was issued on April 14, 2021.

Target price is $15.00 Current Price is $7.62 Difference: $7.38
If VUL meets the Canaccord Genuity target it will return approximately 97% (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 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 108.86.

Forecast for FY22:

Canaccord Genuity 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 254.00.

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

WHC WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $1.23

Goldman Sachs rates ((WHC)) as Upgrade to Buy from Neutral (1) –

Further operational issues at Narrabrimine have led to a weaker-than-expected March quarter resulting in Whitehaven reducing its 2021 production guidance by 4% and Goldman Sachs reportsNarrabrioperations won’t be out of difficult geotechnical ground until late 2022.

Despite this, Whitehaven’shighest value and margin mine, Maules Creek, performed strongly in the quarter according to the broker, and Whitehaven expects thermal coal price realisations and sales to improve over 2021.

A Buy rating is retained and the target price is decreased to $2.10 from $2.20.

This report was published on April 15, 2021.

Target price is $2.10 Current Price is $1.23 Difference: $0.87
If WHC meets the Goldman Sachs target it will return approximately 71% (excluding dividends, fees and charges).
Current consensus price target is $1.94, suggesting upside of 58.0%(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 770.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 0.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 420.00 cents and EPS of 1650.00 cents.
At the last closing share price the estimated dividend yield is 341.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.9, implying annual growth of N/A.
Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 31.5.

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

WZR WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.22

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

Wisr Limited’s third quarter results revealed 17% growth in the historically slower quarter,with new loan originations up 151% on the previous corresponding period to $97.8m.

Wisr’s total loan originations now stand at$488.3m, just ahead of Shaw and Partner’s previous forecast. The broker now believes the company to be well placed to reach a medium term goal of a $1bn loan book in three years.

The company’ssecured car vehicle loan product, launched in the first quarter of the financial year, is performing well and contributed 23% of the loan originations to the tune of $21.9m.

The company remains one of Shaw and Partner’s keysmall caps picks for 2021.The Buy rating andtarget price of $0.47 remain.

This report was published on April 15, 2021.

Target price is $0.47 Current Price is $0.22 Difference: $0.25
If WZR meets the Shaw and Partners target it will return approximately 114% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.33.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 55.00.

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

Z1P ZIP CO LIMITED

Business & Consumer Credit – Overnight Price: $8.56

Shaw and Partners rates ((Z1P)) as Buy (1) –

Zip Co’s2021 third quarter results are materially ahead of Shaw and Partners expectations, with revenue up 13% and terminal value up 15% on Shaw’s forecast.

Merchant additionswere up 55% quarter-on-quarter and customer additionswere up 19% quarter-on-quarter, with thecompany’s US branch alone adding an average of 7,500 customers perday.Based on these results the broker now expects $600m in revenue for the 2022 financial year.

With the best quarters for the sector to come and Zip launching in further markets including Canada and the UK, the broker expects strong results in the fourth quarter.

The Buy rating remains and the target price increases to $16.00 from $15.31.

This report was published on April 14, 2020.

Target price is $16.00 Current Price is $8.56 Difference: $7.44
If Z1P meets the Shaw and Partners target it will return approximately 87% (excluding dividends, fees and charges).
Current consensus price target is $9.13, suggesting upside of 6.6%(ex-dividends)
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 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8560.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -26.7, 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:

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 8560.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.8, 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.

Market Sentiment: 0.1
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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A2M ALD BIN BOQ CNI CPU CTT ERD GDC HMC IGO MHJ MYX NWL NXS PDL PEN QAN SEK SM1 ST1 UWL VUL WHC WZR Z1P

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