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Australian Broker Call *Extra* Edition – Jul 09, 2021

Daily Market Reports | Jul 09 2021

This story features AUSTRALIAN CLINICAL LABS LIMITED, and other companies. For more info SHARE ANALYSIS: ACL

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)

ACL   ANP   APT   APX   ASX   BEN   CAR   CHC   DMP   ELD   ELO   EML   EVO   JHX   JLG (2)   LGL   MNF   ORR   PBH   PGC   PLL   PME   PPS   PRN   QAN   REH   SYD   TGR   UBI   WHC  

ACL    AUSTRALIAN CLINICAL LABS LIMITED

Healthcare services – Overnight Price: $3.48

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

Goldman Sachs left a meeting with Australian Clinical Labs management incrementally encouraged on the near-term earnings trajectory, and believes the company is well positioned to execute on further growth opportunities, both organically and through M&A.

Longer-term, the broker believes it is prudent to assume a sharp tapering of covid testing volumes. Goldman Sachs is currently modelling a decline from 33.0% in FY21 to 24.8% in FY22, which equates to earnings margins of 20.0% and 10.4% respectively.

Buy rating and a target price of $4.80 both maintained. 

This report was published on June 10, 2021. 

Target price is $4.80 Current Price is $3.48 Difference: $1.32
If ACL meets the Goldman Sachs target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 0.00 cents and EPS of 42.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.29.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 10.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.47.

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

ANP    ANTISENSE THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.21

Taylor Collison rates ((ANP)) as Speculative Buy (2) –

Taylor Collison believes FDA feedback to the design of the proposed Phase IIb/III trial of ATL1102 in non-ambulant DMD patients is positive for the US development plans for ATL1102.

However, the broker also believes Antisense Therapeutics' main focus continues to be on the planned European Phase IIb trial, which aims to commence recruitment in fourth quarter FY21.

The company expects to receive feedback from European Medicines Agency on its Paediatric Investigation Plan for ATL1102 in the coming weeks, which the broker notes will allow it to finalise the trial design.

Outperform rating and target price of $0.27 both retained.

This report was published on June 7, 2021.

Target price is $0.27 Current Price is $0.21 Difference: $0.06
If ANP meets the Taylor Collison target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Taylor Collison forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.00.

Forecast for FY22:

Taylor Collison forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.09.

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

APT    AFTERPAY LIMITED

Business & Consumer Credit – Overnight Price: $123.65

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

Jarden initiates coverage on Afterpay, noting the company benefits from a first mover advantage with plenty of room for growth.

Jarden notes the buy now pay later market is large, but largely fully penetrated in Australia and New Zealand, overly competitive in the US, and Afterpay is facing a strong competitor in Klarna in Europe. Many buy now pay later companies are exploring loyalty affiliate marketing programs and pay anywhere cards to expand their product offerings. 

Jarden highlights the key drivers of Afterpay earnings will be market share gain and increasing repeat customer transactions. The broker also notes the company has potential to monetise its growing e-commerce advertising marketplace. 

Afterpay is Jarden's preferred buy now pay later stock pick. Jarden initiates coverage with a Buy rating and target price of $120.00.

This report was published on June 11, 2021. 

Target price is $120.00 Current Price is $123.65 Difference: minus $3.65 (current price is over target).
If APT meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $124.47, suggesting upside of 6.0%(ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is -19.3, 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:

Current consensus EPS estimate is 26.9, 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 436.5.

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

APX    APPEN LIMITED

IT & Support – Overnight Price: $12.80

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

To account for a change in reporting currency from AUD to USD, Bell Potter is now forecasting underlying earnings for Appen of US$84.7m in 2021, consistent with the guidance range of US$83-89m.

The broker is also forecasting a large earnings skew to the second half this year with forecast underlying earnings in first half/second half FY2021 of US$32.8m/US$51.9m, consistent with the guidance of “a heavy weighting in underlying earnings to second half FY21".

The broker retains a Hold rating and lowers the target to $13.50 from $14.25 due to a lack of catalysts in the short term.

This report was released on June 11, 2021.

Target price is $13.50 Current Price is $12.80 Difference: $0.7
If APX meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $20.97, suggesting upside of 69.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 10.00 cents and EPS of 48.30 cents.
At the last closing share price the estimated dividend yield is 0.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.2, implying annual growth of 18.4%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 12.00 cents and EPS of 54.90 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 23.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.1, implying annual growth of 26.2%.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 20.0.

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $76.38

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

Statistics for May indicate to JP Morgan derivatives have bottomed, as yield curve control has stabilised volumes at what seems a temporary lower step. While cash market value traded showed declines, as expected, versus a year ago, listings held up, notes the analyst.

The Neutral rating is unchanged. The broker changes earnings modestly, and the target price increases to $71.53 from $70.38.

This report was published on June 8, 2021.

Target price is $71.53 Current Price is $76.38 Difference: minus $4.85 (current price is over target).
If ASX meets the JP Morgan target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $71.54, suggesting downside of -5.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 215.00 cents and EPS of 239.00 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 246.4, implying annual growth of -4.3%.
Current consensus DPS estimate is 223.7, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 30.6.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 223.00 cents and EPS of 248.00 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 251.0, implying annual growth of 1.9%.
Current consensus DPS estimate is 225.2, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 30.1.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $10.27

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

Goldman Sachs has made minor changes to its earnings per share forecasts for Bendigo & Adelaide Bank for FY21-FY23. 

The broker is now forecasting earnings per share of $0.66 in FY21, $0.68 in FY22 and $0.78 in FY23. 

The Neutral rating and target price of $10.37 are retained.

The report was published on June 9, 2021. 

Target price is $10.37 Current Price is $10.27 Difference: $0.1
If BEN meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $10.32, suggesting upside of 0.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 66.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.1, implying annual growth of 89.0%.
Current consensus DPS estimate is 51.2, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 68.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.1, implying annual growth of N/A.
Current consensus DPS estimate is 52.2, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 14.2.

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

CAR    CARSALES.COM LIMITED

Automobiles & Components – Overnight Price: $21.56

Goldman Sachs rates ((CAR)) as No Rating (-1) –

Goldman Sachs has noted an upcoming period of considerable change for the Australian auto industry following an acceleration of online auto sales during the covid pandemic. 

The broker notes Carsales has opportunity to capitalise on its already dominant market position and evolve into a more holistic marketplace model by assisting dealer customers to shift online. 

Goldman Sachs predicts Carsales could increase its dealer market share from 2.7% to 6.8% by FY30 and see a 12% increase in dealer revenue compound annual growth rate. 

Goldman Sachs does not provide a rating or target.

This report was published on June 9, 2021. 

Current Price is $21.56. Target price not assessed.
Current consensus price target is $22.34, suggesting upside of 4.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 53.00 cents and EPS of 59.00 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 36.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.4, implying annual growth of 27.7%.
Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 36.0.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 56.00 cents and EPS of 67.00 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.6, implying annual growth of 12.1%.
Current consensus DPS estimate is 54.5, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 32.1.

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

CHC    CHARTER HALL GROUP

REITs – Overnight Price: $15.58

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

The strength of recent revaluations for Charter Hall Group's A-REIT peers points to stronger fund under management FUM) momentum and higher FY22 performance fees than Goldman Sachs previously assumed.

When combined with higher levels of near-term development spend than the broker had previously envisaged, these adjustments result in a 13% increase to the broker's FY22 earnings estimate for Charter Hall Group.

But beyond FY22, the broker expects the REIT's state of earnings growth to be hampered by softening commercial asset values, declining development volumes, and fewer opportunities for performance fee recognition.

Sell rating maintained, but the target price is increased to $9.18 from $8.46 to reflect revised earnings estimates.

This report was issued June 10, 2021.

Target price is $9.18 Current Price is $15.58 Difference: minus $6.4 (current price is over target).
If CHC meets the Goldman Sachs target it will return approximately minus 41% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.88, suggesting upside of 10.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 38.00 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.7, implying annual growth of -22.3%.
Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 26.5.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 40.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.7, implying annual growth of 26.0%.
Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 21.0.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $116.80

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

Domino's Pizza Enterprises has announced the acquisition of the Taiwan territory's 157 stores for around $79m, with the transaction expected to be complete in the first half of FY22. 

Jarden has increased its earnings per share estimate by 3-4% for FY21-FY23, with the majority of this increase being driven by strong performance in the Japan region and around 1% from the Taiwan acquisition.

Management has indicated a target of over 400 stores for the region by 2032, and Jarden notes the company has a track record of profitable rapid growth in new regions at low capital intensity.

The Overweight rating is retained and the target price increases to $100.00 from $98.00. 

This report was published on June 11, 2021.

Target price is $100.00 Current Price is $116.80 Difference: minus $16.8 (current price is over target).
If DMP meets the Jarden target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $100.43, suggesting downside of -12.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 EPS of 217.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 216.2, implying annual growth of 34.3%.
Current consensus DPS estimate is 154.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 53.1.

Forecast for FY22:

Jarden forecasts a full year FY22 EPS of 252.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 251.4, implying annual growth of 16.3%.
Current consensus DPS estimate is 175.6, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 45.7.

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $11.16

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

While seasonal tailwinds are strong, Bell Potter believes it will be difficult for Elders to sustain strong livestock prices in FY22.

There are no changes to Bell Potter's forecast, however, at this juncture the broker notes the year-to-date trends in agency drivers and crop plantings are stronger than it had assumed in FY21.

Bell Potter also notes Elders is still only in the initial stages of delivering on its backward integration strategy with a defined growth runway.

The Buy rating and the target price of $13.75 remain both unchanged.

This report was published on June 11, 021.

Target price is $13.75 Current Price is $11.16 Difference: $2.59
If ELD meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $13.10, suggesting upside of 19.7%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 40.00 cents and EPS of 87.40 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.0, implying annual growth of 9.0%.
Current consensus DPS estimate is 41.1, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 40.00 cents and EPS of 69.20 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.1, implying annual growth of 5.9%.
Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 11.9.

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

ELO    ELMO SOFTWARE LIMITED

Jobs & Skilled Labour Services – Overnight Price: $4.55

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

Commenting on a recently hosted investor technology day by Elmo Software, Shaw and Partners highlights Webexpenses continued growth in the UK, with sales already being made in A&NZ.

The broker also notes the Breathe hard launch remains on track for July in A&NZ.

While Elmo now has access to a $34.5m debt facility, which provides flexibility, the broker views improving operating margins as a likely positive re-rating event for the stock.

The Buy rating and the target price of $8.85 are both retained.

This report was issue on June 11, 2021.

Target price is $8.85 Current Price is $4.55 Difference: $4.3
If ELO meets the Shaw and Partners target it will return approximately 95% (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 36.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.40.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 33.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.75.

Market Sentiment: 1.0
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: $3.77

Wilsons rates ((EML)) as No Rating (-1) –

EML Payments has released an update on regulatory concerns raised by the Central Bank of Ireland. EML has confirmed it responded to the CBI by the required date and there is no current timeline for the CBI to finalise consideration of the matter. 

The company is expecting one-off legal and advisory costs exceeding -$2m to affect FY21 results, but acknowledges potential impacts on FY22 are unknown at this time. 

Wilsons expects any fine to be modest and negative brand impact to be contained. The broker also notes the company appears to be tracking well, with only $8.5m needed in the fourth quarter to reach FY21 underlying earnings forecasts. 

The prior Overweight rating and target price of $3.78 remain under review. 

This report was released on June 7, 2021.

Current Price is $3.77. Target price not assessed.

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

EVO    EVOLVE EDUCATION GROUP LIMITED

Education & Tuition – Overnight Price: $0.78

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

Evolve Education Group delivered a disappointing trading update according to Canaccord Genuity, with FY21 guidance of NZ$16m-18.5m coming in well below the brokers estimated NZ$24.8m. Canaccord notes at the midpoint this represents a -31% downgrade. 

The company has pointed to lower-than-expected occupancy rates and a shortage of qualified staff. 

The broker has further downgraded FY22 forecasts by -23%, but notes good execution and relief to staffing issues could result in an upside to expectations.

The Buy rating is retained and the target price decreases to NZ$1.22 from NZ$1.90. 

This report was published on June 9, 2021.

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

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.93 cents and EPS of 5.21 cents.
At the last closing share price the estimated dividend yield is 1.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.97.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 4.65 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 5.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.75.

This company reports in NZD. 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

JHX    JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $44.72

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

In the Building Materials sector, James Hardie is JP Morgan's top pick. A supportive demand backdrop is expected to persist through FY22-23. It's estimated market share will increase in all regions over the medium term and generate industry-leading margins.

The broker feels upside risk to forecasts could stem from share gains, linked to new product launches. Downside risks include a strengthening Australian dollar, and weaker-than-expected housing construction growth in the US.

The price target is increased to $48 from $47. Overweight rating.

This report was published on June 8, 2021.

Target price is $48.00 Current Price is $44.72 Difference: $3.28
If JHX meets the JP Morgan target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $45.94, suggesting upside of 4.8%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 93.52 cents and EPS of 170.47 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 169.3, implying annual growth of N/A.
Current consensus DPS estimate is 96.8, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 25.9.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 118.90 cents and EPS of 198.66 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.5, implying annual growth of 15.5%.
Current consensus DPS estimate is 114.7, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 22.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

JLG    JOHNS LYNG GROUP LIMITED

Building Products & Services – Overnight Price: $4.86

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

Bell Potter remains optimistic about Johns Lyng Group's cross-sell opportunity into the strata management, as well as the potential for accretive acquisitions.

The broker also believes the group remains in a solid position to deliver strong underlying growth within its core IB&RS division, with CAT works also expected to underpin group performance into FY22.

However, following strong trading, which sees the group now trading on a PE of 49x FY21 and 44x FY22, the broker has downgraded Johns Lyng Group to a Hold recommendation from a Buy.

The price target is increased to $4.40 from $3.80.

This report was published on June 11, 2021.

Target price is $4.40 Current Price is $4.86 Difference: minus $0.46 (current price is over target).
If JLG meets the Bell Potter target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 4.40 cents and EPS of 8.70 cents.
At the last closing share price the estimated dividend yield is 0.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.86.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 4.60 cents and EPS of 9.70 cents.
At the last closing share price the estimated dividend yield is 0.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.10.

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


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

Reflecting a stronger CAT revenue contribution, Johns Lyng Group has provided updated FY21 guidance, which implies a 5% upgrade to Goldman Sachs's prior earnings forecast.

However, the broker also expects strong growth in business-as-usual operations to continue into FY22 off a high base, and has increased  FY21, FY22, and FY23 earnings per share forecasts by 6%, 14%, and 15% respectively.

The broker likes Johns Lyng Group for its steady, long-term growth drivers, including growth in annuity-style earnings, and significant opportunity to grow strata management earnings.

The Buy rating is maintained and the target price increases 27% to $5.00.

This report was published on June 11, 2021.

Target price is $5.00 Current Price is $4.86 Difference: $0.14
If JLG meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 5.00 cents and EPS of 9.50 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 51.16.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 6.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 1.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.18.

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

LGL    LYNCH GROUP HOLDING LIMITED

Agriculture – Overnight Price: $3.65

Jarden rates ((LGL)) as Buy (1) –

Following a materially stronger demand and pricing backdrop in China, Lynch Group now expects to deliver FY21 net profit of $31.0-32.0m, an 8-11% beat versus the prospectus.

As a result, Jarden has upgraded forecasts by around 10% to $31.6m, and by around 5% beyond. 

China will, in the broker's view, be the key driver of medium-term earnings, with the recent update signaling momentum is strong and that the integration of VDB Group – its long-time partner in China – is progressing well.

Buy rating is retained, and target price increases to $4.95 from $4.55.

This report was published on June 10, 2021.

Target price is $4.95 Current Price is $3.65 Difference: $1.3
If LGL meets the Jarden target it will return approximately 36% (excluding dividends, fees and charges).
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 34.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.55.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 17.37 cents and EPS of 35.40 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.31.

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

MNF    MNF GROUP LIMITED

Telecommunication – Overnight Price: $5.20

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

MNF Group has announced the intended sale of part of its Direct segment to Vonex ((VN8)) to generate $31m in proceeds. The transaction should simplify the company's business, according to Canaccord Genuity, with MNF Group retaining government and enterprise customers while Vonex benefits from 5,500 business customers. 

The company further outlined the equity raised from the sale would be used to fund the next stage of MNF Group's Asian expansion. The broker notes these actions indicate positive momentum for MNF Group. 

The company maintains FY21 earnings guidance of $40-43m, but is pointing to the higher end of the provided range. The Buy rating and target price of $7.15 are retained.

This report was published on June 9, 2021.

Target price is $7.15 Current Price is $5.20 Difference: $1.95
If MNF meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 7.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.64.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 10.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.26.

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

ORR    ORECORP LIMITED

Gold & Silver – Overnight Price: $0.78

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

Following the recent and significant milestone for OreCorp, the approval of the Nyanzaga SML by the Tanzanian Cabinet, Canaccord Genuity notes attention has shifted to development activities. 

A preliminary schedule has been finalised outlining detailed definitive feasibility study (DFS) works for the second half of this year, with financing, front-end engineering and design (FEED), early works and construction expected in calendar year 2022.

The DFS will aim to refine what the broker considers is already a robust mine plan that was outlined in the preliminary feasibility study (PFS) completed in 2017.

The broker believes the company is about to enter a phase of multiple potential catalysts for the share price as the high quality Nyanzaga project advances towards production.

Buy and target price of $1.20 remain unchanged.

This report was published on June 11, 2021. 

Target price is $1.20 Current Price is $0.78 Difference: $0.42
If ORR meets the Canaccord Genuity target it will return approximately 54% (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 39.00.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 78.00.

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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $12.33

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

Goldman Sachs views Pointsbet Holdings' recently announced agreement with the Riverboat Group to provide online and retail sports betting in the state of Maryland as another incremental positive for the company.

The broker notes Pointsbet now has direct market access to 15 states in the US, placing it on track for its target of being operational in 18 US states by the end of calendar year 2022.

Buy rating and target price of $17.20 both unchanged.

This report was published on June 10, 2021.

Target price is $17.20 Current Price is $12.33 Difference: $4.87
If PBH meets the Goldman Sachs target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 83.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.78.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 55.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.42.

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

PGC    PARAGON CARE LIMITED

Medical Equipment & Devices – Overnight Price: $0.28

Taylor Collison rates ((PGC)) as Speculative Buy (2) –

Taylor Collison continues to be attracted to Paragon Care's established network of hospital relationships, expert sales reps and significant scale in a fragmented market.

Taylor Collison also remains attracted to Paragon Care on a valuation basis as it currently trades on 5.9x the broker's FY22 enterprise multiple, a -62% discount to the average of listed peers.

Trading conditions improved through the third quarter with earnings of $6.4m, more than double the previous period.

Outperform rating maintained, and the price target increases to $0.50 from $0.43 in line with the broker's view the company's fair value is 7-8x enterprise value to earnings.

This report was published on June 4, 2021.

Target price is $0.50 Current Price is $0.28 Difference: $0.22
If PGC meets the Taylor Collison target it will return approximately 79% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Taylor Collison forecasts a full year FY21 dividend of 0.00 cents and EPS of 3.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.75.

Forecast for FY22:

Taylor Collison forecasts a full year FY22 dividend of 1.60 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.00.

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

PLL    PIEDMONT LITHIUM INC

New Battery Elements – Overnight Price: $0.91

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

Piedmont Lithium has released outcomes of the scoping study for its North Carolina lithium hydroxide project, reporting project life, throughput rates, concentrate production, cash costs and lithium hydroxide production all exceeding expectations. 

The company also expects an increase in capital expenditure based on the larger project scale. 

Canaccord Genuity highlights project design changes including in-pit crushing and conveyancing reducing truck haulage, relocation of the chemical plant, employment of alkaline pressure leach mineral conversion, solar power and expanded by-product capacity.

While the economic benefits of these changes are yet to be quantified, the broker notes they may result in a significantly lower carbon footprint. 

The Speculative Buy rating and target price of $1.15 are retained.

This report was published on June 9, 2021.

Target price is $1.15 Current Price is $0.91 Difference: $0.24
If PLL meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9100.00.

Forecast for FY22:

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

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $57.28

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

Pro Medicus management has confirmed imaging transaction volumes are tracking above pre-covid levels, and that a backlog should provide continued support over the coming months. 

The company has also reiterated that its pipeline remains strong, and Goldman Sachs is modeling forecasts on an expected five contract wins per year with an average minium size of $15m per annum.

The broker notes this reflects recent order momentum and supports the increasing validation of Pro Medius' technology. The company has won its last six major tenders and now holds contracts with five of the top ten hospitals in the US. 

The Buy rating and target price of $53.80 are retained. 

This report was published on June 9, 2021.

Target price is $53.80 Current Price is $57.28 Difference: minus $3.48 (current price is over target).
If PME meets the Goldman Sachs target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 32.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 179.00.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 56.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 102.29.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.98

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

Following a move by the Praemium board to review its international business, Canaccord Genuity has moved to a sum-of-the-parts valuation model for the company and increased the target price by 29%. 

The change allows the broker to value the domestic and international businesses separately.

The broker notes the Australian business is highly profitable and growing. Praemium holds 1.8% of market share, and the business added an additional $9m in funds under management through the acquisition of Powerwrap in the first quarter. 

The UK platform is working to break even on underlying earnings, a goal it has working towards for over a decade, and the broker highlights the business has been a consistent drag on group earnings. However, Canaccord Genuity also notes the UK platform saw record net inflows during the second quarter.

The Buy rating is retained and the target price increases to $1.25 from $0.97. 

This report was published on June 9, 2021.

Target price is $1.25 Current Price is $0.98 Difference: $0.27
If PPS meets the Canaccord Genuity target it will return approximately 28% (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 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.00.

Forecast for FY22:

Canaccord Genuity 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 32.67.

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

PRN    PERENTI GLOBAL LIMITED

Mining Sector Contracting – Overnight Price: $0.74

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

Perenti Global has landed a major contract with Sandfire Resources ((SFR)) for the Motheo Copper Project. The contract is expected to be worth US$496m for an initial period of 7 years and 3 months to deliver services at the open pit mine. 

Canaccord Genuity notes this is a positive announcement for the company following a series of recent challenges and trading updates. The broker assumes the deal will generate a revenue run rate for Perenti Global of around $63m per year, accounting for around 3% of group revenue. 

The project has a mine life of 12.5 years and Canaacord notes potential for a contract extension. The Buy rating and target price of $0.87 are retained. 

This report was published on June 8, 2021. 

Target price is $0.87 Current Price is $0.74 Difference: $0.13
If PRN meets the Canaccord Genuity target it will return approximately 18% (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 7.00 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 9.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.43.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 7.00 cents and EPS of 11.90 cents.
At the last closing share price the estimated dividend yield is 9.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.22.

Market Sentiment: 1.0
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: $4.85

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

Qantas is the top pick by JP Morgan for the Transport and Infrastructure sector. The company is considered well positioned, given it has taken material costs out of its business, and has a high proportion of earnings from domestic and loyalty (around 70-75% of earnings).

Additionally, the analyst draws comfort from a strong relative balance sheet positioning, and a more favourable competitive position (both domestically and internationally). The Overweight rating and $5.70 target are unchanged.

This report was published on June 7, 2021.

Target price is $5.70 Current Price is $4.85 Difference: $0.85
If QAN meets the JP Morgan target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $5.84, suggesting upside of 23.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.85 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 570.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -68.7, 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:

JP Morgan forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 485.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, 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 22.8.

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

REH    REECE LIMITED

Furniture & Renovation – Overnight Price: $23.16

JP Morgan rates ((REH)) as Underweight (5) –

In the Building Materials sector, Reece is JP Morgan's least-preferred pick. It's believed growth from here will be more linked to market rates, as branch network density limits greenfield opportunity, and M&A is difficult, due to significant share.

While there is ample scope to grow the position in the US over time, the US market is highly competitive with pure-play wholesale distributors and big box stores all fighting for share, explains the broker.

The Underweight rating is retained and the target price increases to $13.75 from $13.50.

This report was published on June 8, 2021.

Target price is $13.75 Current Price is $23.16 Difference: minus $9.41 (current price is over target).
If REH meets the JP Morgan target it will return approximately minus 41% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.60, suggesting downside of -31.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 15.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 0.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.3, implying annual growth of 1.0%.
Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 56.8.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 21.00 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 0.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.8, implying annual growth of 23.6%.
Current consensus DPS estimate is 23.4, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 46.0.

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

SYD    SYDNEY AIRPORT

Infrastructure & Utilities – Overnight Price: $7.83

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

Sydney Airport is the least-preferred pick by JP Morgan for the Transport and Infrastructure sector. While the domestic travel recovery is on-track, international passengers are key to a meaningful earnings rebound.

The broker's list of negatives includes the company is expected to become a tax-paying entity in 2024 and its inter-entity loan will reset upon expiry in late 2023. Also, the opening of Western Sydney Airport will likely restrict passenger growth around its expected opening in 2026.

The $5.70 target and Neutral rating are retained.

This report was published on June 7, 2021. Note: This report was published before Sydney Airport received an indicative, yet non-binding full take-over approach in July.

Target price is $5.70 Current Price is $7.83 Difference: minus $2.13 (current price is over target).
If SYD meets the JP Morgan target it will return approximately minus 27% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.93, suggesting upside of 2.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 783.00.

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 1.4, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 18.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 130.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.6, implying annual growth of N/A.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 117.0.

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

TGR    TASSAL GROUP LIMITED

Aquaculture – Overnight Price: $3.45

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

Supported by tightening supply demand domestically and offshore, and a 25% increase in salmon export prices in AUD terms, from the lows at the end of first half 2021, Goldman Sachs believes the operating environment is improving in FY22 for Tassal Group.

The broker expects a recovery in domestic wholesale and export markets as demand in these channels returns to pre-covid levels.

Goldman Sachs expects a -10% contraction in supply from Chile, which accounts for circa 30% of global volumes, to likely drive higher export prices in second half 2021.

The Buy rating is unchanged and the target price increases to $4.10.

This report was published on June 10, 2021.

Target price is $4.10 Current Price is $3.45 Difference: $0.65
If TGR meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 12.90 cents and EPS of 23.50 cents.
At the last closing share price the estimated dividend yield is 3.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.68.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 15.40 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.32.

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

UBI    UNIVERSAL BIOSENSORS, INC

Medical Equipment & Devices – Overnight Price: $0.88

Sequoia rates ((UBI)) as Buy (1) –

Sequoia believes Universal Biosensors' technical success with LifeScan/J&J and Siemens provides confidence the company will deliver successful products to its targeted global market segments.

But the broker reminds investors that most of the company's products are in launch, or relaunch mode, which increases the possibility the actual results achieved could be significantly higher, or lower than assumptions and forecasts.

The broker will fine tune forecasts as better information and quarterly results become available.

Sequoia reiterates a Buy rating, and a 24-month target price of $1.42.

This report was issued June 11, 2021.

Target price is $1.42 Current Price is $0.88 Difference: $0.54
If UBI meets the Sequoia target it will return approximately 61% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Sequoia forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.88.

Forecast for FY22:

Sequoia 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 44.00.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $2.00

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

JP Morgan retains a Neutral rating for Whitehaven Coal and increases the target price to $2.10 from $1.80. A -10% target price discount to net present value set by the analyst reflects the growing portion of the investor universe that cannot own the stock for ESG reasons.

The company is currently enjoying top-of-the-cycle thermal coal prices though recent operating performance has been patchy, explains the broker. Balance sheet debt reduction is expected to be the main recipient of high free cashflow.

This report was published on June 9, 2021.

Target price is $2.10 Current Price is $2.00 Difference: $0.1
If WHC meets the JP Morgan target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.52, suggesting upside of 23.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 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 40.00.

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 N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 0.00 cents and EPS of 39.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of N/A.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 11.2.

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


Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

As part of emerging new trends overseas, The Australian Broker Call *Extra* Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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For more info SHARE ANALYSIS: LGL - LYNCH GROUP HOLDING LIMITED

For more info SHARE ANALYSIS: ORR - ORECORP LIMITED

For more info SHARE ANALYSIS: PBH - POINTSBET HOLDINGS LIMITED

For more info SHARE ANALYSIS: PGC - PARAGON CARE LIMITED

For more info SHARE ANALYSIS: PLL - PIEDMONT LITHIUM INC

For more info SHARE ANALYSIS: PME - PRO MEDICUS LIMITED

For more info SHARE ANALYSIS: PPS - PRAEMIUM LIMITED

For more info SHARE ANALYSIS: PRN - PERENTI GLOBAL LIMITED

For more info SHARE ANALYSIS: QAN - QANTAS AIRWAYS LIMITED

For more info SHARE ANALYSIS: REH - REECE LIMITED

For more info SHARE ANALYSIS: SFR - SANDFIRE RESOURCES LIMITED

For more info SHARE ANALYSIS: SYD - SYDNEY AIRPORT

For more info SHARE ANALYSIS: TGR - TASSAL GROUP LIMITED

For more info SHARE ANALYSIS: UBI - UNIVERSAL BIOSENSORS, INC

For more info SHARE ANALYSIS: VN8 - VONEX LIMITED

For more info SHARE ANALYSIS: WHC - WHITEHAVEN COAL LIMITED