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Australian Broker Call *Extra* Edition – Jul 23, 2021

Daily Market Reports | Jul 23 2021

This story features LIFE360, INC, and other companies. For more info SHARE ANALYSIS: 360

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

360   A2M   ABP   ABR   AHX   AMS   ANP   ASG   CAT   CKF (3)   CLW   CMM   COE   CRW   CVN   CYC   FSF   GCY   GOR (2)   GTN   HRL   IEL (2)   IGO   INR   IPH   IPL   JLG   KMD (2)   LBY   MGH   MPL   MTS   NAN (2)   ORA   OTW   PEN   PLL   RFG   RHP   RMC   RXL   VEE  

360    LIFE360, INC

Software & Services – Overnight Price: $8.01

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

Life360 provided a "soft" upgrade to guidance, Bell Potter assesses. Annualised monthly revenue is now forecast at the higher end of the US$110-120m range.

The main driver of the upgrade was the early success of improvements in user experience and a recent increase in downloads, driven by social media.

The company believes the extent and duration of the new wave of registrations will be clearer at the results in August which signals to the broker there may be some further upside to guidance.

Bell Potter modestly increases revenue forecasts for 2021 and 2022. Buy rating maintained. Target rises to $7.75 from $7.00.

This report was published on June 30, 2021.

Target price is $7.75 Current Price is $8.01 Difference: minus $0.26 (current price is over target).
If 360 meets the Bell Potter target it will return approximately minus 3% (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 17.73 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.17.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 91.02.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $6.88

Bell Potter rates ((A2M)) as Buy (1) –

Infant formula export volumes to China from Australia have demonstrated their first year-on-year increase since May 2019, up 56%.

Bell Potter welcomes the increase believing it to be indicative of overall market dynamics. Sequentially, volumes appear to have formed a bottom in recent months. Bell Potter retains a Buy rating and $8.50 target.

This report was published on July 1, 2021.

Target price is $8.50 Current Price is $6.88 Difference: $1.62
If A2M meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $6.43, suggesting downside of -4.7%(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 11.63 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 59.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.1, 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 39.5.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 26.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, implying annual growth of 63.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 24.2.

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

ABP    ABACUS PROPERTY GROUP

REITs – Overnight Price: $3.17

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

Abacus Property Group and Charter Hall Long Wale REIT ((CLW)) have each acquired a 33.3% interest in the Myer Bourke Street mall
for a combined $270m at a passing yield of 6.1%.

JP Morgan sees this as an attractive acquisition of one of the best retail sites in Melbourne, which has a long-term lease and offers mixed-use and rental upside optionality.

The acquisition is around 2.5% earnings accretive to Abacus, explains the analyst. JP Morgan maintains its Neutral rating and $3.20 target price.

This report was published on July 2, 2021.

Target price is $3.20 Current Price is $3.17 Difference: $0.03
If ABP meets the JP Morgan target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.12, suggesting downside of -2.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 18.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of 34.3%.
Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 18.2.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 19.10 cents and EPS of 21.20 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 7.4%.
Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 17.0.

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

ABR    AMERICAN PACIFIC BORATES LIMITED

Agriculture – Overnight Price: $1.43

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

American Pacific Borates is preparing for production from its Fort Cady deposit in California. This is the largest known conventional borate occurrence globally that is not owned by the two major producers.

The mine hosts a resource from which borate materials and sulphate of potash will be produced for the global market. Shaw and Partners assesses both commodities are important for the future and will benefit from the decarbonisation and energy transition.

The broker expects a final investment decision in FY22 and first production in 2024. Shaw initiates coverage with a Buy rating and $2.87 target.

This report was published on July 5, 2021.

Target price is $2.87 Current Price is $1.43 Difference: $1.44
If ABR meets the Shaw and Partners target it will return approximately 101% (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 119.17.

Forecast for FY22:

Shaw and Partners 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 71.50.

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

AHX    APIAM ANIMAL HEALTH LIMITED

Healthcare services – Overnight Price: $0.98

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

Apiam Animal Health has acquired a large equine veterinary business in south-east Queensland. Scenic Rim Vets is a specialised practice with two clinics in growth areas servicing the equine industry.

Shaw and Partners observes this should be an accretive acquisition although the earnings contribution is not disclosed. Total consideration is $16m, 90% cash and 10% equity.

The broker elects not to make any changes to estimates until the August results. The Buy recommendation is retained. Target is $1.07.

This report was published on July 1, 2021.

Target price is $1.07 Current Price is $0.98 Difference: $0.09
If AHX meets the Shaw and Partners target it will return approximately 9% (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 2.10 cents and EPS of 4.60 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.30.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 2.10 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.33.

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

AMS    ATOMOS LIMITED

Consumer Electronics – Overnight Price: $1.15

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

Atomos has reported record sales and earnings in FY21, materially ahead of Shaw and Partners' estimates. Revenue for FY21 was $77m while unaudited operating earnings margins of 9% imply EBITDA of $6.9m.

Shaw reiterates a Buy rating and raises the target to $1.58 from $1.53. The broker highlights the strong pipeline across new products and technologies for FY22 and also notes sector interest is rising in regard to video technologies.

This report was published on July 1, 2021.

Target price is $1.58 Current Price is $1.15 Difference: $0.43
If AMS meets the Shaw and Partners target it will return approximately 37% (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 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.92.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 5.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.18.

Market Sentiment: 1.0
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: $0.20

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

Recent regulator interactions have provided clarity around the pathway to major market access for Antisense Therapeutics' ATL1102 in Duchenne muscular dystrophy (DMD).

Wilsons views the FDA's feedback as positive, in that there is a clear path to a pivotal, registration-directed clinical trial for ATL1102 in US patients, and confirmation of acceptability of a single Phase IIb/III study.

The Overweight rating is maintained and the price target is increased to $0.63 from $0.57.

This report was published on June 29, 2021.

Target price is $0.63 Current Price is $0.20 Difference: $0.43
If ANP meets the Wilsons target it will return approximately 215% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.00.

Forecast for FY22:

Wilsons 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 10.00.

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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $2.43

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

Driven by the ongoing favourable vehicle supply/demand dynamic and recovery in back-end activity levels, Autosports Group has provided guidance for a very strong FY21 result, with profit before tax (PBT) up 200% on the previous period.

Autosports also announced the acquisition of John Newell Mazda (80% interest) for $16m, which is forecast to achieve revenue of $90m and margins in excess of those achieved by the group in first half FY21.

To reflect stronger guidance for FY21, and a larger assumed contribution from acquisitions, Wilsons has upgraded PBT forecasts 13-27%. The broker assumes margins will remain elevated in first half FY22 before moderating in second half FY22 and into FY23.

The Overweight rating is retained, and the target price is increased to $3.09 from $2.89.

The report was published on June 29, 2021.

Target price is $3.09 Current Price is $2.43 Difference: $0.66
If ASG meets the Wilsons target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 8.70 cents and EPS of 22.70 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 10.70.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 11.80 cents and EPS of 23.60 cents.
At the last closing share price the estimated dividend yield is 4.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.30.

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

CAT    CATAPULT GROUP INTERNATIONAL LIMITED

Medical Equipment & Devices – Overnight Price: $1.78

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

Bell Potter is forecasting underlying earnings losses for Catapult Group International for FY22 and FY23, taking into consideration the acquisition of SBG Sports Software and increased investment in organic growth, before a return to positive earnings in FY24.

The broker is also expecting an increase in forecast revenue growth to the high teens over the same period.

Accordingly, Bell Potter is also pointing to increased negative free cash flow for the next three years. It is Bell Potters' view that the acquisition complements Catapult Group International's existing video solution and provides cross-sell opportunity.

The Hold rating is retained and the target price decreases to $2.25 from $2.40. 

This report was published on June 29, 2021.

Target price is $2.25 Current Price is $1.78 Difference: $0.47
If CAT meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 11.87 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 9.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.34.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $10.79

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

Collins Foods reported FY21 earnings of $136m on network sales of $1.07bn, 12% ahead of Canaccord Genuity estimates.

While the company's domestic performance has clearly benefited from KFC’s brand recognition, the broker sees the challenge as cycling this performance, with low-single-digit from last year's period for the first seven weeks of FY22 and some headwinds on the cost of goods sold. 

Canaccord's $9m increase in forecasted earnings next year is primarily driven by a $6m increase in KFC Australia, where the broker forecasts a 6.3% increase in network sales and earnings margins easing to 17.5% from the record 17.9% achieved in FY21.

The Buy rating is unchanged, and the target price increases to $13.35 from $11.10.

The report was published on June 30, 2021.

Target price is $13.35 Current Price is $10.79 Difference: $2.56
If CKF meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $12.27, suggesting upside of 13.3%(ex-dividends)
The company's fiscal year ends in May.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 26.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 2.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.2, implying annual growth of 63.5%.
Current consensus DPS estimate is 23.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 23.4.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 29.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.7, implying annual growth of 11.9%.
Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 20.9.

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


Jarden rates ((CKF)) as Buy (1) –

Jarden's revenue forecasts for Collins Foods increase by 1%, and 2% in FY22, and FY23 respectively, on the back of stronger KFC Australia and EU comparable sales growth and an accelerated rollout pace for Taco Bell.

While Jarden's earnings estimates remain constant, the broker revises its depreciation estimate of lease assets and tax assumptions resulting in a 17%, and 23% rise in earnings per share estimates in FY22, and FY23.

The broker views Collins Foods as an attractive business, underpinned by a leading global brand and a well-run restaurant network, delivering both defensive and growth characteristics.

The Buy rating is retained and the price target increases to $13.31 from $13.03.

This report was issued June 29, 2021.

Target price is $13.31 Current Price is $10.79 Difference: $2.52
If CKF meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $12.27, suggesting upside of 13.3%(ex-dividends)
The company's fiscal year ends in May.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 15.00 cents and EPS of 45.50 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 23.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.2, implying annual growth of 63.5%.
Current consensus DPS estimate is 23.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 23.4.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 17.30 cents and EPS of 51.60 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.7, implying annual growth of 11.9%.
Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 20.9.

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


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

FY21 results revealed net profit growth of 21% amid an exceptional trading performance in KFC Australia and partially offset by weaker results in Europe.

Wilsons believes KFC Australia alone deserves a premium valuation while there is significant growth potential in KFC Europe and Taco Bell. The company provided no explicit guidance.

The broker retains an Overweight rating and raises the target to $13.15 from $11.62.

This report was published on June 30, 2021.

Target price is $13.15 Current Price is $10.79 Difference: $2.36
If CKF meets the Wilsons target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $12.27, suggesting upside of 13.3%(ex-dividends)
The company's fiscal year ends in May.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 24.00 cents and EPS of 47.90 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.2, implying annual growth of 63.5%.
Current consensus DPS estimate is 23.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 23.4.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 29.00 cents and EPS of 54.70 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.7, implying annual growth of 11.9%.
Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 20.9.

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

CLW    CHARTER HALL LONG WALE REIT

REITs – Overnight Price: $4.88

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

Charter Hall Long Wale REIT and Abacus Property Group ((ABP)) have each acquired a 33.3% interest in the Myer Bourke Street mall
for a combined $270m at a passing yield of 6.1%.

JP Morgan sees this as an attractive acquisition of one of the best retail sites in Melbourne, which has a long-term lease and offers mixed-use and rental upside optionality.

The REIT also announced the acquisition of a distribution centre in Carole Park, Brisbane, for $83m and a Bunnings-anchored property for $49m, bringing total acquisitions to $267m.

The acquisitions are being debt-funded and are around 2% earnings accretive for Charter Hall Long Wale REIT, explains the analyst. JP Morgan maintains its Overweight rating and $5.70 target price.

This report was published on July 2, 2021.

Target price is $5.70 Current Price is $4.88 Difference: $0.82
If CLW meets the JP Morgan target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $5.15, suggesting upside of 4.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 28.10 cents and EPS of 30.60 cents.
At the last closing share price the estimated dividend yield is 5.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.2, implying annual growth of 2.9%.
Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 16.8.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 30.60 cents and EPS of 32.10 cents.
At the last closing share price the estimated dividend yield is 6.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of 6.2%.
Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 15.9.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $1.85

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

Having viewed Capricorn Metals stated goal of first gold in the June quarter FY21 as an ambitious target, Cannaccord Genuity sees the company's ability to meeting the deadline as nothing short of impressive.

The broker believes Capricorn's ability to reach its target of first gold by June quarter FY21 – with 386oz of gold poured on-site on 30 June 2021 – highlights the quality management team driving the ramp-up of the project, plus the high calibre of on-site staff and contractors the company has employed.

The broker maintains both the Buy rating and the $2.15 target price.

This report was published on July 1, 2021.

Target price is $2.15 Current Price is $1.85 Difference: $0.3
If CMM meets the Canaccord Genuity target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

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

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 28.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.61.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.24

Jarden rates ((COE)) as Buy (2) –

Cooper Energy announced FY21 production of 2.6mmboe, below the prior guidance range of 2.7-2.9mmboe. The miss stemmed from the owner of the Iona gas plant, Lochard Energy, prioritising storage withdrawal over processing.

Production challenges driven by third-party gas plants have been an ongoing issue for the company and Jarden welcomes the steps being taken to resolve this in the Otway with the move to the company's Athena plant from Iona.

The broker retains an Overweight rating and $0.32 target.

This report was published on July 1, 2021.

Target price is $0.32 Current Price is $0.24 Difference: $0.08
If COE meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $0.35, suggesting upside of 46.7%(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 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.2, 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:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 120.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, 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 40.0.

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

CRW    CASHREWARDS LIMITED

Hardware & Equipment – Overnight Price: $0.93

Moelis rates ((CRW)) as Buy (1) –

Cashrewards and ANZ Bank ((ANZ)) have announced a strategic partnership to launch Cashrewards Max.

Moelis views the announcement as a material achievement for Cashrewards and the growth trajectory for the business in the medium to long-term.

The broker has adjusted estimates to capture the scale-up of ANZ member base resulting in a 30% increase to FY23 earnings estimates, and the subsequent years.

The broker also notes the scope for material upgrades to estimates should ANZ take-up rate be higher than expected and expects to see early indications of this during October-December of calendar year 2021.

The Buy rating is retained. Target price is $2.70.

This report was published on July 5, 2021. 

Target price is $2.70 Current Price is $0.93 Difference: $1.77
If CRW meets the Moelis target it will return approximately 190% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 32.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.89.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 25.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.59.

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

CVN    CARNARVON PETROLEUM LIMITED

Crude Oil – Overnight Price: $0.27

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

Dorado's operator Santos ((STO)) has formally announced that the development has entered front-end-engineering and design with a target of project sanction by mid-2022.

Canaccord Genuity believes this is a major milestone for the project, and based on current estimates Dorado – of which Carnarvon Petroleum controls 20% – will have bottom quartile operating costs (US$5.0/bbl), capex of US$2.0bn, and peak production of 75-100kbbl/d.

Canaccord values Carnarvon's share of Dorado at $560m which the broker has risked at 85% for the Stage 1 liquids development and 50% for Stage 2.

Given the location of Dorado and the running room available, the broker believes an argument can be mounted that this is a 'top-end of the range resource'.

The Buy rating is unchanged, and the price target increases to $0.44 from $0.42.

This report was issued on June 29, 2021.

Target price is $0.44 Current Price is $0.27 Difference: $0.17
If CVN meets the Canaccord Genuity target it will return approximately 63% (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 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.00.

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 9.00.

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

CYC    CYCLOPHARM LIMITED

Medical Equipment & Devices – Overnight Price: $1.66

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

The issuance of a Complete Response Letter to Cyclopharm's Technegas New Drug Application was not anticipated by Bell Potter, but the broker notes that the company now has a a finite list of shortcomings and recommendations. 

Bell Potter points out the response is surprising given the raw material for Technegas, Technetium-99m, is widely used and approved for diagnostic imaging in the US. The broker notes the company has the in-house expertise to respond to the majority of the information requested. 

The rating is downgraded to Hold from Buy and the target price decreases to $1.90 from $3.40.

This report was published on June 29, 2021.

Target price is $1.90 Current Price is $1.66 Difference: $0.24
If CYC meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 1.00 cents and EPS of minus 8.80 cents.
At the last closing share price the estimated dividend yield is 0.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.86.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 1.00 cents and EPS of minus 6.00 cents.
At the last closing share price the estimated dividend yield is 0.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.67.

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

FSF    FONTERRA SHAREHOLDERS FUND

Dairy – Overnight Price: $3.60

Jarden rates ((FSF)) as Upgrade to Neutral from Underweight (3) –

Jarden reports that since Fonterra announced a potential capital restructuring, Fonterra Shareholders Fund has come under pressure. 

The broker expects further detail before a capital structure is finalised, but the outcome is currently uncertain with restricted trading a prospect. 

Jarden notes improvement in Fonterra Shareholders' performance in FY20 and FY21, but retains a cautious stance on the company. It is the view of the broker that transparency in the business is an issue impacting accountability and confidence. 

The rating is upgraded to Neutral and the target price decreases to $3.89 from $4.85. 

This report was published on June 28, 2021.

Target price is $3.89 Current Price is $3.60 Difference: $0.29
If FSF meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in July.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 14.89 cents and EPS of 29.13 cents.
At the last closing share price the estimated dividend yield is 4.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.36.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 13.03 cents and EPS of 26.34 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.67.

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

GCY    GASCOYNE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.33

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

Gascoyne Resources will acquire Firefly Resources ((FFR)). Firefly owns the Yalgoo project which hosts the Melville gold deposit. The addition of this deposit improves the near term production profile for Gascoyne's Dalgaranga plant.

Canaccord Genuity considers the merger a logical step, leveraging the significant infrastructure in place and enabling monetisation of the Melville deposit. The broker retains a Buy rating and raises the target to $0.75 from $0.70.

This report was published on June 30, 2021.

Target price is $0.75 Current Price is $0.33 Difference: $0.42
If GCY meets the Canaccord Genuity target it will return approximately 127% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.00.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.50.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.34

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

The Gruyere Gold Mine has experienced a period of unplanned production disruption, leading to Gold Road Resources to guide towards the lower half of previous guidance for 2021 production, with a corresponding increase in expected all-in sustaining costs.

Ore processing was impacted by reduced mechanical availability effecting ore milling capacity. Despite this, Bell Potter reiterates its view that Gruyere will result in strong earnings growth for Gold Road. 

The Buy rating and target price of $1.75 are retained. 

The report was published on June 28, 2021. 

Target price is $1.75 Current Price is $1.34 Difference: $0.41
If GOR meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 3.00 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.61.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 3.50 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.59.

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


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

Following processing plant disruptions, Gold Road Resources has provided an update on expectations for 2021. While production guidance of 260-300,000oz remains, the company is guiding towards the lower half.

All-in sustaining costs are expected to be between $1,325-1,475/oz, an approximate 9% increase on prior estimates. 

Canaccord Genuity expects a stronger second half of 2021 given that process plant operations have returned to normal. The broker is predicting roughly 144,000oz at a cost of $1,276 per ounce for the second half.

The Buy rating is retained and the target price decreases to $1.95 from $2.00. 

This report was published on June 28, 2021.

Target price is $1.95 Current Price is $1.34 Difference: $0.61
If GOR meets the Canaccord Genuity target it will return approximately 46% (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 1.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.80.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 3.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.75.

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

GTN    GTN LIMITED

Print, Radio & TV – Overnight Price: $0.39

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

Canaccord Genuity believes GTN Ltd's FY21 revenue guidance of $142-144m implies that the business has returned to growth in the second half.

The broker has nudged FY21 earnings forecasts up to $13.7m, in line with the higher revenue estimate, and changes to FY22 and FY23 estimates are similarly modestly lifted.

The broker believes FY21 will be the trough year for revenue and earnings and on FY22 forecasts, which are driven by 14% year-on-year revenue growth, and notes the shares trade on an absurdly low 3.5x EV/EBITDA multiple.

Canaccord Genuity moves to Buy from Speculative Buy and the target price increases to $0.60 from $0.58.

This report was published on June 30, 2021.

Target price is $0.60 Current Price is $0.39 Difference: $0.21
If GTN 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 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.25.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 2.10 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 5.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.00.

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

HRL    HRL HOLDINGS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.12

Taylor Collison rates ((HRL)) as Outperform (2) –

HRL Holdings has underpinned Taylor Collison's forecast for FY21 with an upbeat trading update. Record third quarter revenue in the core analytical testing business was particularly encouraging to the analyst.

The broker expects FY22 will build on a more normal FY21 year. The company's Foodlab joint venture has also achieved the first phase of major accreditations, enabling it to provide an initial range of services to New Zealand dairy customers.

The broker retains an Outperform rating and reduces the target to $0.17 from $0.18.

This report was published on June 30, 2021.

Target price is $0.17 Current Price is $0.12 Difference: $0.05
If HRL meets the Taylor Collison target it will return approximately 42% (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 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.

Forecast for FY22:

Taylor Collison forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.14.

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

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $29.09

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

IDP Education will acquire the British Council's Indian IELTS operations for $238m. The transaction will be funded through existing cash and debt. Goldman Sachs believes the transaction makes strategic sense as India is the largest IELTS market globally by volume.

The company has guided to $6-8m in synergies which the broker believes should be achievable given its knowledge of the Indian operations and position in the market.

India represents a strong growth opportunity and the broker retains a Buy rating and $29.90 target.

This report was published on July 1, 2021.

Target price is $29.90 Current Price is $29.09 Difference: $0.81
If IEL meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $31.67, suggesting upside 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 13.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 0.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 153.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of -27.7%.
Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 153.8.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 32.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 1.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 64.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.6, implying annual growth of 114.8%.
Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 71.6.

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


Jarden rates ((IEL)) as Buy (2) –

IDP Education will become the sole distributor of IELTS in India after acquiring the British Council operations for GBP130m. The transaction is expected to be around 13% accretive to earnings per share before synergies.

Jarden assumes most of the synergies will be achieved by optimising the cost to deliver and there is upside over the medium term from greater network efficiencies in India.

Further synergies could also be obtained through referrals and cross selling into the student placement business, given India is a high-growth market for the company. Jarden retains an Overweight rating and $28.54 target.

This report was published on July 1, 2021.

Target price is $28.54 Current Price is $29.09 Difference: minus $0.55 (current price is over target).
If IEL meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $31.67, suggesting upside of 9.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 16.20 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 0.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 126.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of -27.7%.
Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 153.8.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 30.80 cents and EPS of 44.70 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 65.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.6, implying annual growth of 114.8%.
Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 71.6.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $8.74

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

IGO Ltd has announced the completion of its purchase of the stake in Tianqi's lithium business. Completion marks the transition to a nickel/lithium producer from a nickel/gold producer, Canaccord Genuity notes.

A new joint venture has been formed with IGO owning 49%. The main asset is the stake in the world-class Greenbushes hard rock mine and ownership of the Kwinana refinery.

The company expects the ramp up of the chemical grade plant 2 will take production capacity to 1.2mtpa. The broker notes a quiet period in the lithium cycle has commenced.

Buy rating and $8.75 target maintained.

This report was published on July 1, 2021.

Target price is $8.75 Current Price is $8.74 Difference: $0.01
If IGO meets the Canaccord Genuity target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $8.02, suggesting downside of -9.1%(ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is 23.0, implying annual growth of -11.5%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 38.3.

Forecast for FY22:

Current consensus EPS estimate is 26.3, implying annual growth of 14.3%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 33.5.

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

INR    IONEER LIMITED

New Battery Elements – Overnight Price: $0.40

Canaccord Genuity rates ((INR)) as Speculative Buy (1) –

Ioneer has signed a binding offtake with EcoPro for up to 7000tpa of lithium carbonate over the first three years of the Rhyolite Ridge project. Canaccord Genuity believes this is a significant step towards de-risking early-stage cash flow.

Ioneer plans to produce lithium carbonate over the first three years of the mine life while it stabilises production. After this the operation will shift to producing lithium hydroxide. The broker retains a Speculative Buy rating and $0.60 target.

This report was published on June 30, 2021.

Target price is $0.60 Current Price is $0.40 Difference: $0.2
If INR meets the Canaccord Genuity target it will return approximately 50% (excluding dividends, fees and charges).

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

IPH    IPH LIMITED

Legal – Overnight Price: $7.95

Goldman Sachs rates ((IPH)) as Downgrade to Neutral from Buy (3) –

IPH Ltd is poised for acquisitions for patent/trademark filing and related services. The company has acquired Applied Marks and Goldman Sachs considers this a positive move, albeit a small acquisition.

The main rationale is the technology adjacency that will bolster the company's ability to participate in online automated IP services.

Goldman Sachs downgrades to Neutral from Buy based on a below-medium total return compared with the rest of its coverage. Target is $8.35.

This report was published on July 1, 2021.

Target price is $8.35 Current Price is $7.95 Difference: $0.4
If IPH meets the Goldman Sachs target it will return approximately 5% (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 28.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.38.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 29.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 3.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.08.

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

IPL    INCITEC PIVOT LIMITED

Agriculture – Overnight Price: $2.54

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

Incitec Pivot is JP Morgan's most-preferred pick in its coverage of the Chemicals & Packaging sector. After increasing estimates
for DAP and ammonia prices for 2H21 and 1H22, FY21 and FY22, profit estimates are thought to be 26.5% and 9.0% above consensus.

The broker estimates about 40% of the Dyno Nobel explosives business is leveraged to the strongly-growing quarry end market. An anticipated uplift in infrastructure investment is expected to provide further support for quarry products and, therefore, explosives.

The near-term outlook for coal is positive (largely due to depressed activity in 2020) and metals, due to rising mining activity, explains the analyst. JP Morgan retains the Overweight rating and $3 price target.

This report was published on June 23, 2021.

Target price is $3.00 Current Price is $2.54 Difference: $0.46
If IPL meets the JP Morgan target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.04, suggesting upside of 17.8%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 9.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 126.1%.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 11.00 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.9, implying annual growth of 23.6%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 13.0.

Market Sentiment: 1.0
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: $5.34

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

Reflecting both an increase in share across a fragmented market, and the ability to capture a substantial cross-sell opportunity, the opportunity for Johns Lyng Group to grow strata management earnings is a key component of Goldman Sachs' Buy rating.

The group is consolidating the highly fragmented strata management business with the acquisition of three businesses comprising 10,000-plus lots for around $8m.

Over time, the broker believes this opportunity could grow to be as large as the IB&RS BaU business, which generates $300m-plus  p.a. of revenue.

Strategically, the broker thinks the shift into building management makes sense given the cross-sell opportunities in repairs and maintenance.

The Buy rating and the target price of $5.00 are both maintained.

This report was published on July 2, 2021.

Target price is $5.00 Current Price is $5.34 Difference: minus $0.34 (current price is over target).
If JLG 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 dividend of 5.00 cents and EPS of 9.00 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 59.33.

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 1.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.55.

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

KMD    KATHMANDU HOLDINGS LIMITED

Sports & Recreation – Overnight Price: $1.34

Canaccord Genuity rates ((KMD)) as Upgrade to Buy from Hold (1) –

Based on the view that Kathmandu Holdings is a long-dated reopen play with winter expectations having been reset, and with the balance sheet in decent shape, Canaccord Genuity has upgraded the company to a Buy from a Hold with the target price rising to $1.48 from $1.25.

What makes the stock particularly interesting at this juncture, observes Canaccord, is that earnings are likely on an upward trajectory from here.

In contrast, the broker notes most of the other ‘cheap’ small-cap retailers that have had a stellar year in FY21 but are potentially looking at negative earnings per share momentum into FY22.

This report was published on June 30, 2021.

Target price is $1.48 Current Price is $1.34 Difference: $0.14
If KMD meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in July.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 5.58 cents and EPS of 8.38 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.00.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 7.45 cents and EPS of 11.17 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.00.

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


Jarden rates ((KMD)) as Buy (1) –

Reflecting an estimated -NZ$13m earnings impact from the current lockdown restrictions in NSW and recent lockdown in Victoria, Kathmandu Holdings has provided guidance that the company expects to deliver NZ$930m of revenue and NZ$120m of underlying earnings in FY21.

As a result, Jarden has downgraded FY21 underlying net profit by -14%, reflecting the trading update.

The broker has made no meaningful change to Rip Curl or Oboz revenue or earnings, and has not made any material changes to forecasts for FY22 or later years.

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

This report was first issued June 29, 2021.

Current Price is $1.34. Target price not assessed.
The company's fiscal year ends in July.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 6.52 cents and EPS of 8.10 cents.
At the last closing share price the estimated dividend yield is 4.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.55.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 9.31 cents and EPS of 11.63 cents.
At the last closing share price the estimated dividend yield is 6.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.52.

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

LBY    LAYBUY GROUP HOLDINGS, LIMITED

Business & Consumer Credit – Overnight Price: $0.47

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

Laybuy Group has raised $40m via a share placement and share purchase plan to allow for the next stage of growth. The main focus is to capture market share in the UK where e-commerce is thriving but BNPL is in its infancy.

Canaccord Genuity notes the company has been able to establish a number 3 position in the UK market during FY21 and repeat customers continue to increase, demonstrating the stickiness of the product.

The broker incorporates the capital raising into estimates. The Speculative Buy rating is retained. Target is reduced to $1.60 from $3.00.

This report was published on July 1, 2021.

Target price is $1.60 Current Price is $0.47 Difference: $1.13
If LBY meets the Canaccord Genuity target it will return approximately 240% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 23.28 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.02.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 15.83 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.97.

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

MGH    MAAS GROUP HOLDINGS LIMITED

Building Products & Services – Overnight Price: $4.70

Moelis rates ((MGH)) as Hold (3) –

Moelis increases its FY22 earnings (EBITDA) estimate by 26% to $121.9m, to reflect recent acquisitions, an updated outlook for residential volume and some growth on pro forma FY21 earnings (EBITDA) estimates.

The group's above-peer valuation could be, inter alia, reflective of a higher weighting towards its Construction Materials peers, thinks the analyst. This is considered likely due to the division’s strong growth outlook and strategically located assets.

Moelis retains its Hold rating and sets a $6.12 target price.

This report was published on June 29, 2021. 

Target price is $6.12 Current Price is $4.70 Difference: $1.42
If MGH meets the Moelis target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 5.00 cents and EPS of 14.40 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.64.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 7.00 cents and EPS of 23.40 cents.
At the last closing share price the estimated dividend yield is 1.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.09.

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

MPL    MEDIBANK PRIVATE LIMITED

Insurance – Overnight Price: $3.31

Jarden rates ((MPL)) as Neutral (3) –

Consistent with the company's stance since the onset of covid, Medibank Private has indicated it will recycle emerging 'permanent' covid-related claims savings into $105m of premium relief measures, lifting total support to $300m so far.

This will result in a zero net covid impact on FY21 financials, with any further claims savings also to be returned to policyholders.

While covid is not expected to have any net impact on FY21 operating earnings, Jarden has upgraded its earnings per share outlook by 2.9% in FY21 and 2.0% in FY22 to reflect lower underlying claims inflation, and slightly stronger top-line revenue growth.

The broker's revised forecasts imply relatively flat group operating earnings into FY22 with around 3% growth in FY23.

Neutral rating retained and the price target increases to $3.25 from $3.10.

This report was published on June 29, 2021. 

Target price is $3.25 Current Price is $3.31 Difference: minus $0.06 (current price is over target).
If MPL meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.21, suggesting downside of -3.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 12.70 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 3.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, implying annual growth of 35.5%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 21.4.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 12.60 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.4, implying annual growth of -0.6%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 21.6.

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

MTS    METCASH LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.98

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

Despite Metcash's FY21 earnings per share delivering a -5% miss on Jarden's forecast, the broker views results positively given a 2-4% medium-term earnings per share upgrade. 

A strong trading update reported liquor and hardware up 17% and 16% respectively. Jarden has increased hardware earnings forecasts by 15% in FY22 to reflect the strong result and exit rate of Total Tools. 

The broker did point to a lack of operating leverage in the second half, and particularly in the food segment, as the downside of the results. 

The Overweight rating and $3.70 target price are retained.

This report was published on June 28, 2021.

Target price is $3.70 Current Price is $3.98 Difference: minus $0.28 (current price is over target).
If MTS meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.05, suggesting upside of 1.1%(ex-dividends)
The company's fiscal year ends in April.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 18.90 cents and EPS of 28.30 cents.
At the last closing share price the estimated dividend yield is 4.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of 3.5%.
Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 20.00 cents and EPS of 29.30 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.7, implying annual growth of 2.1%.
Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 16.2.

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

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $5.27

Bell Potter rates ((NAN)) as Sell (5) –

Nanosonics has announced the launch of AuditPro, being its first new product since the launch of Trophon 2 in 2018.

AuditPro is complementary to the AcuTrace function built into Trophon 2 and provides a point of care system for the tracking and tracing of re-useable medical instruments that have the potential to transmit infection between patients.

Based on Bell Potter's assumption of US$1,000 per year per console, AuditPro is cheap and represents good value for hospitals, suggests the broker.

Based on the broker's analysis, the forecast for FY22 which includes $1m in revenues from AuditPro is reasonable.

However, the broker believes consensus revenue for FY22 at $130m is high with downgrades likely, and for this key reason maintains a Sell recommendation.

Bell Potter retains the target price of $4.50.

This report was published on July 2, 2021.

Target price is $4.50 Current Price is $5.27 Difference: minus $0.77 (current price is over target).
If NAN meets the Bell Potter target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.82, suggesting upside of 8.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 752.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.0, implying annual growth of -40.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 268.0.

Forecast for FY22:

Bell Potter forecasts a full year FY22 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 229.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of 200.0%.
Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 89.3.

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


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

Nanosonics has announced a new product called AuditPro which is a digital platform designed to improve traceability, reporting and compliance of infection prevention measures for medical devices. The product has commenced roll-out across the US.

The first application will focus on the ultrasound market, the company's primary area of expertise. Further R&D updates are expected in FY22.

Goldman Sachs expects AutitPro will be used to drive further adoption of the company's high-level disinfection solution. Neutral rating and $5.50 target maintained.

This report was published on June 28, 2021.

Target price is $5.50 Current Price is $5.27 Difference: $0.23
If NAN meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.82, suggesting upside of 8.5%(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 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 105.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.0, implying annual growth of -40.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 268.0.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 87.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of 200.0%.
Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 89.3.

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

ORA    ORORA LIMITED

Paper & Packaging – Overnight Price: $3.38

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

Orora is JP Morgan's least-preferred pick in its coverage of the Chemicals & Packaging sector. The company's Australian division is considered to operate in well-structured markets, including glass containers and aluminium cans though growth options are limited.

Performance of the North America division should improve off current depressed levels though it's a lower-quality business, believes the broker. JP Morgan lifts its rating to $3 from $2.90 and maintains its Neutral rating.

This report was published on June 23, 2021.

Target price is $3.00 Current Price is $3.38 Difference: minus $0.38 (current price is over target).
If ORA meets the JP Morgan target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.14, suggesting downside of -6.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 12.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.8, implying annual growth of -32.5%.
Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 19.9.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 13.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.5, implying annual growth of 10.1%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 18.1.

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

OTW    OVER THE WIRE HOLDINGS LIMITED

Cloud services – Overnight Price: $4.43

Canaccord Genuity rates ((OTW)) as Downgrade to Hold from Buy (3) –

Based on lower estimates, Canaccord Genuity moves Over The Wire Holdings to a Hold from Buy, with a revised target price of $4.75 from $4.85.

At the headline level, revenue guidance of $112m is -3% below consensus, with $23.5m earnings -10% below.

The broker has lowered FY21 forecasts in line with the guidance, lowering gross margin assumption to 57% from 60%.

This report was published on June 30, 2021.

Target price is $4.75 Current Price is $4.43 Difference: $0.32
If OTW meets the Canaccord Genuity target it will return approximately 7% (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 4.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.61.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 4.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.41.

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.14

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

Peninsula Energy has updated on its field demonstration trial at the Lance project in the US. The uranium grade has increased to around 40ppm.

Shaw and Partners believes the company intends uranium concentrations to reach more than 50ppm in order for the existing ion exchange recovery system to work.

The company is assessing the best pathway for an in-situ recovery operation, and the broker believes the update is indicative of steady progress. Buy rating and $0.17 target maintained.

This report was published on July 2, 2021.

Target price is $0.17 Current Price is $0.14 Difference: $0.03
If PEN meets the Shaw and Partners target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.00.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 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 70.00.

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: $0.78

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

Piedmont Lithium has announced its participation in two transactions that in time could see the development of additional mines and chemical conversion facilities.

In Canaccord Genuity's view, these developments could lead to significant increases in Piedmont's production capacity beyond its planned 30ktpa LiOH project at Piedmont-Carolina.

While detailed development plans/timelines for both Quebec and Ewoyaa remain subject to studies, approvals, and financing, the broker suspects successful execution could see Piedmont emerge as one of the world's largest lithium chemical producers.

The Broker retains the Speculative Buy rating and the target price to $1.20.

This report was published on July 2, 2021.

Target price is $1.20 Current Price is $0.78 Difference: $0.42
If PLL 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 0.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7800.00.

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

RFG    RETAIL FOOD GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.09

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

Shaw and Partners notes earnings were improving after a successful turnaround effort heading into the pandemic and, although this has now delayed further gains, FY21 should still prove to be the base for future growth.

Financial stability has returned and the broker expects growth in operating earnings in FY22, along with a resumption of dividends in the second half.

Reassuringly, following the recent major Victorian lockdown, channel checks have indicated a quick bounce in trading across the network.

Buy and 14c target retained.

This report was published on July 1, 2021.

Target price is $0.14 Current Price is $0.09 Difference: $0.05
If RFG meets the Shaw and Partners target it will return approximately 56% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.00.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.30 cents and EPS of 1.30 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.92.

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

RHP    RHIPE LIMITED

Cloud services – Overnight Price: $2.51

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

Rhipe has received an indicative bid from Crayon at $2.50 a share. The board is granted non-exclusive and limited due diligence to firm up an offer.

Shaw and Partners considers the stock is in play as it is an undervalued and strategic asset. Crayon is one of the largest providers of cloud/licensing products in northern Europe and has a significant consulting practice.

Shaw retains a Buy rating and $3.04 target. The broker notes consolidation in the tech market has ramped up with strategic assets that have cash flow and are unleveraged being in demand.

This report was published on July 2, 2021.

Target price is $3.04 Current Price is $2.51 Difference: $0.53
If RHP meets the Shaw and Partners target it will return approximately 21% (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 4.00 cents and EPS of 8.40 cents.
At the last closing share price the estimated dividend yield is 1.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.88.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 5.60 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.21.

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

RMC    RESIMAC GROUP LIMITED

Banks – Overnight Price: $2.25

Wilsons rates ((RMC)) as Initiation of coverage with Overweight (1) –

Wilsons initiates coverage of Resimac Group with an Overweight rating and a target price of $3.80.

The broker presents Resimac as a leading non-bank lender, with a $13.9bn loan book consisting of Prime, Specialist, and Asset Finance verticals which the broker believes offers portfolio diversification, the opportunity to further expand net interest margins (NIM), and painless growth options.

Wilsons is forecasting net profit of $104.8m and $112.4m in FY21, and FY22 respectively.

The broker believes Resimac has a series of tailwinds to take advantage of in the near, medium, and long-term, with key drivers being loan origination growth of -5.0% year-on-year, Net interest Margin (NIM) of 194bps, and operational expenditure of $8.0m.

Target price is $3.80 Current Price is $2.25 Difference: $1.55
If RMC meets the Wilsons target it will return approximately 69% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 6.40 cents and EPS of 25.70 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.75.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 8.30 cents and EPS of 27.60 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.15.

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

RXL    ROX RESOURCES LIMITED

Mining – Overnight Price: $0.45

Canaccord Genuity rates ((RXL)) as Speculative Buy (1) –

Rox Resources has completed a 1-for-15 share consolidation. Shares on issue now stand at 157.6m. The company has also announced it will de-merge its Fisher East and Collurabbie assets to a new company, Cannon Resources.

The de-merger values the nickel and base metal assets at $16m, which Canaccord Genuity notes is in line with its prior estimates. The broker retains a Speculative Buy rating and reduces the target to $1.10 from $1.20. Rox Resources will now be wholly focused on gold.

This report was published on June 30, 2021.

Target price is $1.10 Current Price is $0.45 Difference: $0.65
If RXL meets the Canaccord Genuity target it will return approximately 144% (excluding dividends, fees and charges).

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

VEE    VEEM LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.20

CCZ Equities rates ((VEE)) as No Rating (-1) –

CCZ Equities updates forecasts following positive announcements, believing the company is well able to capitalise on the growth potential in its marine products.

The largest gyro has been installed and commissioned on a Damen 50m supply vessel. In May, the company received an initial order for the next submarine refit for the Collins Class maintenance program, worth an estimated $9m.

CCZ Equities updates its valuation to $1.64-$2.06 a share.

This report was published on June 30, 2021.

Current Price is $1.20. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY21:

CCZ Equities forecasts a full year FY21 dividend of 0.39 cents and EPS of 1.30 cents.
At the last closing share price the estimated dividend yield is 0.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 92.31.

Forecast for FY22:

CCZ Equities forecasts a full year FY22 dividend of 0.58 cents and EPS of 1.92 cents.
At the last closing share price the estimated dividend yield is 0.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.50.

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


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

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

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

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CHARTS

360 A2M ABP ABR AHX AMS ANP ANZ ASG CAT CKF CLW CMM COE CRW CVN CYC FFR FSF GCY GOR GTN HRL IEL IGO INR IPH IPL JLG KMD LBY MGH MPL MTS NAN ORA OTW PEN PLL RFG RHP RMC RXL STO VEE

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For more info SHARE ANALYSIS: OTW - OVER THE WIRE HOLDINGS LIMITED

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