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

Daily Market Reports | Aug 09 2021

This story features EAGERS AUTOMOTIVE LIMITED, and other companies. For more info SHARE ANALYSIS: APE

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)

APE   AT1   BGA   CCX   CIA   CQR   CUV (2)   DDH   FBU   FDV   FMG   GOR   HAS   HPG   IKE   IMR (2)   IPD   IRE   JHG (2)   MAD   MMM   MQG   NST   NTO   OBL   OLL   OML   OZL   PBH   PLY   QUB   REH   RRL   SDV   SES   SFR   SHV   SLR   STG   TSI   UWL  

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $16.07

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

Eagers Automotive expects to report underlying operating profit before tax (PBT) from continuing operations of approximately $218.6m in first half FY21, comfortably ahead of Bell Potter's forecast of $204.1m.

As a result, the broker has upgraded underlying operating PBT estimates from continuing operations in 2021, 2022, and 2023 by 9%, 15%, and 8%.

Bell Potter is now forecasting underlying operating PBT in 2021 of $409.5m which assumes a second-half result of $190.9m which is lower than the first half. But the broker notes there is no contribution from the Daimler business in the second half and forecasts allow for some impact from the current Sydney lockdown.

The upgrades in 2022 and 2023 are driven by the broker's view that the current “utopia” environment will continue well into next year as the current shortage in semiconductor chips – which is, in turn, constraining new vehicle supply – looks set to continue well into 2022 and potentially even into 2023.

Buy rating unchanged and the target price increases to $18.75 from $17.50.

This report was published on July 30, 2021.

Target price is $18.75 Current Price is $16.07 Difference: $2.68
If APE meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $17.63, suggesting upside of 9.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 47.50 cents and EPS of 117.90 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.4, implying annual growth of 77.9%.
Current consensus DPS estimate is 59.6, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 47.50 cents and EPS of 91.70 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.6, implying annual growth of -17.4%.
Current consensus DPS estimate is 54.3, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 19.0.

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

AT1    ATOMO DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $0.23

Bell Potter rates ((AT1)) as Buy (1) –

Atomo Diagnostics has entered into a global agreement with Unitaid for its HIV self-test, and an initial order is for 500,000 units.

Due to timing on the contracts, which has pushed out revenue into FY22, the broker has downgraded revenue forecasts for FY21-FY23 by double-digit percentages.

Bell Potter believes the nature of new OEM contracts could materially change the growth profile for the stock in FY23 and beyond over and above current forecasts, which in turn could also provide an earlier path to profitability than the broker's current FY25 assumption.

Buy rating is unchanged, and the price target is lowered to $0.37 from $0.60.

This report was issued July 30, 2021.

Target price is $0.37 Current Price is $0.23 Difference: $0.14
If AT1 meets the Bell Potter target it will return approximately 61% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.17.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.75.

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

BGA    BEGA CHEESE LIMITED

Dairy – Overnight Price: $5.14

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

With modest FY22 industry supply growth and late-season farmgate competition, Bell Potter has moderated milk supply forecasts for Bega Cheese, resulting in net profit downgrades of -10% in FY22 and -9% in FY23.

The broker notes the acquisition of Lion Dairy and Drinks and targeted synergy base is expected to drive a material step change in returns for Bega over the next three years.

Buy rating is unchanged and the target price is lowered to $6.35 from $7.00.

This report was published July 30, 2021.

Target price is $6.35 Current Price is $5.14 Difference: $1.21
If BGA meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $6.63, suggesting upside of 29.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 11.00 cents and EPS of 13.20 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 38.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 67.9%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 15.00 cents and EPS of 25.50 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 20.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.4, implying annual growth of 73.2%.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 18.1.

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

CCX    CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $5.25

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

Canaccord Genuity reports ongoing consumer demand recovery in the Northern Hemisphere has compensated for domestic trading restrictions impacting City Chic Collective in the second half. The company has updated guidance for FY21 suggesting an 8% beat on underlying earnings forecasts.

City Chic Collective has acquired Navabi for $9.6m cash, which the broker notes should expand European distribution. Navabi generated 5.8m visits and $16.6m in sales in FY20.

Canaccord Genuity updates underlying earnings by 8%, 5% and 8% for FY21, FY22 and FY23. It is the broker's view that City Chic Collective should benefit from increased brand awareness in the medium term.

The Buy rating is retained and the target price increases to $6.30 from $5.00.

This report was published on July 26, 2021.

Target price is $6.30 Current Price is $5.25 Difference: $1.05
If CCX meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $5.83, suggesting upside of 11.0%(ex-dividends)
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 12.00 cents.
At the last closing share price the estimated dividend yield is 0.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 196.9%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 49.5.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 6.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 43.4%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 34.5.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $6.67

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

Driven by a record achieved iron ore price of US$226/dmt (FOB) and a strong operating performance from Bloom Lake in a quarter with scheduled maintenance, Champion Iron reported record earnings of C$406m for the June quarter, well ahead of Goldman Sachs C$365m estimates.

All-in sustaining costs were C$73/t (US$59/t), up 12%, with absolute sustaining capex increasing slightly to C$17m.

The broker has revised FY22-FY24 earnings per share estimates up 13%, 3%, and 1% on the stronger first-quarter result.

The Buy rating is unchanged, and the target price increases 6% to $8.90.

The report was issued July 29, 2021.

Target price is $8.90 Current Price is $6.67 Difference: $2.23
If CIA meets the Goldman Sachs target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 157.04 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.25.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 52.35 cents and EPS of 130.86 cents.
At the last closing share price the estimated dividend yield is 7.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.10.

This company reports in CAD. 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

CQR    CHARTER HALL RETAIL REIT

REITs – Overnight Price: $3.79

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

JP Morgan lowers forecasts by just under -2%, yet still forecasts 5.7% and 5.0% funds from operations (FFO) growth in FY22 and FY23. The minor changes results in a fall in the broker's target price to $4.10 from $4.20.

JP Morgan retains its Neutral rating.

This report was published on July 28, 2021.

Target price is $4.10 Current Price is $3.79 Difference: $0.31
If CQR meets the JP Morgan target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.72, suggesting downside of -1.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 23.40 cents and EPS of 27.40 cents.
At the last closing share price the estimated dividend yield is 6.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.0, implying annual growth of 185.4%.
Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 25.70 cents and EPS of 28.90 cents.
At the last closing share price the estimated dividend yield is 6.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, implying annual growth of 3.3%.
Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 13.6.

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

CUV    CLINUVEL PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $26.72

Moelis rates ((CUV)) as Hold (3) –

Clinuvel Pharmaceuticals reported $14.9m in cash receipts in fourth quarter FY21, up 43% on the previous period, bringing FY21 cash receipts to $38.7m, up 32% on the previous period.

Given payment terms in the US are substantially longer than the EU (averaging ~90 days), Moelis expect reported revenue to be $4-6m ahead of the cash receipts numbers.

Despite revenue downgrades in the EU and the US, the broker's FY21-22 earnings per share upgrades reflect lower costs due to covid delays associated with R&D.

Hold rating and target price of $32.50 are both unchanged.

This report was published on July 31, 2021.

Target price is $32.50 Current Price is $26.72 Difference: $5.78
If CUV meets the Moelis target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 4.30 cents and EPS of 42.30 cents.
At the last closing share price the estimated dividend yield is 0.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 63.17.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 2.30 cents and EPS of 30.80 cents.
At the last closing share price the estimated dividend yield is 0.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 86.75.

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


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

Highlights of Clinuvel Pharmaceuticals fourth quarter FY21 update included total cash receipts for the quarter of $14.9m, with second-half FY21 cash receipts up 24% on first-half FY21 reflecting both growth and the consistent seasonal skew to SCENESSE revenues.

There is no change to Wilsons forecasts at this time, however, the broker is mindful that further disclosure at the FY21 result next month may highlight upside to existing revenue and opex assumptions.

Market weight rating is retained, and the target price is $29.82.

This report was published on July 30, 2021. 

Target price is $29.82 Current Price is $26.72 Difference: $3.1
If CUV meets the Wilsons target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 2.50 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 0.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 78.59.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 2.70 cents and EPS of 52.20 cents.
At the last closing share price the estimated dividend yield is 0.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.19.

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

DDH    DDH1 LIMITED

Mining Sector Contracting – Overnight Price: $1.18

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

DDH1's latest update suggests the company has beat FY21 underlying earnings forecast by 8%, leading Canaccord Genuity to increase earnings per share estimates for FY21 and FY22 by 16% and 18% respectively.

The broker notes the strong result appears to be driven by higher-than-expected rig utilisation, strong operating margins and a $2.3m training incentive. The broker expects further utilisation increase to drive 18% earnings growth in FY22.

It is the broker's view that DDH1's stock is attractively valued compared to most domestic peers. The Buy rating is retained and the target price increases to $1.48 from $1.32.

This report was published on July 23, 2021.

Target price is $1.48 Current Price is $1.18 Difference: $0.3
If DDH meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 1.40 cents and EPS of 11.00 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 10.73.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 3.50 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 2.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.17.

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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $7.38

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

Ahead of results season, JP Morgan retains its Overweight rating and believes the company remains undervalued, with little earnings risk in FY21. There's considered significant upside if management’s FY23 margin target can be achieved.

The analyst will be interested to hear management’s outlook for broader sales in FY22, particularly in light of capacity constraints for materials and labour. The broker maintains its NZ$8.30 price target.

This report was published on July 23, 2021.

Current Price is $7.38. Target price not assessed.
Current consensus price target is $7.60, suggesting upside of 3.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 25.15 cents and EPS of 44.66 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of N/A.
Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 28.88 cents and EPS of 47.50 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.7, implying annual growth of 7.7%.
Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 16.5.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

FDV    FRONTIER DIGITAL VENTURES LIMITED

Online media & mobile platforms – Overnight Price: $1.64

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

Frontier Digital Ventures released a strong second-quarter FY21 trading update, with run rates improving across the majority of the company's operating businesses quarter-on-quarter.

Driven by better than expected revenue performance by Zameen & Pakwheels, Bell Potter has upgraded Portfolio Revenue estimates for Frontier Digital Ventures by 2-3%.

Bell Potter continues to see signs of improving operating leverage across the company's operating companies, which the broker notes could see Frontier well placed to deliver strong profitability as the portfolio continues to scale revenues through transaction facilitation. 

Buy rating unchanged and target price increases to $1.95 from $1.72.

This report was published on July 30, 2021.

Target price is $1.95 Current Price is $1.64 Difference: $0.31
If FDV meets the Bell Potter target it will return approximately 19% (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 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 71.30.

Forecast for FY22:

Bell Potter 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 820.00.

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

FMG    FORTESCUE METALS GROUP LIMITED

Iron Ore – Overnight Price: $23.05

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

Fortescue Metals delivered record quarterly iron ore production and shipments in the June quarter and expects a further 3-5Mt of production creep in FY22 with guidance of 180-185Mt.

While the hematite operations are performing strongly, capex and opex guidance for FY22 is higher than Goldman Sachs estimates. The group has also guided to US$500m of total spend on Fortescue Future Industries (FFI) with very little disclosure on projects and the benefits.

The broker's FY21 earnings per share estimate is up 2% on the better shipments and price realisations in the June quarter, and the net asset value (NAV) is down -4% to $12.23/sh on the lower net cash position and higher capex and opex across iron ore and FFI.

The Sell rating is retained and the target price is lowered -3% to $19.90.

This report was published on July 29, 2021. 

Target price is $19.90 Current Price is $23.05 Difference: minus $3.15 (current price is over target).
If FMG meets the Goldman Sachs target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $22.14, suggesting downside of -4.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 359.52 cents and EPS of 448.74 cents.
At the last closing share price the estimated dividend yield is 15.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 450.5, implying annual growth of N/A.
Current consensus DPS estimate is 418.4, implying a prospective dividend yield of 18.2%.
Current consensus EPS estimate suggests the PER is 5.1.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 351.53 cents and EPS of 440.75 cents.
At the last closing share price the estimated dividend yield is 15.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 393.4, implying annual growth of -12.7%.
Current consensus DPS estimate is 332.0, implying a prospective dividend yield of 14.4%.
Current consensus EPS estimate suggests the PER is 5.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.33

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

Despite June quarter results being impacted by an unplanned production outage at the Gruyere processing plant, Bell Potter believes Gruyere is being repositioned as one of the largest and longest life gold mines in Australia, which will result in strong earnings growth for Gold Road Resources.

Relative to Bell Potter's previous estimates, updates following Gold Road's quarterly result include a decrease in earnings for 2021, 2022, and 2023 by -7%, -5%, and -13% respectively.

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

The report was published on July 30, 2021. 

Target price is $1.75 Current Price is $1.33 Difference: $0.42
If GOR meets the Bell Potter target it will return approximately 32% (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 2.30 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.85.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 3.30 cents and EPS of 14.80 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.99.

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

HAS    HASTINGS TECHNOLOGY METALS LIMITED

Rare Earth Minerals – Overnight Price: $0.21

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

With ore reserves at Hasting Technology Metals' Yangibana project increased by 37% to 16.7m tonnes, Canaccord Genuity notes reserves can now support a longer mine life of over 15 years. The project is designed to produce 8,500 tonnes per annum total rare earth oxide. 

It is Canaccord Genuity's view that the Yangibana project is one of the most advanced rare earth development projects globally. The broker now awaits confirmation of project capital expenditure, with initial production expected in late 2023.

The Speculative Buy rating and target price of $0.35 are retained.

This report was published on July 28, 2021.

Target price is $0.35 Current Price is $0.21 Difference: $0.14
If HAS meets the Canaccord Genuity target it will return approximately 67% (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 21.00.

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

HPG    HIPAGES GROUP HOLDINGS LIMITED

Online media & mobile platforms – Overnight Price: $3.20

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

Hipages Group reported a strong fourth quarter FY21, in line with the broker's expectations, with subscription tradies finishing the year slightly ahead of guidance and in line with Goldman Sachs estimates.

The broker believes solid growth on both sides of the marketplace suggests strong fundamentals are supportive of long-term structural growth.

Goldman Sachs forecasts 20% revenue growth p.a. over the medium term and 48% 3-year earnings compound annual growth rate.

The broker expects the group to focus on its tradie acquisition strategy to drive subscription revenue growth over the medium term and will be looking for commentary on tradie/ARPU growth, and marketing spend.

Buy rating and target price of $4.10 were both retained.

This report was published on July 29, 2021.

Target price is $4.10 Current Price is $3.20 Difference: $0.9
If HPG meets the Goldman Sachs target it will return approximately 28% (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 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 64.00.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 106.67.

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

IKE    IKEGPS GROUP LIMITED

Hardware & Equipment – Overnight Price: $1.11

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

ikeGPS Group released a solid quarterly update with the company delivering its second consecutive period of record new contract wins.

Following this update, Bell Potter makes no material changes to forecasts and now expects circa 60% of FY22 revenues to be recognised in second half FY22, which reflects the build in transaction volumes in ike's platform.

The broker notes the company continues to be well positioned to benefit from increasing network expansion activity in the North American Utilities and Telecommunications sectors.

The Buy rating is unchanged and the target price increases to $1.45 from $1.35.

This report was published on July 30, 2021. 

Target price is $1.45 Current Price is $1.11 Difference: $0.34
If IKE meets the Bell Potter target it will return approximately 31% (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 3.63 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.58.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.49 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 74.55.

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

IMR    IMRICOR MEDICAL SYSTEMS, INC

Medical Equipment & Devices – Overnight Price: $1.42

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

Covid-related headwinds in second-quarter FY21 saw Imricor Medical Systems report a cash position of $15m at June 30, which Bell Potter suspects could drive some near-term balance sheet pressure.

Forecast changes include slight downgrades to second-half FY21 onward, to account for a softer launch than anticipated.

Buy rating is unchanged with the target dropping to $2.45 from $2.60.

This report was published on July 30, 2021.

Target price is $2.45 Current Price is $1.42 Difference: $1.03
If IMR meets the Bell Potter target it will return approximately 73% (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 0.00 cents and EPS of minus 19.44 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.30.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 14.25 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.97.

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


Moelis rates ((IMR)) as Buy (1) –

Due to covid-related hospital restrictions, Imricor Medical Systems generated only US$138,000 in cash receipts in second-quarter FY21, bringing first-half FY21 cash receipts to US$372,000.

Moelis notes early signs of an EU reopen are starting to come through, with four hospitals commencing procedures since mid-June, and a further four expected to commence procedures during the third quarter FY21.

However, due to covid delays, the broker expects Imricor to exit 2021 with 20 signed hospitals versus the prior expectation of 35.

Buy rating retained. Target price $2.70.

This report was published on April 30, 2021. 

Target price is $2.70 Current Price is $1.42 Difference: $1.28
If IMR meets the Moelis target it will return approximately 90% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 17.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.07.

Forecast for FY22:

Moelis 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 16.14.

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

IPD    IMPEDIMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.10

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

ImpediMed's June quarter update has shown the company continues to make progress with comercialising the SOZO device. The company sold 47 units in the quarter, bringing total units sold in FY21 to 211, and signed major corporate contracts for the device with ten of the top 100 US Health Systems.

While results were in line with forecasts, Canaccord Genuity did expect better results given vaccination rate surges.

The company reported record revenue for the quarter, leading to annualised revenues of over $10m for the first time.

The Buy rating and target price of $0.23 are retained.

The report was published on July 27, 2021.

Target price is $0.23 Current Price is $0.10 Difference: $0.13
If IPD meets the Canaccord Genuity target it will return approximately 130% (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 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.26.

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 10.00.

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

IRE    IRESS LIMITED

Wealth Management & Investments – Overnight Price: $14.21

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

The pre-released first half result was below JP Morgan's estimates though management reaffirmed guidance for the full year, which implies a heavy second half skew. Management aims to double profit by 2025 and is making capital management plans to improve returns. 

Although the broker liked the positive tone and messaging, it is cautious on execution risk. Management confirmed it had received two offers from EQT Fund Management and the board had rejected both proposals.

JP Morgan lifts its target price to $14.80 from $13.80. this is driven by an updated valuation methodology and incorporates a 15% corporate activity premium, due to increased M&A activity in the sector.

This report was published on July 30, 2021.

Target price is $14.80 Current Price is $14.21 Difference: $0.59
If IRE meets the JP Morgan target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $13.82, suggesting downside of -2.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 47.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.2, implying annual growth of 21.4%.
Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 36.3.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 48.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 3.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.4, implying annual growth of 0.5%.
Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 36.1.

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

JHG    JANUS HENDERSON GROUP PLC

Wealth Management & Investments – Overnight Price: $56.58

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

Janus Henderson Group JHG reported second-quarter FY21 adjusted earnings per share (EPS) of $1.16, above Goldman Sachs at $1.02, and the consensus estimate of $0.96, attributed to stronger than estimated performance fees.

Long-term net outflows were better than expected at -$2.5bn.

For 2021, management also noted that the expense guidance remains unchanged, largely in-line with expectations.

The Sell rating is maintained. The target price is lowered -11.6% to $35.

This report was released on July 29, 2021.

Target price is $35.00 Current Price is $56.58 Difference: minus $21.58 (current price is over target).
If JHG meets the Goldman Sachs target it will return approximately minus 38% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $58.45, suggesting upside of 3.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 202.40 cents and EPS of 525.97 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 10.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 543.4, implying annual growth of N/A.
Current consensus DPS estimate is 205.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 191.74 cents and EPS of 528.63 cents.
At the last closing share price the estimated dividend yield is 3.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 548.3, implying annual growth of 0.9%.
Current consensus DPS estimate is 216.5, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 10.3.

This company reports in USD. 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


Jarden rates ((JHG)) as Buy (2) –

Driven by higher performance fees, elevated management fee margins, and expert cost management, Janus Henderson Group's 15% adjustment to second quarter FY21 earnings per share was ahead of both Jarden and Consensus estimates.

While the percentage of assets under management (AUM) outperforming benchmark improved slightly on a 3-year basis – from 62% to 66% – Goldman Sachs notes this was due mostly to an improvement in Quantitative Equities – 23% of which is currently outperforming benchmark, from 4% – which remains in sizable outflows (-13% annualised).

The broker notes the percentage of fund under management (FUM) outperforming benchmark on 1 year (66%) and 3-year (66%) in second-quarter FY21 has yet to improve compared with the post-merger averages of 65% and 67%, respectively – over which time the group experienced outflows of 5% annualised.

With fund performance remaining stagnant, Goldman Sachs expects outflows to continue with downside risks here.

The Underweight rating is retained and the target price increases to $52 from $47.70.

This report was published on July 29, 2021

Target price is $52.00 Current Price is $56.58 Difference: minus $4.58 (current price is over target).
If JHG meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $58.45, suggesting upside of 3.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 202.40 cents and EPS of 504.66 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 11.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 543.4, implying annual growth of N/A.
Current consensus DPS estimate is 205.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 202.40 cents and EPS of 490.01 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 11.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 548.3, implying annual growth of 0.9%.
Current consensus DPS estimate is 216.5, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 10.3.

This company reports in USD. 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

MAD    MADER GROUP LIMITED

Mining Sector Contracting – Overnight Price: $0.98

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

Driven by accelerating growth in all markets, strong headcount growth, and improving earnings margins, Mader Group released a strong fourth quarter FY21 update, with the result equating to FY21 revenue of $303.5m and earnings of $36.2m.

Driven by the beat and the strong FY21 exit rate, Bell Potter has increased underlying earnings per share estimates by 2.5%, 2.2%, and 0.1% for FY21, FY22, and FY23 respectively,

The Buy rating is retained and the target price increases to $1.35 from $1.30.

This report was published on July 30, 2021.

Target price is $1.35 Current Price is $0.98 Difference: $0.37
If MAD meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 4.26 cents and EPS of 13.05 cents.
At the last closing share price the estimated dividend yield is 4.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.51.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 5.06 cents and EPS of 16.11 cents.
At the last closing share price the estimated dividend yield is 5.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.08.

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

MMM    MARLEY SPOON AG

Consumer Products & Services – Overnight Price: $2.05

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

While Marley Spoon delivered a mixed second quarter FY21 result, Wilsons is encouraged by the trajectory of revenue growth and sees material upside to the broker's forecasts if current trends continue.

During the quarter revenue of EUR80.6M increased 10% on the previous period, broadly in line with the broker's forecast, while underlying revenue growth was 41%, after adjusting for the uplift in the previous period from more favourable customer ordering patterns.

Marley Spoon confirmed guidance for calendar year 2021 revenue growth of 30-35% but lowered contribution margin guidance to 29% from 30-31%.

The Overweight rating and target price of $3.85 are retained. 

This report was published on July 30, 2021.

Target price is $3.85 Current Price is $2.05 Difference: $1.8
If MMM meets the Wilsons target it will return approximately 88% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 22.78 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.00.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 15.77 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.00.

This company reports in EUR. 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

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $157.78

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

Within its first quarter FY22 trading update, Macquarie Group noted that operating group contributions were significantly up on the previous period due to improved trading conditions.

Goldman Sachs believes the strong quarterly performance and unchanged divisional guidance suggest the business is run-rating broadly in line with the broker's expectations, which currently has the group's FY22 net profit broadly in line with FY21.

While a reduction in the target payout ratio would normally bode poorly for an Australian financial, given the group's very strong track record in investing incremental capital at a solid return above its cost of capital, Goldman Sachs thinks the market will be more than comfortable with what the broker see as a sensible decision by the Board.

The Neutral rating and the target price of $150.47 are both retained.

This report was published on July 29, 2021. 

Target price is $150.47 Current Price is $157.78 Difference: minus $7.31 (current price is over target).
If MQG meets the Goldman Sachs target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $161.86, suggesting upside of 2.6%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 330.00 cents and EPS of 814.00 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 19.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 833.7, implying annual growth of -1.1%.
Current consensus DPS estimate is 523.2, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 340.00 cents and EPS of 820.00 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 888.5, implying annual growth of 6.6%.
Current consensus DPS estimate is 565.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 17.8.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $9.94

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

Canaccord Genuity has provided updates to reflect the state of play at Northern Star Resources. The company's reported group gold sales of 444,000 ounces was a beat on the broker's forecast of 424,000 ounces, and was a 21% quarter-on-quarter increase.

The broker considers Northern Star Recources' FY22 production guidance to be a slight miss, while growth capital expenditure guidance and exploration budget were both higher than expected. The company also outlined a five year plan to increase production by 25% through to FY26.

The Buy rating is retained and the target price decreases to $12.95 from $13.40 given updates to the valuation model.

This report was published on July 26, 2021.

Target price is $13.40 Current Price is $9.94 Difference: $3.46
If NST meets the Canaccord Genuity target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $12.43, suggesting upside of 25.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 10.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 1.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.0, implying annual growth of 15.3%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 18.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.1, implying annual growth of 4.9%.
Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 22.0.

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

NTO    NITRO SOFTWARE LIMITED

IT & Support – Overnight Price: $3.40

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

Nitro Software announced a positive second quarter FY21 result with annual recurring revenue (ARR) tracking in line with Wilsons expectations.

Nitro reiterated guidance for ARR but upgraded both revenue and earnings, which continues its track record of positive revisions.

Given Nitro's ongoing upgrade cycle and Wilsons' view of conservatively set guidance, the broker upgrades FY22 sales estimates by 2%.

Overweight rating retained and target price increases 7% to $4.22.

This report was published on July 29, 2021.

Target price is $4.22 Current Price is $3.40 Difference: $0.82
If NTO meets the Wilsons target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 7.46 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.59.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 8.39 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 40.53.

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

OBL    OMNI BRIDGEWAY LIMITED

Diversified Financials – Overnight Price: $3.78

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

Driven by Omni Bridgeway's announced, unaudited income for FY21 and updated estimated portfolio value (EPV) completions by year across FY22/FY23, Goldman Sachs has updated FY21, FY22, FY23 earnings per share estimates by 11%, -21%, and -11%, respectively.

In the broker's view, the current Omni Bridgeway share price materially undervalues and underestimates the earnings capacity of the group.

Goldman Sachs believes the current investments and future capital yet to be committed could generate net profit of $170m from $2.2bn funds under management (FUM) across 7 funds, and potentially $340m from the targeted $5bn FUM.

The Buy rating is retained and the target price is lowered -2% to $5.65.

This report was published on July 29, 2021. 

Target price is $5.65 Current Price is $3.78 Difference: $1.87
If OBL meets the Goldman Sachs target it will return approximately 49% (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 31.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.19.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 7.00 cents and EPS of 82.00 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.61.

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

OLL    OPENLEARNING LIMITED

Education & Tuition – Overnight Price: $0.14

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

OpenLearning has reported a $1.5m cash burn in the June quarter, with Canaccord Genuity pointing to seasonal factors, continued investments and relatively flat annal recurring revenue growth as drivers. Despite this the broker is encouraged by revenue opportunity. 

Canaccord Genuity highlights enrollments for the August intake of the UNSW Transition Program Online have exceeded the initial intake, and OpenLearning has noted scope to grow the total addressable market of the program by enabling select UK universities to accept students from the program. 

Secondly, the broker notes OpenLearning has announced the launch of a new program in October targeted at corporates and working professionals. The broker expects receipts and revenue to build strongly into the second half of FY21. 

The Speculative Buy rating and target price of $0.43 are retained.

This report was published on July 27, 2021.

Target price is $0.43 Current Price is $0.14 Difference: $0.29
If OLL meets the Canaccord Genuity target it will return approximately 207% (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 4.67.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.00.

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

OML    OOH!MEDIA LIMITED

Out of Home Advertising – Overnight Price: $1.53

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

JP Morgan retains a Neutral rating due to the inherent uncertainty in the outdoor ad spend market over the next 6-12 months, and exposure to airports. The broker sets a $1.80 price target.

Total outdoor ad spend in the first half was 20.4% versus 1H20, but still down -21.4% versus 1H19. Retail Outdoor recovered the quickest of the categories, and is now down -3.0% versus the 1H19. Aviation is still lagging behind the most, and is -83.1% lower than 1H19 levels.

Aside from Transit and Sporting Venues, all subcategories’ ad spend decreased in June versus May, due to the recent lockdowns, explains the broker.

This report was published on July 23, 2021.

Target price is $1.80 Current Price is $1.53 Difference: $0.27
If OML meets the JP Morgan target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $1.92, suggesting upside of 25.3%(ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is 6.3, 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 24.3.

Forecast for FY22:

Current consensus EPS estimate is 10.8, implying annual growth of 71.4%.
Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 14.2.

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

OZL    OZ MINERALS LIMITED

Copper – Overnight Price: $22.42

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

After June quarterly results, JP Morgan believes the outlook remains strong from a commodity, operational and growth perspective, and
retains its Overweight rating while lifting its target price to $28 from $27.

The broker highlights solid performances at the Australian operations. This was particularly the case for Prominent Hill, which saw production and costs beat forecasts, with guidance upgraded for gold production and costs lowered.

A difficult quarter at Antas on covid-19 delays, and higher capex at Carrapateena were modest disappointments for the analyst.

This report was published on July 28, 2021.

Target price is $28.00 Current Price is $22.42 Difference: $5.58
If OZL meets the JP Morgan target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $24.14, suggesting upside of 7.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 53.00 cents and EPS of 170.00 cents.
At the last closing share price the estimated dividend yield is 2.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.7, implying annual growth of 132.6%.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 54.00 cents and EPS of 181.00 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 12.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 147.9, implying annual growth of -2.5%.
Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 15.2.

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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $10.00

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

PointsBet Holdings' fourth quarter FY21 US turnover of $482m was up around 1000% on the previous period, taking FY21 turnover to $1.8bn.

At the group level, while combined turnover of $1bn in the quarter was softer than Goldman Sachs estimates, the group net win of $60.8m was significantly ahead of the broker's implied $35m forecast.

The broker continues to see PointsBet well-placed to carve out a niche position within the burgeoning US sports betting and iGaming market, with significant upside if it were to reach 10% market share at maturity.

The broker also sees the potential for the Canadian opening as a big positive which is not reflected in consensus numbers.

The Buy rating and target price of $17.20 are retained.

This report was published on July 29, 2021.

Target price is $17.20 Current Price is $10.00 Difference: $7.2
If PBH meets the Goldman Sachs target it will return approximately 72% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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 18.18.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 44.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.73.

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

PLY    PLAYSIDE STUDIOS LIMITED

Gaming – Overnight Price: $0.39

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

Canaccord Genuity initiates coverage on one of Australia's largest independent video game developers, Playside Studios. The company has developed games with Disney, Warner Bros and Nickelodeon, and has recently secured rights to produce mobile games based on the Legally Blonde and The Godfather movies, both expected to launch in FY22.

The broker notes the development of these games is a critical inflection point for the company, given these are the first video games Playside Studios will develop directly, rather than under contract. 

Gaming is a US$176bn business, with mobile gaming accounting for more than half of industry revenue. Canaccord Genuity sees significant revenue upside potential for the company if either game is successful.

Canaccord Genuity initiates with a Buy rating and a target price of $0.41. 

This report was published on July 25, 2021.

Target price is $0.41 Current Price is $0.39 Difference: $0.02
If PLY meets the Canaccord Genuity target it will return approximately 5% (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 19.50.

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 39.00.

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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $2.96

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

JP Morgan believes Qube is on-track to deliver solid results on August 26, with container volumes strong. The Moorebank sale positions the company to support growth through acquisitions and potentially capital management initiatives.

The analyst sees limited impact from the current lockdown, and forecasts FY21-FY23 EPS of 7.6c, 8.2c and 9.0c, respectively, and DPS of 4.6cps in FY21 and 5.3 cps in FY22.

The broker maintains its Neutral rating and $3.20 target price.

This report was published on July 26, 2021.

Target price is $3.20 Current Price is $2.96 Difference: $0.24
If QUB meets the JP Morgan target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.16, suggesting upside of 6.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 4.60 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.2, implying annual growth of 37.9%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 41.1.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 5.30 cents and EPS of 8.20 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of 20.8%.
Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 34.0.

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

REH    REECE LIMITED

Furniture & Renovation – Overnight Price: $24.08

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

Ahead of results season, JP Morgan estimates the valuation for Reece is stretched, with current multiples baking in near-perfect execution of the US strategy.

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

JP Morgan notes Reece has not provided guidance, leaving it more exposed to a beat/miss share price reaction on the day. The broker retains its Underweight rating and lifts is target price to $14 from $13.75.

This report was published on July 23, 2021.

Target price is $14.00 Current Price is $24.08 Difference: minus $10.08 (current price is over target).
If REH meets the JP Morgan target it will return approximately minus 42% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.76, suggesting downside of -34.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 14.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 0.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 4.0%.
Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 58.0.

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 0.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.8, implying annual growth of 22.4%.
Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 47.4.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.55

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

Regis Resources June quarter gold production of 114koz, including the recently acquired Tropicana mine was in line with Goldman Sachs and consensus.

Largely driven by higher grade and production at DSO on contributions from the Rosemont underground, all-in costs of $1,387/oz were -4% better than Goldman Sachs estimates.

After the slightly stronger quarter, the broker's FY21 earnings and earnings per share (EPS) estimates are up by 8%, and 9%, while FY22 earnings and EPS estimates are down -3% and -7% on slightly higher group cash costs and after trimming forecast grades from the Rosemont underground.

The Sell rating is retained while the target price decreases -4% to $2.50.

This report was published on July 29, 2021. 

Target price is $2.50 Current Price is $2.55 Difference: minus $0.05 (current price is over target).
If RRL meets the Goldman Sachs target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.47, suggesting upside of 36.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 7.00 cents and EPS of 21.50 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of -31.6%.
Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 8.00 cents and EPS of 28.40 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.6, implying annual growth of 10.4%.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 8.9.

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

SDV    SCIDEV LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.96

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

SciDev's June quarter revenue of $13.2m is a 18% quarter-on-quarter increase and a 141% increase on the previous corresponding period. While full year revenue of $42.7 was a small miss on Canaccord Genuity's forecast, it was still a 136% increase on FY20 revenue.

It is Canaccord Genuity's view that SciDev is well-positioned to gain meaningful market share, and that the company's track record in recent years is demonstrative of successful strategy.

With the broker forecasting revenue for FY22 of over $70m, it points to FY18 revenue of around $2m as proof of the company's execution in recent years. Further, Canaccord Genuity sees potential for material contract wins in coming months.

The Buy rating is retained and the target price increases to $1.36 from $1.32. 

This report was published on July 27, 2021.

Target price is $1.36 Current Price is $0.96 Difference: $0.4
If SDV meets the Canaccord Genuity target it will return approximately 42% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 96.00.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.24.

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

SES    SECOS GROUP LIMITED

Paper & Packaging – Overnight Price: $0.30

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

Canaccord Genuity considers Secos Group's small revenue beat a positive outcome given lockdowns in Malaysia. The company reported fourth quarter revenue of $8.8m, compared to the broker's forecast $8.6m. 

The company expects to report significant improvements in full year profit for FY21 compared to the previous financial year, with Canaccord Genuity forecasting underlying earnings of $1.3m. 

Further, it is the broker's view that Secos Group is well positioned for continued strong growth in FY22, benefiting from planned capacity expansion to further benefit from the global shift away from single use plastics.

The Buy rating and target price of $0.37 are retained.

This report was published on July 26, 2021.

Target price is $0.37 Current Price is $0.30 Difference: $0.07
If SES meets the Canaccord Genuity target it will return approximately 23% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.00.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $6.97

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

Sandfire Resources reported a largely flat quarter-on-quarter (QoQ) with copper and gold production of 18.3kt/9.0koz in-line with Goldman Sachs estimates.

Cash costs increased 7% QoQ to US$0.93/lb in fourth quarter bringing full-year costs to US$0.82/lb and within guidance.

With the mining license now having been granted, the Botswana/T3 project is progressing to plan, allowing the Government to acquire up to 15% at its discretion, which could result in a $120m cash injection with a sell down on Goldman Sachs estimates.

The broker has revised FY21 and FY22 earnings per share estimates by -26%, and 18% on lower than expected gold production, concentrate sales, and copper provisional pricing gains in the June quarter, and for FY22 lower than expected costs and higher than expected gold production.

Neutral rating is retained, target price increases 1% to $7.80.

This report was published on July 29, 2021. 

Target price is $7.80 Current Price is $6.97 Difference: $0.83
If SFR meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $7.60, suggesting upside of 9.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 21.90 cents and EPS of 104.00 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.6, implying annual growth of 143.9%.
Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 6.7.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 41.20 cents and EPS of 206.00 cents.
At the last closing share price the estimated dividend yield is 5.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.7, implying annual growth of -3.7%.
Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 6.9.

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

SHV    SELECT HARVESTS LIMITED

Agriculture – Overnight Price: $8.00

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

Following Select Harvest's confirmation of further strength in spot almond prices, Wilsons has taken the opportunity to upgrade near-term almond price forecasts.

The broker now sets the 12-month target price of $8.77 at a 20% premium to the fundamental value of $7.31 to reflect the strong almond price momentum.

There are no changes to Wilsons crop production volumes.

The broker retains its Overweight rating.

This report was published on July 29, 2021.

Target price is $8.77 Current Price is $8.00 Difference: $0.77
If SHV meets the Wilsons target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 3.40 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 0.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 90.91.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 19.30 cents and EPS of 35.10 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 22.79.

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

SLR    SILVER LAKE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.49

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

Canaccord Genuity reports Silver Lake Resources' group production for the June quarter totalled 62,000 ounces of gold and 445 tonnes of copper at an all in sustaining cost of $1,478 per ounce, in line with the broker's expectations. 

June quarter results take FY21 production to 242,000 ounces of gold and 1,700 tonnes of copper at an all in sustaining cost of $1,484 per ounce, meeting expectations. 

Given lower year-on-year production at Mount Monger, guidance for FY22 is set for 235-255,000 ounces of gold and 600-1,000 tonnes of copper at an all in sustaining cost of $1,550-1,650 per ounce. 

Buy rating and the price target decreases to $2.15 from $2.40.

This report was published on July 25, 2021.

Target price is $2.15 Current Price is $1.49 Difference: $0.66
If SLR meets the Canaccord Genuity target it will return approximately 44% (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 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.55.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.63.

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

STG    STRAKER TRANSLATIONS LIMITED

IT & Support – Overnight Price: $1.70

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

Due to the ramping up of IBM revenues which launched in January 2021 and a three month contribution from the LingoTek acquisition, Straker Translations reported a strong first quarter broadly in-line with our expectations, with revenue up 49% to NZ$11.4m.

Following the company's first-quarter update, Bell Potter's earnings estimates remain unchanged.

Bell Potter remains attracted to Straker's growth strategy and believes the company’s first quarter presents a solid foundation for FY22 which the broker views as a transformational year from both revenue growth and GP margin expansion perspective.

The Buy rating and target price of $2.40 are both unchanged.

This report was published on July 30, 2021.

Target price is $2.40 Current Price is $1.70 Difference: $0.7
If STG meets the Bell Potter target it will return approximately 41% (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 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.78.

Forecast for FY23:

Bell Potter forecasts a full year FY23 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 170.00.

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

TSI    TOP SHELF INTERNATIONAL HOLDINGS LIMITED

Food, Beverages & Tobacco – Overnight Price: $1.90

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

Driven by timing of sales, increased sales and marketing spend, and a pull-forward of some growth capex spend originally planned for first half FY22, Top Shelf International Holdings fourth quarter FY21 result confirmed free cash outflow of $21m, $8m above the IPO Prospectus forecast.

Wilsons has lowered net profit forecasts by $2.0-2.5m p.a., with more favourable gross margins offset by higher sales and marketing spend and higher interest expense.

The broker remains attracted to the significant sales momentum in the business and substantial asset base in place to support growth.

Overweight is retained and the target price increases to $2.87 from $2.83.

This report was published on July 30, 2021.

Target price is $2.87 Current Price is $1.90 Difference: $0.97
If TSI meets the Wilsons target it will return approximately 51% (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 19.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.90.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 15.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.34.

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

UWL    UNITI GROUP LIMITED

Telecommunication – Overnight Price: $3.71

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

In anticipation of Uniti Group's results on August 24, JP Morgan estimates FY21 underlying earnings (EBITDA) of $97m. It's believed key issues include the contracting rate of new developments after the revision to the Telecommunications In New Developments policy.

Also of interest will be a comparison of wholesale average revenue per user (ARPU) rates to NBN Co’s wholesale rates, and the realisation of synergies following recent acquisitions, explains the broker.

JP Morgan retains its Overweight rating and $3.45 target price.

This report was published on July 26, 2021.

Target price is $3.45 Current Price is $3.71 Difference: minus $0.26 (current price is over target).
If UWL meets the JP Morgan target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.00.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.73.

Market Sentiment: 0.5
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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