Australian Broker Call *Extra* Edition – Sep 28, 2021

Daily Market Reports | Sep 28 2021

FNArena will be updating Special Editions of this Report in September dedicated to the August Reporting Season.

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

ACF BVS DBI FDV IEL IFM JLG LOV MPL NEC PFP PTM RFF(2) RIC WTC

PTM PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments - Overnight Price: $3.57

Goldman Sachs rates ((PTM)) as Neutral (3) -

While Platinum Asset Management's FY21 profit after tax of $163.3m was a -1.3% miss on Goldman Sachs' forecast, the broker notes it was a 4.9% increase onFY20. High employee expenses, 16% ahead of the broker's forecast, drove a -1% operating profit miss.

It is Goldman Sachs' view that Platinum Asset Management continues to show strong performance, but that it is unfortunate that strongest performance is across its smaller products.

The Neutral rating is retained and target price decreases to $4.36 from $4.39.

This report was published on August 25, 2021.

Target price is $4.36 Current Price is $3.57 Difference: $0.79
If PTM meets the Goldman Sachs target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $3.85, suggesting upside of 7.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 23.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 6.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of -16.2%.
Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 25.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 7.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, implying annual growth of 1.3%.
Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 14.9.

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

RFF RURAL FUNDS GROUP

REITs - Overnight Price: $2.74

Bell Potter rates ((RFF)) as Hold (3) -

FY21 adjusted funds from operations (AFFO) were broadly in-line with Bell Potter's expectations. The fact AFFO were down -11% year-on-year reflects the negative impact of the poultry asset in FY20 and the Mooral orchard sale in the first half of 2021.

Post 30 June,the group raised $100m to fund acquisitions in water, fund amacadamia development and to provide capacity to invest further in cattle and cropping assets, explains the analyst.FY22AFFO guidance is unchanged at 11.6cps as isDPU guidance of 11.73cps.

Bell Potter makes minimal changes to forecasts and retains its Hold rating and $2.70 target price.

This report was published on August 26, 2021.

Target price is $2.70 Current Price is $2.74 Difference: minus $0.04 (current price is over target).
If RFF meets the Bell Potter target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 11.70 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.62.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 12.20 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 4.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.24.

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


Wilsons rates ((RFF)) as Overweight (1) -

Rural Funds Group's FY21 result was slightly above guidance. Wilsons notes funds from operations was a 2% beat, driven by strong revenue from the cattle segment and lower interest expense.

Asset divestments drove a -4% cash revenue decrease on FY20, while expenses were up 16%. Wilsons makes modest changes to funds from operations and earnings per share forecasts and retains confidence in sustained earnings and distribution growth.

The Overweight rating is retained and the target price increases to $2.79 from$2.55.

This report was published on August 26, 2021.

Target price is $2.79 Current Price is $2.74 Difference: $0.05
If RFF meets the Wilsons target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 11.70 cents and EPS of 19.30 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.20.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 12.20 cents and EPS of 22.50 cents.
At the last closing share price the estimated dividend yield is 4.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.18.

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


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