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Australian Broker Call *Extra* Edition – Sep 29, 2021

Daily Market Reports | Sep 29 2021

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

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-listed equities.

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

360   A2M   ACL   AIM   AOF   APX   AWC   BGA   BST   CAJ   CCX   CGC (2)   CUV   DTC   ERF   FCL (2)   FLT   GDC (2)   GDG   GOZ   HPG   HUO   IDX (2)   IGL (2)   ILU   IMR (2)   JIN   LYL   MAH   MAQ   MGH   MLG   MVP   MYX   NIC (2)   NSR   NST   NXT (2)   OPY   PBP   PFP   PNV   PPG (2)   RFG   RMS   RMY   SLA   SLH   SLK   SSM   ST1   SXE   UNI   VVA   WHC (2)   WPR   WSP (2)   WTC   WZR   Z1P  

360    LIFE360, INC

Software & Services – Overnight Price: $9.03

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

With key stats already known, Life360's revenue and earnings were in line with Bell Potter, as was the split between direct and indirect revenue. No dividend as expected.

The broker upgrades revenue forecasts on higher expected annualised monthly revenue but increases its expected loss forecast on management's intention to increase investment in FY22.

Buy retained, target rises to $10.75 from $9.50.

This report was published on August 27, 2021.

Target price is $10.75 Current Price is $9.03 Difference: $1.72
If 360 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 24.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.52.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 15.82 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 57.07.

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

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $6.10

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

A2 Milk reported in line with Bell Potter's expectations.

Sell-in rates materially lagged sell-out rates in the second half, the broker notes, implying the company's steps to reduce channel inventories have been effective.

As revenues more closely align to point of sale trends the broker would expect revenue growth to return, which could well be complimented by internalising supply chain costs over FY23-25.

Target falls to $7.70 from $8.50, Buy retained.

This report was published on August 27, 2021.

Target price is $7.70 Current Price is $6.10 Difference: $1.6
If A2M meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $6.29, suggesting upside of 3.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 15.47 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 29.9.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 19.22 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, implying annual growth of 13.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.4.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ACL    AUSTRALIAN CLINICAL LABS LIMITED

Healthcare services – Overnight Price: $4.68

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

Australian Clinical Labs delivered solid FY21 results, reporting a 2% revenue beat and an 11% profit after tax beat on guidance. 

Goldman Sachs notes not only was the result driven by sustained demand for covid testing, but base revenue was also up 14% in the second half. The company expects margins to settle above 27% as covid volumes decrease. 

The broker updates FY22 sales and profit after tax forecasts by 12% and 65% respectively. 

The Buy rating is retained and the target price increases to $5.50 from $4.80.

This report was published on August 27, 2021. 

Target price is $5.50 Current Price is $4.68 Difference: $0.82
If ACL meets the Goldman Sachs target it will return approximately 18% (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 36.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 7.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.80.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 17.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.71.

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

AIM    AI-MEDIA TECHNOLOGIES LIMITED

Commercial Services & Supplies – Overnight Price: $0.92

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

AI-Media Technologies delivered a smaller loss in its maiden result than expected.

The core business, not including acquisitions, exceeded prospectus forecasts from both a revenue and earnings perspective, Bell Potter notes. The key driver of the beat was stronger than expected organic revenue growth despite currency headwinds.

The result reflects an important milestone for management’s execution over the past twelve months, but the broker's focus is now on how the company is set up for a transformational year of growth in FY22.

Buy and $1.50 target retained.

This report was published on August 27, 2021.

Target price is $1.50 Current Price is $0.92 Difference: $0.58
If AIM meets the Bell Potter target it will return approximately 63% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.81.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.59.

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

AOF    AUSTRALIAN UNITY OFFICE FUND

REITs – Overnight Price: $2.38

Moelis rates ((AOF)) as Hold (3) –

Australian Unity Office Fund reported FY21 results at the top end of guidance. FY22 guidance is for FFO in a range of 18-18.5c per unit and distributions of 15.2c per unit.

The acquisition of 96 York Street, Beenleigh, Queensland, for $34m with a 10-year WALE and the potential disposal of 32 Philip Street, Parramatta, with a book value of $63m will slightly increase the WALE and reduce gearing.

Moelis is cautious about the valuation despite an apparent -10% discount to net tangible assets, given some income risks. The broker assumes a -27% reduction in earnings between FY21-24 without the disposal of 32 Philip Street.

Hold rating retained. Target is reduced to $2.37 from $2.44.

This report was published on August 27, 2021.

Target price is $2.37 Current Price is $2.38 Difference: minus $0.01 (current price is over target).
If AOF meets the Moelis target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 15.20 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 6.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.73.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 13.50 cents and EPS of 15.70 cents.
At the last closing share price the estimated dividend yield is 5.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.16.

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

APX    APPEN LIMITED

IT & Support – Overnight Price: $9.12

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

Appen's first half loss was a lot greater than Bell Potter's forecast on lower than expected revenues and margins. Cash flow was relatively weak although the dividend was in line.

Full-year guidance is downgraded on a combination of "ad-related project impacts" and the cost of the acquisition of Quadrant — a global leader in mobile location and point-of-interest data.

The broker cuts earnings forecasts to the low end of the guidance range but warns this still requires a strong second half. Target falls to $11.50 from $13.50, Hold retained.

This report was released on August 27, 2021.

Target price is $11.50 Current Price is $9.12 Difference: $2.38
If APX meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $13.78, suggesting upside of 51.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 10.00 cents and EPS of 46.20 cents.
At the last closing share price the estimated dividend yield is 1.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.9, implying annual growth of -16.0%.
Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 26.1.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 11.00 cents and EPS of 52.40 cents.
At the last closing share price the estimated dividend yield is 1.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.8, implying annual growth of 28.4%.
Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 20.4.

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

AWC    ALUMINA LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $2.17

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

Most factors pertaining to the alumina price, costs and capex spend/timing had been flagged prior to first half results by Alcoa/Alumina Ltd, explains Shaw and Partners. The dividend of US$3.4cps was considered in-line with expectations.

The second half dividend will depend on the API alumina price, explains the analyst.  Also, second half capex is expected to be around -$70m higher than the first half (100% joint venture basis), which would trim cash available for dividends by -US$1cps.

Alcoa guided to an API price “now higher than the second quarter" though noted ongoing cost inflation across energy, caustic soda and freight. Shaw and Partners retains its Buy rating and $2.20 target price.

This report was published on August 26, 2021.

Target price is $2.20 Current Price is $2.17 Difference: $0.03
If AWC meets the Shaw and Partners target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.86, suggesting downside of -14.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 10.50 cents and EPS of 7.18 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.7, implying annual growth of N/A.
Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 28.2.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 9.31 cents and EPS of 9.17 cents.
At the last closing share price the estimated dividend yield is 4.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.0, implying annual growth of 29.9%.
Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 21.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BGA    BEGA CHEESE LIMITED

Dairy – Overnight Price: $5.26

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

FY21 results were ahead of expectations. No quantitative FY22 guidance was provided although management signalled the farmgate environment was increasingly competitive, which Goldman Sachs flags may create a headwind to margins.

Branded sales increased to 73% of the portfolio. Goldman Sachs notes the dairy commodity pricing backdrop is improving and this, if it continues, could allow the business to recover higher farmgate milk prices into FY22.

Neutral rating and $6.40 target maintained.

This report was published on August 27, 2021.

Target price is $6.40 Current Price is $5.26 Difference: $1.14
If BGA meets the Goldman Sachs target it will return approximately 22% (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 13.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.14.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 31.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.97.

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

BST    BEST & LESS GROUP HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $3.35

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

Best & Less Group posted a maiden result well ahead of prospectus forecasts, thanks to a 10.8% lift in sales, of which 9.2% were online.

The performance was driven by strong margin gains reflecting a clearer pricing strategy, a heightened focus on inventory management and a continued focus on cost control, Bell Potter suggests.

Given new lockdowns, the broker forecasts a miss on prospectus for the first half but a beat on full year FY22. Best & Less is well positioned in the current environment, the broker believes, given its strength in defensive essentials.

Buy and $3.30 target retained.

This report was published on August 27, 2021.

Target price is $3.30 Current Price is $3.35 Difference: minus $0.05 (current price is over target).
If BST 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 19.70 cents and EPS of 32.90 cents.
At the last closing share price the estimated dividend yield is 5.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.18.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 21.10 cents and EPS of 35.10 cents.
At the last closing share price the estimated dividend yield is 6.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.54.

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

CAJ    CAPITOL HEALTH LIMITED

Healthcare services – Overnight Price: $0.38

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

FY21 results were broadly in line. Shaw and Partners assesses this was a challenging year for the company although the results were solid. Margins have been sustainably re-based higher and cash flow is at a record.

Growth is expected across revenue and earnings in FY22 although the broker believes the stock requires a catalyst to move higher. Nevertheless, Shaw and Partners considers Capitol Health "too cheap to ignore" and maintains a Buy rating. Target rises to $0.49 from $0.39. 

This report was published on August 27, 2021.

Target price is $0.49 Current Price is $0.38 Difference: $0.11
If CAJ meets the Shaw and Partners target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 1.20 cents and EPS of 1.70 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.35.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 1.20 cents and EPS of 2.00 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.00.

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: $6.59

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

City Chic Collective's strong result was in line with a July update, with earnings up 29% on total sales growth of 33%. FY22 has begun in the same fashion despite A&NZ lockdowns, with Avenue, Evans and Navabi all trading above acquisition levels.

The company now has a strong foothold to grow across all key northern hemisphere markets, Bell Potter suggests. The balance sheet is well placed for investment in growth initiatives including pursuing further acquisition opportunities.

City Chic has also announced several new marketplace partnerships in Germany, the UK and US. Target rises to $7.05 from $6.60, Buy retained.

This report was published on August 27, 2021.

Target price is $7.05 Current Price is $6.59 Difference: $0.46
If CCX meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $6.76, suggesting upside of 2.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 7.50 cents and EPS of 15.00 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 43.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 58.5%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 43.4.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 14.70 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.5, implying annual growth of 21.7%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 35.6.

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

CGC    COSTA GROUP HOLDINGS LIMITED

Agriculture – Overnight Price: $3.19

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

Costa Group reported in line with forecasts and full year guidance is largely unchanged, with 2021 earnings expected to marginally exceed 2020.

Bell Potter's view remains favourable on the back of the expansion and maturation of berry operations and avocado orchards, further investment in avocado, citrus and tomato capacity and a non-recurrence of hail damage, all supported by stronger prices.

Buy and $4.30 target retained.

This report was published on August 27, 2021.

Target price is $4.30 Current Price is $3.19 Difference: $1.11
If CGC meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $3.75, suggesting upside of 17.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 9.00 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of -4.8%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 22.5.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 10.00 cents and EPS of 16.40 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.6, implying annual growth of 23.9%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 18.1.

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


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

Goldman Sachs notes Costa Group Holdings' first half results were largely in line with expectations, and full year guidance is retained. 

A key highlight in the first half for Goldman Sachs included 25% year-on-year revenue growth in the International Division. The broker further noted the company is well-placed for increased penetration of Asian export markets.

Driven by the 2PH Citrus Farms acquisition, the broker updates earnings per share estimates by -9.2%, 3.5% and 11.5% for FY21, FY22 and FY23

The Buy rating is retained and the target price increases to $4.30 from $4.20.

This report was published on August 26, 2021.

Target price is $4.30 Current Price is $3.19 Difference: $1.11
If CGC meets the Goldman Sachs target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $3.75, suggesting upside of 17.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 9.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of -4.8%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 22.5.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 11.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.6, implying annual growth of 23.9%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 18.1.

Market Sentiment: 0.5
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: $41.90

Moelis rates ((CUV)) as Hold (3) –

Clinuvel Pharmaceuticals sustained strong growth in FY21 amid the roll-out of Scenesse to EPP patients in the US.

Moelis notes the first 12 months of sales in the US delivered $17m in revenue. There appears to be less seasonality in the US and patients generally opt for continuous coverage so the broker expects US sales will double in FY22.

Meanwhile, pricing is a risk in the EU and it remains to be seen whether the company is successful in having its proposed price increase adopted. Hold maintained. Target is $31.78.

This report was published on August 26, 2021.

Target price is $31.78 Current Price is $41.90 Difference: minus $10.12 (current price is over target).
If CUV meets the Moelis target it will return approximately minus 24% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 4.30 cents and EPS of 54.60 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 76.74.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 6.80 cents and EPS of 88.50 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 47.34.

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

DTC    DAMSTRA HOLDINGS LIMITED

Software & Services – Overnight Price: $0.87

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

FY21 results were, overall, in line with expectations. Shaw and Partners notes this was a volatile year with international markets shut and large customers in North America delaying purchasing decisions.

Still, the opportunity for a modular employee platform remains substantial, the broker asserts, compared with vertical specialists and off-line solutions.

Damstra Holdings has been highly successful in Australia and management is in contract negotiations with several large clients in the UK and North America.

The broker considers the stock conservatively valued and retains a Buy rating. Target is reduced to $1.67 from$1.88.

This report was published on August 27, 2021.

Target price is $1.67 Current Price is $0.87 Difference: $0.8
If DTC meets the Shaw and Partners target it will return approximately 92% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.50.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 1.50 cents and EPS of 3.00 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.00.

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

ERF    ELANOR RETAIL PROPERTY FUND

REITs – Overnight Price: $1.07

Moelis rates ((ERF)) as Buy (1) –

FY21 funds from operations (FFO) increased by 6% to 9.1cpu. Annual rent collections for the year were around 97%. The DPU of 8.7cpu for the full year was supplemented with a previously guided special dividend of 12cpu.

The analyst assumes a -23% decline in FFO for FY22 to reflect the full year impact for the sale of Auburn Central and the recent sale of Moranbah. Management flagged potential for further cash returns to shareholders as “income assets” are divested.

Moelis maintains its Buy rating and lowers its target price to $1.17 from $1.25.

This report was published on August 26, 2021.

Target price is $1.17 Current Price is $1.07 Difference: $0.1
If ERF meets the Moelis target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 6.60 cents and EPS of 7.00 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 15.29.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.10 cents and EPS of 7.40 cents.
At the last closing share price the estimated dividend yield is 6.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.46.

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

FCL    FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $4.40

Moelis rates ((FCL)) as Buy (1) –

FY21 sales were slightly ahead of Moelis, largely because of higher service revenue. FY22 guidance is for revenue of EUR125-130m and 30% subscription growth.

Management is experiencing an "uptick in the marketplace" and Moelis assumes sales conditions gradually improve over the first half before returning to pre-pandemic levels during 2022.

Buy rating maintained with a $5.34 target.

This report was published on August 27, 2021.

Target price is $5.34 Current Price is $4.40 Difference: $0.94
If FCL meets the Moelis target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $4.89, suggesting upside of 11.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 146.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 244.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2200.0.

This company reports in EUR. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


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

Shaw and Partners found subscription revenue better-than-expected in FY21 and upgrades FY22-24 forecasts by 8-12%. The broker believes Fineos Corp is now one of the most attractively priced software growth stocks on ASX.

Guidance has signalled strong professional services and subscription growth of around 30%. The company believes the global insurance industry will recover more quickly from the pandemic than it did following the GFC.

Predicting the timeline for converting opportunities remains the challenge, in the broker's view.

The Buy rating is reiterated. Target of $5.30 retained. 

This report was published on August 27, 2021.

Target price is $5.30 Current Price is $4.40 Difference: $0.9
If FCL meets the Shaw and Partners target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.89, suggesting upside of 11.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.34 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 131.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.27 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 345.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2200.0.

This company reports in EUR. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $21.52

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

Flight Centre Travel Group's FY21 revenue of $395.9m was a -5.3% miss on Goldman Sachs forecast, while profit before tax loss of -$507.1m was higher than the broker's forecast -$470.5m. 

Goldman Sachs notes while trading momentum is strong in Americas and EMEA, the Australia and New Zealand region remains uncertain. The broker has updated its base case on the expectation of minimal trading in the first half of FY22 in that region. 

The Neutral rating is retained and the target price decreases to $18.30 from $18.40.

This report was published on August 27, 2021.

Target price is $18.30 Current Price is $21.52 Difference: minus $3.22 (current price is over target).
If FLT meets the Goldman Sachs target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.09, suggesting downside of -20.6%(ex-dividends)
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 75.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -51.3, implying annual growth of N/A.
Current consensus DPS estimate is -0.7, implying a prospective dividend yield of -0.0%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 54.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.1, implying annual growth of N/A.
Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 28.7.

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

GDC    GLOBAL DATA CENTRE GROUP

Cloud services – Overnight Price: $1.98

Moelis rates ((GDC)) as Buy (1) –

Moelis notes, after acquiring the Etix business, Global Data has scaled its platform to over $150m in assets. Investment in AirTrunk has increased to $31.4m and the company expects further opportunities as this business expands in Asia.

The broker's FY22 EBITDA forecast increases by 13% to $3.7m to reflect the higher earnings estimates from Etix.

Moelis believes Global Data offers attractive exposure to a diversified portfolio of data centre assets and maintains a Buy rating with a $2.37 target.

This report was published on August 26, 2021.

Target price is $2.37 Current Price is $1.98 Difference: $0.39
If GDC meets the Moelis target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 1.20 cents and EPS of 3.60 cents.
At the last closing share price the estimated dividend yield is 0.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.00.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 1.70 cents and EPS of 5.30 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.36.

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


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

FY21 results for Global Data Centre Group were significantly ahead of Shaw and Partners' expectations, with significant growth across all key metrics. Operating revenue and operating earnings (EBITDA) beat the analyst's estimates by 25% and 13%, respectively.

Operating capacity is currently 2.4MW versus the broker's forecast for 2.3MW, with company guidance of 4MW by the end of FY22. This underwrites performance for FY23 onwards and implies to the broker increased revenues and significant organic capacity expansion.

Management provided FY22 operating revenue guidance of $15.3-15.8m, which was 27% higher than the analyst had estimated. Shaw and Partners retains its Buy rating and increases its target price to $3.14 from $2.82.

This report was published on August 26, 2021. 

Target price is $3.14 Current Price is $1.98 Difference: $1.16
If GDC meets the Shaw and Partners target it will return approximately 59% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 99.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.00.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $1.21

Moelis rates ((GDG)) as Buy (1) –

Moelis believes FY21 was a transformational year, given the acquisition of Lonsec and development of the new annuities division. The investment bond funds under management totalled $1.8bn following record inflows, and active financial advisers grew by 25%.

In the company's view Lonsec is surpassing expectations. Moelis believes the annuities division will be a key catalyst and a substantial opportunity that could be much larger than investment bonds. Buy rating retained. Target is $1.51.

This report was published on August 27, 2021.

Target price is $1.51 Current Price is $1.21 Difference: $0.3
If GDG meets the Moelis target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 2.00 cents and EPS of 2.20 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.00.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 2.00 cents and EPS of 3.40 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.59.

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

GOZ    GROWTHPOINT PROPERTIES AUSTRALIA

Infra & Property Developers – Overnight Price: $4.15

Moelis rates ((GOZ)) as Buy (1) –

Growthpoint Properties Australia reported FY21 funds from operations (FFO) of 25.7cpu and DPU of 20 cents. Both were in-line with guidance and the expectations of Moelis. The broker maintains its Buy rating and lifts its target price to $4.35 from $4.02.

The industrial portfolio valuation increased by $202m on a like-for-like basis, assisted by -80bps of cap rate compression over the last 12 months, explains the broker.

Management is actively pursuing opportunities within funds management, preferably through M&A, explains the analyst. However,  the company may look to warehouse assets, and create its own platform in the absence of opportunities.

This report was published on August 26, 2021. 

Target price is $4.35 Current Price is $4.15 Difference: $0.2
If GOZ meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.07, suggesting downside of -2.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 20.60 cents and EPS of 26.40 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.5, implying annual growth of -68.6%.
Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 21.20 cents and EPS of 27.30 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.4, implying annual growth of -4.9%.
Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 19.4.

Market Sentiment: 0.0
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: $3.65

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

hipages Group Holdings reported a strong FY21 result and Goldman Sachs notes there are positive signs of increasing momentum in the marketplace. The broker forecasts a 9% compound annual growth rate in subscription tradies and jobs posted through to FY24. 

Goldman Sachs also expects investment will remain elevated in the near term to allow the company to pursue marketplace growth, and as a result updates earnings per share estimates by -20% and -6% for FY22 and FY23. 

The Buy rating is retained and the target price increases to $4.35 from $4.10.

This report was published on August 26, 2021.

Target price is $4.35 Current Price is $3.65 Difference: $0.7
If HPG meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 182.50.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.83.

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

HUO    HUON AQUACULTURE GROUP LIMITED

Aquaculture – Overnight Price: $3.45

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

FY21 revenue was slightly below Goldman Sachs forecasts. The statutory loss of -$128m was affected by impairments and excess international freight costs.

The broker finds the outlook generally more positive for FY22, although accepts the wholesale market is challenged by a short-term softening in demand because of the lockdowns.

Elevated air freight rates are likely to persist across the rest of the year as well. The broker does not have a rating or target for Huon Aquaculture.

This report was published on August 27, 2021.

Current Price is $3.45. Target price not assessed.
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 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.29.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 6.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.17.

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

IDX    INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $4.77

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

Goldman Sachs notes the current performance is below expectations because of the lockdowns in Australasia and each day these persist the deficit widens. Nevertheless, the broker considers this a short-term headwind in the context of a somewhat resilient recovery.

Operating costs increased in FY21 largely as a result of the pandemic. M&A, historically, has been an important source of growth but with elevated target multiples the company finds more value in accelerating its capital expenditure and has guided to growth expenditure of $20-24m.

Goldman Sachs currently assumes organic growth of 8% by the second half of FY22, based on three months of restrictions.

Buy rating reiterated. Target is $5.

This report was published on August 27, 2021.

Target price is $5.00 Current Price is $4.77 Difference: $0.23
If IDX meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.08, suggesting upside of 6.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 11.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.5, implying annual growth of 17.1%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 25.8.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 14.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.7, implying annual growth of 17.3%.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 22.0.

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


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

FY21 operating earnings were up 24% but below Wilsons' forecasts. Organic growth in Australia was 12.2% and average fees per examination increased 3.3%.

The broker finds evidence of margin pressure although notes capital expenditure growth is low, implying that many projects are in jurisdictions where trading conditions are not yet conducive to the desired returns.

The broker has its rating and target under review. The last published target was $5.

This report was published on August 27, 2021.

Target price is $5.00 Current Price is $4.77 Difference: $0.23
If IDX meets the Wilsons target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.08, suggesting upside of 6.5%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 18.5, implying annual growth of 17.1%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 25.8.

Forecast for FY23:

Current consensus EPS estimate is 21.7, implying annual growth of 17.3%.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 22.0.

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

IGL    IVE GROUP LIMITED

Media – Overnight Price: $1.60

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

IVE Group reported another resilient result in difficult conditions, Bell Potter believes, highlighted by margin expansion, debt reduction and capital management. No FY22 guidance was offered due to covid risk, but management is confident of one-two year revenue growth.

The company is gaining market share, the broker notes, and is well positioned to continue to do so. The share buyback underpins confidence. The balance sheet offers M&A capacity.

Target rises to $1.90 from $1.70, Buy retained.

This report was published on August 27, 2021.

Target price is $1.90 Current Price is $1.60 Difference: $0.3
If IGL meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 14.00 cents and EPS of 21.40 cents.
At the last closing share price the estimated dividend yield is 8.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.48.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 14.80 cents and EPS of 24.10 cents.
At the last closing share price the estimated dividend yield is 9.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.64.

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


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

Following FY21 results and after allowing for the operating environment, Shaw and Partners makes minor changes across margins and increases cash flow forecasts materially. The broker raises its price target to $1.95 from $1.94 and retains its Buy rating.

The analyst points out management delivered significant de-leveraging and cemented its competitive number one position. Underlying earnings (EBITDA) of $100.2m (including JobKeeper) were flat year-on-year and slightly above guidance for $100m.

There was volatility across the economy during the period and key segments (tourism) remained under pressure, explains the analyst. Despite this, margins of 12.6% were achieved in the second half.

This report was published on August 26, 2021.

Target price is $1.95 Current Price is $1.60 Difference: $0.35
If IGL meets the Shaw and Partners target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 14.10 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 8.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.41.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 16.20 cents and EPS of 24.70 cents.
At the last closing share price the estimated dividend yield is 10.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.48.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $9.10

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

Shaw and Partners assesses a good first half as downstream markets continue to demonstrate robust demand. Due to some supply uncertainty, the backdrop for pricing tailwinds is considered to continue into the second half. 

First half profit was up 14% on the previous corresponding period. Mineral sands earnings (EBITDA) rose 69%, driven by growth in sales volume and prices, while the earnings margin lifted to 41% from 39%. This was partly offset by an appreciation of the Australian dollar.

Shaw and Partners retains its Buy rating and increases its target price to $10 from $8.

This report was published on August 26, 2021. 

Target price is $10.00 Current Price is $9.10 Difference: $0.9
If ILU meets the Shaw and Partners target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $9.57, suggesting upside of 5.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 34.00 cents and EPS of 60.60 cents.
At the last closing share price the estimated dividend yield is 3.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.3, implying annual growth of -88.4%.
Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 32.00 cents and EPS of 63.70 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.3, implying annual growth of 15.1%.
Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: 0.4
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: $1.19

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

Prolonged delays to elective procedures due to covid saw Imricor Medical Systems' revenues fall well below forecast in the first half. Management expects an acceleration of sales in the second half — covid dependent.

Bell Potter remains positive on the technology in terms of its clinical and health economic utility in the hospital setting and maintains a long-term positive thesis. Investors have been disappointed in the rate of new account additions, but covid is to blame.

The broker retains a Buy (Speculative) rating, cutting its target to $2.00 from $2.45.

This report was published on August 27, 2021.

Target price is $2.00 Current Price is $1.19 Difference: $0.81
If IMR meets the Bell Potter target it will return approximately 68% (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 19.41 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.13.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 14.23 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.36.

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) –

First half results were in line with expectations. Covid restrictions on hospital procedures meant minimal revenue for the business. No guidance has been provided although the company believes it can accelerate its expansion program as conditions ease.

Moelis notes there is a large addressable market in Europe alone, while growth will be driven in the short term by converting the 49 hospitals in the pipeline. In the medium term there is upside from new indications and new geographies.

The broker expects clinical trials for VT in Europe and AFL in the US to commence in 2022.

Buy rating retained. Target price is reduced to $2.41 from $2.70.

This report was published on August 26, 2021.

Target price is $2.41 Current Price is $1.19 Difference: $1.22
If IMR meets the Moelis target it will return approximately 103% (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 14.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.15.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 11.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.63.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $15.55

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

Jumbo Interactive's FY21 sales were up 14% on FY20 results, while underlying earnings were up 11%, which Goldman Sachs notes was a -5% miss on its forecast. The company also announced a 18.5 cent final dividend per share. 

The company also announced it has entered an agreement for the acquisition of Stride Management Inc for $11.7m. Stride Management has more than 750,000 active lottery players and generates an estimated $6.5m in revenue. 

The Neutral rating is retained and the target price increases to $16.00 from $15.00. 

This report was published on August 26, 2021.

Target price is $16.00 Current Price is $15.55 Difference: $0.45
If JIN meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $17.37, suggesting upside of 11.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 38.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.7, implying annual growth of 19.8%.
Current consensus DPS estimate is 38.6, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 30.1.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 63.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.7, implying annual growth of 21.3%.
Current consensus DPS estimate is 52.3, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 24.8.

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

LYL    LYCOPODIUM LIMITED

Mining Sector Contracting – Overnight Price: $4.45

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

Lycopodium's strong long-term track record of project delivery came to the fore in FY21, Bell Potter notes, in which
despite a difficult operating environment, margins rose to 16.4% after accelerating in the second half.

The broker is more confident of the company's ability to successfully navigate current operational challenges in its core international business, although potential for international project delays and deferrals remains given uncertain future covid measures.

On current multiples, Lycopodium nevertheless offers value in the broker's view. Target rises to $6.30 from $6.00, Buy retained.

This report was first published on August 27, 2021.

Target price is $6.30 Current Price is $4.45 Difference: $1.85
If LYL meets the Bell Potter target it will return approximately 42% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 27.00 cents and EPS of 38.60 cents.
At the last closing share price the estimated dividend yield is 6.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.53.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 32.00 cents and EPS of 46.70 cents.
At the last closing share price the estimated dividend yield is 7.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.53.

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

MAH    MACMAHON HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.20

Moelis rates ((MAH)) as Buy (1) –

Despite foreign exchange headwinds and labour challenges, Macmahon Holdings revealed a FY21 result in-line with the estimates of Moelis. This is the fourth consecutive year that the company has delivered on guidance. 

Management guided to FY22 revenue of $1.4bn-$1.5bn, underpinned by $1.3bn of secured work, points out the analyst. The broker lifts its FY22 earnings (EBIT) forecast by 4% to $100.8m and raises its target price to $0.35 from $0.32. The Buy rating is retained.

This report was published on August 25, 2021.

Target price is $0.35 Current Price is $0.20 Difference: $0.15
If MAH meets the Moelis target it will return approximately 75% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.70 cents and EPS of 2.70 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.41.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.70 cents and EPS of 2.80 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.14.

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

MAQ    MACQUARIE TELECOM GROUP LIMITED

Telecommunication – Overnight Price: $75.00

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

After another year of revenue and earnings growth, Macquarie Telecom has now notched up earnings growth for seven consecutive years, Bell Potter notes.

Revenue growth was achieved across the Cloud Services & Government and Data Centres divisions, which also saw earnings grow at a faster rate than revenue. The Telecom division saw earnings decline due to lockdowns.

After dramatically increasing its capex investment in FY21, the company will be continuing with its aggressive investment program.

Target rises to $73.45 from $66.30, Hold retained.

This report was published on August 27, 2021.

Target price is $73.45 Current Price is $75.00 Difference: minus $1.55 (current price is over target).
If MAQ meets the Bell Potter target it will return approximately minus 2% (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 0.00 cents and EPS of 4.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1630.43.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 52.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 143.40.

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

MGH    MAAS GROUP HOLDINGS LIMITED

Building Products & Services – Overnight Price: $5.20

Moelis rates ((MGH)) as Upgrade to Buy from Hold (1) –

FY21 operating earnings of $75.9m were ahead of estimates and at the upper end of guidance. Moelis notes the balance sheet has flexibility for further growth while the outbreaks of coronavirus across NSW and other regions have not had a huge impact on operations to date.

No guidance was provided for FY22 although the divisional commentary and recent acquisitions underpin the broker's FY22 EBITDA estimate of $120.7m amid potential upside. Moelis upgrades to Buy from Hold and reduces the target to $5.97 from $6.12.

This report was published on August 27, 2021. 

Target price is $5.97 Current Price is $5.20 Difference: $0.77
If MGH meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 7.00 cents and EPS of 22.80 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.81.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.80.

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

MLG    MLG OZ LIMITED

Mining Sector Contracting – Overnight Price: $0.93

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

MLG Oz reported a strong maiden result, slightly ahead of prospectus, on revenue growth driven by strong demand for haulage and some recoveries of higher costs, despite challenging labour market conditions, Bell Potter notes.

The completion of operations at Christmas Creek and new projects ramping-up are expected to provide an earnings headwind in the first half FY22, with earnings to be skewed to second.

MLG is experiencing strong demand for its integrated services, including being shortlisted for a significant opportunity with
Roy Hill, which would de-risk the broker's estimates to the upside.

Buy retained, target ticks up to $1.06 from $1.05.

This report was issued August 27, 2021.

Target price is $1.06 Current Price is $0.93 Difference: $0.13
If MLG meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 3.00 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 4.00 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.56.

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

MVP    MEDICAL DEVELOPMENTS INTERNATIONAL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $5.06

Moelis rates ((MVP)) as Buy (1) –

While FY21 results were in-line with guidance, Moelis assesses a weak result. This was considered largely driven by cost increases and revenue impacts from the transition to direct distribution in Europe, Australia and Canada.

The analyst points out that by excluding milestone payments, revenue from product sales declined by -26%. No dividend was declared and no guidance profferred though management ‘anticipates strong sales growth in FY22,’ as the EU expansion progresses.

The Australian business is back at pre-covid levels and the broker expects increased market penetration. An EU roll-out will be initially focused on France. In a sensible move, according to Moelis, a third party sales network will be utilised to quickly scale-up.

The broker maintains its Buy rating and lowers its target price to $5.40 from $7.03.

This report was published on August 25, 2021.

Target price is $5.40 Current Price is $5.06 Difference: $0.34
If MVP meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 12.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 39.53.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 7.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 71.27.

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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.30

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

FY21 results were largely in line with expectations. Operating expenditure was elevated because of market preparations for the Nextstellis launch in the US. Gross margin at the group level cam in at 45%, down -100 basis points from FY20. No FY22 guidance was provided.

Wilsons has an Overweight rating and 41c target under review.

This report was published on August 27, 2021.

Target price is $0.41 Current Price is $0.30 Difference: $0.11
If MYX meets the Wilsons target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $0.31, suggesting upside of 2.2%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is -1.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Current consensus EPS estimate is 1.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.8.

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

NIC    NICKEL MINES LIMITED

Nickel – Overnight Price: $0.95

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

Nickel Mines' first half result fell short of Bell Potter on higher cost of goods sold and other expenses. That said, revenue was up 27% and earnings up 51%. The key positive surprise was a 2c dividend.

The broker suggests this sends a strong signal on future shareholder returns and management’s expectations for a better second half performance. Improving nickel prices are expected to offset cost pressures.

The result demonstrates the miner’s strong growth phase and earnings leverage which, in the broker's view, sets it apart from its ASX-listed peers.

Buy retained, target falls to $1.50 from $1.52.

This report was published on August 27, 2021.

Target price is $1.50 Current Price is $0.95 Difference: $0.55
If NIC meets the Bell Potter target it will return approximately 58% (excluding dividends, fees and charges).
Current consensus price target is $1.25, suggesting upside of 31.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 5.32 cents and EPS of 10.50 cents.
At the last closing share price the estimated dividend yield is 5.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 7.98 cents and EPS of 19.28 cents.
At the last closing share price the estimated dividend yield is 8.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of -15.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


Shaw and Partners rates ((NIC)) as Upgrade to Hold from Sell (3) –

First half net profit was substantially ahead of the prior corresponding half yet below Shaw and Partners forecasts because of lower price realisations and higher costs.

The broker has changed the way it models the Hengjaya mine to align with the company's reporting methodology. While this has no impact on the bottom line or valuation, it reduces reported revenue by -US$60m per annum.

The broker assumes costs remain elevated for the rest of 2021 before reducing in 2022 as coal prices normalise. Margins are expected to improve in the second half and the broker upgrades to Hold from Sell. Target is unchanged at $1.05.

This report was published on August 27, 2021.

Target price is $1.05 Current Price is $0.95 Difference: $0.1
If NIC meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $1.25, suggesting upside of 31.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 8.78 cents and EPS of 7.85 cents.
At the last closing share price the estimated dividend yield is 9.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 12.76 cents and EPS of 11.44 cents.
At the last closing share price the estimated dividend yield is 13.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of -15.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.31

Moelis rates ((NSR)) as Downgrade to Sell from Hold (5) –

The FY21 EPS of 8.5c was a circa 2.5% beat versus the Moelis estimate. This was considered driven by an uplift in organic performance and another strong year for acquisitions.

The target rises to $2.11 from $1.91. After a share price rally the rating falls to Sell from Hold. The analyst highlights a strong rise in occupancy has been accompanied by rate growth, driving revenue per available square metre (RevPAM) 24.3% higher to $234.

Management has guided to a minimum of 10% EPS growth. Guidance assumes $200m-$300m of acquisitions, moderate occupancy and cap rate improvement.

This report was published on August 26, 2021.

Target price is $2.11 Current Price is $2.31 Difference: minus $0.2 (current price is over target).
If NSR meets the Moelis target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.18, suggesting downside of -5.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 8.90 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.0, implying annual growth of -70.3%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 25.7.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 9.30 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.2, implying annual growth of 2.2%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 25.1.

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: $8.26

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

Following FY21 results that were broadly in-line with expectations, Shaw and Partners believes the company has the gold inventory in place to underpin five-year growth plans. The final dividend increased to 9.5cps making the full year dividend 19cps.

While numbers were complicated by a period of M&A, including the Super Pit (KCGM) asset and the Saracen merger, earnings improved year-on-year as did margins, highlights the analyst.

Management confirmed FY22 guidance for production of 1.55-1.65Moz gold at an all-in sustaining cost (AISC) of $1,475-1,575/oz and capex of -$570m. Shaw and Partners retains its Buy rating and reduces its target price to $13 from $15.

This report was published on August 26, 2021.

Target price is $13.00 Current Price is $8.26 Difference: $4.74
If NST meets the Shaw and Partners target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $11.99, suggesting upside of 45.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 23.00 cents and EPS of 80.80 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.7, implying annual growth of -75.0%.
Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 28.8.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 25.00 cents and EPS of 114.50 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of 5.6%.
Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 27.3.

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $12.46

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

FY21 results were mixed, while FY22 guidance at the mid point is below Goldman Sachs forecasts albeit in line when adjusted for power pricing.

Goldman Sachs assesses the FY21 decline in yields reflects lower power pricing and a faster ramp up in hyper-scale billing. The main concern is the implication for facility returns although the broker is broadly comfortable with forecasts of 10-11% in returns.

Buy rating. Target is reduced by -3% to $14.40.

This report was published on August 27, 2021.

Target price is $14.40 Current Price is $12.46 Difference: $1.94
If NXT meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $14.44, suggesting upside of 15.9%(ex-dividends)
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 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.5, 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 830.7.

Forecast for FY23:

Goldman Sachs 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 1246.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.8, implying annual growth of 220.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 259.6.

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


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

FY21 results were softer than Wilsons expected although generally beat guidance. The broker highlights the fact that revenues can be influenced by power prices and energy costs. Higher power prices have a marginal positive impact on revenue.

Regardless, the broker considers the earnings outlook robust. Attention is expected to turn to contracted utilisation growth and the impact of regional lockdowns on developments. Overweight rating and $15.10 target are currently under review.

This report was published on August 27, 2021.

Target price is $15.10 Current Price is $12.46 Difference: $2.64
If NXT meets the Wilsons target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $14.44, suggesting upside of 15.9%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 1.5, 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 830.7.

Forecast for FY23:

Current consensus EPS estimate is 4.8, implying annual growth of 220.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 259.6.

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

OPY    OPENPAY GROUP LIMITED

Business & Consumer Credit – Overnight Price: $1.34

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

FY21 results were in line with expectations, being largely pre-announced. Active customers rose 69% to a record 541,000. Active merchants also improved, up 77%.

The main positive here, the broker notes, was evidence the relatively weaker trend of quarterly growth in the first half has been reversed. Cash in hand is $52m and, along with undrawn funding, a total of $214m provides ample headroom, in the broker's view.

The stock trades at a significant -44% discount to its BNPL peers on FY22 enterprise value/sales multiples and Shaw and Partners retains a Buy rating. Target is $3.50.

This report was published on August 27, 2021.

Target price is $3.50 Current Price is $1.34 Difference: $2.16
If OPY meets the Shaw and Partners target it will return approximately 161% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 34.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.84.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 16.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.12.

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

PBP    PROBIOTEC LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.23

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

Shaw and Partners assesses overall FY21 profit numbers were ahead of consensus forecasts at the bottom line and cash flows/balance sheet were a 170% beat. Cash flow strength was shown by the reversal of skew to favour the second half from the usual first half bias.

Operating earnings (EBITDA) were a 6% beat versus the broker, underwritten by packing assets, with OTC pharma remaining under pressure. Also, operating cash flows also were a 85% beat while the final DPS of 3cps was in-line.

With the Australian dollar under pressure and a structural move towards on-shoring and being closer to the consumer post-covid, the analyst believes the company is well placed to be a major beneficiary in Australia.

Shaw and Partners retains its Buy rating and lifts its target price to $2.90 from $2.77.

The report was published on August 26, 2021.

Target price is $2.90 Current Price is $2.23 Difference: $0.67
If PBP meets the Shaw and Partners target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 7.00 cents and EPS of 11.60 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 19.22.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 7.90 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.74.

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

PFP    PROPEL FUNERAL PARTNERS LIMITED

Consumer Products & Services – Overnight Price: $4.09

Moelis rates ((PFP)) as Buy (1) –

Following FY21 results, Moelis concludes a fall in case volumes was offset by resilient pricing, incremental acquisition earnings, strong cost control and circa $2.2m of government subsidies.

Second half funeral volume comparisons were positive and the trend continued into July 2021 (including record funeral cases for the company), points out the analyst. However, lockdown restrictions are considered likely to adversely impact pricing and mix.

Commencing in FY23, the broker assumes there will be two acquisitions per year. The target price is increased $4.13 from $3.52 and the Buy rating is retained.

This report was published on August 26, 2021. 

Target price is $4.13 Current Price is $4.09 Difference: $0.04
If PFP meets the Moelis target it will return approximately 1% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 9.50 cents and EPS of 13.60 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.07.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 10.90 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.22.

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

PNV    POLYNOVO LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.88

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

Polynovo reported a solid FY21 result, Bell Potter suggests, with revenues up 32% as pre-announced in July. NovoSorb BTM sales improved by 34%, with US sales improving by 49%. Earnings beat expectations.

The broker views this result, especially during a covid-impacted period, as a positive. The launch company's Syntrel hernia product will be delayed — now by two years from initial announcement — but this was not unexpected.

This takes the target down to $2.10 from $2.50. Hold retained due to the stock trading at a significant premium to domestic and international wound care and MedTech peers.

This report was published on August 27, 2021

Target price is $2.10 Current Price is $1.88 Difference: $0.22
If PNV meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1880.00.

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 188.00.

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

PPG    PRO-PAC PACKAGING LIMITED

Overnight Price: $0.22

Moelis rates ((PPG)) as Buy (1) –

Following FY21 results, Moelis backs management to further execute on the turnaround strategy. Revenue and underlying earnings (EBITDA) – pre-AASB 16 – were beats versus the broker's forecasts by 0.9% and 5.2%, respectively.

The analyst believes the result stems from a focus on fewer but more profitable product lines, higher margins coming through from the Supreme Packaging acquisition and operational efficiencies across segments.

Management points to a FY22 “focus on profitable revenue growth with confidence from early wins”, while certain programs are expected to deliver $7m in annual benefits. The broker upgrades FY22-24 EPS estimates by 30.9%, 31.2% and 32.6%, respectively.

Moelis upgrades its rating to Buy from Hold and raises its target price to $0.25 from $0.22.

This report was published on August 26, 2021.

Target price is $0.25 Current Price is $0.22 Difference: $0.03
If PPG meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.80 cents and EPS of 2.50 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.80.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 1.10 cents and EPS of 2.60 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.46.

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


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

FY21 results revealed revenues and profit (PBT) ahead of Shaw and Partners estimates. Group revenues were a beat by $6m and included $11m of new business wins. The broker retains its Buy rating and raises its target price to $0.31 from $0.30.

Profit included 7% margins for Flexibles, a return to profitability for the Industrials business and some normalisation in Rigid, after strong FY20 covid-tailwinds, explains the analyst. Despite lower revenues, portfolio consolidation is considered to be lifting profit margins. 

According to Shaw and Partners, there's compelling value on offer as the company trades at a material discount to peers.

This report was published on 26 August, 2021.

Target price is $0.31 Current Price is $0.22 Difference: $0.09
If PPG meets the Shaw and Partners target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.90 cents and EPS of 2.40 cents.
At the last closing share price the estimated dividend yield is 4.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.17.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 1.10 cents and EPS of 2.70 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.15.

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

RFG    RETAIL FOOD GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.08

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

Shaw and Partners assesses a very strong FY21 result, with earnings (EBITDA) higher than forecast and key operating metrics well ahead of expectations. Same store sales growth and brand network outlet numbers were some of the outperforming metrics.

Despite a wobbly balance sheet, legacy regulatory issues and covid-19, the analyst feels the multi-year turnaround effort is progressing. Further comfort is derived from a read through on the current ACCC court action. The Buy rating and $0.14 target price are unchanged.

This report was published on August 26, 2021.

Target price is $0.14 Current Price is $0.08 Difference: $0.06
If RFG meets the Shaw and Partners target it will return approximately 75% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.20 cents and EPS of 0.80 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.50 cents and EPS of 1.00 cents.
At the last closing share price the estimated dividend yield is 6.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.00.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.30

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

FY21 net profit was up 12% and ahead of forecasts. The record result came on the back of stronger production and higher gold prices, partially offset by rising costs.

Shaw and Partners notes FY22 is expected to be another strong year, although reduces forecasts because of higher depreciation and amortisation expenses. There was no further news on growth options.

Buy rating maintained. Target is reduced to $2.49 from $2.57.

This report was published on August 27, 2021. 

Target price is $2.49 Current Price is $1.30 Difference: $1.19
If RMS meets the Shaw and Partners target it will return approximately 92% (excluding dividends, fees and charges).
Current consensus price target is $2.11, suggesting upside of 62.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners 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 4.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.0, implying annual growth of -36.1%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 13.0.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 11.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 8.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of -4.0%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 13.5.

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

RMY    RMA GLOBAL LIMITED

Real Estate – Overnight Price: $0.20

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

RMA Global reported a 52% increase in FY21 revenue in line with Bell Potter's forecast, driven by a solid uplift in product adoption within A&NZ.

The broker sees momentum building within the US in FY22, with the company having now partnered with four major
national agency groups to expand its market presence and drive ongoing platform adoption.

This should lead to a step-change in US subscription adoption over the year ahead, the broker suggests.

Buy (Speculative) and 38c target retained.

This report was published on August 27, 2021.

Target price is $0.38 Current Price is $0.20 Difference: $0.18
If RMY meets the Bell Potter target it will return approximately 90% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.38.

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

SLA    SILK LASER AUSTRALIA LIMITED

Healthcare services – Overnight Price: $4.28

Wilsons rates ((SLA)) as Upgrade to Overweight from Market Weight (1) –

Silk Laser Australia's earnings were resilient in the second half according to Wilsons. The thirteen clinics being impacted by covid lockdowns are reportedly not significant profit drivers, and the broker notes clinic maturation in core clinics has partially offset impact. 

Settlement on the transaction of Australian Skin Clinics is expected in September, and Wilsons notes covid restrictions will be more impactful following the acquisition with a higher number of clinics in affected areas. 

The rating is upgraded to Overweight from Market Weight and the target price decreases to $4.50 from $4.54.

This report was published on August 26, 2021. 

Target price is $4.50 Current Price is $4.28 Difference: $0.22
If SLA meets the Wilsons target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 15.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.34.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.61.

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

SLH    SILK LOGISTICS HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $2.19

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

FY21 results were ahead of prospectus as well as forecasts. Shaw and Partners makes no material changes to forecasts yet notes the positive momentum heading into FY22.

The broker considers the business well-positioned for profitable growth, being in an attractive and large addressable market that is very fragmented. There is also minimal debt, management expertise is high and the risk/reward equation has become compelling.

Buy rating and $3.15 target maintained.

This report was published on August 27, 2021.

Target price is $3.15 Current Price is $2.19 Difference: $0.96
If SLH meets the Shaw and Partners target it will return approximately 44% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 9.00 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 4.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.03.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 10.00 cents and EPS of 20.70 cents.
At the last closing share price the estimated dividend yield is 4.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.58.

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

SLK    SEALINK TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $8.99

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

SeaLink Travel's 85% FY21 earnings increase fell a little short of Bell Potter. The dividend was in line.

The main driver of the result was a full 12-month contribution from the Transit acquisition, new contract wins and a rebound in the
performance of the Marine & Tourism business.

SeaLink continues to deliver on its growth strategy and is positively leveraged to domestic tourism over the medium term, the broker notes, but short term headwinds in the UK bus business and the absence of strong operating conditions for the company’s Marine & Tourism business pose downside risk to earnings across the first half FY22.

No guidance was offered. Target falls to $9.00 from $9.50, Hold retained.

This report was published on August 27, 2021.

Target price is $9.00 Current Price is $8.99 Difference: $0.01
If SLK meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $10.00, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 19.00 cents and EPS of 36.20 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.0, implying annual growth of 96.4%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 21.50 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 2.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.1, implying annual growth of 23.8%.
Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 21.4.

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

SSM    SERVICE STREAM LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.86

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

Service Stream's result was in line with the details it provided alongside the previous announcement of its acquisition of Lendlease Services, with lower NBN activation and construction volumes leading Telecommunications revenues to decline by -28%.

Management stated that it has not yet seen material financial impacts from current lockdowns across Australia and does not expect lockdowns to continue throughout the year.

Bell Potter believes additional operational risks would exist in the event of long-lasting lockdowns beyond the first half FY22 and as such adopts slightly more conservative estimates, albeit retaining Buy and a $1.15 target.

The key catalyst will be the successful integration of Lendlease Services.

This report was published on August 27, 2021. 

Target price is $1.15 Current Price is $0.86 Difference: $0.29
If SSM meets the Bell Potter target it will return approximately 34% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 3.00 cents and EPS of 6.20 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.87.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 5.00 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 5.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.77.

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

ST1    SPIRIT TECHNOLOGY SOLUTIONS LIMITED

Telecommunication – Overnight Price: $0.24

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

While mainly pre-released, Shaw and Partners assesses a strong set of FY21 results. The first quarter of FY22 has been lockdown-affected and a resumption in economic activity and a small to medium business reopening is required to elevate margins.

The analyst reminds us that based upon recoveries from prior lockdowns, there's likely be a substantial bounce back in demand and a reopening thematic is likely to dominate from the second quarter onwards.

The broker lowers its target price to $0.43 from $0.46 and it's Buy rating is unchanged.

This report was published on August 26, 2021.

Target price is $0.43 Current Price is $0.24 Difference: $0.19
If ST1 meets the Shaw and Partners target it will return approximately 79% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.46.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

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

SXE    SOUTHERN CROSS ELECTRICAL ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.64

Moelis rates ((SXE)) as Buy (1) –

Moelis notes a FY21 revenue miss though earnings were slightly ahead partly due to a strong margin performance. Earnings (EBITDA) of $29.6m compared to an expectation for $28.8m. It should be noted this includes $8.1m in JobKeeper benefits.

The analyst points out gross profit margins, excluding one-offs, were 13.5% above the historical average due to improved project mix (including Trivantage). Additionally, there was no repeat of lower margin transport projects from the prior period, explains the broker.

The final dividend of 4cps fully franked was a beat on the 3cps forecast by Moelis. The broker maintains its Buy rating and lowers its target price to $0.73 from $0.77. The FY21 revenue miss is thought to highlight potential risk to earnings from project delays and covid. 

The report was published on August 26, 2021.

Target price is $0.73 Current Price is $0.64 Difference: $0.09
If SXE meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 4.50 cents and EPS of 5.80 cents.
At the last closing share price the estimated dividend yield is 7.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.03.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 4.50 cents and EPS of 6.60 cents.
At the last closing share price the estimated dividend yield is 7.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.70.

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $7.92

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

Universal Store Holdings' FY21 profits after tax of $30.4m were in line with consensus forecasts. Highlights for Wilsons included strong underlying store sales growth. 

The broker also highlights the company is accelerating the store rollout plan, and intends to open seven stores in the first half of FY22 and three stores in the second half of FY22, well ahead of Wilsons' previous forecast. 

The underlying earnings forecast is updated by -26.9% and 3.2% for FY22 and FY23, with FY22 being negatively impacted by covid lockdowns.

The Overweight rating is retained and the target price increases to $8.70 from $8.60.

This report was published on August 26, 2021.

Target price is $8.70 Current Price is $7.92 Difference: $0.78
If UNI meets the Wilsons target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 18.00 cents and EPS of 29.90 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.49.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 40.20 cents and EPS of 57.50 cents.
At the last closing share price the estimated dividend yield is 5.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.77.

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

VVA    VIVA LEISURE LIMITED

Travel, Leisure & Tourism – Overnight Price: $2.40

Moelis rates ((VVA)) as Buy (1) –

Viva Leisure has completed a placement worth $11.7m with proceeds being used to strengthen the balance sheet and fund acquisitions. Moelis adjusts estimates to incorporate the placement and believes the company is now well able to re-commence its roll-out.

The broker assesses there are several benefits from raising equity now, allowing the roll-out to commence as soon as possible when lockdowns are lifted. Buy rating maintained. Target is reduced to $2.42 from $2.45.

This report was published on August 27, 2021.

Target price is $2.42 Current Price is $2.40 Difference: $0.02
If VVA meets the Moelis target it will return approximately 1% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 150.00.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of 9.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.74.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $3.27

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

Whitehaven Coal reported in line with expectations. A $457m after-tax impairment was reported which mostly related to coal reserve reductions and mine-plan changes at Narrabri, Bell Potter notes.

FY22 guidance suggests coal sales below the broker's estimate, costs in line and capex materially higher, although coal prices have run to record levels which could result in a rapid de-gearing phase and a return to dividends.

Buy retained in recognition of valuation and the significant cash flow the miner’s assets are currently generating. Target rises to $2.60 from $2.40.

This report was published on August 27, 2021.

Target price is $2.60 Current Price is $3.27 Difference: minus $0.67 (current price is over target).
If WHC meets the Bell Potter target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.99, suggesting downside of -8.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 7.00 cents and EPS of 28.30 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 11.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.0, implying annual growth of N/A.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 7.0.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 9.00 cents and EPS of 18.40 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 17.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of -57.4%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 16.3.

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


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

The FY21 loss was in line with expectations and Shaw and Partners describes the year as the company's "annus horribilis". The outlook is now better for FY22 as a strong coal price has allowed the balance sheet to be de-leveraged and cash returned.

Whitehaven Coal expects that, at current prices, it will be debt free in the second half of FY22. The broker remarks on the velocity of the de-leveraging, demonstrated by the retiring of $178m in debt since June 30.

The company is not planning to start on its two greenfield projects just yet, intending to "get a year or so behind us" in terms of stellar coal prices. Shaw and Partners retains a Buy rating with a $3.50 target.

This report was published on August 27, 2021.

Target price is $3.50 Current Price is $3.27 Difference: $0.23
If WHC meets the Shaw and Partners target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.99, suggesting downside of -8.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 13.00 cents and EPS of 37.40 cents.
At the last closing share price the estimated dividend yield is 3.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.0, implying annual growth of N/A.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 7.0.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 7.00 cents and EPS of 19.10 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 17.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of -57.4%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 16.3.

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

WPR    WAYPOINT REIT LIMITED

REITs – Overnight Price: $2.75

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

First half distributable earnings were slightly below Goldman Sachs estimates while 2021 guidance for 15.72c has been confirmed, representing 3.75% growth over the prior year. The A-REIT will move to a quarterly distribution as of the September quarter.

Waypoint has proposed $150m in capital management initiatives including a $75m buyback. Five new leases and options have been finalised with a 3.5% uplift to rental income.

The main risks Goldman Sachs envisages are tenant concentration issues as revenue is largely earned from one tenant, Viva Energy ((VEA)).

Buy rating retained with a target price of $2.89.

This report was published on August 27, 2021.

Target price is $2.89 Current Price is $2.75 Difference: $0.14
If WPR meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.87, suggesting upside of 4.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.9, implying annual growth of -55.6%.
Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 17.3.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 1.3%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 17.1.

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

WSP    WHISPIR LIMITED

Cloud services – Overnight Price: $2.24

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

As most metrics had been pre-released, FY21 results delivered few surprises to Shaw and Partners. FY22 guidance was in-line with expectations and the broker makes only minor forecast changes. The Buy rating and $4.75 price target are unchanged.

The analyst believes investors should derive confidence from the ongoing decline in revenue churn, and cohort data continues to reinforce the business model.

Segmental disclosure showed North American revenue declined in FY21 due a pivot to target the underserved SME market, explains the broker. Nonetheless, momentum is expected to improve in the second half of FY22.

This report was published on August 26, 2021.

Target price is $4.75 Current Price is $2.24 Difference: $2.51
If WSP meets the Shaw and Partners target it will return approximately 112% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 16.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.41.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 13.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.59.

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


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

Whispir experienced solid growth throughout FY21, with reported total revenue of $47.7m representing a 22% increase on the previous year. Wilsons notes the company remains confident of continued growth, with Australia as the primary financial growth driver in FY22. 

Looking ahead, the company will materially accelerate investment in people and product, spending $17.5m on research and development in FY22 and $23m in FY23.

The Overweight rating is retained and the target price decreases to $4.42 from $5.07.

This report was published on August 26, 2021.

Target price is $4.42 Current Price is $2.24 Difference: $2.18
If WSP meets the Wilsons target it will return approximately 97% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 14.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.34.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 10.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.54.

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

WTC    WISETECH GLOBAL LIMITED

Cloud services – Overnight Price: $52.50

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

Shaw and Partners assesses a strong FY21 result, driven by accelerating organic revenue growth and flat year-on-year cash costs. It's thought FY22 guidance implies acceleration in organic revenue, with earnings (EBITDA) guidance circa 15% better than forecast. 

The FY21 beat was driven by accelerating organic revenue growth combined with flat costs, summarises the broker.

Shaw and Partners maintains its Hold rating and lifts its target price to $46 from $36.20 as its FY22-24 forecasts rise by 15-20%. It's estimated the company added $78m of net revenue, split between $89m organic and an $11m contribution from FY20/21 acquisitions.

This report was published on August 26, 2021.

Target price is $46.00 Current Price is $52.50 Difference: minus $6.5 (current price is over target).
If WTC meets the Shaw and Partners target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $39.13, suggesting downside of -25.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 8.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 0.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 107.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.9, implying annual growth of 41.0%.
Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 111.9.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 9.40 cents and EPS of 58.20 cents.
At the last closing share price the estimated dividend yield is 0.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 90.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.4, implying annual growth of 41.6%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 79.1.

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

WZR    WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.27

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

FY21 results were in line with expectations. Sales were up 280% to $27m while cash earnings also improved. Total loan origination was $611m as of June 30.

The company has successfully completed its maiden issue of $225m in asset-backed securities including a AAA-rated senior tranche.

Shaw and Partners believes a significant opportunity exists for a re-rating in the near future, given the new vehicle product being launched. The broker expects a highly profitable business will emerge as Wisr scales up to a medium-term target of $1bn in loans.

Shaw maintains its Buy rating and $0.55 target price.

This report was published on August 27, 2021.

Target price is $0.55 Current Price is $0.27 Difference: $0.28
If WZR meets the Shaw and Partners target it will return approximately 104% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.88.

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

Z1P    ZIP CO LIMITED

Business & Consumer Credit – Overnight Price: $7.10

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

Shaw and Partners points out FY21 revenues of $403.2m were up 150% year-on-year and above numbers that were pre-released. Cash gross profit was a 10% beat versus the analyst's expectations as Pay in 4 improved margins.

The broker assesses a strong start to FY22 with year-to-date A&NZ and US volumes up 58% and 240%, respectively, compared to FY21. The A&NZ volumes should be viewed in light of a deterioration in the retail environment because of a stronger competitors.

This includes PayPal launching in Australia and Klarna being more aggressive, explains the analyst. After increasing forecast revenues by 2% and decreasing cash earnings (EBTDA) forecasts by circa -$20m in FY22/23, the broker's target price falls to $15.36 from 16.25. 

Shaw and Partners retains its Buy rating.

This report was published on August 26, 2021.

Target price is $15.36 Current Price is $7.10 Difference: $8.26
If Z1P meets the Shaw and Partners target it will return approximately 116% (excluding dividends, fees and charges).
Current consensus price target is $7.67, suggesting upside of 8.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 9.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 73.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -10.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1775.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.5, 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 1420.0.

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


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

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

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

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