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Australian Broker Call *Extra* Edition – Oct 12, 2021

Daily Market Reports | Oct 12 2021

This story features 4DMEDICAL LIMITED, and other companies. For more info SHARE ANALYSIS: 4DX

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)

4DX   ALX   AMA (2)   ANP   AWC   AZS   BRG   BWX   BXB   CAI   COE   DCN   DGO   DOC   EVS   FMG   GNC   MFG   MQG   NWH   OBL   PNR   RMD   S32   SFR   TIE   TLS   TNE   TTM   UWL  

4DX    4DMEDICAL LIMITED

Medical Equipment & Devices – Overnight Price: $1.30

Bell Potter rates ((4DX)) as Upgrade to Buy from Hold (1) –

4Medical has announced iMed as its Australian clinical pilot program partner for the XV Lung Ventilation Analysis Software. The trial will commence Phase 2, expanding out of Victoria. 

Bell Potter notes the decision to expand the trial to further sites suggests clinicians are gaining benefits from the technology and the system is likely integrating well with the normal radiology practice workflows. 

The broker highlights an announcement of a commercial supply arrangement for the above mentioned software will be a catalyst for the stock.

The rating is upgraded to Buy from Hold and the target price increases to $2.00 from $1.80.

The report was published on September 8, 2021.

Target price is $2.00 Current Price is $1.30 Difference: $0.7
If 4DX meets the Bell Potter target it will return approximately 54% (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 5.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.64.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 76.47.

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

ALX    ATLAS ARTERIA

Infrastructure & Utilities – Overnight Price: $6.40

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

While the current share price is trading in-line with Jarden's price target, the broker maintains its Overweight rating for the potential benefits from a post-covid European traffic recovery. The dividend yield is also considered attractive.

Moreover, the analyst feels a potential acquisition or participation in major road maintenance projects in France may allow for an extension of the concession term for APRR. It's thought an increase in tariff by way of compensation is also possible.

Also, Jarden believes media reports suggesting a candidate in the next French presidential elections plans to nationalise French motorways is likely positive. The broker points to a rally in an APPR co-investor's share price after the reports. 

The Overweight rating and $7 target price are retained.

This report was published on September 9, 2021.

Target price is $7.00 Current Price is $6.40 Difference: $0.6
If ALX meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.72, suggesting upside of 5.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 31.00 cents and EPS of 27.20 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 23.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.2, implying annual growth of N/A.
Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 17.5.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 39.00 cents and EPS of 39.90 cents.
At the last closing share price the estimated dividend yield is 6.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.7, implying annual growth of 45.6%.
Current consensus DPS estimate is 39.0, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.0.

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

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.47

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

AMA Group has announced a debt restructure and $150m capital raising. Moelis notes this will reduce net debt to $81.5m from $173.3m, and allows headroom for the company to weather further covid impacts which are expected to continue into the first half of FY22.  

Despite this, the company's medium term revenue and margins targets imply an expected strong recovery, and AMA Group noted there was a quick volume recovery following the easing of restrictions in 2020. 

The rating is upgraded to Buy from Hold and the target price decreases to $0.57 from $0.75. 

This report was published on September 13, 2021.

Target price is $0.57 Current Price is $0.47 Difference: $0.1
If AMA meets the Moelis target it will return approximately 21% (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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 470.00.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.50 cents and EPS of 1.60 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.37.

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


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

In a bid to address balance sheet concerns, AMA Group has announced a $150m capital raising and debt facility restructure. Wilsons notes this should also enhance liquidity to address covid impacts and provide a platform for growth for the company.

The broker also highlighted that challenging operational conditions continue, and while management is targeting margin improvement, the broker awaits evidence in this area. Wilsons updates FY22 sales forecasts by -7% and underlying earnings by -16%. 

The Market Weight rating is retained and the target price decreases to $0.41 from $0.47. 

This report was published on September 13, 2021.

Target price is $0.41 Current Price is $0.47 Difference: minus $0.06 (current price is over target).
If AMA meets the Wilsons target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 52.22.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.36.

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

ANP    ANTISENSE THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.22

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

As per FDA feedback, Antisense Therapeutics' ATL1102 treatment will undergo a nine month non-clinical toxicology study, having been refused an exemption from the study. This is consistent with FDA requirements for the drug class. 

Wilsons notes there is low risk of new adverse events in this trial given the treatment has completed two prior six month toxicology studies. 

The Overweight rating and target price of $0.63 are retained. 

This report was published on September 8, 2021.

Target price is $0.63 Current Price is $0.22 Difference: $0.41
If ANP meets the Wilsons target it will return approximately 186% (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 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.00.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 73.33.

Market Sentiment: 1.0
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: $2.15

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

Shaw and Partners has considered three events impacting upon alumina supply at present. The analyst reminds us of 2018-19 supply disruption when the alumina price more than doubled.

The broker retains its Buy rating for Alumina Ltd and sets its target price at $2.20.

This research was published on September 10, 2021.

Target price is $2.20 Current Price is $2.15 Difference: $0.05
If AWC meets the Shaw and Partners target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.91, suggesting downside of -15.5%(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 4.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.4, implying annual growth of N/A.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 26.9.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 9.30 cents and EPS of 9.17 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.2, implying annual growth of 21.4%.
Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 22.2.

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

AZS    AZURE MINERALS LIMITED

Mining – Overnight Price: $0.30

Euroz Hartleys rates ((AZS)) as Speculative Buy (2) –

Euroz Hartleys is encouraged by the the tenor and consistency of assay results from VC-07 East at the company's Andover nickel/copper project in the Pilbara. A maiden mineral resource estimate is expected in early 2022.

The analyst notes the company remains well funded, with $30m in cash at 30 June 2021. The broker retains its $0.75 target price and Speculative Buy rating.

This report was published on September 13, 2021.

Target price is $0.75 Current Price is $0.30 Difference: $0.45
If AZS meets the Euroz Hartleys target it will return approximately 150% (excluding dividends, fees and charges).

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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $26.85

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

Despite overwhelmingly positive results reported by Breville Group's peers on the second quarter, including average earnings per share forecast upgrades of 7.6%, share prices on these companies have fallen by an average -1.7% post results. 

Wilsons notes this drop is surprising, and maintains that consumer demand remains strong and the trend for higher quality products continues. While Breville Group is yet to provide FY22 guidance, some peers are guiding to like for like sales growth in the low twenties. 

The Market Weight rating is retained and the target price increases to $26.70 from $26.69.

This report was published on September 8, 2021. 

Target price is $26.70 Current Price is $26.85 Difference: minus $0.15 (current price is over target).
If BRG meets the Wilsons target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $33.59, suggesting upside of 24.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 31.50 cents and EPS of 73.30 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.6, implying annual growth of 16.5%.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 35.4.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 37.00 cents and EPS of 85.50 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.9, implying annual growth of 14.8%.
Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 30.8.

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

BWX    BWX LIMITED

Household & Personal Products – Overnight Price: $4.76

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

BWX has acquired 50.1% of Go-To Skincare, successfully raising the $85m needed to fund the transaction through equity placement. Bell Potter notes Go-To has a demonstrated growth track record, and represents around 1.6% of the Australian skincare market.

The companies plan to accelerate Go-To Skincare's international footprint and Bell Potter expects the partnership to support BWX's growth and direct to customer exposure. 

Despite BWX not providing FY22 guidance given current uncertainty, Bell Potter increases underlying earnings forecasts 15.2% and 24.3% for FY22 and FY23.

The Buy rating is retained and the target price increases to $6.10 from $5.70.

This report was published on September 9, 2021.

Target price is $6.10 Current Price is $4.76 Difference: $1.34
If BWX meets the Bell Potter target it will return approximately 28% (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 6.10 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 1.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.74.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 8.60 cents and EPS of 24.40 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.51.

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $10.21

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

Jarden is anticipating an update on Brambles' plastic pallet investment at the upcoming Strategy Day, but does expect it may be early into the plastic pallet trial to have substantive results. 

The broker also expects more detail on the FY21 result and FY22 outlook to be provided. Jarden is also looking to hear more about returns from recent increased costs into the company's Digital and Shaping our Future programs and potential continuing transformation costs.

The Overweight rating and target price of $12.75 are retained. 

This report was published on September 8, 2021.

Target price is $12.75 Current Price is $10.21 Difference: $2.54
If BXB meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $12.60, suggesting upside of 22.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 31.63 cents and EPS of 52.89 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.5, implying annual growth of N/A.
Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 35.48 cents and EPS of 54.62 cents.
At the last closing share price the estimated dividend yield is 3.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.7, implying annual growth of 9.2%.
Current consensus DPS estimate is 34.2, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 16.6.

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

CAI    CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.60

Canaccord Genuity rates ((CAI)) as Spec Buy (1) –

After the recent drilling program at the Blue Spec satellite deposit, 75km from the flagship Warrawoona Gold Project in WA, Canaccord Genuity lifts its target price to $0.80 from $0.70. The Speculative Buy rating is maintained.

The analyst feels Blue Spec has the potential to lift project production to an average of over 100koz over the life of mine (LOM). The current broker forecast is for 80kozpa over an eight-year mine life with all-in-sustaining costs (AISC) of $1,292/oz.

This report was published on September 10, 2021.

Target price is $0.80 Current Price is $0.60 Difference: $0.2
If CAI meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 60.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.75.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.28

Euroz Hartleys rates ((COE)) as Buy (1) –

The revised gas sales agreements (GSA) for Otway and Sole with AGL Energy ((AGL)) arguably aligns production with offtake, removing longer-term risks, according to Euroz Hartleys.

The analyst considers the share price is oversold. It's thought line-of-sight to 68TJ/d nameplate, and firm-timing on Manta and Otway funding and expansion should cause a re-rate.

The Buy rating and $0.40 target price are unchanged.

This report was published on September 13, 2021.

Target price is $0.40 Current Price is $0.28 Difference: $0.12
If COE meets the Euroz Hartleys target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $0.27, suggesting downside of -3.6%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is -0.8, 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:

Current consensus EPS estimate is 0.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 40.0.

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

DCN    DACIAN GOLD LIMITED

Gold & Silver – Overnight Price: $0.21

Canaccord Genuity rates ((DCN)) as Spec Buy (1) –

After reviewing the five year mine plan for the Laverton gold operations, Canaccord Genuity estimates annual production is on average -9% lower than its prior estimates. However, an additional year of production is noted, which brings recovered ounces to 580koz.

The analyst explains the lower annual production rate is largely from a lower-than-expected contribution from the Redcliffe assets. While forecast changes result in lower medium-term production and higher costs, there's thought good scope for positive exploration results.

The Speculative Buy rating is unchanged and the target price falls to $0.40 from $0.45.

This report was published on September 9, 2021.

Target price is $0.40 Current Price is $0.21 Difference: $0.19
If DCN meets the Canaccord Genuity target it will return approximately 90% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.25.

Forecast for FY23:

Canaccord Genuity 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 3.50.

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

DGO    DGO GOLD LIMITED

Gold & Silver – Overnight Price: $2.99

Bell Potter rates ((DGO)) as Initiation of coverage with Buy (1) –

Bell Potter initiates coverage on DGO Gold with a $4.67 target price and Buy rating. Apart from the company's own exploration portfolio, the strategy is to generate shareholder value through investing in gold exploration and development companies. 

The rationale for investment in development companies is that per ounce gold resources trading multiples are significantly higher than per ounce gold discovery costs.

The analyst feels the company provides an attractive portfolio approach to Australian gold exploration investing. The company’s ‘brownfield’ corporate investments include De Grey Mining ((DEG)), Dacian Gold ((DCN)) and Yandal Resources ((YRL)).

This report was published on September 10, 2021.

Target price is $4.67 Current Price is $2.99 Difference: $1.68
If DGO meets the Bell Potter target it will return approximately 56% (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 10.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.43.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 74.75.

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

DOC    DOCTOR CARE ANYWHERE GROUP PLC

Healthcare services – Overnight Price: $0.69

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

The Doctor Care Anywhere Group has acquired the Hobart-based GP2U, which provides telehealth for mental health consultations and general practitioner services in Australia. The cost is -$11m in scrip and cash, funded from existing reserves.

Management points out mental healthcare is well funded by Medicare, following recent funding increases in the Federal Budget and is highly scalable with minimal overhead investment.

The broker upgrades FY22 EPS forecasts by 4%, though leaves its $1.50 target price and Buy rating unchanged.

This report was published on September 10, 2021.

Target price is $1.50 Current Price is $0.69 Difference: $0.81
If DOC meets the Bell Potter target it will return approximately 117% (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 9.29 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.43.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 5.65 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.22.

This company reports in GBP. 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

EVS    ENVIROSUITE LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.18

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

Following Envirosuite entering into a proof of concept contract for its SeweX solution, a mathematical modelling tool, with Western Australia’s Water Corporation, Bell Potter raises its target price to $0.20 from $0.175.

SeweX details and predicts the physical, chemical and biological processes in sewers. The proof of concept is to monitor the sewer network and provide insights that reduce future costs of odour and corrosion management, improve safety and extend the network life.

Having not made prior sales, a proof of concept is necessary to prove it works. Should it work, the analyst sees significant upside from  global sales. The Buy rating is unchanged.

This report was published on September 10, 2021.

Target price is $0.20 Current Price is $0.18 Difference: $0.02
If EVS meets the Bell Potter target it will return approximately 11% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.71.

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

FMG    FORTESCUE METALS GROUP LIMITED

Iron Ore – Overnight Price: $15.00

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

Goldman Sachs notes that Fortescue Metals is targeting net zero emissions across its Pilbara iron ore operations and 15m tonnes per annum of green hydrogen production by 2030, the most ambitious decarbonisation goal set by a mining company globally. 

The company has committed US$1.1-1.3bn to decarbonisation efforts, but in Goldman Sachs' view there remains uncertainty around spend for Fortescue Future Industries.

The Sell rating is retained and the target price decreases to $18.00 from $19.90.

This report was published on September 13, 2021.

Target price is $18.00 Current Price is $15.00 Difference: $3
If FMG meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $18.16, suggesting upside of 19.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 336.21 cents and EPS of 442.53 cents.
At the last closing share price the estimated dividend yield is 22.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 338.4, implying annual growth of N/A.
Current consensus DPS estimate is 301.8, implying a prospective dividend yield of 19.9%.
Current consensus EPS estimate suggests the PER is 4.5.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 180.73 cents and EPS of 300.33 cents.
At the last closing share price the estimated dividend yield is 12.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.7, implying annual growth of -42.2%.
Current consensus DPS estimate is 167.4, implying a prospective dividend yield of 11.0%.
Current consensus EPS estimate suggests the PER is 7.8.

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

GNC    GRAINCORP LIMITED

Agriculture – Overnight Price: $6.53

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

The Australia Bureau of Agricultural and Resource Economics and Sciences (ABARES) is forecasting a record east coast winter crop of 26.5m tonnes, which would be a second consecutive above average crop.

Bell Potter notes a 98% historical accuracy from the ABARES September report. The broker updates profit after tax forecasts by 10% and 24% in FY22 and FY23 respectively. 

The Hold rating and target price of $6.00 are retained.

This report was published on September 8, 2021.

Target price is $6.00 Current Price is $6.53 Difference: minus $0.53 (current price is over target).
If GNC meets the Bell Potter target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.86, suggesting upside of 3.6%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 37.00 cents and EPS of 55.20 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 11.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.6, implying annual growth of 106.9%.
Current consensus DPS estimate is 29.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 11.5.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 38.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.0, implying annual growth of 0.7%.
Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 11.4.

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $33.41

Jarden rates ((MFG)) as Neutral (3) –

Jarden lowers its target price for Magellan Financial Group to $42 from $47.20 after forecasting negative flow assumptions for FY22 and FY23. It's thought there could be net outflows of -1% to -5% of assets under management (AUM) over the next three years.

The rate of outflow depends on relative fund performance and the group's distribution capability in the face of deteriorating performance, explains the analyst. Even with moderate performance from here, net inflows are thought unlikely through FY22. Neutral.

This report was published on September 10, 2021.

Target price is $42.00 Current Price is $33.41 Difference: $8.59
If MFG meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $37.03, suggesting upside of 12.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 227.40 cents and EPS of 234.80 cents.
At the last closing share price the estimated dividend yield is 6.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 241.1, implying annual growth of 66.7%.
Current consensus DPS estimate is 230.4, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 233.60 cents and EPS of 264.70 cents.
At the last closing share price the estimated dividend yield is 6.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 250.9, implying annual growth of 4.1%.
Current consensus DPS estimate is 232.2, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 13.1.

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

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $181.52

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

Macquarie Group is guiding to lower profit after tax in the first half of FY22 compared to the second half of FY21, but Goldman Sachs' forecast already accounted for a -17% profit after tax reduction. The broker now expects profit to be around -4% down on the previous half.

Earnings per share forecasts are updated by 9.5%, 0.4% and 0.4% through to FY24.

The Neutral rating is retained and the target price increases to $170.62 from $156.52.

This report was published on September 8, 2021.

Target price is $170.62 Current Price is $181.52 Difference: minus $10.9 (current price is over target).
If MQG meets the Goldman Sachs target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $174.82, suggesting downside of -4.0%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 580.00 cents and EPS of 894.00 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 911.3, implying annual growth of 8.1%.
Current consensus DPS estimate is 553.6, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 545.00 cents and EPS of 838.00 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 911.3, implying annual growth of N/A.
Current consensus DPS estimate is 576.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 20.0.

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

NWH    NRW HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $1.75

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

NRW Holdings, via its subsidiary Primero, has secured a larger-than-expected contract, assesses Cannacord Genuity. It is for the engineering, procurement and construction of the Mt Holland Concentrator project for Covalent Lithium.

In the analyst's view, this supports the company's original acquisition of Primero. The broker's unchanged revenue estimate for FY22 is $363m, highlighting the importance and size of this $290m win. The $2.44 target price and Buy rating are maintained.

This report was published on September 8, 2021.

Target price is $2.44 Current Price is $1.75 Difference: $0.69
If NWH meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 11.00 cents and EPS of 21.50 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.14.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 12.30 cents and EPS of 23.90 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 7.32.

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

OBL    OMNI BRIDGEWAY LIMITED

Diversified Financials – Overnight Price: $3.39

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

Goldman Sachs lowers its FY22 EPS forecast by -56% after removing -$170.5m from its net case income forecast after the loss of the Wivenhoe appeal raised by Seqwater. Any further appeal by Omni Bridgeway must be lodged by October 6, 2021.

While a disappointing outcome, the analyst notes it has no significant bearing on the overall positive thesis of the company.

The Wivenhoe case is the last of the remaining legacy (pre-fund structure) cases, and represents only 4% of total group litigation investments, explains Goldman Sachs.

The Buy rating and $5.70 target are retained.

This report was published on September 9, 2021. 

Target price is $5.70 Current Price is $3.39 Difference: $2.31
If OBL meets the Goldman Sachs target it will return approximately 68% (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 7.00 cents and EPS of 85.00 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.99.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 28.00 cents and EPS of 115.00 cents.
At the last closing share price the estimated dividend yield is 8.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.95.

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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.21

Euroz Hartleys rates ((PNR)) as Initiation of coverage with Speculative Buy (2) –

Pantoro released a maiden mineral resource estimate and ore reserve at the Green Lantern deposit at the Norseman Gold Project, of 6.8 mt at 1.4 g/t gold for 310koz. 

Euroz Hartleys sees potential to modify the mine plan and include Green Lantern towards the front-end, given the mineralisation is from surface, and remains open at depth and along strike.

The Speculative Buy rating and $0.34 target price are maintained.

This report was published on September 13, 2021.

Target price is $0.34 Current Price is $0.21 Difference: $0.13
If PNR meets the Euroz Hartleys target it will return approximately 62% (excluding dividends, fees and charges).

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $34.85

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

Goldman Sachs remains Neutral-rated on ResMed on valuation grounds. Following an investor day, the analyst came away enlightened regarding the increasing focus on data and digital health to drive adoption and improve outcomes.

In general terms, this pushes the structural trend towards out-of-hospital care, explains the broker. While supply chain challenges remain, management reiterated its expectation of a $300-350m revenue tailwind from a competitor recall for flow generators in FY22.

A ‘measurable’ increase in mask sales was also highlighted by the company. The broker retains its $36.20 price target.

This report was published on September 9, 2021. 

Target price is $36.20 Current Price is $34.85 Difference: $1.35
If RMD meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $38.21, suggesting upside of 11.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 22.59 cents and EPS of 85.05 cents.
At the last closing share price the estimated dividend yield is 0.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.9, implying annual growth of N/A.
Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 39.9.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 21.26 cents and EPS of 83.72 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 41.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.3, implying annual growth of 13.3%.
Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 35.3.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $3.65

Shaw and Partners rates ((S32)) as Buy (1) –

Shaw and Partners has considered three events impacting upon supply at present. The analyst reminds investors of the 2018-19 supply disruption when the alumina price more than doubled.

The broker has a Buy rating for South32 and notes the company further benefits from the price of met coal being at an all-time high. The target price is set at $3.60.

This research was published on September 10, 2021.

Target price is $3.60 Current Price is $3.65 Difference: minus $0.05 (current price is over target).
If S32 meets the Shaw and Partners target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.05, suggesting upside of 10.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 17.81 cents and EPS of 32.96 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.9, implying annual growth of N/A.
Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 7.7.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 15.81 cents and EPS of 28.57 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of -18.8%.
Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 9.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $5.40

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

Higher than expected costs have driven a miss on Goldman Sachs' forecast for Sandfire Resources' underlying earnings and profit after tax. The company reported underlying earnings of $450m and profit after tax of $170m, down -5% and -8% respectively. 

The final dividend of 26 cents per share was a sizeable beat on the broker's expected 14 cents per share. 

The broker awaits updates on the take-up of the Government stake in the Botswana/T3 project, which could generate $120m in cash, but the project is progressing.

Earnings per share forecasts went down -18% and -217% for FY22 and FY23 on increased exploration costs. The Neutral rating is retained and the target price decreases to $7.10 from $7.80.

This report was published on September 7, 2021. 

Target price is $7.10 Current Price is $5.40 Difference: $1.7
If SFR meets the Goldman Sachs target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $6.49, suggesting upside of 21.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 42.30 cents and EPS of 169.00 cents.
At the last closing share price the estimated dividend yield is 7.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.0, implying annual growth of -11.1%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 6.7.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 3.00 cents and EPS of minus 15.00 cents.
At the last closing share price the estimated dividend yield is 0.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of -61.1%.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 17.2.

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

TIE    TIETTO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.46

Euroz Hartleys rates ((TIE)) as Spec Buy (1) –

Euroz Hartleys retains its Speculative Buy rating and $0.75 target. This comes as Tietto Minerals remains on track to release the definitive feasability study (DFS) for the Abujar Gold Project in Africa's Cote d’Ivoire by the third quarter 2021.

First gold is expected by the fourth quarter of 2022.

Resource metrics imply to the analyst potential for over 1.3moz, while higher-than-anticipated inventory justifies the increase in project scale to 4.0mtpa from 3.5mtpa.

This report was published on September 10, 2021.

Target price is $0.75 Current Price is $0.46 Difference: $0.29
If TIE meets the Euroz Hartleys target it will return approximately 63% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Euroz Hartleys forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.00.

Forecast for FY22:

Euroz Hartleys forecasts a full year FY22 dividend of 0.00 cents and EPS of 21.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.19.

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

TLS    TELSTRA CORPORATION LIMITED

Telecommunication – Overnight Price: $3.85

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

Detailing its expectations for Telstra Corporation, Goldman Sachs expects a continuation of current strategy but with a lean towards additional growth.

The broker notes the company may narrow FY23 underlying earnings to a $7.5-7.9bn range, as well as provide revenue and earnings targets through to FY25.

Incorporating the TowerCo sale into forecasts, the broker updates earnings per share estimates by 0-3% through to FY24.

The Buy rating is retained and the target price increases to $4.40 from $4.30.

This report was published on September 12, 2021.

Target price is $4.40 Current Price is $3.85 Difference: $0.55
If TLS meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.38, suggesting upside of 13.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 16.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.3, implying annual growth of -15.0%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 28.9.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 16.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of 17.3%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 24.7.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $11.79

Bell Potter rates ((TNE)) as Upgrade to Buy from Hold (1) –

TechnologyOne has announced a gradual transition away from supporting customers continuing to use on-premise solutions. On-premise software support will cease by October 2024, but users can transition to the company's SaaS platform for continued support.

Bell Potter notes the announcement is a indication of the timeline of TechnologyOne's transition to a pure SaaS company. Elsewhere, the broker notes forecasts are yet to take into consideration the Scientia acquisition but expects it will be earnings neutral in FY21.

The rating is upgraded to Buy from Hold and the target price increases to $12.50 from $9.75.

This report was published on September 8, 2021.

Target price is $12.50 Current Price is $11.79 Difference: $0.71
If TNE meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $10.10, suggesting downside of -14.3%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 14.20 cents and EPS of 22.90 cents.
At the last closing share price the estimated dividend yield is 1.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.1, implying annual growth of 11.9%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 53.3.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 16.30 cents and EPS of 25.80 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of 10.9%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 48.1.

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

TTM    TITAN MINERALS LIMITED

Gold & Silver – Overnight Price: $0.11

Canaccord Genuity rates ((TTM)) as Spec Buy (1) –

Drilling at the Dynasty project in Southern Ecuador has demonstrated to Canaccord Genuity an important "proof of concept", with strike/ depth potential and higher vein density.

Moreover, there's the presence of bulk tonnage halo gold mineralisation, and more than 4km of untested strike, suggesting a potential significantly larger gold resource, explains the analyst.

The Speculative Buy rating and $0.25 target price are maintained.

This report was published on September 10, 2021.

Target price is $0.25 Current Price is $0.11 Difference: $0.14
If TTM meets the Canaccord Genuity target it will return approximately 127% (excluding dividends, fees and charges).

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

UWL    UNITI GROUP LIMITED

Telecommunication – Overnight Price: $3.89

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

Following a review of key themes in the Telecommunications sector, JP Morgan retains its $4.20 target price for Uniti Group. The analyst likes the company's leverage to the Australian domestic housing market and its near-certain growth from upcoming contracted construction.

However, the analyst retains a Neutral rating on valuation grounds, after a recent share price rally. Downside risks are considered to include 5G fixed wireless replacing fibre, and a reduction in wholesale pricing.

This report was published on September 6, 2021.

Target price is $4.20 Current Price is $3.89 Difference: $0.31
If UWL meets the JP Morgan target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.31.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 0.00 cents and EPS of 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.79.

Market Sentiment: 0.0
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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4DX AGL ALX AMA ANP AWC AZS BRG BWX BXB CAI COE DCN DEG DGO DOC EVS FMG GNC MFG MQG NWH OBL PNR RMD S32 SFR TIE TLS TNE TTM UWL YRL

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