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Australian Broker Call *Extra* Edition – Oct 20, 2021

Daily Market Reports | Oct 20 2021

This story features BOSS ENERGY LIMITED, and other companies. For more info SHARE ANALYSIS: BOE

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)

BOE   BTH   CIP   CLW   CTP   CXL   DXS   FMG   FSF   IAG   KMD   LEP  PVS   SUN   TNE   WBC  

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $0.33

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

Canaccord Genuity maintains its Speculative Buy rating and lifts its target to $0.36 from $0.23 after incorporating into forecasts significant resources outside the initial Honeymoon restart area. Also, the broker lifts its long-term uranium price forecast to US$65/lb. 

The analyst feels the previously acquired 1.25mlbs of physical uranium at US$30.5/lb has de-risked commissioning and financing risk. It's also felt Honeymoon is the leading development in Australia.

The broker notes the spot uranium price is still well below the incentive price required for necessary mine restarts.

This report was published on September 22, 2021.

Target price is $0.36 Current Price is $0.33 Difference: $0.03
If BOE meets the Canaccord Genuity target it will return approximately 9% (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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 330.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.00.

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

BTH    BIGTINCAN HOLDINGS LIMITED

Cloud services – Overnight Price: $1.20

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

After the Brainshark acquisition, Canaccord Genuity likes Bigtincan Holdings' increased size and scale, along with increased liquidity due to the high free-float and potential for index inclusion.

Management's FY22 guidance is for core business annual recurring revenue (ARR) to increase by 25% organically (constant currency) and exceed $66m.

The broker lifts FY22-FY24 ARR forecasts by 80%, 67% and 57% respectively, and raises its target price to $2 from $1.65. The Buy rating is maintained.  Brainshark is a market leading sales coaching, learning and readiness platform headquartered in Boston, US.

This report was published on September, 2021.

Target price is $2.00 Current Price is $1.20 Difference: $0.8
If BTH meets the Canaccord Genuity target it will return approximately 67% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 50.00.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 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 70.59.

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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.68

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

Centuria Industrial REIT is set to acquire an additional eight industrial assets at a combined price of $351.3m, and may continue acquisitive activity having identified a potential additional $100m in assets.

The acquisition improves Centuria Industrial REIT's total portfolio occupancy to 97.3%, and is expected to be earnings neutral to FY22 funds from operations although Jarden notes if further acquisitive activity is fully debt funded it could be earnings accretive.

The Lisbon St asset offers 8.4 hectares of land in a prime last mile location in Jarden's view. The Overweight rating and target price of $4.10 are retained. 

This report was published on September 23, 2021.

Target price is $4.10 Current Price is $3.68 Difference: $0.42
If CIP meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.96, suggesting upside of 7.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 17.30 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 4.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of -84.6%.
Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 17.80 cents and EPS of 19.10 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 19.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 4.4%.
Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 19.5.

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

CLW    CHARTER HALL LONG WALE REIT

REITs – Overnight Price: $4.90

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

JP Morgan reduces its target price to $5.60 from $5.80. This comes after the REIT and a Charter Hall Group ((CHC) managed trust, on behalf of Hostplus, have offered to acquire 100% of ALE Property Group ((LEP) for an implied price of $5.88 per share.

This price comprises $3.67 of cash and 0.408 Charter Hall Long Wale REIT securities per ALE Property Group security. The broker estimates the transaction is around -4% earnings dilutive on an annualised basis.

The analyst lifts FY22-FY24 earnings forecasts by around 1%, factoring in the acquisition of two recently acquired Industrial assets completed this month, and holds-off on updating for the transaction above.

This report was published on September 21, 2021.

Target price is $5.60 Current Price is $4.90 Difference: $0.7
If CLW meets the JP Morgan target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $5.34, suggesting upside of 8.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 31.30 cents and EPS of 31.30 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 15.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.2, implying annual growth of -72.5%.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 32.90 cents and EPS of 32.90 cents.
At the last closing share price the estimated dividend yield is 6.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.1, implying annual growth of 2.9%.
Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 15.3.

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

CTP    CENTRAL PETROLEUM LIMITED

NatGas – Overnight Price: $0.14

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

Higher realised oil and gas prices coupled with cost reduction measures were key factors to Central Petroleum's FY21 results, according to Bell Potter, with the company reporting a 5% increase in underlying earnings to total $26.1m. 

Looking ahead, the company plans to ramp up exploration in FY22 to target brownfield and greenfield reserve growth. This includes a drill program commencing at Palm Valley and Dingo in 2021, and a seismic survey to take place at Zevon in 2022. 

It is Bell Potter's view that the company is positioned to grow gas reserves and production.

The Buy rating is retained and the target price decreases to $0.20 from $0.23.

This report was published on September 23, 2021.

Target price is $0.20 Current Price is $0.14 Difference: $0.06
If CTP meets the Bell Potter target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.00.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.50.

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

CXL    CALIX LIMITED

Mining Sector Contracting – Overnight Price: $5.26

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

Bell Potter notes the retrofitting costs related to the LEILAC-2 technology being developed by Calix's subsidiary LEILAC Group appear to be viable and more cost effective than competing technology.

The LEILAC-2 technology aims to help cement and lime companies mitigate carbon dioxide emissions. The broker notes if transport and storage costs decrease as expected, a retrofitted LEILAC-2 may be below the current incentive price.

The broker updates earnings per share estimates by -2.4 cents and -1.3 cents for FY22 and FY23 respectively. 

The Buy rating is retained and the target price increases to $7.85 from $2.94. 

This report was published on September 22, 2021.

Target price is $7.85 Current Price is $5.26 Difference: $2.59
If CXL meets the Bell Potter target it will return approximately 49% (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 4.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 119.55.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 478.18.

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

DXS    DEXUS

REITs – Overnight Price: $10.72

Jarden rates ((DXS)) as Neutral (3) –

Dexus has agreed to acquire Jandakot Airport for around -$1.3bn in what is the company's first acquisition. The transaction incorporates an operating business, including stabilised assets and development land, and is expected to be funds from operations accretive in FY22. 

Jarden notes the company is shifting focus away from assets in office to assets in market. As part of the transaction, Dexus is maintaining and potentially increasing exposure to APN Industrial REIT. 

The Neutral rating is retained and the target price increases to $11.10 from $11.00. 

This report was published on September 24, 2021.

Target price is $11.10 Current Price is $10.72 Difference: $0.38
If DXS meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $11.15, suggesting upside of 4.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 52.90 cents and EPS of 69.00 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.3, implying annual growth of -38.7%.
Current consensus DPS estimate is 52.7, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 54.00 cents and EPS of 71.30 cents.
At the last closing share price the estimated dividend yield is 5.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.3, implying annual growth of 4.7%.
Current consensus DPS estimate is 55.4, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 15.9.

Market Sentiment: 0.3
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: $14.56

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

Recent movement in iron ore pricing has been a driver of Fortescue Metals Group's -44% share price drop to $14.75 per share from a high of $26.30 per share in late July. 

Despite this, the company is in a strong position to maintain margins, earnings and dividends and remains an attractive long-term investment in Bell Potter's view. 

The broker has decreased its FY22 iron ore pricing -18%, resulting in a -26% decrease in the FY22 earnings forecast, but the broker's outlook for FY23 and FY24 remain the same. 

The Buy rating is retained and the target price decreases to $20.87 from $22.52. 

This report was published on September 23, 2021.

Target price is $20.87 Current Price is $14.56 Difference: $6.31
If FMG meets the Bell Potter target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $18.16, suggesting upside of 22.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 325.32 cents and EPS of 308.06 cents.
At the last closing share price the estimated dividend yield is 22.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 332.7, implying annual growth of N/A.
Current consensus DPS estimate is 296.7, implying a prospective dividend yield of 20.0%.
Current consensus EPS estimate suggests the PER is 4.5.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 245.65 cents and EPS of 223.08 cents.
At the last closing share price the estimated dividend yield is 16.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 192.4, implying annual growth of -42.2%.
Current consensus DPS estimate is 164.5, implying a prospective dividend yield of 11.1%.
Current consensus EPS estimate suggests the PER is 7.7.

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

FSF    FONTERRA SHAREHOLDERS FUND

Dairy – Overnight Price: $3.80

Jarden rates ((FSF)) as Neutral (3) –

Jarden notes Fonterra Shareholders Fund's FY21 results were in line with expectations, and a second consecutive year of reported solid free cash flow is considered a testament to the company's improved performance and capital expenditure discipline. 

The company outlined plans to increase capital expenditure to -$650m in FY22 and close to -$1bn from FY24-FY30, as well as doubling earnings per share to as much as 65c by FY30. 

It is Jarden's view that further disclosure on how increased investment will translate into an earnings uplift would increase confidence in the new strategy. 

The Neutral rating is retained and the target price increases to NZ$4.17 from NZ$3.89.

This report was published on September 23, 2021.

Current Price is $3.80. Target price not assessed.
The company's fiscal year ends in July.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 18.78 cents and EPS of 30.99 cents.
At the last closing share price the estimated dividend yield is 4.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.26.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 21.60 cents and EPS of 35.21 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.79.

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

IAG    INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $4.88

Jarden rates ((IAG)) as Buy (1) –

Jarden retains positive views across the general insurers and explores relative value for two companies within the sector.

The analyst points out the -7% price earnings discount for Insurance Australia Group suggests greater relative upside compared to Suncorp Group ((SUN)) (ex bank). Moreover, the broker sees more potential for cost-out for the former.

Margin prospects hinge on Insurance Australia Group's ability to take costs out in Commercial versus Suncorp Group improving Personal lines loss ratios.

The broker maintains its $5.80 target and Buy rating.

This report was published on September 21, 2021.

Target price is $5.80 Current Price is $4.88 Difference: $0.92
If IAG meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $5.50, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 24.00 cents and EPS of 29.50 cents.
At the last closing share price the estimated dividend yield is 4.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of N/A.
Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 27.00 cents and EPS of 31.60 cents.
At the last closing share price the estimated dividend yield is 5.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.6, implying annual growth of 7.6%.
Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 16.7.

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

KMD    KATHMANDU HOLDINGS LIMITED

Sports & Recreation – Overnight Price: $1.54

Jarden rates ((KMD)) as Buy (1) –

FY21 results revealed a modest earnings (EBITDA) miss versus Jarden, while revenue was in-line. Together, Ripcurl and Oboz accounted for two thirds of overall earnings.

Same store sales for the first six weeks of the new financial year showed the impact of lockdowns, points out the analyst, with Rip Curl -12.8%  and Kathmandu -19.9%. Meanwhile, Rip Curl’s online sales were up 16.8% in the period to date and Kathmandu’s rose 33.7%.

Jarden downgrades earnings estimates and assumes broadly flat gross margins and greater head office costs. Despite this, the Buy rating and NZ$1.75 target price are unchanged.

This report was first issued September 21, 2021.

Current Price is $1.54. Target price not assessed.
Current consensus price target is $1.65, suggesting upside of 7.8%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 5.16 cents and EPS of 8.55 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of N/A.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 7.04 cents and EPS of 11.74 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 13.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.2, implying annual growth of 17.9%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 11.6.

This company reports in NZD. 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

LEP    ALE PROPERTY GROUP

REITs – Overnight Price: $5.56

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

Charter Hall Long Wale REIT ((CLW)) and a Charter Hall Group ((CHC) managed trust, on behalf of Hostplus, have offered to acquire 100% of ALE Property Group for an implied price of $5.88 per share.

This price comprises $3.67 of cash and 0.408 Charter Hall Long Wale REIT securities per ALE Property Group security. JP Morgan estimates the transaction is around -4% earnings dilutive on an annualised basis.

The broker lifts its target price to $5.82 from $4.50, based on the implied offer price. The Neutral rating is unchanged.

This report was published on September 21, 2021.

Target price is $5.82 Current Price is $5.56 Difference: $0.26
If LEP meets the JP Morgan target it will return approximately 5% (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 22.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 3.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.24.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 22.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 3.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.24.

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

PVS    PIVOTAL SYSTEMS CORP.

Hardware & Equipment – Overnight Price: $1.05

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

Shaw and Partners maintains its Buy rating given the -25% decline in share price for the financial-year-to-date. there have been five consecutive quarters of sales increases and the company continues to build out customer qualification of its products, notes the analyst.

The company is certainly in the right sector for a tailwind, and the broker points out the 'pick-and-shovel' nature of the business that serves the semiconductor thematic. A number of semiconductor manufacturers aim to ramp-up capacity.

The Buy rating is maintained. The target price is increased to $1.53 from $1.50.

This report was published on September 22, 2021.

Target price is $1.53 Current Price is $1.05 Difference: $0.48
If PVS meets the Shaw and Partners target it will return approximately 46% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.72 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.24.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.33 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 79.07.

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $12.33

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

Jarden retains positive views across the general insurers and explores relative value for two companies within the sector.

The analyst points out the -7% price earnings discount for Insurance Australia Group ((IAG)) suggests greater relative upside compared to Suncorp Group (ex bank). Moreover, the broker sees more potential for cost-out for the former.

Margin prospects hinge on Insurance Australia Group's ability to take costs out in Commercial versus Suncorp Group improving Personal lines loss ratios.

The broker maintains its $12.90 target and Overweight rating.

This report was published on September 21, 2021.

Target price is $12.90 Current Price is $12.33 Difference: $0.57
If SUN meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $13.40, suggesting upside of 8.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 70.00 cents and EPS of 73.60 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.6, implying annual growth of -7.7%.
Current consensus DPS estimate is 59.6, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 71.00 cents and EPS of 85.90 cents.
At the last closing share price the estimated dividend yield is 5.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.3, implying annual growth of 11.7%.
Current consensus DPS estimate is 67.2, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.9.

Market Sentiment: 0.4
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: $12.49

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

Following TechnologyOne's acquisition of Scientia, Bell Potter has upgraded forecasts ahead of the release of the company's year end results in November. 

While the transaction is expected to be earnings neutral in FY21, the broker has upgraded earnings per share forecasts by around 2% each for FY22 and FY23. Forecasts assume the transaction completes in late September, allowing a full year contribution in FY22. 

The Buy rating is retained and the target price increases to $13.50 from $12.50.

This report was published on September 23, 2021.

Target price is $13.50 Current Price is $12.49 Difference: $1.01
If TNE meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $10.10, suggesting downside of -19.2%(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 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 54.54.

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 56.6.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 16.30 cents and EPS of 26.20 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.67.

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 1.3%.
Current consensus EPS estimate suggests the PER is 51.0.

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

WBC    WESTPAC BANKING CORPORATION

Banks – Overnight Price: $25.48

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

Bell Potter makes no changes to forecasts and retains its $27.50 target price and Hold rating, after Westpac Bank outlined  its 2021 Environmental, Social and Governance (ESG) measures.

A Customer Outcomes and Risk Excellence (CORE) program has been designed to manage risk on an end-to-end basis, explains the analyst.

This report was published on September 22, 2021.

Target price is $27.50 Current Price is $25.48 Difference: $2.02
If WBC meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $28.37, suggesting upside of 10.2%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 112.00 cents and EPS of 178.00 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.5, implying annual growth of 137.7%.
Current consensus DPS estimate is 108.3, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 124.00 cents and EPS of 184.00 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 183.0, implying annual growth of 20.8%.
Current consensus DPS estimate is 127.2, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 14.1.

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


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

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

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

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CHARTS

BOE BTH CIP CLW CTP CXL DXS FMG FSF IAG KMD LEP PVS SUN TNE WBC

For more info SHARE ANALYSIS: BOE - BOSS ENERGY LIMITED

For more info SHARE ANALYSIS: BTH - BIGTINCAN HOLDINGS LIMITED

For more info SHARE ANALYSIS: CIP - CENTURIA INDUSTRIAL REIT

For more info SHARE ANALYSIS: CLW - CHARTER HALL LONG WALE REIT

For more info SHARE ANALYSIS: CTP - CENTRAL PETROLEUM LIMITED

For more info SHARE ANALYSIS: CXL - CALIX LIMITED

For more info SHARE ANALYSIS: DXS - DEXUS

For more info SHARE ANALYSIS: FMG - FORTESCUE METALS GROUP LIMITED

For more info SHARE ANALYSIS: FSF - FONTERRA SHAREHOLDERS FUND

For more info SHARE ANALYSIS: IAG - INSURANCE AUSTRALIA GROUP LIMITED

For more info SHARE ANALYSIS: KMD - KMD BRANDS LIMITED

For more info SHARE ANALYSIS: LEP - ALE PROPERTY GROUP

For more info SHARE ANALYSIS: PVS - PIVOTAL SYSTEMS CORP.

For more info SHARE ANALYSIS: SUN - SUNCORP GROUP LIMITED

For more info SHARE ANALYSIS: TNE - TECHNOLOGY ONE LIMITED

For more info SHARE ANALYSIS: WBC - WESTPAC BANKING CORPORATION