Australian Broker Call *Extra* Edition – Oct 27, 2021

This story features AUSSIE BROADBAND LIMITED, and other companies. For more info SHARE ANALYSIS: ABB

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)

ABB   ARX   AUT   AWC   BHP   BRL   BSX   CIA   CRN   CYG   DRR   FMG   GPR   ILU   LPD   MZZ   NCK   NHC   OPY   OZL   PME   RIO   S32   SFR (2)   SLX   STA   WHC  

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $4.75

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

Near-term acquisitive activity seems imminent for Aussie Broadband, with Shaw and Partners noting the company is the ASX's most well capitalised telco, estimating it has $200m in available capital following a $114m capital raise and a $10m share purchase plan. 

The company has flagged that planned merger and acquisition activity would be completed by the first half of FY22, and the broker notes success in this area could be a significant catalyst. 

The broker estimates Aussie Broadband is likely to add 50% to underlying earnings in FY23. Earnings per share forecasts are reduced -7%, -11% and -12% through to FY24 as earnings are diluted by share plan uptake.

The Buy rating is retained and the target price increases to $5.41 from $4.16.

This report was published on October 4, 2021.

Target price is $5.41 Current Price is $4.75 Difference: $0.66
If ABB meets the Shaw and Partners target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 9.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.98.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 3.00 cents and EPS of 14.80 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.09.

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

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.16

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

First half revenues for Aroa Biosurgery were 13% ahead of Bell Potter's forecast. Gross margin improvement was largely derived from the Morcells lyophilized product. The analyst is increasingly confident of a full-year beat, despite conservatism from management.

The broker suggests the introduction of the Myriad surgical product into the Healthtrust group purchasing organisation (GPO) is a very positive development. This potentially provides access to 1,500 new hospitals.

The Speculative Buy rating and target price of $1.90 are retained. 

This report was published on October 7, 2021.

Target price is $1.90 Current Price is $1.16 Difference: $0.74
If ARX meets the Bell Potter target it will return approximately 64% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 52.73.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 52.73.

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

AUT    AUTECO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.08

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

Shaw and Partners notes resource upgrades to Auteco Minerals' Pickle Crow project can be expected in early 2022 following the discovery of a new high-grade gold vein system outside the existing 1.7m ounce resource.

The broker notes this follows the recent 71% increase in resource at Pickle Crow. Drilling programs will focus on delineating the extent of these new Tyson veins but in Shaw and Partners' view a resource increase to over 2m ounces is likely.

The Buy rating and target price of $0.21 are retained. 

This report was published on October 6, 2021.

Target price is $0.21 Current Price is $0.08 Difference: $0.13
If AUT meets the Shaw and Partners target it will return approximately 163% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.00.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 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 11.43.

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: $2.06

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

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

The Neutral rating is retained and the target price increases to $2.20 from $1.80.

This report was published on October 6, 2021.

Target price is $2.20 Current Price is $2.06 Difference: $0.14
If AWC meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.09, suggesting downside of -0.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 10.22 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.
Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 18.18 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 38.2%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 8.7%.
Current consensus EPS estimate suggests the PER is 12.4.

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

BHP    BHP GROUP LIMITED

Bulks – Overnight Price: $38.21

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

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

Goldman Sachs remains not rated on BHP Group.

This report was published on October 6, 2021.

Current Price is $38.21. Target price not assessed.
Current consensus price target is $44.26, suggesting upside of 17.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 531.97 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 495.6, implying annual growth of N/A.
Current consensus DPS estimate is 355.2, implying a prospective dividend yield of 9.4%.
Current consensus EPS estimate suggests the PER is 7.6.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 478.91 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 393.0, implying annual growth of -20.7%.
Current consensus DPS estimate is 283.2, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 9.6.

This company reports in USD. 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

BRL    BATHURST RESOURCES LIMITED

Coal – Overnight Price: $0.84

Bell Potter rates ((BRL)) as Speculative Hold (3) –

Not only did Bathurst Resources upgrade guidance on met coal leverage, but also the company has significantly reduced balance sheet risk, according to Bell Potter. This was due to a win on appeal against a US$40m performance payment claim.

While a further claim for the same amount is in arbitration, management believes this may also be defended. The analyst's forecasts don't include an adverse outcome.

The target price rises to $0.98 from $0.60 and the Speculative Hold rating is unchanged.

This report was published on October 7, 2021.

Target price is $0.98 Current Price is $0.84 Difference: $0.14
If BRL meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 EPS of 39.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.11.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 11.27 cents and EPS of 23.20 cents.
At the last closing share price the estimated dividend yield is 13.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.62.

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

BSX    BLACKSTONE MINERALS LIMITED

New Battery Elements – Overnight Price: $0.71

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

In Shaw and Partners' view positive results coming from drilling programs at Blackstone Minerals' Ta Khoa project will increase confidence in the upstream resource, and likely benefit the company with more development flexibility for its downstream refining business. 

Additionally, the company noted a collaboration with the Vietnamese government to explore further nickel opportunities which may be indicative of alignment between the company and government and may resolve some investor concerns. 

The Buy rating and target price of $1.90 are retained. 

This report was published on October 6, 2021.

Target price is $1.90 Current Price is $0.71 Difference: $1.19
If BSX meets the Shaw and Partners target it will return approximately 168% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.81.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 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 16.14.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $4.83

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

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

The Buy rating is retained and the target price decreases to $6.80 from $8.90. 

The report was issued October 6, 2021.

Target price is $6.80 Current Price is $4.83 Difference: $1.97
If CIA meets the Goldman Sachs target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 100.12 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.82.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 75.88 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.37.

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $1.35

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

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

The Buy rating is retained and the target price increases to $1.80 from $1.60.

This report was published on October 6, 2021. 

Target price is $1.80 Current Price is $1.35 Difference: $0.45
If CRN meets the Goldman Sachs target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $1.74, suggesting upside of 28.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 26.53 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.1, 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 6.7.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 23.88 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of 10.4%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 6.1.

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

CYG    COVENTRY GROUP LIMITED

Hardware & Equipment – Overnight Price: $1.69

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

In a trading update from Coventry Group, Shaw and Partners notes the company is reporting better-than-expected top line growth in what the broker expects will be its hardest quarter this financial year. 

First quarter revenue was up 12.6%, despite an estimated -$2.5-3.5m sales impact from lockdowns. Underlying earnings forecasts upgraded by 3.7%, 1.2% and 0.5% to FY24, earnings per share forecasts upgraded by 19.0%, 10.5% and 7.8% for the same period. 

It is Shaw and Partners' view that, given the current share price, buyers stand to benefit from a continuing long-term turnaround. The Buy rating and target price of $2.00 are retained. 

This report was published on October 6, 2021.

Target price is $2.00 Current Price is $1.69 Difference: $0.31
If CYG meets the Shaw and Partners target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 6.00 cents and EPS of 11.10 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.23.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 8.00 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 4.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.

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

DRR    DETERRA ROYALTIES LIMITED

Iron Ore – Overnight Price: $3.97

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

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

The Buy rating is retained and the target price decreases to $4.50 from $5.20.

This report was published on October 6, 2021.

Target price is $4.50 Current Price is $3.97 Difference: $0.53
If DRR meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.76, suggesting upside of 22.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 31.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.0, implying annual growth of 62.6%.
Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 27.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.1, implying annual growth of -6.6%.
Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 14.4.

Market Sentiment: 0.8
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: $14.37

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

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

The Sell rating is retained and the target price decreases to $11.40 from $18.00.

This report was published on October 6, 2021.

Target price is $11.40 Current Price is $14.37 Difference: minus $2.97 (current price is over target).
If FMG meets the Goldman Sachs target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.16, suggesting upside of 28.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 214.65 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 331.2, implying annual growth of N/A.
Current consensus DPS estimate is 295.4, implying a prospective dividend yield of 20.9%.
Current consensus EPS estimate suggests the PER is 4.3.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 134.78 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 191.6, implying annual growth of -42.1%.
Current consensus DPS estimate is 163.8, implying a prospective dividend yield of 11.6%.
Current consensus EPS estimate suggests the PER is 7.4.

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

GPR    GEOPACIFIC RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.34

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

Geopacific Resources has commenced drilling on Woodlark Island to delineate and refine the existing resource and to explore for additional resources. Shaw and Partners expects the existing resource of 1.6Moz is likely to be materially extended by the end of 2022.

The company is on-track for first gold pour towards the end of 2022. The Development of Woodlark is relatively low risk with a standard and simple open cut mining operation, according to the analyst.

The broker retains its Buy rating and $0.90 target price, and believes the risk of operating in PNG appears overdone.

This report was published on October 5, 2021.

Target price is $0.90 Current Price is $0.34 Difference: $0.56
If GPR meets the Shaw and Partners target it will return approximately 165% (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 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.45.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.50 cents and EPS of 3.70 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.19.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $9.41

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

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

The Buy rating is retained and the target price increases to $10.50 from $10.10.

This report was published on October 6, 2021. 

Target price is $10.50 Current Price is $9.41 Difference: $1.09
If ILU meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $9.48, suggesting upside of 0.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 65.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.3, implying annual growth of -87.0%.
Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 87.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.7, implying annual growth of 5.9%.
Current consensus DPS estimate is 32.4, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 11.9.

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

LPD    LEPIDICO LIMITED

New Battery Elements – Overnight Price: $0.03

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

An ore sample from Lepidico's mine in Namibia has been crushed in Perth and will be concentrated and processed through a pilot plant, explains Shaw and Partners. The aim is to produce product samples ahead of securing binding offtake agreements.

The analyst feels agreements should be easily secured due to strong demand for lithium hydroxide and lithium carbonate from the battery industry. The company's proprietary technology (L-Max & LOH-MaxTM) produces lithium hydroxide from mica minerals.

An alternative source of lithium is being pioneered by Lepidico, compared to the traditional brine and spodumene producers, explains the broker.

Shaw and Partners retains its Buy rating and $0.03 target price.

This report was published on October 5, 2021.

Target price is $0.03 Current Price is $0.03 Difference: $0
If LPD meets the Shaw and Partners target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 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 30.00.

Forecast for FY22:

Shaw and Partners 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 30.00.

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

MZZ    MATADOR MINING LIMITED

Gold & Silver – Overnight Price: $0.42

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

Drilling results from Matador Mining's Cape Ray Shear Gold project in Newfoundland include the best intercept to-date at Window Glass Hill, according to Shaw and Partners. It's thought the results show potential for the project to host multiple, high-grade shallow deposits.

Importantly, the intercept is outside the existing mineral resource, notes the analyst. Exploration activities are expected to be on-going through 2021. The Buy rating and $0.80 target are unchanged.

This report was published on October 5, 2021.

Target price is $0.80 Current Price is $0.42 Difference: $0.38
If MZZ meets the Shaw and Partners target it will return approximately 90% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 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 46.67.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.00.

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

NCK    NICK SCALI LIMITED

Furniture & Renovation – Overnight Price: $14.46

Jarden rates ((NCK)) as Upgrade to Neutral from Underweight (3) –

Jarden upgrades its rating to Neutral from Underweight and raises its target price to $12.40 from $11.10 following Nick Scali's acquisition of Plush-Think Sofas for -$103m.

The analyst expects the transaction will be EPS accretive, excluding synergies. However, synergies are also expected via buying and cost of doing business. There's also believed to be a solid store network, which currently has 46 stores and should grow.

This report was issued October 4, 2021.

Target price is $12.40 Current Price is $14.46 Difference: minus $2.06 (current price is over target).
If NCK meets the Jarden target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 66.20 cents and EPS of 82.80 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.46.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 59.90 cents and EPS of 74.80 cents.
At the last closing share price the estimated dividend yield is 4.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.33.

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

NHC    NEW HOPE CORPORATION LIMITED

Coal – Overnight Price: $2.13

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

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

The Neutral rating is retained and the target price increases to $2.70 from $2.60.

This report was published on October 6, 2021.

Target price is $2.70 Current Price is $2.13 Difference: $0.57
If NHC meets the Goldman Sachs target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $2.85, suggesting upside of 33.9%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 76.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.2, implying annual growth of 573.7%.
Current consensus DPS estimate is 33.0, implying a prospective dividend yield of 15.5%.
Current consensus EPS estimate suggests the PER is 3.3.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 30.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of -62.5%.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 8.8.

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

OPY    OPENPAY GROUP LIMITED

Business & Consumer Credit – Overnight Price: $1.39

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

Openpay has secured a partnership with Cross River, a financial services company in the US, in what Shaw and Partners describes as another good win that will expand the company's reach in the US market.

The collaboration allows consumers to apply for loans on the Openpay platform up to US$20,000 which will be funded and underwritten by Cross River, with Cross River serving as lender for all Openpay branded US loans.

The Buy rating and target price of $3.50 are retained. 

This report was published on October 6, 2021.

Target price is $3.50 Current Price is $1.39 Difference: $2.11
If OPY meets the Shaw and Partners target it will return approximately 152% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 34.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.98.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 16.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.42.

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

OZL    OZ MINERALS LIMITED

Copper – Overnight Price: $25.34

Goldman Sachs rates ((OZL)) as Upgrade to Buy from Neutral (1) –

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

The rating is upgraded to Buy from Neutral and the target price increases to $26.40 from $25.40.

This report was published on October 6, 2021.

Target price is $26.40 Current Price is $25.34 Difference: $1.06
If OZL meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $24.83, suggesting downside of -2.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 184.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 163.9, implying annual growth of 151.3%.
Current consensus DPS estimate is 36.7, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 275.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.0, implying annual growth of 2.5%.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 15.1.

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $54.54

Moelis rates ((PME)) as Hold (3) –

Moelis notes that only four US customers of Pro Medicus are using multiple products. Moreover, there is further upside to revenues from existing hospitals customers acquiring other hospitals. Moelis' update follows the announcement of a 7-year $40m contract with Novant Health.

This latest contract included multiple products (viewer and worklist) and will be fully cloud-deployed, explains the analyst. The broker had allowed for such a contract win and sets a $53 target price. The Hold rating is unchanged.

This report was published on October 6, 2021.

Target price is $53.00 Current Price is $54.54 Difference: minus $1.54 (current price is over target).
If PME meets the Moelis target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 19.00 cents and EPS of 42.30 cents.
At the last closing share price the estimated dividend yield is 0.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 128.94.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 22.50 cents and EPS of 55.40 cents.
At the last closing share price the estimated dividend yield is 0.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 98.45.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $95.89

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

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

The Buy rating is retained and the target price decreases to $123.40 from $147.50.

This report was published on October 6, 2021.

Target price is $123.40 Current Price is $95.89 Difference: $27.51
If RIO meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $110.29, suggesting upside of 16.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 1700.72 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1775.2, implying annual growth of N/A.
Current consensus DPS estimate is 1347.8, implying a prospective dividend yield of 14.3%.
Current consensus EPS estimate suggests the PER is 5.3.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 1296.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1148.1, implying annual growth of -35.3%.
Current consensus DPS estimate is 815.8, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 8.2.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $3.72

Goldman Sachs rates ((S32)) as Buy (1) –

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

The Buy rating is retained and the target price increases to $4.00 from $3.80.

This report was published on October 6, 2021.

Target price is $4.00 Current Price is $3.72 Difference: $0.28
If S32 meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.35, suggesting upside of 17.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 53.06 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.5, implying annual growth of N/A.
Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 6.7.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 57.04 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.2, implying annual growth of -20.4%.
Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 8.4.

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: $5.72

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

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

The Neutral rating is retained and the target price decreases to $5.80 from $6.63.

This report was published on October 6, 2021. 

Target price is $5.80 Current Price is $5.72 Difference: $0.08
If SFR meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $6.62, suggesting upside of 14.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 89.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.3, implying annual growth of -10.7%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 7.2.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 114.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of -61.4%.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 18.6.

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

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

Sandfire Resources has announced the acquisition of MATSA, a Spanish copper producer, for a total US$1.865bn, with Shaw and Partners noting the transaction makes Sandfire Resources one of the largest copper producers on the ASX. 

The copper asset, which includes three underground mines and a mill, reports production of around 120,000 tonnes per year with an expected mine life of at least 12 years based on current resource.

Shaw and Partners notes the acquisition also fills the expected production dip in FY23 and adds longevity to the company's asset base, but the scale of the acquisition was larger than expected.

The Buy rating and target price of $7.80 are retained.

This report was published on October 4, 2021. 

Target price is $7.80 Current Price is $5.72 Difference: $2.08
If SFR meets the Shaw and Partners target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $6.62, suggesting upside of 14.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 10.00 cents and EPS of 49.80 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.3, implying annual growth of -10.7%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 7.2.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 3.00 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 0.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of -61.4%.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 18.6.

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

SLX    SILEX SYSTEMS LIMITED

Hardware & Equipment – Overnight Price: $1.41

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

Euroz Hartleys maintains its Speculative Buy rating and $2.59 target price after Silex Systems announced a $33m equity raise via an institutional placement at $1.27/share and a $7m SPP at $1.31/share.

The funds will be used used to advance the commercialisation of the SILEX uranium enrichment technology, and to pursue additional commercial opportunities. The latter includes the production of High Assay LEU fuel for Small Modular Reactors.

The analyst feels the additional funds further de-risks the path to commercialisation of the SILEX technology.

This report was published on October 7, 2021.

Target price is $2.59 Current Price is $1.41 Difference: $1.18
If SLX meets the Euroz Hartleys target it will return approximately 84% (excluding dividends, fees and charges).

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

STA    STRANDLINE RESOURCES LIMITED

Mineral Sands – Overnight Price: $0.20

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

Strandline Resources has announced the financial close for the Coburn mineral sands development, as well as the fact the company has executed a mining services contract with Mine Site Construction Services.

The analyst points out, in a period of cost inflation in the WA mining sector, the contract uses pricing assumptions derived from the definitive feasability study (DFS). As a result, over half of operating costs are now set at prices that are in-line or better than the DFS.

The Buy rating and $0.71 price target are retained.

This report was published on October 5, 2021.

Target price is $0.71 Current Price is $0.20 Difference: $0.51
If STA meets the Shaw and Partners target it will return approximately 255% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.18.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.00.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $2.72

Goldman Sachs rates ((WHC)) as Downgrade to Neutral from Buy (3) –

Goldman Sachs has updated estimates across its Australian metals and mining sector coverage. Analysts have downgraded iron ore forecasts on a slowing Chinese property construction market.

However, an expected increase in Chinese property completions in 2022 has driven a more positive outlook for aluminium, copper and zircon. The broker also remains positive on the near-term outlook for thermal and met coal, and has upgraded alumina and oil pricing.

The rating is downgraded to Neutral from Buy and the target price increases to $3.90 from $3.70.

This report was published on October 6, 2021.

Target price is $3.90 Current Price is $2.72 Difference: $1.18
If WHC meets the Goldman Sachs target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $3.85, suggesting upside of 38.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 106.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.7, implying annual growth of N/A.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 3.0.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 37.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.4, implying annual growth of -63.3%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 8.1.

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

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