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

This story features ATOMOS LIMITED, and other companies. For more info SHARE ANALYSIS: AMS

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)

AMS   BLX   BSX   CAR   CKF (3)   CMM   CXL   DDH   DEG   DHG   EML   EVS   GTK   IMD (2)   LGL   MIN   MMI   OPY (2)   REA   SFR   SLX   TNT   VHT   VVA   WGO   ZBT  

AMS    ATOMOS LIMITED

Consumer Electronics – Overnight Price: $1.40

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

While Shaw and Partners leave estimates unchanged and retains its Buy rating and $2 target price for Atomos, there are many catalysts on the horizon. These include potential for $57m in annual revenue from the late FY22/early FY23 launch of new gaming products.

Moreover, management has pointed to further software and cloud services in the near term that have 100% gross margins. M&A upside is considered another possibility by the broker.

This report was published on October 12, 2021.

Target price is $2.00 Current Price is $1.40 Difference: $0.6
If AMS meets the Shaw and Partners target it will return approximately 43% (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 6.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.87.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.56.

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

BLX    BEACON LIGHTING GROUP LIMITED

Furniture & Renovation – Overnight Price: $2.21

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

Jarden increases its FY22 earnings per share forecast 6% for Beacon Lighting Group following better-than-expected first quarter results. Like-for-like store sales were down -4.7%, but given a 26.6% increase in the comparable period last year this is a positive result.

The company expects a supportive housing backdrop to benefit the second quarter. The broker noted while smaller builders may not have financial means to weather pressure in the construction industry, the company's forward book is largely with large-scale developers. 

The Overweight rating is retained and the target price increases to $2.20 rom $2.10.

This report was published on October 5, 2021.

Target price is $2.20 Current Price is $2.21 Difference: minus $0.01 (current price is over target).
If BLX meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 7.80 cents and EPS of 12.40 cents.
At the last closing share price the estimated dividend yield is 3.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.82.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 6.80 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.56.

Market Sentiment: 1.0
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: $0.70

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

After a recent initiation of coverage on Blackstone Minerals, Shaw and Partners reiterates the need for the company's metals on the road to decarbonisation. There are thought to be outstanding financial metrics for the company's upstream and downstream projects.

Management is aiming for a final investment decision in the 2H of 2022, following construction of a pilot plant, definitive feasibility studies and financing.

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

This report was published on October 12, 2021.

Target price is $1.90 Current Price is $0.70 Difference: $1.2
If BSX meets the Shaw and Partners target it will return approximately 171% (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 33.33.

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 15.91.

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

CAR    CARSALES.COM LIMITED

Automobiles & Components – Overnight Price: $25.13

Jarden rates ((CAR)) as Initiation of coverage with Underweight (4) –

Jadren initiates coverage on Carsales.com following a 10% increase in new car purchases in FY21 and a 35% increase in used car prices. 

It is Jarden's view that car sales volumes will normalise as restrictions ease in Australia, but notes increased investment in international markets may be a meaningful opportunity for the company. 

Given that Jarden sees better value elsewhere in online classifieds, the broker initiates with an Underweight rating and a target price of $22.90.

This report was published on October 7, 2021.

Target price is $22.90 Current Price is $25.13 Difference: minus $2.23 (current price is over target).
If CAR meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $24.32, suggesting downside of -4.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 51.40 cents and EPS of 64.20 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.2, implying annual growth of 29.6%.
Current consensus DPS estimate is 54.7, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 37.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 57.20 cents and EPS of 71.50 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.1, implying annual growth of 13.0%.
Current consensus DPS estimate is 63.2, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 32.9.

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

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $12.90

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

Canaccord Genuity believes Collins Foods will attain greater control and potentially greater financial returns, following its appointment by Yum! Brands as the KFC corporate franchisee in the Netherlands. It's also felt the company will be an ongoing consolidator in this market. 

The broker's near-term investment thesis includes and relies upon an accelerated rollout of domestic stores, and a post-covid recovery in Europe. Separately, the first Taco Bell store was opened in Western Australia recently.

The Buy rating and $13.35 target price are unchanged.

The report was published on October 8, 2021.

Target price is $13.35 Current Price is $12.90 Difference: $0.45
If CKF meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $13.93, suggesting upside of 8.1%(ex-dividends)
The company's fiscal year ends in May.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 26.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 2.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.4, implying annual growth of 53.6%.
Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 29.7.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 29.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.7, implying annual growth of 12.2%.
Current consensus DPS estimate is 27.5, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 26.5.

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

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Jarden rates ((CKF)) as Buy (1) –

Collins Foods has been appointed KFC's corporate franchisee in the Netherlands, with Jarden noting the agreement appears similar to a master franchise but does exclude royalties. 

The company, which is already the franchisee of 34 of a total 78 restaurants in the region, will now oversee all franchisees. Additionally, the agreement includes a framework to developing up to an additional 130 restaurants. 

The Buy rating and target price of $13.31 are retained. 

This report was issued October 7, 2021.

Target price is $13.31 Current Price is $12.90 Difference: $0.41
If CKF meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $13.93, suggesting upside of 8.1%(ex-dividends)
The company's fiscal year ends in May.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 15.00 cents and EPS of 45.50 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.4, implying annual growth of 53.6%.
Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 29.7.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 17.30 cents and EPS of 51.60 cents.
At the last closing share price the estimated dividend yield is 1.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.7, implying annual growth of 12.2%.
Current consensus DPS estimate is 27.5, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 26.5.

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

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

Collins Foods has been appointed KFC's corporate franchisee for the Netherlands region, in a move Wilsons feels is positive for the company given its recent active acquisition of stores. 

The company will operate all existing KFC business in the region and undertake the introduction of future franchisees, with an aim for an additional 130 restaurants to be developed in the next decade which would increase market penetration to levels similar to the US. 

The Overweight rating is retained and the target price is under review. 

This report was published on October 7, 2021.

Current Price is $12.90. Target price not assessed.
Current consensus price target is $13.93, suggesting upside of 8.1%(ex-dividends)
The company's fiscal year ends in May.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 24.00 cents and EPS of 47.90 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.4, implying annual growth of 53.6%.
Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 29.7.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 29.00 cents and EPS of 54.70 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.7, implying annual growth of 12.2%.
Current consensus DPS estimate is 27.5, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 26.5.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $2.51

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

September quarter production results for Capricorn Metals comfortably exceeded Bell Potter's forecasts, which were conservative to reflect the high-risk ramp-up phase. Management guided to FY22 production of 110-120koz.

The analyst estimates all-in sustaining costs (AISC) were around $1,200/oz, which aligns with the strong operating cash flows for the quarter. The broker points out the successful ramp-up is a major milestone and raises its target price to $2.87 from $2.66.

The Buy rating is maintained.

This report was published on October 12, 2021.

Target price is $2.87 Current Price is $2.51 Difference: $0.36
If CMM meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 29.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.57.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 28.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.72.

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: $5.20

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

Canaccord Genuity notes that results released from the LEILAC-1 project highlight two keys to lowering the comercialisation risk profile. The technology fundamentally works and it represents the lowest cost of CO2 avoided, explains the analyst.

The broker suggests the technology is a highly attractive value proposition for the cement and lime industries as they develop net-neutral roadmaps. The Buy rating and $6.40 target price are unchanged.

This report was published in October 8, 2021.

Target price is $6.40 Current Price is $5.20 Difference: $1.2
If CXL meets the Canaccord Genuity target it will return approximately 23% (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 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 185.71.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 157.58.

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

DDH    DDH1 LIMITED

Mining Sector Contracting – Overnight Price: $1.20

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

Bell Potter reports DDH1's FY22 earnings growth may benefit from supportive tailwinds, including capital raisings for Australian junior exploration being up 69.2% year-on-year and metres drilled up 21.0% year-on-year. 

The broker notes these metrics historically indicate an increase in exploration expenditure and rate increases within a year. Additionally, Bell Potter highlights commodity pricing continues to be supportive.

The Buy rating and target price of $1.48 are retained. 

This report was published on October 6, 2021.

Target price is $1.48 Current Price is $1.20 Difference: $0.28
If DDH meets the Bell Potter target it will return approximately 23% (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 4.50 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.92.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 4.80 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.89.

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

DEG    DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $1.09

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

Bell Potter notes a scoping study at De Grey Mining's Mallina Gold Project have confirmed Tier 1 potential for the asset. A Pre-Feasability study is now expected in the second half of 2022. 

The study demonstrated a potential gold production of around 427,000 ounces per annum with an average grade feed of 1.4 grams per tonne over a ten year mine life. Further, total development capital for the project was estimated at $893m.

The broker highlights this type of asset creates a competitive advantage for the company, and provides a long-term foundation for growth.

The Buy rating is retained and the target price increases to $1.74 from $1.71.

This report was published on October 8, 2021.

Target price is $1.74 Current Price is $1.09 Difference: $0.65
If DEG meets the Bell Potter target it will return approximately 60% (excluding dividends, fees and charges).

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

DHG    DOMAIN HOLDINGS AUSTRALIA LIMITED

Real Estate – Overnight Price: $5.84

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

With home affordability becoming ever more out of reach, Jarden feels the case for changes to stamp duty in NSW has increased. For NSW alone it's estimated up to $1.73/share could be added for Domain Holdings if changes caused housing turnover to increase to 9% from 5%.

The broker currently forecasts neither a change in stamp duty nor higher-than-normal turnover and retains its Overweight rating and $5.50 target price.

This report was issued on August 6, 2021.

Target price is $5.50 Current Price is $5.84 Difference: minus $0.34 (current price is over target).
If DHG meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.24, suggesting downside of -9.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 4.20 cents and EPS of 8.40 cents.
At the last closing share price the estimated dividend yield is 0.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 69.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.4, implying annual growth of 43.1%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 69.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 5.60 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.0, implying annual growth of 42.9%.
Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 48.3.

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

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $3.00

Canaccord Genuity rates ((EML)) as Hold (3) –

According to the Central bank of Ireland (CBI) EML Payments' proposed growth targets are "higher than what the CBI would want to see". Canaccord Genuity awaits further clarity on the impact from these CBI growth target revisions before adjusting forecasts.

The company is likely to complete its remediation plan with CBI over the coming six months. The Hold rating and target of $3.50 are both unchanged.

This report was first published October 8, 2021.

Target price is $3.50 Current Price is $3.00 Difference: $0.5
If EML meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.46, suggesting upside of 51.6%(ex-dividends)
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 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.8, 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 50.7.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of 103.4%.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 24.9.

Market Sentiment: 1.0
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: $0.24

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

Highlights of Envirosuite's first quarter update for Bell Potter include the addition of $1.7m in new annual recurring revenue to total $48.6m at the end of the quarter, and sales for the quarter being up $4.1m. 

The broker notes the first quarter was expected to be softer for annual recurring revenue increases, but does expect this will continue to increase by $2.0-2.5m in each of the next three quarters. 

The Buy rating is retained and the target price increases to $0.22 from $0.20.

This report was published on October 8, 2021.

Target price is $0.22 Current Price is $0.24 Difference: minus $0.02 (current price is over target).
If EVS meets the Bell Potter target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.00.

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 34.29.

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

GTK    GENTRACK GROUP LIMITED

Software & Services – Overnight Price: $1.84

Shaw and Partners rates ((GTK)) as Initiation of coverage with Buy (1) –

Shaw and Partners initiates coverage of Gentrack Group, a software company servicing energy, gas and water verticals, with a Buy rating, believing the company has been mispriced. Target price is $3.35.

The broker anticipates a recovery in industry IT spend and believes Gentrack is well positioned to benefit and is "powered up" a for re-rate. The company has guided to improved FY21 revenue despite UK headwinds, and for revenue to sharply outpace cost growth.

The broker forecasts an annual compound growth rate of roughly 6%, and a 17.5% improvement in margins by FY25 and believes the company is cheap.

Shaw admires the company's leading market position; its high quality core-customer base; leadership team; track record; and greater than 80% recurring revenue.

This report was published on October 11, 2021.

Target price is $3.35 Current Price is $1.84 Difference: $1.51
If GTK meets the Shaw and Partners target it will return approximately 82% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 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 122.42.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 8.17 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.51.

This company reports in NZD. 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

IMD    IMDEX LIMITED

Mining Sector Contracting – Overnight Price: $2.85

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

Imdex September-quarter trading update set another record, outpacing Bell Potter's forecasts by roughly 10%, thanks to solid growth and margin gains.

The company reports even growth across all regions and the broker spies upside to conservative seasonality, margin and growth assumptions.

Bell Potter appreciates the strategic value in the BLASTDOG acquisition and updates forecasts to account for the purchase (which is not expected to be accretive).

EPS estimates rise 13%, 6.9% and 2.9% for FY22, FY23 and FY24. Buy rating reiterated. Target price rises to $3 from $2.85.

This report was published on October 8, 2021.

Target price is $3.00 Current Price is $2.85 Difference: $0.15
If IMD meets the Bell Potter target it will return approximately 5% (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 4.60 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 1.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.75.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 4.60 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 1.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.44.

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

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

Canaccord Genuity increases its FY22 and FY23 revenue estimates by 7% and 9% after Imdex released a strong 1Q trading trading update. The target price rises to $2.81 from $2.70 and the Buy rating is unchanged.

Management noted that all regions are now growing at a similar pace, including South America. The analyst can see further upside when contemplating a delayed correlation with mining capex spending. 

Some cost commentary by the company included some prospective investment for digital transformation and some supply chain cost increases.

The report was published on October 8, 2021.

Target price is $2.81 Current Price is $2.85 Difference: minus $0.04 (current price is over target).
If IMD meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 3.10 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 1.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.50.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 3.80 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.92.

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

LGL    LYNCH GROUP HOLDING LIMITED

Agriculture – Overnight Price: $3.52

Jarden rates ((LGL)) as Buy (1) –

Lynch Group Holdings has purchased Market Flowers Brisbane, creating a beachhead into Queensland wholesale market, says Jarden, following the pattern set in NSW.

The broker expects the business will benefit from Lynch's global sourcing and national distribution networks (Market Flowers' margins of roughly 9.7% compare with Lynch's 12.6%).

Management did not reveal an acquisition price but the broker expects the sale to be 1% accretive. Nor was guidance provided, so EPS forecasts are unchanged.

Buy rating is retained, Jarden perceiving China as a source of medium-term upside and expecting the Australian floral business will continue to outperform. Target price is steady at $5.10.

This report was published on October 8, 2021.

Target price is $5.10 Current Price is $3.52 Difference: $1.58
If LGL meets the Jarden target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 17.24 cents and EPS of 36.07 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.76.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 38.99 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.03.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $39.15

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

Bell Potter downgrades Mineral Resources' target price to $54.25 from $61.85 to account for continued weakness in the iron ore price.

The broker expects iron ore prices to continue to weaken and for quality discounts to rise.

Bell Potter retains a Buy rating, anticipating government approvals for Mineral Resource's iron-ore development projects, which the broker expects would more than compensate for price falls.

This report was published on October 8, 2021.

Target price is $54.25 Current Price is $39.15 Difference: $15.1
If MIN meets the Bell Potter target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $53.75, suggesting upside of 40.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 223.20 cents and EPS of 396.40 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 231.1, implying annual growth of -65.7%.
Current consensus DPS estimate is 125.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 126.50 cents and EPS of 298.70 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 346.6, implying annual growth of 50.0%.
Current consensus DPS estimate is 155.1, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 11.1.

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

MMI    METRO MINING LIMITED

Coal – Overnight Price: $0.02

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

Shaw and Partners reports a new floating crane has arrived at Metro Mining's Weipa port, and should allow the company to load larger vessels and reduce freight costs. The company aims to increase production to 6m tonnes per annum once the crane is operational. 

On Metro Mining's estimates expanded production could reduce all-in costs to $32 per tonne, which could translate to underlying earnings of $138m. 

The Buy rating and target price of 7c are retained. 

This report was published on October 8, 2021.

Target price is $0.07 Current Price is $0.02 Difference: $0.05
If MMI meets the Shaw and Partners target it will return approximately 250% (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 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.05.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

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: $1.37

Canaccord Genuity rates ((OPY)) as Speculative Buy (1) –

Having set what Canaccord Genuity feels is an appropriate strategy for the US, Openpay Group announced a funding structure for a launch later in October. If execution is good, it's thought the US will quickly dwarf the A&NZ and the UK operations.

Canaccord Genuity retains its Speculative Buy rating and $3.30 price target.

This report was issued on October 8, 2021.

Target price is $3.30 Current Price is $1.37 Difference: $1.93
If OPY meets the Canaccord Genuity target it will return approximately 141% (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 41.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.34.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.13.

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 ((OPY)) as Buy (1) –

Openpay Group's US strategy moves closer to commerciality, with Shaw and Partners noting the company has secured a US$271.4m revolving funding capacity from Goldman Sachs. Staffing and a customised tech platform are also ready for customer onboarding. 

The broker notes Openpay Group's offering of loans up to US$20,000 distinguishes it from buy now pay later peers who typically offer loans less than US$500. 

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

This report was published on October 8, 2021.

Target price is $3.50 Current Price is $1.37 Difference: $2.13
If OPY meets the Shaw and Partners target it will return approximately 155% (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 3.93.

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 8.30.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $164.26

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

With home affordability becoming ever more out of reach, Jarden feels the case for changes to stamp duty in NSW has increased. For NSW alone it's estimated up to $48/share could be added for REA Group if changes caused housing turnover to increase to 9% from 5%.

The broker currently forecasts neither a change in stamp duty nor higher-than-normal turnover and retains its Overweight rating and $178 target price.

This report was issued on August 6, 2021.

Target price is $178.00 Current Price is $164.26 Difference: $13.74
If REA meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $164.65, suggesting upside of 0.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 142.30 cents and EPS of 268.70 cents.
At the last closing share price the estimated dividend yield is 0.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 294.2, implying annual growth of 20.3%.
Current consensus DPS estimate is 158.5, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 55.9.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 179.80 cents and EPS of 339.50 cents.
At the last closing share price the estimated dividend yield is 1.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 357.6, implying annual growth of 21.5%.
Current consensus DPS estimate is 190.8, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 46.0.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $5.70

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

Sandfire Resources is set to acquire 100% of Minas De Aguas Tenidas (MATSA) having entered into a US$1.87bn agreement, which Goldman Sachs notes will be funded by US$800m of debt facilities, a US$905 equity raising and existing cash reserves.

While the company is guiding to an initial 12 year mine life, the broker notes each additional year of mine life would increase the net present value of the asset by US$70m. 

Sandfire Resources aims to grow throughput by 0.5m tonnes per annum to total 4.7m tonnes per annum in the near term, and will develop a plan to increase this to more than 5.0m tonnes per annum. 

The Neutral rating and target price of $5.80 are retained. 

This report was published on October 7, 2021. 

Target price is $5.80 Current Price is $5.70 Difference: $0.1
If SFR meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $6.62, suggesting upside of 19.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 22.00 cents and EPS of 89.00 cents.
At the last closing share price the estimated dividend yield is 3.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.40.

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 4.5%.
Current consensus EPS estimate suggests the PER is 6.9.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 2.00 cents and EPS of minus 5.00 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 minus 114.00.

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 17.8.

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: $1.38

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

Now that Silex System has de-risked its balance sheet via an equity raise, Shaw and Partners believes no more equity will likely be required for its projects on the path to commercialisation.

The company raised $33m via an institutional placement at $1.27/share and intends to raise another $7m at $1.31/share via a SPP. After minor forecast changes, the broker lowers its target price to $2.45 from $2.60 and maintains its Buy rating.

This report was published on October 12, 2021.

Target price is $2.45 Current Price is $1.38 Difference: $1.07
If SLX meets the Shaw and Partners target it will return approximately 78% (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 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 72.63.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 86.25.

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

TNT    TESSERENT LIMITED

IT & Support – Overnight Price: $0.23

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

Following a $25m raising by Tesserant, Shaw and Partners have noted $11m will be directed to potential strategic acquisition, while consideration for the Loop Secure acquisition will take $6m, and an additional $5m will be used for deferred acquisition payments.

The company has highlighted that the addition of strong shareholders was flagged as a catalyst for the company. Shaw and Partners expects Tesserent will continue to undertake further strategic accretive acquisitions. 

The Buy rating is retained and the target price increases to $0.35 from $0.31.

This report was published on October 9, 2021.

Target price is $0.35 Current Price is $0.23 Difference: $0.12
If TNT meets the Shaw and Partners target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.86.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.00.

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

VHT    VOLPARA HEALTH TECHNOLOGIES LIMITED

Medical Equipment & Devices – Overnight Price: $1.24

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

Bell Potter notes recent partnerships with AI software providers Riverain and RevealDX have allowed Volpara Health Technologies to expand its US lung cancer screening offerings and to offer a first-to-market, single comprehensive lung screening solution.

The broker highlights products from both Riverain and RevealDX are expected to receive FDA approval in 2022. 

The Buy rating and target price of $1.60 are retained. 

This report was published on October 6, 2021.

Target price is $1.60 Current Price is $1.24 Difference: $0.36
If VHT meets the Bell Potter target it will return approximately 29% (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 4.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.40.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.54 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 48.90.

This company reports in NZD. 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

VVA    VIVA LEISURE LIMITED

Travel, Leisure & Tourism – Overnight Price: $2.30

Moelis rates ((VVA)) as Buy (1) –

While August revenue was down -53% due to lockdowns, 97% of the Viva Leisure's Membership had been retained as at end of August, points out Moelis. It's expected the near-term reopening of gyms will allow the focus to be on growth via the roll-out strategy.

More acquisitions and greenfield sites are likely to complete in the first half than the analyst expected. The Buy rating is maintained and a $2.73 target price is set.

This report was published on October 6, 2021.

Target price is $2.73 Current Price is $2.30 Difference: $0.43
If VVA meets the Moelis target it will return approximately 19% (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 5.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.40.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.14.

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

WGO    WARREGO ENERGY LIMITED

NatGas – Overnight Price: $0.14

Canaccord Genuity rates ((WGO)) as Downgrade to Hold from Buy (3) –

Canaccord Genuity lowers its rating to Hold from Speculative Buy and reduces its target price to $0.22 from $0.34 for Warrego Energy. The broker no longer believes there's a clear case for Stage 2 and lowers its risking for West Erregullato to  25% from 75%.

This comes after an independent expert's reserve estimate was well below the analyst's expectations. The position will be reviewed as more data becomes available from the likes of WE3 deepening, WE5 re-testing and WE6 drilling (targeted for FY23).

Canaccord Genuity points out the company is adequately funded for its FY22 work program.

This report was published on October 12, 2021.

Target price is $0.22 Current Price is $0.14 Difference: $0.08
If WGO meets the Canaccord Genuity target it will return approximately 57% (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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.00.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.33.

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

ZBT    ZEBIT, INC

Business & Consumer Credit – Overnight Price: $0.53

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

Zebit has launched its mobile app – a significant milestone given mobile transactions are the fastest growing channel for retail merchants in the US, says Shaw and Partners.

Shaw believes the time is right for a first-mover US e-commerce company such as Zebit given the continued decline in bricks and mortar.

The broker retains a Buy rating, maintaining Zebit has validated its IPO model and strategy by beating prospectus forecast across nearly all metrics. Target price is steady at $2.

This report was published on October 8, 2021.

Target price is $2.00 Current Price is $0.53 Difference: $1.47
If ZBT meets the Shaw and Partners target it will return approximately 277% (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 13.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.96.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 11.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.77.

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

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