article 3 months old

Australian Broker Call *Extra* Edition – Nov 01, 2021

Daily Market Reports | Nov 01 2021

This story features ADORE BEAUTY GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: ABY

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)

ABY (2)   BMT   BOQ   BPT   BUB   CAR   CKF (2)   COE   CYG   DOC   ELD   FZO (2)   GDF   HLA   HMY   HUB   IMA   LPD   MNY   MOZ   MYD   OSH   PFP (2)   PLT (3)   RMS   SMP   STO   SXY   TPW   TWE   WHC   WPL  

ABY    ADORE BEAUTY GROUP LIMITED

Household & Personal Products – Overnight Price: $4.70

Jarden rates ((ABY)) as Buy (1) –

Jarden notes Adore Beauty Group's first quarter revenue increased 25% on the previous corresponding period, a result the broker notes is particularly impressive given the company was cycling off a growth rate of more than 100% for the same quarter in FY21.

The broker expects 16.2% revenue growth for the first half of FY22, but expects this forecast is conservative and that a first half skew is likely with the reopening of stores expected to impact on revenue growth rate. 

The company has commented that it continues to reinvest for future growth, continuing to scale its mobile app, expand range, invest in its podcast, and has a private label set to launch in the third quarter. 

The Buy rating and target price of $5.70 are retained.

This report was published on October 17, 2021.

Target price is $5.70 Current Price is $4.70 Difference: $1
If ABY meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 106.82.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 87.04.

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


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

Shaw and Partners leaves its forecasts, Buy rating and $6 target price unchanged, despite a "very positive and upbeat" 1Q trading update from Adore Beauty Group. Revenue rose 25% on the previous corresponding period.

The broker hints at potential upgrades if momentum continues though this is dependent on 3Q and 4Q performance given comparisons will be made to elevated previous corresponding periods.

This report was published on October 15, 2021.

Target price is $6.00 Current Price is $4.70 Difference: $1.3
If ABY meets the Shaw and Partners target it will return approximately 28% (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 3.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 134.29.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 88.68.

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

BMT    BEAMTREE HOLDINGS LIMITED

Healthcare services – Overnight Price: $0.57

Petra Capital rates ((BMT)) as Initiation of coverage with Buy (1) –

Petra Capital initiates coverage on health-technology company Beamtree with a Buy rating and 77c target price.

The broker views Beamtree as an under-appreciated Medtech company with an attractive global footprint; admires the defensive recurring revenue streams embedded in critical infrastructure (management guides to $50mm annual recurring revenue over five years); and spies appealing end-markets.

Petra notes the company is well on track to achieve revenue targets, is already profitable, and enjoys software leverage in an attractive industry.

The company has made three acquisitions and still has sufficient funds for the product development cycle, says the broker. Beamtree offers a three-year compound average rate of 68% and trades at a discount to peers.

This report was published on October 19, 2021.

Target price is $77.00 Current Price is $0.57 Difference: $76.43
If BMT meets the Petra Capital target it will return approximately 13409% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Petra Capital forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 570.00.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.00.

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

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $8.80

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

Bank of Queensland's FY21 result outpaced Goldman Sachs' forecasts, thanks to a higher-than-expected bad and doubtful debt benefit.

The broker tinkers with EPS forecasts and the target price eases to $10.02 from $10.09.

Buy rating retained, Goldman Sachs noting higher costs will be directed into supporting volumes and that higher pre-provision operating profit should drive shareholder value (offering a total shareholder return of 13% over a year).

Management expects the bank will continue to grow above system and ME Bank is forecast to be running near system by January 1.

This report was published on October 13, 2021.

Target price is $10.02 Current Price is $8.80 Difference: $1.22
If BOQ meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $10.45, suggesting upside of 19.2%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 45.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.3, implying annual growth of 11.0%.
Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 47.00 cents and EPS of 69.00 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.2, implying annual growth of 2.6%.
Current consensus DPS estimate is 50.3, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.5.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.40

Jarden rates ((BPT)) as Buy (1) –

Jarden strategists increase Brent oil price assumptions to US$80/bbl from US$70/bbl for the remainder of 2021. Also, estimates are raised to US$75/bbl and US$70/bbl for FY22 and FY23 onwards, from the original US$65/bl.

The broker's long-term forecast spot Japan-Korea Marker LNG price rises to US$9.50/mmbtu from US$8/mmbtu.

Jarden maintains its Buy rating for Beach Energy and raises its target price to $1.75 from $1.60.

This is largely due to the positive impact of the higher oil and LNG price forecasts, explains the analyst. However, higher oil prices also positively impact price assumptions for condensate and LPG, extracted from the gas stream at many of the company's gas fields.

Target price is $1.75 Current Price is $1.40 Difference: $0.35
If BPT meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 16.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 2.00 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 36.2%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 2.00 cents and EPS of 17.90 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.5, implying annual growth of -12.7%.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 8.5.

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

BUB    BUBS AUSTRALIA LIMITED

Dairy – Overnight Price: $0.52

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

Bubs Australia's September-quarter activities and cash-flow report sharply outpaced Bell Potter's forecasts thanks mainly to gains in the infant nutrition business.

Revenue romped ahead and brand investment and product manufacturing costs fell, resulting in an improved net cash position.

The broker raises EPS forecasts 36% in FY22; 41% in FY23 and 40% in FY24.

Bell Potter upgrades to Buy, Speculative Risk, citing better secular trade flows to China, brand traction and opportunities from indirect distribution channels.

Target price rises to 65c from 46c.

This report was published on October 14, 2021.

Target price is $0.65 Current Price is $0.52 Difference: $0.13
If BUB meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.59.

Forecast for FY23:

Bell Potter forecasts a full year FY23 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 34.67.

Market Sentiment: 1.0
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: $24.66

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

Following the lifting of restrictions, Goldman Sachs reinstates its rating for Carsales.Com at Neutral, after incorporating the acquisition of Trader Interactive into forecasts; believing it will take time for the company to monetise its digital marketplace strategy.

The broker says revenues, volumes, and costs are travelling well and notes tax exemptions should drive a 6% accretion in FY22 and 7% in FY23.

EPS forecasts rise 2% and 6% after accounting for the acquisition. Target $26.40.

This report was published on October 16, 2021. 

Target price is $26.40 Current Price is $24.66 Difference: $1.74
If CAR meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $24.32, suggesting downside of -3.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 56.00 cents and EPS of 68.00 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.26.

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:

Goldman Sachs forecasts a full year FY23 dividend of 64.00 cents and EPS of 77.00 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.03.

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 32.8.

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: $12.80

Jarden rates ((CKF)) as Buy (1) –

Collins Foods has provided updates on Europe and Australia, with Jarden noting a strong development pipeline for the Australian KFC business, with 12 additional stores expected to open in FY22, while Europe offers a strong platform for growth. 

The broker highlighted strong execution on the recently signed Netherlands corporate franchise agreement is likely to lead to other opportunities. The agreement should also allow Collins Foods to more actively deploy initiatives proven successful in Australia.

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

This report was issued October 14, 2021.

Target price is $13.31 Current Price is $12.80 Difference: $0.51
If CKF meets the Jarden target it will return approximately 4% (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 1.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.13.

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 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.81.

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


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

At Collins Foods' investor day, Wilsons notes commentary was largely about the recently-signed corporate franchise agreement with Yum! Brands and the acquisition of a further nine stores. The analyst now has greater confidence from the increased scale and management.

Moreover, growth in e-commerce sales for KFC Australia was seen as a positive and the broker lifts its target price to $15.30 from $13.15 and retains the Overweight rating.

This report was published on October 15, 2021.

Target price is $15.30 Current Price is $12.80 Difference: $2.5
If CKF meets the Wilsons target it will return approximately 20% (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:

Wilsons forecasts a full year FY22 dividend of 24.00 cents and EPS of 48.10 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.61.

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 55.70 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.98.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.29

Jarden rates ((COE)) as Downgrade to Neutral from Overweight (3) –

Jarden strategists increase Brent oil price assumptions to US$80/bbl from US$70/bbl for the remainder of 2021. Also, estimates are raised to US$75/bbl and US$70/bbl for FY22 and FY23 onwards, from the original US$65/bl.

The broker's long-term forecast spot Japan-Korea Marker LNG price rises to US$9.50/mmbtu from US$8/mmbtu.

Jarden downgrades its rating for Cooper Energy to Neutral from Overweight on valuation grounds, and leaves its $0.29 target price unchanged due to a limited exposure to oil prices.

This report was published on October 12, 2021.

Target price is $0.29 Current Price is $0.29 Difference: $0
If COE meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $0.28, suggesting downside of -2.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 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 58.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 72.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 46.7.

Market Sentiment: 0.1
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: $1.65

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

Bell Potter initiates coverage on Coventry Group with a Buy rating and $1.65 target price. The company distributes both industrial fasteners and specialist building supplies, and also designs and services fluid power systems in mining equipment.

The broker likes exposure to the industry shift to re-shore supply chains (commercial construction) and mining equipment repairs. Moreover, the company is considered to have a superior service model and an undemanding valuation, with an attractive dividend yield.

This report was published on October 15, 2021.

Target price is $1.65 Current Price is $1.65 Difference: $0
If CYG meets the Bell Potter target it will return approximately 0% (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 4.00 cents and EPS of 9.80 cents.
At the last closing share price the estimated dividend yield is 2.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.84.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 5.40 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.79.

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

DOC    DOCTOR CARE ANYWHERE GROUP PLC

Healthcare services – Overnight Price: $0.69

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

After taking into account a de-rating of multiples for overseas peers to the Doctor Care Anywhere Group, Bell Potter reduces the company's target price to $1.30 from from $1.50. The Buy rating is maintained.

In advance of a 3Q update next week, the analyst estimates the most significant driver of revenue growth will continue to be the core business in the UK. Also, it's thought the freeing-up of GP's after the covid vaccination program should be helpful.

To that end, management has guided for up to 100 GP’s joining as consultants, and capacity increasing to 45,000 consultations/month by the end of the September quarter.

This report was published on October 15, 2021.

Target price is $1.30 Current Price is $0.69 Difference: $0.61
If DOC meets the Bell Potter target it will return approximately 88% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 9.29 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.43.

Forecast for FY22:

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

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $12.03

Bell Potter rates ((ELD)) as Downgrade to Hold from Buy (3) –

Bell Potter anticipates a peak in seasonal drivers for Elders has likely been reached and downgrades its ratings to Hold from Buy.

Also, for FY21 results, there will be comparisons to decade highs in livestock activity and a twenty year high in winter sowing acreage.

Moreover, the analyst points out the recent climb in the share price. The target price slips to $13.45 from $13.75.

This report was published on October 15, 2021.

Target price is $13.45 Current Price is $12.03 Difference: $1.42
If ELD meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $13.19, suggesting upside of 8.7%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 40.00 cents and EPS of 90.50 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.2, implying annual growth of 11.8%.
Current consensus DPS estimate is 41.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 40.00 cents and EPS of 73.40 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.6, implying annual growth of -8.5%.
Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 14.9.

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

FZO    FAMILY ZONE CYBER SAFETY LIMITED

Software & Services – Overnight Price: $0.63

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

After 1Q results, Euroz Hartleys notes the Smoothwall acquisition is already proving positive with Family Zone Cyber Safety achieving first cross sell of the AI tools into its existing consumer base. Otherwise, growth was considered "strong" across all key metrics.

The analyst estimates circa 400,000 contracted Smoothwall students were added for the quarter versus the broker's flat quarter-on-quarter forecast. It's estimated there will be around 9.5m (from 9.18m) students on the company's platform by the end of the 1H FY22.

The company now has 110 districts in the US committed to rolling out the B2B2C product (up from the 18 in the last quarter), explains the analyst. Rating is Buy.

This report was published on October 12, 2021.

Target price is $1.02 Current Price is $0.63 Difference: $0.39
If FZO meets the Euroz Hartleys target it will return approximately 62% (excluding dividends, fees and charges).

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


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

Family Zone posted strong results in the first quarter. Cross-selling has accelerated and the company is working on integrating Classroom tools to sell into the Smoothwall UK school base.

Shaw and Partners calculates annual recurring revenue at the end of the quarter was $47.5m and $59m is expected for FY22 and $75m for FY23.

B2C in the US has been launched and the broker is encouraged by the response.There are several catalysts ahead including further cross selling and material contract potential.

The Buy rating is retained. Target rises to $1.02 from $1.00.

This report was published on October 13, 2021.

Target price is $1.02 Current Price is $0.63 Difference: $0.39
If FZO meets the Shaw and Partners target it will return approximately 62% (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 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.72.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 48.46.

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

GDF    GARDA PROPERTY GROUP

REITs – Overnight Price: $1.56

Moelis rates ((GDF)) as Hold (3) –

Following updated portfolio valuations and a -51 basis point compression for the portfolio cap rate for Garda Property Group, Moelis increases its target price to $1.70 from $1.56. The Hold rating is retained.

After the lift in valuation, the analyst notes gearing decreases to 35.3% from 38.4% at June 21, providing flexibility to continue debt funding the development pipeline.

This report was published on October 12, 2021.

Target price is $1.70 Current Price is $1.56 Difference: $0.14
If GDF meets the Moelis target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 7.20 cents and EPS of 8.10 cents.
At the last closing share price the estimated dividend yield is 4.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.26.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.60 cents and EPS of 8.50 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.35.

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

HLA    HEALTHIA LIMITED

Healthcare services – Overnight Price: $2.05

Jarden rates ((HLA)) as Initiation of coverage with Buy (1) –

Jarden initiates coverage of Healthia with a Buy rating and $2.90 target price.

The broker notes the company is trading at a -38% discount to valuation and is in the process of consolidating its 281 business across podiatry, physiotherapy and optometry.

Jarden appreciates the Healthia acquisition-led strategy which offers an immediate and industry-leading position in fragmented markets, as well as software, marketing, patient retention and cross-referral synergies; not to mention solid organic growth.

Risks include regulation; asset competition and acquisition integration.

This report was published on October 15, 2021. 

Target price is $2.90 Current Price is $2.05 Difference: $0.85
If HLA meets the Jarden target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 5.00 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.30.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 5.00 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.67.

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

HMY    HARMONEY CORP LIMITED

Diversified Financials – Overnight Price: $1.88

Jarden rates ((HMY)) as Buy (1) –

Harmoney Corp has delivered a solid first quarter performance, with Jarden noting loan originations of $142.9m in the quarter were a 82% increase on the previous corresponding period and a 10% increase on the previous quarter. 

Additionally, the company's loan book at the end of September totaled NZ$517m, up from NZ$501m at the end June, and the company reiterated guidance for a loan book exceeding NZ$600m in FY22.

In Jarden's view Harmoney Corp's strong growth outlook when compared to peers justifies a higher valuation. The Buy rating and target price of $3.30 are retained. 

This report was published on October 14, 2021.

Target price is $3.30 Current Price is $1.88 Difference: $1.42
If HMY meets the Jarden target it will return approximately 76% (excluding dividends, fees and charges).

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $31.68

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

First quarter net flows for HUB24 were a material beat versus Shaw and Partners estimates. Retail funds under administration (FUA) rose to 82% from 81% in FY21, which is considered a positive due to higher margins compared to institutional FUA.

The broker lifts its target price to $33 from $31.10, maintains its Buy rating and forecasts more than $100bn in FUA by FY24, as well as robust gross earnings (EBITDA) margins.

This report was published on October 15, 2021.

Target price is $33.00 Current Price is $31.68 Difference: $1.32
If HUB meets the Shaw and Partners target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $34.01, suggesting upside of 5.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 12.70 cents and EPS of 43.70 cents.
At the last closing share price the estimated dividend yield is 0.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 72.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.7, implying annual growth of 235.7%.
Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 75.3.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 17.50 cents and EPS of 60.30 cents.
At the last closing share price the estimated dividend yield is 0.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.8, implying annual growth of 35.4%.
Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 55.6.

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

IMA    IMAGE RESOURCES NL

Mineral Sands – Overnight Price: $0.20

Petra Capital rates ((IMA)) as Buy (1) –

Image Resources has pre-released some September quarter figures as extended rain hit production causing inventory drawdowns to bite into sales.

Petra Capital retains a Buy rating and 17c target price given stronger-than-forecast prices (the company outpacing the benchmark thanks to China) and expects this will continue into the December quarter before normalising.

The company reports a respectable and strengthening cash position but the broker notes the company is eyeing external growth options and cuts the dividend payout ratio to 50% from 80%.

This report was published on October 19, 2021.

Target price is $17.00 Current Price is $0.20 Difference: $16.8
If IMA meets the Petra Capital target it will return approximately 8400% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Petra Capital forecasts a full year FY21 dividend of 1.50 cents and EPS of 2.10 cents.
At the last closing share price the estimated dividend yield is 7.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.52.

Forecast for FY22:

Petra Capital forecasts a full year FY22 dividend of 3.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 15.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.33.

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) –

Lithium hopeful Lepidico has been busy on the announcements front, including news it has secured the land for the Phase-1 Chemical Plant in Abu Dhabi for 25 years, further progress with its caesium by-product from the L-Max process, and the publication of an attractive definitive feasibility study for a Phase-1 lithium hydroxide project.

Shaw & Partners recently initiated coverage of the company and retains a Buy rating.

Shaw notes consensus forecasts expect 10x to 12x growth in the lithium market; and adds that, should Lepidico succeed in a achieving an alternative source of lithium, the 3c target price could prove conservative.

This report was published on October 14, 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

MNY    MONEY3 CORPORATION LIMITED

Business & Consumer Credit – Overnight Price: $3.33

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

Shaw & Partners doubles down on Money3 Corporation, going High Conviction Buy, as the reopening gathers momentum, noting the benign consumer credit environment and lower discretionary spending.

The broker believes the company ought to be considered both a structural growth thesis and a recovery trade, strong recovery momentum supporting progress to longer term targets (the company plans to increase the loan book to $1bn in the medium term and for return on equity to move towards 20%).

Shaw spies more financing upside for Money3, and, views Money3 as the best placed in company history, boasting $60m in franking credits, under-geared balance sheet and leading market position in used automotive.

Target price is $4.13.

The report was published on October 14, 2021

Target price is $4.13 Current Price is $3.33 Difference: $0.8
If MNY meets the Shaw and Partners target it will return approximately 24% (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 12.90 cents and EPS of 22.50 cents.
At the last closing share price the estimated dividend yield is 3.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.80.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 15.30 cents and EPS of 26.60 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.52.

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

MOZ    MOSAIC BRANDS LIMITED

Apparel & Footwear – Overnight Price: $0.59

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

Back on August 31, Mosaic Brands reported FY21 earnings in-line with prior guidance, which Wilsons feels highlighted a successful reset for the company after the bushfires/pandemic. Management also announced a $32m capital raising for general working capital.

The target price falls to $1.83 from $2.74 and the Overweight rating is maintained. While management withheld guidance due to the challenging macro environment, the analyst sees attractive earnings upside in more normalised trading conditions.

This report was published on October 15, 2021.

Target price is $1.83 Current Price is $0.59 Difference: $1.24
If MOZ meets the Wilsons target it will return approximately 210% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.14.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 24.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.46.

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

MYD    MYDEAL.COM.AU LIMITED

Retailing – Overnight Price: $0.80

Petra Capital rates ((MYD)) as Buy (1) –

Mydeal.com.au's September-quarter result broadly met Petra Capital's forecasts, third-party branded and private-label goods outperforming (up 323% on the previous corresponding period).

The broker spies no slowing of momentum, reports gross sales have risen 22.6%; active customers hit 38.8% and transactions from returning customers continue to grow to roughly 60% (all year on year).

Petra expects continued online penetration in core categories and notes the higher margin private-label business is boosting cash flow.

Buy rating retained. Target price rises to $1.19 from $1.14 a share.

This report was published on October 19, 2021.

Target price is $1.19 Current Price is $0.80 Difference: $0.39
If MYD meets the Petra Capital target it will return approximately 49% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Petra Capital forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 50.00.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 66.67.

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

OSH    OIL SEARCH LIMITED

NatGas – Overnight Price: $4.29

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

Jarden strategists increase Brent oil price assumptions to US$80/bbl from US$70/bbl for the remainder of 2021. Also, estimates are raised to US$75/bbl and US$70/bbl for FY22 and FY23 onwards, from the original US$65/bl.

The broker's long-term forecast spot Japan-Korea Marker LNG price rises to US$9.50/mmbtu from US$8/mmbtu.

Jarden maintains its Overweight rating for Oil Search and raises its target price to $4.80 from $4.15 based on the raised oil and LNG assumptions, and the adjusted valuation from the proposed merger with Santos ((STO)).

This report was published on October 12, 2021.

Target price is $4.80 Current Price is $4.29 Difference: $0.51
If OSH meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.93, suggesting upside of 13.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 8.62 cents and EPS of 22.41 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.4, implying annual growth of N/A.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 11.27 cents and EPS of 30.36 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.3, implying annual growth of 29.3%.
Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 11.1.

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

PFP    PROPEL FUNERAL PARTNERS LIMITED

Consumer Products & Services – Overnight Price: $4.20

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

Propel Funeral Partners' September-quarter trading update pleasantly surprised Bell Potter, the company posting strong revenue and growth in funeral numbers, and average revenue per funeral proving resilient to lockdowns.

The result included contributions from recent acquisitions, save for Berry Funeral Directors and Glenelg Funerals.

EPS forecasts are raised 3%, 2% and 2%, across FY22, FY23 and FY24.

Target price rises to $4.90 from $4.65. Buy rating retained.

This report was published on October 14, 2021.

Target price is $4.90 Current Price is $4.20 Difference: $0.7
If PFP 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 dividend of 10.80 cents and EPS of 13.60 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.88.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 12.50 cents and EPS of 15.70 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.75.

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


Moelis rates ((PFP)) as Buy (1) –

Propel Funeral Partners' September-quarter update pleased Moelis, the company posting strong growth in revenue and funeral volumes. Average revenue per funeral held up despite lockdowns.

The broker upgrades earnings forecasts 3% for FY22, noting the strong performance bodes well for post-lockdown trade.

Buy rating retained, Bell Potter expecting margins and volumes to rise.

Target price rises to $4.80 from $4.57.

This report was published on October 13, 2021. 

Target price is $4.80 Current Price is $4.20 Difference: $0.6
If PFP meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 10.10 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 2.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.97.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 11.60 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.30.

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $1.41

Moelis rates ((PLT)) as Buy (1) –

Following Plenti Group's 2Q update, Moelis increases forecasts for FY22 loan originations by 9% and incorporates guidance of a $1bn loan book and monthly cash profitability for the December quarter. The target price rises to $1.95 from $1.93.

All loan products grew over the quarter, led by auto, points out the analyst. It's thought there will be material operating leverage over the next 12-24 months as the loan book grows and the company's shares should re-rate. Buy.

This report was published on October 12, 2021.

Target price is $1.95 Current Price is $1.41 Difference: $0.54
If PLT meets the Moelis target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 282.00.

Forecast for FY23:

Moelis forecasts a full year FY23 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 14.10.

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


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

Plenti Group produced a record quarter of originations. Guidance has been upgraded, which signals growth in the low book and operating leverage ahead of expectations.

Shaw and Partners expects the company can deliver continued scale with an improved cost of funding.

The broker notes half-year results are due in November and there is upside risk to the $1bn loan book target at reporting date.

Buy rating maintained. Target is $2.09, up from $1.90.

This report was published on October 13, 2021.

Target price is $2.09 Current Price is $1.41 Difference: $0.68
If PLT meets the Shaw and Partners target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 7.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.32.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 176.25.

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


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

Following Plenti Group's 2Q trading update, Wilsons' confidence around long-term profitability continues to improve. Credit quality remained positive, with the weighted average credit score declining marginally.

Management guided to a cash profit by the end of December 2021, while the analyst estimates an inaugural statutory profit in FY23 and meaningful margin expansion from FY24.

Overweight rating and $1.75 target retained.

This report was published on October 12, 2021.

Target price is $1.75 Current Price is $1.41 Difference: $0.34
If PLT meets the Wilsons target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 8.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.59.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.11.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.59

Petra Capital rates ((RMS)) as Hold (3) –

Ramelius Resources has launched a bid for Apollo Consolidated ((AOP)), which owns the Rebecca Gold Project, a long-dated open-pit gold project east of Kalgoorlie, WA.

Petra Capital views the bid as smart but not transformational. The broker considers the price fair, albeit the mine being in the early stage, not producing, offering zero economics and no timeline to production.

The bid implies an enterprise value of $128m, a 37% premium to the pre-bid value, says the broker.

Apollo's management cited difficulty in advancing gold projects as a junior in this environment, which Petra says augurs well for M&A in the sector. Hold rating and $1.70 target price.

This report was published on October 19, 2021.

Target price is $1.70 Current Price is $1.59 Difference: $0.11
If RMS meets the Petra Capital target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.00, suggesting upside of 27.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Petra Capital forecasts a full year FY22 dividend of 4.00 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 2.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.1, implying annual growth of -22.6%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 13.0.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 5.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of -2.5%.
Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 13.3.

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

SMP    SMARTPAY HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $0.80

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

Shaw & Partners initiates coverage of Smartpay with a Buy rating and $1.12 target price.

The broker notes the company is gaining market share in payments facilitation and that the company's sum-of-parts is much greater than the whole.

Shaw expects Smartpay could prove a strong reopening trade, being well positioned for a rebound and says the company is trading at a discount to major peers while offering superior growth leverage.

The broker expects the company can increase its share of terminals from 2.8% to 10% in a rising market and views it as a serious disruptor given its competitive fee structure, billing simplicity and flexibility.

This report was published on October 18, 2021.

Target price is $1.12 Current Price is $0.80 Difference: $0.32
If SMP meets the Shaw and Partners target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.41 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.78.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.81.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $6.98

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

Jarden strategists increase Brent oil price assumptions to US$80/bbl from US$70/bbl for the remainder of 2021. Also, estimates are raised to US$75/bbl and US$70/bbl for FY22 and FY23 onwards, from the original US$65/bl.

The broker's long-term forecast spot Japan-Korea Marker LNG price rises to US$9.50/mmbtu from US$8/mmbtu.

Jarden retains its Overweight rating for Santos and raises its target price to $8 from $7 based on the raised oil and LNG assumptions, and the adjusted valuation from the proposed merger with Oil Search ((OSH)).

Higher oil prices should also improve the outlook for the proposed sell-down of the Dorado asset, notes the analyst.

This report was published on October 12, 2021.

Target price is $8.00 Current Price is $6.98 Difference: $1.02
If STO meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $8.43, suggesting upside of 19.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 15.11 cents and EPS of 51.31 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.7, implying annual growth of N/A.
Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 26.78 cents and EPS of 72.78 cents.
At the last closing share price the estimated dividend yield is 3.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.9, implying annual growth of 28.3%.
Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 10.3.

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

SXY    SENEX ENERGY LIMITED

Crude Oil – Overnight Price: $4.44

Jarden rates ((SXY)) as Downgrade to Overweight from Buy (2) –

Jarden strategists increase Brent oil price assumptions to US$80/bbl from US$70/bbl for the remainder of 2021. Also, estimates are raised to US$75/bbl and US$70/bbl for FY22 and FY23 onwards, from the original US$65/bl.

The broker's long-term forecast spot Japan-Korea Marker LNG price rises to US$9.50/mmbtu from US$8/mmbtu.

Jarden downgrades its rating for Senex Energy to Overweight from Buy on valuation grounds, and raises its target price to $4.45 from $4.05 due to oil-linked gas sales to GLNG.

This report was published on October 12, 2021.

Target price is $4.45 Current Price is $4.44 Difference: $0.01
If SXY meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.38, suggesting downside of -1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 7.00 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 1.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, implying annual growth of -40.9%.
Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 20.9.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 9.50 cents and EPS of 21.90 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.3, implying annual growth of 33.5%.
Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 15.7.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $12.67

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

Temple & Webster's September-quarter trading update sharply outpaced consensus and Jarden's sales-growth estimates.

Management guides to improved margins, the broker sheeting this back partly to strong operating leverage.

Jarden perceives the result as a major achievement for the company given the massive growth in online sales during covid and views cyclical and structural tailwinds as enduring.

Overweight rating and $15.81 target price retained, Jarden expecting a moderation in growth as lockdowns end. 

This report was published on October 18, 2021.

Target price is $15.81 Current Price is $12.67 Difference: $3.14
If TPW meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $15.11, suggesting upside of 16.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 7.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 173.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.2, implying annual growth of -29.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 157.8.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 10.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 123.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of 36.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 115.5.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $11.52

Jarden rates ((TWE)) as Upgrade to Neutral from Sell (3) –

Treasury Wine Estates September-quarter result fell shy of Jarden's forecasts, hampered by a slow on-premise reopening in the US and Australia, and a slower wholesale reopening in Asia. 

The broker cuts EPS forecasts -3% to -4% in response to management's non-quantitative guidance.

Jarden upgrades to Neutral given generally positive trading dynamics; a likely uplift from the global reopening and a generally positive company performance.

Target price eases to $10.80 from $11.

This report was published on October 15, 2021.

Target price is $10.80 Current Price is $11.52 Difference: minus $0.72 (current price is over target).
If TWE 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 $12.34, suggesting upside of 5.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 33.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.7, implying annual growth of 29.0%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 26.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 35.00 cents and EPS of 50.70 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.7, implying annual growth of 17.9%.
Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 22.1.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $2.61

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

Bell Potter assesses 1Q results for Whitehaven Coal were stronger than expected due to a significant recovery in production at Narrabri and a resumption of elevated operating levels at Maules Creek.

The broker adjusts its FY22-24 EPS estimates by 11%, 16% and -2%, respectively, and retains its Hold rating and $3.50 target price. It's estimated the company is yet to see the full benefit from record thermal coal prices, as 57% of 1Q sales were priced in prior periods.

The analyst cautions on FY22 operational risks (mostly relating to Narrabri) and increasing ESG pressures.

This report was published on October 15, 2021.

Target price is $3.50 Current Price is $2.61 Difference: $0.89
If WHC meets the Bell Potter target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $3.85, suggesting upside of 46.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 15.00 cents and EPS of 57.60 cents.
At the last closing share price the estimated dividend yield is 5.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.53.

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 4.5%.
Current consensus EPS estimate suggests the PER is 2.8.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 21.00 cents and EPS of 41.70 cents.
At the last closing share price the estimated dividend yield is 8.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.26.

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 4.0%.
Current consensus EPS estimate suggests the PER is 7.6.

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

WPL    WOODSIDE PETROLEUM LIMITED

NatGas – Overnight Price: $23.26

Jarden rates ((WPL)) as Upgrade to Buy from Neutral (1) –

Jarden strategists increase Brent oil price assumptions to US$80/bbl from US$70/bbl for the remainder of 2021. Also, estimates are raised to US$75/bbl and US$70/bbl for FY22 and FY23 onwards, from the original US$65/bl.

The broker's long-term forecast spot Japan-Korea Marker LNG price rises to US$9.50/mmbtu from US$8/mmbtu.

Jarden upgrades its rating for Woodside Petroleum to Buy from Neutral and raises its target price to $28.60 from $22. This is primarily due to a combination of the above higher oil price and spot LNG price assumptions.

This report was published on October 12, 2021.

Target price is $28.60 Current Price is $23.26 Difference: $5.34
If WPL meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $26.37, suggesting upside of 12.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 147.16 cents and EPS of 181.63 cents.
At the last closing share price the estimated dividend yield is 6.33%.
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 165.4, implying annual growth of N/A.
Current consensus DPS estimate is 118.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 173.67 cents and EPS of 262.10 cents.
At the last closing share price the estimated dividend yield is 7.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 210.8, implying annual growth of 27.4%.
Current consensus DPS estimate is 135.5, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 11.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


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

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

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

Share on FacebookTweet about this on TwitterShare on LinkedIn

Click to view our Glossary of Financial Terms

CHARTS

ABY AOP BMT BOQ BPT BUB CAR CKF COE CYG DOC ELD FZO GDF HLA HMY HUB IMA LPD MNY MOZ MYD OSH PFP PLT RMS SMP STO SXY TPW TWE WHC

For more info SHARE ANALYSIS: ABY - ADORE BEAUTY GROUP LIMITED

For more info SHARE ANALYSIS: AOP - APOLLO CONSOLIDATED LIMITED

For more info SHARE ANALYSIS: BMT - BEAMTREE HOLDINGS LIMITED

For more info SHARE ANALYSIS: BOQ - BANK OF QUEENSLAND LIMITED

For more info SHARE ANALYSIS: BPT - BEACH ENERGY LIMITED

For more info SHARE ANALYSIS: BUB - BUBS AUSTRALIA LIMITED

For more info SHARE ANALYSIS: CAR - CARSALES.COM LIMITED

For more info SHARE ANALYSIS: CKF - COLLINS FOODS LIMITED

For more info SHARE ANALYSIS: COE - COOPER ENERGY LIMITED

For more info SHARE ANALYSIS: CYG - COVENTRY GROUP LIMITED

For more info SHARE ANALYSIS: DOC - DOCTOR CARE ANYWHERE GROUP PLC

For more info SHARE ANALYSIS: ELD - ELDERS LIMITED

For more info SHARE ANALYSIS: FZO - FAMILY ZONE CYBER SAFETY LIMITED

For more info SHARE ANALYSIS: GDF - GARDA PROPERTY GROUP

For more info SHARE ANALYSIS: HLA - HEALTHIA LIMITED

For more info SHARE ANALYSIS: HMY - HARMONEY CORP LIMITED

For more info SHARE ANALYSIS: HUB - HUB24 LIMITED

For more info SHARE ANALYSIS: IMA - IMAGE RESOURCES NL

For more info SHARE ANALYSIS: LPD - LEPIDICO LIMITED

For more info SHARE ANALYSIS: MNY - MONEY3 CORPORATION LIMITED

For more info SHARE ANALYSIS: MOZ - MOSAIC BRANDS LIMITED

For more info SHARE ANALYSIS: MYD - MYDEAL.COM.AU LIMITED

For more info SHARE ANALYSIS: OSH - OIL SEARCH LIMITED

For more info SHARE ANALYSIS: PFP - PROPEL FUNERAL PARTNERS LIMITED

For more info SHARE ANALYSIS: PLT - PLENTI GROUP LIMITED

For more info SHARE ANALYSIS: RMS - RAMELIUS RESOURCES LIMITED

For more info SHARE ANALYSIS: SMP - SMARTPAY HOLDINGS LIMITED

For more info SHARE ANALYSIS: STO - SANTOS LIMITED

For more info SHARE ANALYSIS: SXY - SENEX ENERGY LIMITED

For more info SHARE ANALYSIS: TPW - TEMPLE & WEBSTER GROUP LIMITED

For more info SHARE ANALYSIS: TWE - TREASURY WINE ESTATES LIMITED

For more info SHARE ANALYSIS: WHC - WHITEHAVEN COAL LIMITED