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Australian Broker Call *Extra* Edition – Nov 05, 2021

Daily Market Reports | Nov 05 2021

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

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

ABB   ADH   AHX   AND   APC   APZ   ARB   AT1   BPT   COF   CSS   CUP   CXO   DMP (2)   ELD   ELO   ENN   ERD   ESK   EVN   FCL   GNX   HUB   IGO   IMR   JHG   KGN   LRK   MSB   NST   OZL   PGL   PLY   PNR   RDY (2)   S32   SMP   SUL   TLS   TSI  

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $4.95

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

Aussie Broadband's September-quarter connections outpaced Shaw & Partners forecast, giving it the fastest growing ASX telco trajectory in the Asia Pacific says the broker.

Churn fell, revenues rose, group-wide disclosure improved, and market share impressed the broker.

Shaw notes that momentum is growing across all segments and the Over The Wire ((OTW)) non-binding acquisition as highly accretive (the bid has been confirmed at an indicative offer of $5.75 a share, with the weighting of cash and scrip to be determined).

The broker describes Aussie Broadband as an "organic growth beast… wrecking the major telcos on market share" and says the company is shaping up well for inclusion on the ASX200 index.

Buy rating retained. Target price rises to to $5.52 from $5.41.

This report was published on October 25, 2021.

Target price is $5.52 Current Price is $4.95 Difference: $0.57
If ABB meets the Shaw and Partners target it will return approximately 12% (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 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.25.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 3.10 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.94.

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

ADH    ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $3.65

Jarden rates ((ADH)) as Buy (1) –

Adairs' September-quarter trading update met Jarden's estimates. No guidance was provided.

Covid dragged on store sales which was partly offset by a continued acceleration in online sales.

The broker says that most NSW stores reopened on October 11 and posted strong like-for-like sales in the first week, and pricier freight is eating into gross margins as forecast.

Buy rating and $5.13 target price retained. 

This report was published on October 20, 2021.

Target price is $5.13 Current Price is $3.65 Difference: $1.48
If ADH meets the Jarden target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $4.53, suggesting upside of 26.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 23.00 cents and EPS of 36.80 cents.
At the last closing share price the estimated dividend yield is 6.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.5, implying annual growth of -13.8%.
Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 26.00 cents and EPS of 41.90 cents.
At the last closing share price the estimated dividend yield is 7.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.3, implying annual growth of 17.8%.
Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 9.4.

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

AHX    APIAM ANIMAL HEALTH LIMITED

Healthcare services – Overnight Price: $0.95

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

Apiam Animal Health's September-quarter update broadly met Shaw & Partners forecasts for the slower season, and the broker expects growth to pick up over coming quarters.

The broker observes growing momentum, thanks to a pipeline of greenfield clinics, better wholesale conditions and inputs from acquisitions.

The company's extension into companion animals, which reduces its dependence on feedlots/pigs, is viewed positively by the broker.

Gross-profit sharply outpaced the broker and was struck on a record margin of 60.6%.

Shaw notes the company is trading at a sharp discount to listed peers, spies upside to consensus ratings, and expects further accretive ratings.

Buy High Risk rating retained. Target price rises 3% to $1.29.

This report was published on October 25, 2021.

Target price is $1.29 Current Price is $0.95 Difference: $0.34
If AHX meets the Shaw and Partners target it will return approximately 36% (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 2.50 cents and EPS of 6.30 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 15.08.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 3.30 cents and EPS of 8.20 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.59.

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

AND    ANSARADA GROUP LIMITED

Software & Services – Overnight Price: $2.05

Moelis rates ((AND)) as Buy (1) –

Ansarada Group's September-quarter trading update pleased Moelis, the company posting strong revenue as the customer mix rebases under the subscription model.

Net cash more than halved to account for the Triline acquisition, now complete.

The broker upgrades FY22 revenue forecasts, expecting strong customer and sales growth, and says the company's e-commerce platform provides a strong channel to secure new business.

Buy rating retained. Target price rises to $2.19 from $1.94.

This report was published on October 24, 2021.

Target price is $2.19 Current Price is $2.05 Difference: $0.14
If AND meets the Moelis target it will return approximately 7% (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 4.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 41.84.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 102.50.

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

APC    AUSTRALIAN POTASH LIMITED

Agriculture – Overnight Price: $0.10

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

Shaw & Partners remains postive on Australian Potash despite the difficulties faced by Salt Lake Potash ((SO4)), which has appointed KPMG as administrator, and Kallium Lakes ((KLL)), which recapitalised.

The broker points to a 45% re-rate in prices since July and believes Lake Wells is back by a higher quality resource than Salt Lake or Kallium, and has a highly experienced conservative management team.

Buy rating and $0.32 target price retained.

This report was published on October 22, 2021. 

Target price is $0.32 Current Price is $0.10 Difference: $0.22
If APC meets the Shaw and Partners target it will return approximately 220% (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 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.50.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.29.

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

APZ    ASPEN GROUP LIMITED

Real Estate – Overnight Price: $1.63

Moelis rates ((APZ)) as Buy (1) –

Better-than-expected first quarter results from Aspen Group's Darwin Freespirit Resort and Mt Gravatt accommodation have driven outlook upgrades from Moelis. 

Operating underlying earnings for the quarter were up 2.7% despite impacts from covid restrictions and a lack of Jobkeeper benefits. The broker notes further potential upside from the ongoing tightening in the Perth residential market.

Earnings per share forecasts increase 6% and 11% for FY22 and FY23 respectively. 

The Buy rating is retained and the target price increases to $1.84 from $1.54.

The report was published on October 18, 2021.

Target price is $1.84 Current Price is $1.63 Difference: $0.21
If APZ meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 6.60 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.52.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.00 cents and EPS of 10.90 cents.
At the last closing share price the estimated dividend yield is 4.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.95.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $51.99

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

ARB Corporation's September-quarter trading update pleased Wilsons, management reporting solid sales and profit growth in the face of supply challenges and lockdowns.

The broker says industry feedback suggests demand is still very strong, although new model releases have been delayed.

EPS forecasts are raised 0% to 6% to reflect strong near-term margins.

Overweight rating retained. Target price rises to $57.00 from $55.00. 

This report was published on October 25, 2021.

Target price is $57.00 Current Price is $51.99 Difference: $5.01
If ARB meets the Wilsons target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $50.07, suggesting downside of -4.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 68.00 cents and EPS of 141.40 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.2, implying annual growth of -0.5%.
Current consensus DPS estimate is 57.9, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 37.7.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 73.00 cents and EPS of 143.30 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 144.6, implying annual growth of 3.9%.
Current consensus DPS estimate is 60.1, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 36.3.

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

AT1    ATOMO DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $0.26

Canaccord Genuity rates ((AT1)) as Buy (1) –

Atomo Diagnostics has reported a return to strong growth in the first quarter, with Canaccord Genuity reporting both cash receipts and revenue were up more than 250% quarter-on-quarter, meaning the company could be cash flow positive in the second quarter. 

The emergence of antigen testing in the quarter was a key driver of results. Atomo Diagnostics provided more than 100,000 units in the quarter, and has secured 10m test kits, and an additional 10m self-test kits awaiting TGA approval.

The broker notes this could represent a $100-200m revenue opportunity through to FY23, but results are dependent on execution and ability to capture market share.

The Buy rating and target price of $0.36 are retained. 

This report was published on October 26, 2021.

Target price is $0.36 Current Price is $0.26 Difference: $0.1
If AT1 meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).

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: $1.29

Jarden rates ((BPT)) as Buy (1) –

Beach Petroleum's September-quarter production fell -3% shy of Jarden's estimates as Western Flank oil and the Cooper Basin joint venture disappointed.

Jarden forecasts one or two more quarters of lower output before Otway Basin's Geographe wells come online, reversing the trend. 

Sales volume and revenue were sharply lower, the only relief proving higher liquids prices. 

Net cash surprised to the upside at $43m, compared with the broker's forecast debt of $11m, and Jarden approves of the LNG contract with BP. Buy rating and $1.75 target price retained.

This report was published on October 20, 2021.

Target price is $1.75 Current Price is $1.29 Difference: $0.46
If BPT meets the Jarden target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 26.5%(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 20.20 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.39.

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 1.5%.
Current consensus EPS estimate suggests the PER is 6.9.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 2.00 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.09.

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 1.8%.
Current consensus EPS estimate suggests the PER is 7.9.

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

COF    CENTURIA OFFICE REIT

REITs – Overnight Price: $2.34

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

Shaw & Partners re-initiates coverage on Centuria Office REIT with a Buy rating and $2.65 target price.

The broker cites an attractive low-risk distribution yield and admires the pure-play portfolio of 25 young geographically diversified assets.

FY21 rent collections stand at 98.3% and current portfolio vacancies are 6%, with another 6.2% of leases set to expire in FY22.

Shaw & Partners considers the REIT a well-run, competitively advantaged stock boasting several key macro thematic trends, strong management, and long track record, backed by attractive regional dynamics.

This report was first published on October 22, 2021.

Target price is $2.65 Current Price is $2.34 Difference: $0.31
If COF meets the Shaw and Partners target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.48, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 16.60 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 7.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 23.0%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 17.20 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 7.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 3.3%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 12.3.

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

CSS    CLEAN SEAS SEAFOOD LIMITED

Aquaculture – Overnight Price: $0.63

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

Clean Seas Seafood's September-quarter result pleased Ord Minnett thanks to strong volumes, which made up for for covid-induced weaker average selling prices, which the broker expects will improve on re-opening.

The company reports positive operating cash flow – the first positive September quarter since 2018. Net cash rose to $10.6, from $7.1m in the June quarter.

Management has cleared excess frozen inventories, which the broker believes should aid operating costs in the December quarter.

Target price edges up to 85c from 80c to reflect a slightly lower discount rate on improved pricing expectations. Buy rating retained.

This report was published on October 21, 2021.

Target price is $0.85 Current Price is $0.63 Difference: $0.22
If CSS meets the Bell Potter target it will return approximately 35% (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 6.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.13.

Forecast for FY23:

Bell Potter 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 63.00.

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

CUP    COUNTPLUS LIMITED

Commercial Services & Supplies – Overnight Price: $0.99

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

Countplus has announced the acquisition of an 85% stake in Accurium for $9.0m, a transaction which Wilsons feels offers a longer-term, limited risk revenue line and makes strategic sense for the company. 

While Accurium has two key revenue streams, issuing actuarial certificates and providing self-managed super fund education, Wilsons expects the latter to provide the most earnings upside.

The Overweight rating and target price of $1.46 are retained. 

This report was published on October 20, 2021.

Target price is $1.46 Current Price is $0.99 Difference: $0.47
If CUP meets the Wilsons target it will return approximately 47% (excluding dividends, fees and charges).

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.61

Petra Capital rates ((CXO)) as Sell (5) –

Petra Capital raises Core Lithium's target price to 43c from 42c now that the binding Jiangxi Ganfeng Lithium spodumene deal has gone unconditional after receiving Chinese government approvals.

But the broker believes the recent share-price rally has been overdone and downgrades to a Sell rating.

Petra Capital notes the company has the money to easily fund the $90m production capital expenditure for the Finiss Project, with room to spare from working capital and exploration.

This report was published on October 25, 2021.

Target price is $0.43 Current Price is $0.61 Difference: minus $0.18 (current price is over target).
If CXO meets the Petra Capital target it will return approximately minus 30% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.89.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.79.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $116.12

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

Domino's Pizza Enterprises' European investor day focused on operational updates, the key takeout being merger-and-acquisition intent.

Goldman Sachs expects guidance to be issued on November 3, and reports management maintains confidence in delivering on previous results guidance.

The broker expects labour and supply-chain inflation to continue to feature, although management suggests the former is manageable and latter should prove a short-term cycle.

Buy rating and $154.90 target price retained.

This report was published on October 20, 2021.

Target price is $154.90 Current Price is $116.12 Difference: $38.78
If DMP meets the Goldman Sachs target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $127.88, suggesting upside of 7.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 222.00 cents and EPS of 299.00 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 232.5, implying annual growth of 9.3%.
Current consensus DPS estimate is 186.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 51.0.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 265.00 cents and EPS of 332.00 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 34.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 287.9, implying annual growth of 23.8%.
Current consensus DPS estimate is 231.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 41.2.

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


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

Domino's Pizza Enterprises September-quarter European update provide no trading information or guidance, focusing instead on ESG, a difficult inflation period, and the growth runway, says Jarden.

The broker reports CEO Don Meij was in the EU scouting out M&A opportunities, citing a new competitor in Germany (New York Pizza bought three competitors to race to No. 3 in the market).

Jarden leaves estimates unchanged but believes the main risk is to the upside. Cost inflation is a downside risk should Domino's be unable to pass prices on.

Overweight rating and $120 target price retained.

This report was published on October 20, 2021.

Target price is $120.00 Current Price is $116.12 Difference: $3.88
If DMP meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $127.88, suggesting upside of 7.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 207.00 cents and EPS of 257.00 cents.
At the last closing share price the estimated dividend yield is 1.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 232.5, implying annual growth of 9.3%.
Current consensus DPS estimate is 186.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 51.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 205.00 cents and EPS of 318.00 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 287.9, implying annual growth of 23.8%.
Current consensus DPS estimate is 231.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 41.2.

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $12.26

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

Goldman Sachs raises its target price for Elders to $15.65 from $15.35 heading into the publication of the company's FY21 result.

The broker expects the company will deliver strong top-line growth, market-share growth and margin expansion over the next few years.

Elders position in the supply chain provides an opportunity to gain advantage from the push towards net zero emissions, notes the broker.

EPS forecasts rise 3.5%, 5.2% and 5.8% across FY21, FY22 and FY23. Buy rating retained. 

This report was published on October 24, 2021.

Target price is $15.65 Current Price is $12.26 Difference: $3.39
If ELD meets the Goldman Sachs target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $13.19, suggesting upside of 7.3%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 39.00 cents and EPS of 88.00 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.93.

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 3.4%.
Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 41.00 cents and EPS of 72.00 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.03.

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 3.4%.
Current consensus EPS estimate suggests the PER is 15.1.

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

ELO    ELMO SOFTWARE LIMITED

Jobs & Skilled Labour Services – Overnight Price: $5.25

Wilsons rates ((ELO)) as Underweight (5) –

Elmo Software reported strong first quarter growth, but despite a 61% year-on-year annual recurring revenue increase Wilsons notes results are cycling off a recurring revenue contraction that impacted first quarter results in FY21 and growth is not back to pre-covid levels.

The broker also assumes the company will pay around $28m in cash-payable earnings before the end of FY22, and notes Elmo Software will likely need funding and remains concerned about the company's ability to fund growth without a refinancing. 

The Underweight rating and target price of $4.33 are retained. 

This report was published on October 22, 2021.

Target price is $4.33 Current Price is $5.25 Difference: minus $0.92 (current price is over target).
If ELO meets the Wilsons target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 37.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.96.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 26.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.59.

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

ENN    ELANOR INVESTORS GROUP

Wealth Management & Investments – Overnight Price: $2.20

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

Elanor Investors has created the Elanor Warrawong Plaza Fund to buy the Warrawong Plaza Shopping Centre for $136.4m

The Elanor Healthcare Real Estate fund will acquire the Highpoint Health Hub for $51.9m.

Funds under management rise to $2.5bn accordingly and Shaw & Partners says the company's FY22 outlook is very positive, spying several more initiatives to boost FUM.

The company has been hampered by covid lockdowns (expected to end soon), and notes that the company is trading at a discount to peers.

Buy rating retained. Target price rises to $2.70 from $2.60.

This report was published on October 25, 2021.

Target price is $2.70 Current Price is $2.20 Difference: $0.5
If ENN meets the Shaw and Partners target it will return approximately 23% (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 18.10 cents and EPS of 14.10 cents.
At the last closing share price the estimated dividend yield is 8.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.60.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 15.90 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 7.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.43.

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

ERD    EROAD LIMITED

Transportation & Logistics – Overnight Price: $4.91

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

EROAD's September-quarter trading update proved mixed, strong unit growth down under dimmed by the loss of a large US enterprise customer, which contributed to a disappointing US performance.

Group churn was low at 5.9% and SaaS/hardware upgrade sales were positive, and management expects the Coretex acquisition to be finalised by year end. 

Jarden reduces EPS forecasts -2.2%. -3.5% and -2.8% for FY22, FY23 and FY24.

The broker is awaiting finalisation of the capital raising before updating other numbers and remains positive, expecting the Coretex acquisition will accelerate its push into the US market.

Overweight rating and $6.05 target price retained.

This report was published on October 22, 2021.

Target price is $6.05 Current Price is $4.91 Difference: $1.14
If ERD meets the Jarden target it will return approximately 23% (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 minus 4.79 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 102.44.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 9.96 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.29.

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

ESK    ETHERSTACK PLC

Telecommunication – Overnight Price: $0.45

Wilsons rates ((ESK)) as Initiation of coverage with Overweight (1) –

Wilsons initiates coverage on wireless technology company Etherstack PLC. The company develops software that enables transceivers to communicate with radio networks, and the broker expects long term evolution opportunities in 4G and 5G to drive growth. 

The broker likes that Etherstack is growing revenue through new contract wins, including meaningful contract wins with partner Samsung over the next 3 years, and that rapid acceleration of growth is expected in the next 3-4 years.

Wilsons expects FY21 to be a landmark year for Etherstack PLC. The broker initiates with an Overweight rating and a target price of $0.73.

This report was published on October 21, 2021.

Target price is $0.73 Current Price is $0.45 Difference: $0.28
If ESK meets the Wilsons target it will return approximately 62% (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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 150.00.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.00.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $3.55

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

After 1Q results for Evolution Mining, JP Morgan lowers earnings forecasts marginally and retains its Overweight rating and $4.60 target price. A strong performance at Cowal and Mungari offset poor production and costs at Red Lake, explains the broker.

The analyst highlights the integration of the recently-acquired Kundana into Mungari has started well with first ore boosting grades. Also, costs are expected to be lower for the rest of the year.

This report was published on October 20, 2021.

Target price is $4.60 Current Price is $3.55 Difference: $1.05
If EVN meets the JP Morgan target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $3.98, suggesting upside of 10.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 10.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.5, implying annual growth of -18.4%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 21.9.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 10.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.3, implying annual growth of 23.0%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 17.8.

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

FCL    FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $4.30

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

Fineos Corporation Holdings' September-quarter trading update reveals an uptick in cash burn and a notable absence of new customer wins.

Shaw & Partners believes Fineos will acquire more customers in the December quarter as covid recedes, and expects the return of David Nicolai as senior vice-president sales of North America should also drive growth.

Buy rating and $5.15 target price retained.

This report was published on October 25, 2021.

Target price is $5.15 Current Price is $4.30 Difference: $0.85
If FCL meets the Shaw and Partners target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.89, suggesting upside of 13.8%(ex-dividends)
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 3.64 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 118.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.06 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 209.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.2, 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 2150.0.

This company reports in EUR. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

GNX    GENEX POWER LIMITED

EV, Solar & Batteries – Overnight Price: $0.21

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

Market reports in the September quarter have reiterated Canaccord Genuity's view that opportunity for batteries is only set to grow, as Genex Power's Bouldercombe battery project is likely to gain approval in the December quarter.

The Australian Energy Market Operator has pointed to a need for dispatchable power projects given accelerated coal project closures. Production for Genex Power's Tesla agreement, comprising 40 megapacks, should begin in the first half of 2023.

The Buy rating is retained and the target price increases to $0.38 from $0.36.

This report was published on October 26, 2021.

Target price is $0.38 Current Price is $0.21 Difference: $0.17
If GNX meets the Canaccord Genuity target it will return approximately 81% (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 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 105.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 105.00.

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: $29.99

JP Morgan rates ((HUB)) as Underweight (5) –

Despite raising its target price to $26 from $25 following HUB24's acquisition of Class ((CL1)), JP Morgan seems underwhelmed by just -$2m of cost out opportunity. Also, the analyst notes additional capex will be required to drive growth.

The deal will be funded via one HUB share for 11 Class shares and $0.10/share in cash. HUB24's management is hopeful that Class will benefit from increased scale, broader distribution and sharing of technology. The Underweight rating is unchanged.

This report was published on October 19.

Target price is $26.00 Current Price is $29.99 Difference: minus $3.99 (current price is over target).
If HUB meets the JP Morgan target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $34.01, suggesting upside of 13.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 19.10 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 0.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.67.

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 0.6%.
Current consensus EPS estimate suggests the PER is 69.9.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 26.20 cents and EPS of 67.00 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 44.76.

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 0.8%.
Current consensus EPS estimate suggests the PER is 51.7.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $9.11

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

JP Morgan strategists significantly upgrade the forecast for 2030 lithium market demand, which is likely to keep prices high for the foreseeable future. The broker's key pick in the sector remains IGO and the target price is raised to $12.20 from $12.

Given the recent share price pullback in the sector, the analyst sees a current buying opportunity, as lithium prices have continued to rise. The Overweight rating is unchanged.

This report was published on September 18, 2021.

Target price is $12.20 Current Price is $9.11 Difference: $3.09
If IGO meets the JP Morgan target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $8.24, suggesting downside of -11.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 15.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.6, implying annual growth of -55.0%.
Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 28.5.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 34.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.3, implying annual growth of 26.7%.
Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 22.5.

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

IMR    IMRICOR MEDICAL SYSTEMS, INC

Medical Equipment & Devices – Overnight Price: $1.29

Moelis rates ((IMR)) as Buy (1) –

Imricor Medical Systems has announced the signing of a new contract with the Semmelweis University Heart and Vascular Centre in Budapest, and Moelis expects the announcement of further contracts in Europe during the fourth quarter. 

Additionally, the company completed a $17.5m capital raising which should provide 12-18 months of funding. Given the company had flagged nine final-stage pipeline contracts, the broker expects a further four hospitals to be signed by the end of the year. 

The Buy rating is retained and the target price reduces to $2.37 from $2.41.

This report was published on October 18, 2021.

Target price is $2.37 Current Price is $1.29 Difference: $1.08
If IMR meets the Moelis target it will return approximately 84% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Moelis forecasts a full year FY21 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 8.60.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 11.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.32.

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

JHG    JANUS HENDERSON GROUP PLC

Wealth Management & Investments – Overnight Price: $64.08

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

JP Morgan points out US Equity funds showed generally weaker performance over the last year and a poor September market would have weighed. It's thought net sales results and asset under management (AUM) growth will suffer accordingly.

However, the broker expects better fund flows in the 3Q into bond funds. The Neutral rating is maintained while a $55 target price is set. The analyst sees potential for performance fees to improve.

This report was published on October 21, 2021.

Target price is $55.00 Current Price is $64.08 Difference: minus $9.08 (current price is over target).
If JHG meets the JP Morgan target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $59.58, suggesting downside of -7.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 211.95 cents and EPS of 549.74 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 565.1, implying annual growth of N/A.
Current consensus DPS estimate is 182.2, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 233.14 cents and EPS of 578.89 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 550.7, implying annual growth of -2.5%.
Current consensus DPS estimate is 190.3, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 11.7.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $9.48

Jarden rates ((KGN)) as Underweight (4) –

Kogan's September-quarter sales outpaced Jarden's estimates, most likely due to lockdowns, and gross profit was in line.

The broker expects sales to moderate upon reopening and notes a fall inventories has yielded cost savings but expects cost pressure to continue to feature.

Underweight rating and $8.86 target price retained.

This report was published on October 20, 2021.

Target price is $8.86 Current Price is $9.48 Difference: minus $0.62 (current price is over target).
If KGN meets the Jarden target it will return approximately minus 7% (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 0.00 cents and EPS of 17.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.44.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.00 cents and EPS of 27.50 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.47.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $5.08

Moelis rates ((LRK)) as Buy (1) –

Lark Distilling Co. has acquired the Pontville Distillery and Estate in Tasmania and has announced a $53m equity placement, which Moelis notes will fund both the acquisition and the $13m construction of a greenfield distillery on the estate. 

The broker notes the acquisition will increase whisky under maturation by 31% by end of FY22, with an additional 83,000 litres maturing in FY23 and 130,000 litres maturing in FY24, while the construction of the distillery will increase in-house production capacity 50%. 

The transaction is expected to complete in February for $38.5m in cash and a $1.5m scrip. Moelis expects the acquisition to provide a platform for continued growth. 

The Buy rating is retained and the target price increases to $5.81.

The report was published on October 18, 2021.

Target price is $5.81 Current Price is $5.08 Difference: $0.73
If LRK 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 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 84.67.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of 14.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.56.

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

MSB    MESOBLAST LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.69

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

Bio-marker data from 2018 has demonstrated survival benefit in children with graft versus host disease treated with Mesoblast's remestemcel-L treatment, with Bell Potter noting a statistically significant rate of survival compared to those treated with best care.

The broker notes key events in the coming months could considerably shorten the treatment's path to market in the US, including the FDA signing off on assays and a resubmission of the biologics license application. 

The Buy rating and target price of $3.45 are retained. 

This report was published on October 18, 2021.

Target price is $3.45 Current Price is $1.69 Difference: $1.76
If MSB meets the Bell Potter target it will return approximately 104% (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 17.88 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.45.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 18.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.92.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $9.03

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

Following an in-line 1Q result for Northern Star Resources, JP Morgan retains its Overweight rating and $11 target price. As the key catalyst of the Super Pit expansion study is still a long way off, the broker has a preference for Evolution Mining ((EVN)).

All-in sustaining costs (AISC) were 6% higher for the quarter though largely due to a difficult quarter at Pogo, after a 24-day mill outage.

This report was published on October 20, 2021.

Target price is $11.00 Current Price is $9.03 Difference: $1.97
If NST meets the JP Morgan target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $11.86, suggesting upside of 28.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 26.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.4, implying annual growth of -73.5%.
Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 30.3.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 31.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 3.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.2, implying annual growth of 5.9%.
Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 28.6.

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

OZL    OZ MINERALS LIMITED

Copper – Overnight Price: $24.03

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

In a first take on OZ Minerals' 3Q results, JP Morgan notes a solid beat at Prominent Hill due to materially higher gold output, slightly better copper and lower costs.

Management has guided to higher FY21 gold production, unchanged copper production and lower overall costs. The analyst expects modest upgrades to market consensus forecasts due to the gold production guidance lift. 

The broker retains its Neutral rating and $26 price target.

This report was published on October 20, 2021.

Target price is $26.00 Current Price is $24.03 Difference: $1.97
If OZL meets the JP Morgan target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $24.83, suggesting upside of 2.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 45.00 cents and EPS of 163.00 cents.
At the last closing share price the estimated dividend yield is 1.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 163.9, implying annual growth of 151.3%.
Current consensus DPS estimate is 36.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 53.00 cents and EPS of 178.00 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.0, implying annual growth of 2.5%.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 14.4.

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

PGL    PROSPA GROUP LIMITED

Diversified Financials – Overnight Price: $0.91

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

Shaw & Partners reiterates its Buy High Risk rating and $1.50 target price for Prospa Group after the company launched its all-in-one transaction account for small to medium enterprises.

The broker says there are no competitors to this product, which came at significant cost (already accounted for in operating expenditure).

Shaw & Partners says Prospa is ideally positioned for long-term and profitable growth in a fragmented large attractive market, and notes the company's ability to offer innovative first-mover initiatives to market, while driving scale.

The broker believes the market has mispriced the stock, and expects accelerating momentum to continue post-covid.

This report was published on October 22, 2021. 

Target price is $1.50 Current Price is $0.91 Difference: $0.59
If PGL meets the Shaw and Partners target it will return approximately 65% (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 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.76.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 50.56.

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

PLY    PLAYSIDE STUDIOS LIMITED

Gaming – Overnight Price: $0.80

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

While Playside Studios delivered record quarterly revenue Canaccord Genuity looks to suggestions of upside potential in the coming year, including continued sector re-ratings and a six-month contract extension from Facebook in an endorsement of the company's capability.

Revenue of $4m in the September quarter was driven by a PC title launch and recent acquisitive activity, and the company has an additional three major game launches planned in the December and March quarters. 

Of note for Canaccord Genuity is the launch of the Legally Blonde mobile title before Christmas given that the game's demographic are among the biggest mobile game spenders and the title has the backing of a strong brand.

The Buy rating is retained and the target price increases to $0.80 from $0.44.

This report was published on October 26, 2021.

Target price is $0.80 Current Price is $0.80 Difference: $0
If PLY meets the Canaccord Genuity target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 80.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.00 cents.

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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.22

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

Pantoro's September-quarter record production outpaced Bell Potter's estimates but all-in-sustaining costs disappointed, falling at the low end of guidance.

The broker says the strong mill throughput, combined with 95.4% metallurgical recoveries helped manage costs pressures arising from a tight labour market and covid disruptions. 

The Norseman Gold Project recently received key permits and approvals and the 47-week construction has started.

The broker says the company recently acquired a $30m corporate debt facility – a three-year term loan at 7% – which should provide a buffer against inflation.

EY22 earnings forecasts are downgraded -14% to reflect the debt facility and higher depreciation and amortisation. FY23 and FY24 earnings rise 4% and 3% to reflect an easing in forecast costs.

Buy rating retained. Target price rises to 30c from 27c.

This report was published on October 22, 2021.

Target price is $0.30 Current Price is $0.22 Difference: $0.08
If PNR meets the Bell Potter target it will return approximately 36% (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 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.33.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.86.

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

RDY    READYTECH HOLDINGS LIMITED

Software & Services – Overnight Price: $4.20

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

Shaw & Partners reiterates its Buy rating and $3.80 target price for ReadyTech Holdings following a management presentation on ReadyTech's Workforce Solutions division.

Stand-outs from the presentation included a demonstration of the the company's targeted product market fit; expanding enterprise reach; and scope of opportunity with new and existing customer segments.

This report was published on October 22, 2021.

Target price is $3.80 Current Price is $4.20 Difference: minus $0.4 (current price is over target).
If RDY meets the Shaw and Partners target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 14.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.77.

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


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

ReadyTech Holdings is expecting investment into research and development will drive strong medium-term growth for the company, and Wilsons notes recent competitive behaviour has increased conviction in Open Office medium-term opportunity. 

Highlights for the broker included an identified $2.4bn market opportunity across six key verticals, and material opportunity to up-sell existing HR3 customers. 

The Overweight rating and target price of $4.04 are retained. 

This report was published on October 22, 2021.

Target price is $4.04 Current Price is $4.20 Difference: minus $0.16 (current price is over target).
If RDY meets the Wilsons target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 13.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.22.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 6.30 cents and EPS of 15.80 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.58.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $3.53

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

South 32's September-quarter result pleased the broker; the company meeting guidance, achieving significant M&A acquisition and divestment targets, and advancing project studies.

Shaw & Partners says South 32's one-year, three-year and and five-year growth trajectory is solidifying and is more robust than the broker can remember. The company reported record manganese production and better alumina production.

The broker expects a slew of results this financial year, spies good cash generation, an improved portfolio balance after the thermal coal exit, strong capital management and deleveraging.

Buy rating retained, Shaw considering South32 the cheapest big miner and cheaper than "future-facing" commodity peers. Target price rises to $5 from $3.80.

This research was published on October 22, 2021.

Target price is $5.00 Current Price is $3.53 Difference: $1.47
If S32 meets the Shaw and Partners target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $4.41, suggesting upside of 25.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 31.00 cents and EPS of 56.96 cents.
At the last closing share price the estimated dividend yield is 8.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of N/A.
Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 6.0.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 20.80 cents and EPS of 39.08 cents.
At the last closing share price the estimated dividend yield is 5.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.0, implying annual growth of -21.4%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 7.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
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: $0.81

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

Smartpay's September-quarter results outpaced the broker thanks to record revenues per transacting terminal and general market outperformance during lockdowns, after consumers embarked on a record October spending spree.

The broker says Smartpay is well positioned to benefit from re-opening; is experiencing low churn; and the NZ business is robust.

The sum-of-the-parts exceeds the whole, the broker noting the Australian business alone exceeds SMP's entire valuation.

Earnings forecasts rise 2.7%, 1.6%, and 1.3% across FY22, FY23 and FY24, and the broker adjusts currency assumptions.

Target price rises to $1.15 from $1.12. Buy rating retained.

This report was published on October 22, 2021.

Target price is $1.15 Current Price is $0.81 Difference: $0.34
If SMP meets the Shaw and Partners target it will return approximately 42% (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 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.86.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.35.

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

SUL    SUPER RETAIL GROUP LIMITED

Automobiles & Components – Overnight Price: $13.35

Jarden rates ((SUL)) as Underweight (4) –

Super Retail Group's September-quarter trading update outpaced Jarden (which trailed visible Alpha consensus by -16%).

Like-for-like sales fell and management guided to growing margin pressure, which the broker expects will lead to a cut in consensus margins.

The broker notes the company has a higher inventory than peers, which may protect against supply-chain disruption but increases risk.

Jarden raises FY21 EPS 5%. Underweight rating retained, the broker noting costs are rising faster than investment. Target price rises to $11.70 from $11.60.

 This report was published on October 20, 2021.

Target price is $11.70 Current Price is $13.35 Difference: minus $1.65 (current price is over target).
If SUL meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.07, suggesting upside of 5.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 54.00 cents and EPS of 82.80 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.4, implying annual growth of -29.3%.
Current consensus DPS estimate is 62.2, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 52.00 cents and EPS of 79.90 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.8, implying annual growth of -3.8%.
Current consensus DPS estimate is 59.5, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 14.7.

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

TLS    TELSTRA CORPORATION LIMITED

Telecommunication – Overnight Price: $3.93

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

Telstra highlights the -$270m investment in Digicel Pacific alongside the Australian government meets all of the company's M&A criteria. Goldman Sachs notes the acquired business has had a strong earnings (EBITDA) margin of 54% in FY21.

The analyst estimates the transaction will contribute only 4% of FY21 pro forma underlying earnings (EBITDA) for Telstra. The broker retains its Buy rating and $4.40 target price.

This report was published on October 25, 2021.

Target price is $4.40 Current Price is $3.93 Difference: $0.47
If TLS meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.41, suggesting upside of 11.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 16.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of -13.7%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 29.3.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 16.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.9, implying annual growth of 17.8%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 24.8.

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

TSI    TOP SHELF INTERNATIONAL HOLDINGS LIMITED

Food, Beverages & Tobacco – Overnight Price: $1.64

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

Wilsons has described Top Shelf International Holdings' soft first quarter result as understandable, pointing to the availability of NED Whisky and stalled on-premise momentum for Grainshaker as impacting on revenue, which was down -46% quarter-on-quarter.

The company has announced a $35m equity raising to fund growth in both brands and support the construction of an agave spirit production facility, which the broker notes has potential to attract government grant funding.

Wilsons decreases sales forecasts -10% and -17% for FY22 and FY23 given expected timing of Agave and Grainshaker sales acceleration.

The Overweight rating is retained and the target price decreases to $2.16 from $2.87.

This report was published on October 22, 2021.

Target price is $2.16 Current Price is $1.64 Difference: $0.52
If TSI meets the Wilsons target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 16.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.00.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 9.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.02.

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


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

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

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

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ABB ADH AHX AND APC APZ ARB AT1 BPT CL1 COF CSS CUP CXO DMP ELD ELO ENN ERD ESK EVN FCL GNX HUB IGO IMR JHG KGN KLL LRK MSB NST OTW OZL PGL PLY PNR RDY S32 SMP SO4 SUL TLS TSI

For more info SHARE ANALYSIS: ABB - AUSSIE BROADBAND LIMITED

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For more info SHARE ANALYSIS: IMR - IMRICOR MEDICAL SYSTEMS, INC

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For more info SHARE ANALYSIS: TLS - TELSTRA CORPORATION LIMITED

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