Australian Broker Call *Extra* Edition – Nov 11, 2021

This story features LIFE360 INC, and other companies. For more info SHARE ANALYSIS: 360

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)

360 (2)   A2M (2)   ALU   AQZ   ARX   BEX (2)   BRI   CDA   CGS   COE   COL   CPU   CRW   DUB   DUG   ELO   EOS   GDC   GNG   HPG   IMR   INA   JRV   LBY   MAD   NTO (3)   OPY   PBH   SPT   TGR   TNT   WBC   WZR   ZBT  

360    LIFE360, INC

Software & Services – Overnight Price: $12.87

Bell Potter rates ((360)) as Buy (1) –

A 13% quarter-on-quarter increase in annualised monthly revenue was Bell Potter's highlight from Life360's strong third quarter results. Revenue was up 17% quarter-on-quarter and global paying circles up 10%, all a a beat on the broker's forecasts. 

Supply chain issues drove a marginal reduction in revenue and annualised monthly revenue for Jiobit, although expected underlying losses remain -US$3m.

Bell Potter upgrades revenue forecasts by 2%, 6% and 7% for 2021, 2022 and 2023, and reduces its underlying earnings loss for 2021 to in line with company guidance. 

The Buy rating is retained and the target price increases to $12.50 from $10.75.

This report was published on October 28, 2021.

Target price is $12.50 Current Price is $12.87 Difference: minus $0.37 (current price is over target).
If 360 meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 20.39 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 63.11.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 15.76 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 81.68.

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

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Evans and Partners rates ((360)) as Positive (1) –

Life360's September-quarter trading update pleased Evans & Partners, the company upgrading guidance yet again this quarter.

The company made strong inroads into the US market and churn metrics suggest the app is sticky, but international users and subscribers eased and recorded higher churn, which the broker says is not surprising given the market's relative infancy.

Life360 is on track to meet the broker's full-year forecasts, and the broker inches up earnings to reflect reduced losses, better-than-expected conversion rates and lower costs. 

Target price rises 8% to $11.45 from $10.62. Positive rating retained.

This report was published on October 27, 2021.

Target price is $11.45 Current Price is $12.87 Difference: minus $1.42 (current price is over target).
If 360 meets the Evans and Partners target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY21:

Evans and Partners forecasts a full year FY21 EPS of minus 23.17 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 55.54.

Forecast for FY22:

Evans and Partners forecasts a full year FY22 EPS of minus 14.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 87.56.

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

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $6.16

Bell Potter rates ((A2M)) as Buy (1) –

While Bell Potter notes A2 Milk Company has retained its FY22 outlook, the company is targeting medium term revenue of NZ$2.0bn with earning margins in the teens, driven by recovery in English and China label formula sales and China product expansion.

Segmentally, English label formula revenue was down year-on year but materially up on fourth quarter results, while China label formula sales were down year-on-year, a trend expected to continue through the first half before positive second half year-on-year results.

The Buy rating and target price of $7.70 are retained, but the broker notes upside risk to the tune of around $2.00 per share if the company can deliver on targets.

This report was published on October 28, 2021.

Target price is $7.70 Current Price is $6.16 Difference: $1.54
If A2M meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $6.94, suggesting upside of 13.2%(ex-dividends)
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 15.61 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, 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 39.5.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 19.46 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 41.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 27.9.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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Wilsons rates ((A2M)) as Market Weight (3) –

Updates from A2 Milk Company has revealed strategic priorities include additions to the China label product range, product innovation and investment in brand and marketing, which Wilsons notes will support medium-term financial targets requiring robust sales growth. 

The company is targeting a stablisation of English label product sales in FY22, new China label product launches in FY23-24, and product expansion and US profitability in FY25-26. 

Wilsons upgrades sales forecasts 9-16%, while underlying earnings decrease by -4 to -6% percent in FY22 and FY23 on marketing expenses before stronger sales drive a 4% increase in FY24 earnings. 

The Market Weight rating is retained with a target price of $6.02. 

This report was published on October 28, 2021. 

Target price is $6.02 Current Price is $6.16 Difference: minus $0.14 (current price is over target).
If A2M meets the Wilsons target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.94, suggesting upside of 13.2%(ex-dividends)
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 15.04 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, 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 39.5.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 17.86 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 41.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 27.9.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ALU    ALTIUM

Hardware & Equipment – Overnight Price: $39.81

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

It is Bell Potter's view that Altium will remain a takeover target for Autodesk in order to enable its Fusion 360 platform to become a preferred platform for converged processes, and expects Autodesk will make a revised bid at some point. 

Increased revenue expectations for Octopart have also driven earnings per share forecast upgrades of 5%, 2% and 1% through to FY24. 

The rating is upgraded to Buy from Hold and the target price increases to $42.50 from $32.50. 

This report was published on November 3, 2021.

Target price is $42.50 Current Price is $39.81 Difference: $2.69
If ALU meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $31.50, suggesting downside of -18.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 55.61 cents and EPS of 50.19 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 79.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of N/A.
Current consensus DPS estimate is 49.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 79.1.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 60.91 cents and EPS of 62.37 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 63.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.1, implying annual growth of 18.8%.
Current consensus DPS estimate is 53.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 66.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

AQZ    ALLIANCE AVIATION SERVICES LIMITED

Transportation & Logistics – Overnight Price: $3.97

Wilsons rates ((AQZ)) as Upgrade to Overweight from Market Weight (1) –

Wilsons lifts its rating for Alliance Aviation Services to Overweight from Market-weight and increases its target price to $4.50 from $4.38, following a material recent underperformance for the share price. The analyst feels investor concerns that have weighed are transitory.

These include concerns over Qantas’ fleet renewal plans, which the analyst allays by noting Alliance's E190 wet lease arrangement offers a low-cost solution for the larger airline.

There were also delays in deployment of E190s with Qantas, likely impacting earnings (EBITDA) per aircraft in the second half of FY21, explains the broker. This is expected to reverse.

This report was published on October 29, 2021.

Target price is $4.50 Current Price is $3.97 Difference: $0.53
If AQZ meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $5.20, suggesting upside of 26.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 13.90 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.7, implying annual growth of 27.1%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 24.80 cents and EPS of 38.20 cents.
At the last closing share price the estimated dividend yield is 6.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.8, implying annual growth of 30.3%.
Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 11.8.

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

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.12

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

Aroa Biosurgery upgraded its FY22 revenue guidance range by 12%, a 16% beat over Wilsons forecast at the midpoint. Both OviTex (hernia) and MYRIAD (reconstructive surgery) are enjoying clinical performance and market access advantages, highlights the analyst.

First half sales were 25% ahead of the broker's forecast, partly due to volume and mix in the OviTex/PRS portfolio with larger, higher- average-selling price-devices gaining traction. Execution on the MYRIAD launch is also thought to have contributed.

The Overweight rating is retained and the target price rises to $1.75 from $1.60.

This report was published on October 28, 2021.

Target price is $1.75 Current Price is $1.12 Difference: $0.63
If ARX meets the Wilsons target it will return approximately 56% (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 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 50.91.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 46.67.

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

BEX    BIKEEXCHANGE LIMITED

Sports & Recreation – Overnight Price: $0.17

CCZ Equities rates ((BEX)) as No Rating (-1) –

CCZ both initiates coverage on BikeExchange and also covers a 1Q trading update by the company. The provider of a bicycle-focuses online marketplace connects bicycle retailers with consumers globally.

In FY21, retailers on the platform grew by 10.3% to 1,600, and consumers on the platform grew by 23.7% to 28.2m traffic sessions. The analyst points out that if conversions rise to the industry average rate of 1.75% (then 0.12%), $25.7m in commissions would be generated.

The trading update showed an improvement in this web traffic metric to 0.17% from 0.12%. The broker feels the company is undervalued at the current price, when measured against similar listed stocks.

CCZ Equities sets neither a rating nor a target price.

The initiation of coverage and the note regarding the trading update were published on October 25 and October 28, 2021, respectively.

Current Price is $0.17. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY22:

CCZ Equities forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.86.

Forecast for FY23:

CCZ Equities forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.67.

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

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

Despite first quarter revenue growth of 31% year-on-year being a miss on Shaw and Partners' forecast, the broker highlights the quarter is a seasonally soft one for Bikeexchange and remains confident investment will drive revenue acceleration in the second half of FY22.

The company is also targeting a full-year beat on consensus revenue of $7.5m, which the broker notes implies achieving $2.1m in revenue over each of the next three quarters. A potential strategic acquisition announcement in the second quarter could drive further growth.

The Buy rating and target price of $0.33 are retained. 

This report was published on October 29, 2021.

Target price is $0.33 Current Price is $0.17 Difference: $0.16
If BEX meets the Shaw and Partners target it will return approximately 94% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.44.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.45.

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

BRI    BIG RIVER INDUSTRIES LIMITED

Building Products & Services – Overnight Price: $2.19

Moelis rates ((BRI)) as Buy (1) –

Following a strong first quarter for Big River Industries, Moelis notes the company had guided to both revenue and underlying earnings growth of 19-24% for FY22 and while revenue is tracking at the top end of range underlying earnings are expected to exceed. 

The broker updates its underlying earnings forecast by 8% for FY22, implying expected year-on-year growth of 34%, while earnings per share for the year are lifted 11%. 

The Buy rating is retained and the target price decreases to $2.41 from $2.51.

This report was published on October 28, 2021. 

Target price is $2.41 Current Price is $2.19 Difference: $0.22
If BRI meets the Moelis target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 5.60 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.98.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 6.00 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.70.

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

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $10.36

Moelis rates ((CDA)) as Buy (1) –

Despite Codan reaffirming organic business continues to be in line with last year's first half profitability, Moelis' view is that the company can achieve modest growth in FY22 without the stimulus tailwinds that benefited last year's results. 

Codan's Domo Tactical Communications (DTC) has announced a large multi-year military program contract, expected to provide around $11m gross profit in FY22, which the broker notes adds upside to current underlying earnings guidance. 

Adjusting for higher depreciation and amortisation costs, Moelis reduces FY22 profit after tax -3%. 

The Buy rating is retained and the target price decreases to $15.92 from $17.12.

This report was published on October 27, 2021.

Target price is $15.92 Current Price is $10.36 Difference: $5.56
If CDA meets the Moelis target it will return approximately 54% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 33.40 cents and EPS of 60.70 cents.
At the last closing share price the estimated dividend yield is 3.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.07.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 37.10 cents and EPS of 67.40 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.37.

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

CGS    COGSTATE LIMITED

Medical Equipment & Devices – Overnight Price: $2.24

CCZ Equities rates ((CGS)) as No Rating (-1) –

During Cogstate's 1Q trading update, management reaffirmed FY22 guidance. CCZ Equities leaves its forecasts unchanged while praising sales momentum. Net clinical trial contracts grew 391% versus the previous corresponding period, aided by a large phase 3 study.

The analyst sees significant upside risk from new large-scale clinical trial signings and the acceleration of healthcare revenues. It's noted the company has a current estimated market share of around 16% and can grow significantly.

This report was published on October 28, 2021.

Current Price is $2.24. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY22:

CCZ Equities forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.00.

Forecast for FY23:

CCZ Equities 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 42.26.

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: $0.27

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

Cooper Energy reported record quarterly production, sales and sales revenue in its first quarter, with Bell Potter noting stability at the Sole project and strong recovery in the Otway's drove production improvement. 

Second quarter production will be disrupted by Otway gas processing moving from third party infrastructure to the company's Athena gas plant in November, but the broker notes the upgrade should provide material production and cost benefit on an ongoing basis. 

The Buy rating and target price of $0.38 are retained.

This report was published on October 28, 2021.

Target price is $0.38 Current Price is $0.27 Difference: $0.11
If COE meets the Bell Potter target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $0.28, suggesting upside of 3.7%(ex-dividends)
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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 90.00.

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:

Bell Potter forecasts a full year FY23 dividend of 1.30 cents and EPS of 2.60 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.38.

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 45.0.

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

COL    COLES GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $17.63

Jarden rates ((COL)) as Upgrade to Overweight from Neutral (2) –

Goldman Sachs upgrades its rating for Coles Group to Overweight from Neutral and raises its target to $18.10 from $17.60 following 1Q results. The analyst feels sales trends are improving and the valuation gap with Woolworths Group ((WOW)) may be narrowing.

Moreover, the inflationary outlook has improved and the group is well placed to benefit as around 90% of earnings are from its Supermarket business. The lower margin profile compared to Woolworths is thought to imply greater operating leverage.

The results showed a benefit from easing supply chain constraints, a stronger performance in tobacco and improving share trends, highlights the analyst.

This report was issued on October 28, 2021

Target price is $18.10 Current Price is $17.63 Difference: $0.47
If COL meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $18.38, suggesting upside of 5.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 61.00 cents and EPS of 76.70 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.0, implying annual growth of -1.8%.
Current consensus DPS estimate is 59.7, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 23.5.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 66.00 cents and EPS of 81.90 cents.
At the last closing share price the estimated dividend yield is 3.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.2, implying annual growth of 8.4%.
Current consensus DPS estimate is 64.9, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 21.7.

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

CPU    COMPUTERSHARE LIMITED

Diversified Financials – Overnight Price: $19.20

Evans and Partners rates ((CPU)) as Positive (1) –

Evans & Partners expects Computershare's acquisition of Wells Fargo's Corporate Trust Services will yield sharply higher interest-rate leverage given balance exposures.

The broker estimates a 1% increase in the average earned rate on the company's exposed balance would cause FY23 earnings to rise to roughly $286m from $136m.

FY23 and FY24 EPS estimates rise 1.3% and 9.7%.

Target price rises to $19.15 from $17.05. Positive rating retained.

This report was published on October 26, 2021.

Target price is $19.15 Current Price is $19.20 Difference: minus $0.05 (current price is over target).
If CPU meets the Evans and Partners target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $18.95, suggesting downside of -1.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Evans and Partners forecasts a full year FY22 dividend of 61.57 cents and EPS of 3.97 cents.
At the last closing share price the estimated dividend yield is 3.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 483.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.5, implying annual growth of N/A.
Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 26.6.

Forecast for FY23:

Evans and Partners forecasts a full year FY23 dividend of 62.24 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.0, implying annual growth of 15.9%.
Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 23.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CRW    CASHREWARDS LIMITED

Retailing – Overnight Price: $1.10

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

The 1835i Group has made an agreed off-market takeover bid for shares in Cashrewards for $1.135/share. The group is the external innovation and venture partner of ANZ Bank ((ANZ)). Shaw and Partners considers this an endorsement of the operating model.

Separately, Shaw assesses a solid 1Q trading result, with member growth and total transaction value (TTV) trending positively. The broker retains its $2 target price and Buy rating and points to a -52% discount to listed e-commerce peers.

Cash receipts from customers increased 40% on the previous corresponding period to $6.5m.

This report was published on November 1, 2021.

Target price is $2.00 Current Price is $1.10 Difference: $0.9
If CRW meets the Shaw and Partners target it will return approximately 82% (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 41.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.66.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 30.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.63.

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

DUB    DUBBER CORPORATION LIMITED

Cloud services – Overnight Price: $3.32

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

Shaw and Partners assesses 1Q results for Dubber Corporation were bradly in-line with expectations. Annual recurring revenue (ARR) rose 140% year-on-year while revenues climbed 149% yoy.

The broker expect 2Q ARR to accelerate ahead of the 1Q. Currently free cash is estimated to be $80m and could be used in satisfying management's ambition for further acquisitions.

Shaw and Partners believes public cloud will overtake private/on premise recording. The broker retains its Buy rating and $4.60 target price.

This report was published on November 1, 2021.

Target price is $4.60 Current Price is $3.32 Difference: $1.28
If DUB meets the Shaw and Partners target it will return approximately 39% (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 4.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 70.64.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 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 332.00.

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

DUG    DUG TECHNOLOGY LIMITED

Cloud services – Overnight Price: $0.72

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

Following DUG Technology's recent $16.8m capital raising, Canaccord Genuity expects capital to be deployed in pursuit of Military and Space opportunities which the company has highlighted as a key medium-term opportunity.

The company aims to accelerate accreditation of both people and processes, as well as upgrade its Geraldton site to be Australian Government accredited. The broker notes new contract signings and Geraldton project progress are potential near-term catalysts. 

The Buy rating is retained and the target price decreases to $1.46 from $1.71.

This report was published on November 3, 2021.

Target price is $1.46 Current Price is $0.72 Difference: $0.74
If DUG meets the Canaccord Genuity target it will return approximately 103% (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 6.62 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.87.

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

ELO    ELMO SOFTWARE LIMITED

Jobs & Skilled Labour Services – Overnight Price: $5.20

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

Shaw and Partners believes Elmo Software's recent 1Q trading update highlighted a recovery is finally underway, after the share price decline of around -25% since its June 2020 peak. Due to operating leverage, it's thought the re-rate can be material.

Pleasingly, the analyst understands management has seen churn stabilise and start to come down in the 1Q. Engendering further confidence, the broker's research finds similar sales and marketing efficiency to US-listed peers.

The Buy rating and the target price of $8.50 are both retained.

This report was published on November 1, 2021.

Target price is $8.50 Current Price is $5.20 Difference: $3.3
If ELO meets the Shaw and Partners target it will return approximately 63% (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 50.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.30.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 36.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.25.

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

EOS    ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED

Hardware & Equipment – Overnight Price: $2.86

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

Electro Optic Systems' mixed September-quarter trading update generally pleased Petra Capital.

The company reports stronger cash receipts from its United Arab Emirates contract but reduces CY21 earnings guidance.

The broker says the reduction reflects deferrals to CY22 and adjusts forecasts accordingly.

Buy rating retained, the broker believing the company will be a key player in the next technology-focused defence and communications spending wave. Target price falls to $5.75 from $6.29.

This report was published on October 28, 2021.

Target price is $5.75 Current Price is $2.86 Difference: $2.89
If EOS meets the Petra Capital target it will return approximately 101% (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 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 572.00.

Forecast for FY22:

Petra Capital forecasts a full year FY22 dividend of 0.00 cents and EPS of 8.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.65.

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

GDC    GLOBAL DATA CENTRE GROUP

Cloud services – Overnight Price: $2.00

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

Shaw and Partners estimates that Global Data Centre Group's acquisition of an operating data centre in France could add around $2.5m in annualised revenues. This equates to a circa a 16% revenue upgrade for FY22 though the analyst leaves forecasts unchanged.

The analyst estimates the -$7.1m acquisition was made at a very attractive multiple.

Apart from this, it's thought the AirTrunk asset and the Perth Data centre (leased to Fujitsu) are materially undervalued and underwrite all of the broker's current company valuation.

Shaw and Partners raises its target price to $3.03 from $2.95 and retains its Buy rating.

This report was published on November 1, 2021.

Target price is $3.03 Current Price is $2.00 Difference: $1.03
If GDC meets the Shaw and Partners target it will return approximately 51% (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 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 111.11.

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 64.52.

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

GNG    GR ENGINEERING SERVICES LIMITED

Mining Sector Contracting – Overnight Price: $2.01

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

GR Engineering has issued a material upgrade to its FY22 guidance following additional contract wins, with Bell Potter highlighting the company is now guiding to $540-560m for the year compared to previous guidance of $440-460m. 

Bell Potter is now forecasting full-year revenue of $556m, noting potential for further upside and revisions if the company achieves further contract wins. Further, the broker expects momentum will continue into FY23. 

The Buy rating is retained and the target price increases to $2.20 from $2.00.

This report was published on November 2, 2021.

Target price is $2.20 Current Price is $2.01 Difference: $0.19
If GNG meets the Bell Potter target it will return approximately 9% (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 17.00 cents and EPS of 19.50 cents.
At the last closing share price the estimated dividend yield is 8.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.31.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 14.00 cents and EPS of 15.80 cents.
At the last closing share price the estimated dividend yield is 6.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.72.

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

HPG    HIPAGES GROUP HOLDINGS LIMITED

Online media & mobile platforms – Overnight Price: $3.84

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

A 1Q update revealed the average revenue per user (ARPU) for hipages Group Holdings was ahead of Goldman Sachs estimates. There was solid growth in the core marketplace and a bounce is expected for net tradie additions and consumer job volumes.

The company has a number of initiatives to deploy in a bid to increase the value it provides to a tradie. For the longer term, the broker makes comparisons to the likes of the REA Group's ((REA)) platform which captures 40-60% of the spend in the real estate category.

The Buy rating is retained and the target price increases to $4.45 from $4.35.

This report was published on October 28, 2021.

Target price is $4.45 Current Price is $3.84 Difference: $0.61
If HPG meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 192.00.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 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 64.00.

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: $1.21

Moelis rates ((IMR)) as Buy (1) –

Moelis reports impacts from covid are continuing to drag on Imricor Medical Systems, noting hospitals in Europe continue to play catch-up on deferred procedures in turn restricting volumes of simpler procedures. 

Lingering impacts has driven earnings per share downgrades from Moelis, but despite this outlook for the company is positive given a growing pipeline and the broker finds an additional four contract wins before end of 2021 achievable. 

The Buy rating and target price of $2.37 are retained. 

This report was published on October 28, 2021.

Target price is $2.37 Current Price is $1.21 Difference: $1.16
If IMR meets the Moelis target it will return approximately 96% (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 8.07.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 12.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.76.

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $6.29

Moelis rates ((INA)) as Hold (3) –

Ingenia Communities is undertaking acquisitive activity over 20 communities to the tune of $552m, including the Seachange Group and Caravan Parks of Australia, making it Australia's largest lifestyle and holiday portfolio according to Moelis.

Acquisitions are to be partially funded by a $475m equity raising, and expected to add mid to high single digit growth to FY22 underlying earnings per share although Moelis retains its earnings per share forecast.

The Hold rating is retained and the target price increases to $6.79 from $6.47.

This report was published on November 1, 2021.

Target price is $6.79 Current Price is $6.29 Difference: $0.5
If INA meets the Moelis target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 11.80 cents and EPS of 24.60 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 25.57.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 13.10 cents and EPS of 27.40 cents.
At the last closing share price the estimated dividend yield is 2.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.96.

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

JRV    JERVOIS GLOBAL LIMITED

New Battery Elements – Overnight Price: $0.55

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

Jervois Global's September-quarter trading update broadly met Cannacord Genuity's forecasts, as rising cobalt costs partially offset cost inflation. The company has started underground mining construction at its Idaho Cobalt mine.

Working capital jumped from US$66m to US$94m, as inventory cover rose from 103 days to 111 days.

The company has secured a US$75m facility with Mercuria Energy Trading against assets, which the broker says should provide a cash buffer.

Buy rating and 60c target price retained.

This report was published on October 29, 2021.

Target price is $0.60 Current Price is $0.55 Difference: $0.05
If JRV meets the Canaccord Genuity target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 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 55.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.33.

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

LBY    LAYBUY GROUP HOLDINGS, LIMITED

Business & Consumer Credit – Overnight Price: $0.45

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

Laybuy Group Holdings reported another record quarter, with Bell Potter noting group gross merchant value increased 62% year-on-year and active customer base continuing to scale up. 

The company also finalised a GBP30m debt facility with Partners for Growth which, in addition to an increase in the company's debt facility with Kiwibank to NZ$30m, should allow for further gross merchant value growth up to NZ$2.0bn.

The Buy rating and target price of $1.20 are retained.

This report was published on November 3, 2021.

Target price is $1.20 Current Price is $0.45 Difference: $0.75
If LBY meets the Bell Potter target it will return approximately 167% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 10.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.13.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 6.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.14.

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

MAD    MADER GROUP LIMITED

Mining Sector Contracting – Overnight Price: $2.35

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

A strong first quarter for Mader Group with the company reporting quarter-on-quarter revenue growth of 5.4%, which Bell Potter notes equates to annualised revenue of $364.4m and places full-year revenue at the top end of guidance before additional growth. 

Bell Potter noted accelerating growth in the US was a standout of quarterly results, with revenue up 27.9%, and with a market 3 times that of Australia the region offers significant growth potential.

The broker updates underlying earnings per share forecasts 4.3%, 8.2% and 13.6% through to FY24 and notes upside risk to current FY22 guidance.

Given recent share price rallies the rating is downgraded to Hold from Buy and the target price increases to $1.93 from $1.35. 

This report was published on October 26, 2021.

Target price is $1.93 Current Price is $2.35 Difference: minus $0.42 (current price is over target).
If MAD meets the Bell Potter 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:

Bell Potter forecasts a full year FY22 dividend of 5.16 cents and EPS of 16.95 cents.
At the last closing share price the estimated dividend yield is 2.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.87.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 5.96 cents and EPS of 19.86 cents.
At the last closing share price the estimated dividend yield is 2.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.83.

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

NTO    NITRO SOFTWARE LIMITED

IT & Support – Overnight Price: $3.84

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

Nitro Software has upgraded its full-year revenue guidance range to US$49-51m following a strong third quarter, although Bell Potter notes despite annual recurring revenue a 50% year-on-year increase it was a slight miss on forecast. 

The broker noted that full-year annual recurring revenue of US$39-42m was not upgraded, with guidance range equating to 40-50% year-on-year growth. Given 50% year-on-year growth at the end of September, a top of guidance range result looks to be achievable. 

The Buy rating is retained and the target price increases to $4.50 from $4.00. 

This report was published on October 28, 2021.

Target price is $4.50 Current Price is $3.84 Difference: $0.66
If NTO meets the Bell Potter target it will return approximately 17% (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 13.11 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 29.29.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 11.26 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.12.

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

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

Nitro Software's September-quarter trading update pleased Shaw & Partners, thanks to improved FY21 revenues (annual recurring revenue up 50% outpaced guidance) and earnings; an improved pipeline; and expanded capacity.

Nitro raises guidance 2% to 4% and expects an increase annual recurring revenue in FY22. Cost guidance was reduced. The company finished the quarter with a net cash balance of $31.4m (down from $38.8m in the June half).

The broker expects little movement on headcount, which was one of the biggest contributors in cash burn this year, and upgrades revenue forecasts 5% to 7%.

The broker believes FY22 may be Nitro's year and raises the target price to $4.75 from $4.35. Buy, High Risk.

This report was published on October 28, 2021.

Target price is $4.75 Current Price is $3.84 Difference: $0.91
If NTO meets the Shaw and Partners target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 12.05 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.87.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 12.05 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.87.

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

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

Nitro Software remains on a solid trajectory entering its fourth quarter, with Wilsons noting it is typically the company's strongest quarter and has an estimated pipeline twice as strong as the third quarter. 

The company grew annual recurring revenue 50% on the previous comparable period in the quarter, and while full-year guidance range of US$39-42m was reiterated Wilsons is forecasting $43m to be achievable. 

The broker also noted the company has referred to strategic mergers and acquisitions which could be a short-term catalyst to growth. 

The Overweight rating is retained and the target price increases to $4.37 from $4.22.

This report was published on October 28, 2021.

Target price is $4.37 Current Price is $3.84 Difference: $0.53
If NTO meets the Wilsons target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 7.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 49.15.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 8.74 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.94.

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

OPY    OPENPAY GROUP LIMITED

Business & Consumer Credit – Overnight Price: $1.26

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

Openpay Group has carried the momentum of FY21 into the first quarter of FY22, with Shaw and Partners noting results were largely better than expected with highlights including active customers up 56% from the first quarter FY21 and active merchants up 87%. 

Looking forward, the quickly evolving US strategy is now live and ready to onboard customers.

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

This report was published on October 29, 2021.

Target price is $3.50 Current Price is $1.26 Difference: $2.24
If OPY meets the Shaw and Partners target it will return approximately 178% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 34.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.61.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 16.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.64.

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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $8.84

Evans and Partners rates ((PBH)) as Upgrade to Positive (1) –

Evans & Partners upgrades PointsBet Holdings to $13.92 in response to US official state data showing the company is holding online market share in the face of intense competition; and sharper than expected growth in the US market.

September-quarter data reveals a 163% rise in market share year-on-year.

The broker believes the company has a superior product thanks to purpose-built technology and expects the NBC deal, combined with likely new partnerships, will contribute to scale.

Evans & Partners likes the PointsBet's risk-reward profile and upgrades to a Positive rating. Target price rises to $13.92 from $13.44.

This report was published on October 27, 2021.

Target price is $13.92 Current Price is $8.84 Difference: $5.08
If PBH meets the Evans and Partners target it will return approximately 57% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Evans and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 60.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.66.

Forecast for FY23:

Evans and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 99.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.91.

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

SPT    SPLITIT PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $0.35

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

Splitit Payments' September-quarter trading update disappointed Cannacord Genuity, the strategic review and CEO's departure slowing momentum, a 31% increase in merchant sales volume to US$93m falling shy of expectations.

The broker reiterates the strength of the company's unique selling proposition but downgrades its target price to $1.30 from $1.80 to reflect the disruption.

Speculative Buy rating retained.

This report was published on October 29, 2021.

Target price is $1.30 Current Price is $0.35 Difference: $0.95
If SPT meets the Canaccord Genuity target it will return approximately 271% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 7.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.61.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.78.

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

TGR    TASSAL GROUP LIMITED

Aquaculture – Overnight Price: $3.39

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

Following a 1Q trading update by Tassal Group, Goldman Sachs notes salmon volumes are up around 25%, while export pricing is up circa 20% versus the previous corresponding period. Meanwhile, the company's 1Q export volumes are up approximately 150%.

The target price is increased to $4.20 from $4.00, following minor adjustments to forecast salmon prices and channel mix.

Management expects strong operating free cash flow in FY22, (more sales volume than harvest volume) as inventory returns to more normal levels. The Buy rating is maintained.

This report was published on October 28, 2021.

Target price is $4.20 Current Price is $3.39 Difference: $0.81
If TGR meets the Goldman Sachs target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 17.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 5.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.11.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 18.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 5.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.69.

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

TNT    TESSERENT LIMITED

IT & Support – Overnight Price: $0.20

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

Shaw and Partners reports Tesserant's first quarter update was positive, noting that while quarterly underlying earnings of $2.0m represents only 10% of the full-year forecast significant seasonality will likely see high levels of business in May and June.

The broker also pointed to current cash of $16.3m as allowing the company to execute on flagged acquisitions which Shaw and Partners expect will build on either core capabilities or geographic reach. 

The Buy rating and target price of $0.35 are retained. 

This report was published on October 29, 2021.

Target price is $0.35 Current Price is $0.20 Difference: $0.15
If TNT meets the Shaw and Partners target it will return approximately 75% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.57.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.

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

WBC    WESTPAC BANKING CORPORATION

Banks – Overnight Price: $22.71

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

Goldman Sachs has downgraded its rating on Westpac, noting a margin reset in the second quarter result offers a weak platform for the company to build revenue growth in FY22. 

Earnings per share forecasts are downgraded -6.0%, -9.1% and -9.5% through to FY24.

The rating is downgraded to Neutral from Buy and the target price decreases to $25.60 from $28.90.

This report was published on November 1, 2021. 

Target price is $25.60 Current Price is $22.71 Difference: $2.89
If WBC meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $26.33, suggesting upside of 16.0%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 167.00 cents.
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 155.4, implying annual growth of 4.0%.
Current consensus DPS estimate is 123.0, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 176.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 187.7, implying annual growth of 20.8%.
Current consensus DPS estimate is 136.8, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.1.

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

WZR    WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.25

Moelis rates ((WZR)) as Buy (1) –

Wisr's first quarter update reported a 25% quarter-on-quarter revenue increase and record quarterly originations up 7% quarter-on-quarter, with Moelis noting secured vehicle loans grew 31% to total $47m, while personal loans will likely rebound one restrictions ease. 

The broker explained a decline in cash flow in the final quarter of FY21 with  one-off marketing costs for the Tokyo Olympics, but a successful campaign through the event saw the wellness platform exceed 500,000 profiles, and the broker notes potential to monetise. 

The Buy rating is retained and the target price decreases to $0.39 from $0.43.

This report was published on October 27, 2021.

Target price is $0.39 Current Price is $0.25 Difference: $0.14
If WZR meets the Moelis target it will return approximately 56% (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 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.25.

Forecast for FY23:

Moelis 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 31.25.

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

ZBT    ZEBIT, INC

Business & Consumer Credit – Overnight Price: $0.41

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

Zebit has revised strategy to a focus on more sustainable growth, reducing guidance for full-year revenue growth to 35-40% from 60-71% as it works to improve key metrics to drive to profitability in what Shaw and Partners describes as a more optimal way.

The broker highlighted the company would increase marketing costs to attract new customers and expand product range, noting the time is right for first-mover e-commerce companies given the rapid adoption of e-commerce over services from physical stores.

The Buy rating is retained and the target price decreases to $1.75 from $2.00.

This report was published on October 29, 2021.

Target price is $1.75 Current Price is $0.41 Difference: $1.34
If ZBT meets the Shaw and Partners target it will return approximately 327% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 14.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.77.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 10.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.90.

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

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