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Australian Broker Call *Extra* Edition – Feb 10, 2022

Daily Market Reports | Feb 10 2022

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   AD8   ALU   AMA   AUB   AZY   CUV   GNC (2)   JHG (2)   JLG   LBL   LBY   LIC   MFG   MQG   MYD   NAN   NCK   NTO   OBL   PME   REA   SCP   WBC (2)  

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $4.45

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

While Aussie Broadband's guidance for earnings was stronger than JP Morgan expected, subscriber guidance was below estimates. However, the latter was considered to be more than offset by a positive operating leverage outlook.

The broker assesses a reasonable 2Q trading update. The target price slips to $5.75 from $5.80.

Overweight rating retained, the broker's net present value estimate sitting above the prevailing share price.

This report was published on February 8, 2022.

Target price is $5.75 Current Price is $4.45 Difference: $1.3
If ABB meets the JP Morgan target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 0.00 cents and EPS of 80.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.56.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 0.00 cents and EPS of 21.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.19.

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

AD8    AUDINATE GROUP LIMITED

Hardware & Equipment – Overnight Price: $8.39

Shaw and Partners rates ((AD8)) as Buy (1) –

Shaw and Partners' feedback suggests no meaningful change over the past three months regarding supply-chain disruptions and chip shortages for Audinate Group. Thus, some caution is warranted around management guidance leading into 1H results due on February 14.

Separately, the company has acquired Belgium-based Video-over-IP (VoIP) solutions provider Silex Insights to accelerate video penetration, explains the analyst.

Shaw considers the long-term trajectory remains very attractive.

Buy rating and $12 target price are unchanged.

This report was published on February 3, 2022.

Target price is $12.00 Current Price is $8.39 Difference: $3.61
If AD8 meets the Shaw and Partners target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $11.25, suggesting upside of 34.1%(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 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 220.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.2, 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 N/A.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 524.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.0, 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 419.5.

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

ALU    ALTIUM

Hardware & Equipment – Overnight Price: $36.00

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

Heading into the publication of Altium's first-half result, Bell Potter continues to see possibility for a guidance upgrade. The broker is already expecting full-year results at the upper end of, or slightly above, the current guidance range. 

Looking further ahead, Bell Potter expects earnings growth of more than 20% in FY23 and FY24, and revenue growth in the high teens. While the broker has not updated its own forecasts, the results could prove a catalyst 

The broker upgrades to Buy from Hold. Target price decreases to $40 from $45.

This report was published on February 8, 2022.

Target price is $40.00 Current Price is $36.00 Difference: $4
If ALU meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $31.47, suggesting downside of -12.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 56.33 cents and EPS of 50.83 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.6, implying annual growth of N/A.
Current consensus DPS estimate is 50.6, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 71.1.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 61.70 cents and EPS of 63.17 cents.
At the last closing share price the estimated dividend yield is 1.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.0, implying annual growth of 18.6%.
Current consensus DPS estimate is 55.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 60.0.

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

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.40

Moelis rates ((AMA)) as Buy (1) –

While AMA Group's revenue guidance for the 1H was in-line with Moelis' forecast, earnings guidance proved a material miss. The analyst awaits further details at upcoming 1H results. 

Ongoing volatility for the share price is anticipated by the broker as covid impacts evolve. Repair volumes were impacted pre Christmas by customers self-imposed isolation and caution, due to the arrival of the omicron variant. 

Buy rating is unchanged. Target price is 53c.

This report was published on February 2, 2022.

Target price is $0.53 Current Price is $0.40 Difference: $0.13
If AMA meets the Moelis target it will return approximately 33% (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 8.16.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.50 cents and EPS of 1.60 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.00.

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

AUB    AUB GROUP LIMITED

Diversified Financials – Overnight Price: $24.75

Jarden rates ((AUB)) as Initiation of coverage with Overweight (2) –

Jarden initiates coverage on insurance broker AUB Group with an Overweight rating and a $25.90 target price. There's positive premium rate momentum forecast for the industry and the group is also expected to achieve operational gains.

In addition to a hardening commercial rate cycle (more than 85% of gross written premium is commercial insurance), network optimisation has improved broker earnings (EBITA) margins, explains the analyst. The group is expected to attain upside by halving its network.

Overall, Jarden forecasts an attractive total shareholder return.

This report was published on February 2, 2022.

Target price is $25.90 Current Price is $24.75 Difference: $1.15
If AUB meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $26.03, suggesting upside of 5.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 65.10 cents and EPS of 97.80 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 25.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.1, implying annual growth of 2.1%.
Current consensus DPS estimate is 58.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 25.5.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 72.90 cents and EPS of 109.80 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.0, implying annual growth of 7.1%.
Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 23.8.

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

AZY    ANTIPA MINERALS LIMITED

Mining – Overnight Price: $0.05

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

Shaw and Partners initiates coverage on the gold/copper explorer Antipa Minerals with Buy rating and 8c target price.

The company has a tenement in the eastern Paterson region in Western Australia and has a potential standalone development opportunity in the 100%-owned Minyari Dome project.

The analyst sees Minyari Dome as a logical additional ore source for Newcrest Mining's ((NCM)) Telfer mine, given its proximity and Minyari Dome's superior grades.

The tenements adjacent to Minyari Dome are subject to a farm-in with IGO ((IGO)) and the tenements between the IGO farm-in and Telfer are subject to a farm-in with Newcrest Mining.

Exploration success across other tenements provides additional potential upside, suggests Shaw.

This report was published on February 4, 2022.

Target price is $0.08 Current Price is $0.05 Difference: $0.03
If AZY meets the Shaw and Partners target it will return approximately 60% (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 4.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.04.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 5.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.91.

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

CUV    CLINUVEL PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $24.62

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

Wilsons upgrades its rating for Clinuvel Pharmaceuticals to Overweight from Market Weight in response to recent share price weakness. Target price of $33.19 is unchanged.

Separately, the broker senses an opportunity in the Adrenocorticotropic Hormone (ACTH) market, as the incumbent monopoly supplier is weakened and ACTH supply is now available to a competitive Clinuvel.

Infantile spasms is a form of epilepsy treated with ACTH, and the analyst estimates a potential US$80m total addressable market (TAM) for this condition in the US.

This report was published on February 4, 2022.

Target price is $33.19 Current Price is $24.62 Difference: $8.57
If CUV meets the Wilsons target it will return approximately 35% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 5.50 cents and EPS of 65.90 cents.
At the last closing share price the estimated dividend yield is 0.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.36.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 5.90 cents and EPS of 78.20 cents.
At the last closing share price the estimated dividend yield is 0.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.48.

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

GNC    GRAINCORP LIMITED

Agriculture – Overnight Price: $8.21

Bell Potter rates ((GNC)) as Sell (5) –

GrainCorp earnings continue to benefit from tailwinds as east coast grain crops set consecutive records and northern hemisphere demand remains strong. Bell Potter notes the company is guiding to full-year earnings of $480-540m and profit of $235-280m.

Bell Potter highlights the better-than-expected impact of increased implied international trading margins, and raises profit forecasts 33% and 42% in FY22 and FY23. The broker notes softer than expected exports could partially shift forecast earnings from FY22 to FY23. 

Sell rating is retained. Target price increases to $6.70 from $6.20.

This report was published on February 8, 2022.

Target price is $6.70 Current Price is $8.21 Difference: minus $1.51 (current price is over target).
If GNC meets the Bell Potter target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.25, suggesting upside of 0.5%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 35.00 cents and EPS of 114.40 cents.
At the last closing share price the estimated dividend yield is 4.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.5, implying annual growth of 91.1%.
Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 7.0.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 22.00 cents and EPS of 72.60 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.2, implying annual growth of -43.2%.
Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 12.4.

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


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

Graincorp has guided to a 38% full-year earnings beat on consensus of $380m-$540m, thanks to significantly stronger agribusiness margins, reports Wilsons in an "extraordinary update" following the publicatoin of the first-half result. 

Management reports that a strong harvest and strong global demand for Australian grain driven by supply shortages and northern hemisphere weather are driving strong margins. 

The broker expects GrainCorp to achieve $313m net cash in FY23, leaving the company well funded for investment or acquisition. Earnings forecasts increase 53% and 25% for FY22 and FY23, and 3% in later years. 

Market Weight rating retained. Target price increases to $7.57 from $6.95.

This report was published on February 8, 2022.

Target price is $7.57 Current Price is $8.21 Difference: minus $0.64 (current price is over target).
If GNC meets the Wilsons target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.25, suggesting upside of 0.5%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 36.00 cents and EPS of 115.40 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.5, implying annual growth of 91.1%.
Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 7.0.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 26.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.2, implying annual growth of -43.2%.
Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 12.4.

Market Sentiment: 0.3
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: $51.11

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

Bell Potter has described full-year results from Janus Henderson Group as strong and slightly above expectations, but the broker was most excited for detail on the Intech disposal given Intech had reported outflows of $32bn over the past three years, causing a drag on group metrics.

More holistically, group net outflows were $16.2bn for the year, but performance was good with more than half of funds outperforming benchmarks. Year-on-year, revenue rose 21%, operating income increased 38%, while expenses fell -$20m shy of forecasts. 

Buy rating is retained. Target price decreases to $69.00 from $71.00. 

This report was published on February 7, 2022.

Target price is $69.00 Current Price is $51.11 Difference: $17.89
If JHG meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $56.33, suggesting upside of 10.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 270.92 cents and EPS of 557.94 cents.
At the last closing share price the estimated dividend yield is 5.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 647.4, implying annual growth of N/A.
Current consensus DPS estimate is 223.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 268.24 cents and EPS of 552.58 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 659.4, implying annual growth of 1.9%.
Current consensus DPS estimate is 273.2, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 7.8.

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


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

Janus Henderson Group's 4Q results exceeded expectations though the outlook fell short of estimates. Organic growth and net sales
remain negative, hurt by the recently sold quant subsidiary Intech (and are still negative when excluding Intech).

Given the group is overweight Growth investing, the analyst is cautious on the outlook for the next few quarters.

JP Morgan feels that with revenue under pressure from weaker markets, earnings could be suffer in the near term.

Target price falls to $50 from $53. Neutral rating is retained.

This report was published on February 9, 2022.

Target price is $50.00 Current Price is $51.11 Difference: minus $1.11 (current price is over target).
If JHG meets the JP Morgan target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $56.33, suggesting upside of 10.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 214.59 cents and EPS of 556.60 cents.
At the last closing share price the estimated dividend yield is 4.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 647.4, implying annual growth of N/A.
Current consensus DPS estimate is 223.2, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 236.05 cents and EPS of 568.67 cents.
At the last closing share price the estimated dividend yield is 4.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 659.4, implying annual growth of 1.9%.
Current consensus DPS estimate is 273.2, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 7.8.

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

JLG    JOHNS LYNG GROUP LIMITED

Building Products & Services – Overnight Price: $7.90

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

Johns Lyng Group's completed $230m equity raising will fund the acquisition of Reconstruction Experts, a US insurance-focused repair and maintenance business. Bell Potter notes the company offers a three-year record of strong growth and a US$824m pipeline. 

Post-acquisition, Johns Lyng Group is guiding to FY22 revenue of $732.3m and earnings of $73.1m, but Bell Potter notes continued elevated levels of work in hand at the start of the second-half supports upside risk to guidance. 

Earnings estimates increase 32.6%, 59.5% and 68.3% through to FY24. 

Hold rating is retained. Target price rises to $8.50 from $6.60.

This report was published on February 7, 2022.

Target price is $8.50 Current Price is $7.90 Difference: $0.6
If JLG meets the Bell Potter target it will return approximately 8% (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 7.00 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 0.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.97.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 8.10 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.15.

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

LBL    LASERBOND LIMITED

Mining Sector Contracting – Overnight Price: $0.83

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

Canaccord Genuity upwardly revises LaserBond's EPS forecasts to incorporate the QSP Engineering acquisition and increases its target price to $1.35 from $1.25.

In a late January market update, management pointed to solid organic growth in the 1H22 with a stronger 2H to follow. The analyst also estimates an improved 2H revenue run-rate from QSP Engineering.

Canaccord Genuity likes the company's net cash position and the move into Queensland as a result of the acquisition. Buy rating retained.

This report was published on February 3, 2022.

Target price is $1.35 Current Price is $0.83 Difference: $0.52
If LBL meets the Canaccord Genuity target it will return approximately 63% (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 1.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 1.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.60.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 1.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 1.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.83.

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: $0.14

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

Canaccord Genuity lowers its rating for Laybuy Group to Hold from Speculative Buy after the December-quarter net transaction margin (NTM) was breakeven. This is the lowest recorded for A&NZ since the March 2020 quarter.

The broker's investment thesis is challenged by an estimated FY22 fall in the NTM versus the previous corresponding period.

Target price falls to 17c from 85c.

The analyst estimates UK unit economics were loss-making for the quarter and stabilisation in the UK will be a key catalyst.

This report was published on February 7, 2022.

Target price is $0.17 Current Price is $0.14 Difference: $0.03
If LBY meets the Canaccord Genuity target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 16.96 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.83.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 10.27 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.36.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $18.72

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

Comparing Lifestyle Communities to other ASX listed stocks, Goldman Sachs finds the company's exposure to a high-growth total addressable market attractive, noting Lifestyle Communities compares favourably to technology and utility stocks, residential property and retirement-sector peers. 

It is Goldman Sachs' view that the market has failed to capture long-term opportunity presented by Lifestyle Communities, and expects 500-600 settlements annually seems achievable and that further land acquisitions offer upside risk potential.

Buy rating retained. Target price rises to $24.25 from $21.60.

This report was published on February 7, 2022.

Target price is $24.25 Current Price is $18.72 Difference: $5.53
If LIC meets the Goldman Sachs target it will return approximately 30% (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 10.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 0.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.43.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 12.00 cents and EPS of 60.00 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 31.20.

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $18.59

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

Magellan Financial Group's chair, chief information officer and portfolio manager Hamish Douglass will take a medical leave of absence, and hands responsibility for the global equity strategy portfolio to Chris Mackay. Deputy Chair Hamish McLennan will step up to Chair. 

Despite the changes being temporary, Jarden suspects they may undermine client confidence and drive further outflows.

Weaker markets already saw funds under management fall to $93.5bn in January from $95.5bn in the prior month, Jarden estimating a -800m outflow from the global equities strategy.

Underweight rating retained. Target price decreases to $18.60 from $20.15.

This report was published on February 7, 2022.

Target price is $18.60 Current Price is $18.59 Difference: $0.01
If MFG meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $18.66, suggesting upside of 0.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 199.00 cents and EPS of 217.90 cents.
At the last closing share price the estimated dividend yield is 10.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 228.3, implying annual growth of 57.9%.
Current consensus DPS estimate is 204.9, implying a prospective dividend yield of 11.0%.
Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 161.60 cents and EPS of 188.40 cents.
At the last closing share price the estimated dividend yield is 8.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.3, implying annual growth of -12.3%.
Current consensus DPS estimate is 179.1, implying a prospective dividend yield of 9.6%.
Current consensus EPS estimate suggests the PER is 9.3.

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

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $197.65

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

Macquarie Group commentary suggests an improvement in market conditions has driven a record third quarter, and Goldman Sachs notes the company's operational briefing points to a further strong runway growth for several divisions. 

The key takeaway for Goldman Sachs is that income is likely to be significantly higher than the previous comparable period for both Macquarie Capital and Commodities and Global Markets. 

EPS forecasts rise 19.1%, 18.2% and 18.7% through to FY24. 

Neutral rating is retained. Target price rises to $218.52 from $199.44. 

This report was published on February 8, 2022.

Target price is $218.52 Current Price is $197.65 Difference: $20.87
If MQG meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $220.20, suggesting upside of 11.4%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 642.00 cents and EPS of 1158.00 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1109.4, implying annual growth of 31.6%.
Current consensus DPS estimate is 609.8, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 575.00 cents and EPS of 1015.00 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1025.0, implying annual growth of -7.6%.
Current consensus DPS estimate is 619.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 19.3.

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

MYD    MYDEAL.COM.AU LIMITED

Retailing – Overnight Price: $0.61

Taylor Collison rates ((MYD)) as Speculative Buy (1) –

Taylor Collison believes the increase in returning customers for MyDeal.com.au during the first half to 60.1% from 52.7% is evidence of the value of the company's In-Stock strategy to fill gaps in its marketplace and drive customer acquisition and retention. 

The broker postpones its expected earnings break-even forecast to early FY24 from FY22 to reflect a faster-than-anticipated ramp-up of In-Stock (which should affect medium-term capital) combined with an increased investment in labour to support growth. 

Speculative Buy rating is retained. Target price decreases to 86c from $1.

This report was published on February 3, 2022.

Target price is $0.86 Current Price is $0.61 Difference: $0.25
If MYD meets the Taylor Collison target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Taylor Collison forecasts a full year FY22 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 20.33.

Forecast for FY23:

Taylor Collison 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 61.00.

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

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $4.51

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

Nanosonics has announced a big shake-up to its US sales model, its GE Healthcare sales agreement having been revised to a pass-through only model. But Goldman Sachs notes Nanosonics seems to have had little time to invest in a sales strategy change. 

GE Healthcare will no longer hold Nanosonics' inventory and all existing Trophon customers will be transitioned to Nanosonics immediately. The change appears to materially increase the logistical complexity of Nanosonics' operating structure. 

Heading into the publication of its first-half results, the company has downgraded full-year revenue guidance by -$13 to -$16m and increased operating expenditure by $4m, after achieving revenue of $60.6m in the first half. The broker awaits further detail on the sales strategy change. 

Sell rating is retained. Target price decreases to $3.80 from $4.40.

This report was published on February 8, 2022.

Target price is $3.80 Current Price is $4.51 Difference: minus $0.71 (current price is over target).
If NAN meets the Goldman Sachs target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.01, suggesting upside of 11.0%(ex-dividends)
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 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.7, implying annual growth of -40.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 265.3.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 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 112.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of 252.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 75.2.

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

NCK    NICK SCALI LIMITED

Furniture & Renovation – Overnight Price: $14.00

Jarden rates ((NCK)) as Neutral (3) –

Nick Scali reported a solid 1H result, according to Jarden, profit outpacing consensus estimates thanks to stronger-than-expected revenue conversion. Rising gross margins for both Nick Scali and Plush stores were considered the highlight.

Management suggests the newly-acquired Plush's gross margin (54.8%) will trend closer to Nick Scali's 64%, suggesting material upside to the broker's estimates, even before any corporate cost rationalisation.

The analyst discerns upside risk to synergies for sofa retailer Plush, with a likely store rollout and operational efficiencies to drive scale.

Target price rises to $13.40 from $12.60. Neutral rating is maintained.

This report was published on February 4, 2022.

Target price is $13.40 Current Price is $14.00 Difference: minus $0.6 (current price is over target).
If NCK meets the Jarden 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:

Jarden forecasts a full year FY22 dividend of 76.50 cents and EPS of 95.80 cents.
At the last closing share price the estimated dividend yield is 5.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.61.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 62.50 cents and EPS of 84.10 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.65.

Market Sentiment: 1.0
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: $1.96

Goldman Sachs rates ((NTO)) as Initiation of coverage with Buy (1) –

Goldman Sachs initiates coverage on global enterprise software provider Nitro Software with a Buy rating and $2.95 target.

It's estimated revenue can increase ninefold by FY40 due to a large market opportunity and core competitive advantages in price and customer service.

The analyst feels such potential is not reflected in the share price, which has retraced about -50% since November and that successful execution should overcome a large growth-adjusted discount to SaaS peers.

Successful execution is cited as one of the key risks by Goldman Sachs, along with competition from large incumbents and other challengers.

This report was published on February 2, 2022.

Target price is $2.95 Current Price is $1.96 Difference: $0.99
If NTO meets the Goldman Sachs target it will return approximately 51% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 9.39 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.88.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 12.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.24.

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

OBL    OMNI BRIDGEWAY LIMITED

Diversified Financials – Overnight Price: $3.35

Taylor Collison rates ((OBL)) as Outperform (2) –

Omni Bridgeway could suffer a $1.8m cost after settlement of its Novo Nordisk case in January, driving a -30% downgrade to Taylor Collison's EPS forecast for FY23, but the broker continues to expect significant growth in the next financial year. 

The broker doubts the case's outcome will substantially affect proceeds from Funds 2 and 3, and looks to the completion of Funds 1-3 to drive significant cash-flow generation from next year.

 Large portions of this cash flow being invested into Funds 4 and 5 should benefit a medium-term earnings stream, says the broker/ 

Outperform rating is retained.

This report was published on February 2, 2022.

Current Price is $3.35. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY22:

Taylor Collison forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 12.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.38.

Forecast for FY23:

Taylor Collison forecasts a full year FY23 dividend of 10.00 cents and EPS of 25.90 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.93.

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $47.94

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

Heading into the publication of Pro Medicus's December-half results, Bell Potter believes the company offers an attractive entry point to the healthcare technology sector. The broker expects results will demonstrate double-digit revenue and earnings growth despite the company not providing guidance. 

No new contract wins were announced in the half, but Pro Medicus continues to describe a full pipeline of new business. Bell Potter expects a lack of new contracts to be cyclical given the time lapse between tender and contract award. 

Bell Potters upgrades to Buy from Hold. Target price decreases to $55.00 from $62.00.

This report was published on February 7, 2022.

Target price is $55.00 Current Price is $47.94 Difference: $7.06
If PME meets the Bell Potter target it will return approximately 15% (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 20.70 cents and EPS of 41.30 cents.
At the last closing share price the estimated dividend yield is 0.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 116.08.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 26.70 cents and EPS of 53.40 cents.
At the last closing share price the estimated dividend yield is 0.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 89.78.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $141.25

Jarden rates ((REA)) as Buy (2) –

While REA Group's first-half results beat consensus forecasts, Jarden believes potential headwinds may impact on performance before the end of financial year and particularly in the fourth quarter. 

House-price growth and turnover continue to support elevated near-term listings volumes for REA Group, but Jarden notes potential macroprudential measures later this year present downside risk (although the broker expects risks are more likely to land in FY23 and FY24).

Overweight rating is retained. Target price decreases to $157.00 from $164.00.

This report was published on February 7, 2022.

Target price is $157.00 Current Price is $141.25 Difference: $15.75
If REA meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $162.84, suggesting upside of 15.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 150.10 cents and EPS of 309.30 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 315.5, implying annual growth of 29.0%.
Current consensus DPS estimate is 165.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 44.8.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 162.80 cents and EPS of 335.40 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 367.1, implying annual growth of 16.4%.
Current consensus DPS estimate is 195.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 38.5.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SCP    SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP RE LIMITED

REITs – Overnight Price: $2.90

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

Shopping Centres Australasia Property Group's first-half funds from operations per unit of 8.57c proved a 27.5% beat on the previous comparable period – a solid result given the affects of covid on the trading environment, says Goldman Sachs.

The portfolio is well exposed to essential convenience retail that is resilient to covid shutdowns, and Goldman Sachs notes 37% of the portfolio is made up of supermarkets which may benefit from potential inflation moving forward if supply-chain issues don't impact. 

The company is guiding to full-year funds from operations of at least 17.5 cents per unit, implying 18.6% growth on FY21.

Sell rating retained. Target price increases to $2.59 from $2.39.

This report was published on February 8, 2022.

Target price is $2.59 Current Price is $2.90 Difference: minus $0.31 (current price is over target).
If SCP meets the Goldman Sachs target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.05, suggesting upside of 5.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 18.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.1, implying annual growth of -60.2%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 18.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 4.7%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 16.2.

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

WBC    WESTPAC BANKING CORPORATION

Banks – Overnight Price: $22.38

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

Bell Potter upgrades its rating for Westpac Bank to Buy from Hold and increases its price target to $24 from $23 following 1Q results. The analyst upgrades cash earnings forecasts for FY22-25 by an average of roughly 4%.

The net interest margin (NIM) declined by -8bps (the analyst had expected -14bps). Margins declined partly due to pressure on mortgages. Business lending and growth in lower-spread fixed rate mortgages also weighed, explains the broker.

Cost reductions were greater than expected and Bell Potter expects costs will fall by $1bn by FY24.

This report was published on February 4, 2022.

Target price is $24.00 Current Price is $22.38 Difference: $1.62
If WBC meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $24.64, suggesting upside of 10.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 120.00 cents and EPS of 168.00 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.4, implying annual growth of 1.4%.
Current consensus DPS estimate is 122.2, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 127.00 cents and EPS of 204.00 cents.
At the last closing share price the estimated dividend yield is 5.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 183.9, implying annual growth of 21.5%.
Current consensus DPS estimate is 134.5, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


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

Westpac Bank's 1Q cash profit came in 13% above Jarden's expectation and 8% above consensus. Jarden upgrades to Neutral from Underweight and raises its target price to $23.50 from $23.

FY22-FY24 EPS estimates are upgraded 5%, 3% and 4%, respectively, to incorporate a faster-than-expected improvement in markets income, and Jarden's recently updated RBA rate forecasts. Core margin compression in the 1Q provides a partial offset.

This report was published on February 3, 2022.

Target price is $23.50 Current Price is $22.38 Difference: $1.12
If WBC meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $24.64, suggesting upside of 10.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 121.00 cents and EPS of 144.10 cents.
At the last closing share price the estimated dividend yield is 5.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.4, implying annual growth of 1.4%.
Current consensus DPS estimate is 122.2, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 129.00 cents and EPS of 184.00 cents.
At the last closing share price the estimated dividend yield is 5.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 183.9, implying annual growth of 21.5%.
Current consensus DPS estimate is 134.5, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.4
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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