Australian Broker Call *Extra* Edition – Apr 21, 2022

Daily Market Reports | Apr 21 2022

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

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

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availabilityofsuitable 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 publicationmay not be up to date, or yet awaiting another update by FNArena'steam 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)

29M AKE BOQ COE ERD IGO(2) IRE JRV MLX NIC NWL OZL PAN RVR SEK SFR TCL TNT UWL WSA

29M 29METALS LIMITED

Copper - Overnight Price: $3.25

Canaccord Genuity rates ((29M)) as Buy (1) -

Following upgrades toCanaccord Genuity'scommodity price forecasts, price targets across the broker's coverage of base metals and electric vehicle materials companies have risen by an average of 8%.

The broker's 2026-29 forecasts for the copper price riseby 20% on average.

The analyst retains the Buy rating for the copper-focused29metals and increases the price target to $3.70 from $3.40.

This report was published on April 19, 2022.

Target price is $3.70 Current Price is $3.25 Difference: $0.45
If 29M meets the Canaccord Genuity target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.30, suggesting upside of 1.5%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 15.2, implying annual growth of -68.7%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 21.4.

Forecast for FY23:

Current consensus EPS estimate is 16.3, implying annual growth of 7.2%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 19.9.

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

AKE ALLKEM LIMITED

New Battery Elements - Overnight Price: $13.26

Bell Potter rates ((AKE)) as Buy (1) -

Bell Potter assesses Allkemreported solid 3Q production results and notesMt Cattlin ison-track to meet FY22 guidance. The performance ofOlaroz was considered consistent.Stage 2 production for Olarozcomesonline later this year.

The broker points outpricing is only now starting to reflectrecent lithium market strength, andrevenues and cash flow are expected to materiallyrise in the upcoming quarters.

Via the company's portfolio ofgrowth projects, management expects to maintain the company's 10% share of supply in the fast-growing global lithium market.

The Buy rating is maintained. The target falls to $17.50 from $18.05 on increased capital cost estimates, explainsBell Potter.

This report was published on April 19, 2022.

Target price is $17.50 Current Price is $13.26 Difference: $4.24
If AKE meets the Bell Potter target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 66.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.94.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 15.00 cents and EPS of 116.30 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.40.

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

BOQ BANK OF QUEENSLAND LIMITED

Banks - Overnight Price: $8.00

Jarden rates ((BOQ)) as Overweight (2) -

WhileBank of Queensland's first half results were above expectations, with cash profit up 14%year-on-year,Jarden notes the beat was supported by one-off benefits and lower bad debts in the period.

Positively, targeted medium-term synergies from the ME Bank acquisition have been upgraded by $15m to more than $95m in FY24, while the bank looks on track to achieve synergies at the top end of its $30-$34m target range in FY22.

The broker remains cautious on the bank given it has less leverage to a rising cash rate than peers, but notesBank of Queensland still offers three-year 6% pre-provision operating profit growth at a relatively undemanding valuation.

The Overweight rating is retained and the target price decreases to $9.20 from $9.50.

This report was published on April 19, 2022.

Target price is $9.20 Current Price is $8.00 Difference: $1.2
If BOQ meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $9.73, suggesting upside of 21.6%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 45.00 cents and EPS of 72.90 cents.
At the last closing share price the estimated dividend yield is 5.63%.
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 75.7, implying annual growth of 13.1%.
Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 46.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 5.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.0, implying annual growth of 1.7%.
Current consensus DPS estimate is 51.8, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 10.4.

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


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