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Australian Broker Call *Extra* Edition – Jun 15, 2022

Daily Market Reports | Jun 15 2022

This story features ABACUS PROPERTY GROUP, and other companies. For more info SHARE ANALYSIS: ABP

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)

ABP   ACL   AFP   AMC   ARF (2)   ASX   BOE   BWP   CBO   CHC   CIP   CLW   CNI   COE (2)   COF   COH   COI   COL   CQE   CQR   CVN   DMP   DXS   EHE   EHL   EVT   FPH   GMG   GPT   HDN   HLS (2)   HMC   IDX   INA   JHX   JIN   JLG (2)   KAR   LIC   MGR   MND   MZZ   NAN   NSR   NWH   OPT   OPY   ORA   PDN   PGH   PME (3)   PXA   RHC   RMD (2)   SCG   SCP   SHL (2)   SSG   TAH (2)   TLC   TLX   TOY (2)   VCX   WES   WOW   XRO  

ABP    ABACUS PROPERTY GROUP

REITs – Overnight Price: $2.70

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Overweight maintained for Abacus Property. Target is reduced to $3.45 from $4.10.

This report was published on June 9, 2022.

Target price is $3.45 Current Price is $2.70 Difference: $0.75
If ABP meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $3.51, suggesting upside of 31.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Current consensus EPS estimate is 18.4, implying annual growth of -63.1%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 20.55 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of 3.8%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 14.0.

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

ACL    AUSTRALIAN CLINICAL LABS LIMITED

Healthcare services – Overnight Price: $4.67

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

Goldman Sachs believes the categorisation of "recovery stories" versus "covid beneficiaries" is far less relevant as the virus becomes endemic.

Strong pricing power, defensive volumes and resilient market share characterises the Australian healthcare sector, the broker observes. Yet the market appears less willing to pay for duration at valuation multiples that still remain elevated in the historical context.

Goldman Sachs considers the longer-term earnings power of Australian Clinical Labs is underestimated and maintains a Buy rating. Target is raised to $6.50 from $6.40.

This report was published on June 7, 2022.

Target price is $6.50 Current Price is $4.67 Difference: $1.83
If ACL meets the Goldman Sachs target it will return approximately 39% (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 57.40 cents and EPS of 97.30 cents.
At the last closing share price the estimated dividend yield is 12.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.80.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 23.00 cents and EPS of 40.40 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.56.

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

AFP    AFT PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.74

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

Bell Potter was encouraged AFT Pharmaceuticals' FY22 result which included 12% growth in revenue from product sales and EBIT almost doubling to NZ$20.4m. Short-term catalysts include the imminent approval, potentially, of Maxigesic IV in the US.

The company is yet to provide an estimate of market size for injectable pain relief but as the market is dominated by generic medicines and highly price competitive the broker expects revenues initially will be modest.

Net profit estimates are downgraded by -24% for FY23 because of the inclusion of company taxes. The company expects to pay an initial dividend in FY23. Bell Potter downgrades to Hold from Buy and reduces the target to $4.00 from $4.80.

This report was published on June 10, 2022.

Target price is $4.00 Current Price is $3.74 Difference: $0.26
If AFP meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 3.47 cents and EPS of 17.36 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.54.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 4.13 cents and EPS of 16.33 cents.
At the last closing share price the estimated dividend yield is 1.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.90.

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

AMC    AMCOR PLC

Paper & Packaging – Overnight Price: $17.76

Jarden rates ((AMC)) as Buy (1) –

Jarden's analysis suggests Australian packaging companies have invested less in capital expenditure relative to North American competitors and this could mean a competitive disadvantage over time if not addressed.

While FY17-22 was a cyclical low point for Australian packaging expenditure, North American plastic packaging underwent increased reinvestment.

The broker believes Orora ((ORA)) would experience the highest upside to capex forecasts if it were to close the gap to US peers and limit the competitive impact of ageing fixed capital, and concludes that the market has already capitalised some of Amcor's recent increases to long-run capex guidance. Buy rating and $17.95 target maintained.

This report was published on May 31, 2022.

Target price is $17.95 Current Price is $17.76 Difference: $0.19
If AMC meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $18.34, suggesting upside of 4.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 67.92 cents and EPS of 109.77 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.3, implying annual growth of N/A.
Current consensus DPS estimate is 70.4, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 69.70 cents and EPS of 116.49 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 121.5, implying annual growth of 4.5%.
Current consensus DPS estimate is 72.5, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 14.4.

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

ARF    ARENA REIT

REITs – Overnight Price: $3.88

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Underweight maintained for Arena REIT. Target is reduced to $4.50 from $4.75.

This report was published on June 9, 2022.

Target price is $4.50 Current Price is $3.88 Difference: $0.62
If ARF meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.38, suggesting upside of 12.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Current consensus EPS estimate is 16.6, implying annual growth of -60.4%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 23.6.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 17.41 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.3, implying annual growth of 4.2%.
Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 22.6.

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


Moelis rates ((ARF)) as Sell (5) –

Arena REIT has revalued the portfolio with an increase of 7.8% during the second half while the passing yield has contracted -23 basis points to 4.91%. Moelis notes the business has a relatively well hedged debt book and would have also experienced fair-value gains.

Moreover, the transactional evidence which valuers rely on has remained robust in the childcare space in spite of sector share prices coming under meaningful pressure.

While Arena REIT is amongst the most defensively positioned in the sector it remains expensive and Moelis retains a Sell rating with a $3.86 target.

This report was published on June 9, 2022.

Target price is $3.86 Current Price is $3.88 Difference: minus $0.02 (current price is over target).
If ARF meets the Moelis target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.38, suggesting upside of 12.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 16.00 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 4.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of -60.4%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 23.6.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 17.40 cents and EPS of 17.90 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.3, implying annual growth of 4.2%.
Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 22.6.

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $77.52

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

As a result of a more hawkish outlook from the Reserve Bank of Australia, interest-rate futures volumes have lifted 14% with a rebound in shorter term contracts. Equity market volatility in May was also elevated, while capital raising activity eased.

While trading activity may have improved, Jarden considers the outlook for ASX relatively unchanged as weaker markets will lead to lower FY23 listing fees. Underweight rating and $75.35 target retained.

This report was published on June 7, 2022.

Target price is $75.35 Current Price is $77.52 Difference: minus $2.17 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $81.39, suggesting upside of 4.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 233.10 cents and EPS of 259.00 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 258.6, implying annual growth of 4.1%.
Current consensus DPS estimate is 231.6, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 30.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 246.30 cents and EPS of 273.60 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 276.9, implying annual growth of 7.1%.
Current consensus DPS estimate is 247.1, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 28.0.

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $2.17

Bell Potter rates ((BOE)) as Speculative Buy (1) –

Boss Energy remains one of Bell Potter's top picks in the uranium sector. Given the company has a fully-capitalised re-start project, it is positioned to progress binding offtake discussions with utilities.

The broker considers a potential US decision to rebuild domestic enrichment capacity is supportive for the overall uranium industry, confirming its thesis for a revival in uranium and nuclear energy.

Speculative Buy rating and $3.32 target.

This report was published on June 9, 2022.

Target price is $3.32 Current Price is $2.17 Difference: $1.15
If BOE meets the Bell Potter target it will return approximately 53% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 144.67.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 51.67.

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

BWP    BWP TRUST

REITs – Overnight Price: $3.68

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Underweight maintained for BWP Trust. Target is reduced to $3.50 from $3.65.

This report was published on June 9, 2022.

Target price is $3.50 Current Price is $3.68 Difference: minus $0.18 (current price is over target).
If BWP meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.76, suggesting upside of 1.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 18.30 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 4.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of -56.1%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 18.40 cents and EPS of 17.84 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 5.0%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 19.6.

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

CBO    COBRAM ESTATE OLIVES LIMITED

Agriculture – Overnight Price: $1.57

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

Cobram Estate Olives maybe a consumer-facing business but favourable pricing dynamics are emerging in the global oil industry. Export prices for extra virgin olive oil from the EU are up 17% in Australian dollar terms.

While there is limited historical correlation between import parity pricing and the company's shelf prices, Bell Potter believes a stronger global pricing backdrop is a favourable operating environment during a period of production growth.

Buy rating maintained. Target is reduced to $2.20 from $2.35.

This report was published on June 14, 2022.

Target price is $2.20 Current Price is $1.57 Difference: $0.63
If CBO meets the Bell Potter target it will return approximately 40% (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 3.30 cents and EPS of 1.10 cents.
At the last closing share price the estimated dividend yield is 2.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 142.73.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 3.30 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 2.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.10.

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

CHC    CHARTER HALL GROUP

REITs – Overnight Price: $11.42

Jarden rates ((CHC)) as Buy (1) –

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Buy rating maintained for Charter Hall Group.Target is reduced to $19.20 from $23.70.

This report was published on June 9, 2022.

Target price is $19.20 Current Price is $11.42 Difference: $7.78
If CHC meets the Jarden target it will return approximately 68% (excluding dividends, fees and charges).
Current consensus price target is $18.18, suggesting upside of 62.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 40.10 cents and EPS of 108.50 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 91.4, implying annual growth of -10.7%.
Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 42.50 cents and EPS of 82.74 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.5, implying annual growth of -17.4%.
Current consensus DPS estimate is 34.2, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 14.8.

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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $2.93

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Overweight maintained for Centuria Industrial REIT. Target is reduced to $3.90 from $4.45.

This report was published on June 9, 2022.

Target price is $3.90 Current Price is $2.93 Difference: $0.97
If CIP meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $4.01, suggesting upside of 38.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Current consensus EPS estimate is 18.1, implying annual growth of -84.6%.
Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 18.23 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.6, implying annual growth of 2.8%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 15.5.

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

CLW    CHARTER HALL LONG WALE REIT

REITs – Overnight Price: $4.34

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Overweight maintained for Charter Hall Long WALE REIT. Target is reduced to $5.40 from $5.80.

This report was published on June 9, 2022.

Target price is $5.40 Current Price is $4.34 Difference: $1.06
If CLW meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $5.53, suggesting upside of 28.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Current consensus EPS estimate is 30.9, implying annual growth of -72.8%.
Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 13.9.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 30.24 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of -1.3%.
Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 14.1.

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

CNI    CENTURIA CAPITAL GROUP

Diversified Financials – Overnight Price: $1.94

Jarden rates ((CNI)) as Upgrade to Buy from Overweight (1) –

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker observes Centuria Capital has been the main underperformer in its coverage on a six-month basis, trading on a one-year forward P/E ratio of 13.5x versus 20.5x for the A-REIT fund manager basket. This is despite recent transactions that highlight the ability to grow via unlisted wholesale and retail channels.

Centuria Capital rating is upgraded to Buy from Overweight and the target is reduced to $2.90 from $3.40.

This report was published on June 9, 2022.

Target price is $2.90 Current Price is $1.94 Difference: $0.96
If CNI meets the Jarden target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 62.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 11.00 cents and EPS of 14.90 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 13.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.0, implying annual growth of -38.9%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 11.60 cents and EPS of 15.23 cents.
At the last closing share price the estimated dividend yield is 5.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, implying annual growth of 3.3%.
Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.4.

Market Sentiment: 1.0
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: $0.30

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

Cooper Energy has upgraded its earnings outlook and revised up the lower end of its production and sales forecasts. The company now anticipates production of 3.3-3.4mmboe and sales volumes of 3.8-3.9mmboe.

This is the second time in three weeks the company has upgraded its outlook. Bell Potter retains a Buy rating and $0.33 target.

This report was published on June 14, 2022.

Target price is $0.33 Current Price is $0.30 Difference: $0.03
If COE meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $0.29, suggesting downside of -2.7%(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 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 150.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -11.0, 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 N/A.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.20 cents and EPS of 2.00 cents.
At the last closing share price the estimated dividend yield is 0.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2.8.

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


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

An improvement at the Orbost gas processing plant combined with record high spot gas prices has meant the company has increased FY22 guidance at the mid point by 18.4%. Jarden notes Cooper Energy is one of the few listed beneficiaries from the current high spot gas market.

The broker expects AGL Energy ((AGL)) will trigger its option to increase its contracted output from Orbost by the end of 2022, limiting Cooper Energy's exposure to spot gas prices from that date.

The broker expects the market will remain focused on commercial arrangements for Orbost and retains an Overweight rating, raising the target to $0.32 from $0.31.

This report was published on June 6, 2022.

Target price is $0.32 Current Price is $0.30 Difference: $0.02
If COE meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $0.29, suggesting downside of -2.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 300.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -11.0, 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 N/A.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 100.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2.8.

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

COF    CENTURIA OFFICE REIT

REITs – Overnight Price: $1.75

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Underweight retained for Centuria Office REIT. Target is reduced to $2.15 from $2.45.

This report was published on June 9, 2022.

Target price is $2.15 Current Price is $1.75 Difference: $0.4
If COF meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $2.36, suggesting upside of 33.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Current consensus EPS estimate is 18.8, implying annual growth of 26.3%.
Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 9.5%.
Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 18.33 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 0.5%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 9.6%.
Current consensus EPS estimate suggests the PER is 9.3.

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

COH    COCHLEAR LIMITED

Medical Equipment & Devices – Overnight Price: $205.64

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

Goldman Sachs believes the categorisation of "recovery stories" versus "covid beneficiaries" is far less relevant as the virus becomes endemic.

Strong pricing power, defensive volumes and resilient market share characterises the Australian healthcare sector, the broker observes. Yet the market appears less willing to pay for duration at valuation multiples that still remain elevated in the historical context.

Goldman Sachs considers, over the longer term, the  recovery towards Cochlear's 18% net profit margin guidance remains on track.

The Buy rating and $237 target price are maintained.

This report was published on June 7, 2022.

Target price is $237.00 Current Price is $205.64 Difference: $31.36
If COH meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $227.58, suggesting upside of 14.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 316.40 cents and EPS of 452.00 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 427.7, implying annual growth of -13.9%.
Current consensus DPS estimate is 290.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 46.7.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 346.30 cents and EPS of 495.00 cents.
At the last closing share price the estimated dividend yield is 1.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 479.0, implying annual growth of 12.0%.
Current consensus DPS estimate is 329.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 41.7.

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

COI    COMET RIDGE LIMITED

NatGas – Overnight Price: $0.17

Bell Potter rates ((COI)) as Speculative Buy (1) –

Comet Ridge has announced the acquisition of 30% of the Mahalo gas project is now unconditional. The deal will be completed following an $11m cash payment to APLNG which will be financed by a loan from Santos ((STO)).

The company's interest in Mahalo will now increase to 70%. Bell Potter retains a Speculative Buy rating with a $0.25 target.

This report was published on June 14, 2022.

Target price is $0.25 Current Price is $0.17 Difference: $0.08
If COI meets the Bell Potter target it will return approximately 47% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.33.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.29.

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: $17.14

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

Goldman Sachs has conducted channel checks, which have signalled little change in consumer behaviour as yet. Some early indicators show the shift to value over volume will become more apparent by the first half of 2023.

The broker remains Neutral on Coles Group, believing the valuation is full for the current growth outlook. Target is $17.20.

This report was published on June 9, 2022.

Target price is $17.20 Current Price is $17.14 Difference: $0.06
If COL meets the Goldman Sachs target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $19.11, 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 58.80 cents and EPS of 73.50 cents.
At the last closing share price the estimated dividend yield is 3.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.6, implying annual growth of 0.3%.
Current consensus DPS estimate is 61.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 62.00 cents and EPS of 74.40 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.7, implying annual growth of 9.4%.
Current consensus DPS estimate is 67.1, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 20.8.

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

CQE    CHARTER HALL SOCIAL INFRASTRUCTURE REIT

Childcare – Overnight Price: $3.13

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Overweight maintained for Charter Hall Social Infrastructure REIT. Target is reduced to $3.95 from $4.30.

This report was published on June 9, 2022.

Target price is $3.95 Current Price is $3.13 Difference: $0.82
If CQE meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 18.19 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.21.

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

CQR    CHARTER HALL RETAIL REIT

REITs – Overnight Price: $3.80

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Overweight maintained for Charter Hall Retail REIT. Target is reduced to $4.70 from $4.75.

This report was published on June 9, 2022.

Target price is $4.70 Current Price is $3.80 Difference: $0.9
If CQR meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $4.30, suggesting upside of 13.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Current consensus EPS estimate is 28.6, implying annual growth of -43.8%.
Current consensus DPS estimate is 24.7, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 29.12 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.6, implying annual growth of N/A.
Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 13.2.

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

CVN    CARNARVON ENERGY LIMITED

Crude Oil – Overnight Price: $0.21

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

Jarden initiates coverage on Carnarvon Energy with an Overweight rating and $0.28 target.  The main asset is a 20% stake in the undeveloped Dorado oil/gas field, offshore Western Australia.

The broker has increased its cost estimate for Dorado phase 1 by 20% because of recent inflation pressure and supply chain challenges, to more than US$2bn, but wonders whether this will be enough.

The main challenge for a small company such as Carnarvon Energy is its taking a minor stake in a major oil development, and the next six months are considered the most critical phase for the company.

This report was published on June 5, 2022.

Target price is $0.28 Current Price is $0.21 Difference: $0.07
If CVN meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 EPS of minus 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.24.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 70.00.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $63.68

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

Domino's Pizza Enterprises has reiterated medium-term targets. The company highlighted in its Asian investor briefing the broadening of its meal frequency as well as franchisee economics.

Jarden believes sustainable comparable growth can be obtained over the medium term and the company can expand margins via scale. The trading environment has stabilised while inflation is being well managed, the broker also observes.

Jarden now expects 10.5% underlying store growth over FY23. Overweight rating and $96 target retained.

This report was published on June 7, 2022.

Target price is $96.00 Current Price is $63.68 Difference: $32.32
If DMP meets the Jarden target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $91.90, suggesting upside of 45.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 209.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 205.0, implying annual growth of -3.7%.
Current consensus DPS estimate is 165.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 30.9.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 250.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 240.3, implying annual growth of 17.2%.
Current consensus DPS estimate is 189.6, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 26.4.

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

DXS    DEXUS

REITs – Overnight Price: $9.07

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Underweight maintained for Dexus. Target is reduced to $10.60 from $11.60.

This report was published on June 9, 2022.

Target price is $10.60 Current Price is $9.07 Difference: $1.53
If DXS meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $11.82, suggesting upside of 30.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 53.00 cents and EPS of 70.60 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.9, implying annual growth of -35.3%.
Current consensus DPS estimate is 53.4, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 54.30 cents and EPS of 70.11 cents.
At the last closing share price the estimated dividend yield is 5.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.9, implying annual growth of N/A.
Current consensus DPS estimate is 55.2, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 13.4.

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

EHE    ESTIA HEALTH LIMITED

Aged Care & Seniors – Overnight Price: $2.07

Jarden rates ((EHE)) as Buy (1) –

Jarden considers the change in federal government an incremental positive for the aged care sector. Nevertheless, while believing the new policies will be better for the sector, the broker envisages structural challenges in the short term.

The broker also asserts rhetoric regarding excessive operator profits is not right and profits for Estia Health will be absent in the second half of FY22.

The broker flags capital is leaving the sector, via increased closures and declining building approvals. Buy rating maintained. Target is revised to $3.11 from $3.22.

This report was published on June 13, 2022.

Target price is $3.11 Current Price is $2.07 Difference: $1.04
If EHE meets the Jarden target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $2.30, suggesting upside of 13.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 2.30 cents and EPS of minus 0.30 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 690.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.5, implying annual growth of -78.3%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 406.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 2.40 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.0, implying annual growth of 2900.0%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 13.5.

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

EHL    EMECO HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.74

Jarden rates ((EHL)) as Buy (1) –

Jarden assesses the prevailing concerns regarding the potential exposure of mining service companies to higher cost inflation and labour shortages.

In the broker's analysis, assumed increases in operating costs drive an equivalent decline of around -100 basis points to EBITDA forecasts from the second half of FY22 onwards.

While acknowledging the issues surrounding labour availability and costs broker is comforted by the fact that these are gradually improving and no longer amplified by pre-pandemic contract structures.

Despite Emeco Holdings having, potentially, the lowest exposure to a reduction in its operating earnings margin, Jarden notes it has a higher implied downgrade to consensus forecasts for earnings per share using the past five years in the analysis.

The broker continues to believe the company is reasonably placed relative to mining services peers and maintains a Buy rating and $1.50 target.

This report was published on May 30, 2022.

Target price is $1.50 Current Price is $0.74 Difference: $0.76
If EHL meets the Jarden target it will return approximately 103% (excluding dividends, fees and charges).

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

EVT    EVENT HOSPITALITY & ENTERTAINMENT LIMITED

Travel, Leisure & Tourism – Overnight Price: $13.37

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

Jarden initiates coverage on Event Hospitality & Entertainment with an Overweight rating and $17.90 target. The broker believes revenue and earnings will return to 83% and 70% of pre-pandemic levels in FY23, respectively, before a full recovery in FY24.

The drivers of this are expected to be improved hotel demand and supply with a shift in consumer preference towards premium cinema experiences.

This report was published on June 5, 2022.

Target price is $17.90 Current Price is $13.37 Difference: $4.53
If EVT meets the Jarden target it will return approximately 34% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 3.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 382.00.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 24.00 cents and EPS of 30.20 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.27.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $17.92

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

Goldman Sachs believes the categorisation of "recovery stories" versus "covid beneficiaries" is far less relevant as the virus becomes endemic.

Strong pricing power, defensive volumes and resilient market share characterises the Australian healthcare sector, the broker observes. Yet the market appears less willing to pay for duration at valuation multiples that still remain elevated in the historical context.

Fisher & Paykel Healthcare is viewed as a structural winner from the pandemic while offering an attractive long-term trajectory, although revenue is subject to unprecedented uncertainty as the current de-stocking cycle is being elongated. Neutral rating maintained. Target is $19.20.

This report was published on June 9, 2022.

Target price is $19.20 Current Price is $17.92 Difference: $1.28
If FPH meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $21.10, suggesting upside of 20.7%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 24.87 cents and EPS of 41.30 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.1, implying annual growth of N/A.
Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 36.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 31.82 cents and EPS of 53.50 cents.
At the last closing share price the estimated dividend yield is 1.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.3, implying annual growth of 10.8%.
Current consensus DPS estimate is 33.6, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 32.8.

This company reports in NZD. 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

GMG    GOODMAN GROUP

Infra & Property Developers – Overnight Price: $17.91

Jarden rates ((GMG)) as Neutral (3) –

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Goodman Group target is reduced to $22.95 from $26.00. Neutral maintained.

This report was published on June 9, 2022.

Target price is $22.95 Current Price is $17.91 Difference: $5.04
If GMG meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $25.37, suggesting upside of 43.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Current consensus EPS estimate is 81.2, implying annual growth of -35.2%.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 94.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.8, implying annual growth of 14.3%.
Current consensus DPS estimate is 32.5, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 19.1.

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

GPT    GPT GROUP

Infra & Property Developers – Overnight Price: $4.16

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Underweight maintained for GPT Group. Target is reduced to $5.00 from $5.35.

This report was published on June 9, 2022.

Target price is $5.00 Current Price is $4.16 Difference: $0.84
If GPT meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $5.20, suggesting upside of 25.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Current consensus EPS estimate is 31.5, implying annual growth of -57.4%.
Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 32.56 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.6, implying annual growth of 3.5%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.8.

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

HDN    HOMECO DAILY NEEDS REIT

REITs – Overnight Price: $1.25

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Overweight maintained for HomeCo Daily Needs REIT. Target is reduced to $1.60 from $1.75.

This report was published on June 9, 2022.

Target price is $1.60 Current Price is $1.25 Difference: $0.35
If HDN meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $1.60, suggesting upside of 29.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Current consensus EPS estimate is 8.7, implying annual growth of 52.9%.
Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 9.04 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.1, implying annual growth of 4.6%.
Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 13.6.

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

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $3.75

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

Goldman Sachs believes the categorisation of "recovery stories" versus "covid beneficiaries" is far less relevant as the virus becomes endemic.

Strong pricing power, defensive volumes and resilient market share characterises the Australian healthcare sector, the broker observes. Yet the market appears less willing to pay for duration at valuation multiples that still remain elevated in the historical context.

Goldman Sachs observes the base business recovery is lagging expectations although the company's capital position is stronger that it has been for many years, after the sale of the medical centres.

The broker revises FY22 EBITDA by -4% to reflect the most recent trading update and leaves FY23-24 unchanged. Neutral retained. Target is reduced to $4.20 from $4.60.

This report was published on June 7, 2022.

Target price is $4.20 Current Price is $3.75 Difference: $0.45
If HLS meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.36, suggesting upside of 18.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 30.20 cents and EPS of 54.80 cents.
At the last closing share price the estimated dividend yield is 8.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 519.0%.
Current consensus DPS estimate is 15.6, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 7.1.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 13.40 cents and EPS of 23.20 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.3, implying annual growth of -55.2%.
Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 15.8.

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


Jarden rates ((HLS)) as Neutral (3) –

Healius has highlighted the deterioration in margins, as well as weak trading across Monserrat day hospitals. Jarden notes this is the third downgrade announcement for the business since May 1, with management unable to guide for the final month of FY22 because of concerns around volatility.

The company is now starting to assess whether weakness will extend into the first half of FY23. The broker lowers FY23 and FY24 estimates by -9.6% and -13.2%, respectively. Neutral maintained. Target is lowered to $3.42 from $3.63.

This report was published on June 3, 2022.

Target price is $3.42 Current Price is $3.75 Difference: minus $0.33 (current price is over target).
If HLS meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.36, suggesting upside of 18.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 20.00 cents and EPS of 51.50 cents.
At the last closing share price the estimated dividend yield is 5.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 519.0%.
Current consensus DPS estimate is 15.6, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 7.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 13.80 cents and EPS of 20.80 cents.
At the last closing share price the estimated dividend yield is 3.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.3, implying annual growth of -55.2%.
Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 15.8.

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

HMC    HOME CONSORTIUM LIMITED

Wealth Management & Investments – Overnight Price: $4.55

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Overweight maintained for HomeCo. Target is raised to $8.00 from $6.90.

This report was published on June 9, 2022.

Target price is $8.00 Current Price is $4.55 Difference: $3.45
If HMC meets the Jarden target it will return approximately 76% (excluding dividends, fees and charges).
Current consensus price target is $6.60, suggesting upside of 48.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Current consensus EPS estimate is 29.1, implying annual growth of N/A.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 25.38 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.6, implying annual growth of -15.5%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 18.1.

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

IDX    INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $2.91

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

Goldman Sachs believes the categorisation of "recovery stories" versus "covid beneficiaries" is far less relevant as the virus becomes endemic.

Strong pricing power, defensive volumes and resilient market share characterises the Australian healthcare sector, the broker observes. Yet the market appears less willing to pay for duration at valuation multiples that still remain elevated in the historical context.

Goldman Sachs lowers FY22 EBITDA estimates for Integral Diagnostics by -6% to reflect the soft trading backdrop and FY23-24 EBITDA by -9% to account for greater cost inflation. The capital raising is also factored in. Buy rating maintained. Target is reduced to $4.20 from $4.93.

This report was published on June 7, 2022.

Target price is $4.20 Current Price is $2.91 Difference: $1.29
If IDX meets the Goldman Sachs target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $4.43, suggesting upside of 53.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 8.30 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 2.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.6, implying annual growth of -12.7%.
Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 21.2.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 11.50 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.6, implying annual growth of 51.5%.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 14.0.

Market Sentiment: 0.4
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: $3.57

Jarden rates ((INA)) as Buy (1) –

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Buy rating maintained for Ingenia Communities. Target is reduced to $5.80 from $6.40.

This report was published on June 9, 2022.

Target price is $5.80 Current Price is $3.57 Difference: $2.23
If INA meets the Jarden target it will return approximately 62% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 11.00 cents and EPS of 22.60 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.80.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 11.80 cents and EPS of 26.72 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.36.

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

JHX    JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $32.47

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

Jarden believes continued momentum in website traffic is a sign there is interest and demand for James Hardie Industries' fibre cement product, which comes despite the slowdown in US housing starts and hikes in interest rates.

Renovations have historically been more resilient than new home starts. The broker forecasts a potential -10% decline in North American sales volumes in FY24 and no growth in FY25. Overweight rating and $45 target maintained.

This report was published on June 9, 2022.

Target price is $45.00 Current Price is $32.47 Difference: $12.53
If JHX meets the Jarden target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $50.68, suggesting upside of 63.4%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 141.33 cents and EPS of 231.89 cents.
At the last closing share price the estimated dividend yield is 4.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 248.0, implying annual growth of N/A.
Current consensus DPS estimate is 126.4, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 126.24 cents and EPS of 209.66 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.2, implying annual growth of 10.2%.
Current consensus DPS estimate is 138.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 11.4.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $14.00

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

From the investor briefing, Goldman Sachs notes global lotteries have been resilient with the change in consumer preference for digital. Jumbo Interactive's opportunity in the US continues to feature while domestic trends have been generally softer in the fourth quarter.

The broker makes some revisions to FY22-24 estimates for EBITDA to take into account the addition of the Stride acquisition that is partly offset by some softer domestic lottery trends. Target is reduced to $17.33 from $18.00. Neutral.

This report was published on June 10, 2022.

Target price is $17.33 Current Price is $14.00 Difference: $3.33
If JIN meets the Goldman Sachs target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $20.45, suggesting upside of 46.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 45.00 cents and EPS of 53.00 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 26.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.8, implying annual growth of 20.0%.
Current consensus DPS estimate is 42.6, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 26.9.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 52.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 3.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.3, implying annual growth of 28.0%.
Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 21.0.

Market Sentiment: 0.8
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: $5.06

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

Johns Lyng has upgraded FY22 revenue and EBITDA guidance, driven by an increase in reparations work from recent catastrophic events. EBITDA guidance of $83m is modestly ahead of the Goldman Sachs estimates because of the mobilisation costs associated with the work, which will be reimbursed in future.

The broker still suspects there is upside risk in FY22 and reflects this in its estimates. The company has signalled there is no material impact from inflationary or supply chain pressures, with limited exposure because of the cost-plus nature of contracts with insurance companies. Buy rating retained. Target is $11.35.

This report was published on June 9, 2022.

Target price is $11.35 Current Price is $5.06 Difference: $6.29
If JLG meets the Goldman Sachs target it will return approximately 124% (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 7.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.73.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 11.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.00.

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


Moelis rates ((JLG)) as Buy (1) –

Johns Lyng has upgraded FY22 EBITDA guidance by 5% to $83m. The upgrade has been driven by strong demand and an increase in reparations activity stemming from recent catastrophic events.

Moelis remains to be attracted to the business model and strategy as well as margin resilience, expecting the strong performance will continue. Buy rating maintained. Target price is $8.08.

This report was published on June 9, 2022.

Target price is $8.08 Current Price is $5.06 Difference: $3.02
If JLG meets the Moelis target it will return approximately 60% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 7.20 cents and EPS of 14.80 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.19.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 10.80 cents and EPS of 19.90 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.43.

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

KAR    KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $1.95

Jarden rates ((KAR)) as Initiation of coverage with Underweight (4) –

Jarden initiates coverage on Karoon Energy with a $1.90 target and Underweight rating. The company has a development in the Santos Basin, offshore Brazil.

Jarden's valuation includes the completion of the upcoming program, which, if successful, is expected to lift output in the Bauna development to over 30,000 bopd.

The broker concludes the company has sufficient liquidity to get through the end of the investment phase in March 2023. The key risk, being a pure oil producer, is the share price being highly correlated to the oil price. Jarden forecasts Brent will average US$95/bbl in FY23.

This report was published on June 5, 2022.

Target price is $1.90 Current Price is $1.95 Difference: minus $0.05 (current price is over target).
If KAR meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.50, suggesting upside of 26.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 EPS of 8.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.5, implying annual growth of 890.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 36.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.3, implying annual growth of 169.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.0.

Market Sentiment: 1.0
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: $12.26

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

Lifestyle Communities' shares have fallen -34.9% on a six-month basis and the broker believes this is overdone, upgrading to Buy from Neutral. Target is reduced to $17.80 from $19.50.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

This report was published on June 9, 2022.

Target price is $17.80 Current Price is $12.26 Difference: $5.54
If LIC meets the Jarden target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 55.96 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.91.

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

MGR    MIRVAC GROUP

Infra & Property Developers – Overnight Price: $2.05

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Underweight maintained for Mirvac Group. Target is reduced to $2.40 from $2.80.

This report was published on June 9, 2022.

Target price is $2.40 Current Price is $2.05 Difference: $0.35
If MGR meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $2.70, suggesting upside of 31.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 10.20 cents and EPS of 15.10 cents.
At the last closing share price the estimated dividend yield is 4.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.1, implying annual growth of -38.4%.
Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 11.00 cents and EPS of 15.71 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.0, implying annual growth of 6.4%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 13.7.

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

MND    MONADELPHOUS GROUP LIMITED

Mining Sector Contracting – Overnight Price: $10.46

Jarden rates ((MND)) as Neutral (3) –

Jarden assesses the prevailing concerns regarding the potential exposure of mining service companies to higher cost inflation and labour shortages.

In the broker's analysis, assumed increases in operating costs drive an equivalent decline of around -100 basis points to EBITDA forecasts from the second half of FY22 onwards.

While acknowledging the issues surrounding labour availability and costs broker is comforted by the fact that these are gradually improving and no longer amplified by pre-pandemic contract structures.

Monadelphous Group has the largest sensitivity to a  reduction in its EBITDA margin. Yet, given it is already "net cash", based on the broker's calculations, there should be modest implications for the balance sheet. Neutral rating maintained with a target of $10.10.

This report was published on May 30, 2022.

Target price is $10.10 Current Price is $10.46 Difference: minus $0.36 (current price is over target).
If MND meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $11.40, suggesting upside of 14.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 49.90 cents and EPS of 50.30 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.6, implying annual growth of 3.8%.
Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 19.3.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 63.30 cents and EPS of 54.40 cents.
At the last closing share price the estimated dividend yield is 6.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 15.9%.
Current consensus DPS estimate is 48.4, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 16.6.

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

MZZ    MATADOR MINING LIMITED

Gold & Silver – Overnight Price: $0.16

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

Matador Mining has more results from till sampling at Cape Ray gold project in Newfoundland. A further eight gold anomalies have been identified bringing the total number of targets to 17.

Shaw and Partners expects drilling will commence in the September quarter. The broker considers the stock a cheap exposure to an "exciting" new gold province and retains a Buy rating, reducing the target to $0.55 from $0.80 based on a fully diluted DCF valuation.

This report was published on June 15, 2022.

Target price is $0.55 Current Price is $0.16 Difference: $0.39
If MZZ meets the Shaw and Partners target it will return approximately 244% (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 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.78.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 1.00 cents and EPS of minus 0.90 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 minus 17.78.

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: $3.09

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

Goldman Sachs believes the categorisation of "recovery stories" versus "covid beneficiaries" is far less relevant as the virus becomes endemic.

Strong pricing power, defensive volumes and resilient market share characterises the Australian healthcare sector, the broker observes. Yet the market appears less willing to pay for duration at valuation multiples that still remain elevated in the historical context.

Goldman Sachs considers Nanosonics' valuation premium belies the challenges to the growth outlook and retains a Sell rating. Target is reduced to $3.20 from $3.40.

This report was published on June 7, 2022.

Target price is $3.20 Current Price is $3.09 Difference: $0.11
If NAN meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.04, suggesting upside of 35.5%(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 minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 181.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.0, 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 N/A.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 106.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.3, 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 229.2.

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

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.15

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Overweight maintained for National Storage REIT. Target is reduced to $2.75 from $2.95.

This report was published on June 9, 2022.

Target price is $2.75 Current Price is $2.15 Difference: $0.6
If NSR meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $2.45, suggesting upside of 14.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 9.50 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of -66.7%.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 21.2.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.20 cents and EPS of 11.07 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.5, implying annual growth of 4.0%.
Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 20.4.

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

NWH    NRW HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $1.80

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

Jarden assesses the prevailing concerns regarding the potential exposure of mining service companies to higher cost inflation and labour shortages.

In the broker's analysis, assumed increases in operating costs drive an equivalent decline of around -100 basis points to EBITDA forecasts from the second half of FY22 onwards.

While acknowledging the issues surrounding labour availability and costs broker is comforted by the fact that these are gradually improving and no longer amplified by pre-pandemic contract structures.

Jarden calculates an implied further increase in labour costs for NRW Holdings of 3.4% in FY23, all else being equal. Overweight maintained. Target is $2.50.

This report was published on May 30, 2022.

Target price is $2.50 Current Price is $1.80 Difference: $0.7
If NWH meets the Jarden target it will return approximately 39% (excluding dividends, fees and charges).

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

OPT    OPTHEA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.07

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

Goldman Sachs believes the categorisation of "recovery stories" versus "covid beneficiaries" is far less relevant as the virus becomes endemic.

Strong pricing power, defensive volumes and resilient market share characterises the Australian healthcare sector, the broker observes. Yet the market appears less willing to pay for duration at valuation multiples that still remain elevated in the historical context.

Goldman Sachs updates Opthea estimates to reflect the latest market dynamics and reiterates a Buy rating. Forecasts are now switched to US dollars from Australian dollars, given the company's change in reporting FX. Target is raised to $2.60 from $2.50.

This report was published on June 7, 2022.

Target price is $2.60 Current Price is $1.07 Difference: $1.53
If OPT meets the Goldman Sachs target it will return approximately 143% (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 minus 19.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.61.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 15.91 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.73.

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: $0.16

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

Openpay Group is still growing in Australia, unlike many of its listed BNPL peers that have much lower revenue margins, Shaw and Partners notes.

Therefore, the company is considered structurally and operationally better position to deal with tighter credit conditions.

The stock has been caught up in the severe downturn yet, unlike peers, the broker points out the company is managing bad debts and keeping them low while extricating itself from competitive geographies.

Buy rating and $1 target maintained.

This report was published on June 15, 2022.

Target price is $1.00 Current Price is $0.16 Difference: $0.84
If OPY meets the Shaw and Partners target it will return approximately 525% (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 28.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.57.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 11.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.43.

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

ORA    ORORA LIMITED

Paper & Packaging – Overnight Price: $3.66

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

Jarden's analysis suggests Australian packaging companies have invested less in capital expenditure relative to North American competitors and this could mean a competitive disadvantage over time if not addressed.

While FY17-22 was a cyclical low point for Australian packaging expenditure, North American plastic packaging underwent increased reinvestment.

The broker believes Orora would experience the highest upside to capex forecasts if it were to close the gap to US peers and limit the competitive impact of ageing fixed capital.

The Overweight rating and $4.15 target price are retained.

This report was published on May 31, 2022.

Target price is $4.15 Current Price is $3.66 Difference: $0.49
If ORA meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.97, suggesting upside of 8.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 16.00 cents and EPS of 20.60 cents.
At the last closing share price the estimated dividend yield is 4.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.5, implying annual growth of 46.7%.
Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.70 cents and EPS of 21.70 cents.
At the last closing share price the estimated dividend yield is 4.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of 8.3%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 16.5.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $0.68

Bell Potter rates ((PDN)) as Speculative Buy (1) –

Paladin Energy is a top pick in the uranium sector four Bell Potter. Given the company has a fully-capitalised re-start project, it is positioned to progress binding offtake discussions with utilities.

The broker considers a potential US decision to rebuild domestic enrichment capacity is supportive for the overall uranium industry, confirming its thesis for a revival in uranium and nuclear energy.

The Speculative Buy rating is retained and the target price is $1.06.

This report was published on June 9, 2022.

Target price is $1.06 Current Price is $0.68 Difference: $0.38
If PDN meets the Bell Potter target it will return approximately 56% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 49.56.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 49.56.

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

PGH    PACT GROUP HOLDINGS LIMITED

Paper & Packaging – Overnight Price: $2.04

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

Jarden's analysis suggests Australian packaging companies have invested less in capital expenditure relative to North American competitors and this could mean a competitive disadvantage over time if not addressed.

While FY17-22 was a cyclical low point for Australian packaging expenditure, North American plastic packaging underwent increased reinvestment.

The broker believes Orora ((ORA)) would experience the highest upside to capex forecasts if it were to close the gap to US peers and limit the competitive impact of ageing fixed capital, and concludes that the market already understands Pact Group's greater capital intensity relative to peers.

The Overweight rating and $4.25 target price are retained.

This report was published on May 31, 2022.

Target price is $4.25 Current Price is $2.04 Difference: $2.21
If PGH meets the Jarden target it will return approximately 108% (excluding dividends, fees and charges).
Current consensus price target is $3.18, suggesting upside of 56.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 9.00 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 4.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.3, implying annual growth of -16.3%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.50 cents and EPS of 24.90 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.4, implying annual growth of 14.6%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 8.3.

Market Sentiment: 0.3
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: $39.11

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

Goldman Sachs believes the categorisation of "recovery stories" versus "covid beneficiaries" is far less relevant as the virus becomes endemic.

Strong pricing power, defensive volumes and resilient market share characterises the Australian healthcare sector, the broker observes. Yet the market appears less willing to pay for duration at valuation multiples that still remain elevated in the historical context.

Goldman Sachs notes Pro Medicus' strong growth profile but considers this insufficient to justify the extent of the valuation premium and a Sell rating is retained. Target is lowered to $39.10 from $44.80.

This report was published on June 7, 2022.

Target price is $39.10 Current Price is $39.11 Difference: minus $0.01 (current price is over target).
If PME meets the Goldman Sachs target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 21.00 cents and EPS of 41.20 cents.
At the last closing share price the estimated dividend yield is 0.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 94.93.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 27.90 cents and EPS of 54.80 cents.
At the last closing share price the estimated dividend yield is 0.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 71.37.

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


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

Pro Medicus has recently renewed Sutter Health and Wellspan Health contracts for a combined value of $47m. Goldman Sachs notes discussions with the two have been a focal point since the first half result and to some extent created a modest overhang on the stock.

As a result, renewal of the contracts at materially increased prices should alleviate some of the concerns. Sell rating and $39.10 target maintained.

This report was published on June 15, 2022.

Target price is $39.10 Current Price is $39.11 Difference: minus $0.01 (current price is over target).
If PME meets the Goldman Sachs target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 21.00 cents and EPS of 41.20 cents.
At the last closing share price the estimated dividend yield is 0.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 94.93.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 27.90 cents and EPS of 54.80 cents.
At the last closing share price the estimated dividend yield is 0.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 71.37.

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


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

Pro Medicus has announced the renewal of two US Visage contracts, with Sutter Health and Wellspan Health. The combined minimum contract value of $47m represents material upside to the original signing of these contracts back in 2014, Wilsons notes.

Hence, the broker considers re-signing early adopters of Visage software at stronger prices an example of the promise in the company's US expansion campaign. Overweight rating and $51 target maintained.

This report was published on June 14, 2022.

Target price is $51.00 Current Price is $39.11 Difference: $11.89
If PME meets the Wilsons target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 22.00 cents and EPS of 44.00 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 88.89.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 26.90 cents and EPS of 53.70 cents.
At the last closing share price the estimated dividend yield is 0.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 72.83.

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

PXA    PEXA GROUP LIMITED

Overnight Price: $12.77

Jarden rates ((PXA)) as Initiation of coverage with Underweight (4) –

Jarden initiates coverage of PEXA Group with an Underweight rating and $14.50 target. The property market is challenging for the near term and the broker remains cautious on the outlook.

The property market is likely to falter through late 2022/23 and the wave of refinancing activity is now behind the company. Even with a successful England/Wales the broker believes PEXA's ramp up will be slow and insufficient to fill the gap in the short term.

The company is also expected to lose market share to Sympli in the medium term although remain the dominant operator.

This report was published on June 5, 2022.

Target price is $14.50 Current Price is $12.77 Difference: $1.73
If PXA meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 43.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.16.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 34.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.23.

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

RHC    RAMSAY HEALTH CARE LIMITED

Healthcare services – Overnight Price: $74.78

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

Goldman Sachs believes the categorisation of "recovery stories" versus "covid beneficiaries" is far less relevant as the virus becomes endemic.

Strong pricing power, defensive volumes and resilient market share characterises the Australian healthcare sector, the broker observes. Yet the market appears less willing to pay for duration at valuation multiples that still remain elevated in the historical context.

While Ramsay Health Care's outlook appears to be improving, conditions remain volatile and Goldman Sachs retains a Neutral rating. Target is $76.

This report was published on June 7, 2022.

Target price is $76.00 Current Price is $74.78 Difference: $1.22
If RHC meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $80.16, suggesting upside of 7.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 66.20 cents and EPS of 114.00 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 65.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.6, implying annual growth of -35.5%.
Current consensus DPS estimate is 107.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 60.2.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 135.70 cents and EPS of 233.00 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 201.3, implying annual growth of 61.6%.
Current consensus DPS estimate is 143.9, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 37.2.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $29.75

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

Goldman Sachs believes the categorisation of "recovery stories" versus "covid beneficiaries" is far less relevant as the virus becomes endemic.

Strong pricing power, defensive volumes and resilient market share characterises the Australian healthcare sector, the broker observes. Yet the market appears less willing to pay for duration at valuation multiples that still remain elevated in the historical context.

ResMed's Buy rating is maintained while the target is $34.40.

This report was published on June 7, 2022.

Target price is $34.40 Current Price is $29.75 Difference: $4.65
If RMD meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $35.44, suggesting upside of 20.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 20.72 cents and EPS of 78.21 cents.
At the last closing share price the estimated dividend yield is 0.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.6, implying annual growth of N/A.
Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 35.1.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 23.74 cents and EPS of 94.68 cents.
At the last closing share price the estimated dividend yield is 0.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.2, implying annual growth of 21.1%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 29.0.

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


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

ResMed has announced plans to acquire Medifox Dan, an out-of-hospital software provider in Germany. The deal, for US$1bn, is expected to be funded by the company's cash balance along with various credit facilities.

Goldman Sachs assesses the acquisition goes some way to answering a long-held question about whether the company would replicate its SaaS strategy outside of the US market.

Buy rating. Target is $34.40.

This report was published on June 15, 2022.

Target price is $34.40 Current Price is $29.75 Difference: $4.65
If RMD meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $35.44, suggesting upside of 20.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 20.72 cents and EPS of 78.21 cents.
At the last closing share price the estimated dividend yield is 0.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.6, implying annual growth of N/A.
Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 35.1.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 23.74 cents and EPS of 94.68 cents.
At the last closing share price the estimated dividend yield is 0.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.2, implying annual growth of 21.1%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 29.0.

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

SCG    SCENTRE GROUP

REITs – Overnight Price: $2.55

Jarden rates ((SCG)) as Buy (1) –

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Scentre Group target reduced to $3.80 from $3.95. Buy rating maintained.

This report was published on June 9, 2022.

Target price is $3.80 Current Price is $2.55 Difference: $1.25
If SCG meets the Jarden target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $2.98, suggesting upside of 16.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Current consensus EPS estimate is 19.2, implying annual growth of 12.1%.
Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 24.12 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.5, implying annual growth of 6.8%.
Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.5.

Market Sentiment: 0.2
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: $2.65

Jarden rates ((SCP)) as Buy (1) –

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Buy rating maintained for Shopping Centres Australasia Property. Target is reduced to $3.45 from $3.55.

This report was published on June 9, 2022.

Target price is $3.45 Current Price is $2.65 Difference: $0.8
If SCP meets the Jarden target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $3.02, suggesting upside of 12.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 15.00 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 5.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of -60.4%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.50 cents and EPS of 17.74 cents.
At the last closing share price the estimated dividend yield is 6.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 6.5%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 14.8.

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

SHL    SONIC HEALTHCARE LIMITED

Healthcare services – Overnight Price: $33.32

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

Goldman Sachs believes the categorisation of "recovery stories" versus "covid beneficiaries" is far less relevant as the virus becomes endemic.

Strong pricing power, defensive volumes and resilient market share characterises the Australian healthcare sector, the broker observes. Yet the market appears less willing to pay for duration at valuation multiples that still remain elevated in the historical context.

Goldman Sachs maintains a Neutral rating on Sonic Healthcare and asserts, to become more positive on the shares, more comfort is required regarding an improvement in the base business for the longer term. Target is reduced to $36.40 from $38.70.

This report was published on June 7, 2022.

Target price is $36.40 Current Price is $33.32 Difference: $3.08
If SHL meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $39.23, suggesting upside of 19.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 73.50 cents and EPS of 293.00 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 311.3, implying annual growth of 13.0%.
Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 124.00 cents and EPS of 165.00 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.6, implying annual growth of -42.0%.
Current consensus DPS estimate is 107.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 18.2.

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


Jarden rates ((SHL)) as Neutral (3) –

Jarden revises forecasts to reflect more covid-related pressures, as revealed by the trading updates from competitors. The broker also incorporates staffing pressures on margins.

As Australian pathology and imaging earnings are downgraded, albeit countered somewhat by the latest covid testing trends in the company's three key markets, Jarden cuts estimates for earnings per share by -3.8%, -2.2% and -2.0% for FY22, FY23 and FY24, respectively.

The broker retains a Neutral rating on Sonic Healthcare and reduces the target to $30.94 from $32.38.

This report was published on June 6, 2022.

Target price is $30.94 Current Price is $33.32 Difference: minus $2.38 (current price is over target).
If SHL meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $39.23, suggesting upside of 19.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 98.00 cents and EPS of 289.50 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 311.3, implying annual growth of 13.0%.
Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 98.00 cents and EPS of 175.50 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.6, implying annual growth of -42.0%.
Current consensus DPS estimate is 107.6, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 18.2.

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

SSG    SHAVER SHOP GROUP LIMITED

Household & Personal Products – Overnight Price: $0.99

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

Shaw and Partners upgrades estimates of sales and net profit for FY22 by 1% and 4%, respectively, on the back of the latest guidance. Sales guidance is $221-223m and net profit $16.25-16.75m.

Gross margins have been strong and the broker notes the company has been consistent over the last several years, providing seven consecutive strong results.

Shaw and Partners suspects management is frustrated that the share price has not reflected the immense improvement. As a result, the stock is considered "extremely cheap" and a Buy rating and $1.50 target are maintained.

This report was published on June 10, 2022.

Target price is $1.50 Current Price is $0.99 Difference: $0.51
If SSG meets the Shaw and Partners target it will return approximately 52% (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 8.50 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 8.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.80.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 9.00 cents and EPS of 12.60 cents.
At the last closing share price the estimated dividend yield is 9.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.86.

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

TAH    TABCORP HOLDINGS LIMITED

Gaming – Overnight Price: $0.99

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

In evaluating the "new" Tabcorp Jarden notes the final dividend in FY22 will include around five months of The Lottery Co ((TLC)) cash flow and a further $64m in pre-tax one-off costs to be taken in FY23.

The next catalyst is expected to be the investor briefing on June 28, while the other issue with respect to free cash flow is the level of capital expenditure required.

The broker asserts investors do not appear to be giving the company credit for at least mitigating recent share losses, let alone reversing the trend. The broker reduces the target to $1.10 from $1.18 and maintains an Overweight rating.

This report was published on May 30, 2022.

Target price is $1.10 Current Price is $0.99 Difference: $0.11
If TAH meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $1.07, suggesting upside of 7.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 6.70 cents and EPS of 1.60 cents.
At the last closing share price the estimated dividend yield is 6.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of -60.2%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 10.5%.
Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 1.90 cents and EPS of 2.70 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, implying annual growth of -24.5%.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 27.0.

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


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

Jarden accounts for the settlement with Racing Queensland and tax payments. Yet the broker notes Tabcorp's wagering market share losses are not limited to tax regimes.

Higher taxes will lead to lower profits for corporate bookmakers which also may lead to lower marketing/incentives. Tabcorp may choose to increase marketing expenses in order to regain market share.

In Victoria, the broker expects the wagering licences will be competitive, and there is a cash call risk should Tabcorp be the successful bidder for WA Tab. Overweight rating maintained. Target rises to $1.12 from $1.10.

This report was published on June 6, 2022.

Target price is $1.12 Current Price is $0.99 Difference: $0.13
If TAH meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $1.07, suggesting upside of 7.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 6.70 cents and EPS of 1.60 cents.
At the last closing share price the estimated dividend yield is 6.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of -60.2%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 10.5%.
Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 1.90 cents and EPS of 2.70 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, implying annual growth of -24.5%.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 27.0.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $4.59

Jarden rates ((TLC)) as Neutral (3) –

Jarden assesses Lottery Corp's share price has outperformed initial expectations, noting a view that heightened corporate activity for infrastructure-like assets is providing valuation support yet emphasises this is not considered an upside risk.

The broker also points out little attention is being paid to "jackpot fatigue" experienced for Powerball in the US following an initial surge of revenue. Neutral rating retained. Target is raised to $4.54 from $4.52.

This report was published on May 30, 2022.

Target price is $4.54 Current Price is $4.59 Difference: minus $0.05 (current price is over target).
If TLC meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.18, suggesting upside of 13.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 16.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, 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 28.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 12.50 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 2.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.6, implying annual growth of 8.6%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 25.9.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $4.03

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

Strong sales for Telix Pharmaceuticals, particularly in the biochemical recurrence indication, are being driven by years of pent-up demand, Wilsons observes from channel checks of the PSMA PET imaging market.

Besides Illuccix, the broker considers the other great "value-add campaign" for Telex Pharmaceuticals is in cancer imaging. The broker forecasts a launch in 2023 for the company's agent to detect clear cell renal cell carcinoma.

Overweight rating and target price of $8.50 are retained.

This report was published on June 14, 2022.

Target price is $8.50 Current Price is $4.03 Difference: $4.47
If TLX meets the Wilsons target it will return approximately 111% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 15.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.67.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.64.

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

TOY    TOYS 'R' US ANZ LIMITED

Retailing – Overnight Price: $0.07

Moelis rates ((TOY)) as Buy (1) –

Moelis observes Toys "R" Us order growth has been 17% in Australasia, despite a decline in the Australian toy market.

Moreover, the signing of Amethyst Group as a 3PL provider is crucial for expansion into the UK market and should be a significant driver of top-line growth inn FY23 and beyond.

The broker acknowledges the tough macro economic conditions and supply chain disruptions yet believes the risks are appropriately priced in.

Buy rating and $0.13 target.

This report was published on June 9, 2022.

Target price is $0.13 Current Price is $0.07 Difference: $0.06
If TOY meets the Moelis target it will return approximately 86% (excluding dividends, fees and charges).
The company's fiscal year ends in July.

Forecast for FY22:

Moelis forecasts a full year FY22 EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.00.

Forecast for FY23:

Moelis forecasts a full year FY23 EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.75.

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


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

Total orders grew 17% in the third quarter, ahead of estimates. Toys 'R' Us ANZ has reiterated its intention to drive topline growth to achieve its medium-term goal of 5% market share penetration in the toys, baby and hobby markets in all licensed regions.

Shaw and Partners observes the company is gaining momentum against a backdrop of decreased Australian toy industry sales and has now exited all unprofitable businesses.

As a result, it is ideally positioned for long-term profitable growth within a large and relatively fragmented market. Buy rating and $0.20 target retained.

This report was published on June 10, 2022.

Target price is $0.20 Current Price is $0.07 Difference: $0.13
If TOY meets the Shaw and Partners target it will return approximately 186% (excluding dividends, fees and charges).
The company's fiscal year ends in July.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.78.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.00.

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

VCX    VICINITY CENTRES

REITs – Overnight Price: $1.75

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

Jarden expects earnings growth and valuations will come under pressure in the A-REIT sector, given the significant moves in bond yields, credit spreads and the cash rate. The focus has moved from the beneficiaries of low interest rates to quality and those best placed to grow.

The broker's preference is for alternative asset classes in the sector such as childcare, storage, logistics and non-discretionary retail as well as those with conservative cap rates and potential for alternative use.

Overweight maintained for Vicinity Centres. Target rises to $2.20 from $2.10.

This report was published on June 9, 2022.

Target price is $2.20 Current Price is $1.75 Difference: $0.45
If VCX meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $1.94, suggesting upside of 10.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Current consensus EPS estimate is 11.9, implying annual growth of N/A.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 15.13 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.0, implying annual growth of 9.2%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 13.5.

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

WES    WESFARMERS LIMITED

Consumer Products & Services – Overnight Price: $42.00

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

Goldman Sachs reiterates a Sell rating on Wesfarmers with a $40 target, amid increasing growth headwinds and heightened investment into "unproven growth initiatives".

This report was published on June 9, 2022.

Target price is $40.00 Current Price is $42.00 Difference: minus $2 (current price is over target).
If WES meets the Goldman Sachs target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $50.20, suggesting upside of 18.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 172.00 cents and EPS of 203.00 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 194.4, implying annual growth of -7.6%.
Current consensus DPS estimate is 162.6, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 174.00 cents and EPS of 204.00 cents.
At the last closing share price the estimated dividend yield is 4.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 205.7, implying annual growth of 5.8%.
Current consensus DPS estimate is 173.2, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 20.5.

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

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $33.83

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

Goldman Sachs is encouraged by the resilience and superior operations of Woolworths, believing the business has acted rationally in passing on cost increases and, in certain circumstances, increasing prices more than cost to strategically reinvest and drive growth.

The Buy rating is reiterated and a $41.70 target price maintained.

This report was published on June 9, 2022.

Target price is $41.70 Current Price is $33.83 Difference: $7.87
If WOW meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $38.51, suggesting upside of 13.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 96.00 cents and EPS of 128.00 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.3, implying annual growth of -27.1%.
Current consensus DPS estimate is 87.7, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 28.2.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 118.00 cents and EPS of 156.00 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.6, implying annual growth of 16.0%.
Current consensus DPS estimate is 99.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 24.3.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $81.90

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

Xero has flagged a price increase for Australasian/UK subscribers from September 15, similar to changes made in 2021. The increases will be incremental to continued growth from platform revenue which underpins Goldman Sachs forecasts for 3-4% growth in FY23 average revenue per unit.

The broker is confident the company can execute on the price increases while preserving its existing subscriber base. Buy rating maintained. Target is $118.

This report was published on June 9, 2022.

Target price is $118.00 Current Price is $81.90 Difference: $36.1
If XRO meets the Goldman Sachs target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $100.60, suggesting upside of 26.1%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 24.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 335.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, 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 236.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 42.23 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 193.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.2, implying annual growth of 117.2%.
Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 109.0.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
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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ABP ACL AFP AGL AMC ARF ASX BOE BWP CBO CHC CIP CLW CNI COE COF COH COI COL CQE CQR CVN DMP DXS EHE EHL EVT FPH GMG GPT HDN HLS HMC IDX INA JHX JIN JLG KAR LIC MGR MND MZZ NAN NSR NWH OPT OPY ORA PDN PGH PME PXA RHC RMD SCG SCP SHL SSG STO TAH TLC TLX TOY VCX WES WOW XRO

For more info SHARE ANALYSIS: ABP - ABACUS PROPERTY GROUP

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For more info SHARE ANALYSIS: CHC - CHARTER HALL GROUP

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For more info SHARE ANALYSIS: SCG - SCENTRE GROUP

For more info SHARE ANALYSIS: SHL - SONIC HEALTHCARE LIMITED

For more info SHARE ANALYSIS: SSG - SHAVER SHOP GROUP LIMITED

For more info SHARE ANALYSIS: STO - SANTOS LIMITED

For more info SHARE ANALYSIS: TAH - TABCORP HOLDINGS LIMITED

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For more info SHARE ANALYSIS: TLX - TELIX PHARMACEUTICALS LIMITED

For more info SHARE ANALYSIS: TOY - TOYS 'R' US ANZ LIMITED

For more info SHARE ANALYSIS: VCX - VICINITY CENTRES

For more info SHARE ANALYSIS: WES - WESFARMERS LIMITED

For more info SHARE ANALYSIS: WOW - WOOLWORTHS GROUP LIMITED

For more info SHARE ANALYSIS: XRO - XERO LIMITED