Australian Broker Call *Extra* Edition – Jul 04, 2022

This story features CAR GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: CAR

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)

CAR   CKF (2)   COI   COL   ENN   EVT   LTR   MAQ   MTS   SGLLV   TAH   WOW  

CAR    CARSALES.COM LIMITED

Automobiles & Components – Overnight Price: $18.40

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

Carsales provided a trading update that was stronger than Jarden had expected though in-line with consensus. The update is considered to show ongoing demand in the used car market courtesy of supply chain constraints in the new car market.

The broker sees strategic sense in the company's announcement to acquire the 51% of Trader Interactive that it does not already own, via a $1.207bn equity raise.

Jarden lowers its target to $20.00 from $21.40 due to EPS forecast changes and higher weighted average cost of capital (WACC) assumptions due to rising bond yields.

This report was published on June 29, 2022.

Target price is $20.00 Current Price is $18.40 Difference: $1.6
If CAR meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $22.82, suggesting upside of 24.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 50.30 cents and EPS of 54.70 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.7, implying annual growth of 34.3%.
Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 26.8.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 58.90 cents and EPS of 73.80 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.9, implying annual growth of 14.8%.
Current consensus DPS estimate is 65.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 23.3.

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

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $10.02

Jarden rates ((CKF)) as Neutral (3) –

Collins Foods has delivered a strong full year result, buoyed by its KFC Europe outfit delivering 16.8% same store sales growth. Net profit of $30.8m beat Jarden's forecasts by 5.8%, while the broker notes a strong start to the year in the first seven weeks of FY23. 

Despite same store sales growth across KFC Netherlands, KFC Germany, KFC Australia and Taco Bell in the early weeks of the financial year, the company has flagged some margin compression, and Collins Foods expects it will raise prices 1-2%. 

The Neutral rating is retained and the target price increases to $10.55 from $9.48. 

This report was published on June 29, 2022.

Target price is $10.55 Current Price is $10.02 Difference: $0.53
If CKF meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $11.10, suggesting upside of 10.8%(ex-dividends)
The company's fiscal year ends in May.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 25.00 cents and EPS of 42.70 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.0, implying annual growth of 0.1%.
Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 21.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 25.00 cents and EPS of 42.90 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.6, implying annual growth of 16.2%.
Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 18.4.

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

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

Wilsons assesses a robust FY22 result and positive start to trading in FY23 for Collins Foods. The outlook commentary on costs and margins was also considered encouraging, given the current inflationary environment.

The broker amends its forecasts for a new accounting standard, and makes a risk adjustment on the outlook for Taco Bell and general market valuations. The target falls to $12.10 from $13.45. 

Overall, the analyst likes the strength of the KFC brand (particularly in Australia), the significant store rollout opportunity (particularly in Europe), and strong cash conversion.

This report was published on June 29, 2022.

Target price is $12.10 Current Price is $10.02 Difference: $2.08
If CKF meets the Wilsons target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $11.10, suggesting upside of 10.8%(ex-dividends)
The company's fiscal year ends in May.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 28.00 cents and EPS of 50.60 cents.
At the last closing share price the estimated dividend yield is 2.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.0, implying annual growth of 0.1%.
Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 21.3.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 36.00 cents and EPS of 61.00 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.6, implying annual growth of 16.2%.
Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 18.4.

Market Sentiment: 0.7
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) –

Bell Potter views the recent consolidation of the Mahalo Gas project by Comet Ridge as a key de-risking event, which creates a streamlined partnership for project development.

The company's project ownership is now 70%, following settlement on a further 30% interest. The remaining -$11m upfront consideration to Australia Pacific LNG was made on 28 June 2022, funded by a $13.15m loan from joint venture partner Santos ((STO)).

The Speculative Buy rating and $0.25 target price are retained.

This report was published on June 30, 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 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.29.

Forecast for FY23:

Bell Potter forecasts a full year FY23 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 18.89.

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: $17.84

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

Jarden expects the duopolistic nature of Australia's grocery sector should provide a buffer as consumers seek out discount retailers in the current inflationary environment. The broker expects margins for grocers to prove resilient, and notes potential upside given a likely return to eating at home.

The broker highlights private label share is likely to improve, while for Coles Group alternative revenue streams in media should be beneficial to gross margins. 

Coles Group remains a key pick for Jarden. The Overweight rating is retained and the target price increases to $18.50 from $18.10.

This report was published on June 29, 2022.

Target price is $18.50 Current Price is $17.84 Difference: $0.66
If COL meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $18.91, suggesting upside of 6.0%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 75.5, implying annual growth of 0.2%.
Current consensus DPS estimate is 61.2, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 23.6.

Forecast for FY23:

Current consensus EPS estimate is 81.4, implying annual growth of 7.8%.
Current consensus DPS estimate is 66.1, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 21.9.

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

ENN    ELANOR INVESTORS GROUP

Wealth Management & Investments – Overnight Price: $1.63

Moelis rates ((ENN)) as Buy (1) –

Earnings guidance from Elanor Investors of $17.8m for FY22 has disappointed Moelis' forecast by -21%, with the broker noting covid impacts have continued to weigh on earnings through the second half. 

The broker does highlight recent strong performance has supported the company's expectations for materially higher income from management fees and co-investment in the coming year.

The Buy rating is retained and the target price decreases to $2.30 from $2.66.

This report was published on June 30, 2022.

Target price is $2.30 Current Price is $1.63 Difference: $0.67
If ENN meets the Moelis target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 13.10 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 8.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.16.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 17.50 cents and EPS of 20.30 cents.
At the last closing share price the estimated dividend yield is 10.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.03.

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: $13.23

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

While Jarden notes trends from previous recessions suggest cinema earnings remain largely resilient, the broker believes there is still risk for Event Hospitality & Entertainment as consumers look for ways to cut spending 

The broker is predicting spend per head will decline -20% on first half levels in FY23, but notes if spend remains flat group earnings could benefit by as much as 65%. 

The Overweight rating and target price of $17.90 are retained.

This report was published on June 29, 2022.

Target price is $17.90 Current Price is $13.23 Difference: $4.67
If EVT meets the Jarden target it will return approximately 35% (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 378.00.

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 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.81.

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

LTR    LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $1.00

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

Following a final investment decision for Liontown Resources' Kathleen Valley (hard-rock lithium project) Bell Potter retains its Speculative Buy rating and lowers its target price to $2.87 from $3.06.

The company also announced a $300m debt finance facility with Ford Motor Company and a further 150ktpa spodumene binding offtake agreement. Kathleen Valley is now fully funded according to the analyst, via the new debt along and existing cash reserves.

The broker cautions the Speculative risk rating recognises a higher level of risk and volatility of returns.

This report was published on June 30, 2022.

Target price is $2.87 Current Price is $1.00 Difference: $1.87
If LTR meets the Bell Potter target it will return approximately 187% (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 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 250.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 250.00.

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

MAQ    MACQUARIE TELECOM GROUP LIMITED

Telecommunication – Overnight Price: $62.15

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

In an initial take on updated guidance, Wilsons points out its forecast already aligns with Macquarie Telecom's new expectation for earnings (EBITDA) to reach the higher end of the previous $85m to $88m range.

Separately, the broker's expectations were not materially altered by another announcement on a new timeframe for the company's Intellicentre Super West facility (data centre), which is still largely on-track.

The Market Weight rating and $74.71 target price are maintained.

This report was published on July 29, 2022.

Target price is $74.71 Current Price is $62.15 Difference: $12.56
If MAQ meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 39.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 156.16.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 60.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 102.39.

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

MTS    METCASH LIMITED

Food, Beverages & Tobacco – Overnight Price: $4.23

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

Jarden expects the duopolistic nature of Australia's grocery sector should provide a buffer as consumers seek out discount retailers in the current inflationary environment. The broker expects margins for grocers to prove resilient, and notes potential upside given a likely return to eating at home.

The broker expects a move away from convenience based retailing may impact on Metcash, and expects the company is most likely to lose market share.

Despite this, Metcash remains a key pick for Jarden. The Overweight rating and target price of $4.60 are retained.

This report was published on June 29, 2022.

Target price is $4.60 Current Price is $4.23 Difference: $0.37
If MTS meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 11.0%(ex-dividends)
The company's fiscal year ends in April.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 22.00 cents and EPS of 32.20 cents.
At the last closing share price the estimated dividend yield is 5.20%.
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 30.3, implying annual growth of 21.3%.
Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 23.00 cents and EPS of 32.60 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of -1.3%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 14.1.

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

SGLLV    RICEGROWERS LIMITED

Food, Beverages & Tobacco – Overnight Price: $6.91

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

Ricegrowers' SunRice delivered a strong full year result according to Canaccord Genuity, with the broker anticipating the company will deliver an even stronger performance in the coming year supported by the recently harvested second largest rice haul in eight years.

Despite cost pressures in the second half, Ricegrowers delivered a beat to the broker's earnings and net profit forecasts of 14% and 41% respectively.

The broker flagged acquisition and capital projects are likely to emerge in the coming year as the company acts on its 2024 Growth Strategy.

The Buy rating is retained and the target price increases to $9.15 from $8.86.

This report was published on June 24, 2022.

Target price is $9.15 Current Price is $6.91 Difference: $2.24
If SGLLV meets the Canaccord Genuity target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in April.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 36.00 cents and EPS of 68.00 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.16.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 37.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 5.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.47.

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

TAH    TABCORP HOLDINGS LIMITED

Gaming – Overnight Price: $1.07

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

Following guidance from Tabcorp Holdings, Jarden has decreased its expectations for capital expenditure which has driven a 4% increase to the broker's target price. 

The broker expects Tabcorp Holdings can deliver a turn around story for wagering, noting retail wagering turnover was 91% of the previous comparable period between April and June, while the company's new app should address shortcomings of its legacy platform and improve experience.

The Overweight rating is retained and the target price increases to $1.18 from $1.12.

This report was published on June 29, 2022.

Target price is $1.18 Current Price is $1.07 Difference: $0.11
If TAH meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.12, suggesting upside of 4.7%(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 6.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.8, implying annual growth of -61.0%.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 10.7%.
Current consensus EPS estimate suggests the PER is 22.3.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 2.00 cents and EPS of 2.90 cents.
At the last closing share price the estimated dividend yield is 1.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of -41.7%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 38.2.

Market Sentiment: 0.4
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: $35.73

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

Jarden expects the duopolistic nature of Australia's grocery sector should provide a buffer as consumers seek out discount retailers in the current inflationary environment. The broker expects margins for grocers to prove resilient, and notes potential upside given a likely return to eating at home.

The broker highlights private label share is likely to improve, while for Woolworths Group alternative revenue streams in media should be beneficial to gross margins. 

Woolworths Group remains a key pick for Jarden. The Overweight rating is retained with a target price of $41.00.

This report was published on June 29, 2022.

Target price is $41.00 Current Price is $35.73 Difference: $5.27
If WOW meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $37.06, suggesting upside of 3.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 76.00 cents and EPS of 114.10 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 31.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 121.9, implying annual growth of -26.1%.
Current consensus DPS estimate is 87.8, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 29.3.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 89.00 cents and EPS of 134.70 cents.
At the last closing share price the estimated dividend yield is 2.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.5, implying annual growth of 12.8%.
Current consensus DPS estimate is 98.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 26.0.

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

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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.

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