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Australian Broker Call *Extra* Edition – Aug 25, 2022

Daily Market Reports | Aug 25 2022

This story features 4DMEDICAL LIMITED, and other companies. For more info SHARE ANALYSIS: 4DX

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)

4DX   ACW   AKE   AX1 (2)   COH (2)   CXO   EVN   EVT   FPH (3)   GLN   HT1   IGO   ING (2)   INR   IPH   IRE   LKE   LLL   LPI   LTR   NCM   NWH (2)   ORG   PGH   PLL   PLS   PSC   PWH   PWR   RDY   RWC   SGP   SUL   TLX   TPW   TWE   VUL  

4DX    4DMEDICAL LIMITED

Medical Equipment & Devices – Overnight Price: $0.57

Bell Potter rates ((4DX)) as Speculative Buy (1) –

4DMedical reported FY22 results in line with Bell Potter's expectations. Operating expenses were 12% higher than anticipated, largely due to employee and consultant costs, with annual employee costs at arouns $21m p.a.

Bell Potter calculated the company has enough capital for the next 12 months, and notes further dilution may be avoided if 4DMedical can generate higher revenues from iMed and new US customers.

The broker views FY23 as a "pivotal year" for the company, highlighting a number of potential upsides.

iMed is operating at seven Australian sites with more to be added; the pilot at Providence St Joseph is in train as well as clinical trials across US hospitals and the PACT Act in the US to provide funding for diagnosis and treatment of veterans with respiratory disease.

Speculative Buy and 96c price target are retained.

This report was published on August 19, 2022.

Target price is $0.96 Current Price is $0.57 Difference: $0.39
If 4DX meets the Bell Potter target it will return approximately 68% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 8.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.95.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.40.

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

ACW    ACTINOGEN MEDICAL LIMITED

Overnight Price: $0.07

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

Bell Potter considers the Phase 2 clinical trial of Xanamem to address depression in patients with cognitive impairment as a potential 'value add' with current anti-depressants having little to no impact.

The analyst adjusts the valuation for an increase in future revenues from the approval of the use of Xanamem in patients with cognitive impairment in MDD. While the revenues could be materially significant, Bell Potter doesn't envisage a contribution until FY28.

A Speculative Buy rating and the target price is raised to 12c from 9c.

This report was published on August 24, 2022.

Target price is $0.12 Current Price is $0.07 Difference: $0.05
If ACW meets the Bell Potter target it will return approximately 71% (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 11.67.

Forecast for FY23:

Bell Potter forecasts a full year FY23 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 11.67.

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

AKE    ALLKEM LIMITED

New Battery Elements – Overnight Price: $13.88

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

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes.

Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord's global top sector picks include Allkem, and the target prices rises to $21.30 from $17.10 and the Buy rating is retained.

This report was published on August 22, 2022.

Target price is $21.30 Current Price is $13.88 Difference: $7.42
If AKE meets the Canaccord Genuity target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $15.20, suggesting upside of 9.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Current consensus EPS estimate is 59.7, 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 23.2.

Forecast for FY23:

Current consensus EPS estimate is 115.0, implying annual growth of 92.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.1.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $1.65

Jarden rates ((AX1)) as Overweight (2) –

Accent Group's FY22 result met pre-announced guidance. Gross margins fell sharply but recovered in the second half and Jarden expects momentum will continue into FY23.

For FY23, management guided to growth in higher margin products, fewer promotions, and improved vertical brand penetration; all of which it expects will generate a 200 basis point increase in gross margins.

Jarden raises FY23 earnings (EBIT) forecast 4% to 10%, which is -5% to -6% below consensus.

The broker suspects the worse is behind the company, and that it is well positioned for the eventual covid-reopening.

Overweight rating retained. Target price rises to $2.10 from $2.

This report was published on August 19, 2022.

Target price is $2.10 Current Price is $1.65 Difference: $0.45
If AX1 meets the Jarden target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $1.74, suggesting upside of 5.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 8.30 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 5.03%.
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 11.4, implying annual growth of 96.2%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 9.60 cents and EPS of 13.20 cents.
At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of 12.3%.
Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 12.9.

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


Wilsons rates ((AX1)) as Overweight (1) –

FY22 underlying EBIT was at the top of guidance and beat Wilsons' forecast. Cash flow was softer but reflected increased payments to suppliers as inventory returns to normal quicker-than-expected.

While encouraged by customer resilience, Wilsons does not expect like-for-like sales will remain at current high levels. Still, growth options remain attractive and the broker retains an Overweight rating for Accent Group. Target is lifted to $2.10 from $2.00.

This report was published on August 22, 2022.

Target price is $2.10 Current Price is $1.65 Difference: $0.45
If AX1 meets the Wilsons target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $1.74, suggesting upside of 5.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 10.10 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.4, implying annual growth of 96.2%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 12.40 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 7.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of 12.3%.
Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 12.9.

Market Sentiment: 0.5
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: $214.46

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

Goldman Sachs assesses Cochlear reported FY22 earnings at the upper end of guidance with 17% growth in earnings and considers the macro outlook is more positive for the year ahead.

Cochlear management has guided to FY23 earnings growth of 5-10% above FY22 and although the guidance is only 2-3% above FY19, suggesting a slower covid recovery, the company is flagging stronger sales growth in 2H23 and Nucleus 8 contributing from 2Q23.

Goldman Sachs adjusts EBITDA forecasts for higher cost guidance on cloud investments for FY23 and FY24 by -5% and -6%, respectively.

The Buy rating is maintained and the target price is raised to $247 from $237.

This report was published on August 19, 2022.

Target price is $247.00 Current Price is $214.46 Difference: $32.54
If COH meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $217.78, suggesting upside of 1.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 457.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 456.4, implying annual growth of 3.8%.
Current consensus DPS estimate is 321.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 47.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 495.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 517.0, implying annual growth of 13.3%.
Current consensus DPS estimate is 362.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 41.5.

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


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

FY22 results were -3% below estimates and Wilsons found profitability metrics in the results satisfactory with gross margins returning to 75%.

Cochlear is guiding to FY23 net profit of $290-305m and the long-awaited launch of N8 will be an important leading indicator for implant volumes, the broker adds.

Wilsons suggests a new processor platform may help lure a significant patient backlog into treatment, enabling double-digit implant growth. Overweight maintained. Target is raised to $245 from $235.

This report was published on August 22, 2022.

Target price is $245.00 Current Price is $214.46 Difference: $30.54
If COH meets the Wilsons target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $217.78, suggesting upside of 1.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 320.00 cents and EPS of 485.80 cents.
At the last closing share price the estimated dividend yield is 1.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 456.4, implying annual growth of 3.8%.
Current consensus DPS estimate is 321.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 47.0.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 389.10 cents and EPS of 555.80 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 38.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 517.0, implying annual growth of 13.3%.
Current consensus DPS estimate is 362.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 41.5.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $1.40

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

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes.

Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord downgrades its rating for Core Lithium to Hold from Speculative Buy on valuation and raises its target to $1.50 from $1.00.

This report was published on August 22, 2022.

Target price is $1.50 Current Price is $1.40 Difference: $0.1
If CXO meets the Canaccord Genuity target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $2.49

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

Shaw and Partners notes the second half of FY22 was much stronger, and Evolution Mining was disciplined on costs. Underlying net profit was in line with the June quarter update. Gold production is expected to grow by 25% over the next two years.

Shaw and Partners asserts Evolution Mining is the cheapest large gold miner in its coverage and retains a Buy rating. Target is $4.60.

This report was published on August 22, 2022.

Target price is $4.60 Current Price is $2.49 Difference: $2.11
If EVN meets the Shaw and Partners target it will return approximately 85% (excluding dividends, fees and charges).
Current consensus price target is $2.80, suggesting upside of 12.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 5.00 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of -1.9%.
Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 10.00 cents and EPS of 26.60 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of 0.6%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 14.2.

Market Sentiment: 0.2
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: $15.31

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

While JP Morgan retains its Neutral rating on valuation, signs are emerging of a successful premiumisation strategy within the Entertainment division, with spend/head up materially on pre-covid levels. The target price rises to $15.00 from $13.20.

The analyst notes a gradual return to Cinemas, and a boost to Hotels provided by domestic travel and high pricing for room rates.

The broker assesses a strong FY22 result, and while no dividend was declared, the board will look to resume payments later in 2022, subject to favourable trading.

Management remains cautious due to rising energy costs (particularly impacting German operations), wage pressures and cost inflation.

This report was published on August 23, 2022.

Target price is $15.00 Current Price is $15.31 Difference: minus $0.31 (current price is over target).
If EVT meets the JP Morgan target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 23.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.28.

Forecast for FY24:

JP Morgan forecasts a full year FY24 dividend of 33.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 2.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.55.

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: $18.10

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

Fisher & Paykel Healthcare has issued a profit warning with its FY23 September-half trading guidance as covid unwinding hit New App consumables, costs and gross margins.

Management has not provide full-year FY23 guidance given the level of uncertainty particularly around the level of destocking in consumables.

EPS forecasts are cut to 36.90c from 52c but expected to recover in FY24. Overweight rating retained. Target price falls -8% to NZ$23.00 from NZ$25.00.

This report was published on August 19, 2022.

Current Price is $18.10. Target price not assessed.
Current consensus price target is $19.50, suggesting upside of 7.7%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 36.77 cents and EPS of 48.41 cents.
At the last closing share price the estimated dividend yield is 2.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of N/A.
Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 59.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 38.17 cents and EPS of 62.47 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.2, implying annual growth of 31.8%.
Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 45.0.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


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

JP Morgan lowers its FY23 and FY24  EPS forecasts for Fisher & Paykel Healthcare by -32% and -26% in reaction to a 1H trading update showing reduced sales and lower gross margins. The target falls to NZ$19.00 from NZ$22.50.

Management attributed a slow start to FY23 to destocking as fewer patients required nasal high flow (NHF) therapy during the omicron wave. Hardware sales were above pre-pandemic levels in the first half though are expected to slow to pre-pandemic levels in the 2H.

The broker remains conservative, and Neutral-rated, until evidence of improvement, despite seeing clear potential for a faster recovery.

This report was published on August 22, 2022.

Current Price is $18.10. Target price not assessed.
Current consensus price target is $19.50, suggesting upside of 7.7%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 37.24 cents and EPS of 31.65 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of N/A.
Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 59.3.

Forecast for FY24:

JP Morgan forecasts a full year FY24 dividend of 39.10 cents and EPS of 48.41 cents.
At the last closing share price the estimated dividend yield is 2.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.2, implying annual growth of 31.8%.
Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 45.0.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


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

Fisher & Paykel Healthcare has provided first half guidance, resetting expectations for the second half and beyond. Wilsons notes the new apps segment of the business has experienced a sharper drop off post-pandemic than previously anticipated.

Gross margin guidance for FY23 of 60% is a -200 basis points reduction compared to the second half of FY21, owing to manufacturing inefficiencies as the company has sold "10 years worth of hardware in two years".

Wilsons downgrades sales and gross profit expectations in line with guidance and re-bases segment mix forecasts. Market Weight rating maintained. Target is reduced to $18.63 from $19.34.

This report was published on August 22, 2022.

Target price is $18.63 Current Price is $18.10 Difference: $0.53
If FPH meets the Wilsons target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $19.50, suggesting upside of 7.7%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 16.85 cents and EPS of 28.02 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 64.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of N/A.
Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 59.3.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 20.76 cents and EPS of 34.63 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.2, implying annual growth of 31.8%.
Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 45.0.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

GLN    GALAN LITHIUM LIMITED

New Battery Elements – Overnight Price: $1.26

Canaccord Genuity rates ((GLN)) as Speculative Buy (1) –

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes.

Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord maintains its Speculative Buy rating and $3.40 target for Galan Lithium. To reflect the inflationary backdrop, forecasts for capital and operating costs are increased by an average of 20% at both the Hombre Muerto West and Candelas brine projects.

This report was published on August 22, 2022.

Target price is $3.40 Current Price is $1.26 Difference: $2.14
If GLN meets the Canaccord Genuity target it will return approximately 170% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

HT1    HT&E LIMITED

Out of Home Advertising – Overnight Price: $1.42

Canaccord Genuity rates ((HT1)) as Buy (1) –

First half results were better than expected and Canaccord Genuity observes metro and regional radio are starting to strengthen.

HT&E regional revenue grew 11% in the first half, with the broker suggesting the business may have caught an "updraught" amid a return to confidence by the local business cohort.

Having lowered estimates earlier in August, the broker now reinstates some of that reduction. Buy rating and unchanged target of $2.10.

This report was published on August 22, 2022.

Target price is $2.10 Current Price is $1.42 Difference: $0.68
If HT1 meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 16.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 10.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 7.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.5, implying annual growth of 170.5%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 112.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 78.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.6, implying annual growth of -6.2%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 10.4.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $12.49

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

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes. Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord downgrades its rating for IGO to Hold from Buy on valuation and raises its target to $13.25 from $11.00.

This report was published on August 22, 2022.

Target price is $13.25 Current Price is $12.49 Difference: $0.76
If IGO meets the Canaccord Genuity target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $13.51, suggesting upside of 8.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 10.00 cents and EPS of 44.00 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 28.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 115.3%.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 24.0.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 10.00 cents and EPS of 175.00 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 7.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 175.8, implying annual growth of 238.1%.
Current consensus DPS estimate is 28.3, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 7.1.

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

ING    INGHAMS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $2.58

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

Bell Potter assesses the reported FY22 earnings from Inghams Group as better than expected with profits after tax boosted from a tax benefit and R&D offsets.

Management offered no FY23 guidance although they did highlight an increase in average selling prices of 6% for the 6-months to June and price increases are being implemented across all divisions to cover cost increases.

The expectation is for feed costs to remain high over FY23 and accordingly Bell Potter adjusts earnings forecasts by -14% for FY23 while leaving FY24 largely unchanged.

A Hold rating is retained and the target price is lowered to $2.90 from $3.25.

This report was published on August 19, 2022.

Target price is $2.90 Current Price is $2.58 Difference: $0.32
If ING meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $3.00, suggesting upside of 16.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 13.00 cents and EPS of 20.40 cents.
At the last closing share price the estimated dividend yield is 5.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 91.5%.
Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 11.20 cents and EPS of 24.10 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of 25.4%.
Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 11.4.

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


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

Inghams Group reported FY22 results that were lower than Goldman Sachs' expectations.

Goldman Sachs' FY23 and FY24 earnings forecasts are reduced by -5.6% and -3.5%, respectively, following an expected slower recovery, with management looking to recover margins from cost input increases and improved labour availability.

A Sell rating is retained and the price target is adjusted lower to $2.80 from $2.95 for earnings forecast changes.

This report was published on August 19, 2022.

Target price is $2.80 Current Price is $2.58 Difference: $0.22
If ING meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.00, suggesting upside of 16.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 12.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 4.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 91.5%.
Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 16.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 6.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of 25.4%.
Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 11.4.

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

INR    IONEER LIMITED

New Battery Elements – Overnight Price: $0.68

Canaccord Genuity rates ((INR)) as Hold (3) –

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes. Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord maintains its Hold rating for ioneer and lowers its target to $0.75 from $0.85 after allowing for inflation on plant capex and operational costs, and a project delay.

This report was published on August 22, 2022.

Target price is $0.75 Current Price is $0.68 Difference: $0.07
If INR meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

IPH    IPH LIMITED

Legal – Overnight Price: $9.49

Jarden rates ((IPH)) as Buy (1) –

IPH's FY22 result proved a slight beat on Jarden's forecasts thanks to FX movements, stronger US$ trade underpinning the win. The dividend also proved a beat (4%) at 16c.

Organic growth was generally strong.

Jarden expects Australian revenue will be steady in FY23 and notes Asia is forging ahead in leaps and bounds off a low base.

Given higher inflation, the broker expects earnings EBITDA will be flat year on year, after assuming an AUD exchange rate of US$0.70.

Meanwhile, the company will acquire major Canadian IP agency Smart & Biggar for $387m, to be funded from debt, cash and share issurance. Jarden notes the S&B has 6,200 patent filings – a 16.2% Canadian market share.

The main benefit of the deal, says Jarden, is that it provides a bridgehead to step up IPH's presence in Canada, which, combined with the company's defensive and steady revenue profile, makes it a good bet, in the broker's view.

Buy rating retained. Target price rises to $11.37 from $9.49.

This report was published on August 19, 2022.

Target price is $11.37 Current Price is $9.49 Difference: $1.88
If IPH meets the Jarden target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 35.00 cents and EPS of 43.50 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.82.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 39.00 cents and EPS of 49.30 cents.
At the last closing share price the estimated dividend yield is 4.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.25.

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

IRE    IRESS LIMITED

Wealth Management & Investments – Overnight Price: $11.07

Shaw and Partners rates ((IRE)) as Sell (5) –

The first half result came in broadly as Shaw and Partners anticipated, with costs growth offsetting revenue growth. Two new large super contracts provide the potential catalyst in the second half and the broker increases FY23 forecasts by 2% to reflect this.

The main issue the broker has is with the fact that managed funds administration revenue declined -10% and further investment is required by Iress to drive growth. Moreover, UK retail wealth, which also declined -10%, was described as not meeting expectations.

Shaw and Partners retains a Sell rating, raising the target to $11.90 from $11.60.

This report was published on August 19, 2022.

Target price is $11.90 Current Price is $11.07 Difference: $0.83
If IRE meets the Shaw and Partners target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $12.55, suggesting upside of 13.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 46.00 cents and EPS of 45.70 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.7, implying annual growth of 5.0%.
Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 27.2.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 46.00 cents and EPS of 49.80 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.7, implying annual growth of 14.7%.
Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 23.7.

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

LKE    LAKE RESOURCES N.L.

New Battery Elements – Overnight Price: $1.23

Canaccord Genuity rates ((LKE)) as Speculative Buy (1) –

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes. Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord maintains its Speculative Buy rating for Lake Resources. The target of $1.65 is unchanged as forecasts for capex and production costs are increased, along with increased project risking, which combine to offset the higher forecast prices.

This report was published on August 22, 2022.

Target price is $1.65 Current Price is $1.23 Difference: $0.42
If LKE meets the Canaccord Genuity target it will return approximately 34% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

LLL    LEO LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.53

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

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes. Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord's global top sector picks include Leo Lithium, and the target prices rises to $1.90 from $1.00. The Speculative Buy rating is retained.

This report was published on August 22, 2022.

Target price is $1.90 Current Price is $0.53 Difference: $1.37
If LLL meets the Canaccord Genuity target it will return approximately 258% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.00 cents.

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

LPI    LITHIUM POWER INTERNATIONAL LIMITED

New Battery Elements – Overnight Price: $0.62

Canaccord Genuity rates ((LPI)) as Speculative Buy (1) –

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes. Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord maintains its Speculative Buy rating for Lithium Power International and increases its target to $1.45 from $1.20.

This report was published on August 22, 2022.

Target price is $1.45 Current Price is $0.62 Difference: $0.83
If LPI meets the Canaccord Genuity target it will return approximately 134% (excluding dividends, fees and charges).

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: $1.75

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

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes. Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord maintains its Speculative Buy rating for Liontown Resources. The target of $2.30 is unchanged after the broker extends the timeline and increases capex forecasts and cash costs for the Kathleen Valley project, which largely offset forecast price increases.

This report was published on August 22, 2022.

Target price is $2.30 Current Price is $1.75 Difference: $0.55
If LTR meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

NCM    NEWCREST MINING LIMITED

Gold & Silver – Overnight Price: $18.35

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

Shaw and Partners highlights the strong FY22 financials released by Newcrest Mining and notes FY23 will be an important year for project milestones across the portfolio.

Cadia is the "engine room" of Newcrest Mining's earnings and while a recent outage caused by water inflow issues has occurred and there was a geotechnical event in early August, no impact to production guidance has been flagged by management.

The broker highlights several growth related catalysts are up for FY23, namely at Lihir, Cadia and Telfer/Havieron. Buy rating and $32 target maintained.

This report was published on August 22, 2022.

Target price is $32.00 Current Price is $18.35 Difference: $13.65
If NCM meets the Shaw and Partners target it will return approximately 74% (excluding dividends, fees and charges).
Current consensus price target is $22.37, suggesting upside of 21.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 41.45 cents and EPS of 167.20 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 127.7, implying annual growth of N/A.
Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 65.38 cents and EPS of 126.58 cents.
At the last closing share price the estimated dividend yield is 3.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 121.6, implying annual growth of -4.8%.
Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 15.1.

This company reports in USD. 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

NWH    NRW HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $2.34

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

NRW Holdings has revealed a confidential non-binding merger offer made to MACA ((MLD)) at $1.085 per share has been rejected. With the offer valuing MACA at 8.4x FY23 earnings, Canaccord Genuity described the approach as opportunistic.

The broker finds the bid slighly at odds with NRW Holdings' strategy to build its low capital business, but notes the deal would provide the company with a fleet of mining equipment at a low price.

Canaccord Genuity expects a competing offer from Thiess appears the most likely outcome. The Buy rating is retained and the target price increases to $2.63 from $2.56.

This report was published on August 19, 2022.

Target price is $2.63 Current Price is $2.34 Difference: $0.29
If NWH meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 12.00 cents and EPS of 23.90 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.79.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 11.80 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 5.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.75.

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


Moelis rates ((NWH)) as Buy (1) –

NRW Holdings' FY22 result outpaced guidance and Moelis' forecasts, and was accompanied by a non-binding proposal to buy Maca ((MLD)).

FY23 guidance outpaced the broker, management pointing to a strong pipeline, albeit timing around awards being uncertain due to industry challenges.

The broker observes solid balance sheet deleveraging, thanks to a sharp rise in free cash flow to $152m and 111% gross cash conversion. Net debt fell to $67m from $171m in FY21 in the face of capital expenditure of $206m and a dividend layout of $47m.

EPS forecast rises 3% for FY23 in line with guidance.

Maca's board says NRW Holdings's $1.085 a share mix and match cash and scrip offer does not outbid Thiess's standing conditional off-market takeover at $1.025 a share, but is subject to due diligence.

Moelis doubts the outcome carries much risk. Buy rating retained. Target price rises to $3.32 from $2.99.

This report was published on August 21, 2022.

Target price is $3.32 Current Price is $2.34 Difference: $0.98
If NWH meets the Moelis target it will return approximately 42% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 12.50 cents and EPS of 23.70 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.87.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 12.50 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.36.

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

ORG    ORIGIN ENERGY LIMITED

Infrastructure & Utilities – Overnight Price: $6.24

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

Origin Energy reported FY22 results were in line with Jarden's expectations, although a -24% miss on consensus due to the income tax benefit.

The final dividend, 16.5c, was better than Jarden had forecast due to the higher free cashflows and the de-gearing of the balance sheet to below $3bn in debt.

Origin Energy did not offer FY23 guidance as management considers the uncertainty for energy markets remains too high to provide guidance in a meaningful range, although the company did secure 4.4Mt of the target 5-6Mt of coal for FY23.

Jarden is looking for another record contribution from APLNG in FY23 after contributing $1.6bn in FY23 and accounting for this and the coal contracts, the analyst adjusts the target price and rating.

The target price is raised to $5.75 from $5.55 and the rating is upgraded to Neutral from Underweight.

This report was published on August 19, 2022.

Target price is $5.75 Current Price is $6.24 Difference: minus $0.49 (current price is over target).
If ORG meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.48, suggesting upside of 3.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 33.00 cents and EPS of 25.50 cents.
At the last closing share price the estimated dividend yield is 5.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.8, implying annual growth of N/A.
Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 25.50 cents and EPS of 35.40 cents.
At the last closing share price the estimated dividend yield is 4.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.3, implying annual growth of 35.5%.
Current consensus DPS estimate is 32.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 11.3.

Market Sentiment: 0.3
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: $1.62

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

Pact Group's FY22 reported earnings came in at the lower end of guidance, and were marginally better than Jarden's and consensus expectations.

Margin pressures continued to impact on Pact Group, particularly for Materials Handling & Pooling and Contract Manufacturing and Jarden pointed to the lower payout ratio, below the target range, despite a reduction in net debt of $24m.

A 6% increase in inventory in the 2H22, during a period of higher resin prices, raises some concerns for the analyst who questions whether Pact Group can pass on the higher costs in a period when resin prices are falling, casting some doubts over the FY23 earnings outlook.

Overweight rating and $3.75 target price are retained with Jarden upbeat on the plastic recycling opportunities and the company's longer term growth.

This report was published on August 18, 2022.

Target price is $3.75 Current Price is $1.62 Difference: $2.13
If PGH meets the Jarden target it will return approximately 131% (excluding dividends, fees and charges).
Current consensus price target is $2.75, suggesting upside of 69.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 8.00 cents and EPS of 21.20 cents.
At the last closing share price the estimated dividend yield is 4.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of 518.6%.
Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 7.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 9.60 cents and EPS of 22.90 cents.
At the last closing share price the estimated dividend yield is 5.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.3, implying annual growth of 6.4%.
Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 7.0.

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

PLL    PIEDMONT LITHIUM INC

New Battery Elements – Overnight Price: $0.90

Canaccord Genuity rates ((PLL)) as Speculative Buy (1) –

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes. Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord maintains its Speculative Buy rating for Piedmont Lithium and raises its target to $2.05 from $1.70.

This report was published on August 22, 2022.

Target price is $2.05 Current Price is $0.90 Difference: $1.15
If PLL meets the Canaccord Genuity target it will return approximately 128% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $3.47

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

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes. Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord's global top sector picks include Pilbara Minerals, and the target price rises to $4.50 from $3.70 and the Buy rating is retained.

This report was published on August 22, 2022.

Target price is $4.50 Current Price is $3.47 Difference: $1.03
If PLS meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $3.75, suggesting upside of 8.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Current consensus EPS estimate is 60.3, implying annual growth of 217.7%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 5.8.

Forecast for FY24:

Current consensus EPS estimate is 49.7, implying annual growth of -17.6%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 7.0.

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

PSC    PROSPECT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.10

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

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes. Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord downgrades its rating for Prospect Resources to Hold from Speculative Buy on valuation and leaves its $0.11 target unchanged.

This report was published on August 22, 2022.

Target price is $0.11 Current Price is $0.10 Difference: $0.01
If PSC meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.00.

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

PWH    PWR HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $9.18

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

PWR Holdings reported FY22 earnings up 24% to $20.8m, some 8% above Bell Potter's expectation, due to a higher contribution from other income and lower depreciation and amoritisation.

Of note, cash flow was lower than anticipated with management deliberately increasing the raw material inventory for global supply chain issues.

The final dividend of 8.5c fully franked was better than expected and the payout ratio of 58% at the higher end of the range.

Management offered no FY23 guidance, however a decision on a "large Australian Defence program" is expected in September or thereafter with the broker viewing PWR Holdings as on the short list of consortiums.

The rating is downgraded to Hold from Add as the revised price target of $9.75 from $9.25 is 15% higher than the share price, notes Bell Potter.

This report was published on August 19, 2022.

Target price is $9.75 Current Price is $9.18 Difference: $0.57
If PWH meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 13.50 cents and EPS of 23.20 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.57.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 15.80 cents and EPS of 27.90 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.90.

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

PWR    PETER WARREN AUTOMOTIVE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $2.58

Moelis rates ((PWR)) as Buy (1) –

Peter Warren Automotive's FY22 result met consensus forecasts thanks to broad-based strength, emerging technology proving the standout. Management did not provide specific guidance but did spy growth options across all segments.

Moelis says the big surprise was the dividend, which outpaced by 36.4%

EBITDA margins rose but operating cash flow disappointed, falling -35.5% as the company stocked up to fortify against supply chain disruptions. The balance sheet was solid, the company emerging with $21.5m in net cash.

Moelis notes that emerging technology opportunities for electric vehicles and defence are enjoying solid industry tailwinds, thanks to EV regulation, which should also boost demand for cooling technology, and estimates the EV opportunity could be as high as $12bn a year for the company.

Management provided good disclosure around the size and breakdown of the pipeline, pointing to very high volume and long duration programs, says the broker.

EPS forecasts rise 1% to 5% for FY23 to FY24. Hold rating and $10.27 target price retained.

This report was published on August 21, 2022.

Target price is $10.27 Current Price is $2.58 Difference: $7.69
If PWR meets the Moelis target it will return approximately 298% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 12.80 cents and EPS of 22.30 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.57.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 15.30 cents and EPS of 26.70 cents.
At the last closing share price the estimated dividend yield is 5.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.66.

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

RDY    READYTECH HOLDINGS LIMITED

Software & Services – Overnight Price: $3.15

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

ReadyTech reported a "solid in-line" result according to Jarden and in line with consensus estimates.

The company raised the long-term revenue target to $160m-plus for FY26, and the FY23 guidance is for organic revenue growth in the mid-teens, and EBITDA margins of 35-36%, in line with Jarden estimates.

The broker adjusts revenue forecasts off the back of higher contributions from Open Office in the Government and Justice sector and earnings forecasts are raised by 9% and 4% for FY23 and FY24.

Overweight retained and the target price is raised to $4.04 from $4.02.

This report was published on August 18, 2022.

Target price is $4.04 Current Price is $3.15 Difference: $0.89
If RDY meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 18.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.94.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 20.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.59.

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

RWC    RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $4.05

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

JP Morgan retains its Overweight rating on an undemanding valuation for Reliance Worldwide, following FY22 results.

Margin expansion in the 2H of FY23 is possible, according to JP Morgan, should moderation of commodity prices continue, and as long as no material de-stocking occurs.

Underlying FY22 earnings (EBITDA) were broadly in line with the broker's forecast. A final dividend of US5cps was declared versus the expected US5.5cps.

Past and future volumes have been/will be volatile, explains the analyst. Sales ex EZ-FLO fell -3% in July before recovering in August, driven by de-stocking in the wholesale and OEM channels, while retail remained flat.

The target price is lowered to $5.15 from $5.30.

This report was published on August 23, 2022.

Target price is $5.15 Current Price is $4.05 Difference: $1.1
If RWC meets the JP Morgan target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $4.79, suggesting upside of 18.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 11.00 cents and EPS of 20.00 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 20.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.9, implying annual growth of N/A.
Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY24:

JP Morgan forecasts a full year FY24 dividend of 10.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of 3.5%.
Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 13.5.

This company reports in USD. 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

SGP    STOCKLAND

Infra & Property Developers – Overnight Price: $3.61

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

According to Goldman Sachs, Stockland reported FY22 earnings in line with expectations and slightly ahead of consensus with resilience in the Residential division and a strong performance from Commercial operations.

The reported NTA rose 8.3% to $4.31 with gearing at 23.4% and expected to be lower at 18% following the sale of the Retirement Living division.

Goldman Sachs likes the strength of the balance sheet and believes Stockland is in better position to weather the macro headwinds from higher interest and the impacts on the Residential sector, than previous cyclical downturns.

A Buy rating is retained and the price target is raised to $4.50 from $4.44.

This report was published on August 19, 2022.

Target price is $4.50 Current Price is $3.61 Difference: $0.89
If SGP meets the Goldman Sachs target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $4.15, suggesting upside of 15.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 34.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.7, implying annual growth of -43.6%.
Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 34.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.6, implying annual growth of -6.4%.
Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 11.8.

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

SUL    SUPER RETAIL GROUP LIMITED

Automobiles & Components – Overnight Price: $10.55

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

Goldman Sachs initiates coverage of Super Retail with a Buy rating and a target price of $13.80.

The upbeat view is predicated on three factors: greater earnings resilience in the "outdoor" category; the strength in the omni-channel offering and growth from consumer loyalty.

Goldman Sachs considers the stock is trading at too a high a discount to the historical valuation.

This report was published on August 24, 2022.

Target price is $13.80 Current Price is $10.55 Difference: $3.25
If SUL meets the Goldman Sachs target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $12.16, suggesting upside of 15.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 59.00 cents and EPS of 90.00 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.0, implying annual growth of -16.7%.
Current consensus DPS estimate is 56.4, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 11.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 61.00 cents and EPS of 94.00 cents.
At the last closing share price the estimated dividend yield is 5.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.5, implying annual growth of -5.1%.
Current consensus DPS estimate is 56.1, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 12.5.

Market Sentiment: 0.7
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: $6.46

Jarden rates ((TLX)) as Buy (1) –

Jarden notes Telix Pharmaceuticals' pre-released first half results were largely in line, and drove no significant changes to near-term forecasts. 

The company also provided an early look into trading in the second half, and with Illucix sales in July up 25% on the preceding month, Jarden notes this could imply a run rate that could equate to US$54.6m over the second half, but with sales continuing to ramp up also notes this could be conservative. 

The broker lifts its second half US sales forecast 22.7% accordingly. The Buy rating is retained and the target price decreases to $6.89 from $7.02.

This report was published on August 18, 2022.

Target price is $6.89 Current Price is $6.46 Difference: $0.43
If TLX meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 28.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.67.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 5.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 111.38.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $5.03

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

Bell Potter transfers coverage of Temple & Webster to a new analyst and the stock is updated with a Hold rating and $6.00 price target.

Temple & Webster reported FY22 earnings at the top end of the guidance range, beating consensus assesses Bell Potter.

The broker highlights consensus estimates have been adjusted for guidance changes from management, with consensus FY23 and FY24 EBITDA forecasts upgraded by 67% and 22%, respectively. 

Although Bell Potter views the long term prospects for Temple & Webster favourably, the analyst considers that the stock is fully valued at current levels.

A Hold rating and $6.00 target.

This report was published on August 19, 2022.

Target price is $6.00 Current Price is $5.03 Difference: $0.97
If TPW meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $6.09, suggesting upside of 21.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 6.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 79.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of -21.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 64.5.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.5, implying annual growth of 34.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 47.9.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $13.29

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

Jarden notes Treasury Wine Estates delivered an in line full year result, and that the company has guided to strong growth in the coming year, and the broker remains positive on the stock.

The broker expects growth to be driven by ongoing market re-openings and a return of higher margin direct to customer channels, ongoing premiumisation, and operating leverage that should allow for gross profit expansion above the cost of doing business. 

The Overweight rating is retained and the target price increases to $13.80 from $13.00.

This report was published on August 18, 2022.

Target price is $13.80 Current Price is $13.29 Difference: $0.51
If TWE meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $14.22, suggesting upside of 7.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 56.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.6, implying annual growth of 49.8%.
Current consensus DPS estimate is 37.4, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 24.3.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 63.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.5, implying annual growth of 14.5%.
Current consensus DPS estimate is 43.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 21.3.

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

VUL    VULCAN ENERGY RESOURCES LIMITED

New Battery Elements – Overnight Price: $8.05

Canaccord Genuity rates ((VUL)) as Speculative Buy (1) –

While analysts at Canaccord Genuity lower 2022-24 electric vehicle forecasts, any lithium demand impacts are offset by increased average battery sizes. Demand growth is expected to outpace supply until 2030 and higher pricing will be needed to incentivise new supply.

The broker raises its forecasts for 2022-25 average Li2CO3/LiOH prices, and generally prefers producers over developers in the near term on relative valuations and pricing leverage. Average target prices across the lithium coverage are raised by 15%.

Canaccord maintains its Speculative Buy rating for Vulcan Energy Resources and lowers its target to $19 from $23 after a rise in the  discount rate applied to cash flows and adjusting risk weightings.

This report was published on August 22, 2022.

Target price is $19.00 Current Price is $8.05 Difference: $10.95
If VUL meets the Canaccord Genuity target it will return approximately 136% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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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4DX ACW AKE AX1 COH CXO EVN EVT FPH GLN HT1 IGO ING INR IPH IRE LKE LLL LPI LTR MLD NCM NWH ORG PGH PLL PLS PSC PWH PWR RDY RWC SGP SUL TLX TPW TWE VUL

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For more info SHARE ANALYSIS: LKE - LAKE RESOURCES N.L.

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For more info SHARE ANALYSIS: SGP - STOCKLAND

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For more info SHARE ANALYSIS: VUL - VULCAN ENERGY RESOURCES LIMITED