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Australian Broker Call *Extra* Edition – Aug 29, 2022

Daily Market Reports | Aug 29 2022

This story features PENTANET LIMITED, and other companies. For more info SHARE ANALYSIS: 5GG

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)

5GG   AD8   ADH   ALU   AWC   AX1   BRG   COE (2)   COH   CQR (2)   CWY   EDV   EHE   EML (2)   EQT   FPH   GDI   HDN   JAN   MFD   MLD   NAN   NCK   NHC   NSR (2)   OML (2)   PRN   RWC   SCG   SDR   SGP   SGR   SXL   TCL   TPG  

5GG    PENTANET LIMITED

Telecommunication – Overnight Price: $0.35

Bell Potter rates ((5GG)) as Speculative Buy (1) –

Pentanet reported FY22 revenue results in-line with Bell Potter expectations, with demand for internet services underpinning 54% growth and subscribers up 34.1%.

The company continues to focus on developing on-net coverage via 5GG network upgrades. The neXus rollout is designed to grow the potential total addressable market.

A Speculative Buy rating and $0.60 price target are unchanged.

This report was published on August 22, 2022.

Target price is $0.60 Current Price is $0.35 Difference: $0.25
If 5GG 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 FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.67.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.33.

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

AD8    AUDINATE GROUP LIMITED

Hardware & Equipment – Overnight Price: $8.67

Canaccord Genuity rates ((AD8)) as Buy (1) –

While Audinate Group's FY22  revenue outpaced the broker's forecast and the consensus estimate by 10%, the big take out on closer examination for Cannacord Genuity was guidance that revenues could double over three years.

Management said its sales backlog and revenue run-rate support group revenue growth in the historical range of 26% to 31% subject to supply chain issues and global growth, which was above consensus forecasts.

Given management attributed the better FY22 results to “improved chip supplies allowing unmet demand in 3Q22 to be delivered, and some 1Q23 demand was delivered early”, then much of the supply-chain problems appear to be easing.

Earnings forecasts rise sharply for FY23 and FY24 and the broker forecasts a six-year compound annual growth rate of 27% – which equates to a roughly 14x greater market adoption compared to Audinate's closest rival.

Canaccord Genuity appreciates the strong balance sheet. Buy rating and $10 target price retained.

This report was published on August 23, 2022.

Target price is $10.00 Current Price is $8.67 Difference: $1.33
If AD8 meets the Canaccord Genuity target it will return approximately 15% (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 0.00 cents and EPS of minus 4.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 176.94.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 433.50.

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

ADH    ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $2.23

Wilsons rates ((ADH)) as Downgrade to Market Weight from Overweight (3) –

While Adairs delivered full earnings of $76.4m, in line with consensus ranges, Wilsons notes the Mocka brand disappointed, reporting a second half loss.

The broker remains positive on the Adairs brand and the longer-term potential for Mocka, but notes ongoing issues with Mocka coupled with signs of softening demand present concern. 

Wilsons notes the company guided to 14.3% revenue growth in FY23, suggesting a slowing contribution from Adairs online. 

The rating is downgraded to Market Weight from Overweight and the target price decreases to $2.30 from $4.50.

This report was published on August 24, 2022.

Target price is $2.30 Current Price is $2.23 Difference: $0.07
If ADH meets the Wilsons target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.03, suggesting upside of 36.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 18.00 cents and EPS of 30.70 cents.
At the last closing share price the estimated dividend yield is 8.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.8, implying annual growth of 13.0%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 8.7%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 22.00 cents and EPS of 35.60 cents.
At the last closing share price the estimated dividend yield is 9.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.0, implying annual growth of 10.7%.
Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 9.9%.
Current consensus EPS estimate suggests the PER is 6.8.

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

ALU    ALTIUM

Hardware & Equipment – Overnight Price: $36.49

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

Bell Potter considers Altium reported a FY22 "cracker" result with EBITDA some 6% above expectations.

The better than anticipated earnings were delivered on stronger revenues and a higher EBITDA margin, despite a one-off cost of -US$1.3m involving the relocation of staff from Ukraine.

Cash on hand of US$199m at year end and a 26c fully franked dividend were both better than forecast. Altium management provided FY23 revenue and margins as well as retaining the FY26 US$500m revenue target.

The broker's earnings forecasts are adjusted by 2% and 3% for FY23 and FY24, respectively. Bell Potter upgrades the target to $37.50 from $34.00. Buy.

This report was published on August 22, 2022.

Target price is $37.50 Current Price is $36.49 Difference: $1.01
If ALU meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $33.48, suggesting downside of -8.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 70.96 cents and EPS of 65.54 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.5, implying annual growth of N/A.
Current consensus DPS estimate is 52.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 50.3.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 82.09 cents and EPS of 85.43 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 91.6, implying annual growth of 26.3%.
Current consensus DPS estimate is 58.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 39.8.

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

AWC    ALUMINA LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $1.52

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

Goldman Sachs considers the 1H22 results for Alumina Ltd were below expectations and market consensus, although the interim dividend of US$4.2c came in higher than the US$3.6c forecast.

The outlook for the alumina market remains challenged, according to the analyst, from continued closures in aluminum smelters and capacity additions in China, India and Indonesia.

Goldman Sachs adjusts earnings forecasts by -22% for FY22 and -1% for FY23. A Sell rating is maintained. The target is adjusted to $1.35 from $1.40.

This report was published on August 23, 2022.

Target price is $1.35 Current Price is $1.52 Difference: minus $0.17 (current price is over target).
If AWC meets the Goldman Sachs target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.74, suggesting upside of 14.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 8.49 cents and EPS of 6.40 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.3, implying annual growth of N/A.
Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 8.49 cents and EPS of 9.46 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of 6.5%.
Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 15.4.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $1.58

Bell Potter rates ((AX1)) as Buy (1) –

Accent Group reported FY22 results in line with Bell Potter's expectations and consensus estimates.

Management has flagged 50 new stores in FY23 and as such inventory levels were higher than expected. Bell Potter views the growth plans positively as the company focuses on expansion and share in the $6n performance and lifestyle market.

Accent Group trading results have started strongly with like-for-like sales up 18.9% on the covid impacted period last year.

Bell Potter adjusts earnings forecasts by 6% for FY23 and FY24 remains unchanged.

Buy rating is unchanged and the price target is raised to $2.00 from $1.90.

This report was published on August 22, 2022.

Target price is $2.00 Current Price is $1.58 Difference: $0.42
If AX1 meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $1.74, suggesting upside of 10.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 9.50 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 6.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.06.

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 5.6%.
Current consensus EPS estimate suggests the PER is 13.9.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 12.70 cents and EPS of 16.10 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 9.81.

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 7.3%.
Current consensus EPS estimate suggests the PER is 12.3.

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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $22.41

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

Breville Group reported FY22 results in line with Goldman Sachs and consensus notes the broker.

The US and APAC performed marginally better than anticipated and EMEA was weaker.

Free cashflow came in higher than forecast with a build up in inventory levels to $446m in expectation of the seasonally stronger demand in the 1H23 for the US market.

Goldman Sachs adjusts earnings forecasts by 3% in FY23 and 4% in FY24.

Buy rating is retained and the target price is raised to $24.70 from $23.40.

This report was published on August 24, 2022.

Target price is $24.70 Current Price is $22.41 Difference: $2.29
If BRG meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $24.27, suggesting upside of 8.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 35.00 cents and EPS of 91.00 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.4, implying annual growth of 5.9%.
Current consensus DPS estimate is 33.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 27.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 39.00 cents and EPS of 1.01 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2218.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 91.8, implying annual growth of 14.2%.
Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 24.4.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.24

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

Cooper Energy reported FY22 results that were above Bell Potter's expectations largely due to better cost control as revenues were in line with previously announced June quarter results.

After the $244m equity raising, Cooper Energy made a $210m cash payment for OGPP.

Bell Potter notes the FY23 results will be reliant on the company making the most of the strong spot gas markets with spot price in Southern states capped at $40/GJ.

Buy rating and price target of 28c are unchanged.

This report was published on August 22, 2022.

Target price is $0.28 Current Price is $0.24 Difference: $0.04
If COE meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $0.28, suggesting upside of 15.8%(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 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2.0.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.40 cents and EPS of 2.10 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.2, implying annual growth of -82.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.9.

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


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

Cooper Energy's FY22 underlying earnings (EBITDA) outpaced guidance and sharply outpaced Canaccord Genuity's estimate, thanks to $33m free cash-flow generation, but FY23 guidance disappointed.

Cooper Energy's guidance has traditionally been conservative so the broker downgrades its forecasts given the number of moving parts, while still sitting above guidance.

The company exited FY22 with $247m in cash and $158m in debt, and attracted another $66m through its early FY23 retail placement.

Buy rating retained. Target price falls to 41c from 47c.

This report was published on August 23, 2022.

Target price is $0.41 Current Price is $0.24 Difference: $0.17
If COE meets the Canaccord Genuity target it will return approximately 71% (excluding dividends, fees and charges).
Current consensus price target is $0.28, suggesting upside of 15.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2.0.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.2, implying annual growth of -82.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.9.

Market Sentiment: 0.4
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: $214.85

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

Cochlear reported FY22 results in line with consensus and marginally below Jarden's estimates due to higher marketing and R&D costs.

The broker highlights improvements in hospital capacity which management expect to continue in FY23 and the launch of Nucleus 8 to underpin processor upgrades.

Jarden's earnings forecasts are adjusted by -5.3% and -2.8% for FY23 and FY24 for higher costs.

Overweight rating retained and the target price rises to $232.01 from $224.74.

This report was published on August 22, 2022.

Target price is $232.01 Current Price is $214.85 Difference: $17.16
If COH meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $217.78, suggesting upside of 1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 296.00 cents and EPS of 460.90 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.62.

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 47.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 397.20 cents and EPS of 575.10 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.36.

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 41.6.

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

CQR    CHARTER HALL RETAIL REIT

REITs – Overnight Price: $4.10

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

Charter Hall Retail REIT reported FY22 results in line with Goldman Sachs' expectations.

The analyst assesses the REIT continues to show resilience from the portfolio from the diversification of assets in the convenience sector alongside the active asset management strategy.

Neutral rating is unchanged and the price target is raised to $4.25 from $4.10.

This report was published on August 23, 2022.

Target price is $4.25 Current Price is $4.10 Difference: $0.15
If CQR meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.16, suggesting upside of 1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.1, implying annual growth of -75.5%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.9, implying annual growth of 2.8%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 14.2.

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


Moelis rates ((CQR)) as Hold (3) –

Moelis notes tenant performance was mixed in FY22. Revenue growth for supermarket tenants was consistent yet specialty tenants were affected by mandated lockdowns.

FY23 earnings guidance is 28.6c per security, up 0.7%, and the distribution is 25.7c, up 4.9%. An improved pay-out ratio is likely to be supported by the reduced impact of pandemic-related assistance.

The broker believes Charter Hall Retail REIT is well-positioned for medium-term earnings growth. Hold maintained. Target is $4.38.

This report was published on August 23, 2022.

Target price is $4.38 Current Price is $4.10 Difference: $0.28
If CQR meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $4.16, suggesting upside of 1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 25.70 cents and EPS of 28.70 cents.
At the last closing share price the estimated dividend yield is 6.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.1, implying annual growth of -75.5%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 25.90 cents and EPS of 28.80 cents.
At the last closing share price the estimated dividend yield is 6.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.9, implying annual growth of 2.8%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 14.2.

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

CWY    CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.80

Jarden rates ((CWY)) as Downgrade to Overweight from Buy (2) –

After four downgrades in the last 12 months, due to adverse weather, operational problems and covid, Cleanaway Waste Management reported FY22 results in line with market expectations, noted Jarden.

The broker highlights a good performance from Sydney Resources Network, tracking above management's expectations, while the $450m equity raising strengthens the balance sheet.

Jarden considers the ongoing impact of higher inflation and labour issues and accordingly adjusts earnings forecasts post the results by -21% for FY23 and -16% for FY24.

The rating is modified to Overweight from Buy as the analyst raises some concerns over the outlook. The price target is lowered to $2.75 from $3.20.

This report was published on August 19, 2022.

Target price is $2.75 Current Price is $2.80 Difference: minus $0.05 (current price is over target).
If CWY meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.87, suggesting upside of 2.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 3.70 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.9, implying annual growth of 98.0%.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 35.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 4.50 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 1.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 22.8%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 28.9.

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

EDV    ENDEAVOUR GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $7.24

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

Endeavour Group reported FY22 results in line with market expectations but showed a miss on the EBIT margin, according to Goldman Sachs.

Sales for the first 7 weeks of 1H23 are somewhat weaker than forecast for Retail but above expectations for Hotels.

The analyst adjusts forecasts by -8.5% and -7.9% for FY23 and FY24, respectively.

Goldman Sachs maintains a positive long-term view on Endeavour Group and considers the company has one of the most loyal consumer bases in the retail sector. The recent pullback in the share price is viewed as "value entry point".

A Buy rating is retained and the target is lowered slightly to $8.10 from $8.30.

This report was published on August 26, 2022.

Target price is $8.10 Current Price is $7.24 Difference: $0.86
If EDV meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $7.44, suggesting upside of 2.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 21.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.8, implying annual growth of 7.8%.
Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 24.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 25.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.2, implying annual growth of 8.1%.
Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 22.5.

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

EHE    ESTIA HEALTH LIMITED

Aged Care & Seniors – Overnight Price: $2.05

Moelis rates ((EHE)) as Buy (1) –

Moelis estimates FY23 EBITDA of $104m, assuming 92.5% average occupancy. Excluding net impacts from pandemic costs/recoveries, the broker expects this will reduce to $84m.

The key event will be the pricing recommendations, due in the second half and to take effect from July 2023. The broker expects this to provide some clarity as to the structural funding outlook for the sector.

Buy rating retained. Target price is raised to $2.63 from $2.56.

This report was published on August 24, 2022.

Target price is $2.63 Current Price is $2.05 Difference: $0.58
If EHE meets the Moelis target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $2.18, suggesting upside of 6.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 2.40 cents and EPS of 13.60 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of N/A.
Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 3.40 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.2, implying annual growth of -24.1%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 15.5.

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

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $0.90

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

EML Payments'  FY22 result broadly met consensus and Canaccord Genuity's forecasts, despite being "riddled" with adjustments and one-offs, notes the broker.

Management did not give quantitative FY22 revenue or earnings (EBITDA) guidance but expected revenue (after a range of adjustments) to be a tad shy of FY22 revenue and gross profit margins to be level with FY22.

Management also announced a strategic review, the outcome of which will be published at its November AGM, and is likely to include consolidation of the company's North American and European back office function and a $20m on-market share buyback.

The broker expects the company will announce -$450m of intangibles and suppressed free cash flow generation.

Canaccord Genuity expects EML will struggle with earnings in FY23 given its $24m extra operating expenditure and unwinding of its one-off AMF contribution ($18m).

Earnings (EBITDA) forecasts fall -35% in FY23 and -28% in FY24. Hold rating retained. Target price falls to $1.40 from $1.50.

This report was published on August 22, 2022.

Target price is $1.40 Current Price is $0.90 Difference: $0.5
If EML meets the Canaccord Genuity target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $1.88, suggesting upside of 109.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.0, implying annual growth of 45.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.0.

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


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

EML Payments' reported FY22 earnings was noted as "complicated" by Wilsons with revenues up 21% and EBITDA of $51m was well below expectations and lower than the downgraded guidance.

The company did not provide guidance, but will provide some at the November AGM.

Wilsons consider the intrinsic value of EML Payments is higher than the share price but the opaque nature of the Central Bank of Ireland's investigations is causing investor uncertainty.

The analyst does view higher costs for longer to meet the investment in regulatory and compliance processes.

A Market Weighting is retained and the target is raised to $1.21 from $0.97 which sits below Wilsons' valuation of $1.78.

This report was published on August 23, 2022.

Target price is $1.21 Current Price is $0.90 Difference: $0.31
If EML meets the Wilsons target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $1.88, suggesting upside of 109.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 6.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.0, implying annual growth of 45.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.0.

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

EQT    EQT HOLDINGS LIMITED

Diversified Financials – Overnight Price: $26.15

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

EQT Holdings reported FY22 EBIT earnings at the high end of consensus with profits after tax in line with expectations due to lower operational expenses.

No guidance was offered however the company announced the acquisition of Australian Executor Trustees for $135m which will be funded by a $125m equity raising and $10m in debt.

The broker considers the acquisition to be earnings accretive and in line with EQT Holdings' strategic focus and growth strategy.

Wilsons' earnings forecasts are adjusted for the lower FUMAS base post the FY22 results, due to volatile equity markets, by -10.2% for FY23 and -4.5% for FY24.

Overweight rating and a $30.00 target.

This report was published on August 23, 2022.

Target price is $30.00 Current Price is $26.15 Difference: $3.85
If EQT meets the Wilsons target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 94.00 cents and EPS of 121.50 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 21.52.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 116.30 cents and EPS of 147.90 cents.
At the last closing share price the estimated dividend yield is 4.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.68.

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: $18.01

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

The first guidance update by Fisher & Paykel Healthcare since March 2022 has been provided with revenue of NZ$670m and profits after tax of NZ$85-NZ$95m.

Notably, management flagged a much bigger than expected de-stocking impact since the start of 2022, with customers ordering around 10 years worth of Fisher & Paykel Healthcare's installed base in the first two years of the pandemic now being unwound.

With considerable uncertainty on revenue forecasts, Goldman Sachs opts for a conservative stance and downgrades earnings estimates by -18% and -10% for FY23 and FY24, respectively.

Goldman Sachs considers Fisher & Paykel Healthcare offers an attractiive "growth/quality" profile over the long-term, but in the near term other stocks offer more "defensive/predictable" earnings.

The Neutral rating is retained and the price target is lowered to $17.90 from $19.20.

This report was published on August 22, 2022.

Target price is $17.90 Current Price is $18.01 Difference: minus $0.11 (current price is over target).
If FPH meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $19.50, suggesting upside of 8.3%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 18.61 cents and EPS of 31.63 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of N/A.
Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 59.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 26.98 cents and EPS of 45.59 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 39.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.9, implying annual growth of 31.7%.
Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 45.1.

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

GDI    GDI PROPERTY GROUP

REITs – Overnight Price: $0.91

Moelis rates ((GDI)) as Buy (1) –

GDI Property reported FY22 funds from operations of 5.29c, below Moelis' expectation of 5.7c, while the FY22 dividend of 7.75c was in line with expectations and guidance.

Moelis adjusts earnings forecasts for higher interest costs and slower than expected lease updates by -29.8% for FY23 and -19.2% for FY24.

Buy rating. Target price is lowered to $1.32 from $1.39.

This report was published on August 22, 2022.

Target price is $1.32 Current Price is $0.91 Difference: $0.41
If GDI meets the Moelis target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.80 cents and EPS of 5.50 cents.
At the last closing share price the estimated dividend yield is 8.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.55.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 9.90 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 10.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.38.

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

HDN    HOMECO DAILY NEEDS REIT

REITs – Overnight Price: $1.29

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

HomeCo Daily Needs REIT reported FY22 results in line with Goldman Sachs' expectations with acquired Aventus contributing from March 2022, alongside ongoing developments.

The REIT has a $500m-plus development pipeline and the balance sheet has been strengthened from an asset divestment, with gearing at 30.6%, the lower end of the target range, alongside increased hedging to 73.5%.

Goldman Sachs views HomeCo Daily Needs REIT as undervalued and as strategically positioned to gain from the secular growth in omni-channel retailing.

A Buy rating is retained and the target price is lowered marginally to $1.63 from $1.65.

This report was published on August 22, 2022.

Target price is $1.63 Current Price is $1.29 Difference: $0.34
If HDN meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $1.47, suggesting upside of 13.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of -68.6%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of N/A.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 14.7.

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

JAN    JANISON EDUCATION GROUP LIMITED

Education & Tuition – Overnight Price: $0.38

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

Wilsons highlights the key focus of the FY22 earnings report for Janison Education was on the outlook for FY23 as the company had pre-announced the earnings results.

Management offered no formal guidance but did point out ICAS revenue is expected to grow 15% in 1H23 on the previous year, with no increase in costs and management is looking to expand the new B2C subscription "Rise+".

Wilsons is looking for evidence of execution on the new subscription service and has made only marginal adjustments to earnings forecasts.

Overweight rating is retained. The price target is revised marginally to $0.59 from $0.58.

This report was published on August 23, 2022.

Target price is $0.59 Current Price is $0.38 Difference: $0.21
If JAN meets the Wilsons target it will return approximately 55% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.83.

Forecast for FY24:

Wilsons forecasts a full year FY24 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 54.29.

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

MFD    MAYFIELD CHILDCARE LIMITED

Childcare – Overnight Price: $1.13

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

In the wake of in-line first half results by Mayfield Childcare, Canaccord Genuity lowers 2022 and 2023 earnings forecasts by -7% and -6%, respectively, due to ongoing staff shortages for the remainder of the year. Also, the Genius portfolio is expected to miss guidance.

The broker lowers its rating to Hold from Add and the target falls to $1.46 from $1.76 on a near-term clouded outlook and management changes. The longer-term outlook for both the company and the industry is still viewed as positive.

This report was published on August 23, 2022.

Target price is $1.46 Current Price is $1.13 Difference: $0.33
If MFD meets the Canaccord Genuity target it will return approximately 29% (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 7.00 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 6.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.74.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 9.00 cents and EPS of 17.90 cents.
At the last closing share price the estimated dividend yield is 7.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.31.

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

MLD    MACA LIMITED

Mining Sector Contracting – Overnight Price: $1.06

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

Canaccord Genuity considers mixed FY22 results for MACA are of secondary importance behind the receipt of two takeover proposals in the last month.

The board recommends to shareholders the Thiess all-cash offer at $1.025/share and the broker remains at the same target price, with an unchanged Hold rating.

The higher $1.085/share offer from NRW Holdings ((NRL)) was rejected on a less certain share component as compared to the cash from Thiess, explains the analyst.

This report was published on August 23, 2022.

Target price is $1.02 Current Price is $1.06 Difference: minus $0.035 (current price is over target).
If MLD meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 13.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.97.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 15.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.67.

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

NAN    NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $4.13

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

Goldman Sachs notes the FY22 results from Nanosonics showed slightly higher costs than the latest guidance and revenue growth was in line.

The broker highlights the smooth transition away from Ge Health, but points to concerns over slower sales growth guidance and an expected further deterioration in gross margins.

Adjusting for the new guidance, Goldman Sachs lowers earnings forecasts by -16% for FY23 and -8% for FY24.

Sell rating is unchanged and the target is $3.40.

This report was published on August 23, 2022.

Target price is $3.40 Current Price is $4.13 Difference: minus $0.73 (current price is over target).
If NAN meets the Goldman Sachs target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.11, suggesting downside of -0.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 206.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.3, implying annual growth of 4.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 317.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 137.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.8, implying annual growth of 192.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 108.7.

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

NCK    NICK SCALI LIMITED

Furniture & Renovation – Overnight Price: $11.18

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

Wilsons assesses the FY22 earnings report from Nick Scali as mixed with profits after tax at the upper end of consensus, with Nick Scali and Online beating revenue forecasts while Plush delivered a miss.

The company offered no formal guidance but 1H23 sales are showing strength with July sales orders up 64.1%, cycling above lower results from the covid lockdown in 1H22.

In the year ahead, six new stores are planned with lower freight costs expected to impact positively and increased synergies from Plush, around double what Wilsons had previously forecast.

Overweight rating and a $15 target price.

This report was published on August 23, 2022.

Target price is $15.00 Current Price is $11.18 Difference: $3.82
If NCK meets the Wilsons target it will return approximately 34% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 89.50 cents and EPS of 104.80 cents.
At the last closing share price the estimated dividend yield is 8.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.67.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 88.00 cents and EPS of 103.60 cents.
At the last closing share price the estimated dividend yield is 7.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.79.

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

NHC    NEW HOPE CORPORATION LIMITED

Coal – Overnight Price: $5.13

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

New Hope reported higher than expected production and sales of thermal coal for the 4Q22, noted Goldman Sachs, despite bad weather and labour problems. Underlying EBITDA also came in ahead of expectations and consensus forecasts.

Management pointed to ongoing strong demand for coal, particularly in NSW, beyond existing contracted supplies.

The company is looking to increase production levels at Bengalla to 13.4Mtpa over the next two years with approval up to 15Mtpa until 2039.

Goldman Sachs adjusts earnings forecasts for the FY22 results, lifting EPS by 5% and 2% for FY23 and FY24, respectively.

A Sell rating is maintained and the price target is raised to $3.60 from $3.50.

This report was published on August 22, 2022.

Target price is $3.60 Current Price is $5.13 Difference: minus $1.53 (current price is over target).
If NHC meets the Goldman Sachs target it will return approximately minus 30% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.68, suggesting downside of -8.9%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 90.00 cents and EPS of 120.00 cents.
At the last closing share price the estimated dividend yield is 17.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.5, implying annual growth of 1143.4%.
Current consensus DPS estimate is 84.3, implying a prospective dividend yield of 16.4%.
Current consensus EPS estimate suggests the PER is 4.3.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 100.00 cents and EPS of 133.00 cents.
At the last closing share price the estimated dividend yield is 19.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 205.5, implying annual growth of 73.4%.
Current consensus DPS estimate is 129.0, implying a prospective dividend yield of 25.1%.
Current consensus EPS estimate suggests the PER is 2.5.

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

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.46

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

According to Goldman Sachs, National Storage REIT reported FY22 results ahead of expectations and above market consensus, with the group benefiting from robust housing activity and buoyant market conditions.

Low gearing provides some earning optionality via external growth, points out Goldman Sachs, but the low 37% hedging could be an earnings headwind, warns the analyst for FY23.

The broker adjusts earnings forecasts by 3% for FY23 and 4% for FY24 and the target price moves to $2.23 from $2.20.

A Sell rating is retained with the REIT viewed as expensive on 22x FY23 earnings versus the sector average of 17x.

This report was published on August 22, 2022.

Target price is $2.23 Current Price is $2.46 Difference: minus $0.23 (current price is over target).
If NSR meets the Goldman Sachs target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.39, suggesting downside of -2.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, implying annual growth of -79.1%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.4, implying annual growth of -4.6%.
Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 23.7.

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


Moelis rates ((NSR)) as Hold (3) –

National Storage REIT reported FY22 EPS of 10.6c which came in above the lower end of guidance for FY22 and 6% ahead of the February 2022 guidance, highlights Moelis.

FY22 dividend came in at 10c and the FY23 guidance is a minimum of 11.1c which management considers as conservative.

The group retains a low level of gearing, ending the year at 23% and group occupancy increased to 88.9% at the end of June, compared to 86.1% in the previous year.

A Hold rating is retained the price target is raised to $2.40 from $2.37.

This report was published on August 22, 2022.

Target price is $2.40 Current Price is $2.46 Difference: minus $0.06 (current price is over target).
If NSR meets the Moelis target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.39, suggesting downside of -2.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 10.30 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 4.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, implying annual growth of -79.1%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 10.70 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 4.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.4, implying annual growth of -4.6%.
Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 23.7.

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

OML    OOH!MEDIA LIMITED

Out of Home Advertising – Overnight Price: $1.40

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

Following 1H results for oOh!media, Canaccord Genuity makes the case for revenue only falling -5% shy of 1H FY19 pre-pandemic levels (after a few adjustments). 

The broker sees plenty of revenue upside for Fly and Locate formats, which still materially lag FY19 levels.

Management has flagged a strong capex pipeline in the 2H for Digitisation. The Australian Outdoor Media Association has noted industry Digital revenues rose 28% year-on-year in the first six months of the year, compared to the 8% increase for Static revenue.

The analyst likes the board's confidence, as indicated by the initiation of a buyback program of up to 10% of shares on issue. The Buy rating and $1.95 target price are unchanged.

This report was published on August 23, 2022.

Target price is $1.95 Current Price is $1.40 Difference: $0.55
If OML meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $1.60, suggesting upside of 14.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 4.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.4, implying annual growth of N/A.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 4.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.2, implying annual growth of 9.5%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 15.2.

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


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

oOh!media reported 1H22 earnings in line with Goldman Sachs, despite lower than anticipated revenue growth.

Management highlighted an improvement in activity for 2H22 with the 3Q22 growth up 37% on the lockdown impacted prior year.

Looking ahead, Goldman Sachs is forecasting revenue recovery to reach FY19 levels in FY23 and notes the operating leverage of the business.

The analyst adjusts earnings forecasts by -3% for FY22 and -4% for FY24 due to lower Retail revenues.

A Buy rating is retained and the target price is lowered -3% to $1.55, in line with the earnings forecasts adjustments.

This report was published on August 22, 2022.

Target price is $2.02 Current Price is $1.40 Difference: $0.62
If OML meets the Goldman Sachs target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $1.60, suggesting upside of 14.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 4.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.4, implying annual growth of N/A.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 5.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.2, implying annual growth of 9.5%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 15.2.

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

PRN    PERENTI GLOBAL LIMITED

Mining Sector Contracting – Overnight Price: $0.74

Moelis rates ((PRN)) as Upgrade to Buy from Hold (1) –

Perenti Global delivered 3% year-on-year earnings growth and 6% year-on-year net profit growth, to $176m and $82m respectively. Moelis notes earnings and net profit were 2% and 5% ahead if its estimates.

The broker notes earnings guidance of $185-205m looks conservative, particularly given the second half $191m run rate. The broker is forecasting earnings of $193.7m in the coming year, equating to 10% growth, and $217m in FY24, or a further 12% growth.

The rating is upgraded to Buy from Hold and the target price increases to $1.21 from $0.72.

This report was published on August 23, 2022.

Target price is $1.21 Current Price is $0.74 Difference: $0.47
If PRN meets the Moelis target it will return approximately 64% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.43.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of 13.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.48.

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: $4.08

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

FY22 sales and earnings (EBITDA) for Reliance Worldwide were 1% ahead of Goldman Sachs' forecasts, while profit was a 6% beat on a lower-than-expected tax expense.

In first impressions of the FY22 result, the broker notes cash conversion increased to 82% in the 4Q, compared to 52% for the financial year, the latter due to higher inventory levels.

Excluding the EZ-Flo acquisition, sales declined by -3% in July as the impact of higher prices was offset by lower volumes, explains the analyst.

The Buy rating and $4.80 target price are maintained.

This report was published on August 22, 2022.

Target price is $4.80 Current Price is $4.08 Difference: $0.72
If RWC meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $4.79, suggesting upside of 17.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 26.44 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.43.

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 14.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 32.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.

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 3.5%.
Current consensus EPS estimate suggests the PER is 13.6.

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

SCG    SCENTRE GROUP

REITs – Overnight Price: $2.90

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

Scentre Group reported 1H22 results above both Goldman Sachs and consensus expectations from higher net property income.

The group's liquidity came in at $4.8bn, which is sufficient to cover all debt maturities until 4Q25, points out the broker, adding: debt is 80% hedged in 2H22.

Goldman Sachs adjusts earnings forecasts by 7% and 1% for FY22 and FY23, respectively.

A Buy rating is retained and the target is raised to $3.50 from $3.35.

This report was published on August 23, 2022.

Target price is $3.50 Current Price is $2.90 Difference: $0.6
If SCG meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $3.00, suggesting upside of 3.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 19.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.9, implying annual growth of 16.2%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 21.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.8, implying annual growth of 4.5%.
Current consensus DPS estimate is 15.6, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 13.9.

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $3.64

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

Goldman Sachs assesses the FY22 sales/EBITDA for SiteMinder was in line with expectations and highlights the company announced it'll be free cashflow breakeven by FY24.

Based on the announcements, Goldman Sachs forecasts the cash burn will moderate from the current levels, to around -$40m with sufficient liquidity on hand of $118m.

The broker adjusts earnings for the change in mix to lower margin transactions. Neutral rating and $4.20 target are unchanged.

This report was published on August 23, 2022.

Target price is $4.20 Current Price is $3.64 Difference: $0.56
If SDR meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $5.84, suggesting upside of 60.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.11 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3309.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -14.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5200.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, 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 606.7.

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

SGP    STOCKLAND

Infra & Property Developers – Overnight Price: $3.67

Jarden rates ((SGP)) as Neutral (3) –

Jarden reinstates coverage of Stockland with a Neutral rating and $4 target price.

Stockland reported FY22 earnings above the top end of the group's guidance, notes Jarden. The broker points to a mixed outlook for FY23 and FY24.

Jarden highlights the slowdown in the Residential division and while acknowledging the REIT's strengths, Jarden views there are better options in the REIT sector with negative momentum on the residential market weighing on Stockland.

A Neutral rating and $4 target price.

This report was published on August 22, 2022.

Target price is $4.00 Current Price is $3.67 Difference: $0.33
If SGP meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.15, suggesting upside of 13.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 27.30 cents and EPS of 34.30 cents.
At the last closing share price the estimated dividend yield is 7.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.70.

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 7.4%.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 26.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 7.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.49.

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 7.1%.
Current consensus EPS estimate suggests the PER is 12.0.

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

SGR    STAR ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $2.83

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

Star Entertainment reported FY22 results in line with management's recent trading update, notes Goldman Sachs. 

The broker highlighted the better than anticipated EBITDA results with non-gaming revenues and the EGM business providing positive contributions.

Goldman Sachs considers the upbeat trading for FY23 as positive but highlights ongoing uncertainties around the regulatory review and competition from Crown Casino ((CWN)).

Neutral rating and $3.48 target price are unchanged.

This report was published on August 23, 2022.

Target price is $3.48 Current Price is $2.83 Difference: $0.65
If SGR meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $3.41, suggesting upside of 20.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 9.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of N/A.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 28.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 11.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.8, implying annual growth of 69.7%.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.8.

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

SXL    SOUTHERN CROSS MEDIA GROUP LIMITED

Print, Radio & TV – Overnight Price: $1.07

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

Following FY22 results in line with guidance, Canaccord Genuity leaves forecasts relatively unchanged for Southern Cross Media and retains its Buy rating and $1.60 target price. An attractive dividend yield and low valuation multiples are noted.

Following a strategic review, Regional TV will be kept, which the broker thinks may act as a drag on EPS growth, and potentially mask progress made by Audio.

The analyst appreciates the owned-content business model, with billings converting to revenue at a high rate in Digital Audio.

This report was published on August 23, 2022.

Target price is $1.60 Current Price is $1.07 Difference: $0.53
If SXL meets the Canaccord Genuity target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $1.28, suggesting upside of 19.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 10.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 9.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of N/A.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 10.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 9.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of -2.0%.
Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 10.8.

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

TCL    TRANSURBAN GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $13.88

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

Jarden highlights the ongoing recovery in traffic volumes with 2H22 earnings results for Transurban Group in line with expectations,

The broker is forecasting traffic recovery to continue with total toll revenue to grow 52% in FY23, while operating and developments costs are estimated to increase 23%, versus 11% in FY22.

Of note, Jarden views the downgrading of the FY23 distribution guidance to $0.53 per share, compared to $0.60 prior to FY22 results, has more to do with brownfield expansion opportunities than operational issues.

The analyst also highlights the impact of rising interest rates will be more evident in FY24 and forecasts the average debt cost to be 5.2%.

An Underweight rating is maintained and the target is lowered to $13.00 from $13.20

This report was published on August 19, 2022.

Target price is $13.00 Current Price is $13.88 Difference: minus $0.88 (current price is over target).
If TCL meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.40, suggesting upside of 3.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 55.00 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 3.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 121.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.5, implying annual growth of 3571.9%.
Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 59.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 67.00 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 4.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 74.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of 29.8%.
Current consensus DPS estimate is 64.9, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 45.5.

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

TPG    TPG TELECOM LIMITED

Telecommunication – Overnight Price: $5.33

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

In a first review of 1H results for TPG Telecom, Goldman Sachs notes higher-than-expected costs, and marginally weaker mobile revenues than forecast. Excluding restructuring costs, earnings (EBITDA) also missed by -4%, while cash conversion remains weak.

A 9cps interim dividend was declared and no FY22 guidance was provided, though management expects growth momentum to accelerate 2H earnings.

Goldman Sachs retains its Neutral rating and $6.60 target price.

This report was published on August 22, 2022.

Target price is $6.60 Current Price is $5.33 Difference: $1.27
If TPG meets the Goldman Sachs target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $6.42, suggesting upside of 20.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 215.9%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 28.5.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.1, implying annual growth of 7.5%.
Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 26.5.

Market Sentiment: 0.5
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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5GG AD8 ADH ALU AWC AX1 BRG COE COH CQR CWN CWY EDV EHE EML EQT FPH GDI HDN JAN MFD MLD NAN NCK NHC NSR OML PRN RWC SCG SDR SGP SGR SXL TCL TPG

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For more info SHARE ANALYSIS: RWC - RELIANCE WORLDWIDE CORP. LIMITED

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For more info SHARE ANALYSIS: SDR - SITEMINDER LIMITED

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