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Australian Broker Call *Extra* Edition – Sep 09, 2022

Daily Market Reports | Sep 09 2022

This story features AUSSIE BROADBAND LIMITED, and other companies. For more info SHARE ANALYSIS: ABB

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)

ABB   ALC   ALK   AMS   ATA   BCB   BTH   BUB   BVS (2)   CGS (2)   CLU   CUV   DDH   DSE   GDG   HLS   IGO (2)   LBL   MOZ   OBL   SFR   SLA (2)   TSI (2)   WDS   WZR  

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $2.47

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

Aussie Broadband delivered full year operating earnings ahead of revised expectations and up 107% year-on-year at $39m. Shaw and Partners notes Over The Wire contributed $10.7m, and the company finished the year with net debt of $126m. 

Guidance of $800-840m in revenue and $80-88m in earnings was conservative to Shaw and Partners. With 15,300 net adds year-to-date, the broker finds Aussie Broadband on track for a total 25,000 net adds in the first quarter. 

The Buy rating and target price of $5.41 are retained.

This report was published on August 31, 2022.

Target price is $5.41 Current Price is $2.47 Difference: $2.94
If ABB meets the Shaw and Partners target it will return approximately 119% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 1.90 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 0.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.60.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 5.60 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.82.

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

ALC    ALCIDION GROUP LIMITED

Healthcare services – Overnight Price: $0.14

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

Sector-wide challenges to secure talent for new and required hires, translated to FY22 outperformance by Alcidion Group, believes Canaccord Genuity. 

It's felt the company has a rare opportunity to gain market share at present and the broker's Buy rating and $0.20 target are unchanged.

Canaccord sees a significant need for digitising patient records in UK hospitals and a growing acceptance by hospitals of the need for best-of-breed software tools, like those sold by Alcidion Group.

Given a likely revenue uplift, the analyst expects the group to remain earnings positive and with $2.9m of anticipated renewals, there's increased confidence FY23 estimates will be met.

This report was published on August 31, 2022.

Target price is $0.20 Current Price is $0.14 Difference: $0.06
If ALC meets the Canaccord Genuity target it will return approximately 43% (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 0.00 cents.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.00.

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

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.74

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

Alkane Resources reported FY22 results in line with Bell Potter's expectations with a good performance from the Tomingley Gold Operation (TGO), while the sale of Genesis Minerals shares generated a notable return over the cost base.

The company had net cash of $62.8m at the end of FY22, up from $17m at the end of 2021.

Looking ahead, Alkane Resources is seeking to expand TGO to around 100koz p.a. starting FY25. Government approval is expected around mid-2022.

The price target is maintained at $1.30 with a Buy rating.

This report was published on August 30, 2022.

Target price is $1.30 Current Price is $0.74 Difference: $0.56
If ALK meets the Bell Potter target it will return approximately 76% (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 5.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.76.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.05.

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

AMS    ATOMOS LIMITED

Consumer Electronics – Overnight Price: $0.17

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

While Atomos' full year revenue was in line, earnings of $4.5m were a -6-8% miss to guidance and to Shaw and Partners' forecast $4.7m. The broker notes operating expenditure also increased 14% year-on-year to $27.7m.

The company intends to launch its direct-to-consumer strategy in the first half, which should drive higher gross margins. Atomos targets gross margins above 50% over the next 3-5 years, which the broker estimates could add $10m to the bottom line on $100m in revenue.

The Buy rating is retained and the target price decreases to $0.54 from $0.73.

This report was published on August 31, 2022.

Target price is $0.54 Current Price is $0.17 Difference: $0.37
If AMS meets the Shaw and Partners target it will return approximately 218% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.67.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.33.

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

ATA    ATTURRA LIMITED

Software & Services – Overnight Price: $0.75

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

A strong maiden full year result from Atturra according to Shaw and Partners, ahead of guidance on key financials. The company reported 14% year-on-year earnings growth to $13.8m, 37% revenue growth to $134.6m, and 93% net profit growth to $9.5m.

The broker found guidance for the coming year of revenue between $160-167m and earnings between $15-16m to be conservative. Atturra also announced it will no longer pursue the acquisition of MOQ Ltd ((MOQ)), with bidding exceeding what Atturra was looking to pay. 

The Buy rating is retained and the target price increases to $1.05 from $1.03.

This report was published on August 31, 2022.

Target price is $1.05 Current Price is $0.75 Difference: $0.3
If ATA meets the Shaw and Partners target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.60 cents and EPS of 5.40 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 13.89.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 2.10 cents and EPS of 7.10 cents.
At the last closing share price the estimated dividend yield is 2.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.56.

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

BCB    BOWEN COKING COAL LIMITED

Coal – Overnight Price: $0.39

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

Bowen Coking Coal not only announced a second shipment of 40,000 tonnes of met coal from Bluff, but also initial processing and first production from Broadmeadow East. Shaw and Partners notes analysis is underway to pave the way for first coal sales in coming weeks.

Shaw and Partners notes Bowen Coking Coal is on a path to production of 4-5 tonnes per annum over the next 2-3 years. The broker expects coal prices to remain elevated for a number of years given strong demand, which should benefit the company.

The Buy rating and target price of $0.51 are retained.

This report was published on August 31, 2022.

Target price is $0.51 Current Price is $0.39 Difference: $0.12
If BCB meets the Shaw and Partners target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 55.71.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.42.

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

BTH    BIGTINCAN HOLDINGS LIMITED

Cloud services – Overnight Price: $0.62

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

According to Canaccord Genuity, the FY22 results from Bigtincan Holdings were largely pre-released and included a 10-month contribution from Brainshark (BS).

The company achieved 21% growth in annual recurring revenues (ARR) resulting from up-selling to existing clients.

Canaccord Genuity considers Bigtincan Holdings has one of the "best" customer lists for enterprise software in Australia and the analyst views there is considerable potential growth from the expansion of products into the existing client base.

Management guided to ARR of between $137m to $143m for FY23, which has resulted in a 4% lift in the broker's ARR forecasts for FY23 and FY24.

The Buy rating is unchanged and the price target is adjusted to $1.40 from $1.50.

This report was published on August 30, 2022.

Target price is $1.40 Current Price is $0.62 Difference: $0.78
If BTH meets the Canaccord Genuity target it will return approximately 126% (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 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 88.57.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 620.00.

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

BUB    BUBS AUSTRALIA LIMITED

Dairy – Overnight Price: $0.52

Bell Potter rates ((BUB)) as Upgrade to Speculative Buy from Hold (1) –

Bubs Australia reported FY22 results ahead of Bell Potter's expectations with an improvement in the 2H22 from increased revenues and EBITDA.

The broker has not made any adjustments to earnings forecasts but considers the Daigou outlook is positive with a2 Milk ((A2M)) focusing on a sales mix towards China, which is opening up a void for Bubs Australia.

The rating is upgraded to a Speculative Buy from Hold and the target price is adjusted to $0.80 from $0.70.

This report was published on August 30, 2022.

Target price is $0.80 Current Price is $0.52 Difference: $0.28
If BUB meets the Bell Potter target it will return approximately 54% (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 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.78.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.14.

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

BVS    BRAVURA SOLUTIONS LIMITED

Wealth Management & Investments – Overnight Price: $1.50

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

Goldman Sachs lowers its FY23 and FY24 EPS estimates for Bravura Solutions by -14% and -17% to allow for slower revenue growth and higher costs, following FY22 results, which came in at the bottom end of guidance. The target falls to $1.55 from $1.75.

Ongoing labour inflation and R&D investment negatively surprised the market and management commentary implied to the analyst a -15% downgrade to the consensus earnings (EBITDA) forecast.

Despite an undemanding valuation, the broker stays Neutral-rated on uncertain cost headwinds, pipeline conversion and the outcome of a strategic review to be led by new CEO, Libby Roy.

This report was published on August 31, 2022.

Target price is $1.55 Current Price is $1.50 Difference: $0.05
If BVS meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 7.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 4.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 4.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.64.

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


Wilsons rates ((BVS)) as Underweight (5) –

Wilsons lowers its target for Bravura Solutions to $1.22 from $1.37 and retains its Underweight rating following FY22 results that showed a 2H contraction for adjusted profits compared to the 1H.

Earnings (EBITDA) for Wealth Management, the company's largest division, fell by -22% in FY22. The broker lowers its FY23-24 earnings forecasts by -12% after also taking into account a looming strategic review of three month duration and broad market conditions.

No FY23 guidance was provided though management commentary of a "reduced interest in large scale software implementations" in FY22 may continue into FY23, expects the analyst, as well as ongoing inflationary pressures.

This report was published on August 31, 2022.

Target price is $1.22 Current Price is $1.50 Difference: minus $0.28 (current price is over target).
If BVS meets the Wilsons target it will return approximately minus 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 5.30 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 3.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.05.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 6.50 cents and EPS of 10.90 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.76.

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

CGS    COGSTATE LIMITED

Medical Equipment & Devices – Overnight Price: $1.33

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

Cogstate reported FY22 results in line with Bell Potter's expectations and has commenced FY23 with US$139m in contracted revenues, split between Clinical Trials (US$100m) and Healthcare (US$38.8m).

The broker assesses Alzheimer's Disease will drive further growth for the company and as at the end of FY22, the exposure represented 84% of sales contracts compared to 65% in FY21.

Bell Potter adjusts earnings forecasts by -9% for FY23 and FY24 to account for higher expenses and lowered gross margins for the Clinical Trials.

The Buy rating is retained and the target price is lowered to $2.00 from $2.15.

This report was published on August 30, 2022.

Target price is $2.00 Current Price is $1.33 Difference: $0.67
If CGS meets the Bell Potter target it will return approximately 50% (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 4.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.23.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 5.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.63.

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


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

After largely in-line FY22 results and weaker-than-expected FY23 guidance, Canaccord Genuity lowers its near-term Clinical Trials forecasts for Cogstate, and the target falls to $2.50 from $2.75.

The broker remains optimistic for a strong FY24 and FY25, and notes the blue sky opportunity (not priced into forecasts) from the Healthcare segment. This business is thought to represent a much broader population testing opportunity.

Based on a comparison to peer multiples, the analyst rates the stock as inexpensive and retains a Buy rating.

This report was published on August 31, 2022.

Target price is $2.50 Current Price is $1.33 Difference: $1.17
If CGS meets the Canaccord Genuity target it will return approximately 88% (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 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.93.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 6.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.85.

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

CLU    CLUEY LIMITED

Education & Tuition – Overnight Price: $0.48

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

According to Bell Potter, reported FY22 results for Cluey came in line with expectations and pre-reported quarterly results.

Management has not provided formal guidance but indicated an expected improvement in gross margins to above 55% in FY23, with higher tutoring fees offset by price rises, as well as record student sessions in 1Q23.

The company has a $24m cash balance, which Bell Potter assesses as positive for working capital needs and the aim for cashflow breakeven in FY24.

A Buy rating and $1.10 target price are retained.

This report was published on August 30, 2022.

Target price is $1.10 Current Price is $0.48 Difference: $0.62
If CLU meets the Bell Potter target it will return approximately 129% (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 10.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.57.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.82.

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

CUV    CLINUVEL PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $21.10

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

FY22 earnings (EBITDA) for Clinuvel Pharmaceuticals were a 16% beat against expectations by Wilsons, while the gross margin fell to 93% from 97% in FY21, due to manufacturing challenges.

A 4c fully franked dividend was declared, representing a 10% payout ratio, up from 5% in FY21. The target slips to $23.53 from $24.40 and the Overweight rating is unchanged.

While behind initial expectations, progress is being made on xeroderma pigmentosum (XP) and the skin disorder vitiligo using the company's Scenesse drug, explains the broker. Vitiligo represents the largest opportunity in Wilsons' unrisked valuation.

This report was published on August 31, 2022.

Target price is $23.53 Current Price is $21.10 Difference: $2.43
If CUV meets the Wilsons target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 5.30 cents and EPS of 52.80 cents.
At the last closing share price the estimated dividend yield is 0.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.96.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 9.60 cents and EPS of 79.80 cents.
At the last closing share price the estimated dividend yield is 0.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.44.

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

DDH    DDH1 LIMITED

Mining Sector Contracting – Overnight Price: $0.89

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

Bell Potter has changed coverage of DDH1 with no change in the investment view.

According to the new analyst, the company reported good FY22 results in what can only be described as a "very challenging operating market" from covid related impacts on employee mobility and absenteeism.

DDH1 will focus on higher charge-out rates to generate better margins and cashflow, as well as the ongoing integration of the Swick business which is forecast to generate -$4.8m in cost savings.

Buy rating retained. Target price falls to $1.42 from $1.48.

This report was published on August 30, 2022.

Target price is $1.42 Current Price is $0.89 Difference: $0.53
If DDH meets the Bell Potter target it will return approximately 60% (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 5.30 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 5.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.40.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 6.00 cents and EPS of 15.80 cents.
At the last closing share price the estimated dividend yield is 6.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.63.

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

DSE    DROPSUITE LIMITED

Cloud services – Overnight Price: $0.18

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

Largely pre-released 1H results for Dropsuite threw up few surprises for Canaccord Genuity. No earnings revisions are made and the $0.30 target price is maintained.

Management noted a lift in gross profit margin in July to 64% (the broker forecasts 64% for FY22) and the company expects a further increase in the 2H.

The broker feels Dropsuite is in a revenue upgrade cycle with strong momentum in annual recurring revenue (ARR) and retains a Buy rating. Industry corporate activity is also thought to provide valuation support.

This report was published on August 31, 2022.

Target price is $0.30 Current Price is $0.18 Difference: $0.12
If DSE meets the Canaccord Genuity target it will return approximately 67% (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 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 90.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 180.00.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $1.40

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

Generation Development's full year result came in ahead of Shaw and Partners' expectations. The company grew headcount marginally to 60 from 52, increasing profit per employee significantly to $105,000 from $80,000. 

The broker also noted a 57% year-on-year net profit increase to $6.3m, with Lonsec contributing $2.1m. The broker finds Generation Development positioned for growth in the coming year, with the company reporting a good start to sales year-to-date. 

The Buy rating is retained and the target price increases to $1.94 from $1.83.

This report was published on August 31, 2022.

Target price is $1.94 Current Price is $1.40 Difference: $0.54
If GDG meets the Shaw and Partners target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 2.00 cents and EPS of 3.80 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.84.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 2.00 cents and EPS of 5.40 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.93.

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

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $3.64

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

Goldman Sachs identifies cost control as a clear positive from Healius' FY22 results. As expected from peer results, there were sharp declines in covid revenues, a mixed recovery in base pathology and a challenging performance for Imaging.

While the broker currently forecasts a pathology earnings (EBIT) margin of 12.7% for FY24, management stated margins of over 17% are in prospect should covid testing stabilise.

The broker reduces its FY23/24 earnings forecast by -12% to reflect FY22 margin misses on both Imaging and Day Hospitals, as well as higher-than-expected D&A expenses. The target falls to $4.10 from $4.20. Neutral.

This report was published on August 31, 2022.

Target price is $4.10 Current Price is $3.64 Difference: $0.46
If HLS meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.23, suggesting upside of 16.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 6.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.4, implying annual growth of -59.8%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.9, implying annual growth of 7.0%.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.9.

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: $13.54

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

Canaccord Genuity lowers its target for IGO to $13.00 from $13.25 following in-line FY22 earnings (EBITDA) and profit. The 5c final dividend fell short of the 7c expected by consensus due to lower year-on-year cashflow.

As the company is in a net debt position, the analyst believes the cut in dividend from 10c in the previous corresponding period is prudent. In addition, the company has recently acquired assets and the macroeconomic outlook is uncertain.

The Hold rating is maintained.

This report was published on August 31, 2022.

Target price is $13.00 Current Price is $13.54 Difference: minus $0.54 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.26, suggesting upside of 5.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 20.00 cents and EPS of 190.00 cents.
At the last closing share price the estimated dividend yield is 1.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 179.5, implying annual growth of 310.8%.
Current consensus DPS estimate is 31.5, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 20.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 1.48%.
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 157.6, implying annual growth of -12.2%.
Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 8.6.

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


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

Shaw and Partners notes IGO's full year results reflected the benefits of recent acquisitions, as well as a commodity price tailwind. The company reported a record earnings result of $717m, with a significant skew to the June quarter which contributed $258m. 

The broker also highlights the company's Tianqi Lithium joint venture delivered an inaugural $71m dividend to IGO, equating to a net profit of $177m. 

Shaw and Partners notes IGO has made timely acquisitions in the last two years, and is now reaping cashflow benefits amid nickel and lithium growth.

The Buy rating is retained and the target price increases to $14.00 from $10.50.

This report was published on August 31, 2022.

Target price is $14.00 Current Price is $13.54 Difference: $0.46
If IGO meets the Shaw and Partners target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $14.26, suggesting upside of 5.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 23.50 cents and EPS of 128.90 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 10.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 179.5, implying annual growth of 310.8%.
Current consensus DPS estimate is 31.5, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 24.00 cents and EPS of 125.40 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 157.6, implying annual growth of -12.2%.
Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 8.6.

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

LBL    LASERBOND LIMITED

Mining Sector Contracting – Overnight Price: $0.87

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

Canaccord Genuity retains its Buy rating and $1.10 target price for Laserbond following FY22 results. It's felt multiples are too low for the company's growth potential across all segments.

The broker expects growth from geographic expansion in Services, new product development in Products, and sales of bespoke Technology packages. It's felt the board's confidence is shown by a $60m revenue target in FY25.

The analyst's $44.5m revenue forecast for FY23 suggests 45% year-on-year growth, while the FY25 forecast allows for an acquisition in Services to meet the $60m target.

This report was published on August 31, 2022.

Target price is $1.10 Current Price is $0.87 Difference: $0.23
If LBL meets the Canaccord Genuity target it will return approximately 26% (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 1.50 cents and EPS of 5.30 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 16.42.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 1.70 cents and EPS of 5.80 cents.
At the last closing share price the estimated dividend yield is 1.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

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

MOZ    MOSAIC BRANDS LIMITED

Apparel & Footwear – Overnight Price: $0.30

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

Mosaic Brands delivered full year loss of -$15.7m, in line with guidance, and delivered a revenue beat to Wilsons' forecasts but a gross margin miss to the tune of -172.3 basis points.

The broker finds incremental foot traffic to be encouraging, as is the company's improvements in cost of doing business and inventory position. 

Mosaic Brands' big store strategy, which continues to be rolled out, should offer attractive economics. The broker waits on further customer stability to take a more constructive outlook.

THe Market Weight rating is retained and the target price increases to $0.32 from $0.23.

This report was published on September 1, 2022.

Target price is $0.32 Current Price is $0.30 Difference: $0.02
If MOZ meets the Wilsons target it will return approximately 7% (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 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.71.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.70.

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

OBL    OMNI BRIDGEWAY LIMITED

Diversified Financials – Overnight Price: $3.98

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

Goldman Sachs raises its target for Omni Bridgeway to $5.50 from $4.80 after the recent emergence of two factors that will potentially accelerate investment duration and reduce risk.

A more liquid secondary market for investments has begun and there are now more bespoke insurance products, explains the analyst.

At FY22 results, the company announced a share buyback of up to $50m, which highlights to the broker a strong capital position and confidence in future investment inflows.

The Buy rating is maintained. Goldman Sachs expects a high degree of fixed cost leverage on rising funds under management (FUM). 

This report was published on August 31, 2022.

Target price is $5.50 Current Price is $3.98 Difference: $1.52
If OBL meets the Goldman Sachs target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 11.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.26.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 24.00 cents and EPS of 98.00 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.06.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $3.89

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

Canaccord Genuity retains its $4.50 target for Sandfire Resources following FY22 results which revealed a -7% earnings (EBITDA) miss versus the broker and consensus forecasts.

As the company is in a net debt position, the analyst believes the temporary suspension of dividend is prudent, as DeGrussa (the cash generator over recent years) is in wind-down mode. It's assumed a dividend won't be re-instated before 1H of FY24.

In addition, the company has recently acquired assets and the macroeconomic outlook is uncertain, points out Canaccord. The Hold rating is maintained.

This report was published on August 31, 2022.

Target price is $4.50 Current Price is $3.89 Difference: $0.61
If SFR meets the Canaccord Genuity target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $5.54, suggesting upside of 42.3%(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 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 194.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.3, implying annual growth of N/A.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 25.4.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 10.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.4, implying annual growth of -51.6%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 52.6.

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

SLA    SILK LASER AUSTRALIA LIMITED

Healthcare services – Overnight Price: $2.40

Jarden rates ((SLA)) as Buy (1) –

Silk Laser Australia reported strong FY22 results according to Jarden with cash sales 16.2% better than forecasts and 5% above the FY23 estimate.

Management provided a positive trading update for the first 2 months of FY23 with adjusted like-for-like cash sales up 5%.

Jarden adjusts earnings forecasts by 3% and 4% for FY23 and FY24, respectively.

A Buy rating is retained and the target price is raised to $3.27 from $3.15.

This report was published on August 30, 2022.

Target price is $3.27 Current Price is $2.40 Difference: $0.87
If SLA meets the Jarden target it will return approximately 36% (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 24.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.64.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 28.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.30.

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


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

The franchising side of the Silk Laser Australia business beat Wilsons' FY22 expectations with added assistance from the successful execution of the ASDC/TCC transaction. The deal during the year doubled the company's national footprint.

FY22 underlying earnings (EBITDA) were a 5% beat on the broker's forecast, while network cash sales for the first eight weeks of FY23 were 42% ahead of the previous corresponding period.

The broker makes earnings downgrades of around -4%-5% across the forecast period on lower gross margin assumptions (partially offset by an increase in franchise fee revenue), and the target falls to $3.62 from $3.75. Overweight.

This report was published on August 31, 2022.

Target price is $3.62 Current Price is $2.40 Difference: $1.22
If SLA meets the Wilsons target it will return approximately 51% (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 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.63.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 21.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.21.

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

TSI    TOP SHELF INTERNATIONAL HOLDINGS LIMITED

Food, Beverages & Tobacco – Overnight Price: $1.40

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

The availability of whisky drove 2H branded revenue 96% higher allowing FY22 pro-forma revenue to meet pre-guidance.

Management noted the company now holds the number one position in relevant vodka and whisky categories, and the broker feels FY23 results should reveal the fruits of these achievements.

The analyst believes cost growth has leveled out, and management expects 1Q FY23 distribution reach will be 43% higher than for the 4Q of FY22.

The Speculative Buy rating is unchanged, while the target increases to $1.92 from $1.88.

This report was published on August 31, 2022.

Target price is $1.92 Current Price is $1.40 Difference: $0.52
If TSI meets the Canaccord Genuity target it will return approximately 37% (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 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.37.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.24.

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


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

The FY22 EBITDA loss for Top Shelf International was -3% worse than Wilsons forecast on higher opex, while gross profit was a 7% beat with margins exceeding forecast by 150bps.

With the benefit of uninterrupted whisky supply and off-premise ranging expansion, which now includes Coles Group ((COL)) Liquor, the broker expects improved FY23 sales.

Sales for the first two months of FY23 are up 184% on the previous corresponding period. The Overweight rating is unchanged, while the target rises to $1.68 from $1.58.

The broker cautions its forecasts suggest additional funding may be required in 12-18 months, despite the recent $20m extension of a credit facility by the company.

This report was published on August 31, 2022.

Target price is $1.68 Current Price is $1.40 Difference: $0.28
If TSI meets the Wilsons target it will return approximately 20% (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 26.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.38.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 22.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.28.

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $32.10

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

Woodside Energy reported 1H22 earnings and dividend ahead of Jarden's expectations and consensus.

The analyst took away positives as gearing of 6.8% and increased gas hub sales with the uncertainty around the Scarborough scale limiting the de-gearing and resulting in higher capital expenditure.

The broker adjusts earnings forecasts by 36% to 46% for FY22 through to FY24 on the back of higher LNG prices estimates and lower tax expenses.

An Overweight rating is maintained and the price target is raised to $34.30 from $31.80.

This report was published on August 30, 2022.

Target price is $34.30 Current Price is $32.10 Difference: $2.2
If WDS meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $35.33, suggesting upside of 10.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 394.81 cents and EPS of 553.29 cents.
At the last closing share price the estimated dividend yield is 12.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 525.6, implying annual growth of N/A.
Current consensus DPS estimate is 370.4, implying a prospective dividend yield of 11.5%.
Current consensus EPS estimate suggests the PER is 6.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 274.83 cents and EPS of 429.97 cents.
At the last closing share price the estimated dividend yield is 8.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 435.8, implying annual growth of -17.1%.
Current consensus DPS estimate is 285.3, implying a prospective dividend yield of 8.9%.
Current consensus EPS estimate suggests the PER is 7.4.

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

WZR    WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.07

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

Following in-line cash earnings (EBITDA) for Wisr and a profit miss (on expenses and loan losses), Wilsons forecasts an improved net interest margin (NIM) in FY23 from recent yield increases.

The target is increased to $0.33 from $0.28. Overweight.

The broker's long-term forecasts suffer from lost synergies as Wisr has prudently ended capex investment in its platform and associated credit product development, the broker explains.

This is deemed prudent as changes to funding markets now increase the focus on reaching profitability within 12 months.

This report was published on August 31, 2022.

Target price is $0.33 Current Price is $0.07 Difference: $0.26
If WZR meets the Wilsons target it will return approximately 371% (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 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.75.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.00.

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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CHARTS

A2M ABB ALC ALK AMS ATA BCB BTH BUB BVS CGS CLU COL CUV DDH DSE GDG HLS IGO LBL MOZ OBL SFR SLA TSI WDS WZR

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For more info SHARE ANALYSIS: SFR - SANDFIRE RESOURCES LIMITED

For more info SHARE ANALYSIS: SLA - SILK LASER AUSTRALIA LIMITED

For more info SHARE ANALYSIS: TSI - TOP SHELF INTERNATIONAL HOLDINGS LIMITED

For more info SHARE ANALYSIS: WDS - WOODSIDE ENERGY GROUP LIMITED

For more info SHARE ANALYSIS: WZR - WISR LIMITED