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Australian Broker Call *Extra* Edition – Nov 02, 2022

Daily Market Reports | Nov 02 2022

This story features LIFE360 INC, and other companies. For more info SHARE ANALYSIS: 360

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)

360   ABB (2)   ADH (2)   AIA   AKE (2)   ALL   AWC   BGA   BKW   CAI   CGF   CGS   CMM   CQE   CSS   DEG   EBR   EVN   EVT   FLT   FZO   GCY   GOR   HLS   ING   JRV   MFG   NST   NWS   ORA   OZL (2)   PRU   RBL (3)   RDT   REA   RMS   RRL   RSG   S32   SBM   SDF   SFR (2)   SLR   STO   TCL   TLX (2)   TNE   TOY   TUL   WDS   WGX   ZIP  

360    LIFE360 INC

Software & Services – Overnight Price: $6.77

Bell Potter rates ((360)) as Buy (1) –

Life360 is lifting prices for existing monthly iOS subscribers in the US to be in line with new monthly iOS and Android subscribers. Bell Potter highlights at this point no changes have been implemented for monthly Android subscribers or annual iOS subscribers. 

The company acknowledged the price increase is likely to impact on customer churn, but testing to date demonstrates the churn increase has been lower than expected. 

The Buy rating is retained and the target price increases to $9.25 from $8.25.

This report was published on October 24, 2022.

Target price is $9.25 Current Price is $6.77 Difference: $2.48
If 360 meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 36.64 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.48.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 9.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 69.08.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $2.50

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

Aussie Broadband provided the September quarter trading update at the AGM which showed a notable -61% miss on white label subscriber numbers which the company attributed to issues with Origin's platform, according to JP Morgan.

The broker considers Origin has miscalculated the level of competition in the NBN reseller market.

JP Morgan adjusts white label subscriber forecasts for 2030 to 200,000 from 300,000 and updates future estimates post the update.

Accordingly, EPS forecasts are lowered by -8% for FY23 and -13% for FY24.

An Overweight rating is maintained and the target is adjusted to $4.40 from $5.25.

This report was published on November 23, 2022.

Target price is $4.40 Current Price is $2.50 Difference: $1.9
If ABB meets the JP Morgan target it will return approximately 76% (excluding dividends, fees and charges).
Current consensus price target is $3.14, suggesting upside of 24.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of 372.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.3.

Forecast for FY24:

JP Morgan forecasts a full year FY24 dividend of 0.00 cents and EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of 44.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.5.

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 ((ABB)) as Buy (1) –

Aussie Broadband's first quarter update has largely met Shaw and Partners' expectations. Total connections increased 37% year-on-year to 610,100, and the broker notes results indicate connections picking up from mid-September. 

The company reiterated revenue and earnings margin guidance, and remains focused on its net promoter score and customer satisfaction given material churn.

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

This report was published on October 24, 2022.

Target price is $5.41 Current Price is $2.50 Difference: $2.91
If ABB meets the Shaw and Partners target it will return approximately 116% (excluding dividends, fees and charges).
Current consensus price target is $3.14, suggesting upside of 24.2%(ex-dividends)
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 0.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of 372.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.3.

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 2.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of 44.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.5.

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

ADH    ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $2.17

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

Adairs' AGM trading update met guidance, which was reiterated, pleasing Goldman Sachs despite rising costs and emerging sales weakness.

The broker says the impending sales period will be critical to the full-year performance, and that a good result should trigger a rerating.

Reassured by guidance, the broker suspect the market sell-off may be overdone and considers the -40% discount to peers hard to justify.

Target price falls -13% to $2.65. Buy rating retained.

This report was published on October 24, 2022.

Target price is $2.65 Current Price is $2.17 Difference: $0.48
If ADH meets the Goldman Sachs target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $2.68, suggesting upside of 21.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 17.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 7.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.3, implying annual growth of 11.1%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 20.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 9.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.5, implying annual growth of 14.3%.
Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 10.0%.
Current consensus EPS estimate suggests the PER is 6.6.

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


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

Adairs' AGM trading update revealed sales to date for the FY23 year outpaced consensus and Jarden's estimates as in-store sales rose to largely fill the decline in online sales.

Management reaffirmed guidance and the broker expects the impact of a weaker AUD is contained given hedging.

Management also guided to contained inventory levels, easing Jarden's margin fears. EPS forecasts slip -1% across FY23 and FY24.

Overweight rating retained. Target price eases to $3.11 from $3.22.

This report was published on October 25, 2022.

Target price is $3.11 Current Price is $2.17 Difference: $0.94
If ADH meets the Jarden target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $2.68, suggesting upside of 21.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 20.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 9.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.3, implying annual growth of 11.1%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 23.00 cents and EPS of 34.30 cents.
At the last closing share price the estimated dividend yield is 10.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.5, implying annual growth of 14.3%.
Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 10.0%.
Current consensus EPS estimate suggests the PER is 6.6.

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

AIA    AUCKLAND INTERNATIONAL AIRPORT LIMITED

Infrastructure & Utilities – Overnight Price: $6.95

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

Auckland International Airport upgraded net profit after-tax guidance to $50m-$100m, encompassing Jarden's forecast $99.8m, as international and domestic travel increase post covid.

Record capital expenditure guidance is unchanged. EPS forecasts rise 21% in FY23; 7.6% in FY24; and 3% in FY25.

Underweight rating retained. Target price rises 6% to $6.95. 

This report was published on October 21, 2022.

Current Price is $6.95. Target price not assessed.
Current consensus price target is $7.50, suggesting upside of 7.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 7.53 cents and EPS of 7.53 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 92.30.

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 8.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 83.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 12.86 cents and EPS of 16.07 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 43.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.3, implying annual growth of 106.0%.
Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 40.4.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

AKE    ALLKEM LIMITED

New Battery Elements – Overnight Price: $15.04

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

First production from the stage 2 expansion of Allkem's Olaroz asset has been delayed, now expected in the second quarter of 2023 rather than the fourth quarter of 2022, while capital expenditure for the project also increased 12% to US$425m. 

After a weak start to the fiscal year, Bell Potter expects production at Mt Cattlin to improve in 2023, with fine grain ore and low recoveries anticipated to ease in the new year.

The broker expects strength in lithium demand and commodity pricing to lift cash generation substantially into 2023.

The Buy rating is retained and the target price decreases to $19.45 from $20.04.

This report was published on October 24, 2022.

Target price is $19.45 Current Price is $15.04 Difference: $4.41
If AKE meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $16.49, suggesting upside of 11.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 15.00 cents and EPS of 146.20 cents.
At the last closing share price the estimated dividend yield is 1.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.9, implying annual growth of 40.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 40.00 cents and EPS of 171.50 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.5, implying annual growth of 7.6%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 13.7.

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


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

While Canaccord Genuity views Allkem's September quarter as a slight disappointment and lowers its target to $20.40 from $21.30, it is thr broker's view the company remains one of the sector's best exposures.

Production came in below the forecasts of the broker and consensus, while costs were 6% higher than the analyst expected due to inflation and a depreciation in the Mexican peso.

A bright spot was lower-than-expected cash costs at Mt Cattlin, notes the analyst, and no change to that operation's production guidance.

The Buy rating is unchanged.

This report was published on October 24, 2022.

Target price is $20.40 Current Price is $15.04 Difference: $5.36
If AKE meets the Canaccord Genuity target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $16.49, suggesting upside of 11.6%(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 100.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.9, implying annual growth of 40.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 149.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.5, implying annual growth of 7.6%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 13.7.

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

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $37.72

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

The American Gaming Association's Gaming Industry Outlook forecasts a slight decline in the industry's fortunes over the next six months as the prospect of a mild recession rises for the June half.

To date, however, Jarden spies no signs of slowing and expects 2022 to prove a record year for slot leasing revenue.

The broker notes Aristocrat has increased its share of fixed-fee per day slots and has been trying to increase minimum rental lengths, which the broker believes should cushion it somewhat from industry weakness, compared with peers.

EPS forecasts rise 1% in FY22; 3% in FY23; and fall -1% in FY24. Overweight rating retained. Target price falls to $38.38 from $39.13.

This report was published on October 25, 2022.

Target price is $38.38 Current Price is $37.72 Difference: $0.66
If ALL meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $42.71, suggesting upside of 13.0%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 51.00 cents and EPS of 171.40 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 163.2, implying annual growth of 27.4%.
Current consensus DPS estimate is 58.5, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 23.2.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 55.00 cents and EPS of 170.40 cents.
At the last closing share price the estimated dividend yield is 1.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 186.7, implying annual growth of 14.4%.
Current consensus DPS estimate is 70.9, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: 1.0
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: $1.40

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

Alumina Ltd's September-quarter result met Goldman Sachs' forecasts, margins falling due to weaker alumina prices and higher energy costs at San Ciprian in Spain.

The broker expects that, after accounting for capital expenditure, the company will be free cash flow negative in the December quarter and the dividend is likely to fall sharply.

Management guides to lower energy costs at San Ciprian in the December quarter. The broker expects rising capital expenditure and lower costs going forward.

EPS forecasts fall -14% in FY22; -6% in FY23; and -3% in FY24. Neutral rating retained. Target price slips to $1.25 from $1.30 a share.

This report was published on November 2, 2022.

Target price is $1.25 Current Price is $1.40 Difference: minus $0.15 (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 $1.54, suggesting upside of 8.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 8.52 cents and EPS of 6.11 cents.
At the last closing share price the estimated dividend yield is 6.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.7, implying annual growth of N/A.
Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 25.0.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 6.96 cents and EPS of 7.81 cents.
At the last closing share price the estimated dividend yield is 4.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.7, implying annual growth of -17.5%.
Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 30.3.

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

BGA    BEGA CHEESE LIMITED

Dairy – Overnight Price: $3.32

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

Goldman Sachs believes it is still too early to get positive on processors like Bega Cheese until cost headwinds decelerate meaningfully.

The broker makes modest downgrades to its FY23/FY24 EPS estimates and believes the 1H of FY23 will prove to be a similar operating environment to FY22.

The Sell rating is unchanged, while the target falls by -6.9% to $3.35.

This report was published on October 19, 2022.

Target price is $3.35 Current Price is $3.32 Difference: $0.03
If BGA meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.65, suggesting upside of 8.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 4.70 cents and EPS of 10.50 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.5, implying annual growth of 56.6%.
Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 26.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.90 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 51.2%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 17.8.

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

BKW    BRICKWORKS LIMITED

Building Products & Services – Overnight Price: $21.63

Jarden rates ((BKW)) as Neutral (3) –

Jarden assesses the Australian building materials companies noting a number of macro headwinds such as inflation from energy and transport could continue to weigh on short term earnings.

Brickworks' property development strategy is assessed as the best in the universe of building material companies, according to Jarden.

However, the analyst lowers FY23 forecast revenues for Building Products (Australia) by -4% and notes the North American operations are performing better than expected.

A Neutral rating is maintained and the target is raised to $26.60 from $23.30 for the increase in NAV for the 26.14% Solax holding and a higher valuation for the North American business.

The FY23 and FY24 dividend per share estimates are lowered to 3% growth from 6% with expected "headwinds" to grow the distribution.

This report was published on October 19, 2022.

Target price is $26.60 Current Price is $21.63 Difference: $4.97
If BKW meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $26.00, suggesting upside of 21.1%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 64.90 cents and EPS of 111.30 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.7, implying annual growth of -68.6%.
Current consensus DPS estimate is 64.5, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 66.80 cents and EPS of 62.20 cents.
At the last closing share price the estimated dividend yield is 3.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 156.2, implying annual growth of -11.6%.
Current consensus DPS estimate is 66.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 13.7.

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

CAI    CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.39

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

Canaccord Genuity's long-term Australian dollar gold price forecast decreases by -2.6% to $2,670 and price targets across the broker's coverage fall by an average of -6%.

Ratings remain unchanged as the sector is considered undervalued by the analysts.

The target for Calidus Resources falls to $0.85 from $1.00. Buy.

This report was published on October 14, 2022.

Target price is $0.85 Current Price is $0.39 Difference: $0.46
If CAI meets the Canaccord Genuity target it will return approximately 118% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.50.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.44.

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

CGF    CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $7.15

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

Challenger's September-quarter trading update appears to have pleased Jarden, the company demonstrating its strong leverage to rising interest rates.

Annuity sales rose 50% on the previous corresponding quarter, Life's net book growth rising accordingly.

Guidance was reiterated but the broker believes annuities growth combined with extended sales durations and the sale of the bank to Heartland Group augur well for FY24.

EPS forecasts rise 1% in FY23 and 3% for FY24 and FY25. Overweight rating retained. Target price edges up to $6.95 from $6.75.

This report was published on October 21, 2022.

Target price is $6.95 Current Price is $7.15 Difference: minus $0.2 (current price is over target).
If CGF meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.87, suggesting downside of -4.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 24.90 cents and EPS of 48.70 cents.
At the last closing share price the estimated dividend yield is 3.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.1, implying annual growth of 20.1%.
Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 29.20 cents and EPS of 57.50 cents.
At the last closing share price the estimated dividend yield is 4.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.6, implying annual growth of 12.2%.
Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 14.3.

Market Sentiment: 0.1
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: $1.81

CCZ Equities rates ((CGS)) as No Rating (-1) –

CCZ Equities assesses another strong period of clinical trial sales for Cogstate, creating a backlog that underpinned 1Q FY23 group revenue of $8.9m. Clinical trials in Alzheimer's represented 89% of contracts for the period.

New clinical trial sales are on-track to meet the broker's FY23 forecast.

Also, new trials for Japanese pharmaceutical company Eisai's September 2022 Lecanemab drug readout has positive read-throughs for accelerated growth in Alzheimer research, explains the analyst. Cogstate is expected to be a beneficiary.

CCZ Equities sets no rating or target price.

This report was published on October 21, 2022.

Current Price is $1.81. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

CCZ Equities forecasts a full year FY23 dividend of 0.00 cents and EPS of 6.39 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.33.

Forecast for FY24:

CCZ Equities forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.57.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $3.47

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

Canaccord Genuity's long-term Australian dollar gold price forecast decreases by -2.6% to $2,670 and price targets across the broker's coverage fall by an average of -6%.

Ratings remain unchanged as the sector is considered undervalued by the analysts.

The target for Capricorn Metals falls to $3.80 from $3.90. Buy.

This report was published on October 14, 2022.

Target price is $3.80 Current Price is $3.47 Difference: $0.33
If CMM meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 27.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.85.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 30.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.57.

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

CQE    CHARTER HALL SOCIAL INFRASTRUCTURE REIT

Childcare – Overnight Price: $3.51

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

Charter Hall Social Infrastructure REIT has bought a 25% stake in Geoscience Australia property in Canberra for -$90.9m. Goldman Sachs says this represents a yield of 7.4%.

The broker says the purchase is in line with the company's plan to broaden its exposure to social infrastructure and quality, accretive assets with strong tenants.

Goldman Sachs says childcare fundamentals remain good despite the deteriorating macro environment and appreciates the REIT's solid cash flows. 

Add to that an attractive valuation, the company trading at a -24% discount to net tangible assets, and the broker retains a Buy rating.

Target price falls to $4.13 from the last entry in the FNArena database in September of $4.35.

This report was published on October 21, 2022.

Target price is $4.13 Current Price is $3.51 Difference: $0.62
If CQE meets the Goldman Sachs target it will return approximately 18% (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 17.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.50.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 18.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.50.

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

CSS    CLEAN SEAS SEAFOOD LIMITED

Aquaculture – Overnight Price: $0.57

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

Clean Seas Seafood reported Q1 revenue of $16.1m, in line with Bell Potter's expectations.

The result was achieved on the back of firm pricing and in spite of a -31% fall in volumes on the previous year, which were boosted by frozen inventory sales.

Bell Potter makes no changes to the FY23 and FY24 earnings forecasts. Speculative Buy rating and 85c target are retained.

This report was published on November 25, 2022.

Target price is $0.85 Current Price is $0.57 Difference: $0.28
If CSS meets the Bell Potter target it will return approximately 49% (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 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.00.

Forecast for FY24:

Bell Potter 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 28.50.

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

DEG    DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $1.09

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

Having completed a $130m institutional placement, De Grey Mining is undertaking a $20m share purchase plan for total proceeds of $150m.

Raised capital will be used for the completion of the Mallina project definitive feasibility study by mid-2023, as well as ongoing resource definitive drilling.

Bell Potter expects this will fund De Grey Mining through to a final investment decision on Mallina. The broker considers Mallina able to support a large-scale, long life production asset.

The Buy rating is retained and the target price decreases to $1.83 from $1.97.

This report was published on October 24, 2022.

Target price is $1.83 Current Price is $1.09 Difference: $0.735
If DEG meets the Bell Potter target it will return approximately 67% (excluding dividends, fees and charges).

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

EBR    EBR SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $0.47

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

Water moisture infiltration in the insulator component of the EBR Systems's transmitters resulted in increased battery depletion rates with up to 127 of the total 145 devices implanted potentially impacted, according to Bell Potter.

Some 75 patients are potentially impacted in the trial. The company confirmed the preliminary results will be available in the 1H23.

US$30m in funding from Runway Capital relies on the expected positive results from the Solve June 2023 study and June 2024 FDA approval

A Speculative Buy rating is maintained. The target is lowered to 70c from 90c due to the delay in commercialisation, higher R&D costs and a higher WACC from increased risk.

This report was published on November 25, 2022.

Target price is $0.70 Current Price is $0.47 Difference: $0.225
If EBR meets the Bell Potter target it will return approximately 47% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 13.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.49.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 12.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.74.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $2.09

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

Canaccord Genuity's long-term Australian dollar gold price forecast decreases by -2.6% to $2,670 and price targets across the broker's coverage fall by an average of -6%.

Ratings remain unchanged as the sector is considered undervalued by the analysts.

The target for Evolution Mining falls to $2.45 from $2.70. Buy.

This report was published on October 14, 2022.

Target price is $2.45 Current Price is $2.09 Difference: $0.36
If EVN meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $2.55, suggesting upside of 22.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 22.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of -18.8%.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 24.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 25.0%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 11.6.

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

EVT    EVT LIMITED

Travel, Leisure & Tourism – Overnight Price: $15.24

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

EVT Ltd's September-quarter result appears to have pleased Jarden, the company announcing a 12c special dividend after recent non-core property divestments.

Revenue rose at Thredbo, Entertainment and Hotels and the broker expects post-covid tailwinds will continue to support the company.

Overweight rating retained. Target price eases to $16.99 from $17.42 to reflected an adjustment in the broker's discounted cash flow assumptions.

This report was published on October 25, 2022.

Target price is $16.99 Current Price is $15.24 Difference: $1.75
If EVT meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 24.00 cents and EPS of 41.40 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.81.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 38.00 cents and EPS of 76.50 cents.
At the last closing share price the estimated dividend yield is 2.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.92.

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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $16.92

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

Goldman Sachs lowers its FY23 and FY24 earnings (EBITDA) outlook for Flight Centre Travel by -22% and -13%, respectively, as the broker's prior cost outlook was overly optimistic.

The target price falls to $16.30 from $19.60 on a lower multiple and higher costs. It's felt an investment step-up for opex will continue to come ahead of an activity recovery. Estimates for Europe are also lowered on a slower recovery in the region.

The Neutral rating is unchanged.

This report was published on October 19, 2022.

Target price is $16.30 Current Price is $16.92 Difference: minus $0.62 (current price is over target).
If FLT meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.52, suggesting downside of -3.1%(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 44.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.5, 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 42.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 16.20 cents and EPS of 81.00 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.1, implying annual growth of 129.9%.
Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 18.3.

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

FZO    FAMILY ZONE CYBER SAFETY LIMITED

Software & Services – Overnight Price: $0.33

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

Family Zone Cyber Safety's September-quarter result outpaced Shaw and Partners on both cash flow and annual recurring revenue.

The company posted positive cash flow of $1.1m in the quarter on strong collections, which the broker says puts the company on the path to break even by the end of FY23.

Shaw and Partners observes the company has a strong pipeline heading into the December quarter and says strong net retention implies two quarters of growth.

FY23 EPS forecast rises but FY24 EPS forecast falls. The broker considers the company to be "sharply" undervalued.

Buy rating retained. Target price rises to 68c from 66c.

This report was published on October 21, 2022.

Target price is $0.68 Current Price is $0.33 Difference: $0.35
If FZO meets the Shaw and Partners target it will return approximately 106% (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 minus 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.35.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.50.

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

GCY    GASCOYNE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.22

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

Canaccord Genuity's long-term Australian dollar gold price forecast decreases by -2.6% to $2,670 and price targets across the broker's coverage fall by an average of -6%.

Ratings remain unchanged as the sector is considered undervalued by the analysts.

The target for Gascoyne Resources falls to $0.40 from $0.45. Speculative Buy.

This report was published on October 14, 2022.

Target price is $0.40 Current Price is $0.22 Difference: $0.18
If GCY meets the Canaccord Genuity target it will return approximately 82% (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 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.14.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.39

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

Canaccord Genuity's long-term Australian dollar gold price forecast decreases by -2.6% to $2,670 and price targets across the broker's coverage fall by an average of -6%.

Ratings remain unchanged as the sector is considered undervalued by the analysts.

The target for Gold Road Resources falls to $1.80 from $1.85. Buy.

This report was published on October 14, 2022.

Target price is $1.80 Current Price is $1.39 Difference: $0.415
If GOR meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $1.70, suggesting upside of 22.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 79.4%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 18.6.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of 10.7%.
Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 16.8.

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: $3.48

Jarden rates ((HLS)) as Neutral (3) –

Healius guided to a slower-than-expected return to business as usual in its September-quarter trading update at its AGM, as margins and volumes remained under pressure due to staffing issues and patient cancellations.

Jarden expects the sharp reduction in PCR testing will magnify the problem. EPS forecasts fall -13.8% in FY23; -9% in FY24 and -6.3% in FY25.

Neutral rating retained. Target price falls to $3.11 from $3.61.

This report was published on October 21, 2022.

Target price is $3.11 Current Price is $3.48 Difference: minus $0.37 (current price is over target).
If HLS meets the Jarden target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.08, suggesting upside of 17.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.50 cents and EPS of 18.80 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of -63.6%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 19.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.90 cents and EPS of 20.60 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 20.9%.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 3.8%.
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

ING    INGHAMS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $2.57

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

Goldman Sachs believes it is still too early to get positive on processors like Inghams Group until cost headwinds decelerate meaningfully.

The broker makes modest downgrades to its FY23/FY24 EPS estimates and believes the 1H of FY23 will prove to be a similar operating environment to FY22.

The Sell rating is unchanged, while the target falls by -5.4% to $2.65.

This report was published on October 19, 2022.

Target price is $2.65 Current Price is $2.57 Difference: $0.08
If ING meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.82, suggesting upside of 6.5%(ex-dividends)
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 15.70 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.9, implying annual growth of 68.3%.
Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 15.00 cents and EPS of 21.20 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of 42.8%.
Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 11.7.

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

JRV    JERVOIS GLOBAL LIMITED

New Battery Elements – Overnight Price: $0.49

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

Jervois Global's third quarter report revealed another disappointing result from its Finland operations, but Shaw and Partners expects the coming year to be transformational for the company, remaining positive on the medium-term outlook for cobalt.

While production and sales improved quarter-on-quarter, the flow through of high feedstock costs in prior quarters drove a -US$0.6m earnings loss. Earnings guidance was lowered on lower cobalt pricing, ongoing cost pressures, and lower sales.

The Buy rating is retained and the target price decreases to $0.77 from $0.84.

This report was published on October 24, 2022.

Target price is $0.77 Current Price is $0.49 Difference: $0.28
If JRV meets the Shaw and Partners target it will return approximately 57% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 490.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.00.

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

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $10.14

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

Magellan Financial's new CEO David George has announced his strategy, which targets a rebuilding of funds under management to more than $100bn over five years.

But Jarden doubts this is achievable (sitting -8% below consensus forecasts), even if all capital is spent on acquisitions; and expects outflows to continue apace given downgrades from ratings agencies.

EPS forecasts rise 1.4% for FY23; fall -1.24% for FY24; and rise 2.1% for FY25. Underweight rating retained. Target price rises to $7.75 from $7.55.

This report was published on October 21, 2022.

Target price is $7.75 Current Price is $10.14 Difference: minus $2.39 (current price is over target).
If MFG meets the Jarden target it will return approximately minus 24% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $10.89, suggesting upside of 5.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 81.30 cents and EPS of 102.80 cents.
At the last closing share price the estimated dividend yield is 8.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.2, implying annual growth of -49.6%.
Current consensus DPS estimate is 89.6, implying a prospective dividend yield of 8.7%.
Current consensus EPS estimate suggests the PER is 9.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 55.80 cents and EPS of 81.30 cents.
At the last closing share price the estimated dividend yield is 5.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.2, implying annual growth of -14.4%.
Current consensus DPS estimate is 75.6, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 11.6.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $8.84

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

Canaccord Genuity's long-term Australian dollar gold price forecast decreases by -2.6% to $2,670 and price targets across the broker's coverage fall by an average of -6%.

Ratings remain unchanged as the sector is considered undervalued by the analysts.

The target for Northern Star Resources falls to $11.60 from $12.15. It's felt a strong organic growth profile, operating flexibility and scale provide an advantage relative to smaller peers in the current inflationary environment and tight labour market. Buy.

This report was published on October 14, 2022.

Target price is $11.60 Current Price is $8.84 Difference: $2.76
If NST meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $9.93, suggesting upside of 10.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 46.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.3, implying annual growth of -31.6%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 35.7.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 75.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.0, implying annual growth of 50.2%.
Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 23.8.

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

NWS    NEWS CORPORATION

Print, Radio & TV – Overnight Price: $27.02

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

Goldman Sachs downgrades full-year estimates for News Corp ahead of the September-quarter result.

Currency headwinds, Amazon restocking and volume challenges for Move, are offset by strong growth in Dow Jones.

Strong cuts are made to earnings forecasts.

Buy rating retained. Target price rises 3% to $32 given spot FX prices should improve the earnings harvest from US businesses, says the broker.

This report was published on October 25, 2022.

Target price is $32.00 Current Price is $27.02 Difference: $4.98
If NWS meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $33.87, suggesting upside of 25.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 81.95 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 126.4, implying annual growth of N/A.
Current consensus DPS estimate is 34.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 21.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 108.22 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.5, implying annual growth of 20.6%.
Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 17.7.

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

ORA    ORORA LIMITED

Paper & Packaging – Overnight Price: $3.10

Jarden rates ((ORA)) as Neutral (3) –

Orora's reiterated guidance at its AGM, leading Jarden to conjecture that the recent sell-off has been overdone, given most of the flagged risks such as inflation and volume weakness in the US were already factored in (albeit the latter is harder to nail down).

The broker observes the company has outperformed its offshore listed peers by roughly 2% on average and perceives opportunity in recent share-price weakness.

Neutral rating and $3.70 target price retained.

This report was published on October 21, 2022.

Target price is $3.70 Current Price is $3.10 Difference: $0.6
If ORA meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.71, suggesting upside of 18.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.80 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of 2.5%.
Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 17.80 cents and EPS of 22.70 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.4, implying annual growth of 5.4%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 13.3.

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

OZL    OZ MINERALS LIMITED

Copper – Overnight Price: $24.31

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

Oz Minerals' September-quarter missed Goldman Sachs' forecasts, copper production disappointing by -13% and gold falling -5% shy.

While unit costs fell, management again raised C1 cost guidance for 2022 due to inflation, and cut gold production guidance.

The broker doubts the company will achieve cost guidance at Carrapateena and no update was provided on the BHP bid.

EPS forecasts fall -25% for 2022; -6% for 2023; and -6% for 2024. Neutral rating retained. Target price falls -6% to $18.90 from $20.

This report was published on October 25, 2022.

Target price is $18.90 Current Price is $24.31 Difference: minus $5.41 (current price is over target).
If OZL meets the Goldman Sachs target it will return approximately minus 22% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $25.88, suggesting upside of 4.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 20.20 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 0.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.1, implying annual growth of -59.8%.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 38.6.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 41.30 cents and EPS of 165.00 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.0, implying annual growth of 23.2%.
Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 31.3.

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


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

JP Morgan considers OZ Minerals reported "soft" 3Q22 results with a miss from Prominent Hill and FY23 gold guidance reduced while the 120-130kt for copper guidance is viewed as optimistic.

Management stated they had not engaged with BHP Group ((BHP)) regarding the possible takeover.

JP Morgan assesses if BHP walks from the $25 indicative price offer, which OZ Minerals knocked back, the company's share price risks falling below $20 per share, with a $3.50/lb copper price.

A Neutral rating and $27.50 target are unchanged with OZ Minerals still in play.

This report was published on November 25, 2022.

Target price is $27.50 Current Price is $24.31 Difference: $3.19
If OZL meets the JP Morgan target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $25.88, suggesting upside of 4.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 9.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 0.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.1, implying annual growth of -59.8%.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 38.6.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 7.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 0.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 69.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.0, implying annual growth of 23.2%.
Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 31.3.

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

PRU    PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $1.85

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

September quarter production for Perseus Mining exceeded the forecasts of both Canaccord Genuity and consensus by 10%, while all-in sustaining costs were also a 4% beat versus consensus.

The analyst attributes these outcomes to higher grades at the Yaoure gold mine in Cote d'Ivoire and outperformance at the Edikan gold mine in Ghana.

The broker feels management's 1H guidance should be easily attained and raises is target price to $2.40 from $2.20. Buy.

One week earlier, Canaccord Genuity's long-term Australian dollar gold price forecast was reduced by -2.6% to $2,670 and price targets across the broker's coverage fell by an average of -6%. The target at the time for Perseus Mining fell to $2.20 from $2.30. 

This report was published on October 21, 2022.

Target price is $2.40 Current Price is $1.85 Difference: $0.55
If PRU meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $2.03, suggesting upside of 8.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.6, implying annual growth of 20.4%.
Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 8.3.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 2.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, implying annual growth of -6.2%.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 8.9.

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

RBL    REDBUBBLE LIMITED

Retailing – Overnight Price: $0.54

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

Canaccord Genuity lowers its target for Redbubble to $1.50 from $1.80 following a 1Q trading update that revealed revenue and earnings misses against the analyst's and consensus forecasts.

Management reiterated FY23 revenue growth guidance though lowered salaries and wages guidance in reaction to weaker sales. 

In contrast to market opinion, the broker believes trends are compelling for the company's revenue, gross profit and gross profit after paid acquisition (GPAPA) metrics. 

The Speculative Buy rating is unchanged.

This report was published on October 21, 2022.

Target price is $1.50 Current Price is $0.54 Difference: $0.96
If RBL meets the Canaccord Genuity target it will return approximately 178% (excluding dividends, fees and charges).
Current consensus price target is $0.72, suggesting upside of 35.2%(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 minus 10.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 6.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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


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

Redbubble's September-quarter revenue disappointed Goldman Sachs.

Both revenue and customer additions faltered and the broker fears the macro-environment may be starting to bite, considering this to be a key risk going forward.

Goldman Sachs expects the company will deliver on guidance, but revises down its growth forecasts.

EPS forecasts fall -5% in FY20; -8% in FY23; and -10% in FY24.

Neutral rating retained. Target price falls to 65c from the last entry in the FNArena data base in September of 90c. 

This report was published on October 21, 2022.

Target price is $0.65 Current Price is $0.54 Difference: $0.11
If RBL meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $0.72, suggesting upside of 35.2%(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 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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


Jarden rates ((RBL)) as Neutral (3) –

Redbubble's September-quarter update fell sharply short of consensus and Jarden's forecasts on both sales and earnings, and the company also extended losses due to brand investment and higher staff costs.

Management reiterated FY23 guidance but also adjusted expectations to the lower end of the guidance range.

Jarden says the net cash position suggests the balance sheet remains respectable at this stage. The broker reports web traffic is declining.

Neutral rating retained. Target price slumps to 57c from 92c.

This report was published on October 21, 2022.

Target price is $0.57 Current Price is $0.54 Difference: $0.03
If RBL meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $0.72, suggesting upside of 35.2%(ex-dividends)
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 minus 8.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

RDT    RED DIRT METALS LIMITED

New Battery Elements – Overnight Price: $0.53

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

Red Dirt Metals has announced an initial mineral resource estimate of 12.7m tonnes for its Mount Ida asset, and continues drilling to increase geological confidence and extension testing.

The company is undergoing a mine design and optimisation scoping study, and a direct shipping ore logistics study.

According to Bell Potter, the success of a direct shipping ore logistics study is dependent on enduring high spodumene concentrate prices, but could allow early earnings generation ahead of the completion of processing infrastructure. 

The Buy rating is retained and the target price decreases to $0.90 from $0.95.

This report was published on October 21, 2022.

Target price is $0.90 Current Price is $0.53 Difference: $0.37
If RDT meets the Bell Potter target it will return approximately 70% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.13.

Forecast for FY23:

Bell Potter forecasts a full year FY23 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 35.33.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $121.15

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

Goldman Sachs updates full-year estimates for REA Group ahead of the September-quarter result.

The broker expects a strong quarter for residential listings, some growth in the commercial and developer segment, strong top-line growth in India, and higher December-half capital expenditure due to staff hires.

Buy rating retained. Target price slips -2% to $161.00.

This report was published on October 25, 2022.

Target price is $161.00 Current Price is $121.15 Difference: $39.85
If REA meets the Goldman Sachs target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $131.48, suggesting upside of 8.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 182.00 cents and EPS of 331.00 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 336.3, implying annual growth of 15.5%.
Current consensus DPS estimate is 182.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 36.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 234.00 cents and EPS of 391.00 cents.
At the last closing share price the estimated dividend yield is 1.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 373.4, implying annual growth of 11.0%.
Current consensus DPS estimate is 205.9, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 32.5.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.78

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

Canaccord Genuity's long-term Australian dollar gold price forecast decreases by -2.6% to $2,670 and price targets across the broker's coverage fall by an average of -6%.

Ratings remain unchanged as the sector is considered undervalued by the analysts.

The target for Ramelius Resources falls to $1.45 from $1.55. Buy.

This report was published on October 14, 2022.

Target price is $1.45 Current Price is $0.78 Difference: $0.675
If RMS meets the Canaccord Genuity target it will return approximately 87% (excluding dividends, fees and charges).
Current consensus price target is $1.12, suggesting upside of 37.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.1, implying annual growth of 112.3%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 26.3.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.2, implying annual growth of 229.0%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 8.0.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.56

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

Canaccord Genuity's long-term Australian dollar gold price forecast decreases by -2.6% to $2,670 and price targets across the broker's coverage fall by an average of -6%.

Ratings remain unchanged as the sector is considered undervalued by the analysts.

The target for Regis Resources falls to $1.50 from $1.55. Hold.

This report was published on October 14, 2022.

Target price is $1.50 Current Price is $1.56 Difference: minus $0.065 (current price is over target).
If RRL 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 $1.73, suggesting upside of 8.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 20.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.1, implying annual growth of 345.1%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 21.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.2, implying annual growth of -35.8%.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 30.7.

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

RSG    RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $0.20

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

Canaccord Genuity's long-term Australian dollar gold price forecast decreases by -2.6% to $2,670 and price targets across the broker's coverage fall by an average of -6%.

Ratings remain unchanged as the sector is considered undervalued by the analysts.

The target for Resolute Mining falls to $0.60 from $0.65. Speculative Buy.

This report was published on October 14, 2022.

Target price is $0.60 Current Price is $0.20 Difference: $0.4
If RSG meets the Canaccord Genuity target it will return approximately 200% (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 minus 8.52 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.35.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.42 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.08.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

S32    SOUTH32 LIMITED

Mining – Overnight Price: $3.72

Goldman Sachs rates ((S32)) as Neutral (3) –

South32's September-quarter result broadly met Goldman Sachs' forecasts, strength in copper, manganes and aluminium production being offset by weaker-than-expected product from met coal, zinc and nickel.

Management reiterated FY23 guidance from all assets save Cannington zinc. EPS forecasts fall -3% in FY23; rise 2% in FY24; and rise 1% in FY25.

The broker forecasts a fall in base metals prices, which it expects will outweigh the share buyback and dividend, but spies long-term growth upside.

Target price falls to $3.60 from $3.70. Neutral rating retained.

This report was published on October 25, 2022.

Target price is $3.60 Current Price is $3.72 Difference: minus $0.12 (current price is over target).
If S32 meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.76, suggesting upside of 25.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 14.20 cents and EPS of 42.47 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.4, implying annual growth of N/A.
Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 8.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 32.67 cents and EPS of 56.24 cents.
At the last closing share price the estimated dividend yield is 8.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.4, implying annual growth of 11.0%.
Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 7.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SBM    ST. BARBARA LIMITED

Gold & Silver – Overnight Price: $0.51

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

Canaccord Genuity's long-term Australian dollar gold price forecast decreases by -2.6% to $2,670 and price targets across the broker's coverage fall by an average of -6%.

Ratings remain unchanged as the sector is considered undervalued by the analysts.

The target for St. Barbara falls to $0.90 from $0.95. Hold.

This report was published on October 14, 2022.

Target price is $0.90 Current Price is $0.51 Difference: $0.39
If SBM meets the Canaccord Genuity target it will return approximately 76% (excluding dividends, fees and charges).
Current consensus price target is $0.69, suggesting upside of 34.5%(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 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.0, implying annual growth of N/A.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.1, implying annual growth of N/A.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is N/A.

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

SDF    STEADFAST GROUP LIMITED

Insurance – Overnight Price: $5.11

Jarden rates ((SDF)) as Upgrade to Overweight from Neutral (2) –

Steadfast Group's September-quarter trading update outpaced Jarden's forecasts thanks to contributions from acquisitions and broker network acquisitions. The company also posted strong organic growth as insurance premiums rose in response to inflation.

The company raises guidance expectations to the top-end of its guidance range, suggesting an increase of roughly 2% to consensus and Jarden's FY23 forecasts.

Rating upgraded to Overweight from Neutral. Target price eases to $5.20 from $5.30 after adjusting to market.

This report was published on October 21, 2022.

Target price is $5.20 Current Price is $5.11 Difference: $0.09
If SDF meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $5.98, suggesting upside of 17.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 14.90 cents and EPS of 23.30 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.5, implying annual growth of 25.8%.
Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 22.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.20 cents and EPS of 25.60 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.4, implying annual growth of 8.4%.
Current consensus DPS estimate is 15.6, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 20.9.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $3.62

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

Copper, zinc and gold production in Q1 for Sandfire Resources beat Canaccord Genuity's forecasts. While costs rose by -12% quarter-on-quarter they were less than expected.

Production at the Matsa copper operations was higher than the broker expected for the quarter.

The Motheo plant construction is on schedule and first production is anticipated by Q2 2023. The broker's target increases to $4.75 from $4.50. Hold.

This report was published on October 21, 2022.

Target price is $4.75 Current Price is $3.62 Difference: $1.13
If SFR meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $4.65, suggesting upside of 23.7%(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 minus 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.5, 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:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, implying annual growth of N/A.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 235.0.

This company reports in USD. 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


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

Sandfire Resources' September-quarter result disappointed Goldman Sachs as rising costs, particularly energy costs, at Matsa in Spain, more than offset strength at Degrussa.

Otherwise, the broker says the Motheo copper project is running to schedule.

EPS forecasts fall -379% for FY23; -5% for FY24; and -4% for FY25 to reflect the company's negative near-term earnings and free cash flow outlook and continued cost challenges at Matsa.

Sell rating retained. Target price falls -9% to $3.20 from $3.50.

This report was published on October 25, 2022.

Target price is $3.20 Current Price is $3.62 Difference: minus $0.42 (current price is over target).
If SFR meets the Goldman Sachs target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.65, suggesting upside of 23.7%(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 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.5, 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 7.70 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, implying annual growth of N/A.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 235.0.

This company reports in USD. 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

SLR    SILVER LAKE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.15

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

Canaccord Genuity's long-term Australian dollar gold price forecast decreases by -2.6% to $2,670 and price targets across the broker's coverage fall by an average of -6%.

Ratings remain unchanged as the sector is considered undervalued by the analysts.

The target for Silver Lake Resources falls to $1.70 from $1.75. Buy.

This report was published on November 14, 2022.

Target price is $1.70 Current Price is $1.15 Difference: $0.55
If SLR meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.21.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 20.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.75.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $7.85

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

Santos's record September-quarter result met Jarden's forecasts. The broker says the result was struck primarily on strength from PNG LNG. 

Jarden now switches allegiance from Woodside Energy ((WDS)) to Santos as preferred sector pick on a valuation basis.

Management narrowed production guidance and cut capital expenditure guidance to reflect project delays.

Overweight rating retained. Target price inches up to $8.35 from $8.30.

This report was published on October 21, 2022.

Target price is $8.35 Current Price is $7.85 Difference: $0.5
If STO meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $9.47, suggesting upside of 19.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 43.32 cents and EPS of 107.37 cents.
At the last closing share price the estimated dividend yield is 5.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 133.0, implying annual growth of N/A.
Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 6.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 26.99 cents and EPS of 66.18 cents.
At the last closing share price the estimated dividend yield is 3.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.5, implying annual growth of -14.7%.
Current consensus DPS estimate is 40.6, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 7.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

TCL    TRANSURBAN GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $13.46

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

Transurban Group's September-quarter traffic report proved a mixed bag for Jarden, with Sydney and Brisbane traffic nosing out forecasts, Melbourne lagging, and traffic on the 495 Express Lane in Washington still -28.7% belowe pre-covid levels.

Management reiterated dividend guidance but Jarden perceives this to be shaky.

The broker observes the dividend yield spread to the bond yield remains low and does not consider the share price to represent a good risk adjusted reward.

Underweight rating retained. Target price falls to $11.80 from $13.

This report was published on October 25, 2022.

Target price is $11.80 Current Price is $13.46 Difference: minus $1.66 (current price is over target).
If TCL meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.06, suggesting upside of 4.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 54.00 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 118.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.3, implying annual growth of 3540.6%.
Current consensus DPS estimate is 56.6, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 57.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 58.40 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 79.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.6, implying annual growth of 35.6%.
Current consensus DPS estimate is 64.8, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 42.5.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $7.00

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

A good third quarter saw Telix Pharmaceuticals report a 168% quarter-on-quarter revenue increase, to $55.3m. The sale of Illucix generated revenues of US$36.4m, which exceeded Bell Potter's expected US$33-35m. 

The broker's outlook remains largely unchanged following the quarterly update, continuing to expect fourth quarter revenues of US$70m and full year revenues of US$146m.

The Buy rating and target price of $8.50 are retained.

This report was published on October 21, 2022.

Target price is $8.50 Current Price is $7.00 Difference: $1.5
If TLX meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.43.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 155.56.

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


Jarden rates ((TLX)) as Buy (1) –

Telix Pharmaceuticals's September-quarter cash-flow statement reveals Illuccix sales sharply outpaced Jarden and consensus forecasts during the period.

Cash outflows also fell sharply due to cost containment. Gross margins eased, but the broker expects these to improve.

Buy rating retained. Target price rises to $7.37 from $6.80.

This report was published on October 21, 2022.

Target price is $7.37 Current Price is $7.00 Difference: $0.37
If TLX meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 29.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.49.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 8.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 80.46.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $12.34

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

Bell Potter expects TechnologyOne's full year result release in late November could prove a catalyst for the share price. The broker finds it likely that profit before tax will reach the top end of the company's guidance range, and forecasts 14% growth. 

Additionally, Bell Potter sees potential for on premise license fees to be below guidance, software as a service annual recurring revenue and total annual recurring revenue to surprise to the upside, second half cash flow to be strong, and possible capital management initiatives.

The Buy rating and target price of $14.25 are retained.

This report was published on October 21, 2022.

Target price is $14.25 Current Price is $12.34 Difference: $1.91
If TNE meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $11.34, suggesting downside of -7.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 15.30 cents and EPS of 26.40 cents.
At the last closing share price the estimated dividend yield is 1.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of 15.7%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 46.6.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 17.60 cents and EPS of 30.70 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 40.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.3, implying annual growth of 11.8%.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 41.7.

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

TOY    TOYS 'R' US ANZ LIMITED

Retailing – Overnight Price: $0.04

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

An exclusive sub-license agreement with WH Smith High Street will see Toys 'R' Us ANZ trial nine store-in-store implants in the UK. 

Shaw and Partners highlights implants will open from the first half of 2023, and extend for least twelve months, and longer if mutually agreed.

Toys 'R' Us ANZ will receive a fixed percentage royalty fee on sales revenue, but does not expect to generate material revenue at this point, noting a successful trial could see further implants rolled out. 

The Buy rating and target price of $0.12 are retained.

This report was published on October 24, 2022.

Target price is $0.12 Current Price is $0.04 Difference: $0.081
If TOY meets the Shaw and Partners target it will return approximately 208% (excluding dividends, fees and charges).
The company's fiscal year ends in July.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.90.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.00.

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

TUL    TULLA RESOURCES PLC

Gold & Silver – Overnight Price: $0.39

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

Tulla Resources has announced the pouring of first gold at the re-started Norseman gold project. Commissioning of the leaching circuit is underway, and mill production is expected to ramp up to nameplate capacity by the end of the December quarter.

According to Bell Potter, making the transition from developer to producer is a major milestone for Tulla Resources. The broker anticipates commercial production to be declared in the March quarter, and assumes FY23 production of 54,000 ounces.

The Buy rating is retained and the target price increases to $1.17 from $1.15.

This report was published on October 24, 2022.

Target price is $1.17 Current Price is $0.39 Difference: $0.785
If TUL meets the Bell Potter target it will return approximately 204% (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 5.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.53.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 19.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1.96.

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: $36.81

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

Woodside Energy's September-quarter result outpaced consensus thanks to the contribution from BHP Petroleum assets, and higher LNG prices and volumes.

Management upgrades 2022 production guidance by 4%.

Jarden believes this may be as good as it gets for Woodside, given the expectation for a lower LNG price, and cuts EPS forecasts -6% in 2023; -8% in 2024 and -17% in 2025 accordingly.

Currency trends and production remain supportive, says the broker. Overweight rating retained. Target price inches up to $34 from $33.90.

This report was published on October 21, 2022.

Target price is $34.00 Current Price is $36.81 Difference: minus $2.81 (current price is over target).
If WDS meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $36.89, suggesting downside of -1.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 336.60 cents and EPS of 527.48 cents.
At the last closing share price the estimated dividend yield is 9.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 583.8, implying annual growth of N/A.
Current consensus DPS estimate is 392.1, implying a prospective dividend yield of 10.4%.
Current consensus EPS estimate suggests the PER is 6.4.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 247.12 cents and EPS of 417.27 cents.
At the last closing share price the estimated dividend yield is 6.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 526.5, implying annual growth of -9.8%.
Current consensus DPS estimate is 369.8, implying a prospective dividend yield of 9.8%.
Current consensus EPS estimate suggests the PER is 7.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.77

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

Canaccord Genuity's long-term Australian dollar gold price forecast decreases by -2.6% to $2,670 and price targets across the broker's coverage fall by an average of -6%.

Ratings remain unchanged as the sector is considered undervalued by the analysts.

The target for Westgold Resources falls to $1.60 from $1.70. Buy.

This report was published on October 14, 2022.

Target price is $1.60 Current Price is $0.77 Difference: $0.83
If WGX meets the Canaccord Genuity target it will return approximately 108% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.63.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 21.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.67.

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

ZIP    ZIP CO LIMITED

Business & Consumer Credit – Overnight Price: $0.65

Jarden rates ((ZIP)) as Neutral (3) –

Zip Co's September-quarter result appears to have missed Jarden's forecasts due to weakness in the US.

But management has reiterated Zip is on track to post positive cash flow and that the company has sufficient reserves to fund the journey. The broker appears to agree.

The broker downgrades forecasts to reflect weaker US trading and a weakening consumer environment in Australia.

EPS forecasts and Neutral rating retained. Target price falls to 80c from $1.10.

This report was published on October 21, 2022.

Target price is $0.80 Current Price is $0.65 Difference: $0.155
If ZIP meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $0.67, suggesting upside of 5.0%(ex-dividends)
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 minus 38.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -22.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 23.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.70.

How do these forecasts compare to market consensus projections?

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

Market Sentiment: -0.6
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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