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

Daily Market Reports | Nov 09 2022

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

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)

ABY   ACL   ANZ (2)   ARU   AUT   CIA   CTD (2)   DDH   EBO   FMG (3)   GT1   GUD   HPG   IFL   JBH (2)   JHG   KAR   LYC (2)   MCR   NCM   NTO (2)   OPY   PEN   PGL   PNI   QAL   QUB   REH   RRL   SND   SUL (2)   VHT   WES (2)   WGX  

ABY    ADORE BEAUTY GROUP LIMITED

Household & Personal Products – Overnight Price: $1.66

Shaw and Partners rates ((ABY)) as Downgrade to Hold from Buy (3) –

Adore Beauty has reported a -29% year-on-year revenue decline in its first quarter as it cycles tough lockdown spending in the previous comparable period. Shaw and Partners notes the result is an improvement on the last two quarters. 

While active customers decreased -9% on last year, repeat customer growth of 14% was the mainstay of revenue generation according to the broker. 

Shaw and Partners highlights strategic initiatives are now starting to meaningfully contribute, with loyalty program members accounting for more than 60% of sales. 

The rating is downgraded to Hold from Buy and the target price decreases to $1.80 from $2.50.

This report was published on October 28, 2022.

Target price is $1.80 Current Price is $1.66 Difference: $0.14
If ABY meets the Shaw and Partners target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 553.33.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 127.69.

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

ACL    AUSTRALIAN CLINICAL LABS LIMITED

Healthcare services – Overnight Price: $3.35

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

Goldman Sachs assesses the announcement from Australian Clinical Labs that the company has conducted a thorough investigation into a cyber breach of the recently acquired Medilab business, which transpired in February 2022.

Management has ensured the market there has been no misuse of the compromised data of 129,000 Medicare numbers (and names), 28,000 credit card numbers/names and 18,000 pathology tests and is contacting customers.

Australian Clinical Labs is confident the rest of the company has not been impacted and the affected server is decommissioned.

Goldman Sachs retains a Buy rating and a $5.70 target price.

This report was published on October 31, 2022.

Target price is $5.70 Current Price is $3.35 Difference: $2.35
If ACL meets the Goldman Sachs target it will return approximately 70% (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 19.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 5.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.85.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 14.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 4.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.96.

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

ANZ    AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

Banks – Overnight Price: $24.40

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

ANZ Bank reported better than expected growth in FY22 cash earnings of 5% compared to Goldman Sachs' forecast of 1.4%, with higher than anticipated NIM of 1.8% in the September quarter.

The broker noted the SET1 ratio of 12.29% in the 2H22 came in better than expected and business lending of 15% boosted loan book growth by 6.5%.

The broker adjusts earnings forecasts by 6.1% and 0.9% for FY23 abd FY24, respectively and continues to prefer Westpac Bank ((WBC)) over ANZ Bank due to the higher exposure to Australia deposits alongside expected falling costs.

A Neutral rating is retained, while the target moves to $26.25 from $26.09.

This report was published on October 28, 2022.

Target price is $26.25 Current Price is $24.40 Difference: $1.85
If ANZ meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $27.54, suggesting upside of 12.9%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 158.00 cents and EPS of 233.30 cents.
At the last closing share price the estimated dividend yield is 6.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 240.8, implying annual growth of -3.7%.
Current consensus DPS estimate is 156.8, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 161.00 cents and EPS of 220.50 cents.
At the last closing share price the estimated dividend yield is 6.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 238.6, implying annual growth of -0.9%.
Current consensus DPS estimate is 161.7, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 10.2.

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


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

Jarden remains cautious on ANZ Bank post FY22 results, in spite of the better than expected NIM at the end of September of 1.80%.

Looking ahead, the broker anticipates ongoing cost pressures, growing mortgage and deposit competition which will increasingly offset the expected improvement in NIM over the 1H23.

ANZ Bank's macro economic forecasts are also viewed as too positive, with a forecast cash rate of 3.85% and unemployment of 3.1% versus Jarden's expectations of 4.7% for FY23.

EPS forecasts are raised 6% for FY23 and 2% for FY24. The target is raised to $24.50 from $23.50 and the Underweight rating is retained.

This report was published on October 31, 2022.

Target price is $24.50 Current Price is $24.40 Difference: $0.1
If ANZ meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $27.54, suggesting upside of 12.9%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 154.00 cents and EPS of 229.50 cents.
At the last closing share price the estimated dividend yield is 6.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 240.8, implying annual growth of -3.7%.
Current consensus DPS estimate is 156.8, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 161.00 cents and EPS of 237.50 cents.
At the last closing share price the estimated dividend yield is 6.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 238.6, implying annual growth of -0.9%.
Current consensus DPS estimate is 161.7, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 10.2.

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

ARU    ARAFURA RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $0.33

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

Bell Potter concludes the recent sell-off in shares of Arafura Rare Earths has been overdone, after revisiting the effect of capex increases upon the Nolans rare earths project.

The broker believes inflationary impacts have well and truly been priced into the story and retains its Speculative Buy rating, while the target slips to 53c from 54c.

Demand for Nolans’ potential output should continue to be supported by growing demand from the electric vehicle sector, according to the analyst, as well as the need to de-risk supply chains.

Western economies rely on rare earths for defense technology and their own decarbonisation targets, points out Bell Potter.

This report was published on October 31, 2022.

Target price is $0.53 Current Price is $0.33 Difference: $0.2
If ARU meets the Bell Potter target it will return approximately 61% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.19 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.34.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.63 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.25.

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

AUT    AUTECO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.04

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

There is excitement around potential to increase the high grade resource at Auteco Minerals's Pickle Crow mine, according to Shaw and Partners. The resource already sits at 2.23m ounces. 

Focus has now shifted to regional exploration. Summer field activity has returned positive results, while the Metcalf prospect will be drill tested in coming month as part of the winter drilling campaign. 

The Buy rating and target price of $0.21 are retained.

This report was published on October 28, 2022.

Target price is $0.21 Current Price is $0.04 Difference: $0.168
If AUT meets the Shaw and Partners target it will return approximately 400% (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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 42.00.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.50.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $4.99

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

Champion Iron's 2Q23 trading update revealed a beat on EBITDA of 60% compared to Goldman Sachs' forecast, boosted by higher iron ore prices and shipments, accompanied by lower costs.

A higher tax charge resulted in an earnings miss, noted the broker, net debt fell -CA$166m with the ramp up to 16Mtpa by the December quarter on schedule.

Earnings forecasts are revised -14% for FY23 and 8% for FY24. The price target is tweaked to $6.90 from $7.00 and the Buy rating is retained.

This report was published on October 28, 2022.

Target price is $6.90 Current Price is $4.99 Difference: $1.91
If CIA meets the Goldman Sachs target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 22.88 cents and EPS of 68.52 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.28.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 17.24 cents and EPS of 107.21 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.65.

This company reports in CAD. 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

CTD    CORPORATE TRAVEL MANAGEMENT LIMITED

Travel, Leisure & Tourism – Overnight Price: $17.36

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

Corporate Travel Management provided an upbeat September quarter trading update, according to Goldman Sachs.

The company increased trading to 75% of pre-covid levels, compared to 69.5% in the June quarter, with North-America below expectations at 70%, Europe was in line, while A&NZ and Asia grew at 115%, but still at 51% of pre-pandemic levels.

Management guided to a full recovery in revenues in FY24 and an 80% revenue target for FY23 over the pandemic period, which meets consensus estimates.

Goldman Sachs adjusts earnings forecasts by -1.4% for FY23 and -0.05% for FY24. A Buy rating and $20.20 target price.

This report was published on October 27, 2022.

Target price is $20.20 Current Price is $17.36 Difference: $2.84
If CTD meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $23.41, suggesting upside of 34.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 33.00 cents and EPS of 68.00 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.3, implying annual growth of 2945.2%.
Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 25.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 56.00 cents and EPS of 112.00 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.0, implying annual growth of 60.5%.
Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 16.1.

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


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

JP Morgan highlight that in spite of capacity supply problems, Corporate Travel Management offered an upbeat trading update at the AGM, with strong demand belying the softer macro economic headwinds.

The company reiterated FY23 guidance on the condition of a China re-opening and the supply constraints being alleviated by June next year.

JP Morgan makes minor adjustments to EPS forecasts, rising 2.2% and -1.7% for the FY23 and FY24 periods, respectively.

Overweight rating retained and the target lowered to $24 from $25.

This report was published on October 28, 2022.

Target price is $24.00 Current Price is $17.36 Difference: $6.64
If CTD meets the JP Morgan target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $23.41, suggesting upside of 34.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 29.50 cents and EPS of 67.30 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 25.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.3, implying annual growth of 2945.2%.
Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 25.8.

Forecast for FY24:

JP Morgan forecasts a full year FY24 dividend of 53.00 cents and EPS of 114.20 cents.
At the last closing share price the estimated dividend yield is 3.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.0, implying annual growth of 60.5%.
Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 16.1.

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

DDH    DDH1 LIMITED

Mining Sector Contracting – Overnight Price: $0.85

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

Recent industry data point to a dip in 2023 nonferrous exploration budgets, but an increase for 2022 and beyond 2023.

As gold is DDH1's greatest exposure, the broker is mindful of the erosion of marginal producer cash flows in an operating environment weighed down by cost inflation and ongoing labour shortages.

However, the analyst reminds investors the company’s short-to medium-term earnings outlook is underpinned by fleet expansion, higher charge-out rates and improving rig utilisation. 

The target rises to $1.44 from $1.42. Buy.

This report was published on October 31, 2022.

Target price is $1.44 Current Price is $0.85 Difference: $0.59
If DDH meets the Bell Potter target it will return approximately 69% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 5.40 cents and EPS of 14.10 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.03.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 6.10 cents and EPS of 16.20 cents.
At the last closing share price the estimated dividend yield is 7.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.25.

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

EBO    EBOS GROUP LIMITED

Healthcare services – Overnight Price: $34.43

Jarden rates ((EBO)) as Neutral (3) –

Ebos Group reported a strong trading update at the AGM according to Jarden.

Management highlighted robust growth in Healthcare and Animal Care segments while Life Healthcare is benefiting from the integration with the EBO medical devices.

Jarden assesses the update and adjusts EPS forecasts by 3.3% each for FY23 and FY24.

A Neutral rating and NZ$39 target are retained.

This report was published on October 28, 2022.

Current Price is $34.43. Target price not assessed.
Current consensus price target is $38.45, suggesting upside of 11.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 108.00 cents and EPS of 154.40 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 150.7, implying annual growth of 31.6%.
Current consensus DPS estimate is 102.8, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 121.00 cents and EPS of 161.40 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 164.6, implying annual growth of 9.2%.
Current consensus DPS estimate is 109.2, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 20.9.

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

FMG    FORTESCUE METALS GROUP LIMITED

Iron Ore – Overnight Price: $16.63

Bell Potter rates ((FMG)) as Downgrade to Sell from Hold (5) –

September quarter shipments for Fortescue Metals were well ahead of Bell Potter’s forecast and company guidance. 

A lower Australian dollar only partially offset a 16% rise in costs on the previous corresponding period, explains the analyst. A declining price environment was noted, despite a continuation of an improving price realisation trend during the quarter.

Industry-wide cost inflation is impacting the company, at a time when expenditure commitments to Fortescue Future Industries are also being increased, explains the broker.

Management’s decarbonisation strategy is the key driver of Bell Potter's reduction in target price to $14.09 from $17.33 and the rating downgrade to Sell from Hold.

This report was published on October 31, 2022.

Target price is $14.09 Current Price is $16.63 Difference: minus $2.54 (current price is over target).
If FMG meets the Bell Potter target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.31, suggesting downside of -8.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 219.34 cents and EPS of 205.10 cents.
At the last closing share price the estimated dividend yield is 13.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 208.9, implying annual growth of N/A.
Current consensus DPS estimate is 155.1, implying a prospective dividend yield of 9.3%.
Current consensus EPS estimate suggests the PER is 8.0.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 128.19 cents and EPS of 132.46 cents.
At the last closing share price the estimated dividend yield is 7.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.0, implying annual growth of -13.8%.
Current consensus DPS estimate is 119.7, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 9.2.

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


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

Goldman Sachs views Fortescue Metals' September quarter trading update as "strong" but as expected with 49.5Mt of iron ore shipments and costs in line with expectations. 

Importantly, the analyst considers the company is undergoing a major transition which will reshape financials and outlook for shareholders.

Of note, gearing is expected to rise to 30-25% by FY26 with US$5bn in new debt, and the dividend payout ratio will decline to around 50% from 75% from FY24 onwards.

The broker's earnings forecasts are revised by 1% for FY23 and 4% for FY24 and the target is adjusted accordingly to $13.80 from $13.40.

A Sell rating is retained.

This report was published on October 28, 2022.

Target price is $13.80 Current Price is $16.63 Difference: minus $2.83 (current price is over target).
If FMG meets the Goldman Sachs target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.31, suggesting downside of -8.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 138.16 cents and EPS of 196.55 cents.
At the last closing share price the estimated dividend yield is 8.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 208.9, implying annual growth of N/A.
Current consensus DPS estimate is 155.1, implying a prospective dividend yield of 9.3%.
Current consensus EPS estimate suggests the PER is 8.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 56.97 cents and EPS of 101.13 cents.
At the last closing share price the estimated dividend yield is 3.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.0, implying annual growth of -13.8%.
Current consensus DPS estimate is 119.7, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 9.2.

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


Shaw and Partners rates ((FMG)) as Hold (3) –

Fortescue Metals has delivered a strong start to the year according to Shaw and Partners despite the September quarter being seasonally softer to accommodate higher maintenance levels.

Shipments of 47.4m tonnes marked a 4% increase year-on-year, while realised pricing eased quarter-on-quarter to US$87.43 per dry metric tonne. The broker finds the price decline in line with the dip in iron ore prices. 

The Hold rating and target price of $17.00 are unchanged.

This report was published on October 28, 2022.

Target price is $17.00 Current Price is $16.63 Difference: $0.37
If FMG meets the Shaw and Partners target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $15.31, suggesting downside of -8.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 237.29 cents and EPS of 199.54 cents.
At the last closing share price the estimated dividend yield is 14.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 208.9, implying annual growth of N/A.
Current consensus DPS estimate is 155.1, implying a prospective dividend yield of 9.3%.
Current consensus EPS estimate suggests the PER is 8.0.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 140.29 cents and EPS of 140.01 cents.
At the last closing share price the estimated dividend yield is 8.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.0, implying annual growth of -13.8%.
Current consensus DPS estimate is 119.7, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 9.2.

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

GT1    GREEN TECHNOLOGY METALS LIMITED

New Battery Elements – Overnight Price: $1.09

Bell Potter rates ((GT1)) as Speculative Buy (1) –

Lithium-focussed exploration and development company Green Technology Metals announced initial assay results from drilling at its 100%-owned Root Project in Ontario, which support expanded exploration, according to Bell Potter.

The Root Project forms part of the company’s Western Hub lithium area and is located around 200km away from the most advanced project named Seymour (Eastern Hub).

Green Technology Metals separately announced a binding agreement to purchase the remaining 20% interest in its Ontario-based lithium joint venture, increasing its interest to 100%

The target rises to $1.54 from $1.37 after Bell Potter allows for increased ownership of the Ontario-based projects and incorporates a notional project development at Seymour. Speculative Buy.

This report was published on October 31, 2022.

Target price is $1.54 Current Price is $1.09 Difference: $0.445
If GT1 meets the Bell Potter target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 47.61.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.22.

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

GUD    G.U.D. HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $7.65

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

G.U.D. Holdings offered a mixed trading update at the AGM according to Wilsons.

The legacy automotive business performed well and the broker highlights the good inventory position will enable G.U.D. Holdings to fill ongoing demand in the wear and repair segments.

Wilsons assesses the performance of APG as "disappointing" with margin pressures and supply chain issues. The Water segment is slowing due to reduced European demand.

Earnings forecasts are reduced by -5.2% for FY23 and -3.1% for FY24.

Overweight rating and the target price is adjusted to $9.77 from $10.31.

This report was published on October 31, 2022.

Target price is $9.77 Current Price is $7.65 Difference: $2.12
If GUD meets the Wilsons target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $11.52, suggesting upside of 50.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 41.00 cents and EPS of 81.40 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.5, implying annual growth of 256.1%.
Current consensus DPS estimate is 49.2, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 53.00 cents and EPS of 88.90 cents.
At the last closing share price the estimated dividend yield is 6.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.3, implying annual growth of 13.3%.
Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 8.3.

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

HPG    HIPAGES GROUP HOLDINGS LIMITED

Online media & mobile platforms – Overnight Price: $1.01

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

Goldman Sachs continues to view hipages Group favorably and considers the market is continuing to ignore the long term growth potential as the company expands the "ecosystem of services for tradies".

Headwinds from labour shortages and resulting higher churn rates impacted on 1Q23 results, however, the broker expects churn to fall over 2H23 and FY24, as indicated in the update.

Earnings forecasts are lowered by -39.4% and -48% for FY23 and FY24, respectively. Goldman Sachs reiterates a Buy rating and lowers the target to $2.10 from $2.20.

This report was published on October 28, 2022.

Target price is $2.10 Current Price is $1.01 Difference: $1.09
If HPG meets the Goldman Sachs target it will return approximately 108% (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 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 252.50.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 72.14.

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

IFL    INSIGNIA FINANCIAL LIMITED

Wealth Management & Investments – Overnight Price: $3.10

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

Insignia Financial's 1Q23 FUMA update (funds under management, administration and advice) came in around -1% below Jarden expectations as the company experienced a -1.8% decline in FUMA over the period, due to higher net outflows and negative market returns.

Reflecting the improvement in returns from equities in the month of October, over the September quarter, Jarden upgrades EPS forecasts by 4.8% and 7.9% for FY23 and FY24.

An Overweight rating is maintained and the target is raised to $3.25 from $2.95.

This report was published on October 28, 2022.

Target price is $3.25 Current Price is $3.10 Difference: $0.15
If IFL meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.90, suggesting upside of 25.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 17.00 cents and EPS of 26.30 cents.
At the last closing share price the estimated dividend yield is 5.48%.
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 30.4, implying annual growth of 437.1%.
Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 10.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 20.00 cents and EPS of 31.10 cents.
At the last closing share price the estimated dividend yield is 6.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 11.5%.
Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 8.3%.
Current consensus EPS estimate suggests the PER is 9.1.

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

JBH    JB HI-FI LIMITED

Consumer Electronics – Overnight Price: $43.33

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

Goldman Sachs noted JB Hi-Fi reported a strong September quarter trading update which came in above expectations.

The company grew sales 14.6% in the quarter on the previous annual period, and the analyst is expecting sales growth to moderate in Q2 to 2.5% on the previous year.

In spite of an upbeat outlook from JB Hi-Fi with the company maintaining the run up to Christmas promotions and improved inventory supplies, the analyst is cautious on the outlook for consumer spending into 2023, in line with comments from Wesfarmers ((WES)) and Super Retail Group ((SUL)).

Earnings forecasts are upgraded by 7.6% for FY23 and 3.9% for FY24. A Sell rating is maintained and the target is adjusted to $36.90 from $34.30.

This report was published on October 28, 2022.

Target price is $36.90 Current Price is $43.33 Difference: minus $6.43 (current price is over target).
If JBH meets the Goldman Sachs target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $47.74, suggesting upside of 10.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 233.00 cents and EPS of 357.00 cents.
At the last closing share price the estimated dividend yield is 5.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 386.5, implying annual growth of -19.4%.
Current consensus DPS estimate is 255.4, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 179.00 cents and EPS of 274.00 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 337.8, implying annual growth of -12.6%.
Current consensus DPS estimate is 226.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 12.8.

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


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

JB Hi-Fi reported a strong 1Q23 trading update according to Jarden with sales momentum sustained, although no update on margins or costs was offered by management.

The broker remains cautious on the outlook as the risks rise from increased inventory building as competitors transfer products from softer markets such as EU and USA.

The possibility of promotional activity in the run up to Christmas alongside the higher annual comparison could make for a more challenging period.

The target is raised to $38.80 from $37.20 and an Underweight rating is retained.

This report was published on October 28, 2022.

Target price is $38.80 Current Price is $43.33 Difference: minus $4.53 (current price is over target).
If JBH meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $47.74, suggesting upside of 10.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 428.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 386.5, implying annual growth of -19.4%.
Current consensus DPS estimate is 255.4, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 337.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 337.8, implying annual growth of -12.6%.
Current consensus DPS estimate is 226.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 12.8.

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

JHG    JANUS HENDERSON GROUP PLC

Wealth Management & Investments – Overnight Price: $33.71

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

Third quarter results for Janus Henderson revealed weak trading following the volatility of markets. Bell Potter expects the share price will remain beholden to market moves and management sees no quick fix in the current environment, but does have a plan.

New CEO Ali Dibadj intends to protect the existing franchise, amplify the strengths of the business and seek out new growth opportunities. 

Assets under management fell by -US$25.1bn (-8%), of which -US$5.8bn was due to outflows and the balance resulted from market and currency fluctuations.

Undervaluation, along with good cash generation that covers the dividend, keeps the broker Buy-rated. A lower Australian dollar overwhelms lower FY22-24 EPS forecasts, and the target rises to $45.37 from $43.50.

This report was published on October 31, 2022.

Target price is $45.37 Current Price is $33.71 Difference: $11.66
If JHG meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $30.45, suggesting downside of -9.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 EPS of 408.77 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 364.6, implying annual growth of N/A.
Current consensus DPS estimate is 241.6, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 9.2.

Forecast for FY23:

Bell Potter forecasts a full year FY23 EPS of 363.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 307.6, implying annual growth of -15.6%.
Current consensus DPS estimate is 244.7, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 11.0.

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

KAR    KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $2.24

Jarden rates ((KAR)) as Upgrade to Overweight from Underweight (2) –

Karoon Energy reported 1.29mmbbl in the 2Q23, 19% ahead of expectations according to Jarden as a result of the intervention to return wells.

Jarden upgrades FY23 production forecasts to 8.6mmbbl due to higher production from Bauna while positive drilling results suggest further reserve upgrades for Patola.

Earnings forecasts are adjusted 7% for FY23 and -2% for FY24. The target is raised to $2.35 from $2.00 and the rating is upgraded to Overweight from Underweight.

This report was published on October 31, 2022.

Target price is $2.35 Current Price is $2.24 Difference: $0.11
If KAR meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.93, suggesting upside of 30.7%(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 42.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.9, 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 3.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.00 cents and EPS of 40.20 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.0, implying annual growth of 7.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 3.2.

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

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $8.85

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

Ongoing water supply issues in Malaysia impacted on Lynas Rare Earths' production of Rare Earth Oxides (REO) in 1Q23, notes Goldman Sachs.

Both NdPr production and revenue were down by -34% and -44%, respectively, coming in below both consensus and Goldman Sachs forecasts

Goldman Sachs revises earnings forecasts by -15% for FY23 and 3% for FY24 triggering a reduction in the target to $7.45 from $8.10.

A Neutral rating is maintained with the stock viewed as fairly valued.

This report was published on October 28, 2022.

Target price is $7.45 Current Price is $8.85 Difference: minus $1.4 (current price is over target).
If LYC meets the Goldman Sachs target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.13, suggesting downside of -8.1%(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 46.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.3, implying annual growth of -24.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 69.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.9, implying annual growth of 56.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.5.

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


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

JP Morgan highlights Lynas Rare Earths missed volume forecasts for Rare Earth Oxides (REO) and NdRr oxide by -8% and -32%, respectively due to continuing water problems at Kuantan. 

A lower share of the higher value NdPr sales, led to lower than expected pricing and the capital expenditure at Kalgoorlie grew 15% to $75m.

Looking ahead, the resolution of the water supply problems is forecast to improve volumes for the balance of FY23 and the company is expected FY23 production to come in at the same level as FY23.

A Neutral rating and $8.30 target price.

This report was published on October 28, 2022.

Target price is $8.30 Current Price is $8.85 Difference: minus $0.55 (current price is over target).
If LYC meets the JP Morgan target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.13, suggesting downside of -8.1%(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 52.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.3, implying annual growth of -24.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY24:

JP Morgan forecasts a full year FY24 dividend of 0.00 cents and EPS of 67.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.9, implying annual growth of 56.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.5.

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

MCR    MINCOR RESOURCES NL

Nickel – Overnight Price: $1.53

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

First guidance since a restart of production for Mincor Resources revealed FY23 production, exploration and evaluation figures in line with Bell Potter’s previous estimates. Following a significant share price decline in reaction, the rating is upgraded to Buy from Hold.

Production costs and capital costs were higher than the broker’s estimates, and receipts from customers were lower, resulting in a -$24m fall in cash balance, compared to the -$17m expected. The cash balance at the end of the first quarter was $54.8m.

Forecast cost increases are compensated for by increases to Bell Potter’s forecast for Australian Dollar nickel prices.

The analyst reduces the target price by -9.5% to $1.90 after a fall in valuation relating to exploration.

This report was published on October 31, 2022.

Target price is $1.90 Current Price is $1.53 Difference: $0.37
If MCR meets the Bell Potter target it will return approximately 24% (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 12.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.05.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.28.

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

NCM    NEWCREST MINING LIMITED

Gold & Silver – Overnight Price: $18.16

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

A good start to the year for Newcrest Mining included gold production of 527,000 ounces and copper production of 32,000 ounces. Cost headwinds drove a 23% increase in all in sustaining costs quarter-on-quarter, to $1,098 per ounce. 

Shaw and Partners highlights some cost increases were offset by weakening of both the Australian and Canadian dollar, but finds the company on track to meet guidance. 

The Buy rating and target price of $32.00 are retained.

This report was published on October 28, 2022.

Target price is $32.00 Current Price is $18.16 Difference: $13.84
If NCM meets the Shaw and Partners target it will return approximately 76% (excluding dividends, fees and charges).
Current consensus price target is $20.96, suggesting upside of 15.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 31.76 cents and EPS of 144.85 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.0, implying annual growth of N/A.
Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 91.58 cents and EPS of 131.89 cents.
At the last closing share price the estimated dividend yield is 5.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.1, implying annual growth of 14.2%.
Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 16.1.

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

NTO    NITRO SOFTWARE LIMITED

IT & Support – Overnight Price: $2.07

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

Goldman Sachs views Nitro Software's 3Q22 results as strong, reflecting an improvement in the annual recurring revenue (ARR) to US$3.7m from US$2.5m in the previous two quarters.

Management reaffirmed FY22 guidance of 24% to 30% ARR growth and a EBITDA loss of -US$10m to -US$13m.

Goldman Sachs adjusts earnings forecasts by 2% for FY22 and the target is raised to $1.85 from $1.80.

A Buy rating is retained.

This report was published on October 28, 2022.

Target price is $1.80 Current Price is $2.07 Difference: minus $0.27 (current price is over target).
If NTO meets the Goldman Sachs target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 19.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.38.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 12.82 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.15.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


Shaw and Partners rates ((NTO)) as Upgrade to Buy from Hold (1) –

According to Shaw and Partners, Nitro Software demonstrated strong annual recurring revenue growth in the third quarter. Cash burn was steady on the previous quarter, but is anticipated to reduce moving forward. 

The broker highlights the company has reported receiving expressions of interest from several third parties following its rejection of the Potentia takeover bid, and appears to be engaging with interested parties. 

The rating is upgraded to Buy from Hold and the target price increases to $2.20 from $2.00.

This report was published on October 28, 2022.

Target price is $2.20 Current Price is $2.07 Difference: $0.13
If NTO meets the Shaw and Partners target it will return approximately 6% (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 minus 15.53 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.33.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 12.25 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.90.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

OPY    OPENPAY GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.20

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

Increased demand across all verticals saw Openpay Group report a 56% total transaction value increase in the first quarter to a record $114.3m while revenue lifted 87% to $9.7m. 

On an annualised basis, the quarterly result is a miss to Shaw and Partners' anticipated full year total transaction value of $499m, but the broker notes the quarter is typically weaker and a stronger second quarter is underway. 

The Buy rating is retained and the target price decreases to $0.75 from $1.00.

This report was published on October 28, 2022.

Target price is $0.75 Current Price is $0.20 Difference: $0.55
If OPY meets the Shaw and Partners target it will return approximately 275% (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 17.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.15.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 13.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.53.

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.18

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

Shaw and Partners found the release of the Lance uranium project definitive feasibility study to be the highlight of Peninsula Energy's first quarter, and the broker anticipates a final investment decision on the project this quarter. 

The project requires low upfront capital and can be rapidly restarted following the final decision, highlights the broker. Peninsula Energy assumes the project can deliver a steady rate production of 2m pounds per annum from the fourth year. 

The Buy rating and target price of $0.34 are retained.

This report was published on October 28, 2022.

Target price is $0.34 Current Price is $0.18 Difference: $0.155
If PEN meets the Shaw and Partners target it will return approximately 84% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 185.00.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 46.25.

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

PGL    PROSPA GROUP LIMITED

Diversified Financials – Overnight Price: $0.69

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

Positive momentum has seen Prospa Group report record originations in the typically weaker first quarter, up 60% on the previous comparable period to $205.5m. 

Shaw and Partners notes this reflects an annualised run rate of almost $804m, compared to the broker's pre-release forecast of $779m. 

According to Shaw and Partners, both the Australian and New Zealand businesses performed well, with the New Zealand operations now comprising 24% of its total book. The broker finds Prospa Group well positioned for long-term and profitable growth. 

The Buy rating and target price of $1.60 are retained.

This report was published on October 28, 2022.

Target price is $1.60 Current Price is $0.69 Difference: $0.91
If PGL meets the Shaw and Partners target it will return approximately 132% (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 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.83.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.13.

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $8.12

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

Pinnacle Investment Management's 1Q23 trading update showed FUM falling -3.8% over the quarter compared to the same period in 2021, noted Wilsons.

Institutional outflows were worse than expected at -$1.4bn, or -$400m per month, compared to the broker's forecast of net inflows of $325m.

The retail segment reflected better resilience with inflows into ResCap, Hyperion, Matrics, Firetrail, Plato, Pheria, Five V and Langdon, complemented by the addition of 656 new advisers.

Post the update, Wilsons lowers earnings estimates by -5.1% and -8.1% for FY23 and FY24, respectively.

The target is lowered -7.9% to $12.90 from $14 and an Overweight rating is retained.

This report was published on October 31, 2022.

Target price is $12.90 Current Price is $8.12 Difference: $4.78
If PNI meets the Wilsons target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $10.53, suggesting upside of 29.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 33.80 cents and EPS of 42.30 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of -5.0%.
Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 21.3.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 41.00 cents and EPS of 51.30 cents.
At the last closing share price the estimated dividend yield is 5.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.9, implying annual growth of 12.3%.
Current consensus DPS estimate is 37.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 18.9.

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

QAL    QUALITAS LIMITED

Wealth Management & Investments – Overnight Price: $2.45

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

Goldman Sachs considers Qualitas as a major beneficiary of the ongoing transition to non-bank lenders in the domestic financial market and views the company as "one of Australia's largest alternative commercial real estate financiers".

Management hosted the first ever investor day and re-affirmed the Private Credit and Build-to-Rent (BTR) divisions are the central future growth engines.

Qualitas confirmed the trading update at the upcoming November 18 AGM, however Goldman Sachs forecasts the company's capital deployment to reach $1.9bn in FY22 with $1bn already allocated and another $700 approved, as highlighted at the investor update.

A Buy rating and $3.40 target are maintained.

This report was published on October 31, 2022.

Target price is $3.40 Current Price is $2.45 Difference: $0.95
If QAL meets the Goldman Sachs target it will return approximately 39% (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 4.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.22.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 6.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 2.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.85.

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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $2.72

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

At Qube Holdings' Investor Day, management reconfirmed FY23 earnings growth from Logistics and Infrastructure, rather than Ports and Bulk, noted JP Morgan.

Management highlighted the Q1 trading update was better than expected and was achieved in spite of weather issues, covid, China impacts and supply chain problems.

JP Morgan's Overweight rating and $3.70 target are unchanged.

This report was published on October 28, 2022.

Target price is $3.70 Current Price is $2.72 Difference: $0.98
If QUB meets the JP Morgan target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $3.17, suggesting upside of 16.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 6.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.7, implying annual growth of 77.5%.
Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 23.2.

Forecast for FY24:

JP Morgan forecasts a full year FY24 dividend of 7.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of 9.4%.
Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 21.3.

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

REH    REECE LIMITED

Furniture & Renovation – Overnight Price: $14.90

JP Morgan rates ((REH)) as Underweight (5) –

JP Morgan observed that Reece's 1Q23 trading update at the AGM reflected the ongoing impact of higher commodity prices and inflation pass through to prices which is not expected to benefit margins and is forecast to steady in Q2.

Sales benefited from rising inflation, rising 14% in Australia and 33% in the USA, with volume growth of around 5-6% retained in both markets over the quarter.

JP Morgan adjusts EPS forecasts by -2% and -3% for FY23 and FY24, respectively and considers much of the expected growth is already discounted in the share price.

The target price declines -3% to $14.70 from $15.25 and the Underweight rating is retained.

This report was published on October 31, 2022.

Target price is $14.70 Current Price is $14.90 Difference: minus $0.2 (current price is over target).
If REH meets the JP Morgan target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.77, suggesting downside of -0.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 20.00 cents and EPS of 64.30 cents.
At the last closing share price the estimated dividend yield is 1.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.5, implying annual growth of 6.2%.
Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY24:

JP Morgan forecasts a full year FY24 dividend of 20.00 cents and EPS of 62.10 cents.
At the last closing share price the estimated dividend yield is 1.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.0, implying annual growth of -2.3%.
Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 23.7.

Market Sentiment: -0.4
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: $1.58

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

Regis Resources' September quarter gold production and costs were in line with company plans, and Shaw and Partners finds the company on track to meet full year guidance. 

Company commentary suggests inflationary and labour pressures remain elevated and a risk to business, but show signs of stabilising. Shaw and Partners expects cash generation to improve in the second half. 

The Buy rating and target price of $3.10 are retained.

This report was published on October 28, 2022.

Target price is $3.10 Current Price is $1.58 Difference: $1.52
If RRL meets the Shaw and Partners target it will return approximately 96% (excluding dividends, fees and charges).
Current consensus price target is $1.73, suggesting upside of 9.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 7.00 cents and EPS of 6.10 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.90.

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 19.5.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 7.00 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.74.

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 30.4.

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

SND    SAUNDERS INTERNATIONAL LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.11

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

Saunders International has been awarded a $9m contract by Park Fuels for the design and construction of a new 32-litre diesel storage tank at Kooragang Island. The company has a long-standing relationship with Park Fuels, having been previously contracted to construct and refurbish tanks. 

The project positions Saunders International well to take remaining opportunities within the government-backed Boosting Australia’s Diesel Storage Program, according to Shaw and Partners. 

The Buy rating and target of $1.40 are retained.

This report was published on October 28, 2022.

Target price is $1.40 Current Price is $1.11 Difference: $0.29
If SND meets the Shaw and Partners target it will return approximately 26% (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 3.30 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 2.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.37.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 3.60 cents and EPS of 9.20 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.07.

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

SUL    SUPER RETAIL GROUP LIMITED

Automobiles & Components – Overnight Price: $10.15

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

Goldman Sachs highlights the 16-week trading update for the start of FY23 on October 27 from Super Retail reflected a 20% rise in group sales on the previous year, up from 17% in the previous 6-weeks.

The Supercheap, Macpac and Rebel divisions performed ahead of the broker's forecasts. Management remained upbeat about the trading conditions into Christmas.

Looking ahead, the customer loyalty programs and the quality product offering is expected to assist Super Retail in remaining more resilient to macro headwinds than other discretionary retailers, notes the analyst.

The analyst slights adjusts EPS forecasts by -1.7% for FY23 and -0.6% for FY24. A Buy rating is retained and the target is adjusted to $13.90 from $13.80.

This report was published on October 27, 2022.

Target price is $13.90 Current Price is $10.15 Difference: $3.75
If SUL meets the Goldman Sachs target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $12.32, 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 60.00 cents and EPS of 92.00 cents.
At the last closing share price the estimated dividend yield is 5.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.1, implying annual growth of -11.9%.
Current consensus DPS estimate is 59.9, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 61.00 cents and EPS of 93.00 cents.
At the last closing share price the estimated dividend yield is 6.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.4, implying annual growth of -8.2%.
Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 11.7.

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


Jarden rates ((SUL)) as Neutral (3) –

Super Retail reported a strong trading update at the AGM according to Jarden.

Of note, the company achieved 20% sales growth over the period with ongoing strength from Rebel and Super Cheap Auto, while BCF was impacted by increased competition.

Jarden adjusts earnings forecasts by 9% for FY23 but remains concerned by macro headwinds and a slowing in the 2H23.

Neutral rating and the target is lowered to $10.55 from $10.75.

This report was published on October 28, 2022.

Target price is $10.55 Current Price is $10.15 Difference: $0.4
If SUL meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $12.32, 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 58.60 cents and EPS of 101.80 cents.
At the last closing share price the estimated dividend yield is 5.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.1, implying annual growth of -11.9%.
Current consensus DPS estimate is 59.9, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 56.30 cents and EPS of 86.10 cents.
At the last closing share price the estimated dividend yield is 5.55%.
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 86.4, implying annual growth of -8.2%.
Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 11.7.

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

VHT    VOLPARA HEALTH TECHNOLOGIES LIMITED

Medical Equipment & Devices – Overnight Price: $0.65

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

Despite EPS upgrades for FY23/FY24 following favourable currency movements and cost reductions in line with guidance, Bell Potter lowers its target for Volpara Health Technologies to $1.10 from $1.23. The Buy rating is unchanged.

This fall in target follows an increase in the weighted average cost of capital (WACC) applied to the company’s future cash flows, explains the broker.

Second quarter cash flow included record cash receipts that rose by 23% on the previous corresponding period. First half cash receipts increased by 29%.

The net operating cash burn for the six months to 30 September increased by $0.5m to -$6.0m, including -$1.4m in on-off cash disbursements, most of which related to restructuring and redundancies, notes the analyst.

The cash burn should reduce to less than -$2m/quarter from the 4Q onwards, predicts Bell Potter, on increasing customer collections and a lower headcount.

Management expects to be cash flow breakeven in the 4Q of FY24 and profitable in FY25.

This report was published on October 31, 2022.

Target price is $1.10 Current Price is $0.65 Difference: $0.45
If VHT meets the Bell Potter target it will return approximately 69% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.74 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.29.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.64 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 101.25.

This company reports in NZD. 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

WES    WESFARMERS LIMITED

Consumer Products & Services – Overnight Price: $46.42

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

Wesfarmers provided a qualitative trading update at the AGM for sales year-to-date for FY23.

Goldman Sachs assesses the update with Bunnings, Officeworks, WesCEF, Health and OnDigital trading in line with expectations, Kmart is stronger and Catch slower from a reversion from online sales.

The broker acknowledges the strength of the Bunnings business and the investment in OneDigital, but the expected housing slowdown and macro headwinds for the consumer are expected to weigh on the company.

A Sell rating and $38.70 target are retained.

This report was published on October 28, 2022.

Target price is $38.70 Current Price is $46.42 Difference: minus $7.72 (current price is over target).
If WES meets the Goldman Sachs target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $47.95, suggesting upside of 3.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 170.00 cents and EPS of 199.00 cents.
At the last closing share price the estimated dividend yield is 3.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 209.0, implying annual growth of 0.6%.
Current consensus DPS estimate is 177.4, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 22.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 163.00 cents and EPS of 192.00 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 217.2, implying annual growth of 3.9%.
Current consensus DPS estimate is 184.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 21.4.

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


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

The update from Wesfarmers at the AGM confirmed to Jarden the ongoing resilience of the consumer with management stating "spending remains robust" and management is "pleased" with sales to date for FY23.

The comments concur with trading updates from Super Retail ((SUL)) and JB HiFi ((JBH)), notes the broker.

No changes are made to earnings and dividend forecasts and Jarden expects Wesfarmers to benefit from lower freight rates and the positioning to lower value segment of the consumer discretionary market.

An Overweight rating is retained and the target is lowered to $44 from $47.

This report was published on October 28, 2022.

Target price is $44.00 Current Price is $46.42 Difference: minus $2.42 (current price is over target).
If WES meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $47.95, suggesting upside of 3.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 188.00 cents and EPS of 218.90 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 209.0, implying annual growth of 0.6%.
Current consensus DPS estimate is 177.4, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 22.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 194.00 cents and EPS of 225.50 cents.
At the last closing share price the estimated dividend yield is 4.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 217.2, implying annual growth of 3.9%.
Current consensus DPS estimate is 184.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 21.4.

Market Sentiment: -0.2
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: $0.79

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

Canaccord Genuity lowers its target for Westgold Resources to $1.50 from $1.60 after incorporating 1Q results into forecasts and after also factoring-in the effect of lease payments upon cash flow forecasts.

Production results for the 1Q marked a 6% beat versus the broker's forecast.

Management noted higher diesel prices and ongoing increases of key consumables were responsible for a higher all-in sustaining costs (AISC) metric. Guidance for FY23 production and AISC was retained.

The analyst highlights construction will commence on the first of four new gas-fired power stations that will replace the existing six diesel power stations. This initiative is expected to deliver substantial operating cost savings from FY24. Buy.

This report was published on October 28, 2022.

Target price is $1.50 Current Price is $0.79 Difference: $0.715
If WGX meets the Canaccord Genuity target it will return approximately 91% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 1.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.81.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 4.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.14.

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


Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

As part of emerging new trends overseas, The Australian Broker Call *Extra* Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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CHARTS

ABY ACL ANZ ARU CIA CTD DDH EBO FMG GT1 GUD HPG IFL JBH JHG KAR LYC MCR NCM NTO OPY PEN PGL PNI QAL QUB REH RRL SND SUL VHT WBC WES WGX

For more info SHARE ANALYSIS: ABY - ADORE BEAUTY GROUP LIMITED

For more info SHARE ANALYSIS: ACL - AUSTRALIAN CLINICAL LABS LIMITED

For more info SHARE ANALYSIS: ANZ - ANZ GROUP HOLDINGS LIMITED

For more info SHARE ANALYSIS: ARU - ARAFURA RARE EARTHS LIMITED

For more info SHARE ANALYSIS: CIA - CHAMPION IRON LIMITED

For more info SHARE ANALYSIS: CTD - CORPORATE TRAVEL MANAGEMENT LIMITED

For more info SHARE ANALYSIS: DDH - DDH1 LIMITED

For more info SHARE ANALYSIS: EBO - EBOS GROUP LIMITED

For more info SHARE ANALYSIS: FMG - FORTESCUE LIMITED

For more info SHARE ANALYSIS: GT1 - GREEN TECHNOLOGY METALS LIMITED

For more info SHARE ANALYSIS: GUD - G.U.D. HOLDINGS LIMITED

For more info SHARE ANALYSIS: HPG - HIPAGES GROUP HOLDINGS LIMITED

For more info SHARE ANALYSIS: IFL - INSIGNIA FINANCIAL LIMITED

For more info SHARE ANALYSIS: JBH - JB HI-FI LIMITED

For more info SHARE ANALYSIS: JHG - JANUS HENDERSON GROUP PLC

For more info SHARE ANALYSIS: KAR - KAROON ENERGY LIMITED

For more info SHARE ANALYSIS: LYC - LYNAS RARE EARTHS LIMITED

For more info SHARE ANALYSIS: MCR - MINCOR RESOURCES NL

For more info SHARE ANALYSIS: NCM - NEWCREST MINING LIMITED

For more info SHARE ANALYSIS: NTO - NITRO SOFTWARE LIMITED

For more info SHARE ANALYSIS: OPY - OPENPAY GROUP LIMITED

For more info SHARE ANALYSIS: PEN - PENINSULA ENERGY LIMITED

For more info SHARE ANALYSIS: PGL - PROSPA GROUP LIMITED

For more info SHARE ANALYSIS: QAL - QUALITAS LIMITED

For more info SHARE ANALYSIS: QUB - QUBE HOLDINGS LIMITED

For more info SHARE ANALYSIS: REH - REECE LIMITED

For more info SHARE ANALYSIS: RRL - REGIS RESOURCES LIMITED

For more info SHARE ANALYSIS: SND - SAUNDERS INTERNATIONAL LIMITED

For more info SHARE ANALYSIS: SUL - SUPER RETAIL GROUP LIMITED

For more info SHARE ANALYSIS: VHT - VOLPARA HEALTH TECHNOLOGIES LIMITED

For more info SHARE ANALYSIS: WBC - WESTPAC BANKING CORPORATION

For more info SHARE ANALYSIS: WES - WESFARMERS LIMITED

For more info SHARE ANALYSIS: WGX - WESTGOLD RESOURCES LIMITED