Australian Broker Call *Extra* Edition – Nov 11, 2022

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

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

5GG   AIM   AMA   ARB   ART   B4P   BC8   BCI   BUB   CRN (2)   CXL   DRE   ILU (2)   JHG   JIN   MCR   MMI   MOZ   MQG   MYX   NIC   NTO   PMV   PPE   PPH   RMD (3)   RPL   SKC   SLA   SND   TNT  

5GG    PENTANET LIMITED

Telecommunication – Overnight Price: $0.29

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

Bell Potter lowers its target for Pentanet to 44c from 48c following a relatively flat 1Q update, impacted by a slower subscription uptake as the network performance was interrupted for the neXus rollout.

The company is attempting to bring a world-first mesh network to market, the broker comments.

The broker still assumes a successfully-scaled rollout for that network and cloud gaming services, and maintains its Speculative Buy rating. 

The analyst points to an improvement in operating cash outflows improving to -$1.0m (from -$1.9m in the 4Q of FY22), following a cut back in corporate and staff costs.

This report was published on November 1, 2022.

Target price is $0.44 Current Price is $0.29 Difference: $0.15
If 5GG meets the Bell Potter target it will return approximately 52% (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 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.15.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.13.

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

AIM    AI-MEDIA TECHNOLOGIES LIMITED

Commercial Services & Supplies – Overnight Price: $0.36

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

First quarter results for Ai-Media Technologies' result were slightly below Bell Potter’s expectations with revenues declining by -5% year-on-year. 

The analyst believes holiday seasonality impacted captioning volumes, along with cannibalisation of premium services revenue. While the latter was partially offset by currency movements, FY23-FY25 EPS forecasts are lowered by -8%, -10% and -10%, respectively.

After the broker incorporates these lower EPS forecasts into its financial model, and also increases its weighted average cost of capital (WACC) assumption, the target falls to 60c from 70c. The Buy rating is unchanged.

This report was published on November 1, 2022.

Target price is $0.60 Current Price is $0.36 Difference: $0.235
If AIM meets the Bell Potter target it will return approximately 64% (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 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.18.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 182.50.

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

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.27

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

Bell Potter makes no changes to earnings forecasts for AMA Group, following 1Q results.

Repair volumes were similar to the 4Q of FY22, notes the analyst, and new higher pricing, outside of Capital SMART, went “live” across the network in the 1Q. 

Management reaffirmed its FY23 and FY24 earnings (EBITDA) guidance of $70-90m and $120-140m, respectively.

An increase in price target to 25c from 24c is driven by time creep in the analyst’s discounted cashflow calculation. As this new target is only slightly above the current share price, the Hold rating remains.

This report was published on November 1, 2022.

Target price is $0.25 Current Price is $0.27 Difference: minus $0.02 (current price is over target).
If AMA meets the Bell Potter target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.00.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 135.00.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $27.01

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

Wilsons views the trading update by ARB Corp at the AGM as "mixed" with a more upbeat performance from the domestic aftermarket segment in the 1Q23 offset by a -19% decline in exports from a fall-off in sales to the largest North American customer.

No earnings guidance was offered, and 1Q23 sales declined -10% while rising costs continued to weigh on margins. Earnings forecasts are revised down by -5.6% for FY23 and -4.8% for FY24.

An Overweight rating is retained and the target lowered to reflect the updated forecasts to $34.24 from $38.96.

This report was published on November 1, 2022.

Target price is $34.24 Current Price is $27.01 Difference: $7.23
If ARB meets the Wilsons target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $33.53, suggesting upside of 24.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 71.00 cents and EPS of 131.30 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 131.1, implying annual growth of -12.2%.
Current consensus DPS estimate is 65.8, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 65.00 cents and EPS of 145.80 cents.
At the last closing share price the estimated dividend yield is 2.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.0, implying annual growth of 8.3%.
Current consensus DPS estimate is 72.3, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 19.0.

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

ART    AIRTASKER LIMITED

Online media & mobile platforms – Overnight Price: $0.33

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

Shaw and Partners found Airtasker's first quarter result positive, with the company reporting a 17% quarter-on-quarter revenue increase.

The broker highlights Oneflare was a key contributor to the result, with the company noting the acquisition is tracking ahead of expectations.

The broker feels Airtasker is at a significant inflection point in terms of scale, expansion and earnings. Shaw and Partners expects the company could offer solid value, while successful execution of strategy and growth in the US and UK markets could offer significant upside.

The Buy rating and target price of $0.50 are retained.

This report was published on October 31, 2022.

Target price is $0.50 Current Price is $0.33 Difference: $0.17
If ART meets the Shaw and Partners target it will return approximately 52% (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 3.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.31.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.33.

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

B4P    BEFOREPAY GROUP LIMITED

Diversified Financials – Overnight Price: $0.36

Shaw and Partners rates ((B4P)) as Buy (1) –

A strong quarterly update from Beforepay Group has beaten Shaw and Partners' expectations. Company commentary suggests it is on track towards profitability following a strong increase in net transaction margin. 

Pay Advances lifted 153% on the previous comparable period and 30% quarter-on-quarter to $139.2m, while active users increased 52% to 185,000. 

Shaw and Partners expects FY23 to continue positively and the company to report further improvements throughout the year. The Buy rating and target price of $1.50 are retained.

This report was published on October 31, 2022.

Target price is $1.50 Current Price is $0.36 Difference: $1.14
If B4P meets the Shaw and Partners target it will return approximately 317% (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 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.25.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.00.

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

BC8    BLACK CAT SYNDICATE LIMITED

Gold & Silver – Overnight Price: $0.32

Shaw and Partners rates ((BC8)) as Buy (1) –

Further drilling from Black Cat Syndicate's Coyote gold operations has intercepted further high-grade mineralisation in the Axial Core Zone and extended mineralisation at the Kavanagh resource. 

The company has outlined plans to bring Coyote, Paulsens and Kal East into production in coming years, and on these plans alone Shaw and Partners feels the stock is trading below fair value.

Both Coyote and Paulsens offer exciting exploration upside according to the broker. The Buy rating and target price of $0.77 are retained. 

This report was published on October 31, 2022.

Target price is $0.77 Current Price is $0.32 Difference: $0.455
If BC8 meets the Shaw and Partners target it will return approximately 144% (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 3.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.75.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.16.

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

BCI    BCI MINERALS LIMITED

Iron Ore – Overnight Price: $0.23

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

Earnings from BCI Minerals' Iron Valley project marked a beat compared to Bell Potter’s forecast, despite a -25% fall in the 62% Fe benchmark price, which was partially offset by higher quarterly sales volumes.

The analyst increases capital expenditure assumptions for the Mardie Salt & Potash Project by -20% due to ongoing supply chain disruptions and inflation impacts on material and labour.

Also, a lower Australian dollar forecast increases the value of imported construction material.

The broker’s target price falls to 46c from 50c, largely resulting from changes to forward Iron Valley production assumptions, and updated iron ore price and currency levels.

This report was published on November 1, 2022.

Target price is $0.46 Current Price is $0.23 Difference: $0.23
If BCI meets the Bell Potter target it will return approximately 100% (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 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 57.50.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.52.

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

BUB    BUBS AUSTRALIA LIMITED

Dairy – Overnight Price: $0.37

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

After assessing a -$22m miss versus expectations for 1Q infant milk formula (IMF) revenue, Bell Potter adopts greater caution around near-term revenue and earnings growth forecasts.

Hesitant China IMF commentary and peer group comments on the competitive landscape in the US were also noted by the analyst.

The broker's rating for Bubs Australia is decreased to Hold from Buy and the target slashed to 45c from 75c on revenue downgrades and higher marketing costs. Earnings (EBITDA) forecasts for FY23-25 fall by -98%, -61% and -50%, respectively.

The analyst had expected greater 1Q revenues from completion of the original AZ Global Bub’s Supreme purchase order and ongoing US inventory fill.

This report was published on November 1, 2022.

Target price is $0.45 Current Price is $0.37 Difference: $0.08
If BUB meets the Bell Potter target it will return approximately 22% (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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 123.33.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 185.00.

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $1.95

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

High 3Q price realisation for Coronado Global Resources offset weaker volumes to deliver quarterly earnings of US$224m, ahead of the US$201m estimate by Bell Potter. The group's realised met coal price of US$253/t proved a beat versus the forecast of US$188/t.

The analyst highlights US operations performed strongly, while production at Curragh was weaker than expected following September’s wet weather.

A US13c unfranked special dividend was declared and an offer was made to repurchase up to US$200m in senior unsecured notes.

The broker expects strong free cash flow as a result of its met coal price forecast, and a strong dividend yield from a return of surplus funds to shareholders over time.

The Buy rating is unchanged, while the target eases to $2.10 from $2.20.

This report was published on November 1, 2022.

Target price is $2.10 Current Price is $1.95 Difference: $0.15
If CRN meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.48, suggesting upside of 26.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 79.41 cents and EPS of 96.66 cents.
At the last closing share price the estimated dividend yield is 40.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.8, implying annual growth of N/A.
Current consensus DPS estimate is 72.4, implying a prospective dividend yield of 37.1%.
Current consensus EPS estimate suggests the PER is 2.2.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 58.88 cents and EPS of 48.62 cents.
At the last closing share price the estimated dividend yield is 30.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.9, implying annual growth of -15.8%.
Current consensus DPS estimate is 54.0, implying a prospective dividend yield of 27.7%.
Current consensus EPS estimate suggests the PER is 2.6.

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

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

Another weather impacted quarter saw Coronado Global Resources deliver saleable coal of 4.1m tonnes, underpinning the company's decision to again lower full year production to 16.9-17.1m tonnes. 

Goldman Sachs highlights updated guidance assumes record fourth quarter production from Curragh equivalent to an annual run rate above 17m tonnes, despite ongoing weather impacts.

Unit cost guidance was increased to US$81-83 per tonne, currently averaged US$88 per tonne for the year. The Buy rating is retained and the target price decreases to $2.20 from $2.25.

This report was published on November 1, 2022.

Target price is $2.20 Current Price is $1.95 Difference: $0.25
If CRN meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.48, suggesting upside of 26.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 74.14 cents and EPS of 82.69 cents.
At the last closing share price the estimated dividend yield is 38.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.8, implying annual growth of N/A.
Current consensus DPS estimate is 72.4, implying a prospective dividend yield of 37.1%.
Current consensus EPS estimate suggests the PER is 2.2.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 25.66 cents and EPS of 15.68 cents.
At the last closing share price the estimated dividend yield is 13.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.9, implying annual growth of -15.8%.
Current consensus DPS estimate is 54.0, implying a prospective dividend yield of 27.7%.
Current consensus EPS estimate suggests the PER is 2.6.

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

CXL    CALIX LIMITED

Mining Sector Contracting – Overnight Price: $4.69

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

Calix's subsidiary Leilac has signed a perpetual global license agreement with Heidelberg Materials for the use of its decarbonisation technology, and the company subsequently announced a $60m institutional placement and $20m share purchase plan to raise funds to accelerate the commercialisation of its technology platform.

Accounting for this update, as well as the news the Australian government will not proceed with its the Carbon Capture, Use and Storage Hubs and Technologies Program, Shaw and Partners has revised its forecasts.

The broker expects a long series of catalysts could drive valuation upwards. The Buy rating is retained and the target price decreases to $6.00 from $8.50.

This report was published on October 31, 2022.

Target price is $6.00 Current Price is $4.69 Difference: $1.31
If CXL meets the Shaw and Partners target it will return approximately 28% (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 8.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 52.70.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 6.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 68.97.

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

DRE    DREADNOUGHT RESOURCES LIMITED

Mining – Overnight Price: $0.10

Bell Potter rates ((DRE)) as Initiation of coverage with Speculative Buy (1) –

Bell Potter initiates coverage on Dreadnought Resources, which is rapidly advancing the Yin Rare Earths discovery at the 100%-owned Mangaroon project in WA.

The broker begins with a 20c price target and Speculative Buy rating.

Should the broker’s resource estimate prove correct and other growth opportunities eventuate, value should derive from the development of a concentrate-style operation.

Alternatively, the analyst envisages a strategic sale or takeover from a company like Iluka Resources ((ILU)).

Bell Potter lists various near-term catalysts including assay results from the Sabre RC drill program in November and a maiden mineral resource estimate on the Yin project by the end of 2022.

This report was published on November 1, 2022.

Target price is $0.20 Current Price is $0.10 Difference: $0.101
If DRE meets the Bell Potter target it will return approximately 102% (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 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.41.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.41.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $9.04

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

Iluka Resources reported 3Q22 results which reflected a delayed shipment arising port congestion in Western Australia and mineral sands revenues declined -32% over the previous quarter, only -3% below Goldman Sachs estimates.

The sale of Sierra Rutile pulled down sales volumes by -42% for the period, however, the result was in line with consensus and the broker.

Goldman Sachs' earnings forecasts are tweaked for higher operating costs and EPS estimates are lowered by -1% for FY23 and -5% for FY24.

The price target is adjusted to $12.50 from $12.90 and the Buy rating is retained.

This report was published on October 31, 2022.

Target price is $12.50 Current Price is $9.04 Difference: $3.46
If ILU meets the Goldman Sachs target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $10.77, suggesting upside of 19.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 42.00 cents and EPS of 136.00 cents.
At the last closing share price the estimated dividend yield is 4.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 121.2, implying annual growth of 40.2%.
Current consensus DPS estimate is 39.4, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 20.00 cents and EPS of 113.00 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 8.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.8, implying annual growth of -19.3%.
Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 9.2.

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

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

Iluka Resources reported September quarter production of 153,800 tonnes, a quarter-on-quarter decline from 200,100 tonnes.

Shaw and Partners highlights prices are holding for now, with the company achieving an average zircon price of US$2,038 and a rutile price of US$1,654, up 10% and 12% year-on-year respectively. 

The broker described Iluka Resources' market view as better than expected but not as buoyant as its first half update in the previous year amid industry wide reports of softer demand.

The Buy rating and target price of $12.00 are retained.

This report was published on October 31, 2022.

Target price is $12.00 Current Price is $9.04 Difference: $2.96
If ILU meets the Shaw and Partners target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $10.77, suggesting upside of 19.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 51.00 cents and EPS of 105.70 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 121.2, implying annual growth of 40.2%.
Current consensus DPS estimate is 39.4, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 49.00 cents and EPS of 111.10 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.8, implying annual growth of -19.3%.
Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 9.2.

Market Sentiment: 0.5
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: $35.41

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

Post the better than expected 3Q22 Janus Henderson update, Jarden raises EPS forecasts by 9.8% and 3.9% for FY23 and FY24.

Lower costs (marketing and general admin), alongside higher AUM boosted the results and some -$40-$50m in cost savings are expected to be reinvested to grow the business.

The target is raised to $19.90 from $18.15. Underweight rating is retained as the company continues to trade at a premium to its long term average valuation.

This report was published on October 31, 2022.

Target price is $19.90 Current Price is $35.41 Difference: minus $15.51 (current price is over target).
If JHG meets the Jarden target it will return approximately minus 44% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $30.45, suggesting downside of -14.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 222.41 cents and EPS of 333.76 cents.
At the last closing share price the estimated dividend yield is 6.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 367.5, implying annual growth of N/A.
Current consensus DPS estimate is 243.4, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 222.41 cents and EPS of 233.11 cents.
At the last closing share price the estimated dividend yield is 6.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 310.0, implying annual growth of -15.6%.
Current consensus DPS estimate is 246.6, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 11.4.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $13.91

Wilsons rates ((JIN)) as Initiation of coverage with Overweight (1) –

Wilsons initiates coverage of Jumbo Interactive with an Overweight rating and a $17.50 target.

Jumbo Interactive has a strategic goal of growing its market share with the charity lottery business in Australia, the UK and Canada as well as the 10-year agreement with The Lottery Corporation ((TLC) as an online reseller of Australian national draw lottery tickets.

Based on this business model, Wilsons forecasts the company can grow at a compound average rate of 12% between FY22 and FY25 at the EBITDA level.

The broker views the global growth strategy as positive alongside the growth in the digital lottery market. Overweight rating and a $17.50 target.

This report was published on November 1, 2022.

Target price is $17.50 Current Price is $13.91 Difference: $3.59
If JIN meets the Wilsons target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $17.41, suggesting upside of 25.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 36.70 cents and EPS of 49.30 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.3, implying annual growth of 17.0%.
Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 42.70 cents and EPS of 56.70 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.1, implying annual growth of 16.8%.
Current consensus DPS estimate is 51.9, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 20.4.

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

MCR    MINCOR RESOURCES NL

Nickel – Overnight Price: $1.66

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

Incorporating 12,500 tonnes of contained nickel from the recent LNO4a discovery, Mincor Resources has issued a resource update for Kambalda North.

The company also provided maiden production guidance for FY23 of 8-10,000 tonnes, which did miss Shaw and Partners' more optimistic forecast. 

An -18% share price decline in reaction was overdone according to the broker. Shaw and Partners downgrades FY23 metrics on a slower ramp up, but retains its outlook for FY24 and FY25. 

The Buy rating is retained and the target price decreases to $2.30 from $2.38.

This report was published on October 31, 2022.

Target price is $2.30 Current Price is $1.66 Difference: $0.64
If MCR meets the Shaw and Partners target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 3.00 cents and EPS of 5.50 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.18.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 8.00 cents and EPS of 23.70 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.00.

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

MMI    METRO MINING LIMITED

Coal – Overnight Price: $0.02

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

A "much better quarter" from Metro Mining according to Shaw and Partners, with the company making a return to positive earnings.

The broker sees significant room for improvement in the coming quarter, and estimates site earnings will lift to $16m from $0.3m in the September quarter. 

With bauxite prices rising, costs declining, and freight rates largely locked in, Shaw and Partners considers Metro Mining's 2023 and 2024 outlook to be strong. 

The Buy rating and target price of $0.06 are retained.

This report was published on October 31, 2022.

Target price is $0.06 Current Price is $0.02 Difference: $0.043
If MMI meets the Shaw and Partners target it will return approximately 253% (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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.40.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.13.

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

MOZ    MOSAIC BRANDS LIMITED

Apparel & Footwear – Overnight Price: $0.33

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

Mosaic Brands' trading update alongside the 4C reflected an improvement in store foot traffic and 1Q23 sales seem to be ahead of Wilsons forecasts.

The company remains committed to delivering 2-3 new Big Stores as part of the strategy before Christmas and the larger stores can supply top brands such as Nike, Adidas etc.

The Market Weight rating is retained and the target price increases to $0.33 from $0.32.

This report was published on October 31, 2022.

Target price is $0.33 Current Price is $0.33 Difference: $0
If MOZ meets the Wilsons target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.71.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.02.

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

MQG    MACQUARIE GROUP LIMITED

Wealth Management & Investments – Overnight Price: $169.79

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

Macquarie Group reported 1H23 results which came in 6% above consensus and Goldman Sachs forecasts.

The broker is of the view the strength in the diversity of Macquarie Group's business model was on display, with the commodities division boosting group performance.

Management provided detailed guidance with ongoing strength in commodities and longer term growth supported by the Private Markets pipeline.

Earnings forecasts are adjusted by 1.2% for FY23 and 0.3% for FY24. Neutral weighting is retained and the target rises to $188.35 from $184.58.

This report was published on October 31, 2022.

Target price is $188.35 Current Price is $169.79 Difference: $18.56
If MQG meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $189.88, suggesting upside of 6.4%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 600.00 cents and EPS of 1070.00 cents.
At the last closing share price the estimated dividend yield is 3.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1111.9, implying annual growth of -12.6%.
Current consensus DPS estimate is 627.4, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 620.00 cents and EPS of 1108.00 cents.
At the last closing share price the estimated dividend yield is 3.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1110.1, implying annual growth of -0.2%.
Current consensus DPS estimate is 650.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 16.1.

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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.28

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

As expected by Wilsons, Mayne Pharma announced a $113m capital return to shareholders from the sale of Metrics Contract Services.

The bulk of the US$475m in capital received will be used to retire debt, which stands at $342m.

The shareholder capital payment consists of a fully franked special dividend of $0.0272 per share and a return of $0.0388 per share to be paid on January 27, 2023.

Mayne Pharma's AGM on November 30 will provide a further update and approval will be sought for a 1:20 share consolidation.

The $0.56 target and Overweight rating are retained.

This report was published on October 31, 2022.

Target price is $0.56 Current Price is $0.28 Difference: $0.285
If MYX meets the Wilsons target it will return approximately 104% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 5.70 cents and EPS of minus 2.40 cents.
At the last closing share price the estimated dividend yield is 20.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.46.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.19.

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

NIC    NICKEL INDUSTRIES LIMITED

Nickel – Overnight Price: $0.85

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

Production of nickel metal in nickel pig iron (NPI) for the 3Q was 2% above Bell Potter’s forecast. 

Quarter-on-quarter production growth of 30% was driven by a successful ongoing ramp-up at the Angel Nickel project, explains the analyst, and improved performances at the Hengjaya Nickel and Ranger Nickel nickel processing operations.

Costs fell by -6% due to lower power costs, lower nickel ore prices and lower thermal coal prices, though Bell Potter explains gains were more than offset by -20% lower NPI prices.

Higher NPI production and lower costs lift the broker’s 2023 earnings forecast by 3% and the target rises to $1.71 from $1.68. Buy.

This report was published on November 1, 2022.

Target price is $1.71 Current Price is $0.85 Difference: $0.86
If NIC meets the Bell Potter target it will return approximately 101% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 4.28 cents and EPS of 10.41 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.17.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 9.98 cents and EPS of 23.95 cents.
At the last closing share price the estimated dividend yield is 11.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.55.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
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: $2.05

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

Bell Potter alters its key valuation assumptions to reflect the potential emergence of a bidding war for Nitro Software, which lifts its target price to $2.20 from $1.80. Hold.

While the board has rejected an increased Potentia takeover offer of $1.80/share, a new bid by US-based Alludo has landed, offering $2.00/share via a Scheme of Arrangement.

The broker now questions whether Potentia will raise its offer to $2.00/share or higher, given the board previously indicated a willingness to engage at such a level.

This report was published on November 1, 2022.

Target price is $2.20 Current Price is $2.05 Difference: $0.15
If NTO meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 18.68 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.98.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 12.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.53.

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

PMV    PREMIER INVESTMENTS LIMITED

Apparel & Footwear – Overnight Price: $24.36

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

Premier Investments reported a "strong" start to the first 12-weeks of trading in the 1H23, according to Goldman Sachs.

Sales grew 42.8% compared to the 1H22 and 21.7% over the same period a year earlier and were much better than the broker's forecasts of 4.4% and 9.8% for the same periods, respectively.

Goldman Sachs remains cautious on the outlook, in particular the Peter Alexander brand with growing macro headwinds.

A Neutral rating and $21.40 target with the share price likely to be supported by the on-market buybacks.

This report was published on October 31, 2022.

Target price is $21.40 Current Price is $24.36 Difference: minus $2.96 (current price is over target).
If PMV meets the Goldman Sachs target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $25.72, suggesting upside of 1.6%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 133.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.3, implying annual growth of -20.1%.
Current consensus DPS estimate is 100.9, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 119.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.7, implying annual growth of -0.4%.
Current consensus DPS estimate is 106.4, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.7.

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

PPE    PEOPLEIN LIMITED

Jobs & Skilled Labour Services – Overnight Price: $3.20

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

At the recent Investor day, PeopleIN provided an update on the FY23-FY25 strategy and current market conditions, offered by the CEO's of the three divisions.

The company noted market conditions remain positive due to the tight labour markets, with H&C impacted by the shortage in nursing staff, which may motivate PeopleIN to expand its international health network via an acquisition

Management did not offer a "formal" trading update at the Investor Day, although FY23 EBITDA of $62-$66m was retained. 

Wilsons awaits the AGM on November for a further update. The Overweight rating is retained and the target price lowers to $5.17 from $5.30.

This report was published on November 1, 2022.

Target price is $5.17 Current Price is $3.20 Difference: $1.97
If PPE meets the Wilsons target it will return approximately 62% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 23.00 cents and EPS of 27.30 cents.
At the last closing share price the estimated dividend yield is 7.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.72.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 19.10 cents and EPS of 33.10 cents.
At the last closing share price the estimated dividend yield is 5.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.67.

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

PPH    PUSHPAY HOLDINGS LIMITED

Software & Services – Overnight Price: $1.17

Jarden rates ((PPH)) as Downgrade to Neutral from Overweight (3) –

Pushpay Holdings pre-released 1H23 results, reflecting "disappointing revenue growth" and a cut in FY23 guidance, highlights Jarden.

The company has also agreed to the cash takeover offer of NZ$1.34 per share by Sixth Sense and BGH Capital with the board recommending the offer, subject to the independent Adviser's valuation or a higher bid.

Assuming shareholder and other approvals are met, the deal is scheduled for the first quarter of 2023.

Jarden adjusts the target to NZ$1.34 (the offer price) from NZ$1.50 and the rating is downgraded to Neutral from Overweight.

This report was published on November 1, 2022.

Current Price is $1.17. Target price not assessed.
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.14 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.30.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.56 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.65.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $33.02

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

Goldman Sachs observes that ResMed reported 1Q23 results into a market with high expectations which could not be met.

The broker assesses the earnings as mixed with strength in Card-to-Cloud systems in the US but "disappointing" in the rest-of-the-world.

Of note, gross margins did not improve as much as expected and remain below covid levels, with foreign exchange headwinds impacting as well as the product mix.

Earnings forecasts are adjusted by -2.*% and -3.8% for FY23 and FY24, but Goldman Sachs anticipates the competitor recalls will provide longer term positive tailwinds.

A Buy rating is retained and the target is adjusted to $35.80 from $36.80.

This report was published on October 31, 2022.

Target price is $35.80 Current Price is $33.02 Difference: $2.78
If RMD meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $36.63, suggesting upside of 10.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 24.24 cents and EPS of 86.97 cents.
At the last closing share price the estimated dividend yield is 0.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.6, implying annual growth of N/A.
Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 32.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 25.66 cents and EPS of 99.80 cents.
At the last closing share price the estimated dividend yield is 0.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.3, implying annual growth of 16.4%.
Current consensus DPS estimate is 29.7, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 27.9.

This company reports in USD. 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

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

Jarden points to a -2% earnings miss in the ResMed 1Q23 results compared to consensus and -9% for its own forecast, with a strong US performance offset by a -10% fall on the previous corresponding period in the rest of the world.

Gross margins were also under pressure alongside FX impact which provided for a -$36m revenue hit.

Jarden adjusts forecast EPS by -8.4% for FY23 and -5.8% for FY24, but remains upbeat about the company's outlook as supply chain problems ease, and market share improves for both masks and devices.

An Overweight rating is retained and the target is lowered to $34.56 from $35.90.

This report was published on October 31, 2022.

Target price is $34.56 Current Price is $33.02 Difference: $1.54
If RMD meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $36.63, suggesting upside of 10.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 250.93 cents and EPS of 941.55 cents.
At the last closing share price the estimated dividend yield is 7.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.6, implying annual growth of N/A.
Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 32.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 273.74 cents and EPS of 1101.08 cents.
At the last closing share price the estimated dividend yield is 8.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.3, implying annual growth of 16.4%.
Current consensus DPS estimate is 29.7, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 27.9.

This company reports in USD. 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

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

Wilsons views the 1Q23 earnings update as an in-line result with sales boosted from US flow generators, up 22%, masks and accessories up 5% and SaaS up 9% over the previous period.

Earnings forecasts are under review but Wilsons does not expect any major changes. An Overweight rating and a $38.75 target.

This report was published on October 31, 2022.

Target price is $38.75 Current Price is $33.02 Difference: $5.73
If RMD meets the Wilsons target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $36.63, suggesting upside of 10.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 24.67 cents and EPS of 94.10 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.6, implying annual growth of N/A.
Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 32.5.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 25.24 cents and EPS of 109.35 cents.
At the last closing share price the estimated dividend yield is 0.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.3, implying annual growth of 16.4%.
Current consensus DPS estimate is 29.7, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 27.9.

This company reports in USD. 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

RPL    REGAL PARTNERS LIMITED

Wealth Management & Investments – Overnight Price: $3.01

Shaw and Partners rates ((RPL)) as Initiation of coverage with Buy (1) –

Initiating on alternatives asset manager Regal Partners, Shaw and Partners highlights alternatives currently account for just 8% of total pension funds under management, but expected to grow and take share. 

Shaw and Partners sees potential for Regal Partners to reach $25bn in funds under management by 2030, noting the company's strong track record. The broker considers the stock a significant multi-return investment opportunity.

The broker initiates with a Buy rating and a target price of $5.88.

This report was published on October 31, 2022.

Target price is $5.88 Current Price is $3.01 Difference: $2.87
If RPL meets the Shaw and Partners target it will return approximately 95% (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 3.10 cents and EPS of 16.20 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.58.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 11.60 cents and EPS of 23.10 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.03.

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

SKC    SKYCITY ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $2.57

Jarden rates ((SKC)) as Buy (1) –

SkyCity Entertainment reported a "strong" trading update for the 1Q23, notes Jarden.

The group experienced a robust recovery in hospitality sites and gaming in both Auckland and Hamilton, with Adelaide reporting record 1Q revenues and EBITDA recorded a lift to 10% above pre-covid levels.

Jarden highlights management's cautious outlook given the potential macro headwinds, but upgrades EPS forecasts by 8% and 6% for FY23 and FY24, respectively off the back of the 1Q23 update.

Buy rating and the target is adjusted to NZ$3.40 from NZ$3.35.

This report was published on October 31, 2022.

Current Price is $2.57. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 12.84 cents and EPS of 15.32 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.78.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 15.59 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 6.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.52.

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

SLA    SILK LASER AUSTRALIA LIMITED

Healthcare services – Overnight Price: $2.26

Taylor Collison rates ((SLA)) as Initiation of coverage with Outperform & Accumulate (2) –

Late last month, Taylor Collison initiated coverage on Silk Laser Australia, the second largest provider of non-invasive medical aesthetics in A&NZ, with an Outperform rating. No target price is set.

The broker likes the less discretionary nature of the injectables and body service markets, which are considered an essential part of many women’s beauty routines. Another positive is expansion plans in A&NZ are capable of being self-funded.

Contrary to wider industry practice, the company locks in high-performing-nurse injectors by allowing them to buy into their clinic through a joint venture. This approach recognises customer loyalty towards the nurse over an individual brand.

Silk Laser Australia currently has 127 clinics through the Silk, Australian Skin Clinics and The Cosmetic Clinic brands.

This report was published on October 25, 2022.

Current Price is $2.26. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Taylor Collison forecasts a full year FY23 dividend of 0.00 cents and EPS of 16.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.04.

Forecast for FY24:

Taylor Collison forecasts a full year FY24 dividend of 0.00 cents and EPS of 18.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.02.

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: $1.13

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 $1.13 Difference: $0.27
If SND meets the Shaw and Partners target it will return approximately 24% (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 2.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.61.

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 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.28.

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

TNT    TESSERENT LIMITED

IT & Support – Overnight Price: $0.11

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

Tesserent has delivered strong growth in a typically weaker quarter according to Shaw and Partners. Company commentary suggests recent cybersecurity incidents have had positive impacts on engagement levels from existing and prospective customers. 

The company claims these cybersecurity breaches have reflected an increasing market need for cybersecurity capabilities, and new pipeline opportunities have increased significantly. 

The Buy rating and target price of $0.22 are retained.

This report was published on October 31, 2022.

Target price is $0.22 Current Price is $0.11 Difference: $0.11
If TNT meets the Shaw and Partners target it will return approximately 100% (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 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.75.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.22.

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

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