Australian Broker Call *Extra* Edition – Dec 21, 2022

This story features ADBRI LIMITED, and other companies. For more info SHARE ANALYSIS: ABC

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)

ABC   APZ   BGA   BSL   BXB   CAR   CCX   CHN   CQR   DHG   ELD   FBU (2)   GL1   GOZ   HLI   MIN   NXD   OCC   PEN   PSQ   REA   RWC   SEK   SGM   SGR   SLX   SPK   STX  

ABC    ADBRI LIMITED

Building Products & Services – Overnight Price: $1.61

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

Adbri has completed anticipated land sales at Moorebank, New South Wales, and Kewdale, Western Australia, generating cash proceeds of $57m and $6m respectively. Goldman Sachs has lifted its FY22 earnings outlook 28%, largely on land sale profits. 

The company also provided an update on the Kwinana upgrade project, with costs having been revised higher to $279m from $199m. With $94m spent to date, Goldman Sachs feels the company is tracking behind full year anticipated spend of $150m. 

The Neutral rating and target price of $1.80 are retained.

This report was published on December 21, 2022.

Target price is $1.80 Current Price is $1.61 Difference: $0.19
If ABC meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $1.60, suggesting downside of -3.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 11.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 6.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of -16.7%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 10.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 6.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.4, implying annual growth of 3.4%.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 10.7.

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

APZ    ASPEN GROUP LIMITED

Real Estate – Overnight Price: $1.88

Moelis rates ((APZ)) as Buy (1) –

Aspen Group has announced the acquisition of a 13.7% stake in Eureka Group ((EGH)) at a cost of $16.1m. Moelis finds the purchase to be complementary to Aspen Group's existing affordable accommodation operations, with Eureka Group owning and operating affordable retirement villages across Australia.

The acquisition also broadens Aspen's exposure to new regions in Queensland, New South Wales and Tasmania. Moelis finds the acquisition consistent with Aspen's track record of securing assets at attractive valuations.

The Buy rating is retained and the target price increases to $2.13 from $2.11.

This report was published on December 19, 2022.

Target price is $2.13 Current Price is $1.88 Difference: $0.255
If APZ meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.00 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.38.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 7.30 cents and EPS of 11.10 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.89.

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

BGA    BEGA CHEESE LIMITED

Dairy – Overnight Price: $3.64

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

Goldman Sachs downgrades Bega Cheese's EPS forecasts -4.1% in FY23; -6.7% in FY24; and -3.7% in FY23 to reflect continued cost increases.

Higher interest rates combined with the timing of retail price increase (the Australian Food and Grocery Code of Conducts requires three months' notice) and year-to-date Australian milk production have all conspired to place a lid on returns, says the broker.

Goldman Sachs considers the company to be better placed strategically than most competitors, but doubts this will be sufficient to fend of near-term headwinds.

Sell rating and $3.35 target price retained.

This report was published on December 19, 2022.

Target price is $3.35 Current Price is $3.64 Difference: minus $0.29 (current price is over target).
If BGA meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.74, suggesting upside of 2.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 5.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.5, implying annual growth of 56.6%.
Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 29.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 51.2%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 19.3.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $16.82

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

Jarden detects from recent steel company reporting in the US a positive tone for 2023, despite broader macroeconomic worries. Although prices are improving, demand and production are still seen as being quite weak.

Of particular relevance to BlueScope Steel, the US company Steel Dynamics expects spot prices to increase into 2023, with demand and order activity from the automotive, non-residential construction, industrial and energy sectors "intact". 

In the analyst’s view, this reads positively for North Star given automotive and non-residential construction made up around 37% and 49%, respectively, of end-user volume in 2021.

The broker remains cautious on the medium-term outlook and sustainability of price increases with an recessionary environment looming. The Overweight rating and $18.60 target are retained.

This report was published on December 19, 2022.

Target price is $18.60 Current Price is $16.82 Difference: $1.78
If BSL meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $19.93, suggesting upside of 18.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 50.00 cents and EPS of 222.20 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 7.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 212.9, implying annual growth of -62.7%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 50.00 cents and EPS of 152.90 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 11.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 175.7, implying annual growth of -17.5%.
Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 9.6.

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $12.14

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

Brambles remains conscious of a likely retailer destocking following the Christmas period, the pace and severity of which underpins uncertainty through the second half. Goldman Sachs highlights some slowing of demand, driven more by inflation than volumes. 

While US lumber inflation is moderating to more normal levels, Brambles warns US lumber futures have overstated pallet cost relief. 

The Sell rating is retained and the target price increases to $10.75 from $10.70.

This report was published on December 19, 2022.

Target price is $10.75 Current Price is $12.14 Difference: minus $1.39 (current price is over target).
If BXB meets the Goldman Sachs target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.22, suggesting upside of 8.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 30.15 cents and EPS of 60.29 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.5, implying annual growth of N/A.
Current consensus DPS estimate is 33.9, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 17.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 33.02 cents and EPS of 67.47 cents.
At the last closing share price the estimated dividend yield is 2.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.9, implying annual growth of 10.6%.
Current consensus DPS estimate is 37.7, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 15.8.

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

CAR    CARSALES.COM LIMITED

Automobiles & Components – Overnight Price: $20.64

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

Jarden has reviewed the macro backdrop for its online media coverage, believing there is upside for Carsales but largely already priced in. Volumes and pricing continue to hold up, with Carsales successfully implementing a 9% price increase and a 7% increase on its Trader Interactive platform. 

Jarden anticipates Trader Interactive delivering 13% revenue growth over the fiscal year, which remains below consensus.

The Underweight rating is retained and the target price decreases to $21.00 from $22.50

This report was published on December 19, 2022.

Target price is $21.00 Current Price is $20.64 Difference: $0.36
If CAR meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $23.83, suggesting upside of 15.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 61.30 cents and EPS of 76.50 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 26.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.4, implying annual growth of 34.2%.
Current consensus DPS estimate is 56.7, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 27.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 60.80 cents and EPS of 75.90 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.2, implying annual growth of 12.8%.
Current consensus DPS estimate is 66.2, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 23.9.

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

CCX    CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $0.41

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

City Chic Collective has provided an update on its first 24 trading weeks of the year, highlighting a deterioration across all markets since its prior update. Group sales declined -7% on the previous comparable period, a further decline from the -2% drop reported across the first 20 weeks.

Australia New Zealand in particular disappointed Goldman Sachs, with the region reporting a material decline in the last four weeks. The broker remains cautious on the revenue, margin and inventory outlook for the remainder of the fiscal year. 

The Neutral rating is retained and the target price decreases to $1.10 from $1.55.

This report was published on December 21, 2022.

Target price is $1.10 Current Price is $0.41 Difference: $0.695
If CCX meets the Goldman Sachs target it will return approximately 172% (excluding dividends, fees and charges).
Current consensus price target is $0.90, suggesting upside of 122.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, implying annual growth of -61.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.4, implying annual growth of 100.0%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 5.5.

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

CHN    CHALICE MINING LIMITED

Industrial Metals – Overnight Price: $6.20

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

Chalice Mining has reported ongoing test work has highlighted potential opportunity to improve palladium, platinum and gold recovery at its Gonneville asset. This follows a update from late November revealing drilling results may indicate growth potential in high grade resource.

The company has delayed delivered on a scoping study to mid-2023, which Bell Potter believes will allow it to maximise value outcomes. The broker sees opportunity for Chalice to lift precious metals recovery to 80% from 60%, improving bulk resource gross revenue per tonne by 20% to $111.00 per tonne.

The Buy rating and target price of $11.10 are retained.

This report was published on December 19, 2022.

Target price is $11.10 Current Price is $6.20 Difference: $4.9
If CHN meets the Bell Potter target it will return approximately 79% (excluding dividends, fees and charges).

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

CQR    CHARTER HALL RETAIL REIT

REITs – Overnight Price: $3.89

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

Moelis expects rising cap rates in the medium term for Charter Hall Retail REIT will be partially, if not fully mitigated by inflationary income growth.

This trend was shown by the release of 1H valuations showing property book values had increased by 2.5% since June, despite cap rates also rising by 9bps to 5.29%.

Valuations for Shopping centres and Service stations increased by 2.5% and 6.2%, respectively.

The rating is upgraded to Buy from Hold, while the target slips to $4.33 from $4.38.

This report was published on December 21, 2022.

Target price is $4.33 Current Price is $3.89 Difference: $0.44
If CQR meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.13, suggesting upside of 6.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 25.80 cents and EPS of 28.70 cents.
At the last closing share price the estimated dividend yield is 6.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.3, implying annual growth of -75.3%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 25.70 cents and EPS of 28.50 cents.
At the last closing share price the estimated dividend yield is 6.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.3, implying annual growth of 3.5%.
Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 13.3.

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

DHG    DOMAIN HOLDINGS AUSTRALIA LIMITED

Real Estate – Overnight Price: $2.59

Jarden rates ((DHG)) as Neutral (3) –

Jarden has reviewed the macro backdrop for its online media coverage, finding the macro environment remains important for both Domain Holdings Australia and REA Group ((REA)). 

The broker is less positive on Domain Holdings Australia, compared to REA Group, with recent management changes adding some risk to cost management. The broker feels Domain Holdings Australia would benefit from further investment to remain competitive.

The Neutral rating and target price of $3.40 are retained.

This report was published on December 19, 2022.

Target price is $3.40 Current Price is $2.59 Difference: $0.81
If DHG meets the Jarden target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $3.51, suggesting upside of 34.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 7.30 cents and EPS of 10.50 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.0, implying annual growth of 69.5%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 26.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 9.60 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 3.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.7, implying annual growth of 17.0%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 22.4.

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $10.06

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

Elders announced a strategic investment in PGG Wrightson at its recent annual general, acquiring an 11.295% interest for $35.2m. The move increases Shaw and Partners' earnings per share estimate for the company by 2% on a full year impact. 

PGG Wrightson is a full-service agricultural supplies and services business which delivered year-on-year revenue and earnings growth of 12% and 20% in FY22. The company is expected to be impacted by increasing uncertainty and a subdued real estate market in FY23. Elders has stated it is not currently looking to acquire control of PGG Wrightson. 

The Buy rating is retained and the target price increases to $15.50 from $15.10.

This report was published on December 16, 2022.

Target price is $15.50 Current Price is $10.06 Difference: $5.44
If ELD meets the Shaw and Partners target it will return approximately 54% (excluding dividends, fees and charges).
Current consensus price target is $12.37, suggesting upside of 22.7%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 56.00 cents and EPS of 98.40 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.6, implying annual growth of -14.9%.
Current consensus DPS estimate is 49.7, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 56.00 cents and EPS of 88.30 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.0, implying annual growth of 0.5%.
Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 11.3.

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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $4.44

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

Fletcher Building reiterated full year guidance, with targeting earnings of NZ$855m a beat to both Goldman Sachs and consensus expectations. New Zealand volumes are largely in line with expectations to date, benefiting from robust residential activity despite softer than expected civil activity.

An additional NZ$150m in provision costs for the completion of the New Zealand International Convention Centre and Hobson Street Hotel was also announced, with costs now expected to exceed insurance proceeds. Additional costs look to impact through 2023 and 2024. 

The broker is Buy rated with a target price of $5.90.

This report was published on December 19, 2022.

Target price is $5.90 Current Price is $4.44 Difference: $1.46
If FBU meets the Goldman Sachs target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $6.45, suggesting upside of 42.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 61.28 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.5, implying annual growth of N/A.
Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 8.9%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 52.14 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.2, implying annual growth of -8.8%.
Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 8.2.

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

Jarden rates ((FBU)) as Buy (1) –

Having previously driven home an expectation that investors had seen the last of vertical construction downgrades, Fletcher Building has announced a further -$150m loss related to the ongoing New Zealand International Convention Centre works. Costs for the project have exceeded insurance cover.

Jarden notes the company did otherwise reiterate full year guidance, although the company has given up upside beyond its $855m earnings target amid a weakening residential market. 

The Buy rating is retained and the target price decreases to NZ$6.22 from NZ$6.30.

This report was published on December 19, 2022.

Current Price is $4.44. Target price not assessed.
Current consensus price target is $6.45, suggesting upside of 42.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 36.59 cents and EPS of 52.14 cents.
At the last closing share price the estimated dividend yield is 8.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.5, implying annual growth of N/A.
Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 8.9%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 29.27 cents and EPS of 46.19 cents.
At the last closing share price the estimated dividend yield is 6.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.2, implying annual growth of -8.8%.
Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 8.8%.
Current consensus EPS estimate suggests the PER is 8.2.

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

GL1    GLOBAL LITHIUM RESOURCES LIMITED

New Battery Elements – Overnight Price: $1.92

Shaw and Partners rates ((GL1)) as Buy (1) –

Shaw and Partners expects Global Lithium Resources' share price to benefit from the company's substantial 148.5% increase to its Marble Bar and Manna lithium resources. The update brings total resource for the assets to 50.7m tonnes, and the company is progressing to a scoping study at Manna. 

The broker notes active exploration continues at both sites, and further resource upside could exist. Global Lithium Resources expects to release a new resource update in the second quarter of 2023. 

The Buy rating is retained and the target price increases to $3.80 from $3.10.

This report was published on December 16, 2022.

Target price is $3.80 Current Price is $1.92 Difference: $1.88
If GL1 meets the Shaw and Partners target it will return approximately 98% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 66.21.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 76.80.

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

GOZ    GROWTHPOINT PROPERTIES AUSTRALIA

Infra & Property Developers – Overnight Price: $3.03

Moelis rates ((GOZ)) as Buy (1) –

Moelis highlights increased certainty of income for Growthpoint Properties Australia following successful leasing at the Skyring Terrace building in Brisbane.

The expected surrender payment from Lion (joint tenant in 5 Murray Rose Avenue in Sydney) also contributed to increased FY23 earnings guidance to 25.5-26.5cpu from 25.0-26.0c.

After allowing for the divestment of Ann St, Brisbane, the broker's target slips to $4.02 from $4.07. Buy.

This report was published on December 21, 2022.

Target price is $4.02 Current Price is $3.03 Difference: $0.99
If GOZ meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $3.66, suggesting upside of 16.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 21.40 cents and EPS of 26.10 cents.
At the last closing share price the estimated dividend yield is 7.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, implying annual growth of -61.2%.
Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 22.00 cents and EPS of 25.90 cents.
At the last closing share price the estimated dividend yield is 7.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.5, implying annual growth of 1.7%.
Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 13.4.

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

HLI    HELIA GROUP LIMITED

Overnight Price: $2.81

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

Updating its full year outlook, Helia Group anticipates net claims incurred between -$25m and -$40m, from a previous range of $25m to -$25m. Goldman Sachs highlights the downgrade was attributed to a reduction in reserves driven by lower levels of delinquencies.

The company continues to expect net claims incurred to increase in response to interest rate rises, but Goldman Sachs feels it may take some time for impact to flow through to delinquencies and claims paid. The broker updates its earnings per share forecasts 18.6%, -0.3% and -0.6% through to FY24.

The broker is Buy rated with a target price of $3.56.

This report was published on December 21, 2022.

Target price is $3.56 Current Price is $2.81 Difference: $0.75
If HLI meets the Goldman Sachs target it will return approximately 27% (excluding dividends, fees and charges).

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 51.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 18.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.24.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 35.00 cents and EPS of 51.00 cents.
At the last closing share price the estimated dividend yield is 12.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.51.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $79.22

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

Mineral Resources intends to launch an off market takeover of Norwest Energy ((NWE)) in which it already holds a 19.9% stake. The offer trades one Mineral Resources share for every 1,367 Norwest Energy shares, implying a 6 cents per share price for Norwest Energy according to Jarden, or a 33% premium to the prior closing price.

The takeover would consolidate the Perth Basin Lockyer Deep discovery, which the broker values at $750m. This would see Mineral Resources paying a 160% premium to Jarden's valuation, meaning further appraisal and possible development of the discovery will be critical to determining value in the the acquisition.

The Overweight rating is retained and the target price decreases to $81.82 from $83.14.

This report was published on December 19, 2022.

Target price is $81.82 Current Price is $79.22 Difference: $2.6
If MIN meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $90.94, suggesting upside of 13.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 300.00 cents and EPS of 569.70 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1112.3, implying annual growth of 501.7%.
Current consensus DPS estimate is 485.2, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 7.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 300.00 cents and EPS of 781.60 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1462.1, implying annual growth of 31.4%.
Current consensus DPS estimate is 661.0, implying a prospective dividend yield of 8.2%.
Current consensus EPS estimate suggests the PER is 5.5.

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

NXD    NEXTED GROUP LIMITED

Overnight Price: $1.19

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

Bell Potter initiates coverage on NextEd Group (formerly iCollege) with a Buy rating and $1.40 target price.

NextEd Group is a private tertiary organisation specialising in vocational fields, English language, higher education and student recruitment.

Bell Potter observes the company has benefited from the reopening of Australia's international borders in 2022 and expects the company should continue to benefit from reopening tailwinds, given international students comprise 75% of the company's enrollees.

This report was published on December 20, 2022.

Target price is $1.40 Current Price is $1.19 Difference: $0.215
If NXD meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 131.67.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.90.

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

OCC    ORTHOCELL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.40

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

Bell Potter initiates coverage on Orthocell with a Buy rating and 55c target price.

Orthocell offers a range of collagen membranes that form a striate to help rebuild tissue (Striate) and repair nerve injuries (Remplir), and is broadly targeted at the musculoskeletal diseases and peripheral nerves market.

The broker observes the company signed an exclusive global 25-year licence and distribution agreement with BioHorizons Implant Systems in July, one of the largest dental implant companies in the world, and the latter company is expected to distribute 2000 units in FY23, rising to 100,000 units by FY28.

Orthocell received TGA approval for Remplir early this year and the broker says Remplir has only one other collage wrap device as a competitor.

This report was published on December 20, 2022.

Target price is $0.55 Current Price is $0.40 Difference: $0.155
If OCC meets the Bell Potter target it will return approximately 39% (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 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.13.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 4.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.40.

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.12

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

Peninsula Energy has won a supply award to provide 300,000 pounds of uranium to the US strategic reserve. The company will fulfill the contract with US origin uranium currently held in accounts. 

According to Canaccord Genuity pricing for the contract is above current spot and term pricing benchmarks, which the broker sees as a reflection of current scarcity. 

The Speculative Buy rating and target price of $0.36 are retained. 

This report was published on December 19, 2022.

Target price is $0.36 Current Price is $0.12 Difference: $0.235
If PEN meets the Canaccord Genuity target it will return approximately 188% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

PSQ    PACIFIC SMILES GROUP LIMITED

Healthcare services – Overnight Price: $1.54

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

As anticipated by Wilsons, motions to replace the board and Pacific Smiles executive failed to reach adequate shareholder votes at the Extraordinary General Meeting (EGM), with the exception of the removal of one director.

However, the broker expects turmoil surrounding this EGM will likely continue to weigh on the stock  price in the near term, as of the ten resolutions not passed, all gained more than 43% support from existing shareholders.

The analyst doesn't expect the dissenting founder, initiator of the EGM and major shareholder Dr Alex Abrahams to sell down his around 8% shareholding.

Marekt-Weight and $1.65 target retained.

This report was published on December 20, 2022.

Target price is $1.65 Current Price is $1.54 Difference: $0.11
If PSQ meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 2.00 cents and EPS of 2.80 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.00.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 4.00 cents and EPS of 5.30 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.06.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $108.90

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

Jarden has reviewed the macro backdrop for its online media coverage, finding the macro environment remains important for both Domain Holdings Australia ((DHG)) and REA Group.

The broker finds REA Group to be more favourably positioned as the number one player in the industry, and expects the company can deliver 6% revenue growth and a 56% earnings margin over the second half. 

The Overweight rating and target price of $124.00 are retained.

This report was published on December 19, 2022.

Target price is $124.00 Current Price is $108.90 Difference: $15.1
If REA meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $125.00, suggesting upside of 11.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 177.40 cents and EPS of 315.10 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 34.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 321.4, implying annual growth of 10.3%.
Current consensus DPS estimate is 172.2, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 34.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 206.50 cents and EPS of 366.70 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 29.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 361.2, implying annual growth of 12.4%.
Current consensus DPS estimate is 197.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 31.0.

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

RWC    RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $2.83

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

Goldman Sachs spies headwinds for Reliance Worldwide as inflation persists and demand for home-building products recedes in 2023.

The broker expects this will translate into a -5% slide for Reliance Worldwide's retail volumes and the broker spies little evidence of inventory destocking to date. The broker also expects wholesale volumes to ease.

All up, the broker expects volumes will fall -10% in the June half.

EPS forecasts fall -8% to -10% across FY23-FY25. Target price eases -5% to $4.05. 

Buy rating retained, the broker considering the company's share price to be oversold, and observing the company's share price is trading at a discount to the US home-builder index and UK peers.

This report was published on December 19, 2022.

Target price is $4.05 Current Price is $2.83 Difference: $1.22
If RWC meets the Goldman Sachs target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $3.84, suggesting upside of 35.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 27.28 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of N/A.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 30.15 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.5, implying annual growth of 3.6%.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 9.9.

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

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $20.32

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

Jarden has reviewed the macro backdrop for its online media coverage, believing there is upside to consensus assumptions for Seek. The broker anticipates job ads lifting 10.2% in the first half, and that Seek Asia could deliver surprise upside.

Jarden feels Seek continues to offer a portfolio of companies with long-term cash earnings potential. 

The Underweight rating is retained and the target price decreases to $21.00 from $22.50

This report was published on December 21, 2022.

Target price is $21.00 Current Price is $20.32 Difference: $0.68
If SEK meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $29.88, suggesting upside of 47.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 47.70 cents and EPS of 73.40 cents.
At the last closing share price the estimated dividend yield is 2.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.1, implying annual growth of 47.0%.
Current consensus DPS estimate is 38.6, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 29.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 48.10 cents and EPS of 73.90 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.0, implying annual growth of 11.3%.
Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 26.1.

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

SGM    SIMS LIMITED

Steel & Scrap – Overnight Price: $12.98

Jarden rates ((SGM)) as Neutral (3) –

Jarden detects from recent steel company reporting in the US a positive tone for 2023, despite broader macroeconomic worries. Although prices are improving, demand and production are still seen as being quite weak.

The broker remains cautious on the medium-term outlook and sustainability of price increases with an recessionary environment looming. 

The Neutral rating and $12.30 target are retained Sims.

This report was published on December 19, 2022.

Target price is $12.30 Current Price is $12.98 Difference: minus $0.68 (current price is over target).
If SGM 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 $12.67, suggesting downside of -2.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 11.70 cents and EPS of 39.10 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.2, implying annual growth of -75.8%.
Current consensus DPS estimate is 32.3, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.00 cents and EPS of 53.40 cents.
At the last closing share price the estimated dividend yield is 1.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.4, implying annual growth of 18.0%.
Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 15.0.

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

SGR    STAR ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $1.92

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

Jarden spies rising regulatory risk for Star Entertainment, particularly around its sovereign room private gaming.

The NSW Treasurer announced this month it would increase tax rates on Tables and Electronic Gaming Machines at NSW casinos and the broker expects the government may be targeting casinos in future considering it easier game than clubs.

The broker says the risk appears greater than initially estimated, despite the 2020 tax agreement with the NSW government that provided the company would be entitled to compensation in the event of material regulatory change.

The broker now estimates Star Sydney may have to pay an extra $22m in Electronic Gaming Machines Tax at a 38% rate (higher than expected), potentially reducing FY23 EPS  by -10%.

Jarden expects every 1% rise in the gaming tax rate will translate to a -3% cut in EPS, pressuring the balance sheet. FY23 EPS forecasts fall -6%.

Rating is downgraded to Overweight from Buy. Target price falls to $2.80 from $3.49. 

This report was published on December 19, 2022.

Target price is $2.80 Current Price is $1.92 Difference: $0.88
If SGR meets the Jarden target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $3.21, suggesting upside of 67.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 15.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.1, implying annual growth of N/A.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 17.00 cents and EPS of 16.40 cents.
At the last closing share price the estimated dividend yield is 8.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of 19.1%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 12.3.

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

SLX    SILEX SYSTEMS LIMITED

Uranium – Overnight Price: $2.96

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

Silex Systems' zero-spin silicone project has reached target enrichment objectives, including purity of 99.995%, in its stage 3 enrichment trials. Shaw and Partners finds the company on track for commercialisation of the technology. 

 Shaw and Partners' target price currently accounts for a $30m valuation of the zero-spin silicone technology, which it believes may prove conservative. Silex Systems believes the technology could add $25m in annual revenue by 2025. 

The Buy rating and target price of $5.00 are retained.

This report was published on December 16, 2022.

Target price is $5.00 Current Price is $2.96 Difference: $2.04
If SLX meets the Shaw and Partners target it will return approximately 69% (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 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 422.86.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 493.33.

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

SPK    SPARK NEW ZEALAND LIMITED

Telecommunication – Overnight Price: $4.98

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

Spark New Zealand's part owned Connexa has acquired a $1,076m tower portfolio from 2degrees. Jarden finds the deal largely financially and value neutral for Spark New Zealand, noting the company intends on diluting its hold in Connexa to 17% from 30%. 

Jarden finds more upside longer-term largely on a future build program, with 2degrees committing to 450 new build or co-location sites over the next decade. The company also progressed its SPK Sport exit, which should complete by the end of the fiscal year and generate an immediate earnings benefit of $20-25m in FY24.

The Overweight rating is retained and the target price decreases to NZ$5.19 from NZ$5.26.

This report was published on December 19, 2022.

Current Price is $4.98. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 24.70 cents and EPS of 22.96 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.69.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 24.70 cents and EPS of 26.62 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.71.

This company reports in NZD. 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

STX    STRIKE ENERGY LIMITED

NatGas – Overnight Price: $0.32

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

Strike Energyhas made an off-market one for one scrip bid for Warrego Energy ((WGO)), Bell Potter notes, with non-minimum acceptance or material adverse change conditions.

The full statement should be lodged by year end, as Strike prepares to face off against Hancock Energy's competing cash bid of 28c, and the board should also determine the superior offer by year end, says the broker.

Strike now holds 19.9%, and has received statements of intention to accept from another 13%, says the broker.

Menawhile, Strike Energy has announced a $153m debt package to funds its Perth Basin Assets; and Bell Potter expects the company will transition from developer to producer in the March quarter, triggering a re-rating.

Buy rating and 45c target price retained.

This report was published on December 21, 2022.

Target price is $0.45 Current Price is $0.32 Difference: $0.135
If STX meets the Bell Potter target it will return approximately 43% (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 78.75.

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 157.50.

Market Sentiment: 1.0
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.

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