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Australian Broker Call *Extra* Edition – Jan 19, 2023

Daily Market Reports | Jan 19 2023

This story features ARGOSY MINERALS LIMITED, and other companies. For more info SHARE ANALYSIS: AGY

An additional news report on the recommendation, valuation, forecast and opinion changes and updates 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)

AGY   AKE (2)   ANZ   BEN   BOQ   BTH   CBA   CLG   COE   CXO   EVT   GDC   GLN   HUB (2)   IEL   IGO   IRI   JBH   JDO   LLL   LOT   LYC   MQG   NAB   PLS   PLT   PTM   QUB   SM1   WBC  

AGY    ARGOSY MINERALS LIMITED

New Battery Elements – Overnight Price: $0.64

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

Canaccord Genuity reviews the EV materials sector.

It says the key question for the lithium market is whether it will move into a surplus in 2023. If so, the broker expects a swift price retracement to US$30K.

For now, the lithium price deck is largely unchanged, 2023 lithium price forecasts easing -1%, and the broker observes rare-earths prices are recovering into 2023.

The broker observes Argosy Minerals was producing at its Rincon Asset in December and expects news soon of an operational ramp-up.

Speculative Buy rating retained. Target price falls to 80c from 85c.

This report was published on January 17, 2023.

Target price is $0.80 Current Price is $0.64 Difference: $0.165
If AGY meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents.

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

AKE    ALLKEM LIMITED

New Battery Elements – Overnight Price: $12.25

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

Canaccord Genuity reviews the EV materials sector.

It says the key question for the lithium market is whether it will move into a surplus in 2023. If so, the broker expects a swift price retracement to US$30K.

For now, the broker's lithium price deck is largely unchanged, 2023 lithium price forecasts easing -1%, and the broker observes rare-earths prices are recovering into 2023.

Buy rating and $20.40 target price retained.

This report was published on January 17, 2023.

Target price is $20.40 Current Price is $12.25 Difference: $8.15
If AKE meets the Canaccord Genuity target it will return approximately 67% (excluding dividends, fees and charges).
Current consensus price target is $16.67, suggesting upside of 36.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 100.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.3, implying annual growth of 66.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 149.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 153.8, implying annual growth of 30.0%.
Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 8.0.

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


Jarden rates ((AKE)) as Buy (1) –

Jarden highlights the Canadian Federal environmental approval for Allkem's James Bay development.

The broker considers the remaining approvals as more "procedural" in nature and expects the first production by the March 2025 quarter with Allkem aiming for production to come on stream in the first half of 2024.

December quarter results are due on January 18 with anticipated weakness from Mt Cattlin and ongoing improvements from Olaroz.

Earnings forecasts adjust by -5% for the expected December quarter weakness at Mt Cattlin in FY23 and remain essentially unchanged for FY24.

The target is $17.77 and incorporates a $1.80 contribution from James Bay.

Buy rating.

This report was published on January 18, 2023.

Target price is $17.77 Current Price is $12.25 Difference: $5.52
If AKE meets the Jarden target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $16.67, suggesting upside of 36.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 87.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.3, implying annual growth of 66.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 75.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 153.8, implying annual growth of 30.0%.
Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 8.0.

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

ANZ    ANZ GROUP HOLDINGS LIMITED

Banks – Overnight Price: $24.79

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

Goldman Sachs lowers its FY23 total shareholder return outlook for Australian banks due to early signs of increased competition for deposits, which will impact net interest margins (NIMs), unless mortgage competition eases.

The broker reminds investors that for every -25bps deterioration in Australian deposit spreads, sector NIMs fall by -14bps.

More positively, while business volumes are slowing they should remain elevated, according to the analysts, and metrics for asset quality are showing strength.

Goldman Sachs increases its target for ANZ Bank to $26.63 from $26.25 and retains its Neutral rating.

This report was published on January 16, 2023.

Target price is $26.63 Current Price is $24.79 Difference: $1.84
If ANZ meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $27.54, suggesting upside of 11.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 159.00 cents and EPS of 237.00 cents.
At the last closing share price the estimated dividend yield is 6.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 242.1, implying annual growth of -3.2%.
Current consensus DPS estimate is 156.8, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 10.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 162.00 cents and EPS of 226.00 cents.
At the last closing share price the estimated dividend yield is 6.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.8, implying annual growth of -1.0%.
Current consensus DPS estimate is 161.7, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 10.3.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $10.10

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

Goldman Sachs lowers its FY23 total shareholder return outlook for Australian banks due to early signs of increased competition for deposits, which will impact net interest margins (NIMs), unless mortgage competition eases.

The broker reminds investors that for every -25bps deterioration in Australian deposit spreads, sector NIMs fall by -14bps.

More positively, while business volumes are slowing, they should remain elevated, according to the analysts, and metrics for asset quality are showing strength.

Goldman Sachs maintains its Neutral rating and $11.01 target for Bendigo & Adelaide Bank. A moderation in total FY23 lending is expected to be driven by less business lending.

This report was published on January 16, 2023.

Target price is $11.01 Current Price is $10.10 Difference: $0.91
If BEN meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $10.15, suggesting upside of 0.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 65.00 cents and EPS of 91.00 cents.
At the last closing share price the estimated dividend yield is 6.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.0, implying annual growth of -1.8%.
Current consensus DPS estimate is 58.8, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 72.00 cents and EPS of 91.50 cents.
At the last closing share price the estimated dividend yield is 7.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.8, implying annual growth of -4.9%.
Current consensus DPS estimate is 59.4, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 12.3.

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

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $7.00

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

Goldman Sachs lowers its FY23 total shareholder return outlook for Australian banks due to early signs of increased competition for deposits, which will impact net interest margins (NIMs), unless mortgage competition eases.

The broker reminds investors that for every -25bps deterioration in Australian deposit spreads, sector NIMs fall by -14bps.

More positively, while business volumes are slowing, they should remain elevated, according to the analysts, and metrics for asset quality are showing strength.

Goldman Sachs maintains its $8.51 target and Neutral rating for Bank of Queensland. A notable decline in housing lending is expected to offset a slightly better trend for business lending.

This report was published on January 16, 2023.

Target price is $8.51 Current Price is $7.00 Difference: $1.51
If BOQ meets the Goldman Sachs target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $7.55, suggesting upside of 7.9%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 54.00 cents and EPS of 78.60 cents.
At the last closing share price the estimated dividend yield is 7.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.4, implying annual growth of 13.8%.
Current consensus DPS estimate is 52.2, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 57.00 cents and EPS of 80.50 cents.
At the last closing share price the estimated dividend yield is 8.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.7, implying annual growth of -4.9%.
Current consensus DPS estimate is 52.8, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 9.8.

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

BTH    BIGTINCAN HOLDINGS LIMITED

Cloud services – Overnight Price: $0.58

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

Bigtincan Holdings December-half trading update met Canaccord Genuity's forecasts, the company posting strong growth in annual recurring revenue of 16%.

Pfizer, Aligen, Jabra, Equifax and Assuarm also joined the ranks of Bigtincan's customer list, one of the best on the ASX, observes the broker.

The broker notes the company has appointed Morgan Stanley as its defence adviser to fend off SQN Investors' cash bid, and that it has finalised its first M&A deal after its recent equity raising (and is in discussions for more).

Canaccord Genuity says the company remains well capitalise with net cash of $70m, which it will likely deploy on acquisitions.

Buy rating retained. Targe price falls to $1.10 from $1.40 to reflect the equity raising.

This report was published on January 17, 2023.

Target price is $1.10 Current Price is $0.58 Difference: $0.52
If BTH meets the Canaccord Genuity target it will return approximately 90% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 82.86.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 580.00.

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

CBA    COMMONWEALTH BANK OF AUSTRALIA

Banks – Overnight Price: $107.65

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

Goldman Sachs lowers its FY23 total shareholder return outlook for Australian banks due to early signs of increased competition for deposits, which will impact net interest margins (NIMs), unless mortgage competition eases.

The broker reminds investors that for every -25bps deterioration in Australian deposit spreads, sector NIMs fall by -14bps.

More positively, while business volumes are slowing, they should remain elevated, according to the analysts, and metrics for asset quality are showing strength.

Goldman Sachs increases its target for CommBank to $91.60 from $90.98 and retains its Sell rating.

This report was published on January 16, 2023.

Target price is $91.60 Current Price is $107.65 Difference: minus $16.05 (current price is over target).
If CBA meets the Goldman Sachs target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $93.43, suggesting downside of -13.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 474.00 cents and EPS of 604.00 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 612.3, implying annual growth of -2.1%.
Current consensus DPS estimate is 433.5, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 497.00 cents and EPS of 637.00 cents.
At the last closing share price the estimated dividend yield is 4.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 603.6, implying annual growth of -1.4%.
Current consensus DPS estimate is 444.2, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 17.8.

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

CLG    CLOSE THE LOOP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.39

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

Shaw and Partners forecasts Close the Loop's purchase of US-based In-Plas Recycling for -US$4m (funded by cash and debt) will be immediately earnings accretive.

The complementary services of Close the Loop's core business and In-Plas will provide solutions to turn waste polymer-based materials into new products across a variety of industries, explains the analyst.

The broker anticipates further accretive acquisitions during 2023 and ongoing share price gains.

The target rises to 64c from 63c and the Buy rating is unchanged.

This report was published on January 18, 2023.

Target price is $0.64 Current Price is $0.39 Difference: $0.255
If CLG meets the Shaw and Partners target it will return approximately 66% (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 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.28.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.41.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.20

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

Canaccord Genuity lowers Cooper Energy's production and earnings (EBITDA) estimates for FY23, expecting a weaker December-quarter result after lower Athena gas sales and unplanned maintenance at Orbost.

All up, the broker expects Orbost production has fallen -15% on the September quarter and Athena's production to be down -24%.

Meanwhile, the company expects the major hazard facility license transfer from APA will occur in the June half, and the broker suspects Cooper Energy will have to make incremental payments of $60m to $75m.

Jane Norman (formerly from Santos) was appointed Chief Executive Officer on March 20, 2023.

Buy rating retained. Target price shaved to 40c from 41c.

This report was published on January 17, 2023.

Target price is $0.40 Current Price is $0.20 Difference: $0.205
If COE meets the Canaccord Genuity target it will return approximately 105% (excluding dividends, fees and charges).
Current consensus price target is $0.28, suggesting upside of 41.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.4, implying annual growth of 14.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.1.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $1.05

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

Canaccord Genuity reviews the EV materials sector.

It says the key question for the lithium market is whether it will move into a surplus in 2023. If so, the broker expects a swift price retracement to US$30K.

For now, the lithium price deck is largely unchanged, 2023 lithium price forecasts easing -1%, and the broker observes rare-earths prices are recovering into 2023.

The broker observes Core Lithium sent off its first DSO shipment this month and expects a progress report and guidance upgrade.

Speculative Buy rating retained. Target price falls to $1.45 from $1.50.

This report was published on January 17, 2023.

Target price is $1.45 Current Price is $1.05 Difference: $0.4
If CXO meets the Canaccord Genuity target it will return approximately 38% (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

EVT    EVT LIMITED

Travel, Leisure & Tourism – Overnight Price: $13.57

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

Jarden transfers analyst coverage of EVT Ltd and retains a positive outlook for the company.

The company is viewed by the analyst as a "quality consumer business" offering good exposure to the travel industry.

Earnings forecasts are adjusted marginally by -1% for FY24 due to changes in the cost of debt.

An Overweight rating is retained and the target price is raised to $17.41 from $16.99.

This report was published on January 18, 2023.

Target price is $17.41 Current Price is $13.57 Difference: $3.84
If EVT meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 24.40 cents and EPS of 41.80 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.46.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 38.40 cents and EPS of 75.90 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.88.

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

GDC    GLOBAL DATA CENTRE GROUP

Cloud services – Overnight Price: $1.12

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

According to Shaw and Partners, Global Data Centre remains highly undervalued despite the analyst lowering FY23-25 revenue forecasts by -13%, -17% and -35%, respectively. The Buy rating is maintained.

The broker updates its research based on an ASX announcement by the company on December 21, 2022, for the completion of the 
CIV France acquisition and amended FY23 guidance by management.

The lower forecasts stem from a later time to completion for CIV France (the two French data centres announced in September last year) and after the broker allows for higher near-term power costs.

In addition, the analyst reduces the ramp-up of growth for the existing Etixdata centre portfolio and reduces peer multiples by around -10%.

The price target falls by -29% to $2.62 though should the group be wound up or separated, the analyst assesses the valuation would be closer to $3.00. 

This report was published on January 18, 2023.

Target price is $3.46 Current Price is $1.12 Difference: $2.34
If GDC meets the Shaw and Partners target it will return approximately 209% (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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 224.00.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

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

GLN    GALAN LITHIUM LIMITED

New Battery Elements – Overnight Price: $1.20

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

Galan Lithium's final result from its 2022 brine pumping tests and its HMW projection matches previous results, supporting plans to build a pilot facility in the June half, says Canaccord Genuity.

The HMW project is expected to produce a high quality 6% Lithium concentrate on a semi-commercial scale using a large pilot pond system – much higher than the company's original ambition – and the broker believes the higher risk is worth it.

The HMW Resource has grown more than 150% to 5.8Mt LCE, planned for release in the March quarter.

Speculative Buy rating and $3.40 target price retained.

This report was published on January 17, 2023.

Target price is $3.40 Current Price is $1.20 Difference: $2.2
If GLN meets the Canaccord Genuity target it will return approximately 183% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $25.42

Jarden rates ((HUB)) as Neutral (3) –

Hub24 reported 2Q23 results with net flows of $2.8bn below both the 1Q23 and Jarden's forecasts with downside risks to the flows and a slowing in growth of new advisers.

The company also realigned the software expense accounting for Class. As a result, Jarden earnings forecasts are lowered by -4.1% for FY23 and -3.1% for FY24.

A Neutral rating is retained and the target is retained at $25.25.

This report was published on January 18, 2023.

Target price is $25.25 Current Price is $25.42 Difference: minus $0.17 (current price is over target).
If HUB meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $31.01, suggesting upside of 22.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 28.20 cents and EPS of 63.10 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.9, implying annual growth of 191.9%.
Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 43.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 35.40 cents and EPS of 78.90 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.2, implying annual growth of 29.4%.
Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 33.4.

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


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

Second quarter net flows of $2.8bn and total funds under administration (FUA) of $73bn were broadly in line with Shaw and Partners forecasts.

The broker points to further momentum in January from a rising share market and increased investor confidence thanks to promising global macroeconomic data.

As a result of this momentum, Shaw and Partners expects favorable 1H results (due in February), which should receive a further boost from the return of cash margins across the whole period and a fall in expenses from slower than anticipated hiring.

The Buy rating and $36.85 target are unchanged.

This report was published on January 18, 2023.

Target price is $36.85 Current Price is $25.42 Difference: $11.43
If HUB meets the Shaw and Partners target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $31.01, suggesting upside of 22.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 28.60 cents and EPS of 57.20 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.9, implying annual growth of 191.9%.
Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 43.2.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 38.00 cents and EPS of 76.00 cents.
At the last closing share price the estimated dividend yield is 1.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.2, implying annual growth of 29.4%.
Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 33.4.

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

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $29.88

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

Jarden assesses the data from the Department of Home Affairs for IDP Education.

Student visa applications rose 40% for the 2H2022 to 135,000 from 97,000 in the 2H2019.

Notably, China applications remain below the comparable 2019 period and below India's levels, however, improving China relations is expected to underpin more favorable sentiment for future Chinese students. 

Earnings forecasts are adjusted by -2.1% and -1.9% for FY23 and FY24 due to visa delays.

Jarden retains a positive view and an Overweight rating is maintained.

The target rises to $35.38 from $35.03.

This report was published on January 18, 2023.

Target price is $35.38 Current Price is $29.88 Difference: $5.5
If IEL meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $33.22, suggesting upside of 11.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 58.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.6, implying annual growth of 56.3%.
Current consensus DPS estimate is 43.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 51.9.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 77.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.7, implying annual growth of 34.9%.
Current consensus DPS estimate is 57.1, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 38.5.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $14.21

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

Canaccord Genuity reviews the EV materials sector.

It says the key question for the lithium market is whether it will move into a surplus in 2023. If so, the broker expects a swift price retracement to US$30K.

For now, the lithium price deck is largely unchanged, 2023 lithium price forecasts easing -1%, and the broker observes rare-earths prices are recovering into 2023.

Hold rating retained for IGO, the broker expecting a weaker operational performance in the June half. Target price falls to $13.75 from $14.25.

This report was published on January 17, 2023.

Target price is $13.75 Current Price is $14.21 Difference: minus $0.46 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.44, suggesting upside of 8.7%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 205.6, implying annual growth of 370.5%.
Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 6.9.

Forecast for FY24:

Current consensus EPS estimate is 203.1, implying annual growth of -1.2%.
Current consensus DPS estimate is 101.8, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 7.0.

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

IRI    INTEGRATED RESEARCH LIMITED

IT & Support – Overnight Price: $0.52

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

Last week's 1H trading update by Integrated Research was ahead of Bell Potter's expectations, with Asia Pacific outperforming, though the Americas was flat compared to the previous corresponding period.

Management noted improving conditions, supported by an improvement in contract length and fewer delays in buying processes.

The broker raises its FY23-25 earnings (EBITDA) forecasts by 13%, 4% and 4%, respectively, and increases its target to 58c fom 55c, which is less than 15% above the prevailing share price, so a Hold rating is maintained.

This report was published on January 18, 2023.

Target price is $0.58 Current Price is $0.52 Difference: $0.06
If IRI meets the Bell Potter target it will return approximately 12% (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 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 74.29.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.67.

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

JBH    JB HI-FI LIMITED

Consumer Electronics – Overnight Price: $47.98

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

JB Hi-Fi pre-announced strong 1H23 sales and earnings, according to Jarden which came in above the analyst's expectations.

The beat was generated from better than expected margins for JB Hi-Fi Australia and stronger sales, with Jarden noting the trading period was in line with Super Retail's ((SUL)) robust results.

Looking ahead the analyst expects an uptick in promotions and macro headwinds to increase.

Earnings forecasts are raised 8% for FY23 and 3% for FY24, and Jarden is forecasting a notable decline in consumer spending at the start of the June quarter.

An Underweight rating is maintained and the target is raised to $40.60 from $37.20.

This report was published on January 18, 2023.

Target price is $40.60 Current Price is $47.98 Difference: minus $7.38 (current price is over target).
If JBH meets the Jarden target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $46.03, suggesting downside of -4.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 305.00 cents and EPS of 459.60 cents.
At the last closing share price the estimated dividend yield is 6.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 436.3, implying annual growth of -9.0%.
Current consensus DPS estimate is 283.6, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 230.00 cents and EPS of 346.70 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 340.0, implying annual growth of -22.1%.
Current consensus DPS estimate is 222.8, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 14.1.

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

JDO    JUDO CAPITAL HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $1.50

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

Goldman Sachs lowers its FY23 total shareholder return outlook for Australian banks due to early signs of increased competition for deposits, which will impact net interest margins (NIMs), unless mortgage competition eases.

The broker reminds investors that for every -25bps deterioration in Australian deposit spreads, sector NIMs fall by -14bps.

More positively, while business volumes are slowing, they should remain elevated, according to the analysts, and metrics for asset quality are showing strength.

Goldman Sachs maintains its $1.70 target and Buy rating for Judo Capital.

This report was published on January 16, 2023.

Target price is $1.70 Current Price is $1.50 Difference: $0.2
If JDO meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $1.95, suggesting upside of 30.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 25.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.1, implying annual growth of 37.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.5.

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

LLL    LEO LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.55

Jarden rates ((LLL)) as Buy (1) –

Jarden likes the updated Resource Statement for the Goulamina Lithium Project which is 50% owned by Leo Lithium.

The analyst considers the 31% growth in inventories to 142m tonnes as very positive and supports the possible expansion of the operating life of the project to 23 years and at least 4mtpa in production.

A Buy rating is retained the target is adjusted to $1.21 from $1.19.

This report was published on January 18, 2023.

Target price is $1.21 Current Price is $0.55 Difference: $0.66
If LLL meets the Jarden target it will return approximately 120% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 275.00.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 91.67.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.23

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

Improving fundamentals in the uranium market and increasing activity in the term contract market prompt Shaw and Partners to raise its rating for Lotus Resources to Buy from Hold and lift its target to 35c from 25c.

Following recent project restart announcements by Australian peers, the broker expects the company will be next to announce a restart of its 85%-owned Kayelekera Uranium Project in Malawi.

The analyst anticipates a final investment decision (FID) will be made in 1H23, pending offtake negotiations with various nuclear energy utilities. A definitive feasibility study (DFS) in 2022 pointed to a low-cost development pathway for the re-start, notes Shaw.

This report was published on January 18, 2023.

Target price is $0.35 Current Price is $0.23 Difference: $0.115
If LOT meets the Shaw and Partners target it will return approximately 49% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 58.75.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 29.37.

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

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $8.54

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

Canaccord Genuity reviews the EV materials sector.

Canaccord Genuity expects Lynas Rare Earths will increase quarter-on-quarter product but expects pricing to be flat and capital expenditure to rise as Kalgoorlie ramps up.

Buy rating and $11 target price retained.

This report was published on January 17, 2023.

Target price is $11.00 Current Price is $8.54 Difference: $2.46
If LYC meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $8.03, suggesting downside of -5.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 77.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.7, implying annual growth of -32.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 117.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.0, implying annual growth of 67.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.6.

Market Sentiment: 0.0
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: $179.60

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

Goldman Sachs lowers its FY23 total shareholder return outlook for Australian banks due to early signs of increased competition for deposits, which will impact net interest margins (NIMs), unless mortgage competition eases.

The broker reminds investors that for every -25bps deterioration in Australian deposit spreads, sector NIMs fall by -14bps.

More positively, while business volumes are slowing, they should remain elevated, according to the analysts, and metrics for asset quality are showing strength.

Goldman Sachs maintains its $188.35 target and Neutral rating for Macquarie Group. A faster and stronger capital market recovery is considered a key upside risk, along with higher realised performance fees and/or asset realisations.

This report was published on January 16, 2023.

Target price is $188.35 Current Price is $179.60 Difference: $8.75
If MQG meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $189.88, suggesting upside of 5.7%(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 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.79.

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 16.2.

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 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.21.

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 16.2.

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

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $31.67

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

Goldman Sachs lowers its FY23 total shareholder return outlook for Australian banks due to early signs of increased competition for deposits, which will impact net interest margins (NIMs), unless mortgage competition eases.

The broker reminds investors that for every -25bps deterioration in Australian deposit spreads, sector NIMs fall by -14bps.

More positively, while business volumes are slowing, they should remain elevated, according to the analysts, and metrics for asset quality are showing strength.

Goldman Sachs increases its target for National Australia Bank to $35.60 from $35.41.

This report was published on January 16, 2023.

Target price is $35.60 Current Price is $31.67 Difference: $3.93
If NAB meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $32.12, suggesting upside of 1.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 173.00 cents and EPS of 256.00 cents.
At the last closing share price the estimated dividend yield is 5.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 250.4, implying annual growth of 17.0%.
Current consensus DPS estimate is 173.7, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 178.00 cents and EPS of 249.00 cents.
At the last closing share price the estimated dividend yield is 5.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 246.5, implying annual growth of -1.6%.
Current consensus DPS estimate is 179.0, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 12.8.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $4.01

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

Canaccord Genuity reviews the EV materials sector.

It says the key question for the lithium market is whether it will move into a surplus in 2023. If so, the broker expects a swift price retracement to US$30K.

For now, the lithium price deck is largely unchanged, 2023 lithium price forecasts easing -1%, and the broker observes rare-earths prices are recovering into 2023.

Buy rating retained for Pilbara Minerals. Target price falls to $5 from $5.10.

This report was published on January 17, 2023.

Target price is $5.00 Current Price is $4.01 Difference: $0.99
If PLS meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 15.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.8, implying annual growth of 304.6%.
Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 5.2.

Forecast for FY24:

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

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.5, implying annual growth of -5.6%.
Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 5.5.

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.60

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

Third quarter originations of $297m were ahead of Shaw and Partners expectations for $259m. An ongoing focus on yield-accretive loans is considered positive for ongoing profitability.

The loan book rose 8% quarter-on-quarter, beating the broker's $1.63bn forecast. The analyst points out the group's market capitalisation/loan book ratio is at a more than -50% discount to Australian peers.

Management retained FY23 guidance.

The broker leaves its Buy rating and $1.36 target unchanged.

This report was published on January 18, 2023.

Target price is $1.36 Current Price is $0.60 Difference: $0.76
If PLT meets the Shaw and Partners target it will return approximately 127% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 54.55.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 300.00.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $2.16

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

Platinum Asset Management's December funds under management (FUM) held up and outflows of -$166m represented 0.9% of FUM, above the broker's ongoing monthly assumption of 0.7%.

EPS forecasts fall -1.3% in FY23; rise 0.4% in FY24; and 0.8% in FY25.

Hold rating retained. Target price inches up to $1.76 from $1.75.

This report was published on January 10, 2023.

Target price is $1.76 Current Price is $2.16 Difference: minus $0.4 (current price is over target).
If PTM meets the Bell Potter target it will return approximately minus 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.89, suggesting downside of -12.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 15.00 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 6.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of -7.6%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 14.00 cents and EPS of 12.50 cents.
At the last closing share price the estimated dividend yield is 6.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of -6.8%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 14.3.

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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $2.94

Jarden rates ((QUB)) as Buy (1) –

Jarden considers the -1.7% decline in total Australian container movements in November 2022 compared to the previous year, with the weakness derived from a -5.7% decline in imports, compared to a 10.7% rise in exports for Qube Holdings.

The weakness in November was offset by strength in October which grew 13.7% year-on-year.

The Buy rating and target price of $3.25 are retained, although the broker notes a slowing macro economic backdrop and higher inflation could pose risks to the forecasts.

This report was published on January 18, 2023.

Target price is $3.25 Current Price is $2.94 Difference: $0.31
If QUB meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.16, suggesting upside of 7.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.20 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.6, implying annual growth of 76.0%.
Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 25.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.80 cents and EPS of 12.80 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.5, implying annual growth of 7.8%.
Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 23.5.

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

SM1    SYNLAIT MILK LIMITED

Dairy – Overnight Price: $3.25

Bell Potter rates ((SM1)) as Buy (1) –

Synlait Milk's recent trading update advises of shipping delays in its supply chain, and the company postpones revenue and profit recognition to the June half from the December half.

Bell Potter observes lower milk supply and a -45% delay in ingredients arising from the company's SAP integration, combined with lower Lactoferrin volumes were highlighted.

But FY23 margins are expected to equal or outpace FY22.

The broker observes continued strong IMF export volumes from accessible ports and above average premiums as the company optimises products towards nutritionals and value-add products.

FY23 EPS forecasts fall to reflect rising interest rates and a higher net debt balance in FY23. Buy rating retained. Target price rises to $4 from $3.60.

This report was published on January 16, 2023.

Target price is $4.00 Current Price is $3.25 Difference: $0.75
If SM1 meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in July.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 14.89 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.83.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 27.22 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.94.

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

WBC    WESTPAC BANKING CORPORATION

Banks – Overnight Price: $23.82

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

Goldman Sachs lowers its FY23 total shareholder return outlook for Australian banks due to early signs of increased competition for deposits, which will impact net interest margins (NIMs), unless mortgage competition eases.

The broker reminds investors that for every -25bps deterioration in Australian deposit spreads, sector NIMs fall by -14bps.

More positively, while business volumes are slowing, they should remain elevated, according to the analysts, and metrics for asset quality are showing strength.

Goldman Sachs increases its target for Westpac to $27.68 from $27.60 and maintains its Buy rating.

This report was published on January 16, 2023.

Target price is $27.68 Current Price is $23.82 Difference: $3.86
If WBC meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $26.31, suggesting upside of 10.5%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 148.00 cents and EPS of 207.00 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 11.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 210.8, implying annual growth of 31.8%.
Current consensus DPS estimate is 138.8, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 158.00 cents and EPS of 219.00 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 10.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 210.0, implying annual growth of -0.4%.
Current consensus DPS estimate is 142.3, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 11.3.

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


Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, 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.

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

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CHARTS

AGY ANZ BEN BOQ BTH CBA CLG COE CXO EVT GDC GLN HUB IEL IGO IRI JBH JDO LLL LOT LYC MQG NAB PLS PLT PTM QUB SM1 SUL WBC

For more info SHARE ANALYSIS: AGY - ARGOSY MINERALS LIMITED

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

For more info SHARE ANALYSIS: BEN - BENDIGO & ADELAIDE BANK LIMITED

For more info SHARE ANALYSIS: BOQ - BANK OF QUEENSLAND LIMITED

For more info SHARE ANALYSIS: BTH - BIGTINCAN HOLDINGS LIMITED

For more info SHARE ANALYSIS: CBA - COMMONWEALTH BANK OF AUSTRALIA

For more info SHARE ANALYSIS: CLG - CLOSE THE LOOP LIMITED

For more info SHARE ANALYSIS: COE - COOPER ENERGY LIMITED

For more info SHARE ANALYSIS: CXO - CORE LITHIUM LIMITED

For more info SHARE ANALYSIS: EVT - EVT LIMITED

For more info SHARE ANALYSIS: GDC - GLOBAL DATA CENTRE GROUP

For more info SHARE ANALYSIS: GLN - GALAN LITHIUM LIMITED

For more info SHARE ANALYSIS: HUB - HUB24 LIMITED

For more info SHARE ANALYSIS: IEL - IDP EDUCATION LIMITED

For more info SHARE ANALYSIS: IGO - IGO LIMITED

For more info SHARE ANALYSIS: IRI - INTEGRATED RESEARCH LIMITED

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

For more info SHARE ANALYSIS: JDO - JUDO CAPITAL HOLDINGS LIMITED

For more info SHARE ANALYSIS: LLL - LEO LITHIUM LIMITED

For more info SHARE ANALYSIS: LOT - LOTUS RESOURCES LIMITED

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

For more info SHARE ANALYSIS: MQG - MACQUARIE GROUP LIMITED

For more info SHARE ANALYSIS: NAB - NATIONAL AUSTRALIA BANK LIMITED

For more info SHARE ANALYSIS: PLS - PILBARA MINERALS LIMITED

For more info SHARE ANALYSIS: PLT - PLENTI GROUP LIMITED

For more info SHARE ANALYSIS: PTM - PLATINUM ASSET MANAGEMENT LIMITED

For more info SHARE ANALYSIS: QUB - QUBE HOLDINGS LIMITED

For more info SHARE ANALYSIS: SM1 - SYNLAIT MILK LIMITED

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

For more info SHARE ANALYSIS: WBC - WESTPAC BANKING CORPORATION