Australian Broker Call *Extra* Edition – Jan 23, 2023

This story features BEGA CHEESE LIMITED, and other companies. For more info SHARE ANALYSIS: BGA

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)

AKE (2)   AUT   BGA   BGL   BML   BRB   CAI   CBA   CEL   CMM   CVN   DEG   DMP   DTL   EVN   GCY   GMD   GOR   IMD   JBH   KSN   MGV   MHJ   MZZ   NST   NWL   ORR   PDI   PDN   PRU   RED   RIO   RMS   RRL   SBM   SLR   SMP   STO   TIE   TUL   WGX   ZIP  

AKE    ALLKEM LIMITED

New Battery Elements – Overnight Price: $12.80

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

Allkem's Olaroz project delivered a record quarter, with lithium carbonate production of 4,300 tonnes and sales of 3,100 tonnes, and Bell Potter notes first production from the Stage 2 expansion is expected in the second quarter. 

The broker also expects Mt Cattlin is through the worst of its low grades and difficult zones, with full year guidance implying an "ambitious" second half production recovery. The company also delays first production from Sal de Vida to mid-2024. 

The Buy rating is retained and the target price decreases to $19.36 from $19.45.

This report was published on January 19, 2023.

Target price is $19.36 Current Price is $12.80 Difference: $6.56
If AKE meets the Bell Potter target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $16.56, suggesting upside of 25.5%(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 131.90 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.9, implying annual growth of 58.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 40.00 cents and EPS of 152.70 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.7, implying annual growth of 34.4%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 8.7.

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

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

Allkem's December quarter lithium carbonate production outpaced Goldman Sachs' forecasts by 16% and consensus by 19%, the company posting record production.

Spodumene production at Mr Cattlin disappointed both the broker and consensus in terms of grade but the broker says progress suggests June-half production will meet production and cost guidance while realised pricing is likely to improve in the March quarter.

Goldman Sachs expects operational improvements will continue in the second half and observes development projects are steady as she goes. The broker expects resource update across most assets in the June half.

Buy rating retained, the broker noting the company is trading at a discount to peers. Allkem remains Goldman Sachs's preferred sector pick. Target price rises 17% to $15.50 from $15.20 on January 18. 

This report was published on January 18, 2023.

Target price is $15.50 Current Price is $12.80 Difference: $2.7
If AKE meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $16.56, suggesting upside of 25.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.05 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1219.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.9, implying annual growth of 58.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 59.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.7, implying annual growth of 34.4%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 8.7.

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

AUT    AUTECO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.06

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Auteco Minerals, the broker retains a Speculative Buy rating and the target price increases to $0.17 from $0.15.

This report was published on January 18, 2023.

Target price is $0.17 Current Price is $0.06 Difference: $0.109
If AUT meets the Canaccord Genuity target it will return approximately 179% (excluding dividends, fees and charges).

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

BGA    BEGA CHEESE LIMITED

Dairy – Overnight Price: $3.94

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

In reviewing its outlook for Bega Cheese, Bell Potter highlights milk supply growth and skim milk powder commodity returns have disappointed. According to the broker, domestic milk production has remained under pressure, with supply down -7.2% year-on-year through November. 

More positively, mozzarella returns have remained fairly stable. The broker does see risk for Bega Cheese through FY23 given weaker commodity price trends, but notes potential for farmgate pricing pressures to ease in FY24. 

The Hold rating is retained and the target price increases to $4.20 from $3.70.

This report was published on January 19, 2023.

Target price is $4.20 Current Price is $3.94 Difference: $0.26
If BGA meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting downside of -6.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 11.00 cents and EPS of 8.60 cents.
At the last closing share price the estimated dividend yield is 2.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.81.

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 2.9%.
Current consensus EPS estimate suggests the PER is 31.8.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 11.00 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 2.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.13.

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 3.1%.
Current consensus EPS estimate suggests the PER is 21.1.

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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.27

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

Bellevue Gold remains a top developer pick for the broker, and finds it one of the most exciting near-term development opportunities in Australian gold. The broker sees significant growth potential, with the current mine plan accounting for only 60% of the resource. The broker retains a Speculative Buy rating and the target price increases to $1.50 from $1.40.

This report was published on January 18, 2023.

Target price is $1.50 Current Price is $1.27 Difference: $0.23
If BGL meets the Canaccord Genuity target it will return approximately 18% (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

BML    BOAB METALS LIMITED

Mining – Overnight Price: $0.29

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

Post the Definitive Feasibility Study (DFS) on the Sorby Hills Lead-Silver-Zinc project in Western Australia, Shaw and Partners highlights a 50% increase in the size of the project for Boab Metals which has a 75% stake.

The broker had already adjusted for the expected increase in the project, including the 50% lift in the processing plant capacity to 2.25Mtpa from 1.5Mtpa and rise in capital expenditure to $240m from $186m, and does not expect a major change to forecasts from the announcement.

A Buy rating and 80c target are maintained.

This report was published on January 23, 2023.

Target price is $0.80 Current Price is $0.29 Difference: $0.505
If BML meets the Shaw and Partners target it will return approximately 171% (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 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.29.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.51.

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

BRB    BREAKER RESOURCES NL

Mining – Overnight Price: $0.35

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Breaker Resources, the broker retains a Speculative Buy rating and the target price increases to $0.45 from $0.40.

This report was published on January 18, 2023.

Target price is $0.45 Current Price is $0.35 Difference: $0.1
If BRB meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).

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

CAI    CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.42

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Calidus Resources, the broker retains a Speculative Buy rating and the target price increases to $0.85 from $0.75.

This report was published on January 18, 2023.

Target price is $0.85 Current Price is $0.42 Difference: $0.43
If CAI meets the Canaccord Genuity target it will return approximately 102% (excluding dividends, fees and charges).

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: $108.66

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

Goldman Sachs tinkers with CommBank's EPS forecasts to include the remaining $200m of the bank's $2bn on-market buyback.

EPS forecasts are steady in FY23; and rise 1% in FY24 and FY24.

Sell rating and $91.60 target price retained.

This report was published on January 19, 2023.

Target price is $91.60 Current Price is $108.66 Difference: minus $17.06 (current price is over target).
If CBA meets the Goldman Sachs target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $93.28, suggesting downside of -14.2%(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 603.60 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 612.7, implying annual growth of -2.0%.
Current consensus DPS estimate is 431.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 497.00 cents and EPS of 637.40 cents.
At the last closing share price the estimated dividend yield is 4.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 609.2, implying annual growth of -0.6%.
Current consensus DPS estimate is 445.8, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 17.9.

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

CEL    CHALLENGER EXPLORATION LIMITED

Gold & Silver – Overnight Price: $0.17

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Challenger Exploration, the broker retains a Speculative Buy rating and the target price increases to $0.36 from $0.35.

This report was published on January 18, 2023.

Target price is $0.36 Current Price is $0.17 Difference: $0.19
If CEL meets the Canaccord Genuity target it will return approximately 112% (excluding dividends, fees and charges).

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $4.80

Canaccord Genuity rates ((CMM)) as Downgrade to Hold from Buy (3) –

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Capricorn Metals, the broker downgrades to a Hold rating from Buy and the target price increases to $4.75 from $4.15.

This report was published on January 18, 2023.

Target price is $4.75 Current Price is $4.80 Difference: minus $0.05 (current price is over target).
If CMM meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

CVN    CARNARVON ENERGY LIMITED

Crude Oil – Overnight Price: $0.15

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

Jarden sees ongoing uncertainty regarding the final investment decision (FID) for the Dorado project, of which Carnarvon Energy has a 20% stake, as an ongoing lid on the share price re-rating.

Carnarvon Energy noted they are expecting regulatory approval from "NOPSEMA" in the 1H2023, however Jarden envisages FID will most likely transpire in 2024, which is later than indications (2023/2024) offered at the Santos ((STO)) AGM last November.

Santos ((STO)) is the operator of the Dorado project. Cash on the balance sheet is ahead of the broker's forecast of $98m at the end of December 2022.

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

This report was published on January 20, 2023.

Target price is $0.22 Current Price is $0.15 Difference: $0.07
If CVN meets the Jarden target it will return approximately 47% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.50.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.50.

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

DEG    DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $1.57

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

De Grey Mining remains a top developer pick for the broker, with the company's Mallina gold project offering world-class potential and an impressive production profile. The broker retains a Speculative Buy rating and the target price increases to $2.20 from $2.05.

This report was published on January 18, 2023.

Target price is $2.20 Current Price is $1.57 Difference: $0.63
If DEG meets the Canaccord Genuity target it will return approximately 40% (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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $73.25

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

Jarden is starting to see improving trends for the beleaguered Domino's Pizza Enterprises with previous headwinds moving to positive tailwinds for the company's earnings.

The broker is forecasting 22% compound growth in EPS over the next three years, supported by costs declines (energy and commodities), an improvement in trading results from competitors and better initiatives to bolster growth, such as the new app, and price rises.

Boosted by Europe, same-sales-store-growth of 2.3% is forecast by the analyst in FY23, which is 140bps above the market consensus.

An Overweight rating and $80 target are retained..

This report was published on January 20, 2023.

Target price is $80.00 Current Price is $73.25 Difference: $6.75
If DMP meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $75.57, suggesting upside of 2.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 185.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 183.6, implying annual growth of 0.1%.
Current consensus DPS estimate is 148.5, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 40.0.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 253.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 237.6, implying annual growth of 29.4%.
Current consensus DPS estimate is 190.5, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 30.9.

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

DTL    DATA#3 LIMITED.

IT & Support – Overnight Price: $7.15

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

A first half trading update sees Data#3 guiding to the top end of its $21-25m profit before tax guidance range, implying upwards of 24% growth year-on-year. While Goldman Sachs expects the news to be received positively, it expects investors may have anticipated upside.

The company expects to face a similar backlog, equivalent to around $6m profit before tax, at the end of the first half as it did at the end of FY22, with work replaced by new business despite improved supply. While indicative of ongoing strong demand, the broker warns of potential for a near-term delay in the unwind of the company's elevated working capital position.

The Buy rating and target price of $8.95 are retained. 

This report was published on January 18, 2023.

Target price is $8.95 Current Price is $7.15 Difference: $1.8
If DTL meets the Goldman Sachs target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $7.07, suggesting upside of 0.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.0, implying annual growth of 17.3%.
Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 30.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.0, implying annual growth of 13.0%.
Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 27.2.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $3.28

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Evolution Mining, the broker retains a Hold rating and the target price increases to $3.20 from $1.95.

This report was published on January 18, 2023.

Target price is $3.20 Current Price is $3.28 Difference: minus $0.08 (current price is over target).
If EVN meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.96, suggesting downside of -10.1%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 15.8, implying annual growth of -10.9%.
Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY24:

Current consensus EPS estimate is 21.2, implying annual growth of 34.2%.
Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 15.5.

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

GCY    GASCOYNE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.20

Canaccord Genuity rates ((GCY)) as No Rating (-1) –

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Gascoyne Resources, the broker's rating and target price remain under review.

This report was published on January 18, 2023.

Current Price is $0.20. Target price not assessed.

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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $1.39

Canaccord Genuity rates ((GMD)) as No Rating (-1) –

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Genesis Minerals, the broker's rating and target price remain under review. 

This report was published on January 18, 2023.

Current Price is $1.39. Target price not assessed.
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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.75

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

Gold Road Resources remains a top producer pick for the broker, which anticipates healthy free cash yields of 6% and 9% in 2023 and 2024 respectively. The broker retains a Buy rating and the target price increases to $2.10 from $1.80.

This report was published on January 18, 2023.

Target price is $2.10 Current Price is $1.75 Difference: $0.355
If GOR meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $1.95, suggesting upside of 12.7%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 6.4, implying annual growth of 53.1%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 27.0.

Forecast for FY23:

Current consensus EPS estimate is 5.8, implying annual growth of -9.4%.
Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 29.8.

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

IMD    IMDEX LIMITED

Mining Sector Contracting – Overnight Price: $2.47

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

Imdex announced 1H23 results which came in above Jarden's forecasts. An add-back of legal costs countered  higher than expected damages' assumption.

On balance the EBITDA result was 2% above the broker's estimate.

Concurrently the company announced a binding agreement to buy Devico AS which would provide Imdex with exposure to the European and South American markets and directional drilling projects.

Jarden upgrades EPS forecasts by 4% and 2% for FY23 and FY24 although remains aware of potential wary market sentiment towards the size of the acquisition and the associated funding profile.

An Overweight rating is retained and the target adjusted to $2.56 from $2.40.

This report was published on January 23, 2023.

Target price is $2.56 Current Price is $2.47 Difference: $0.09
If IMD meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.61, suggesting upside of 5.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 4.00 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 1.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of 27.7%.
Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 17.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 4.40 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 1.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, implying annual growth of 7.6%.
Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 16.1.

Market Sentiment: 0.7
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: $48.11

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

In a pre-announced first half result from JB Hi-Fi, the retailer appears to have beaten Goldman Sachs sales, earnings and net profit expectations by 3%, 19% and 20% respectively. 

The broker largely attributes the beat to effective inventory management over the half, assessing JB Hi-Fi felt little pressure to excessively discount stock to clear inventories given it typically carries only two months of inventory. 

The Sell rating is retained and the target price increases to $40.30 from $36.90.

This report was published on January 18, 2023.

Target price is $40.30 Current Price is $48.11 Difference: minus $7.81 (current price is over target).
If JBH meets the Goldman Sachs target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $46.03, suggesting downside of -4.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 271.00 cents and EPS of 415.00 cents.
At the last closing share price the estimated dividend yield is 5.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.59.

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:

Goldman Sachs forecasts a full year FY24 dividend of 192.00 cents and EPS of 294.00 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.36.

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

KSN    KINGSTON RESOURCES LIMITED

Mining – Overnight Price: $0.13

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Kingston Resources, the broker retains a Speculative Buy rating and the target price increases to $0.45 from $0.40.

This report was published on January 18, 2023.

Target price is $0.45 Current Price is $0.13 Difference: $0.32
If KSN meets the Canaccord Genuity target it will return approximately 246% (excluding dividends, fees and charges).

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

MGV    MUSGRAVE MINERALS LIMITED

Gold & Silver – Overnight Price: $0.21

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Musgrave Minerals, the broker retains a Speculative Buy rating and the target price increases to $0.55 from $0.50.

This report was published on January 18, 2023.

Target price is $0.55 Current Price is $0.21 Difference: $0.335
If MGV meets the Canaccord Genuity target it will return approximately 156% (excluding dividends, fees and charges).

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

MHJ    MICHAEL HILL INTERNATIONAL LIMITED

Luxury – Overnight Price: $1.12

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

Jarden transfers coverage of Michael Hill and makes minor adjustments to the FY24 forecast as price discounting is expected to pressure margins alongside a weaker consumer outlook.

The broker likes Michael Hill post the "rejuvenation" program with better brand positioning, product suite and a strong balance sheet (cash-on-hand of $96m) which should assist with growth strategies, including possible acquisitions.

The NZ$1.50 target remains unchanged as the lower cost of capital offsets the reduction in FY24 EPS forecasts.

Michael Hill is one of Jarden's preferred shares in the retail sector and an Overweight rating is maintained.

This report was published on January 19, 2023.

Current Price is $1.12. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 13.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.55.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 12.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.18.

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

MZZ    MATADOR MINING LIMITED

Gold & Silver – Overnight Price: $0.12

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Matador Mining, the broker retains a Speculative Buy rating and the target price increases to $0.27 from $0.25.

This report was published on January 18, 2023.

Target price is $0.27 Current Price is $0.12 Difference: $0.15
If MZZ meets the Canaccord Genuity target it will return approximately 125% (excluding dividends, fees and charges).

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $12.55

Canaccord Genuity rates ((NST)) as Downgrade to Hold from Buy (3) –

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Northern Star Resources, the broker downgrades to a Hold rating from Buy and the target price increases to $13.00 from $11.60.

This report was published on January 18, 2023.

Target price is $13.00 Current Price is $12.55 Difference: $0.45
If NST meets the Canaccord Genuity target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $12.05, suggesting downside of -5.3%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 23.4, implying annual growth of -36.7%.
Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 54.4.

Forecast for FY24:

Current consensus EPS estimate is 39.2, implying annual growth of 67.5%.
Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 32.5.

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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $12.42

Jarden rates ((NWL)) as Neutral (3) –

Jarden reports Netwealth Group announced weaker than expected 2Q23 net flows of $2.1bn compared to $2.9-$3bn forecast.

The broker notes that post the update of $5bn in 1H23 net flows there are potential risks to management's $6bn in funds flow for each half of FY23 results. Increasingly the performance for the 2H23 will depend on the success of the launch of the Multi Asset Portfolio service.

Higher cash account spreads offset rising costs from IT, marketing and travel expenses.

The broker's forecasts are adjusted by -6.9% and -2.7% for FY23 and FY24.

The Neutral rating is retained and the target price rises to $13.10 from $12.85.

This report was published on January 20, 2023.

Target price is $13.10 Current Price is $12.42 Difference: $0.68
If NWL meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $14.68, suggesting upside of 19.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 23.50 cents and EPS of 27.60 cents.
At the last closing share price the estimated dividend yield is 1.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.0, implying annual growth of 22.9%.
Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 31.30 cents and EPS of 36.80 cents.
At the last closing share price the estimated dividend yield is 2.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.2, implying annual growth of 29.3%.
Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 33.9.

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

ORR    ORECORP LIMITED

Gold & Silver – Overnight Price: $0.44

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

OreCorp remains a top developed pick for the broker, which finds the company's Nyanzaga project one of the best undeveloped gold projects on the ASX. The broker retains a Speculative Buy rating and the target price increases to $1.05 from $0.90.

This report was published on January 18, 2023.

Target price is $1.05 Current Price is $0.44 Difference: $0.61
If ORR meets the Canaccord Genuity target it will return approximately 139% (excluding dividends, fees and charges).

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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.18

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

Predictive Discovery remains a top developer pick for the broker, with the company continuing to expand and de-risk its Bankan gold project and a resource update expected in coming months. The broker retains a Speculative Buy rating and the target price increases to $0.37 from $0.34.

This report was published on January 18, 2023.

Target price is $0.37 Current Price is $0.18 Difference: $0.185
If PDI meets the Canaccord Genuity target it will return approximately 100% (excluding dividends, fees and charges).

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $0.76

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

Shaw and Partners notes in the December quarter activities report for Paladin Energy that the company has completed three more uranium offtake agreements to European and US utilities.

Production from re-starting the Langer Heinrich is due in 1Q24.

Paladin Energy has $163.4m cash on hand to fully fund the initial production.

Shaw and Partners continues to rate Paladin Energy as the preferred uranium play and maintains a Buy rating and $1.30 target.

This report was published on January 23, 2023.

Target price is $1.30 Current Price is $0.76 Difference: $0.54
If PDN meets the Shaw and Partners target it will return approximately 71% (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 0.29 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 263.89.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.75 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.27.

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

PRU    PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $2.33

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

Perseus Mining remains a top producer pick for the broker, despite trading at a ten-year high. The broker remains attracted to the company's low cost, high margin asset base and multiple organic growth opportunities. The broker retains a Buy rating and the target price increases to $2.60 from $2.40.

This report was published on January 18, 2023.

Target price is $2.60 Current Price is $2.33 Difference: $0.27
If PRU meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.35, suggesting upside of 1.3%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 22.5, implying annual growth of 19.9%.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY24:

Current consensus EPS estimate is 21.9, implying annual growth of -2.7%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 10.6.

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

RED    RED 5 LIMITED

Gold & Silver – Overnight Price: $0.23

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Red 5, the broker retains a Speculative Buy rating and the target price increases to $0.36 from $0.32.

This report was published on January 18, 2023.

Target price is $0.36 Current Price is $0.23 Difference: $0.125
If RED meets the Canaccord Genuity target it will return approximately 53% (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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $127.20

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

A quarterly iron-ore production record made for a strong finish to 2022 for Rio Tinto, according to Goldman Sachs, with production up 6% quarter-on-quarter to 89.5m tonnes.

However, commentary from the company that iron ore unit costs would exceed the top end of guidance range disappointed, alongside a US$1.3bn increase to environmental rehabilitation provisions for 2022.

Also disappointing were weaker than expected copper production and lower grades at Escondida and Oyu Tolgoi. Guidance for the coming year was largely unchanged, with mined copper production up 15% reflecting increased ownership of Oyu Tolgoi. 

The Buy rating is retained and the target price increases to $134.40 from $130.00.

This report was published on January 18, 2023.

Target price is $134.40 Current Price is $127.20 Difference: $7.2
If RIO meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $115.71, suggesting downside of -8.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 706.77 cents and EPS of 1168.33 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1221.1, implying annual growth of N/A.
Current consensus DPS estimate is 658.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 634.65 cents and EPS of 1058.71 cents.
At the last closing share price the estimated dividend yield is 4.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1108.8, implying annual growth of -9.2%.
Current consensus DPS estimate is 681.7, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 11.4.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.08

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Ramelius Resources, the broker retains a Buy rating and the target price increases to $1.55 from $1.35.

This report was published on January 18, 2023.

Target price is $1.55 Current Price is $1.08 Difference: $0.465
If RMS meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $1.29, suggesting upside of 18.3%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 1.7, implying annual growth of 16.4%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 64.1.

Forecast for FY24:

Current consensus EPS estimate is 6.9, implying annual growth of 305.9%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 15.8.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.23

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Regis Resources, the broker retains a Buy rating and the target price increases to $2.50 from $2.00.

This report was published on January 18, 2023.

Target price is $2.50 Current Price is $2.23 Difference: $0.27
If RRL meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.04, suggesting downside of -9.1%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 8.0, implying annual growth of 339.6%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 28.0.

Forecast for FY24:

Current consensus EPS estimate is 4.6, implying annual growth of -42.5%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 48.7.

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

SBM    ST. BARBARA LIMITED

Gold & Silver – Overnight Price: $0.85

Canaccord Genuity rates ((SBM)) as No Rating (-1) –

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For St. Barbara, the broker's rating and target price remain under review.

This report was published on January 18, 2023.

Current Price is $0.85. Target price not assessed.
Current consensus price target is $1.00, suggesting upside of 12.4%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is -5.8, implying annual growth of N/A.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Current consensus EPS estimate is -2.1, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is N/A.

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

SLR    SILVER LAKE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.42

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Silver Lake Resources, the broker retains a Buy rating and the target price increases to $1.70 from $1.65.

This report was published on January 18, 2023.

Target price is $1.70 Current Price is $1.42 Difference: $0.28
If SLR meets the Canaccord Genuity target it will return approximately 20% (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

SMP    SMARTPAY HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $1.25

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

Shaw and Partners liked SmartPay's 3Q23 trading update with better than expected results from the transaction terminals. The broker is looking to robust results for FY23 with management noting an "acceleration in customer acquisition continuing".

SmartPay is viewed by Shaw and Partners as offering a reasonable valuation with 30%-plus growth as well as expected market share and margin improvements.

The analyst upgrades EBITDA forecasts by 0.9% and 2% for FY23 and FY24, including growth in transacting terminals of 6.5% and 7.4%, respectively.

The broker's target is raised to $1.69 from $1.63 and the Buy rating maintained.

This report was published on January 23, 2023.

Target price is $1.69 Current Price is $1.25 Difference: $0.44
If SMP meets the Shaw and Partners target it will return approximately 35% (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 2.92 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.76.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.93 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.34.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $7.35

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

Santos cut FY23 production guidance by -2%, post the December quarter trading update, observes Jarden. Ongoing production problems with the John Brookes gas field were highlighted as the main reason for the downgrade.

Better results from Bayu Undan underwrote the better than expected results of 25.6mmboe for the December quarter and free cash flow came in $230m ahead of the broker's forecast at $930m.

Jarden adjusts EPS forecasts by 2.4% for FY22 and -4.2% for FY23. The Overweight rating is maintained and the target adjusted to $7.85 from $7.90.

This report was published on January 20, 2023.

Target price is $7.85 Current Price is $7.35 Difference: $0.5
If STO meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.56, suggesting upside of 29.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 32.60 cents and EPS of 112.51 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.2, implying annual growth of N/A.
Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 6.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 40.39 cents and EPS of 61.88 cents.
At the last closing share price the estimated dividend yield is 5.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.7, implying annual growth of -17.1%.
Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 7.4.

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

TIE    TIETTO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.82

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Tietto Minerals, the broker retains a Hold rating and the target price increases to $0.80 from $0.70.

This report was published on January 18, 2023.

Target price is $0.80 Current Price is $0.82 Difference: minus $0.02 (current price is over target).
If TIE meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

TUL    TULLA RESOURCES PLC

Gold & Silver – Overnight Price: $0.38

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Tulla Resources, the broker retains a Speculative Buy rating and the target price increases to $0.80 from $0.70.

This report was published on January 18, 2023.

Target price is $0.80 Current Price is $0.38 Difference: $0.42
If TUL meets the Canaccord Genuity target it will return approximately 111% (excluding dividends, fees and charges).

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.22

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

Canaccord Genuity expects the operating challenges that impacted gold producers and developers in the last year largely persisted in the December quarter, but that some inflationary pressures started to ease.

More positively the US gold price had a strong finish to the year, up 9% quarter-on-quarter, and Canaccord Genuity expects the trading environment, and particularly a likely pause in rate rises from the Fed, to support a rising gold price over 2023. The broker lifts its long-term price expectations 7%.

For Westgold Resources, the broker retains a Buy rating and the target price increases to $1.75 from $1.50.

This report was published on January 18, 2023.

Target price is $1.75 Current Price is $1.22 Difference: $0.53
If WGX meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).

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

ZIP    ZIP CO LIMITED

Business & Consumer Credit – Overnight Price: $0.68

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

Pre the expected 2Q23 results, Zip Co announced the redemption of $70m in zero-coupon convertible notes as well as a $13m equity placement, notes Shaw and Partners.

The broker points to the potential for better than expected revenues and transaction values in the upcoming quarterly results announcement, expected next week.

Of note the company's cash burn is -30% lower than nine months ago and the outlook for the group's liabilities is viewed as "clearer".

The target falls -8% to $2.06 and a Buy rating is maintained.

This report was published on January 23, 2023.

Target price is $2.06 Current Price is $0.68 Difference: $1.38
If ZIP meets the Shaw and Partners target it will return approximately 203% (excluding dividends, fees and charges).
Current consensus price target is $0.67, suggesting downside of -14.9%(ex-dividends)
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 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.86.

How do these forecasts compare to market consensus projections?

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

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 10.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.73.

How do these forecasts compare to market consensus projections?

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

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

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