Australian Broker Call *Extra* Edition – Feb 02, 2023

This story features ADAIRS LIMITED, and other companies. For more info SHARE ANALYSIS: ADH

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)

ADH   AFP   AND   ARV   AX1 (3)   B4P   BRG   CIP   CLU   CSS   DSK   DTC   EM2   GL1   IFL   ILU   LRK   M7T   MIN (3)   MMM   OCA   PME   PPG   PPT   RMD   RPL   RRL (2)   SHV   SNZ   TNE   TRJ   WDS   WSP   WTC (2)   ZIP  

ADH    ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $2.92

Goldman Sachs rates ((ADH)) as Downgrade to Neutral from Buy (3) –

Goldman Sachs proudly states notes Adairs has rallied 34.3% since they initiated a Buy rating on September 8, 2022.

In light of the share price move, the analyst considers the stock is more fully valued and would like to see a recovery in margins from Mocka, and growth in store roll-outs from Focus, before becoming more positive on the longer term outlook.

In the near term management has reiterated FY23 guidance.

The target price is raised to $3.15 from $2.65 adjusting for a mark-to-market valuation.

The rating is lowered to Neutral from Buy with an 18.5x PE valuation providing only 12% upside.

This report was published on January 26, 2023.

Target price is $3.15 Current Price is $2.92 Difference: $0.23
If ADH meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.78, suggesting downside of -3.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 17.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.3, implying annual growth of 11.1%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 20.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 6.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.4, implying annual growth of 10.6%.
Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 8.9.

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

AFP    AFT PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.35

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

Jarden reassesses the prospects for AFT Pharmaceuticals in light of the international expansion objectives for the company.

The analyst points to an additional 76 products in the A&NZ market over the next three years, reflecting a forecast ongoing compound revenue growth rate ot 12% from FY22 to FY27, although additional investment will be required.

Management indicated a slowly rollout in 1H23 results for other countries, missing market expectations again.

The broker reduces EBIT forecasts by -33% and -20% for FY23 and FY24, respectively.

The rating is downgraded to Neutral from Buy and the target is adjusted lower to NZ$3.80 from NZ$4.80.

This report was published on January 27, 2023.

Current Price is $3.35. Target price not assessed.
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 2.74 cents and EPS of 11.23 cents.
At the last closing share price the estimated dividend yield is 0.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.84.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 5.48 cents and EPS of 18.99 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.65.

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

AND    ANSARADA GROUP LIMITED

Software & Services – Overnight Price: $1.38

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

Ansarada Group provided the 1Q23 trading update with no revenue growth over the period, compared to 1H23 revenues beating Moelis' expectations.

On balance, the broker views the results in the context of the depressed M&A market with pressure on volumes to remain over the short term. 

Growth in government tenders as well as insolvency and compliance work is expected over FY23. The balance sheet with $19m cash-on-hand and the company's platform are viewed as robust enough to work through the cycle.

The rating is upgraded to a Buy from a Hold and the target is adjusted to $1.72 from $1.82

This report was published on February 27, 2023.

Target price is $1.72 Current Price is $1.38 Difference: $0.34
If AND meets the Moelis target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 9.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.68.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.17.

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

ARV    ARTEMIS RESOURCES LIMITED

Mining – Overnight Price: $0.03

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

In a review of its retirement village sector, Jarden points out that its twelve-month targets reflect upside from resolution of issues. Sentiment for the sector remains weak, and Jarden retains its underweight outlook given long-dated cash flows and high sensitivity to small assumption changes.

Compared to competitors, Artemis Resources does not have a long development track record. With the company in the early stages of repositioning its business, Jarden sees upside in it proving up execution on development.

The rating is downgraded to Neutral from Overweight and the target price increases to NZ$1.73 from NZ$1.50. 

This report was published on January 25, 2023.

Current Price is $0.03. Target price not assessed.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $2.27

Bell Potter rates ((AX1)) as Buy (1) –

Accent Group's December-half trading update appears to have pleased Bell Potter, revenue outpacing the broker's forecasts by 6%.

The broker observes January is off to a strong start and expects March-quarter trading will benefit from positive trading trends, a weaker competitive environment and Accent's strong in-stock position.

All up, Bell Potter expects the company will post a 7% rise in average store sales for the June half has it cycles through omicron comps up to April.

Buy rating retained. Target price rises 10% to $2.30.

This report was published on January 27, 2023.

Target price is $2.30 Current Price is $2.27 Difference: $0.03
If AX1 meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.14, suggesting downside of -5.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 11.50 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 5.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 144.4%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 12.60 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 5.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.3, implying annual growth of 0.7%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 15.8.

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

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Goldman Sachs rates ((AX1)) as Buy (1) –

Goldman Sachs considers the 1H23 trading update from Accent Group as a beat at the EBIT level and sales revenue in-line.

The analyst views the exposure to the more resilient "youth" and "performance footwear" sectors as offering a buffer against the possible softening of consumer demand in discretionary retail.

With inventory levels under control post the holiday sales, Goldman Sachs points to price discounting as a potential threat for gross margins.

A Buy rating and $2.20 target are retained.

This report was published on January 26, 2023.

Target price is $2.20 Current Price is $2.27 Difference: minus $0.07 (current price is over target).
If AX1 meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.14, suggesting downside of -5.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 10.20 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 4.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 144.4%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 11.40 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 5.02%.
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 14.3, implying annual growth of 0.7%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 15.8.

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

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Jarden rates ((AX1)) as Overweight (2) –

Continuing in the theme of stronger-than-expected retail spending, Accent Group reported a better than forecast 1H23 trading update according to Jarden.

The company beat on sales and EBIT, and reported good clearance of inventory without much price discounting.

The broker upgrades EPS forecasts by 12.1% for FY23 and 13.7% for FY24, and considers the "youth" exposed stocks such as Accent Group, Premier Investments ((PMV)) and Universal Store ((UNI)), as well place in the discretionary retail sector, while offering good value.

Overweight rating retained with an upgrade in the target to $2.70 from $2.30.

This report was published on January 26, 2023.

Target price is $2.70 Current Price is $2.27 Difference: $0.43
If AX1 meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $2.14, suggesting downside of -5.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 12.10 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 5.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 144.4%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.10 cents and EPS of 15.30 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.3, implying annual growth of 0.7%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 15.8.

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

B4P    BEFOREPAY GROUP LIMITED

Diversified Financials – Overnight Price: $0.41

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

Revenue in the 2Q for Beforepay Group was $8.1m, exceeding the $7.8m forecast by Shaw and Partners and significant improvements were noted for all key platform metrics.

Active users and Pay Advances exceeded the analyst's expectations.

Despite higher Advances, greater seasonal defaults weighed, which didn't overly surprise the broker given management commentary at 1Q results alluded to such an outcome.

Shaw and Partners makes no changes, to forecasts, target ($1.50) or its Buy rating.

This report was published on January 30, 2023.

Target price is $1.50 Current Price is $0.41 Difference: $1.09
If B4P meets the Shaw and Partners target it will return approximately 266% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.56.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 41.00.

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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $22.87

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

Following on from industry discussions and trading updates for retailers such as JB Hi-FI ((JBH)), Jarden has retained a cautious outlook on Breville Group, ahead of the 1H23 upcoming results report.

The analyst is optimistic about the longer term growth prospects for the group, but in the near term there is an expectation that the Americas and EMEA operations, particularly, have scope for weakness off the back of a softer macro backdrop. These regions represent over 75% of the company's EBIT.

The target is adjusted to $20.50 from $19.20 and the rating is maintained at Underweight.

This report was published on January 26, 2023.

Target price is $20.50 Current Price is $22.87 Difference: minus $2.37 (current price is over target).
If BRG meets the Jarden target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $23.72, suggesting upside of 2.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 34.00 cents and EPS of 83.20 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 27.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.2, implying annual growth of 3.0%.
Current consensus DPS estimate is 31.3, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 29.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 38.00 cents and EPS of 94.50 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.1, implying annual growth of 12.7%.
Current consensus DPS estimate is 34.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 26.3.

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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.43

Moelis rates ((CIP)) as Buy (1) –

Centuria Industrial REIT's December-half funds from operations (FFO) met Moelis's fprecasts and management reaffirmed FFO and dividend guidance.

Leasing spreads rose; net operating income eased; portfolio valuation softened in line with cap rates; but a rise in market rents more than made up for it; and gearing eased to 31.6% from 33.2%.

Hedging rose to 77% from 62%, the company entering $300m in hedges in the half, $200m of which are set to start in 2024, derisking the balance sheet somewhat, says the broker (as did the portfolio JV with Morgan Stanley).

The broker observes the REIT is trading at a -17% discount to net tangible assets with an implied cap rate of 5.3% and its portfolio is -10% under-rented. 

Buy rating retained. Target price is shaved to $3.68 from $3.69.

This report was published on January 27, 2023.

Target price is $3.69 Current Price is $3.43 Difference: $0.26
If CIP meets the Moelis target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.44, suggesting downside of -2.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 16.00 cents and EPS of 17.10 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of -71.6%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 16.10 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of -0.6%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 20.8.

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

CLU    CLUEY LIMITED

Education & Tuition – Overnight Price: $0.38

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

Cluey's December-quarter result disappointed Bell Potter by roughly -7%, despite posting a 12% rise in revenue, in what the broker describes as a typically seasonally weak quarter due to year-12 graduations.

Gross profit rose 19% to $5.1m, and margins rose to 57.4%.

Operating cash flow eased -3% to $8.8m as a result of higher cash burn, bringing net cash to $14m at the end of December.

Buy rating retained. Target price falls to 80c from 90c.

This report was published on February 27, 2023.

Target price is $0.80 Current Price is $0.38 Difference: $0.425
If CLU meets the Bell Potter target it will return approximately 113% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 11.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.29.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.94.

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

CSS    CLEAN SEAS SEAFOOD LIMITED

Aquaculture – Overnight Price: $0.59

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

Clean Seas Seafood's December-quarter volumes fell a touch shy of Bell Potter's forecast but revenue outpaced by a decent clip thanks to strong pricing (average selling prices rose 6% on the September quarter).

Biomass at sea rose 2% year-on-year.

Management generated a positive June-quarter cash flow and available cash rose to $39.7m from $39m at September 30.

Given current low costs and strong pricing, the broker expects sharply higher earnings (EBITDA) than those reported in FY22, and believes the company is well place to move on growth options.

Speculative Buy rating and 85c target price retained. 

This report was published on January 27, 2023.

Target price is $0.85 Current Price is $0.59 Difference: $0.26
If CSS meets the Bell Potter target it will return approximately 44% (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 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.05.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.50.

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

DSK    DUSK GROUP LIMITED

Household & Personal Products – Overnight Price: $1.89

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

Dusk Group's CEO Peter King has announced his resignation, effective August 2023, due to personal reasons.

Shaw and Partners considers this a slight negative given the company's strong turnaround and performance under his reign.

Meanwhile, the broker expects moderating sales, continued strength in gross margins and awaits the December-half trading update in February. Shaw and Partners believes the company is well positioned to grow sales, market share and scale.

Buy rating and $3 target price retained, the broker considering the company to be cheap relatively to peers.

This report was published on January 27, 2023.

Target price is $3.00 Current Price is $1.89 Difference: $1.11
If DSK meets the Shaw and Partners target it will return approximately 59% (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 17.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 8.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.22.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 19.00 cents and EPS of 27.70 cents.
At the last closing share price the estimated dividend yield is 10.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.82.

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

DTC    DAMSTRA HOLDINGS LIMITED

Software & Services – Overnight Price: $0.12

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

Shaw and Partners believes the turnaround for Damstra Holdings is gaining momentum and sees potential for a material re-rate of shares on further improvements in cash flows or strategic interest in the company.

This view was expressed post 2Q results that showed earlier-than-expected attainment of positive fee cash flow (FCF), just at a time when shares are valued cheaply, according to the analyst.

The listed technology landscape is shrinking in Australia and companies being acquired enjoy several attributes that Damstra currently exhibits, suggests the broker. Prior strategic interest in the company has been rumoured/discussed.

The Buy rating is unchanged and a 46c target is set.

This report was published on January 30, 2023.

Target price is $0.46 Current Price is $0.12 Difference: $0.34
If DTC meets the Shaw and Partners target it will return approximately 283% (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 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.00.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

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

EM2    EAGLE MOUNTAIN MINING LIMITED

Mining – Overnight Price: $0.24

Shaw and Partners rates ((EM2)) as Buy (1) –

Eagle Mountain Mining's December-quarter activities report included a roughly 10% increase in the Oracle Ridge JORC copper Resource of roughly 10% and the completion of an underground mining refurbishment allowing a start to drilling.

Buy rating and 47c target price retained.

This report was published on January 27, 2023.

Target price is $0.47 Current Price is $0.24 Difference: $0.23
If EM2 meets the Shaw and Partners target it will return approximately 96% (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 11.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.03.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 5.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.29.

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

GL1    GLOBAL LITHIUM RESOURCES LIMITED

New Battery Elements – Overnight Price: $2.24

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

Shaw and Partners maintains its Buy rating and $3.80 target for Global Lithium Resources following its 2Q activities report.

The quarter ended with $76m cash on the balance sheet, which according to the analyst is more than suffice to complete exploration programs and mine studies.

The broker's target price assumes a further expansion of the company's resource base by 25% in the next 12 months, and that shares will trade at an industry average multiple of $1,359/t of Li2O resource.

A scoping study at the Manna Lithium project and a further resource upgrade are the next likely catalysts. The Marble Bar Lithium project in the Pilbara region is the company's other key asset.

This report was published on January 30, 2023.

Target price is $3.80 Current Price is $2.24 Difference: $1.56
If GL1 meets the Shaw and Partners target it will return approximately 70% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 77.24.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 89.60.

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

IFL    INSIGNIA FINANCIAL LIMITED

Wealth Management & Investments – Overnight Price: $3.48

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

Insignia Financial reported a miss on the 1H23 results with FUM -1.7% below Jarden's expectations, but in line with consensus, although post the adjustment for divestments and relationship losses, FUM actually rose 2.5%.

Asset management came in -3.1% lower than the broker's forecast and -1.2% below consensus.

The brokers adjusts EPS forecasts by -0.4% for FY23 and -3.2% for FY24 and highlights a lower adviser attrition rate of a 45 persons in the 2Q23 against the average quarterly adviser loss (99 persons) over FY22.

An Overweight rating is maintained and the target raised to $3.75 from $3.60 due a change in the valuation.

This report was published on January 26, 2023.

Target price is $3.75 Current Price is $3.48 Difference: $0.27
If IFL meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.88, suggesting upside of 11.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.80 cents and EPS of 26.60 cents.
At the last closing share price the estimated dividend yield is 4.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.1, implying annual growth of 431.8%.
Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 20.10 cents and EPS of 30.70 cents.
At the last closing share price the estimated dividend yield is 5.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.4, implying annual growth of 11.0%.
Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 10.4.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $11.07

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

Iluka Resources reported better than expected 4Q22 results, benefiting from higher zircon and rutile sales volumes and prices, highlights Goldman Sachs.

Goldman Sachs adjusts EPS forecasts by 6% for FY23 and 12% for FY24 due to higher production of zircon and better sales and prices for  synthetic rutile.

A Buy rating is retained and the target price rises to $12.60 from $12.10.

This report was published on January 26, 2023.

Target price is $12.60 Current Price is $11.07 Difference: $1.53
If ILU meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $11.02, suggesting downside of -1.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 141.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.2, implying annual growth of 64.5%.
Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 103.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 122.0, implying annual growth of -14.2%.
Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 9.2.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $2.09

Moelis rates ((LRK)) as Hold (3) –

Post the 2Q23 trading update, Lark Distilling Co missed 1H23 revenue forecasts according to Moelis, with the company unable to generate bulky one-off whiskey sales.

Venue re-opening provided a boost to gross margins of 6.4% to 68.6% and retail based distribution sales grew 28% since June 2022.

Moelis lowers revenue forecasts by -37% for FY23 and -34% for FY24 and the broker remains patient surrounding the company's prospects to deliver higher growth.

A Hold rating and $2.37 target are maintained.

This report was published on January 30, 2023.

Target price is $2.37 Current Price is $2.09 Difference: $0.28
If LRK meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 4.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 47.50.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 95.00.

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

M7T    MACH7 TECHNOLOGIES LIMITED

Healthcare services – Overnight Price: $0.72

Shaw and Partners rates ((M7T)) as Buy (1) –

Following a 2Q trading update by Mach7 Technologies, Shaw and Partners highlights record sales orders of $22.4m and record 1H revenue of $18.1m, a 27% rise year-on-year.

FY23 guidance for at least $36m in sales orders and 20% revenue growth was confirmed. The quarter closed with a cash balance of $20.6m and management expects to remain operating cash flow positive for FY23.

The broker forecasts increasing operating leverage over the medium-term and remains Buy-rated with an unchanged $1.20 target.

This report was published on January 30, 2023.

Target price is $1.20 Current Price is $0.72 Difference: $0.48
If M7T meets the Shaw and Partners target it will return approximately 67% (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 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.29.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.69.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $90.25

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

Mineral Resources' delivered a mixed December-quarter report but on average appears to have pleased Bell Potter.

Iron ore prices were the highlight, up 33% and outpaced the broker's forecast by 62%. Price realisation also outpaced.

Management has downgraded FY23 guidance for the Mount Marion Lithium Mine's production of spodumene concentrate to reflect rising costs. The mine's lithium hydroxide sales fell shy of Bell Potter's forecast.

Meanwhile Wodgina's realised prices fell as produce was sold into a long-term offtake agreement but the broker expects future sales should be sold at spot prices.

EPS forecasts rise 7% in FY23; 51% for FY24; and 141% in FY25.

Buy rating retained. Target price rises to $110 from $100 to reflect the broker's expectation of higher commodity prices and price realisation.

This report was published on January 27, 2023.

Target price is $110.00 Current Price is $90.25 Difference: $19.75
If MIN meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $96.69, suggesting upside of 9.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 423.30 cents and EPS of 846.60 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1027.0, implying annual growth of 455.5%.
Current consensus DPS estimate is 502.7, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 913.40 cents and EPS of 1826.90 cents.
At the last closing share price the estimated dividend yield is 10.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1517.5, implying annual growth of 47.8%.
Current consensus DPS estimate is 719.3, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 5.8.

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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Goldman Sachs rates ((MIN)) as Downgrade to Neutral from Buy (3) –

According to Goldman Sachs, Mineral Resources reported mixed results for the 2Q23 trading update.

The company experienced higher than anticipated iron ore and spodumene prices, but lower than expected iron ore and lithium sales.

As a result guidance for FY23 is unchanged, excluding the downgrade on Mt Marion, due to a delay in the expansion of the spodumene project.

The broker lowers FY23 EPS by -9% and raises FY24 by 1% resulting from lower iron ore and lithium shipments and the Mt Marion delay.

The rating is lowered to Neutral and the target price is lowered to $87 from $91.

This report was published on January 26, 2023.

Target price is $87.00 Current Price is $90.25 Difference: minus $3.25 (current price is over target).
If MIN meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $96.69, suggesting upside of 9.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 423.00 cents and EPS of 1059.00 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1027.0, implying annual growth of 455.5%.
Current consensus DPS estimate is 502.7, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 388.00 cents and EPS of 972.00 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1517.5, implying annual growth of 47.8%.
Current consensus DPS estimate is 719.3, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 5.8.

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

Jarden reassesses Mineral Resources on the back of the strong share price performance and the 2Q23 trading update.

The broker highlights the iron ore price that was achieved over the period as better than anticipated, and points to the disappointing lithium performance, with a reduction in FY23 guidance for Mt Marion and a delay in the expansion.

Notably Jarden's IH23 forecasts are well below consensus estimates by an order of -37% for EPS and -22% for the DPS.

The Rating is lowered to Neutral from Overweight and the Target price adjusted to $82.17 from $81.62.

This report was published on January 27, 2023.

Target price is $82.17 Current Price is $90.25 Difference: minus $8.08 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $96.69, suggesting upside of 9.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 300.00 cents and EPS of 681.00 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1027.0, implying annual growth of 455.5%.
Current consensus DPS estimate is 502.7, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 300.00 cents and EPS of 726.00 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1517.5, implying annual growth of 47.8%.
Current consensus DPS estimate is 719.3, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 5.8.

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

MMM    MARLEY SPOON AG

Consumer Products & Services – Overnight Price: $0.15

Wilsons rates ((MMM)) as No Rating (-1) –

Marley Spoon AG's December-quarter sales met Wilsons's forecasts and guidance was reiterated, with the operating cash margin posting a beat.

US operations performed strongly, Europe picked up, but margins fell in Australia. Marketing expenditure fell sharply.

The broker was pleased by the earnings (EBITDA) uplift, improved efficiencies, and growing balance sheet headroom post the company's December equity raising.

Rating and target price are under review.

This report was published on January 27, 2023.

Current Price is $0.15. Target price not assessed.
The company's fiscal year ends in December.

This company reports in EUR. 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

OCA    OCEANIA HEALTHCARE LIMITED

Overnight Price: $0.83

Jarden rates ((OCA)) as Downgrade to Underweight from Overweight (4) –

In a review of its retirement village sector, Jarden points out that its twelve-month targets reflect upside from resolution of issues. Sentiment for the sector remains weak, and Jarden retains its underweight outlook given long-dated cash flows and high sensitivity to small assumption changes.

With Oceania Healthcare in the early stages of repositioning its business, Jarden warns its relative higher inventory levels need to be worked through in a more challenging environment, which could impact its near-term growth rate. 

The rating is downgraded to Underweight from Overweight and the target price decreases to NZ$1.07 from NZ$1.10. 

This report was published on January 25, 2023.

Current Price is $0.83. Target price not assessed.

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $65.37

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

Pro Medicus has announced another contract hot on the heels of a contract announcement a week ago.

The eight-year deal is with Oregon-based Samaritan Health Service network for $12m.

The broker says this increases Visage's reach in the US IDN market.

Overweight rating and $71 target price are retained.

This report was published on January 27, 2023.

Target price is $71.00 Current Price is $65.37 Difference: $5.63
If PME meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

PPG    PRO-PAC PACKAGING LIMITED

Paper & Packaging – Overnight Price: $0.34

Moelis rates ((PPG)) as Buy (1) –

Moelis assesses the 1H23 trading update from Pro-Pac Packaging as meeting forecasts despite a slight miss on revenue of $185.5m compared to the broker's forecast of $191.2m.

Management used another $6.6m from the rights issue to recapitalise the balance sheet, and the company is expected to benefit from the strategic focus on inventory management, payment of creditors and improved working capital.

Moelis lowers the revenue forecast for FY23 by -1.6%, however lower resin prices and a higher AUD should underpin better performance in FY23.

A Buy rating and 41c target price are retained.

This report was published on January 30, 2023.

Target price is $0.41 Current Price is $0.34 Difference: $0.075
If PPG meets the Moelis target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.85.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.40 cents and EPS of 1.10 cents.
At the last closing share price the estimated dividend yield is 1.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.45.

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

PPT    PERPETUAL LIMITED

Wealth Management & Investments – Overnight Price: $25.49

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

Perpetual's December-quarter funds under management report (up 4% for Perpetual and 2.4% for Pendal) appears to have pleased Bell Potter, with both Perpetual and Pendal Group posting positive investment returns, despite a substantial currency drag.

Bell Potter appreciates the combined forces of Perpetual and Pendal, and the group's greater ESG focus, more numerous distribution channels and opportunities for synergy.

Buy rating retained. Target price falls to $31.94 from $38.73.

This report was published on January 27, 2023.

Target price is $31.94 Current Price is $25.49 Difference: $6.45
If PPT meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $29.60, suggesting upside of 13.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 194.00 cents and EPS of 225.70 cents.
At the last closing share price the estimated dividend yield is 7.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 213.2, implying annual growth of 18.7%.
Current consensus DPS estimate is 184.5, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 199.00 cents and EPS of 249.20 cents.
At the last closing share price the estimated dividend yield is 7.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 224.8, implying annual growth of 5.4%.
Current consensus DPS estimate is 190.7, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 11.6.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $32.23

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

ResMed's 2Q23 earnings were ahead of Wilsons' forecast.

The company's total sales revenue grew 20% over the period, boosted by US flow generator sales, in particular, rising 41%, alongside a 13% lift in global mask and accessories and an 18% growth in SaaS sales.

Forecasts are under review.

Overweight rating and $38.24 target retained for now.

This report was published on January 30, 2023.

Target price is $38.24 Current Price is $32.23 Difference: $6.01
If RMD meets the Wilsons target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $36.23, suggesting upside of 13.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 24.96 cents and EPS of 93.05 cents.
At the last closing share price the estimated dividend yield is 0.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.4, implying annual growth of N/A.
Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 31.1.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 25.53 cents and EPS of 107.04 cents.
At the last closing share price the estimated dividend yield is 0.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 121.3, implying annual growth of 18.5%.
Current consensus DPS estimate is 31.5, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 26.3.

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

RPL    REGAL PARTNERS LIMITED

Wealth Management & Investments – Overnight Price: $3.59

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

Alternatives asset manager Regal Partners has delivered a 2H update showing a -5% quarter-on-quarter fall in funds under management (FUM) to $5.1bn.

Shaw and Partners attributes the FUM miss against its forecast for 5.9bn largely to negative market performance and executing long/short strategies in difficult investment markets during November and December.

Performance fees of around $14m in the 2H were also a miss versus Shaw's $22m forecast.

The analyst notes the merger of VGI Partners and Regal to create Regal Partners has seen an acceleration in net flows.

Shaw makes only minor changes to forecasts and a roll forward of the analyst's financial model results in a $6.08 target, up from $5.88. The Buy rating is unchanged.

This report was published on January 30, 2023.

Target price is $6.08 Current Price is $3.59 Difference: $2.49
If RPL meets the Shaw and Partners target it will return approximately 69% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 2.40 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 0.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.42.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 10.00 cents and EPS of 19.90 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 18.04.

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: $2.14

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

Regis Resources's December-quarter production and all-in-sustaining costs missed Bell Potter's forecasts but the broker remains upbeat.

Management reiterated FY23 guidance and advised costs are likely to come in at the top of the guidance range.

Bell Potter appreciates Tropicana's strong production and cost beat. Duketon South improved, only to be overshadowed by underperformance at Duketon North (but the broker does note the latter's results were the second-highest in the last six quarters).

Cash and bullion at December 31 eased to $151m from $157m. Drawn debt sat at $300m.

Bell Potter expects operating free cash flow to start rising sharply, and if so, expects share-price momentum will accelerate. 

Buy rating retained. Target price rises to $2.72 from $2.68.

This report was published on January 27, 2023.

Target price is $2.72 Current Price is $2.14 Difference: $0.58
If RRL meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $2.02, suggesting downside of -8.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 1.00 cents and EPS of 13.10 cents.
At the last closing share price the estimated dividend yield is 0.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.9, implying annual growth of 224.2%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 37.5.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 2.00 cents and EPS of 29.20 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 32.2%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 28.3.

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

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

Up 2% quarter-on-quarter, Regis Resources delivered production of 117,000 ounces in the December quarter, largely in-line with Canaccord Genuity's expectations, while costs declined -1% quarter-on-quarter and missed the broker's expectations by -11%. 

The company has retained production guidance of 450-500,000 ounces, with all-in sustaining costs expected to be at the top end of the $1,525-1,625 per ounce range. Regis Resources cited ongoing inflationary costs, which were also a contributing factor to the company lifting its growth capital expenditure guidance to $180-190m. 

The Buy rating and target price of $2.50 are retained.

This report was published on January 27, 2023.

Target price is $2.50 Current Price is $2.14 Difference: $0.36
If RRL meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $2.02, suggesting downside of -8.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.00 cents and EPS of 3.00 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 71.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.9, implying annual growth of 224.2%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 37.5.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 3.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 32.2%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 28.3.

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

SHV    SELECT HARVESTS LIMITED

Agriculture – Overnight Price: $3.85

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

Select Harvests announced a downgrade in crop production for FY22, of the order of -$18m to -$22m to EBIT, due to lower almond prices alongside wet weather impacts on product quality and stock write-offs.

The inventory sale price has been reduced to $6.15-$6.30/kg from $6.80, resulting from lower world prices.

Wilsons points to a potential goodwill impairment which could appear as a $26m non-cash write-off in the 1H23 results from possible inventory mark downs and lower prices.

There is scope for FY23 crop forecasts to be lowered depending on the recovery in almond prices.

Overweight rating and a $6.54 target are maintained.

This report was published on January 30, 2023.

Target price is $6.54 Current Price is $3.85 Difference: $2.69
If SHV meets the Wilsons target it will return approximately 70% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 1.80 cents and EPS of 3.20 cents.
At the last closing share price the estimated dividend yield is 0.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 120.31.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 27.10 cents and EPS of 49.30 cents.
At the last closing share price the estimated dividend yield is 7.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.81.

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

SNZ    SUMMERSET GROUP HOLDINGS LIMITED

Overnight Price: $9.39

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

In a review of its retirement village sector, Jarden points out that its twelve-month targets reflect upside from resolution of issues. Sentiment for the sector remains weak, and Jarden retains its underweight outlook given long-dated cash flows and high sensitivity to small assumption changes.

The broker is attracted to Summerset Group's lower gearing and generally lower risk approach to development, and finds the company to have the best asset mix. 

The Overweight weighting is retained and the target price decreases to NZ$14.75 from NZ$15.29. 

This report was published on February 25, 2023.

Current Price is $9.39. 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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $14.43

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

Bell Potter advises the December-quarter CPI figure of 7.8% will automatically be passed on to every contract TechnologyOne renews in the March quarter, prior to other changes.

The broker says this means the company should easily hit its post profit-before tax growth target of 10% to 15%. Add to that another expected year of strong SaaS flips (where customers pay roughly double, flowing through to margins) and the broker surmises a beat cold be on the cards.

Target price rises 9% to $15.50 from $14.25. Hold rating retained given recent share price strength.

This report was published on January 27, 2023.

Target price is $15.50 Current Price is $14.43 Difference: $1.07
If TNE meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $13.36, suggesting downside of -9.6%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 18.50 cents and EPS of 31.40 cents.
At the last closing share price the estimated dividend yield is 1.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.9, implying annual growth of 12.3%.
Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 47.8.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 20.20 cents and EPS of 36.80 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.2, implying annual growth of 17.2%.
Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 40.8.

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

TRJ    TRAJAN GROUP HOLDINGS LIMITED

Medical Equipment & Devices – Overnight Price: $1.85

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

Describing Trajan Group as a "quality business in a recession-insulated space", Canaccord Genuity continues to like the company's growth trajectory and long-term opportunity. The broker finds Trajan Group's full year guidance very conservative, with little underlying growth required to meet expectations. 

Canaccord Genuity highlights research and development spend is a positive growth indicator. While it expects merger and acquisition activity is likely necessary to match the gross and operating margins of peers, the broker likes Trajan Group's disciplined approach. 

The Buy rating is retained and the target price decreases to $2.50 from $3.94.

This report was published on January 27, 2023.

Target price is $2.50 Current Price is $1.85 Difference: $0.645
If TRJ meets the Canaccord Genuity target it will return approximately 35% (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 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.17.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.08.

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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $35.75

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

Higher production from the Gulf of Mexico boosted the 4Q22 production results for Woodside Energy according to Jarden.

There are no changes to the FY22 forecast as the beat on production and revenue are expected to be offset by higher exploration and higher than anticipated hedging costs.

Currently, Jarden is sitting above market consensus for 2023 production and at the upper end of management guidance.

However, the recent falls in gas prices in Europe (-55% below November 2022) and a -31% fall in LNG prices places the Jarden  FY23 cashflow forecast at $0.6bn compared to the consensus view of $2.6bn, suggesting a downside risk to market earnings.

An Underweight rating is maintained with a minor adjustment to the target to $33.60 from $33.00.

This report was published on January 26, 2023.

Target price is $33.60 Current Price is $35.75 Difference: minus $2.15 (current price is over target).
If WDS meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $38.19, suggesting upside of 7.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 364.97 cents and EPS of 502.31 cents.
At the last closing share price the estimated dividend yield is 10.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 555.6, implying annual growth of N/A.
Current consensus DPS estimate is 385.5, implying a prospective dividend yield of 10.9%.
Current consensus EPS estimate suggests the PER is 6.4.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 262.55 cents and EPS of 332.66 cents.
At the last closing share price the estimated dividend yield is 7.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 397.6, implying annual growth of -28.4%.
Current consensus DPS estimate is 271.5, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 8.9.

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

WSP    WHISPIR LIMITED

Cloud services – Overnight Price: $0.42

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

Whispir's December-quarter result appears to have pleased Wilsons, the company's restructure yielding sharply reduced costs. Annual recurring revenue was not announced and the broker considers this concerning given the previous quarter's unexpected backtrack due to the loss of a major client.

While the company did not reach free cash flow and earnings (EBITDA) breakeven, it was close at -$110,000 (on cash flow), the broker expects the impact of staff reductions and continued cost reductions should allow it to meet its guidance of being free-cash-flow positive in the March quarter on onwards.

This is important given the company's cash balance sits at $9.4m, leaving it with 1.7 quarters of funding, so they are running it tight. 

Overweight rating retained. Target price of $1.02 compares with the last entry in FNArena database of $1.84 in August.

This report was published on January 27, 2023.

Target price is $1.02 Current Price is $0.42 Difference: $0.595
If WSP meets the Wilsons target it will return approximately 140% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

WTC    WISETECH GLOBAL LIMITED

Cloud services – Overnight Price: $59.50

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

WiseTech Global announced the US acquisition of Envase for US$230m and is expected to be funded from cash US$161m and US$69m in new shares.

Envase is a Landslide logistics software provider, with forecast FY23 revenues of US$35m.

The acquisition is viewed as consistent with management's strategy of growing 'Landslide Logistics' as highlighted at the FY22 results.

A Neutral rating is retained with a $55 target price.

This report was published on January 26, 2023.

Target price is $55.00 Current Price is $59.50 Difference: minus $4.5 (current price is over target).
If WTC meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $65.12, suggesting upside of 1.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 71.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 83.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.4, implying annual growth of 29.7%.
Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 83.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 90.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.9, implying annual growth of 29.1%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 64.4.

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

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

Jarden adjusts earnings forecasts for WiseTech Global's acquisition of the North American trucking and landside software business, Envase (as at cost of US$230m).

Revenues for FY23 are raised 2.7% or $21m  and 5.53% or $50m for FY23 and FY24, respectively, resulting in a minor EPS forecast adjustment of -3.2% for FY23 and 1.89% for FY24.

A $59 price target and Overweight rating are maintained.

This report was published on January 26, 2023.

Target price is $59.00 Current Price is $59.50 Difference: minus $0.5 (current price is over target).
If WTC 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 $65.12, suggesting upside of 1.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 69.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 85.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.4, implying annual growth of 29.7%.
Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 83.2.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 97.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.9, implying annual growth of 29.1%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 64.4.

Market Sentiment: 0.3
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: $0.65

Jarden rates ((ZIP)) as Neutral (3) –

In an early look at Zip Co's unaudited results, Jarden highlights group subscribers remain largely flat over the second quarter while group revenue grew 12% year-on-year. The broker sees the result as a reflection of Zip Co's focus on reduced losses over customer retention.

Jarden expects the market would apply less of a discount to its valuation of Zip Co if the company could prove improving profitability in Australia and contain offshore costs. While rising interest rates present a headwind, the company is undergoing strategic review to deliver on its breakeven target. 

The Neutral rating and target price of $0.80 are retained.

This report was published on January 25, 2023.

Target price is $0.80 Current Price is $0.65 Difference: $0.155
If ZIP meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $0.67, suggesting upside of 0.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 37.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -20.6, 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:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 22.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.6, 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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