Australian Broker Call *Extra* Edition – Feb 14, 2023

This story features AIR NEW ZEALAND LIMITED, and other companies. For more info SHARE ANALYSIS: AIZ

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)

AIZ   ASX   BC8   BHP   CBA   CNI   CSL   CTT   DDH   DXC   GDF   GNC   HLS   IPD   JAN   MAP   MIN   MPL   NCK   NHF   OML   PBH   QAL   RGN   RIO   SEK   SRG   SWM   TCL   TLC  

AIZ    AIR NEW ZEALAND LIMITED

Transportation & Logistics – Overnight Price: $0.73

Jarden rates ((AIZ)) as Upgrade to Overweight from Neutral (2) –

Jarden has an upbeat outlook for Air New Zealand going into the 1H23 results which are due on February 23.

The business is experiencing strength and stability across forward ticket pricing and airline scheduling with the company generating sufficient cash flows, the analysts suggest, to lower net debt and gearing to 35% (compared to guidance of 45%-55%) by the end of FY23.

Jarden points to the early re-start of dividend payments and possible share buybacks. The broker's EPS forecasts are raised by 55% and 11% for FY23 and FY24, respectively.

The rating is upgraded to Overweight from Neutral and the target raised to NZ$0.90 from NZ$0.76 on the back of a much improved earnings outlook.

This report was published on February 7, 2023.

Current Price is $0.73. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 3.65 cents and EPS of 12.04 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.06.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 4.38 cents and EPS of 7.75 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.42.

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $69.54

Jarden rates ((ASX)) as Neutral (3) –

Jarden considers the January trading activity and capital raising reports for ASX which showed strength in the future volumes and ongoing softness in the average daily equity volumes at some -41% below the previous period in 2022 and overall cap raisings down -83%.

1H23 results are due on February16 and the broker views the outlook for earnings as "mixed". Earnings forecasts remain unchanged.

Neutral rating and $68.35 target unchanged.

This report was published on February 7, 2023.

Target price is $69.35 Current Price is $69.54 Difference: minus $0.19 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $71.27, suggesting upside of 2.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 238.20 cents and EPS of 264.60 cents.
At the last closing share price the estimated dividend yield is 3.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 254.9, implying annual growth of -3.0%.
Current consensus DPS estimate is 241.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 27.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 251.90 cents and EPS of 279.80 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 278.7, implying annual growth of 9.3%.
Current consensus DPS estimate is 250.9, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 25.0.

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

BC8    BLACK CAT SYNDICATE LIMITED

Gold & Silver – Overnight Price: $0.39

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

Shaw and Partners finds early exploration results adjacent to the Paulsens project are highly encouraging.

The Black Cat Syndicate is aiming to make a decision to restart mining operations at Paulsens in mid-2023.

The Buy rating and 77c target price are unchanged.

This report was published on February 7, 2023.

Target price is $0.77 Current Price is $0.39 Difference: $0.38
If BC8 meets the Shaw and Partners target it will return approximately 97% (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 4.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.86.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.51.

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

BHP    BHP GROUP LIMITED

Bulks – Overnight Price: $47.87

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

Upcoming results for the Australian bulk mining and steel sectors will be the start of reduced dividend payouts for the major diversified miners, the broker predicts.

Goldman Sachs holds this view because of the requirement for increased growth and decarbonisation capex as well as the likelihood of increased M&A activity.

The broker raises its target for BHP Group to $49.00 from $48.00 and retains its Neutral rating after making minor changes to its underlying tax rate and Samarco accounting treatment.

This report was published on February 8, 2023.

Target price is $49.00 Current Price is $47.87 Difference: $1.13
If BHP meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $44.01, suggesting downside of -8.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 280.06 cents and EPS of 431.64 cents.
At the last closing share price the estimated dividend yield is 5.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 433.7, implying annual growth of N/A.
Current consensus DPS estimate is 295.9, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 223.76 cents and EPS of 408.55 cents.
At the last closing share price the estimated dividend yield is 4.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 441.6, implying annual growth of 1.8%.
Current consensus DPS estimate is 300.2, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 10.8.

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

CBA    COMMONWEALTH BANK OF AUSTRALIA

Banks – Overnight Price: $109.30

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

Goldman Sachs considers the upcoming 1H23 results for CommBank which are due out on February 15.

The broker sees the high exposure to deposit funding as a potential tailwind over the period for margins and considers that bad and doubtful debt provisioning will remain "muted".

The broker's earnings forecasts are tweaked by 0.3% and 0.2% for FY23 and FY24. A Sell rating is maintained and the target is raised to $92.60 from $91.60.

This report was published on February 7, 2023.

Target price is $92.60 Current Price is $109.30 Difference: minus $16.7 (current price is over target).
If CBA meets the Goldman Sachs target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $93.50, suggesting downside of -14.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 475.00 cents and EPS of 605.40 cents.
At the last closing share price the estimated dividend yield is 4.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 614.6, implying annual growth of -1.7%.
Current consensus DPS estimate is 437.5, 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 498.00 cents and EPS of 638.80 cents.
At the last closing share price the estimated dividend yield is 4.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 611.7, implying annual growth of -0.5%.
Current consensus DPS estimate is 451.2, 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

CNI    CENTURIA CAPITAL GROUP

Diversified Financials – Overnight Price: $1.81

Moelis rates ((CNI)) as Buy (1) –

Centuria Capital reported 1H23 results in line with Moelis forecasts. Management reaffirmed FY23 guidance with a 11.6c dividend per share or an 80% payout ration and FUM advanced to $2.1bn.

The broker retains earnings forecasts and the FUM estimate also remains unchanged. The Buy rating is retained and the target price is lowered to $2.57 from $2.71.

This report was published on February 8, 2023.

Target price is $2.57 Current Price is $1.81 Difference: $0.76
If CNI meets the Moelis target it will return approximately 42% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 11.60 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 6.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.48.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 12.00 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 6.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.75.

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

CSL    CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $305.01

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

Wilsons reviews the Vanguard assessment of CSL's garadacimab Phase 111 clinical trial which was favourable in long term prophylaxis for hereditary angioedema (HAE).

The analyst considers this will boost the company's profitable HAE business and could provide a $50 per share increase in valuation.

An Overweight rating and $345 target price.

This report was published on February 9, 2023.

Target price is $345.00 Current Price is $305.01 Difference: $39.99
If CSL meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $328.20, suggesting upside of 7.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 343.58 cents and EPS of 764.55 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 779.7, implying annual growth of N/A.
Current consensus DPS estimate is 346.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 39.1.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 397.00 cents and EPS of 884.65 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 993.2, implying annual growth of 27.4%.
Current consensus DPS estimate is 435.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 30.7.

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

CTT    CETTIRE LIMITED

Apparel & Footwear – Overnight Price: $1.77

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

Cettire reported better than expected 1H23 results according to Bell Potter.

January trading has started strongly with sales up 80% and earnings maintained, although cash on hand at $53.3m is lower than forecast.

Bell Potter adjusts earnings forecasts by 68% for FY23 and 47% for FY24.

Buy rating unchanged and the target is raised to $2.40 from $2.30.

This report was published on February 8, 2023.

Target price is $2.40 Current Price is $1.77 Difference: $0.63
If CTT meets the Bell Potter target it will return approximately 36% (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 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 84.29.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1770.00.

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

DDH    DDH1 LIMITED

Mining Sector Contracting – Overnight Price: $1.02

Moelis rates ((DDH)) as Buy (1) –

Moelis considers DDH1 reported slightly better than expected 1H23 results.

Management offered no quantitative guidance for FY23 and the analyst adjusts earnings forecasts by -1.8% and -6.7% for FY23 and FY24.

A Buy rating is retained the target lowered to $1.40 from $1.47.

This report was published on February 7, 2023.

Target price is $1.40 Current Price is $1.02 Difference: $0.38
If DDH meets the Moelis target it will return approximately 37% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 5.70 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.18.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 6.30 cents and EPS of 15.80 cents.
At the last closing share price the estimated dividend yield is 6.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.46.

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

DXC    DEXUS CONVENIENCE RETAIL REIT

REITs – Overnight Price: $2.80

Moelis rates ((DXC)) as Buy (1) –

Dexus Convenience Retail REIT reported 1H23 results which revealed a lower than historical dividend payout ration of 93% compared to 100% highlights Moelis.

Management narrowed guidance to 21.4-21.8c per share and the gearing level declined to 34.1% from 35%.

The broker adjusts earnings forecasts by -1.3% for FY23 and -2.2% for FY24 due to higher interest rate assumptions.

Buy rating unchanged and the target is lowered to $3.69 from $3.94.

This report was published on February 7, 2023.

Target price is $3.69 Current Price is $2.80 Difference: $0.89
If DXC meets the Moelis target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 21.60 cents and EPS of 21.70 cents.
At the last closing share price the estimated dividend yield is 7.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.90.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 21.90 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 7.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.73.

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

GDF    GARDA PROPERTY GROUP

REITs – Overnight Price: $1.35

Moelis rates ((GDF)) as Buy (1) –

Moelis notes that Garda Property reported 1H23 results in line with expectations.

The analyst notes there were delays to some developments and management guided to a payout ratio of 110% or 6.6c per share.

A Buy rating is maintained and the target is raised to $1.87 from $1.81.

This report was published on February 8, 2023.

Target price is $1.87 Current Price is $1.35 Difference: $0.52
If GDF meets the Moelis target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.20 cents and EPS of 6.60 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 20.45.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 7.20 cents and EPS of 7.20 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 18.75.

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

GNC    GRAINCORP LIMITED

Agriculture – Overnight Price: $7.19

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

Bell Potter assesses the crop report for GrainCorp showing year-to-date crops received down -9% to -16% at 10.9mt, compared to previous comparable years.

The broker highlights ABARE is forecasting a robust summer crop.

GrainCorp typically has a high market share, consequently Bell Potter is looking to forecast FY23 crops of 14 to 15mt with more details expected to be made available at the upcoming AGM.

The broker adjusts earnings forecasts by -1% for FY23 and -5% for FY24. Hold rating unchanged, the target lowered to $8 from $8.25.

This report was published on February 7, 2023.

Target price is $8.00 Current Price is $7.19 Difference: $0.81
If GNC meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $8.78, suggesting upside of 22.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 34.00 cents and EPS of 95.10 cents.
At the last closing share price the estimated dividend yield is 4.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.6, implying annual growth of -44.8%.
Current consensus DPS estimate is 41.2, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 7.8.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 22.00 cents and EPS of 53.70 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of -43.8%.
Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 13.8.

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

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $2.66

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

Healius missed consensus 1H23 earnings by -31% according to Goldman Sachs.

Both pathology and group operations experienced slowing growth which suggests volume growth is flat to negative.

The analyst believes margins cannot return to the historical highs (15% at the EBIT level) until there is a recovery in the volume growth towards the long term 4-6% average rate.

Goldman Sachs reduces the forecasts by -44% for FY23 and -14% for FY24.

A Neutral rating is retained and the target is lowered to $2.90 from $3.20.

This report was published on February 8, 2023.

Target price is $2.90 Current Price is $2.66 Difference: $0.24
If HLS meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 22.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 6.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of -85.0%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 35.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.0, implying annual growth of 100.0%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 17.7.

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

IPD    IMPEDIMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.06

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

ImpediMed reported 1H23 results of $5.7m in revenue which was a miss compared to Wilsons' forecast of $6.3m with weaker unit sales.

The analyst sees the communication on campaigns with the National Comprehensive Cancer Council as both "confusing and inconsistent"

Wilsons' downgrades FY23 and FY24 earnings forecasts by -25.9% and -41.3%, respectively and breakeven in earnings is pushed out to FY26.

An Overweight rating is retained and the target lowered to 23c.

This report was published on February 9, 2023.

Target price is $0.23 Current Price is $0.06 Difference: $0.17
If IPD meets the Wilsons target it will return approximately 283% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.67.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.57.

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

JAN    JANISON EDUCATION GROUP LIMITED

Education & Tuition – Overnight Price: $0.57

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

Bell Potter has described Janison Education's first half as both solid and in line, with the company growing revenue 12% year-on-year to $22.0m, which the broker attributed to an increased uptake of assessments of 46% year-on-year. 

The company stated it is confident in achieving positive free cash flow in the fiscal year, and reiterated its targeted compound annual growth rate of more than 20% over the next 3-5 years. While retaining revenue forecasts, Bell Potter lowers gross margins to 66%, 68% and 69% through to FY25 on a higher proportion of services revenue. 

The Buy rating and target price of $0.70 are retained. 

This report was published on February 3, 2023.

Target price is $0.70 Current Price is $0.57 Difference: $0.13
If JAN meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.66.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.85.

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

MAP    MICROBA LIFE SCIENCES LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.39

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

Bell Potter upgrades the price target for Microba Life Sciences following an upbeat announcement regarding the distribution agreement of the microbiome test with Luminary Health Centres in the USA.

The contract starts with a 12-month trial and is valued at USD$458,000.

The company also released an 2Q23 trading update including the $17.8m investment by Sonic Healthcare ((SHL)) or 19.9% equity stake and agreement to partnership for 7 regions.

Cash on hand ended the period at $42m. Buy rating retained and the target is raised to 60c from 40c.

This report was published on February 8, 2023.

Target price is $0.60 Current Price is $0.39 Difference: $0.21
If MAP meets the Bell Potter target it will return approximately 54% (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 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.07.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.83.

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: $90.79

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

Upcoming results for the Australian bulk mining and steel sectors will be the start of reduced dividend payouts for the major diversified miners, predicts the broker.

Goldman Sachs holds this view because of the requirement for increased growth and decarbonisation capex as well as the likelihood of increased M&A activity.

The broker raises its target for Mineral Resources to $88 from $87 and retains its Neutral rating. Forecasts are raised partly due to an increase in forecast iron ore price realisations.

This report was published on February 8, 2023.

Target price is $88.00 Current Price is $90.79 Difference: minus $2.79 (current price is over target).
If MIN 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 $97.59, suggesting upside of 7.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 444.00 cents and EPS of 1112.00 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 8.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 976.3, implying annual growth of 428.1%.
Current consensus DPS estimate is 493.2, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 397.00 cents and EPS of 992.00 cents.
At the last closing share price the estimated dividend yield is 4.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1507.6, implying annual growth of 54.4%.
Current consensus DPS estimate is 728.7, implying a prospective dividend yield of 8.0%.
Current consensus EPS estimate suggests the PER is 6.0.

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

MPL    MEDIBANK PRIVATE LIMITED

Insurance – Overnight Price: $3.10

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

In a sign of an ongoing benign claims backdrop for private health insurers, according to Jarden, both nib Holdings and Medibank Private have announced a deferral of April 1 premium rate increases.

The analyst considers the near-term margin backdrop remains robust.

The broker prefers Medibank private to Neutral-rated nib Holdings due to potential upside from more stable customer numbers following the October-22 cyber-attack and relative value appeal.

A $3.30 target is set. Overweight.

This report was published on February 8, 2023.

Target price is $3.30 Current Price is $3.10 Difference: $0.2
If MPL meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.18, suggesting upside of 2.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 14.80 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.8, implying annual growth of 10.5%.
Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 19.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 15.70 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 5.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.4, implying annual growth of -2.5%.
Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 20.1.

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

NCK    NICK SCALI LIMITED

Furniture & Renovation – Overnight Price: $10.15

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

Nick Scali reported an 8% beat on 1H23 earnings according to Jarden.

The brokers retains a cautious outlook on the stock expecting earnings have peaked with November and December orders down -16%  against the 4-months until October, alongside a cut in the dividend payout ratio to 55% from 85%, suggesting a more cautious outlook from the company.

Management offered no guidance and Jarden adjusts earnings forecasts by3% for FY23 and 1% for FY24. The target is raised to $10 from $9.50 and the Underweight rating is retained.

This report was published on February 7, 2023.

Target price is $10.00 Current Price is $10.15 Difference: minus $0.15 (current price is over target).
If NCK meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 65.30 cents and EPS of 117.00 cents.
At the last closing share price the estimated dividend yield is 6.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.68.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 57.90 cents and EPS of 86.90 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.68.

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $8.00

Jarden rates ((NHF)) as Neutral (3) –

In a sign of an ongoing benign claims backdrop for private health insurers, according to Jarden, both nib Holdings and Medibank Private have announced a deferral of April 1 premium rate increases.

The analyst considers the near-term margin backdrop remains robust.

The broker prefers Overweight-rated Medibank Private over nib Holdings due to potential upside from more stable customer numbers following its October-22 cyber-attack and relative value appeal.

A $7.90 target is set for nib Holdings. Neutral.

This report was published on February 8, 2023.

Target price is $7.90 Current Price is $8.00 Difference: minus $0.1 (current price is over target).
If NHF 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 $7.49, suggesting downside of -6.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 29.00 cents and EPS of 44.10 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.1, implying annual growth of 42.2%.
Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 30.00 cents and EPS of 44.10 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.4, implying annual growth of 5.5%.
Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 18.0.

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

OML    OOH!MEDIA LIMITED

Out of Home Advertising – Overnight Price: $1.48

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

Following recent industry data for advertising markets, Goldman Sachs points out strength for the out-of-home (OOH) space from ongoing audience recovery contrasted with otherwise weaker data.

Accordingly, the broker raises its FY22-24 earnings (EBITDA) forecasts for oOh!media by 1-3% and lifts its target by 3% to $1.60. Buy.

The analyst reminds investors the 2023 pipeline was as healthy as it had ever been, according to management commentary in December last year.

This report was published on February 8, 2023.

Target price is $1.60 Current Price is $1.48 Difference: $0.12
If OML meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.57, suggesting upside of 5.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 4.00 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.6, implying annual growth of N/A.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 5.00 cents and EPS of 10.60 cents.
At the last closing share price the estimated dividend yield is 3.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.5, implying annual growth of 11.8%.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 17.4.

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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $1.56

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

Goldman Sachs lowers its target for PointsBet Holdings to $1.90 from $2.00 prior to 1H results on February 28.

The results are not expected to be a key share price catalyst as most metrics have been pre-released. A Neutral rating is retained.

This report was published on February 8, 2023.

Target price is $1.90 Current Price is $1.56 Difference: $0.34
If PBH meets the Goldman Sachs target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

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

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents.

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

QAL    QUALITAS LIMITED

Wealth Management & Investments – Overnight Price: $2.80

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

Goldman Sachs upgrades Qualitas to the conviction list, in spite of the 71% outpeformance of the stock since Goldman Sachs' initiated coverage (June 30 2022).

The broker sees Qualitas as a potential beneficiary of refinancing in the Commercial Real Estate market and calculates a -$9bn shortfall in funding from debt due to be repaid and funding which is available to repay the loans, between 2023 and 2025.

A Conviction Buy rating and $3.90 target price.

This report was published on February 7, 2023.

Target price is $3.90 Current Price is $2.80 Difference: $1.1
If QAL meets the Goldman Sachs target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 4.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.11.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 6.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.54.

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

RGN    REGION GROUP

REITs – Overnight Price: $2.55

Moelis rates ((RGN)) as Hold (3) –

Moelis assesses the 1H23 results from Region Group, noting FY23 guidance remains unchanged, although the dividend guidance was raised to 15.2c from 15c per share.

Minor changes have been made to earnings forecasts of -0.5% for FY23 and -2.5% for FY24.

Hold rating is unchanged and the target is lowered to $2.85 from $2.90.

This report was published on February 8, 2023.

Target price is $2.85 Current Price is $2.55 Difference: $0.3
If RGN meets the Moelis target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 8.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 15.20 cents and EPS of 16.90 cents.
At the last closing share price the estimated dividend yield is 5.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of -62.7%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 14.60 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 5.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of N/A.
Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 15.5.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $122.32

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

Upcoming results for the Australian bulk mining and steel sectors will be the start of reduced dividend payouts for the major diversified miners, the broker predicts.

Goldman Sachs holds this view because of the requirement for increased growth and decarbonisation capex as well as the likelihood of increased M&A activity.

The broker lowers its target for Rio Tinto to $132.00 from $134.40 Buy.

This report was published on February 8, 2023.

Target price is $132.00 Current Price is $122.32 Difference: $9.68
If RIO meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $116.57, suggesting downside of -4.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 614.99 cents and EPS of 1147.68 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1227.1, implying annual growth of N/A.
Current consensus DPS estimate is 656.5, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 808.43 cents and EPS of 1016.31 cents.
At the last closing share price the estimated dividend yield is 6.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1111.0, implying annual growth of -9.5%.
Current consensus DPS estimate is 682.9, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 11.0.

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

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $24.12

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

Ahead of 1H23 results for Seek, Jarden assesses the outlook for the company's Growth Fund in light of the fall in public valuations for companies.

The analyst highlights the preference for Seek due to the strength in the domestic job markets but also flags the potential for writedowns in the early stage venture fund.

According to Jarden's analysis, the Growth Fund represents 20% of the current $30 target price of $6.84 per share, with every -5% move in the valuation of the Growth Fund would result in a corresponding -1% move in the price target for the company.

An Overweight rating and $30 target are maintained.

This report was published on February 7, 2023.

Target price is $30.00 Current Price is $24.12 Difference: $5.88
If SEK meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $28.35, suggesting upside of 17.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 47.70 cents and EPS of 73.40 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.3, implying annual growth of 47.4%.
Current consensus DPS estimate is 43.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 34.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 48.10 cents and EPS of 73.90 cents.
At the last closing share price the estimated dividend yield is 1.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.6, implying annual growth of 7.5%.
Current consensus DPS estimate is 48.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 31.9.

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

SRG    SRG GLOBAL LIMITED

Mining Sector Contracting – Overnight Price: $0.77

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

Shaw and Partners estimates extra earnings for SRG Global of around $4.5m over the term of contracts just awarded (for circa $40m) from clients including the Department of Transport in Victoria.

The contracts were for civil and remedial engineering in the bridge, rail and marine sectors in Victoria and Queensland.

The analyst points out contract wins of $790m so far for FY23 exceed the $628m for the whole of FY22.

The broker will review its forecasts after 1H results are announced on February 16, and in the meantime maintains its Buy rating and $1.05 target.

This report was published on February 7, 2023.

Target price is $1.05 Current Price is $0.77 Difference: $0.28
If SRG meets the Shaw and Partners target it will return approximately 36% (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 4.00 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.49.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 4.30 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.69.

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

SWM    SEVEN WEST MEDIA LIMITED

Print, Radio & TV – Overnight Price: $0.45

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

Goldman Sachs raises its target for Seven West Media by 2% to 43c largely driven by lower cricket content costs in its outer year forecasts.

The Sell rating is unchanged.

This report was published on February 8, 2023.

Target price is $0.43 Current Price is $0.45 Difference: minus $0.02 (current price is over target).
If SWM 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 $0.66, suggesting upside of 47.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 5.00 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 11.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of -15.2%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 4.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 5.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 11.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.5, implying annual growth of -7.1%.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 4.3.

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

TCL    TRANSURBAN GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $13.96

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

Transurban Group reported 1H23 results which met both Goldman Sachs and consensus forecasts, notes the broker, with the dividend higher than expected.

The broker raises the dividend forecasts by 7% for FY23 and 2.8% for FY24, but considers the stock is fully valued.

Sell rating and $13.50 target unchanged.

This report was published on February 8, 2023.

Target price is $13.50 Current Price is $13.96 Difference: minus $0.46 (current price is over target).
If TCL 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 $14.06, suggesting upside of 0.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 58.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 99.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.1, implying annual growth of 3196.9%.
Current consensus DPS estimate is 56.7, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 66.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 63.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.5, implying annual growth of 35.1%.
Current consensus DPS estimate is 61.3, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 49.0.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $4.90

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

Goldman Sachs forecasts the Lottery Corp will report 1H2 revenue at $1,877m and profit of $184m (pre-one off implementation costs of technology separation), when results are announced on February 23.

The Sell rating and $3.70 target are unchanged.

This report was published on February 8, 2023.

Target price is $3.70 Current Price is $4.90 Difference: minus $1.2 (current price is over target).
If TLC meets the Goldman Sachs target it will return approximately minus 24% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.92, suggesting upside of 0.3%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 15.8, implying annual growth of 1.5%.
Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 31.0.

Forecast for FY24:

Current consensus EPS estimate is 17.2, implying annual growth of 8.9%.
Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 28.5.

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

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

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

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