Australian Broker Call *Extra* Edition – Mar 10, 2023

This story features ACTINOGEN MEDICAL LIMITED, and other companies. For more info SHARE ANALYSIS: ACW

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)

ACW   AHL   AHX   AIM   AIS   AKE (2)   ALC   ALG   ALK   AOF   APM   APX (2)   ATA   AVH   AX1   B4P   BRI   BUB   CCX (3)   CGC   CLG   COE   CUP   CXO (2)   CYG   DDH   DRO   DSK   DTC   ECF   EML   ENN   FCL (2)   FSG   GDC   GDG   GTK   HLS   IFM   IPG   JAN   KED   KGN   LFG   LYC   MCR   MGH   MHJ   MIN   MYX   PBP   PDN (2)   PLY   PPG   PPS   REG   RMC   RPL   SHV   SND   TLX   TPG   WDS   WGX   WPR   XRF   XTE  

ACW    ACTINOGEN MEDICAL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.07

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

Actinogen Medical's December-half result appears to have met Bell Potter's forecasts, the company posting a -$7.4m loss.

The broker assesses that the company has sufficient money in the kitty ($14.5m) to proceed with Phase 2 trials for Alzheimer's and Major Depressive Disorder, and that the company has just under four quarters of funding remaining.

Bell Potter expects a capital raising in FY24. Results from the company's Phase 2b clinical trial of Xanamem are expected in late 2024 or early 2025, and the first patient has been treated in the XanaCIDD (depression) clinical trial.

Buy rating retained. Target price steady at 15c.

This report was published on February 28, 2023.

Target price is $0.15 Current Price is $0.07 Difference: $0.078
If ACW meets the Bell Potter target it will return approximately 108% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.40.

Forecast for FY24:

Bell Potter 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 10.29.

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

AHL    ADRAD HOLDINGS LIMITED

Overnight Price: $1.15

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

Adrad Holdings' December-half revenue result outpaced Bell Potter's forecast by a decent clip but sharply disappointed at the net profit after tax level, due to higher interest costs and depreciation and amortisation. The dividend missed the broker by more than -50%.

Management reiterated revenue guidance, pointing to the company's seasonal second-half skew.

EPS forecasts rise 2% in FY23; 1% in FY24; and 1% in FY25. Buy rating retained. Target price eases -3% to $1.55.

This report was published on February 28, 2023.

Target price is $1.55 Current Price is $1.15 Difference: $0.4
If AHL meets the Bell Potter target it will return approximately 35% (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 2.10 cents and EPS of 8.50 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.53.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 3.30 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.65.

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

AHX    APIAM ANIMAL HEALTH LIMITED

Healthcare services – Overnight Price: $0.55

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

While Apiam Animal Health delivered 24% year-on-year operating earnings growth in the first half to $10.7m, the result was a -$1.5m miss to Shaw and Partners largely on leverage, which did not rise as far as the broker has expected. 

The first half result was impacted by a deferral in dairy, which has subsequently seen full year to date revenue growth accelerate to 26% year-on-year. 

The broker expects a re-rating is dependent on improved leverage and free cash flow into the next fiscal year. The Buy rating is retained and the target price decreases to $0.91 from $1.06.

This report was published on February 28, 2023.

Target price is $0.91 Current Price is $0.55 Difference: $0.36
If AHX meets the Shaw and Partners target it will return approximately 65% (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 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.79.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 1.60 cents and EPS of 5.30 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.38.

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

AIM    AI-MEDIA TECHNOLOGIES LIMITED

Commercial Services & Supplies – Overnight Price: $0.32

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

Ai-Media Technologies' December-half revenue missed Bell Potter's forecasts by -8% as cannibalisation of Services revenue and flat Devices turnover continued, alongside the transition to SaaS revenue. But earnings were in line.

Margins proved the highlight, outpacing Bell Potter by 3 percentage points at 60%.

Management took the opportunity to discuss AI developments, particularly ChatGPT, and expected these would increase demand.

EPS forecasts fall -8% in FY23; and -13% across in FY24 and FY25, to reflect ongoing cannibalisation, but margin assumptions rise.

Buy rating retained. Target price falls -10% to 55c. 

This report was published on February 28, 2023.

Target price is $0.55 Current Price is $0.32 Difference: $0.235
If AIM meets the Bell Potter target it will return approximately 75% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.00.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

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

AIS    AERIS RESOURCES LIMITED

Industrial Metals – Overnight Price: $0.62

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

Following in-line 1H results, Bell Potter feels the key for Aeris Resources is to deliver higher grades in the 2H at the Tritton copper mine in NSW.

The analyst believes the odds are in favour for a much improved performance at Tritton as high grade ore sources are commencing production and exploration success will likely sustain further production.

The target is now 92c, down from 93c and the Buy rating is unchanged.

This report was published on March 1, 2023.

Target price is $0.92 Current Price is $0.62 Difference: $0.3
If AIS meets the Bell Potter target it will return approximately 48% (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 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.85.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.89.

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

AKE    ALLKEM LIMITED

New Battery Elements – Overnight Price: $12.45

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

Canaccord Genuity leaves its Buy rating and $19.80 target unchanged following 1H results for Allkem which revealed only a slight miss versus the consensus earnings (EBITDAIX) forecast.

The broker suggests the outlook remains strong with diversified pricing contracts providing partial insulation against falling spot prices.

There was no production guidance for Olaroz, but a recent 2H production downgrade at Mt Cattlin results in a lower spodumene concentrate production forecast by the analyst.

Canaccord anticipates significant valuation upside, even under much lower lithium pricing assumptions.

This report was published on February 27, 2023.

Target price is $19.80 Current Price is $12.45 Difference: $7.35
If AKE meets the Canaccord Genuity target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $15.18, suggesting upside of 22.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 105.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.1, implying annual growth of 43.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 152.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 147.2, implying annual growth of 44.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.5.

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

Jarden rates ((AKE)) as Buy (1) –

Allkem's December-half result missed consensus and Jarden's forecasts due to a jump in corporate costs and a higher than forecast (Argentinian) tax rate. No interim dividend was declared, the company diverting funds to growth.

EPS forecasts fall sharply for FY23 and FY24.

Jarden observes the long-term outlook remains solid and that the company is on track to deliver. 

Buy rating retained. Target price falls to $16.67 from $17.74.

This report was published on February 27, 2023.

Target price is $16.67 Current Price is $12.45 Difference: $4.22
If AKE meets the Jarden target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $15.18, suggesting upside of 22.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 78.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.1, implying annual growth of 43.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 71.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 147.2, implying annual growth of 44.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.5.

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

ALC    ALCIDION GROUP LIMITED

Healthcare services – Overnight Price: $0.13

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

Following in-line 1H results, Canaccord Genuity chooses to focus on the opportunity for Alcidion Group in the UK, where the government is supporting a shift to digitising healthcare.

The NHS in the UK has a goal to improve the presence of electronic patient records (EPRs) in hospitals which plays into Alcidion Group's wheelhouse, suggests the analyst.

The 2021 acquisition of Silverlink Software (which services the NHS) allows the company to target more clients with unique and complex requirements, points out the broker.

The 20c target and Buy rating are unchanged.

This report was published on February 27, 2023.

Target price is $0.20 Current Price is $0.13 Difference: $0.07
If ALC meets the Canaccord Genuity target it will return approximately 54% (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 0.00 cents.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.50.

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

ALG    ARDENT LEISURE GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.67

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

Ardent Leisure's 1H results comfortably outperformed Canaccord Genuity's expectations due to recovering attendance levels and stronger yield dynamics.

The broker raises its earnings forecasts and alters its valuation methodology to arrive at its 80c target, up from 75c. Buy.

The analyst's FY24 earnings target for Theme Parks is $23.9m, and $40m is achievable in time should attendances lift, with a $1.10 share price theoretically possible.

This report was published on February 27, 2023.

Target price is $0.80 Current Price is $0.67 Difference: $0.13
If ALG meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.40.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.50.

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

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.65

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

Alkane Resources's December-half result largely met Bell Potter's forecasts save for a -$10.7m allocation of production costs to inventory arising from unsold bullion and iron ore stockpiles. The broker expects the bullion allocation will unwind in the June half.

The company has reported an initial Mineral Resource Estimate for its Kaiser deposit and will sharpen its focus on Kaiser in 2022, says the broker.

Gold production guidance outpaced and approval has been received to expand the Tomingley Gold project, the earnings of which Bell Potter expects will be invested in growth.

Buy rating and $1 target price retained, the broker observing the company is making solid progress on its targets. 

This report was published on February 28, 2023.

Target price is $1.00 Current Price is $0.65 Difference: $0.35
If ALK 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 7.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.90.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.13.

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

AOF    AUSTRALIAN UNITY OFFICE FUND

REITs – Overnight Price: $1.60

Moelis rates ((AOF)) as Hold (3) –

Australian Unity Office Fund December-half result missed Moelis' forecast but March-quarter guidance was retained.

The broker observes a sharp deterioration in several metrics, with occupancy falling to 67.4% from 84.4% at June 30 due to the vacation of Prop-NSW from Parramatta and sale of most of the Eden Park assets. Asset disposals were struck at a roughly -8% discount to pre-covid valuations.

On the upside, gearing fell to 20.2% from 30.4% and the net cash position improved sharply thanks to asset sales. The company will announce a potential special distribution in the June half. EPS forecasts fall.

Hold rating retained. Target price rises to $1.80 from $1.75 and the broker observes the company is trading at a -25% discount to net tangible assets and the ungeared discount suggest strong potential upside from further asset sales.

This report was published on March 27, 2023.

Target price is $1.80 Current Price is $1.60 Difference: $0.195
If AOF meets the Moelis target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 10.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 6.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.59.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 7.80 cents and EPS of 9.70 cents.
At the last closing share price the estimated dividend yield is 4.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.55.

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

APM    APM HUMAN SERVICES INTERNATIONAL LIMITED

Healthcare – Overnight Price: $2.18

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

A working capital build in new contracts contributed to unusually low cash conversion by APM Human Services International in the 1H, explains Goldman Sachs.

While 55% cash conversion caused the share price to tumble -9% on result's day, the broker felt the reason was well explained by management, and overall profit for the half was in line with expectation. 

FY23 guidance was also in line with the analysts's forecasts, while operating cash flow conversion is expected to exceed 85% in the 2H.

The Buy rating is unchanged and the target falls to $4.00 from $4.20.

This report was published on February 28, 2023.

Target price is $4.00 Current Price is $2.18 Difference: $1.82
If APM meets the Goldman Sachs target it will return approximately 83% (excluding dividends, fees and charges).
Current consensus price target is $3.35, suggesting upside of 53.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 11.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 5.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.6, implying annual growth of 337.5%.
Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 12.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 5.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.6, implying annual growth of 5.1%.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 10.6.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

APX    APPEN LIMITED

IT & Support – Overnight Price: $2.65

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

Appen's 2022 full-year revenue fell a tad shy of Bell Potter's forecasts but earnings (EBITDA) were in line.

The broker observes a sharp fall in cash flow but observes the company finished the year debt-free and with US$23.4m in cash.

No 2023 guidance was provided but management advised the year was off to a soft start and expects a sharply weaker June half (vs June-half 2022), adding a -US$10m cost would start in the December half.

Management is now reviewing targets and Bell Potter cuts EPS forecasts -53% in FY23 and -48% in FY24.

Hold rating retained. Target price falls -25% to $2.25.

This report was published on February 28, 2023.

Target price is $2.25 Current Price is $2.65 Difference: minus $0.4 (current price is over target).
If APX meets the Bell Potter target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.35, suggesting downside of -11.3%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is -10.5, 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:

Current consensus EPS estimate is -7.8, 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: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Wilsons rates ((APX)) as Underweight (5) –

While Appen's FY22 revenue was in line with the consensus forecast, Wilsons notes management commentary of a "soft start" to FY23 and 1H earnings (EBITDA) are expected to be “materially lower than 1H22”.

Management pointed to areas of future growth such as Generative AI and identified -$10m in annual cost savings, though withdrew its FY26 targets pending a full strategy review.

The broker finds it difficult to make forecasts and notes its customer concentration (top five global tech companies made up 82% of FY23 revenue) was formerly a strength but is now a weakness as collective spending falls.

The target declines to $2.11 from $2.36. Underweight.

This report was published on February 28, 2023.

Target price is $2.11 Current Price is $2.65 Difference: minus $0.54 (current price is over target).
If APX meets the Wilsons target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.35, suggesting downside of -11.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 27.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -10.5, 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:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.8, 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: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ATA    ATTURRA LIMITED

Software & Services – Overnight Price: $0.95

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

Atturra's 1H underlying earnings (EBIT) of $8.3m exceeded guidance for $7.5m, while margins were broadly in line. Organic growth half-on-half and the Hayes acquisition boosted revenue, explains the analyst.

Management has flagged a continued "strong environment" and the broker notes IT service companies typically have a stronger 2H. It's thought the cash balance of $50m could potentially lead to acquisitions beyond the current plan.

The target falls to $1.10 from $1.15. Buy.

This report was published on February 27, 2023.

Target price is $1.10 Current Price is $0.95 Difference: $0.15
If ATA meets the Shaw and Partners target it will return approximately 16% (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 0.60 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.27.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 2.20 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.19.

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

AVH    AVITA MEDICAL INC

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $4.35

Bell Potter rates ((AVH)) as Speculative Buy (1) –

Avita Medical's 2022 full-year revenue nosed out guidance and the adjusted loss fell to -$4m from -$6.7m in 2021. The company closed the year with cash and short-term securities of $86.3m.

Management forecasts a roughly 47% increase in FY23 revenue over FY22 revenue, based on expectations of FDA approval for Recell for trauma wounds will be received in June.

Meanwhile, the company plans a ramp-up of its sales force in preparation, and plans to increase headcount to 70 from 30, all of which will come at a cost to 2023 earnings.

Speculative Buy rating retained. Target price rises 33% to $4.20.

This report was published on February 28, 2023.

Target price is $4.20 Current Price is $4.35 Difference: minus $0.15 (current price is over target).
If AVH meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 141.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.07.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 45.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.62.

Market Sentiment: 0.8
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: $2.38

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

On closer examination of Accent Group's December-half trading update (which outpaced Bell Potter's forecasts by 6%) the broker raises the company's target price 4% to $2.40 from $2.30.

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. Given strong early momentum, the broker now expects a strong skew to the second half as the company cycles through strong omicron comps.

The broker observes some pressure on gross margins but all up, Bell Potter considers the cost of doing business was the highlight of the result.

Buy rating retained, the company remaining the broker's top sector pick, thanks to its young customer demographic heading into a slowing spending period.

This report was published on February 27, 2023.

Target price is $2.40 Current Price is $2.38 Difference: $0.02
If AX1 meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.26, suggesting downside of -4.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 15.50 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 6.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.3, implying annual growth of 163.3%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 12.20 cents and EPS of 15.30 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.5, implying annual growth of -5.2%.
Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 16.4.

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: $0.27

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

With Beforepay Group's first half result largely pre-announced, Shaw and Partners notes all key metrics beat its expectations, with revenue lifted 145% to $14.6m. 

The broker expects the fiscal year to continue positively, with the company demonstrating significant growth and bad debts reducing, and with sizable funding capacity. 

The Buy rating is retained and the target price reduces to $1.00 from $1.50.

This report was published on February 28, 2023.

Target price is $1.00 Current Price is $0.27 Difference: $0.73
If B4P meets the Shaw and Partners target it will return approximately 270% (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 18.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.48.

Forecast for FY24:

Shaw and Partners 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 20.77.

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

BRI    BIG RIVER INDUSTRIES LIMITED

Building Products & Services – Overnight Price: $2.54

Moelis rates ((BRI)) as Buy (1) –

Big River Industries' December-half result outpaced consensus' and Moelis' forecasts by a decent clip thanks to strong top-line organic and inorganic growth (a 20% beat) as the company ploughed through its backlog.

The company's earnings (EBITDA) margin rose to 12.1% from 10.5% in the previous corresponding period (thanks to manufacturing efficiencies), cash conversion rose to 74%, gearing sat at a comfortable 19.7%, and its dividend jumped 56%.

A large backlog remains, auguring well for FY24, says Moelis, and the pipeline is strong and growing.

Buy rating retained, the broker observing the company is trading at a sharp discount to peers. Target price inches up to  $3.94 from $3.92.

This report was published on February 27, 2023.

Target price is $3.94 Current Price is $2.54 Difference: $1.4
If BRI meets the Moelis target it will return approximately 55% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 17.80 cents and EPS of 29.60 cents.
At the last closing share price the estimated dividend yield is 7.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.58.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 18.70 cents and EPS of 31.10 cents.
At the last closing share price the estimated dividend yield is 7.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.17.

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

BUB    BUBS AUSTRALIA LIMITED

Dairy – Overnight Price: $0.23

Bell Potter rates ((BUB)) as Speculative Hold (3) –

Bell Potter expected an underlying earnings (EBITDA) loss of -$3.4m in the 1H for Bubs Australia and -$22m was revealed on disappointing sales and elevated inventory positions.

An operating outflow of -$21.2m ($2.9m inflow in 1H of FY22) reflected a large investment in working capital, some of which has been impaired, notes the analyst.

Management expects the growth rate in China will pick-up due to the easing of covid restrictions, and momentum is expected to build into the 4Q of FY23.

The Speculative Hold rating is maintained and the target falls to 29c from 35c.

This report was published on March 1, 2023.

Target price is $0.29 Current Price is $0.23 Difference: $0.055
If BUB 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 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.18.

Forecast for FY24:

Bell Potter forecasts a full year FY24 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 26.11.

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

CCX    CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $0.47

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

Excluding a -$19.6m inventory provision in the 1H, the result was only a small miss on Goldman Sachs forecast, though the gross profit margin disappointed.

Management pointed to a modest uplift for trading in the 2H, largely driven by improvement for Australian stores, while conditions continue to be challenging in northern hemisphere markets.

The deflationary impact of clearance pricing should ease into the 4Q, according to management, and new season inventory should lead to improved trading.

The target falls to 59c from 69c. Neutral.

This report was published on February 28, 2023.

Target price is $0.59 Current Price is $0.47 Difference: $0.12
If CCX meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting upside of 26.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.2, 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:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of N/A.
Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 16.8.

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

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

City Chic Collective's June-half trading update disappointed consensus' and Jarden's forecasts as competition intensified.

Inventory clearance and promotions are also hurting gross margins, advises the broker, and Jarden believes December-half inventory provisions are pointing to balance-sheet stress, should $19.6m of stock be written down.

EPS forecasts fall sharply into the red to reflect lower revenue and margin forecasts.

Underweight rating retained. Target price falls to 46c from 48c. 

This report was published on February 27, 2023.

Target price is $0.46 Current Price is $0.47 Difference: minus $0.01 (current price is over target).
If CCX meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.60, suggesting upside of 26.8%(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 14.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.2, 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 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 67.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of N/A.
Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 16.8.

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

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

City Chic Collective's 1H earnings (EBIT) were in line with figures pre-released in January though Wilsons points out trading was weak for the first seven weeks of the 2H.

Management advised most of its inventory issues relate to the EMEA region and stock has been re-purposed to Australia and North America.

While channel checks show deep discounting of between -65-80% has stopped, the broker remains concerned over damage to both brand and earnings from ongoing promotional activity.

The target falls to 50c from 65c. Market Weight.

This report was published on February 28, 2023.

Target price is $0.50 Current Price is $0.47 Difference: $0.03
If CCX meets the Wilsons target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting upside of 26.8%(ex-dividends)
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 7.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.2, 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:

Wilsons 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 21.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of N/A.
Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 16.8.

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

CGC    COSTA GROUP HOLDINGS LIMITED

Agriculture – Overnight Price: $2.48

Bell Potter rates ((CGC)) as Upgrade to Buy from Hold (1) –

Bell Potter is looking to a recovery for Costa Group post the 1H23 results which were slightly weaker than expected.

Improvements in weather and the cessation of quality problems, alongside a forecast improvement in citrus as well as an upbeat start to the international season, lead Bell Potter to upgrade the rating to Buy from Hold.

Some minor revisions to EBITDAS of -2% for FY23 and -9% for FY24 do not impact on the target of $3 which remains unchanged, notes the broker.

This report was published on February 22, 2023.

Target price is $3.00 Current Price is $2.48 Difference: $0.52
If CGC meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 14.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 9.00 cents and EPS of 12.10 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 20.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 96.1%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 17.5.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 10.00 cents and EPS of 14.30 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 24.6%.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 14.0.

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

CLG    CLOSE THE LOOP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.36

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

Shaw and Partners anticipates some upside into the 2H after 1H results for Close the Loop were ahead of expectations and the outlook remains robust for the rest of the calendar year.

The analyst expects a return to normal operating levels in the 2H and management flagged “exciting new business opportunities that can lead to significant growth” for the medium-term.

The company has also commenced/continued discussions with “a number of potential acquisition targets”.

The target rises to 65c from 64c. Buy.

This report was published on February 27, 2023.

Target price is $0.65 Current Price is $0.36 Difference: $0.285
If CLG meets the Shaw and Partners target it will return approximately 78% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.52.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.14.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.17

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

Higher depreciation following the Orbost Gas Processing Plant (OGPP) acquisition meant 1H profit missed Bell Potter's forecast, while underlying earnings of $60m beat the $49m expected.

First production by winter 2025 for Cooper Energy's key OP3D expansion project will not be met, observes the analyst, as the final investment decision remains deferred until further clarity on government changes to the gas regulatory regime.

Management trimmed FY23 production and underlying earnings (EBITDAX) guidance.

The target falls to 19c form 22c. Buy.

This report was published on March 1, 2023.

Target price is $0.19 Current Price is $0.17 Difference: $0.025
If COE meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.00.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.00.

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

CUP    COUNTPLUS LIMITED

Commercial Services & Supplies – Overnight Price: $0.55

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

Wilsons highlights from 1H results by Countplus that underlying operating metrics improved for Accounting and Wealth year-on-year, and traction is being achieved in adviser numbers.

Earnings (EBITDA) of $5m missed the $8.5m expected due to a combination of lower revenue, employee costs and associate contributions. 

Regarding the outlook, the analyst expects recent management hires should help identify efficiencies and lower costs, while the M&A pipeline appears to be full.

The target falls to 90c from $1.20. Overweight.

This report was published on February 28, 2023.

Target price is $0.90 Current Price is $0.55 Difference: $0.355
If CUP meets the Wilsons target it will return approximately 65% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 3.50 cents and EPS of 3.00 cents.
At the last closing share price the estimated dividend yield is 6.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.17.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 2.70 cents and EPS of 3.50 cents.
At the last closing share price the estimated dividend yield is 4.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.57.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $1.00

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

First spodumene concentrate production has commenced at the 100%-owned Finniss Lithium project just south of Darwin. Core Lithium anticipates transport of the first shipment to Darwin Port by the end of April.

Part of the company's FY23 production will be delayed to FY24 as water has restricted near-term delivery of ore from the Grants pits.

Future concentrate production from the mine is expected to occur by July 2023.

The Sell rating is unchanged and the target falls to 90c from 95c on lower near-term earnings forecasts.

This report was published on February 28, 2023.

Target price is $0.90 Current Price is $1.00 Difference: minus $0.1 (current price is over target).
If CXO meets the Goldman Sachs target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.10, suggesting upside of 10.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.5, 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:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 18.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of N/A.
Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 11.5.

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

Jarden rates ((CXO)) as Sell (5) –

Core Lithium has produced its first spodumene concentrate at Dense Media Separation at Finnis in the Northern Territory.

While Jarden considers this a good performance in challenging weather conditions, it expects water ingress in the pit will stymie progress and doubts the company will be able to build stockpiles fast enough to meet delivery expectations.

Jarden now turns its eye to working capital (Core Lithium closed 2022 with $125m in cash) and the broker is waiting to see the full December-half accounts. 

Sell rating retained. Target price falls to 48c from 49c.

This report was published on February 27, 2023.

Target price is $0.48 Current Price is $1.00 Difference: minus $0.52 (current price is over target).
If CXO meets the Jarden target it will return approximately minus 52% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.10, suggesting upside of 10.3%(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 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 111.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.5, 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 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of N/A.
Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 11.5.

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

CYG    COVENTRY GROUP LIMITED

Hardware & Equipment – Overnight Price: $1.04

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

Coventry Group's 1H earnings of $8.3m undershot Bell Potter's $9.2m forecast due to higher-than-expected corporate and variable costs, which included a -24% increase in freight and fleet mobilisation expenses.

Trade Distribution was weaker-than-expected in the 1H, but the broker suggests distribution costs are approaching their peak, and, as a result, the group can regain momentum by turning around Konnect Australia.

While no guidance was provided, the analyst feels outlook commentary was generally positive with management noting the company operates in resilient industries.

The target falls to $1.30 from $1.50. Buy.

This report was published on March 1, 2023.

Target price is $1.30 Current Price is $1.04 Difference: $0.26
If CYG meets the Bell Potter target it will return approximately 25% (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 3.40 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.44.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 3.40 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.87.

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: $0.98

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

Alongside pre-reported 1H results, management at DDH1 noted operating revenues for the first two months of the 2H have been negatively impacted by weather on the east coast of Australia. Regulatory approval delays and drilling deferrals by clients also weighed.

As a result of operational headwinds and increased D&A charges, the broker lowers its FY23-25 EPS forecasts by -10%, -4% and -4%, respectively. The target falls to $1.32 from $1.47.

The Buy rating is unchanged as the analysts suggest medium-term earnings are underpinned by fleet expansion and stable charge-out rates. It's thought normalisation of labour costs will be the major driver for an uplift in margins.

This report was published on March 1, 2023.

Target price is $1.32 Current Price is $0.98 Difference: $0.335
If DDH meets the Bell Potter target it will return approximately 34% (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 5.50 cents and EPS of 14.40 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 6.84.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 6.20 cents and EPS of 16.30 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.04.

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

DRO    DRONESHIELD LIMITED

Hardware & Equipment – Overnight Price: $0.33

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

DroneShield's pre-released 2022 full-year result largely met Bell Potter's forecast save for a sharp improvement in the company's loss (EBITDA) and net profit after tax, thanks to a beat on operating expenses and higher than forecast other income.

Cash flow surprised sharply to -$1.8m and the company closed the year with a cash balance of $10.3m. The broker observes this has already risen to $20.5m by February 27 as the company advances towards profitability, which Bell Potter expects this year.

EPS forecasts rise. No guidance was provided but management advises of a record backlog in orders of $24m and a $200m pipeline, which includes 90 standalone qualified projects. 

Buy rating retained. Target price rises 2.5% to 41c.

This report was published on February 28, 2023.

Target price is $0.41 Current Price is $0.33 Difference: $0.085
If DRO meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 81.25.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.50.

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: $1.71

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

Canaccord Genuity feels Dusk Group may be finding a new floor for sales after an 8% revenue beat against the broker's forecast in the 1H.

While a cut in 1H dividend suggests to the analyst a cautious view of the near-term outlook by management, the company is well-placed to confront lower consumer demand.

In support of this view, the broker points to a maintainable store roll out strategy, an evolving product offering and a clean balance sheet. The company is also considered a clear market leader in its category.

Buy. The target falls to $2.20 from $2.50

This report was published on February 27, 2023.

Target price is $2.20 Current Price is $1.71 Difference: $0.495
If DSK meets the Canaccord Genuity target it will return approximately 29% (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 17.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 9.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.12.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 19.00 cents and EPS of 24.10 cents.
At the last closing share price the estimated dividend yield is 11.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.07.

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: $0.09

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

Shaw and Partners finds Damstra Holdings to be delivering on its turnaround. The company reported first half year-on-year revenue growth of 18% and being free cash flow positive in December. 

Full year guidance was reiterated and Shaw and Partners feels the market is yet to fully absorb targeted revenue of $32-34m and a 14-18% earnings margin.

The broker feels Damstra Holdings' intrinsic value is not reflected in its share price, and its strategic assets could command an additional 60 cents per share in an acquisition scenario. 

The Buy rating and target price of $0.46 are retained.

This report was published on February 28, 2023.

Target price is $0.46 Current Price is $0.09 Difference: $0.37
If DTC meets the Shaw and Partners target it will return approximately 411% (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 15.00.

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 11.25.

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

ECF    ELANOR COMMERCIAL PROPERTY FUND

REITs – Overnight Price: $0.93

Moelis rates ((ECF)) as Buy (1) –

Elanor Commercial Property Fund's December-half result nosed out consensus and its dividend was in line.

Leasing spreads rose 16%. Income growth was 4.7% and Moelis describes expiries as negligible. The broker adds that management has pretty much derisked FY24 expiries with 69% of the total now subject to agreed terms or in negotiation.

Gearing edged up to 32.3% due to softer valuations and the company's hedging was a sector-leading 96%.

Moelis retains its view the -18% discount to net tangible assets creates a compelling income play.

Buy rating retained. Target price eases to $1.14 from $1.21.

This report was published on February 27, 2023.

Target price is $1.14 Current Price is $0.93 Difference: $0.215
If ECF meets the Moelis target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 9.40 cents and EPS of 11.10 cents.
At the last closing share price the estimated dividend yield is 10.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.33.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 9.40 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 10.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.56.

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

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $0.47

Wilsons rates ((EML)) as Downgrade to Underweight from Market Weight (5) –

Wilsons was extremely underwhelmed after EML Payments shared the Central Bank of Ireland's evaluation of the company's limited progress on remediation to-date.

The CBI is “not satisfied with its remediation plan and timetable for completion”.

The company has until March 10 to try and explain why the CBI shouldn't reduce the current growth cap on its Prepaid Financial Services (PFS) business in the UK to 0% from 10%.

The rating is lowered to Underweight from Market Weight and the target falls to 42c from 58c.

This report was published on February 28, 2023.

Target price is $0.42 Current Price is $0.47 Difference: minus $0.05 (current price is over target).
If EML meets the Wilsons target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.83.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 67.14.

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

ENN    ELANOR INVESTORS GROUP

Wealth Management & Investments – Overnight Price: $1.65

Moelis rates ((ENN)) as Buy (1) –

Elanor Investors' December-half result fell shy of Moelis' forecasts due to a miss on corporate investment income and higher than forecast corporate costs.

Highlights included: a 6% rise in funds under management to $2.87bn; the privatisation of ERF; a windfall performance fee derived from Riverside; a 33% jump in recurring earning growth; and a reduction in gearing to 27.2% from June 30 with liquidity of $31.5m.

Buy rating retained. Target price eases to $2.15 from $2.22.

This report was published on February 28, 2023.

Target price is $2.15 Current Price is $1.65 Difference: $0.5
If ENN meets the Moelis target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 15.50 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 9.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.37.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 14.00 cents and EPS of 14.80 cents.
At the last closing share price the estimated dividend yield is 8.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.15.

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

FCL    FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $1.19

Moelis rates ((FCL)) as Buy (1) –

Fineos Corp's December-half result appears to have sharply disappointed Moelis' expectations and the broker resets forecasts to the lower end of downgraded revenue guidance (resulting from a large client's shift from a service to product feature). 

Moelis concludes that slowing growth appears to be coming almost solely from existing customers.

Management observes a strong pipeline, which includes postponements due to delayed decisions, and expects a recovery in FY24.

Buy rating retained. Target price falls to $1.95 from $2.54.

This report was published on March 27, 2023.

Target price is $1.95 Current Price is $1.19 Difference: $0.76
If FCL meets the Moelis target it will return approximately 64% (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 12.25 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.71.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 10.14 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.74.

This company reports in EUR. 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

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

Fineos Corp's 1H revenue was in line with Shaw and Partners forecast. Growth (year-on-year) of 18% for subscriptions was more than offset by a -24% slump in services.

While FY23 revenue guidance was lowered, the broker points out this was because a major client moved to third party product from custom development, and partnered-up with Fineos in doing so. Future subscriptions will compensate for any near-term revenue loss.

Such an example supports Shaw's positive overall investment thesis.

Due to lower services in the 1H, the broker lowers its target to $3.30 from $3.40. Buy.

This report was published on February 27, 2023.

Target price is $3.30 Current Price is $1.19 Difference: $2.11
If FCL meets the Shaw and Partners target it will return approximately 177% (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 10.29 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.57.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.48 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.20.

This company reports in EUR. 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

FSG    FIELD SOLUTIONS HOLDINGS LIMITED

Overnight Price: $0.07

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

Emerging telco carrier and retail service provider Field Solutions reported 1H revenue and earnings broadly in line with Canaccord Genuity's forecasts.

There was a positive result for the core ISP/managed service provider (MSP) division, notes the broker.

However, the Infrastructure operations suffered a material loss due to labour and supply chain challenges, as well as inclement weather impacting projects, explains Canaccord.

Sufficient funding is available for network expansion, assures the analyst.

The target slips to 19c from 21c. Buy

This report was published on February 27, 2023.

Target price is $0.19 Current Price is $0.07 Difference: $0.12
If FSG meets the Canaccord Genuity target it will return approximately 171% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 70.00.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.50.

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

GDC    GLOBAL DATA CENTRE GROUP

Cloud services – Overnight Price: $1.12

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

Global Data Centre had a tough first half, but was able ot deliver significant asset and operating portfolio expansion, comments the analyst.

Shaw and Partners expects a major French acquisition and ongoing expansion in south-east Asia to support the company's outlook, while the benefits of price increases should emerge in early 2023. 

Alongside the result, Global Data Centre reported Etix has divested a -30% stake, which will see capital returned to Global Data Centre and allow Etix to further invest in French and Thai assets. 

The Buy rating is retained and the target price decreases to $2.59 from $2.62.

This report was published on February 28, 2023.

Target price is $2.59 Current Price is $1.12 Difference: $1.465
If GDC meets the Shaw and Partners target it will return approximately 130% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 225.00.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 375.00.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $1.35

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

Generation Development's Investment Bond business outperformed expectations in the 1H, as did Lonsec, while  Annuities investment was a slight beat, sums up Shaw and Partners.

Underlying profit margins in the Investment Bond business grew to 18.2% from 17.9% in FY22. Boding well for the future, according to the analyst, investment in the Annuity business accelerated materially in the half.

The company has risen to the number one player in its key Investment Bond market, capturing 52% of quarterly inflows, Lonsec is growing earnings at more than 40% and the broker sees material upside for the company's Annuities solution.

The target slips to $1.83 from $1.90 and the Buy rating is unchanged.

This report was published on February 27, 2023.

Target price is $1.83 Current Price is $1.35 Difference: $0.48
If GDG 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 1.00 cents and EPS of 2.10 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 64.29.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 2.00 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 1.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.96.

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

GTK    GENTRACK GROUP LIMITED

Software & Services – Overnight Price: $2.63

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

In a move expected to substantially impact the 1H, Gentrack Group has upgraded (September-ending) FY23 revenue guidance for a one-off $12m inflow as a result of managing the exit of a major UK customer.

The broker increases its FY23 Cash earnings (EBITDA) forecast by $9m and reiterates its $4.20 target and Buy rating.

This report was published on February 27, 2023.

Target price is $4.50 Current Price is $2.63 Difference: $1.87
If GTK meets the Shaw and Partners target it will return approximately 71% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 7.93 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.17.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.06 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.13.

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

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $2.71

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

On closer examination of Healius' FY23 result, the broker sees little reason to alter its pre-release estimates, observing negative jaws and a disappointing performance from Agilex.

Jarden suggests 1H profit was likely close to breakeven for Healius, following -$9.5m (after tax) in non-underlying cost items. The company missed consensus expectations for revenue and earnings (EBITDA) by -2.9% and -7%, respectively.

The analyst notes the Pathology segment is under the most pressure, with business-as-usual (BAU) volumes moving into negative
growth in November and December. Also the decline of PCR testing accelerated and there's a PCR fee cut coming in October 2023.

EPS forecasts adjust -0.6% in FY23; -2.4% in FY24; and 2% in FY25. Dividend forecasts fall sharply for FY23 and FY24.

Underweight rating retained. Target price is shaved to $2.66 from $2.67.

This report was published on February 27, 2023.

Target price is $2.66 Current Price is $2.71 Difference: minus $0.05 (current price is over target).
If HLS meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.13, suggesting upside of 15.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 3.50 cents and EPS of 6.30 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.8, implying annual growth of -88.4%.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 46.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 5.10 cents and EPS of 11.10 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of 132.8%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 20.1.

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

IFM    INFOMEDIA LIMITED

Automobiles & Components – Overnight Price: $1.47

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

Revenue and cash costs were in line with Shaw and Partners forecasts for the 1H, while recurring revenue was better than expected.

Positively, the broker highlights around $15m of potential annual recurring revenue (ARR) has been added to the sales pipeline.

FY23 guidance was reaffirmed, while dealer management system (DMS) integrations and all operational initiatives are on track. The latter are expected to return the business to higher growth and expanding cash earnings margins.

The $1.60 target and Buy rating are unchanged.

This report was published on February 27, 2023.

Target price is $1.60 Current Price is $1.47 Difference: $0.13
If IFM meets the Shaw and Partners target it will return approximately 9% (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 3.80 cents and EPS of 4.80 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.63.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 4.30 cents and EPS of 5.70 cents.
At the last closing share price the estimated dividend yield is 2.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.79.

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

IPG    IPD GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.99

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

Guidance was either met or exceeded for key metrics when IPD Group released 1H results, as its customers have returned to normal operating capacity following covid, explains Shaw and Partners.

Revenue and earnings (EBITDA) were beats versus the analyst's forecasts by 4% and 3%, respectively, while a 4.6cps dividend was 5% ahead of forecast.

The broker raises its target to $3.60 from $3.53. The operating environment remains buoyant (January and February trading was strong) aided by limited exposure to residential building, which shields the business from interest rate impacts in that area. Buy.

This report was published on February 27, 2023.

Target price is $3.60 Current Price is $2.99 Difference: $0.61
If IPG meets the Shaw and Partners target it will return approximately 20% (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 8.80 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.89.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 9.80 cents and EPS of 19.50 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.33.

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: $0.40

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

While Janison Education had pre-announced its first half result, Shaw and Partners notes full year guidance suggests a return to strong organic growth for the company, implying 18% revenue growth over the second half at the midpoint. Importantly, the broker notes revenue growth is set to be achieved while underlying operating expenditure remains flat. 

While free cash flow in the first half was softer than the broker had anticipated, it still sees Janison Education as making progress towards a free cash flow positive position with the company noting $3m of receipts related to the first half were recieved in January. 

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

This report was published on February 28, 2023.

Target price is $0.80 Current Price is $0.40 Difference: $0.405
If JAN meets the Shaw and Partners target it will return approximately 103% (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 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.95.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 197.50.

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

KED    KEYPATH EDUCATION INTERNATIONAL INC

Education & Tuition – Overnight Price: $0.80

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

With healthcare continuing to grow strongly, Keypath Education International's healthcare business remains a key attraction for Shaw and Partners.

The broker sees Keypath Education moving to leverage its first mover and scale advantages to drive efficiencies. Revenue from healthcare grew 22% year-on-year in the first half, and accounts for more than 50% of group revenue. 

Elsewhere, the company announced a new partnership with the Melbourne Business School, and the broker finds a partnership with a leading brand to be a strong validation of the company's value proposition.

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

This report was published on February 28, 2023.

Target price is $2.50 Current Price is $0.80 Difference: $1.7
If KED meets the Shaw and Partners target it will return approximately 213% (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 7.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.67.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.56.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $4.24

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

Kogan.com's December-half sales missed consensus and Jarden's forecasts by a decent clip but earnings were broadly as expected, thanks to a -22% cut in operating costs, which yielded a sharp rise in margins.

Web traffic fell sharply year on year in the first seven-weeks of June-half trading.

EPS forecasts fall -10% in FY23; and -9% in FY24, and the broker lowers sales forecasts for the June half to account for the weak trading update.

Underweight weighting retained. Target price falls to $3.38 from $3.42.

This report was published on February 27, 2023.

Target price is $3.38 Current Price is $4.24 Difference: minus $0.86 (current price is over target).
If KGN meets the Jarden target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.99, suggesting upside of 41.3%(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 6.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 62.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -6.5, 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 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 157.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.9, implying annual growth of N/A.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 12.9.

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

LFG    LIBERTY FINANCIAL GROUP LIMITED

Diversified Financials – Overnight Price: $3.98

Jarden rates ((LFG)) as Neutral (3) –

Liberty Financial's December-half result outpaced Jarden's forecasts but the broker spies mounting headwinds, noting the mortgage outlook is weak, and that the company's mortgage book is exposed to the more competitive prime mortgage market.

EPS forecasts fall -1% in FY23; and -4% in FY24 and FY25 to reflect lower volume and margin expectations.

Bad and doubtful debts proved a decent beat on consensus and the broker, but Jarden spies signs of stress, with 30-plus days in arrears rising. 

Neutral rating retained. Target price falls to $4.10 from $4.30.

This report was published on February 27, 2023.

Target price is $4.10 Current Price is $3.98 Difference: $0.12
If LFG meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.18, suggesting upside of 5.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 42.00 cents and EPS of 62.00 cents.
At the last closing share price the estimated dividend yield is 10.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.6, implying annual growth of -25.9%.
Current consensus DPS estimate is 41.7, implying a prospective dividend yield of 10.5%.
Current consensus EPS estimate suggests the PER is 7.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 40.00 cents and EPS of 58.00 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 6.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.2, implying annual growth of -13.8%.
Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 8.6.

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

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $7.45

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

First half underlying earnings and profit for Lynas Rare Earths were in line with forecasts by Goldman Sachs and consensus.

The company advised if a court appeal against the Malaysian government is unsuccessful there is no real contingency plan, such as stockpiles in Malaysia.

The government has decided not to remove conditions that prohibit the importing and processing of flotation concentrate from Mt Weld after July 1 via the front-end of the Lynas Advanced Materials Plant (LAMP) refinery.

The Neutral rating is retained and the target falls to $7.50 from $7.60.

This report was published on February 28, 2023.

Target price is $7.50 Current Price is $7.45 Difference: $0.05
If LYC meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $7.93, suggesting upside of 6.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 52.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.6, implying annual growth of -32.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 21.00 cents and EPS of 35.10 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.1, implying annual growth of 23.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.9.

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

MCR    MINCOR RESOURCES NL

Nickel – Overnight Price: $1.23

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

A slower-than-expected ramp-up of mining at Kambalda Nickel and a -$16.4m hedge book loss resulted in an overall 1H loss -$54.7m for Mincor Resources. Sounds bad, yet Shaw and Partners maintains its $2.14 target and Buy rating.

The company re-established nickel production during the half and delivered first ore to BHP Group's ((BHP)) Kambalda Concentrator.

The balance sheet is in a strong position following December’s capital raise with net cash of $50.9m, assures the analyst.

FY23 production guidance is maintained at 8-10kt.

This report was published on February 27, 2023.

Target price is $2.14 Current Price is $1.23 Difference: $0.915
If MCR meets the Shaw and Partners target it will return approximately 75% (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 3.00 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 2.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.56.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 8.00 cents and EPS of 21.90 cents.
At the last closing share price the estimated dividend yield is 6.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.59.

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

MGH    MAAS GROUP HOLDINGS LIMITED

Building Products & Services – Overnight Price: $2.66

Moelis rates ((MGH)) as Buy (1) –

Maas Group's December-half earnings (EBITDA) outpaced guidance but fell short of Moelis' forecasts as EBITDA margins disappointed due to changes in the product mix and poor weather, and as higher interest costs and depreciation and amortisation hit net profit after tax.

The company posted strong top-line growth and across all segments; cash conversion improved; and management reiterated FY23 EBITDA guidance. EPS forecasts fall across FY23 and FY24. 

Moelis expects weather impacts are behind the company and spies a strong skew to the second half, considering housing fundamentals to be supportive.

Buy rating retained. Target price falls to $3.90 from $3.94.

This report was published on February 27, 2023.

Target price is $3.90 Current Price is $2.66 Difference: $1.24
If MGH meets the Moelis target it will return approximately 47% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.00 cents and EPS of 24.70 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 10.77.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 9.00 cents and EPS of 32.20 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 8.26.

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

MHJ    MICHAEL HILL INTERNATIONAL LIMITED

Luxury – Overnight Price: $1.00

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

Michael Hill International's December-half result outpaced Jarden's forecasts, falling at the top end of guidance, and gross margins were maintained.

Management advised trading in the first eight weeks of the June half met expectations, despite extreme weather in New Zealand and provided maiden FY23 guidance, which the broker considers to be conservative.

EPS forecast are shaved. Overweight rating retained, the broker appreciating the company's track record on reporting, and exposure to a younger demographic. Target price eases to $1.40 from $1.50.

This report was published on February 27, 2023.

Current Price is $1.00. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 8.50 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 8.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.75.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 9.00 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 9.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.47.

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: $89.01

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

Higher-than-expected lithium and iron ore costs in the 1H for Mineral Resources are partly responsible for materially lowered EPS forecasts by Goldman Sachs.

Underlying earnings (EBITDA) and profit fell short of consensus forecasts by -10% and more than -20%, respectively. Lower margins for mining services also impacted, as well as a three month delay to first ore from the Ashburton Hub, explains the analyst.

Management made no change to existing production and cost guidance, though first-time guidance for lithium hydroxide production and sales were around -10% adrift of the broker's forecasts.

The target falls to $83 from $88. Neutral.

This report was published on February 28, 2023.

Target price is $83.00 Current Price is $89.01 Difference: minus $6.01 (current price is over target).
If MIN meets the Goldman Sachs target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $95.61, suggesting upside of 7.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 342.00 cents and EPS of 760.00 cents.
At the last closing share price the estimated dividend yield is 3.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 834.0, implying annual growth of 351.1%.
Current consensus DPS estimate is 495.3, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 279.00 cents and EPS of 698.00 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1464.5, implying annual growth of 75.6%.
Current consensus DPS estimate is 771.3, implying a prospective dividend yield of 8.7%.
Current consensus EPS estimate suggests the PER is 6.1.

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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.84

Wilsons rates ((MYX)) as Upgrade to Market Weight from Underweight (3) –

Wilsons moves to Market Weight from Underweight for Mayne Pharma following 1H results and raises its target to $3.50 from $2.99.

The PPD division, which comprises the Retail generics and Dermatology businesses materially detracted from earnings. The former business has just been sold and the latter should come under increasing scrutiny by management, suggests the analyst.

The company plans to seek out new product additions with (IP) branded or authorised generic status, explains the broker.

Wilsons concedes its next to impossible to assess the group performance in the half given the number of moving parts. Upgrades to forecasts are based on upgrades to Nextstellis and the divestment of the US Generic Products business

Note: The company had a 1:20 share consolidation in January.

This report was published on March 1, 2023.

Target price is $3.50 Current Price is $3.84 Difference: minus $0.34 (current price is over target).
If MYX meets the Wilsons target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 6.40 cents and EPS of minus 6.70 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 57.31.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 101.05.

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

PBP    PROBIOTEC LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.41

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

Shaw and Partners has described Probiotec's ahead of expectations first half result as a "reporting season highlight in the manufacturing space". With greater demand, contracts and onshoring ahead for the company, Shaw and Partners feels it is time for the market to revisit the stock. 

Full year revenue guidance of $205-215m implies 15% year-on-year growth while earnings guidance of $34.5-36.0m implies 7% growth, with Shaw and Partners finding targets conservative. 

The broker sees potential for a re-rating as the market absorbs the result. The Buy rating is retained and the target price increases to $3.50 from $3.24.

This report was published on February 27, 2023.

Target price is $3.50 Current Price is $2.41 Difference: $1.09
If PBP meets the Shaw and Partners target it will return approximately 45% (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 6.30 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.43.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 8.60 cents and EPS of 21.50 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.21.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $0.67

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

In an outcome slightly better than Canaccord Genuity expected, Paladin Energy delivered a 1H net loss attributable to members of -US$4.8m.

The analyst notes over 300 personnel are on site at Langer Heinrich and construction activities are well underway for the restart, scheduled for the 1Q of 2024.

The broker is of the opinion the uranium price is heading higher and maintains its Buy rating and $1.15 target.

This report was published on February 27, 2023.

Target price is $1.15 Current Price is $0.67 Difference: $0.48
If PDN meets the Canaccord Genuity target it will return approximately 72% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.87 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 77.01.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.74 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.51.

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

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

While Paladin Energy announced a first half loss of -US$4.8m, Shaw and Partners has described the result as largely irrelevant ahead of a restart of the company's Langer Heinrich uranium asset slated for early 2024. 

The broker finds early works to be progressing well, highlighting to date Paladin Energy has successfully executed four offtake agreements and additional agreements are expected. The company remains Shaw and Partners' preferred exposure to an improving uranium market.

The Buy rating and target price of $1.30 are retained. 

This report was published on February 27, 2023.

Target price is $1.30 Current Price is $0.67 Difference: $0.63
If PDN meets the Shaw and Partners target it will return approximately 94% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.29 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 231.03.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.77 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.77.

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

PLY    PLAYSIDE STUDIOS LIMITED

Gaming – Overnight Price: $0.35

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

Playside Studios reported revenue of $16.5m in the first half, including an $11m work-for-hire contribution. Shaw and Partners highlights guidance implies a full year work-for-hire revenue contribution in the low $20m range, and finds Playside Studios is establishing itself as a leading work-for-hire studio. 

Original intellectual property with larger potential revenue and longer lead times remains a focus.

The Buy rating is retained and the target price decreases to $0.70 from $0.80.

This report was published on February 28, 2023.

Target price is $0.70 Current Price is $0.35 Difference: $0.35
If PLY meets the Shaw and Partners target it will return approximately 100% (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 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.22.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 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 16.67.

Market Sentiment: 1.0
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: $0.33

Moelis rates ((PPG)) as Buy (1) –

Pro-Pac Packaging's December-half result broadly met Moelis' forecasts as industrials returned to profit. Management guides to a continued profit uptick in the June half and expects to post positive pre-AASB16 FY23 earnings EBITDA.

Working capital rose sharply as trade creditors fell in arrears but new trading terms have been agreed. Costs disappointed, and the company finished the half with net debt of $16.3m.

Moelis considers the December half to have been a tough one given swings in resin prices, recapitalisation, and management changes but believes conditions have improved sharply since.

Buy rating retained and 41c target price retained.

This report was published on February 27, 2023.

Target price is $0.41 Current Price is $0.33 Difference: $0.085
If PPG meets the Moelis target it will return approximately 26% (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 7.39.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.60 cents and EPS of 1.50 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.67.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.85

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

Shaw and Partners couldn't find much to not like about Praemium's result. The company reported 17% revenue growth, significantly outpacing the 6% cost growth, while prudent expense management and repricing look to contribute to improving margins and yields moving forward. 

The stock is trading at a sizable discount to peers, and remains clearly undervalued according to the broker who expects Praemium would offer strategic value to either of the top market players and establish either one as a firm market leader. 

The Buy rating and target price of $1.30 are retained.

This report was published on February 28, 2023.

Target price is $1.30 Current Price is $0.85 Difference: $0.45
If PPS meets the Shaw and Partners target it will return approximately 53% (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 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.97.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.37.

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

REG    REGIS HEALTHCARE LIMITED

Aged Care & Seniors – Overnight Price: $1.57

Jarden rates ((REG)) as Buy (1) –

Regis Healthcare's December-half result missed Jarden's forecasts at the net profit level but outpaced at the earnings (EBITDA) level by 8% to 10%.

Occupied bed days grew, as did resident numbers, which should boost revenue all things being equal. Operating expenses continue to struggle given labour shortages and rising agency costs, but covid outbreak costs continued their sharp decline.

The company's debt position improved to reflect lower investment working capital and Jarden expects Regis Healthcare to outperform relative to peers in a challenging regulatory environment.

EPS forecasts fall -11% in FY23; rise 5.5% in FY24; and FY25. Buy rating retained. Target price falls to $3.10 from $3.40.

This report was published on February 27, 2023.

Target price is $3.10 Current Price is $1.57 Difference: $1.53
If REG meets the Jarden target it will return approximately 97% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 6.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.53.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 9.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.35.

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

RMC    RESIMAC GROUP LIMITED

Banks – Overnight Price: $0.99

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

Resimac Group's December half-year result appears to have disappointed Bell Potter as macro pressures intensified competition in the prime mortgage market.

The broker now rejigs its view, expecting competition to remain tougher for longer.

EPS forecasts fall -8.9% in FY23; rise 18.7% in FY24 (to reflect forecast lower impairments); and fall -18.9% in FY25.

Buy recommendation retained to reflect the yield on valuation. Target price slumps to $1.29 from $1.79.

This report was published on February 28, 2023.

Target price is $1.29 Current Price is $0.99 Difference: $0.3
If RMC meets the Bell Potter target it will return approximately 30% (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 8.00 cents and EPS of 20.40 cents.
At the last closing share price the estimated dividend yield is 8.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.85.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 6.00 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 6.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.23.

Market Sentiment: 0.5
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: $3.10

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

Shaw and Partners finds Regal Partners to be delivering upon the VGI Partners merger, reporting its strongest net flows in history alongside market expanding strategy launches.

The broker expects, following a challenging 2022, the company will deliver a bounce back in 2023 supported by fees and accretive acquisitions. 

Second half net profit of $18.2m was a 51% beat to the broker, largely on better investment returns, while management fees of $29.7 were broadly in line.

The Buy rating is retained and the target price decreases to $5.74 from $6.08.

This report was published on February 27, 2023.

Target price is $5.74 Current Price is $3.10 Difference: $2.64
If RPL meets the Shaw and Partners target it will return approximately 85% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 8.60 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.51.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 12.80 cents and EPS of 25.60 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.11.

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

SHV    SELECT HARVESTS LIMITED

Agriculture – Overnight Price: $4.02

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

On balance, Wilsons considers commentary at Select Harvests' AGM was positive.

Almond pricing is moving up (probably above the broker's FY23 forecast) on strong demand and increased industry confidence for the US crop carry-over forecast. The company is also fielding ongoing requests for prompt shipments.

A recent winter storm impacted the US almond growing region, which is favourable for pricing, suggests the analyst, though full impacts on pollination are unclear at this stage.

Overweight rating and a $6.54 target are maintained.

This report was published on February 28, 2023.

Target price is $6.54 Current Price is $4.02 Difference: $2.52
If SHV meets the Wilsons target it will return approximately 63% (excluding dividends, fees and charges).

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

SND    SAUNDERS INTERNATIONAL LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.16

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

A strong order book has seen Saunders International deliver 100% revenue growth and 73% earnings growth year-on-year in the first half, with the company additionally more than replacing work completed in the period with its order book up 3.7% from the end of the last fiscal year. 

First half results were well ahead of Shaw and Partners forecasts, and the broker believes with significant spend planned on fuel storage and bridge infrastructure, the company is positioned to take contract wins and increase return on invested capital. 

The Buy rating and target price of $1.50 are retained.

This report was published on February 27, 2023.

Target price is $1.50 Current Price is $1.16 Difference: $0.34
If SND meets the Shaw and Partners target it will return approximately 29% (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 3.90 cents and EPS of 9.10 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 4.20 cents and EPS of 10.50 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 11.05.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $7.21

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

Wilsons now forecasts a tripling of sales to more than $200m for TLX250-CDx's first full year, which lifts FY25 forecasts and the target price to $9.72 from $8.13. The imaging agent can accurately identify clear cell renal cell carcinoma.

The increased sales forecast is based upon 20% total addressable market (TAM) penetration for renal cancer assessment.

The broker points out the un-risked valuation for Telix Pharmaceuticals is $15/share with around 80% of this potential upside from the achievement of therapy development milestones.

The company reported a FY22 loss of -$104m compared to the analyst's forecast for -$78m due to lower other income and a higher tax expense. No guidance was provided for FY23.

The Overweight rating is maintained.

This report was published on February 28, 2023.

Target price is $9.72 Current Price is $7.21 Difference: $2.51
If TLX meets the Wilsons target it will return approximately 35% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons 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 343.33.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 9.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 72.83.

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

TPG    TPG TELECOM LIMITED

Telecommunication – Overnight Price: $5.14

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

Sales, earnings, dividends and profits for TPG Telecom in FY22 were largely in line with Goldman Sachs expectations.

A return to earnings growth in the 2H was a highlight for the analyst. Also, it's thought earnings guidance indicates sustainable growth.

The broker points out TPG is benefiting from a return of mobile subscriber growth, price increases and a recovery in international roaming.

However, management expects a circa -$100m increase in interest expense in FY23, which offsets the majority of forecast earnings growth, explains Goldman Sachs.

The target falls by -4% to $5.30. Neutral.

This report was published on February 28, 2023.

Target price is $5.30 Current Price is $5.14 Difference: $0.16
If TPG meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $6.23, suggesting upside of 21.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 18.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.1, implying annual growth of -38.1%.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 30.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 20.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 28.7%.
Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 23.4.

Market Sentiment: 0.7
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: $35.30

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

Woodside Energy's 2022 full-year result met Jarden's forecasts (net profit after tax forecasts missed consensus by -6%).

The broker believes consensus EPS and DPS forecasts are too optimistic and have not yet factored in softening commodity prices and a change in the company's depreciation policy.

Woodside Energy's balance sheet simply glowed, gearing sitting at 1.6%, with funds likely to be allocated to growth programs and dividends in 2023, says Jarden, who also expects several asset sales.

Underweight rating and $33.60 target price retained.

This report was published on February 27, 2023.

Target price is $33.60 Current Price is $35.30 Difference: minus $1.7 (current price is over target).
If WDS meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $38.23, suggesting upside of 8.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 205.92 cents and EPS of 258.41 cents.
At the last closing share price the estimated dividend yield is 5.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 292.7, implying annual growth of N/A.
Current consensus DPS estimate is 212.2, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 223.32 cents and EPS of 282.19 cents.
At the last closing share price the estimated dividend yield is 6.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 286.6, implying annual growth of -2.1%.
Current consensus DPS estimate is 209.4, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 12.3.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.91

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

Canaccord Genuity retains its Buy rating and $1.75 target for Westgold Resources despite a miss on earnings (EBITDA) and profit for the 1H.

Management maintained production and cost guidance ranges for FY23 and the analyst notes both measures are trending toward the top-end of their respective ranges.

On Canaccord's estimates of the current hedging position, the company should be fully exposed to the spot gold price by early FY24 

This report was published on February 27, 2023.

Target price is $1.75 Current Price is $0.91 Difference: $0.84
If WGX meets the Canaccord Genuity target it will return approximately 92% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 0.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9100.00.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 455.00.

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

WPR    WAYPOINT REIT LIMITED

REITs – Overnight Price: $2.65

Moelis rates ((WPR)) as Buy (1) –

Waypoint REIT's December-half result appears to have broadly met Moelis' estimates, but EPS forecasts fall to reflect right interest rate assumptions. 

Net tangible assets fell following asset sales and gearing rose to 30.7% from 27.3% at June 30 to reflect the company's buyback and valuation reduction.

Moelis appreciates the defensive nature of the company and notes the company is trading at a -13% discount to net tangible assets, but expects limited direct market activity is likely to dampen larger capital movements.

Buy rating retained. Target price eases to $2.99 from $3.05.

This report was published on February 27, 2023.

Target price is $2.99 Current Price is $2.65 Difference: $0.34
If WPR meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.74, suggesting upside of 3.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 16.40 cents and EPS of 16.50 cents.
At the last closing share price the estimated dividend yield is 6.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of -14.2%.
Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 17.00 cents and EPS of 17.10 cents.
At the last closing share price the estimated dividend yield is 6.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.5, implying annual growth of 1.2%.
Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 16.1.

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

XRF    XRF SCIENTIFIC LIMITED

Mining Sector Contracting – Overnight Price: $1.05

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

Canaccord Genuity continues to see upside for shares of XRF Scientific, despite a stellar price rise over the last six years, after 1H earnings again came in ahead of expectations.

Earnings (EBITDA) of $6.3m exceeded the analyst's forecast by 19%. Management commentary suggests growth was generated from the mining (70% of overall revenue) and industrial sectors, while positive growth was also evident in Europe, Asia and the Americas. 

Such is the company's market position, explains the broker, that the main cost input can quadruple (lithium) and not impact on margins. Lithium is a key raw material in the consumables business.

Canaccord envisages further earnings growth and multiple expansion and retains its Buy rating. The target jumps to $1.16 from 83c.

This report was published on February 27, 2023.

Target price is $1.16 Current Price is $1.05 Difference: $0.11
If XRF meets the Canaccord Genuity target it will return approximately 10% (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 2.90 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.80.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 3.10 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.15.

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

XTE    XTEK LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.54

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

XTEK's December-half result sharply outpaced Bell Potter's forecasts on most metrics save for net profit after tax due to a higher than expected income tax bill.

Revenue outpaced guidance, gross margins jumped 27.1% on the previous corresponding period, and earnings (EBITDA) rose 321%. On the downside, operating cash weakened as expected due to the receipt of prepaid revenue in FY22, which was still recognised in the FY23 December-half accounts. As a result, cash at bank fell -80% to $6.9m.

EPS forecasts are downgraded -12% in FY23 and FY24; and -15% in FY25 to reflect an increased tax rate.

Buy rating retained. Target price falls -7.5% to 88c from 95c.

This report was published on February 28, 2023.

Target price is $0.88 Current Price is $0.54 Difference: $0.345
If XTE meets the Bell Potter target it will return approximately 64% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 10.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.30.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.80 cents and EPS of 14.40 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.72.

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

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