Australian Broker Call *Extra* Edition - Mar 15, 2023

Daily Market Reports | Mar 15 2023

This story features PENTANET LIMITED, and other companies. For more info SHARE ANALYSIS: 5GG

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)

5GG ABC (2) ABP ABY ARU AVD BVS CCX CGS CHC CIP CMM COE (2) COF CQE DDH (2) DGL (2) DSE DUG EBR FCL FDV FZO (2) GMG HLA (4) HMC HMY HVN (2) IVC JAN KAR LME LYC M7T MCL MCR MOZ MTO (2) MYX NEU NIC (2) NOL NSR NTO (2) NUC NXD NXS (2) NXT (3) PBH (3) PGL PSI RDG REG RFG RGN RMC RUL SFR SGP SLA (2) SRG TLX (2) TSI TYR VGL WZR

5GG PENTANET LIMITED

Telecommunication – Overnight Price: $0.13

Bell Potter rates ((5GG)) as Speculative Buy (1) –

Following largely pre-released interim results, Bell Potter lowers its forecasts for Cloud Gaming revenues due to greater competition. Also, Pentanet's valuation is discounted to reflect rising near-term uncertainty around cash flows and the current cash balance.

Network and Telecommunications rose by 10.4% half-on-half and Cloud Gaming revenue increased by 56.8%.

The company exited the 1H with $6.1m in cash and available debt facilities of $5m, which management expects will fund growth and operations through FY23.

The target falls to 26c from 31c. Buy.

This report was published on March 3, 2023.

Target price is $0.26 Current Price is $0.13 Difference: $0.13
If 5GG meets the Bell Potter target it will return approximately 100% (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 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.82.

Forecast for FY24:

Bell Potter 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 6.19.

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

ABC ADBRI LIMITED

Building Products & Services – Overnight Price: $1.62

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

Despite a significantly higher contribution from property, Adbri experienced weaker-than-expected underlying earnings in FY22, explains Goldman Sachs.

As a result of this disappointment, the broker reduces its FY23-25 earnings (EBIT) estimates by -2-3% and lowers its target to $1.75 from $1.80. Neutral.

The analyst explains modest volume growth and significant price improvement was offset by headwinds for raw material, freight, labour, energy and fuel. Wet weather also impacted supply chains and the D&A expense was larger-than-expected.

Non-detached residential end markets such as apartments, infrastructure, commercial and mining should see ongoing strong demand, according to management, while backlogs should underpin 2023 orders in (detached) residential.

This report was published on March 1, 2023.

Target price is $1.75 Current Price is $1.62 Difference: $0.125
If ABC meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.72, suggesting upside of 5.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 9.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.8, implying annual growth of -5.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 10.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, implying annual growth of 4.7%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 10.5.

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

Jarden rates ((ABC)) as Neutral (3) –

Jarden describes 2H results for Adbri as “messy” and notes an uncertain FY23 outlook. FY22 underlying profit (excluding property) came in at the low-end of guidance.

While the broker finds it difficult to predict the magnitude of pricing increases (largely due to the existence of long-term supply contracts), increasing 2H prices for cement, concrete and aggregate may offset some inflationary pressures in FY23.

Management certainly expects cost pressure headwinds will remain in 2023.

The analyst’s target falls to $1.65 from $1.80 as the cement, concrete, aggregate and lime business now contributes $1.17 to valuation (from $1.34), while the land bank’s contribution rises to 48c from 46c. The Neutral rating is unchanged.

This report was published on March 1, 2023.

Target price is $1.65 Current Price is $1.62 Difference: $0.025
If ABC meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.72, suggesting upside of 5.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 15.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.8, implying annual growth of -5.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 7.70 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, implying annual growth of 4.7%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 10.5.

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

ABP ABACUS PROPERTY GROUP

REITs – Overnight Price: $2.68

Jarden rates ((ABP)) as Buy (1) –

Jarden reviews Australian REITs post the reporting season, observing earnings are holding but cash flow is weakening, which Jarden considers to be red flag.

Sector funds-from-operations increased by an average of 9% while operating cash flow fell -17%, Residential and Office copping the brunt of the fall.

The broker spies volatility ahead as interest rates continue to dominate headlines; and advises that investors keep their eyes peeled to a range of potential developments, including rising capitalised interest and rebates, incentives, trading profits boosted by top-line figures, and financial engineering around capital structures.

Jarden favours retail, childcare, storage and land leases as passive asset classes, and is cautious on Residential and Office. While the broker acknowledge fund managers' sensitivity to rate movements but believes they offer good medium-term value.

Abacus Property's rating is downgraded to Overweight from Buy. Target price eases to $3.20 from $3.30.

This report was published on March 2, 2023.

Target price is $3.20 Current Price is $2.68 Difference: $0.52
If ABP meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting upside of 18.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 18.40 cents and EPS of 18.40 cents.
At the last closing share price the estimated dividend yield is 6.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of -69.4%.
Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 19.30 cents and EPS of 19.30 cents.
At the last closing share price the estimated dividend yield is 7.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of -3.2%.
Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 14.8.

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

ABY ADORE BEAUTY GROUP LIMITED

Household & Personal Products – Overnight Price: $0.84

Shaw and Partners rates ((ABY)) as Hold (3) –

Shaw and Partners reduces its target for Adore Beauty to $1.10 from $1.80. While the 1H net loss was not as bad as expected, management lowered the 2H revenue growth outlook on higher cost inflation and weakening consumer sentiment.

Having missed consensus earnings forecasts over the last 18 months, the analyst feels the new ceo is looking to reset expectations, though this may take time.

Revenue in the first seven weeks of the 2H fell by -7.8% on the previous corresponding period and the company now expects flat revenues in the 2H, down from the double-digit growth originally mooted.

The Hold rating is unchanged.

This report was published on March 3, 2023.

Target price is $1.10 Current Price is $0.84 Difference: $0.26
If ABY meets the Shaw and Partners target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.00.

Forecast for FY24:

Shaw and Partners 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 120.00.

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

ARU ARAFURA RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $0.53

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

Arafura Rare Earths has suffered a -16% sell off in response to Tesla's investor day, in a reaction Bell Potter has found overdone. Tesla discussed the removal of rare earths from their next generation motors, and drove a decline across rare earth miners and magnet makers globally.

The broker highlights several key milestones on the horizon for Arafura Rare Earths, including a final investment decision due in March. Project financing looks to close in the middle of 2023, allowing construction to lead into first production at the end of 2025.

The rating is upgraded to Buy from Hold and the target price of $0.72 is retained.

This report was published on March 7, 2023.

Target price is $0.72 Current Price is $0.53 Difference: $0.19
If ARU meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.58 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.54.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.26.

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

AVD AVADA GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.52

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

Adverse weather conditions have left Shaw and Partners disappointed by Avada Group's first half, with the broker left wanting by revenue of $84.7m (up 22% year-on-year), gross profit of $16.5m (down-5%), and pro-forma earnings of $6.2m (down -17%).

The outlook does suggest some return to more typical trading as weather conditions normalise, the broker suggests, while rate increases agreed to with key existing and new clients should go some way in mitigating cost pressures.

Shaw and Partners notes some uncertainty remains around earnings recovery. The Buy rating is retained and the target price decreases to $0.80 from $1.29.

This report was published on March 1, 2023.

Target price is $0.80 Current Price is $0.52 Difference: $0.283
If AVD meets the Shaw and Partners target it will return approximately 55% (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 4.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.77.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 7.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.18.

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

BVS BRAVURA SOLUTIONS LIMITED

Wealth Management & Investments – Overnight Price: $0.34

Goldman Sachs – Cessation of coverage

This report was published on March 15, 2023.

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: $0.46

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

While the 1H earnings loss was in line with Bell Potter's forecast, there was an around -$20m additional inventory provision related to write downs in the EMEA region, and 2H trading was weaker than expected.

Regarding City Chic Collective's 2H trading, the analyst explains the US promotional environment has remained intense among larger competitors.

The broker's target falls to 53c from 64c and the Hold rating is maintained in the absence of a recovery in the US trading environment.

This report was published on March 2, 2023.

Target price is $0.53 Current Price is $0.46 Difference: $0.075
If CCX meets the Bell Potter target it will return approximately 16% (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:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 6.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.22.

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:

Bell Potter forecasts a full year FY24 dividend of 1.60 cents and EPS of 1.00 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.50.

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

CGS COGSTATE LIMITED

Medical Equipment & Devices – Overnight Price: $1.32

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

Bell Potter partly attributes delays in patient enrolments (for select large early-stage alzheimer's disease trials) for the -15% decline in 1H revenue, compared to the previous corresponding period.

Cogstate's earnings (EBITDA) of $1m for the half missed the $4.4m expected.

Along with these trial delays, which are expected to continue into the 2H, the analyst notes operating expenses increased on expanding business development (more employees), clinical trial support and marketing costs.

The broker's target falls to $1.90 from $2.05. Buy.

This report was published on March 2, 2023.

Target price is $1.90 Current Price is $1.32 Difference: $0.575
If CGS meets the Bell Potter target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 120.45.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.97.

This company reports in USD. 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

CHC CHARTER HALL GROUP

REITs – Overnight Price: $12.05

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

Jarden reviews Australian REITs post the reporting season, observing earnings are holding but cash flow is weakening (which Jarden considers to be a key red flag).

Sector funds-from-operations increased by an average of 9% while operating cash flow fell -17%, Residential and Office copping the brunt of the fall.

The broker spies volatility ahead as interest rates continue to dominate headlines; and advises investors keep their eyes peeled to a range of potential developments, including rising capitalised interest and rebates, incentives, trading profits boosted by top-line figures, and financial engineering around capital structures.

Charter Hall's Overweight rating is retained. Target price falls to $15.50 from $16.

This report was published on March 2, 2023.

Target price is $15.50 Current Price is $12.05 Difference: $3.45
If CHC meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $14.88, suggesting upside of 23.8%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 93.7, implying annual growth of -51.7%.
Current consensus DPS estimate is 42.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY24:

Current consensus EPS estimate is 89.4, implying annual growth of -4.6%.
Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 13.4.

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

CIP CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.14

Jarden rates ((CIP)) as Downgrade to Underweight from Buy (4) –

Jarden reviews Australian REITs post the reporting season, observing earnings are holding but cash flow is weakening, which Jarden considers to be a red flag.

Sector funds-from-operations increased by an average of 9% while operating cash flow fell -17%, Residential and Office copping the brunt of the fall.

Centuria Industrial REIT's rating is downgraded to Underweight from Neutral. Target price is steady at $3.40.

This report was published on March 1, 2023.

Target price is $3.40 Current Price is $3.14 Difference: $0.26
If CIP meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.42, suggesting upside of 8.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of -71.6%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.40 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of -0.6%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 18.6.

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

CMM CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $4.48

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

Bell Potter believes further clarity on the proposed development scenario for the Mt Gibson Gold Project (MGGP) will be a material de-risking event for both the project and Capricorn Metals.

The analyst anticipates the project will be approaching a final investment decision (FID) after the expected release of the maiden ore reserve and associated study in the current quarter.

After updating modeling assumptions for the project, the broker raises its target price to $4.67 from $4.35 and increases its rating to Buy from Hold.

This report was published on March 6, 2023.

Target price is $4.67 Current Price is $4.48 Difference: $0.19
If CMM meets the Bell Potter target it will return approximately 4% (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 26.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.65.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 26.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.10.

Market Sentiment: -1.0
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

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

Canaccord Genuity is critical of messaging from management at Cooper Energy for being overly optimistic on things outside its control, given APA Group ((APA)) is the operator at Orbost.

While 1H results were broadly in line with the analyst’s forecasts at the operating level, the company lowered guidance for production and earnings (EBITDAX) as Orbost continues to disappoint.

Over January and February the plant averaged 45.7TJ/day, well short of the 52TJ/day target reiterated by management on several occasions, explains Canaccord.

The broker’s target is reduced to 33c from 38c on lower assumptions for Orbost and delays to the Otway Phase 3 Development, while the Buy rating is unchanged.

This report was published on March 1, 2023.

Target price is $0.33 Current Price is $0.17 Difference: $0.165
If COE meets the Canaccord Genuity target it will return approximately 100% (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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.00.

Forecast for FY24:

Canaccord Genuity 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 82.50.

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

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

Following 1H results for Cooper Energy, Jarden retains its 24c target and Buy rating, but makes investors aware the share price may struggle to reflect fair value in 2023.

The broker is of this view because management first needs to deliver higher output from the Orbost gas processing plant and eventually progress with Otway drilling.

The results missed consensus forecasts though were a beat against the analyst’s estimates due to differences in forecasting depletion, depreciation and amortisation (DD&A) expenses after the Orbost acquisition.

Management lowered FY23 production guidance to 3.55-3.70mmboe from 3.7-4.0mmboe.

This report was published on March 1, 2023.

Target price is $0.24 Current Price is $0.17 Difference: $0.075
If COE meets the Jarden target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 55.00.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 55.00.

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

COF CENTURIA OFFICE REIT

REITs – Overnight Price: $1.49

Jarden rates ((COF)) as Neutral (3) –

Jarden reviews Australian REITs post the reporting season, observing earnings are holding but cash flow is weakening, which Jarden considers to be a red flag.

Sector funds-from-operations increased by an average of 9% while operating cash flow fell -17%, Residential and Office copping the brunt of the fall.

Centuria Office REIT's rating is downgraded to Underweight from Neutral. Target price slips to $1.70 from $1.80.

This report was published on March 2, 2023.

Target price is $1.70 Current Price is $1.49 Difference: $0.21
If COF meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $1.88, suggesting upside of 25.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 14.10 cents and EPS of 15.80 cents.
At the last closing share price the estimated dividend yield is 9.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.0, implying annual growth of -19.6%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 9.4%.
Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 14.50 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 9.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of 1.2%.
Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 9.5%.
Current consensus EPS estimate suggests the PER is 9.3.

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

CQE CHARTER HALL SOCIAL INFRASTRUCTURE REIT

Childcare – Overnight Price: $3.06

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

Jarden reviews Australian REITs post the reporting season, observing earnings are holding but cash flow is weakening, which Jarden considers to be a red flag.

Sector funds-from-operations increased by an average of 9% while operating cash flow fell -17%, Residential and Office copping the brunt of the fall.

Charter Hall Social Infrastructure REIT's rating is upgraded to Overweight from Neutral. Target price eases to $3.60 from $3.70.

This report was published on March 2, 2023.

Target price is $3.60 Current Price is $3.06 Difference: $0.54
If CQE meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 8.60 cents and EPS of 16.30 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.77.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 17.20 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 5.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.49.

Market Sentiment: 0.0
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: $0.91

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

Following clarification when speaking to management, Canaccord Genuity believes the share price fall after the release of 1H results for DDH1 was overdone.

The market took fright that January and February were "below expectations", when these months still outperformed the previous corresponding period, and management expects a recovery from March, points out the analyst.

There were few surprises for the broker in the 1H results as most numbers had been pre-released in early February, though the 3.33cps interim dividend exceeded the 2.8cps forecast.

Canaccord is upbeat on the stock for the medium term, despite broader sector weakness partly linked to margins and weaker commodity prices.

The target falls to $1.30 from $1.41. Buy.

This report was published on March 1, 2023.

Target price is $1.30 Current Price is $0.91 Difference: $0.395
If DDH meets the Canaccord Genuity target it will return approximately 44% (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 6.70 cents and EPS of 12.50 cents.
At the last closing share price the estimated dividend yield is 7.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.24.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 6.70 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 7.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.51.

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

Moelis rates ((DDH)) as Buy (1) –

Pre-reported 1H results showed revenue growth due to increases in rigs and shifts and a sound performance by Swick, observes Moelis. Marginally weaker utilisation provided a minor offset.

Due to "adverse weather events, regulatory approval delays and deferrals of client programs", management revealed lower-than-expected revenue for January and February.

The broker retains its Buy rating and its target falls to $1.35 from $1.40, as higher FY24-25 revenue forecasts are offset by flatter margins from higher D&A charges. Recent commentary on weaker utilisation also impacted.

This report was published on March 1, 2023.

Target price is $1.35 Current Price is $0.91 Difference: $0.445
If DDH meets the Moelis target it will return approximately 49% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 6.10 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 6.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.51.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 5.90 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 6.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.16.

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

DGL DGL GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $1.77

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

DGL Group's 1H underlying earnings (EBITDA) were slightly ahead of Bell Potter's forecast, while profit of $13m exceeded the $11.8m expected.

Management reiterated FY23 earnings guidance and noted 69% of earnings growth in the 1H was organic.

The FY23 cash conversion target was raised to a range of 90-95% from 80-90%, and the company also noted strong early contributions from BTX/Aquadex acquisitions.

The broker's Buy rating is unchanged and the target rises to $2.15 from $2.00.

This report was published on March 2, 2023.

Target price is $2.15 Current Price is $1.77 Difference: $0.38
If DGL meets the Bell Potter target it will return approximately 21% (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 10.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.70.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 11.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.53.

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

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

DGL Group met 1H earnings (EBITDA) guidance and slightly raised guidance for the full financial year.

Canaccord Genuity highlights a return to previous levels of robust cash generation (108%) in the period, after low cash conversion in FY22 due to an earlier-than-normal inventory build.

Net debt was -$10m lower than forecast due to the better cash conversion and the sale of two New Zealand properties, explains the broker.

Shares are trading on a discounted multiple compared to when the company was floated on the ASX, and the analyst calculates a re-rate back to that multiple would result in 20% share price appreciation.

The Buy rating and $2.85 target are unchanged.

This report was published on March 1, 2023.

Target price is $2.85 Current Price is $1.77 Difference: $1.08
If DGL meets the Canaccord Genuity target it will return approximately 61% (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 11.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.39.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 13.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.11.

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

DSE DROPSUITE LIMITED

Cloud services – Overnight Price: $0.21

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

Key takeaways from Dropsuite's full year result, according to Shaw and Partners, included strong revenue conversion and better than expected gross margins.

The broker now expects the company to deliver on more than 30% growth in 2023, sees upside potential, and expects gross margins in the upper end of the 63-70% guidance range.

Shaw and Partners finds Dropsuite to offer impressive growth while being profitable and cash flow positive, in what it describes as a "rare" combination on the ASX.

The Buy rating and target price of $0.30 are retained.

This report was published on March 1, 2023.

Target price is $0.30 Current Price is $0.21 Difference: $0.09
If DSE meets the Shaw and Partners target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 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 105.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 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 105.00.

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

DUG DUG TECHNOLOGY LIMITED

Cloud services – Overnight Price: $0.81

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

Canaccord Genuity points out a strong 1H from DUG Technology was driven by Services contract wins.

The 2H performance is supported by work on hand at the end of the period, suggests the broker, which was 30% higher than at June 30 2022.

The analyst also notes free cash flow is building, with an around $1m net cash position in late-February.

The Buy rating and $1.22 target are unchanged.

This report was published on March 1, 2023.

Target price is $1.22 Current Price is $0.81 Difference: $0.415
If DUG meets the Canaccord Genuity target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.35 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.49.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.86.

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

EBR EBR SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $0.64

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

Bell Potter maintains its Speculative Hold rating and 70c target for EBR Systems following a FY22 after tax loss of -US$33.1m, which compared to the broker's -US$32.3m forecast.

The analyst feels the US$64.5m closing cash balance for the half provides a stable platform for R&D activities and preparation for commercialisation in the 2H of 2024.

Upcoming catalysts, according to the broker, include results for the Solve trial in May and manufacturing updates for transmitter design modifications.

This report was published on March 2, 2023.

Target price is $0.70 Current Price is $0.64 Difference: $0.06
If EBR meets the Bell Potter target it will return approximately 9% (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 21.19 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.02.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 19.74 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.24.

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

FCL FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $1.13

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

Fineos Corp is speeding up the move to a scalable, cloud-based platform model from a customised Services-driven business, explains Goldman Sachs.

The transition can be bumpy as evidenced by a 1H miss against the broker’s revenue and gross profit expectations. FY23 guidance was also reduced by -8% as a major customer transitioned, causing near-term (lower margin) Services revenue to fall.

This transition impacts upon cash flows, and the analyst forecasts a nadir of around $20m for the cash balance in the 1H of FY24, before break even is achieved in the 2H of FY24.

Goldman Sachs lowers its FY23-25 gross profit forecasts and sets a $1.95 price target. The Buy rating is maintained.

This report was published on March 1, 2023.

Target price is $1.95 Current Price is $1.13 Difference: $0.82
If FCL meets the Goldman Sachs target it will return approximately 73% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of minus 13.17 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.58.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of minus 11.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.57.

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

FDV FRONTIER DIGITAL VENTURES LIMITED

Online media & mobile platforms – Overnight Price: $0.67

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

Bell Potter leaves its Speculative Buy rating and $1.23 target for Frontier Digital Ventures unchanged after largely pre-reported FY22 results.

The earnings (EBITDA) loss of -$4.6m was worse than the broker's -$2.2m forecast due to increased employment and offline production costs.

This report was published on March 2, 2023.

Target price is $1.23 Current Price is $0.67 Difference: $0.56
If FDV meets the Bell Potter target it will return approximately 84% (excluding dividends, fees and charges).
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 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 167.50.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.61.

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

FZO FAMILY ZONE CYBER SAFETY LIMITED

Software & Services – Overnight Price: $0.18

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

Family Zone Cyber Safety has demonstrated an improved first half year-on-year, with strong investments into headcount alongside acquisitive expansion seeing the company deliver a -$9.1m loss compared to a -$15.6m in the previous year.

Shaw and Partners is anticipating a cost out to continue to drive improved profitability.

The broker highlights the company retains a record $18m sales pipeline, and it expects a 40-50% conversion of that pipeline over the next half to add around $9m to annual recurring revenue.

Latest commentary from the company continues to guide to a recurring revenue cashflow breakeven in the current fiscal year. The Buy rating is retained and the target price decreases to $0.55 from $0.57.

This report was published on March 2, 2023.

Target price is $0.55 Current Price is $0.18 Difference: $0.37
If FZO meets the Shaw and Partners target it will return approximately 206% (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 387.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.05.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 136.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.13.

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

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

Family Zone Cyber Safety's partly pre-released interim December-half result broadly met Wilsons's forecasts, save for different accounting assumptions relating to Qustodio, but overall the company's loss proved a beat.

Operating revenue proved a slightly beat, but earnings proved a solid beat due to lower costs as stronger operating leverage emerges.

In the final analysis, the loss was still hefty after accounting for currency to reflect share-based payments relating to the deferred payment of Qustodio.

Wilsons considers this a plus believing Qustodio represents a strong source of growth over the medium term. The company has two quarters of funding remaining.

Overweight rating. The following day the price target was lowered to 41c from 53c.

This report was published on March 1, 2023.

Target price is $0.41 Current Price is $0.18 Difference: $0.23
If FZO meets the Wilsons target it will return approximately 128% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.74.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.00.

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

GMG GOODMAN GROUP

Infra & Property Developers – Overnight Price: $19.16

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

Jarden reviews Australian REITs post the reporting season, observing earnings are holding but cash flow is weakening, which Jarden considers to be a red flag.

Sector funds-from-operations increased by an average of 9% while operating cash flow fell -17%, Residential and Office copping the brunt of the fall.

Goodman Group's rating is upgraded to Overweight from Neutral. Target price rises to $23.70 from $22.40.

This report was published on March 2, 2023.

Target price is $23.70 Current Price is $19.16 Difference: $4.54
If GMG meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $21.85, suggesting upside of 14.4%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 93.9, implying annual growth of -48.7%.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY24:

Current consensus EPS estimate is 101.6, implying annual growth of 8.2%.
Current consensus DPS estimate is 31.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 18.8.

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

HLA HEALTHIA LIMITED

Healthcare services – Overnight Price: $1.26

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

Healthia has delivered first half revenue of $125m, up 34% year-on-year, and earnings of $18.1m, up 48% year-on-year. Canaccord Genuity highlights the company continues to guide to full year earnings above $40m, implying second half earnings of $22m excluding the impact of acquisitions.

The broker does expect the second half will benefit from a normalisation of operations, as well as price increases implemented in the first half. Having deployed $22.5m on acquisitions, Healthia has reached its acquisition capital target for the year, but further activity is expected in the coming half.

The Buy rating and target price of $2.30 are retained.

This report was published on March 2, 2023.

Target price is $2.30 Current Price is $1.26 Difference: $1.04
If HLA meets the Canaccord Genuity target it will return approximately 83% (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 4.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.50.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 6.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.88.

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

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

First half earnings for Healthia came within the guidance range provided in January, and management maintained FY23 guidance of more than $40m, which excludes the impact of FY23 acquisitions, explains Canaccord Genuity.

Management has a stated aim of spending around -$20m on acquisitions annually, and the analyst notes a current acquisition pipeline of over 100 locations, suggestive of further activity in the 2H.

An interim dividend of 2cps was declared and the broker anticipates the final dividend will be 2.5cps.

The Buy rating and $2.30 target are unchanged.

This report was published on March 1, 2023.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 4.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.50.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 6.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.88.

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

Jarden rates ((HLA)) as Buy (1) –

First half underlying earnings (EBITDA) for Healthia were broadly in line with guidance and Jarden’s forecast.

FY23 guidance was reiterated, supported by a trading update of 7.6% growth for organic revenue for the period November 2022 to January 2023, a step-up from the 3-6% target range, which implies to the broker ongoing acceleration in January.

The analyst likes the company’s acquisition-led strategy in the podiatry, physiotherapy and optometry space and notes $44m capacity at the end of 2022 for further M&A activity.

Jarden maintains its Buy rating and edges up its target to $2.24 from $2.23. Buy.

This report was published on March 1, 2023.

Target price is $2.24 Current Price is $1.26 Difference: $0.98
If HLA meets the Jarden target it will return approximately 78% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 4.00 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.05.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 5.00 cents and EPS of 13.20 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.55.

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

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

Shaw and Partners found Healthia's first half revenue and underlying earnings result to be in line with its expectations, and noted the company reiterated full year guidance for earnings above $40m.

The broker described Healthia's outlook as inspiring confidence. The company is set to test marketing initiatives in the approaching fourth quarter, focused on cross promotion to existing patients which could offer upside revenue risk.

The Buy rating is retained and the target price increases to $2.83 from $2.78.

This report was published on March 2, 2023.

Target price is $2.83 Current Price is $1.26 Difference: $1.57
If HLA meets the Shaw and Partners target it will return approximately 125% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 4.30 cents and EPS of 8.90 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.16.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 4.80 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.50.

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

HMC HMC CAPITAL LIMITED

Wealth Management & Investments – Overnight Price: $3.75

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

Jarden reviews Australian REITs post the reporting season, observing earnings are holding but cash flow is weakening, which Jarden considers to be a red flag.

Sector funds-from-operations increased by an average of 9% while operating cash flow fell -17%, Residential and Office copping the brunt of the fall.

HMC Capital's Overweight rating is retained. Target price eases to $5.40 from $5.50.

This report was published on March 2, 2023.

Target price is $5.40 Current Price is $3.75 Difference: $1.65
If HMC meets the Jarden target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $5.19, suggesting upside of 34.2%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 21.1, implying annual growth of -19.9%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY24:

Current consensus EPS estimate is 26.1, implying annual growth of 23.7%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 14.8.

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

HMY HARMONEY CORP LIMITED

Diversified Financials – Overnight Price: $0.45

Jarden rates ((HMY)) as Buy (1) –

Harmoney's interim December-half result outpaced Jarden's forecasts and the broker believes the company is well placed to deliver on reiterated guidance.

Margins and cash were under pressure but the broker retains the faith for FY23, before adopting a more conservative approach in FY24 and FY25.

The broker believes the company is on the brink of earning its cost to capital, which Jarden says should warrant a market re-rate.

Buy rating retained. Target price falls to $1 from $1.21.

This report was published on March 2, 2023.

Target price is $1.00 Current Price is $0.45 Difference: $0.55
If HMY meets the Jarden target it will return approximately 122% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 6.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.48.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.02 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.49.

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

HVN HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics – Overnight Price: $3.81

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

Weaker Australian franchise operations were behind 1H revenue and underlying profit misses of -3.4% and -6.3%, respectively, compared to Goldman Sachs forecasts.

While the result disappointed the broker, the Buy rating remains with a target of $4.70, down from $5.10.

There was lower network sales/revenue conversion and a higher cost-of-doing-business (CODB) in the half, resulting in a lower earnings (EBIT) margin, explains the analyst.

Goldman Sachs points out property (where results were above expectations in the 1H) continues to provide an effective partial hedge against softening trading conditions.

The property valuation of $3.3/share by the broker represents around 70% of the Harvey Norman market capitalisation.

This report was published on March 1, 2023.

Target price is $4.70 Current Price is $3.81 Difference: $0.89
If HVN meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $4.04, suggesting upside of 6.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 40.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.1, implying annual growth of -33.8%.
Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 8.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 34.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, implying annual growth of -21.8%.
Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 11.3.

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

Jarden rates ((HVN)) as Downgrade to Underweight from Neutral (4) –

Jarden downgrades its rating for Harvey Norman to Underweight from Neutral and lowers its target to $3.60 for $4.20 following 1H results showing slower sales, weaker margins and increasing debt. Macroeconomic and capex risks are also anticipated.

The results missed consensus by around -10% and the analyst’s estimate by circa -16% on an underlying profit basis (excluding property), driven by weaker A&NZ franchisee results.

Asia/Eastern Europe were beats and Property also exceeded expectations due to less waivers and CPI increases, explains Jarden.

The 1H deterioration relative to peers was a disappointing feature for the analyst. The medium-term outlook is also considered challenging due to increasing competition, a weaker consumer and the return of promotions, just as supply chain issues ease.

Based on peer results, the broker believes the company lost market share in Australia, and an around -35% DPS cut by management, compared to a circa -12% fall in underlying profit (PBT), indicates a cautious outlook.

This report was published on March 1, 2023.

Target price is $3.60 Current Price is $3.81 Difference: minus $0.21 (current price is over target).
If HVN meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.04, suggesting upside of 6.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 23.00 cents and EPS of 39.90 cents.
At the last closing share price the estimated dividend yield is 6.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.1, implying annual growth of -33.8%.
Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 8.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 21.00 cents and EPS of 35.20 cents.
At the last closing share price the estimated dividend yield is 5.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, implying annual growth of -21.8%.
Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 11.3.

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

IVC INVOCARE LIMITED

Consumer Products & Services – Overnight Price: $12.06

Moelis rates ((IVC)) as Hold (3) –

Moelis lowers its target for InvoCare to $9.31 from $10.99 and awaits a better entry level with an unchanged Hold rating, following a review of FY22 results.

The broker notes margins remained flat during the period due to cost inflation pressures/tight labour markets and weather impacts. It's felt the elevated market volumes of 2022 will be hard to cycle, while pricing should remain resilient.

Underlying growth should be led by Pet Cremations, suggests the analyst, while earnings from funerals in Australia will likely remain broadly flat year-on-year due to flat volumes.

This report was published on March 1, 2023.

Target price is $9.31 Current Price is $12.06 Difference: minus $2.75 (current price is over target).
If IVC meets the Moelis target it will return approximately minus 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $11.80, suggesting downside of -1.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 20.40 cents and EPS of 29.70 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.9, implying annual growth of N/A.
Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 33.5.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 22.20 cents and EPS of 31.80 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.0, implying annual growth of 8.6%.
Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 30.8.

Market Sentiment: 0.1
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: $0.37

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

First half results for Janison Education were in line with a trading update in mid-February, when FY23 earnings (EBITDA) guidance of between $4-5m was provided.

Earnings for the 1H were in line with Bell Potter's forecast, rising by 34% year-on-year to $2.6m. The -$4.2m loss for the period was greater-than-expected due to amortisation from the acquisition of Academic Assessment Services (AAS).

Management remains confident of attaining FY23 consensus revenue of around $43m, as well as achieving positive free cash flow and maintaining flat organic opex.

The Buy rating and 70c target are unchanged.

This report was published on March 2, 2023.

Target price is $0.70 Current Price is $0.37 Difference: $0.33
If JAN meets the Bell Potter target it will return approximately 89% (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 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.49.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.80.

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

KAR KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $2.03

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

Jarden calculates Karoon Energy's valuation will be reduced by -4cps with the introduction of a temporary tax on oil exports applied by the Brazilian government. The tax will be applied from March 1 to June 30, 2023.

The analysts also speculate on the valuation impact should the tax be extended to 12 months (-13cps) or becomes permanent (-44cps).

The target price falls to $2.45 from $2.50. Overweight.

This report was published on March 3, 2023.

Target price is $2.45 Current Price is $2.03 Difference: $0.42
If KAR meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $3.10, suggesting upside of 50.5%(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 35.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 3.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 21.90 cents and EPS of 49.60 cents.
At the last closing share price the estimated dividend yield is 10.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.8, implying annual growth of 26.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2.8.

LME LIMEADE INC

Cloud services – Overnight Price: $0.24

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

Limeade has released its full year results for 2022 and Shaw and Partners spotted a return to contracted annual recurring revenue growth after two years of declines.

Contracted annual revenue growth for the year, and guidance for the year ahead, were lower than Shaw and Partners had anticipated but reflective of ongoing challenges in the near-term.

The company also announced a restructuring that looks to save -$7m annually and support a cashflow positive position in the second half of 2024.

The Buy rating is retained and the target price decreases to $0.40 from $0.56.

This report was published on March 2, 2023.

Target price is $0.40 Current Price is $0.24 Difference: $0.16
If LME meets the Shaw and Partners target it will return approximately 67% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.05 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.87.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.73 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.06.

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

LYC LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $6.62

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

First half earnings (EBITDA) for Lynas Rare Earths were -10% short of Bell Potter's forecast on misses for revenue and COGS, with the latter increasing by -62% on the previous corresponding period.

Despite higher EPS forecasts due to a lower tax rate and conviction on long-term growth, the broker highlights near-term risks around
continuity of production rates and elevated costs in Kalgoorlie.

The Hold rating is kept and the target falls to $8.15 from $9.05.

This report was published on March 1, 2023.

Target price is $8.15 Current Price is $6.62 Difference: $1.53
If LYC meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $7.93, suggesting upside of 19.3%(ex-dividends)
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 43.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.32.

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 16.4.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 43.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.40.

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 13.3.

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

M7T MACH7 TECHNOLOGIES LIMITED

Healthcare services – Overnight Price: $0.57

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

While Mach7 Technologies has reported 26% year-on-year revenue growth in the first half to $16.4m, Shaw and Partners notes this is below the company’s pre-released $18.1m, with the $1.7m financing component of the Akumin deal redefined as interest income.

More positively, the company continues to guide to 20% full year revenue growth and a sale order target of $36m, and expects to be cash flow positive.

The Buy rating and target price of $1.20 are retained.

This report was published on March 1, 2023.

Target price is $1.20 Current Price is $0.57 Difference: $0.625
If M7T meets the Shaw and Partners target it will return approximately 109% (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 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.82.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.00.

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

MCL MIGHTY CRAFT LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.18

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

Canaccord Genuity had already responded to a much improved first half from Mighty Craft, with revenue up 90% year-on-year to $45m and earnings approaching breakeven thanks to a profitable second quarter.

The broker likes that the company is working to reduce group complexity, and sees the company as having a "strong set up" moving into 2023. It expects new product launches slated for April and May to support growth.

The Speculative Buy rating is retained and the target price decreases to $0.30 from $0.33.

This report was published on March 2, 2023.

Target price is $0.30 Current Price is $0.18 Difference: $0.12
If MCL meets the Canaccord Genuity target it will return approximately 67% (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 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.00.

Forecast for FY24:

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

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

MCR MINCOR RESOURCES NL

Nickel – Overnight Price: $1.08

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

Higher mining and processing costs weighed on 1H earnings (EBITDA) for Mincor Resources, explains Bell Potter. Earnings of $1.1m missed the $11.4m expected by the analyst.

Unit costs remain elevated during a delayed production ramp-up, explains the broker.

A loss of -$54m exceeded the analyst's -$3.4m forecast because a portion of nickel hedging was recognised as ineffective (due to the delayed ramp-up), and reserves were reclassified (and revalued) to the income statement.

The target falls to $1.70 from $1.87. The Buy rating is maintained by Bell Potter, with the main catalyst being (you guessed it) the production ramp-up in the current quarter.

This report was published on March 3, 2023.

Target price is $1.70 Current Price is $1.08 Difference: $0.615
If MCR meets the Bell Potter target it will return approximately 57% (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 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 180.83.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 29.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.70.

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

MOZ MOSAIC BRANDS LIMITED

Apparel & Footwear – Overnight Price: $0.24

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

Mosaic Brands' pre-released interim December-half result met Wilsons' forecasts, sales as expected and gross margins proving a solid beat, thanks to an improved product mix.

As a result, cash-flow improved sharply and the company switched to a net cash position.

No guidance was provided but like-for-like sales were strong in the first six weeks of June half trading, the broker observing online sales have not suffered from the return to shops. Management announced several strategic changes, which pleased the broker.

Earnings (EBITDA) forecasts rise slightly across FY23 and FY24. Market Weight rating retained. Target price edges up to 30c from 29c.

This report was published on March 1, 2023.

Target price is $0.30 Current Price is $0.24 Difference: $0.055
If MOZ meets the Wilsons target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.27.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 7.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.14.

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

MTO MOTORCYCLE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $1.70

Moelis rates ((MTO)) as Buy (1) –

Following 1H results, Moelis lowers its FY23-24 EPS forecasts for Motorcycle Holdings by -8-17% to reflect weaker demand and margins in the core motorcycle retailing business, where inflationary pressures weighed.

A partial offset to lower forecasts was provided by a stronger contribution from the Mojo acquisition, explains the analyst.

Management expects further impacts in FY23 from inflation and the weaker macroeconomic environment and refrained from issuing guidance.

While the target falls to $2.90 from $3.08, the broker maintains its Buy rating and notes potential for further M&A activity.

This report was published on March 1, 2023.

Target price is $2.90 Current Price is $1.70 Difference: $1.2
If MTO meets the Moelis target it will return approximately 71% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 15.10 cents and EPS of 28.40 cents.
At the last closing share price the estimated dividend yield is 8.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.99.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 13.30 cents and EPS of 25.80 cents.
At the last closing share price the estimated dividend yield is 7.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.59.

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

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

Motorcycle Holdings' interim December-half result outpaced Wilsons' forecasts thanks largely to a two-month contribution from Mojo, which the broker had not included in its forecasts.

Otherwise, the result disappointed due to higher freight and wage costs, with like for like earnings (EBITDA) falling -30%.

No specific guidance was provided but management did expect higher interest rates and inflation would hit demand and planned to focus on cost control.

All up, the broker observes margin normalisation and expects this to continue. Wilsons believes recent acquisitions will help cushion the company from the deteriorating macro environment and predicts further purchases are on the horizon.

Market Weight rating retained. Target price falls to $1.91 from $2.40.

This report was published on March 1, 2023.

Target price is $1.91 Current Price is $1.70 Difference: $0.21
If MTO meets the Wilsons target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of -17.50 cents and EPS of 35.10 cents.
At the last closing share price the estimated dividend yield is – 10.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.84.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 33.30 cents and EPS of 33.60 cents.
At the last closing share price the estimated dividend yield is 19.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.06.

Market Sentiment: 1.0
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: $3.89

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

Mayne Pharma announced the divestment of its retail generics portfolio at a price of US$90m, with a further $15m up for grabs in contingent milestone payments. Canaccord Genuity highlights the portfolio was bought for US$672m in 2016, and last year contributed revenue of US$111m.

The broker likes Mayne Pharma's apparent renewed focus on higher growth areas, and that the company is taking steps to streamline operations. The divestment of the retail generics portfolio should allow the company to focus on its women's health and specialty dermatology portfolio, with the TXMD license expected to be extremely accretive.

The rating is downgraded to Hold from Buy and the target price decreases to $3.80 from $7.40.

This report was published on March 2, 2023.

Target price is $3.80 Current Price is $3.89 Difference: minus $0.09 (current price is over target).
If MYX meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 194.50.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 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 778.00.

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

NEU NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $9.97

Wilsons rates ((NEU)) as Initiation of coverage with Overweight (1) –

Wilsons has initiated coverage on biotech company Neuren Pharmaceuticals, finding the company to have significant opportunity in rare orphan paediatric epilepsies, for which there is a large and unmet clinical need.

The company is focused on development of its two lead candidate drugs, trofinetide and NNZ-2591, for the treatment of six neurodevelopmental indications. The former is waiting on an imminent decision from the FDA for application for Rett syndrome, which will make it the first approved treatment for the condition.

The broker initiates with an Overweight rating and target price of $11.24.

This report was published on March 2, 2023.

Target price is $11.24 Current Price is $9.97 Difference: $1.27
If NEU meets the Wilsons target it will return approximately 13% (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 46.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.26.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 160.81.

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

NIC NICKEL INDUSTRIES LIMITED

Nickel – Overnight Price: $0.88

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

Commenting upon FY22 results, Bell Potter points out high-grade nickel matte sales in the December quarter achieved a margin of US$5,950/t. This compares with average nickel pig iron (NPI) margins of US$3,714/t.

The broker expects significant growth in earnings on more stable margins as the company benefits from exposure to nickel matte and mixed hydroxide precipitate (MHP) from high-pressure acid leach (HPAL) operations.

FY22 results delivered record production and financial performance, and Bell Potter rates Nickel Industries as one of its top picks in the space due to growth prospects and an undemanding valuation.

Buy. Target rises to $1.87 from $1.85.

This report was published on March 2, 2023.

Target price is $1.87 Current Price is $0.88 Difference: $0.99
If NIC meets the Bell Potter target it will return approximately 113% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 13.07 cents and EPS of 37.60 cents.
At the last closing share price the estimated dividend yield is 14.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.34.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 10.16 cents and EPS of 24.68 cents.
At the last closing share price the estimated dividend yield is 11.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.57.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

FY22 earnings (EBITDA) for Nickel Industries were a slight beat compared to forecasts by Canaccord Genuity and consensus due to lower-than-expected operational costs.

The analyst highlights Angel Nickel was running at 138% of its nameplate capacity during the December 2022 quarter, while the final line for Oracle Nickel is expected to be commissioned by the end of this month.

Last October, the Hengjaya nickel operations pivoted to producing higher grade/margin nickel matte from nickel pig iron (NPI), though the broker suggests competitor NPI operators will likely follow suit, and compress industry margins.

A final 2cps dividend made the full year payout 4cps.

The target falls to $1.05 from $1.10, while the Hold rating is unchanged.

This report was published on March 1, 2023.

Target price is $1.05 Current Price is $0.88 Difference: $0.17
If NIC meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 5.81 cents and EPS of 13.07 cents.
At the last closing share price the estimated dividend yield is 6.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.74.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 5.81 cents and EPS of 11.61 cents.
At the last closing share price the estimated dividend yield is 6.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.58.

NOL NOBLEOAK LIFE LIMITED

Insurance – Overnight Price: $1.78

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

Shaw and Partners spotted a solid first half from NobleOak Life, with ongoing market share growth supporting a 25.1% year-on-year lift in total in-force premiums. The company lifted its market share to 2.5% from 1.9% at the end of FY21.

The company has grown underlying net profit 64% per annum from FY19, and the broker expects it can sustain a 15% growth rate through to FY25.

The Buy rating and target price of $2.85 are retained.

This report was published on March 1, 2023.

Target price is $2.85 Current Price is $1.78 Difference: $1.065
If NOL meets the Shaw and Partners target it will return approximately 60% (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 12.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.84.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.90.

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

NSR NATIONAL STORAGE REIT

REITs – Overnight Price: $2.51

Jarden rates ((NSR)) as Upgrade to Buy from Overweight (1) –

Jarden reviews Australian REITs post the reporting season, observing earnings are holding but cash flow is weakening, which Jarden considers to be a red flag.

Sector funds-from-operations increased by an average of 9% while operating cash flow fell -17%, Residential and Office copping the brunt of the fall.

The broker spies volatility ahead as interest rates continue to dominate headlines; and advises investors keep their eyes peeled to a range of developments, including rising capitalised interest and rebates, incentive, trading profits boosted by top-line figures, and financial engineering around capital structures.

National Storage REIT is upgraded to Buy from Overweight. Target price rises to $3 from $2.90.

This report was published on March 2, 2023.

Target price is $2.90 Current Price is $2.51 Difference: $0.39
If NSR meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.22, suggesting downside of -13.5%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 11.5, implying annual growth of -77.9%.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 22.3.

Forecast for FY24:

Current consensus EPS estimate is 11.2, implying annual growth of -2.6%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 22.9.

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

NTO NITRO SOFTWARE LIMITED

IT & Support – Overnight Price: $2.19

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

Given the current takeover battle for Nitro Software, management refrained from issuing FY23 guidance during the FY22 results presentation, which revealed higher statutory losses than Bell Potter expected.

The company is deferring many investment and cost decisions pending the takeover outcome.

The broker only slightly reduces its forecasts and retains its $2.20 target. Hold.

This report was published on March 1, 2023.

Target price is $2.20 Current Price is $2.19 Difference: $0.01
If NTO meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).
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 14.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.79.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7.99 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.43.

Wilsons rates ((NTO)) as Downgrade to Market Weight from Overweight (3) –

While earnings (EBITDA) of -$11m were materially lower than guidance for -$18m to -$21m, the current takeover battle for Nitro Software relegates the importance of these FY22 results, suggests Wilsons.

The broker feels a further improved takeover bid is now unlikely after the Nitro board unanimously recommended Potentia's $2.17 offer, and moves to a Market Weight rating from Overweight.

As the bid from Potentia may increase to $2.25 under certain conditions, Wilsons raises its target to $2.21 from $1.67.

Given the takeover proceedings, management didn't issue FY23 guidance, as expected by the analyst.

This report was published on March 3, 2023.

Target price is $2.21 Current Price is $2.19 Difference: $0.02
If NTO meets the Wilsons target it will return approximately 1% (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 minus 4.65 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 47.14.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.76 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 79.41.

NUC NUCHEV PTY LIMITED

Dairy – Overnight Price: $0.17

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

Nuchev’s interim December-half result was mixed, sales falling shy of Wilsons’ forecasts and earnings (EBITDA) outpacing, thanks to a cut in operating expenditure.

The domestic business continued to make headway but competition remained solid in China's infant formula market post covid (despite a recovery most likely being in the offing), and the broker advises caution.

Market Weight rating retained. Target price slumps to 19c from 31c.

This report was published on March 1, 2023.

Target price is $0.19 Current Price is $0.17 Difference: $0.015
If NUC meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 13.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.31.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 14.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.24.

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

NXD NEXTED GROUP LIMITED

Overnight Price: $1.35

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

Bell Potter assesses a strong 1H result for NextEd Group, with in-line underlying earnings (EBITDA) and improving operating leverage from higher campus utilisation.

Management predicts increased 2H revenues and earnings, by comparison with the 1H, as international student numbers continue to grow. Strong operating cash flows into FY24 are also expected.

The broker also anticipates further strong momentum and increases its FY23-25 revenue forecasts by 15%, 19% and 20%, respectively. As a result, the target rises to $1.70 from $1.50. Buy.

This report was published on March 2, 2023.

Target price is $1.70 Current Price is $1.35 Difference: $0.35
If NXD meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 75.00.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.14.

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

NXS NEXT SCIENCE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.65

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

Canaccord Genuity describes the move by Next Science to accelerate the pace of its direct selling strategy away from the distributor-led model as “interesting”.

The company is attempting to capitalise in the wound care space after the October launch of its direct Durable Medical Equipment (DME) business to sell Blast X with collagen-based products.

On one hand, the company is incurring a significant cost outlay (with a constrained balance sheet) ahead of sustained commercial success, explains the analyst.

On the other hand, such an approach motivates the increased sales force and helps to control messaging. The broker aired these views following FY22 results that were in line with 4Q results.

The 85c target and Buy rating are unchanged.

This report was published on March 1, 2023.

Target price is $0.85 Current Price is $0.65 Difference: $0.2
If NXS meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

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

Next Science's FY22 result fell -24% short of Wilsons' forecasts with sales falling and costs rising sharply, as the company posted a weak sales performance in the second half, and expanded its sales force.

No news was provided on the appointment of a new CEO, no guidance was provided, although managed reported very strong trading in December from DME, which is expected to be a major revenue contributor in FY23.

Wilsons expects the company will need to raise more capital in FY24 to fund its sales force expansion. Rating is downgraded to Market Weight from Overweight. Target price slumps to 75c from $1.80.

This report was published on March 1, 2023.

Target price is $0.75 Current Price is $0.65 Difference: $0.1
If NXS meets the Wilsons target it will return approximately 15% (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 minus 200.35 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.32.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.03 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.97.

NXT NEXTDC LIMITED

Cloud services – Overnight Price: $10.05

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

Underlying earnings (EBITDA) of $97.5m in the 1H for NextDC were ahead of the $91.7m expected by Canaccord Genuity.

FY23 revenue and earnings guidance is unchanged, while capex guidance significantly increased to -$620-670m from -$380-420m due to land purchases, explains the analyst.

While the 2H earnings margin guidance shows the impact of rising power costs, the broker generally is not too phased by the metric as a result of pass-through to the customer.

The $13.05 target and Buy rating are unchanged.

This report was published on March 1, 2023.

Target price is $13.05 Current Price is $10.05 Difference: $3
If NXT meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $12.09, suggesting upside of 18.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 670.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.4, implying annual growth of -80.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2547.5.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of minus 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 239.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, 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

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

Goldman Sachs assesses a solid 1H result for NextDC, while FY23 guidance implies an acceleration in 2H revenue. However, it’s thought earnings may be impacted by increased land holding costs and a step-up in 2023 power costs.

The broker points out management clearly expects to sign meaningful new contracts in the short-term, as indicated by the accelerated 10MW of S3 capacity. It’s felt this strategy should deliver strong returns.

Additional capital requirements are not included in the analyst’s forecasts due to $2bn in liquidity and the ability to use contracted (but not yet built) MW within the company’s debt covenants.

Goldman Sachs lowers its target price by -2% to $13.30 in line with lower earnings forecasts, while the Buy rating is unchanged.

This report was published on March 1, 2023.

Target price is $13.30 Current Price is $10.05 Difference: $3.25
If NXT meets the Goldman Sachs target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $12.09, suggesting upside of 18.6%(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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1005.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.4, implying annual growth of -80.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2547.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 335.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, 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 ((NXT)) as Overweight (1) –

NextDC's interim December-half result broadly met Wilsons' forecasts and management reiterated guidance, tightening slighly.

The broker says the focus has now switched to the company's growth path, and believes the company's continued investment in growth suggests management is holding the faith.

Overweight rating retained. Target price rises 18% to $13.64.

This report was published on March 1, 2023.

Target price is $13.64 Current Price is $10.05 Difference: $3.59
If NXT meets the Wilsons target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $12.09, suggesting upside of 18.6%(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 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 558.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.4, implying annual growth of -80.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2547.5.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 193.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, 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

PBH POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $1.32

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

PointsBet Holdings revealed larger 1H losses than Bell Potter expected in both Australia and the US.

While the broker makes minimal changes to its revenue forecasts, statutory loss forecasts increase by -$50m in each of FY23, FY24 and FY25.

Allowing for the above, and given uncertainty around a potential raising and/or other corporate activity, along with macroeconomic concerns, Bell Potter's target falls to $2.75 from $3.50.

This report was published on March 1, 2023.

Target price is $2.75 Current Price is $1.32 Difference: $1.425
If PBH 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 97.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.35.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 60.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.20.

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

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

First half normalised earnings for PointsBet Holdings fell short of the consensus forecast. While US earnings were in-line with expectations, Goldman Sachs was disappointed by Australian earnings.

The overall Australian industry remains weak into the 2H, noted management, which tallies with the broker’s assessment and recent commentary from Tabcorp Holdings ((TAH)).

Management is now aiming to focus on growth and profitability of operations in the company’s existing states in the US.

Also, the analyst likes the new approach to launch later into new states (and preserve cash), as the company now sees little relative economic benefit from an early launch.

The target price falls to $1.62 from $1.90, while the Neutral rating is unchanged.

This report was published on March 1, 2023.

Target price is $1.62 Current Price is $1.32 Difference: $0.295
If PBH meets the Goldman Sachs target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 86.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.54.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 87.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.52.

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

Jarden rates ((PBH)) as Buy (1) –

While PointsBet Holdings' first half cash flow result has been known since late January the company has now provided detail on profit and loss, reporting a -12% earnings miss to Jarden's forecasts. The company is guiding to a second half earnings loss of -$77-82m, with Jarden estimating a loss of -$82m for the period.

On PointsBet Holdings' North American growth strategy, the broker expects the company needs to raise capital or divest its Australian business to fund ambitions. Jarden finds valuation of the Australian business to be currently underwhelming, and notes execution on North American strategy remains a key risk.

The Buy rating is retained and the target price decreases to $1.86 from $2.23.

This report was published on March 1, 2023.

Target price is $1.86 Current Price is $1.32 Difference: $0.535
If PBH meets the Jarden target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 86.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.52.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 64.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.06.

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

PGL PROSPA GROUP LIMITED

Diversified Financials – Overnight Price: $0.51

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

Prospa Group's 1H results were largely in line with Shaw and Partners forecasts, given they were mostly pre-announced via a 2Q trading update.

First half originations grew by 35% on the previous corresponding period and management pointed to a very strong performance by the New Zealand book.

While the broker makes no material changes to its forecasts, the target is lowered to $1.00 from $1.80 on the deteriorating macroeconomic outlook.

The analyst points to accelerating growth in the loan book, which should be augmented by potentially significant impacts in FY23, and beyond, from the recent release of new products.

The Buy rating is unchanged.

This report was published on March 3, 2023.

Target price is $1.00 Current Price is $0.51 Difference: $0.49
If PGL meets the Shaw and Partners target it will return approximately 96% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.44.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.23.

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

PSI PSC INSURANCE GROUP LIMITED

Insurance – Overnight Price: $4.78

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

Bell Potter increases its forecasts for PSC Insurance following 1H results that beat expectations and after management also upgraded FY23 guidance.

Underlying earnings (EBITDA) were 2% ahead of expectations, with more than half of the $7.9m earnings growth organic, and the balance deriving from acquisitions.

The interim dividend grew by 16%, with increased overseas earnings reducing the franking rate to 60% from 70%.

Management increased FY23 earnings and profit (NPATA) guidance by around 2.5% and 3%, respectively.

The broker's target rises to $6.23 from $6.07. Buy.

This report was published on March 2, 2023.

Target price is $6.23 Current Price is $4.78 Difference: $1.45
If PSI 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 12.50 cents and EPS of 21.30 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.44.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 14.00 cents and EPS of 23.20 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 20.60.

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

RDG RESOURCE DEVELOPMENT GROUP LIMITED

Mining Sector Contracting – Overnight Price: $0.06

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

A lower-than expected production ramp-up in the 1H at the Lucky Bay Garnet project was offset by an earnings improvement at the Central Systems mining services business, explains Bell Potter.

As the parent entity Mineral Resources ((MIN)) forgave interest on Resource Development's debt facility, underlying profit of $3.7m was materially higher than the analyst had forecast.

The broker adjusts its target to 7.6c from 8c and maintains its Buy recommendation.

This report was published on March 2, 2023.

Target price is $0.08 Current Price is $0.06 Difference: $0.019
If RDG meets the Bell Potter target it will return approximately 33% (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 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.50.

Forecast for FY24:

Bell Potter 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 28.50.

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: $1.55

Moelis rates ((REG)) as Buy (1) –

Average 1H occupancy for Regis Healthcare increased to 91.1% compared to the previous corresponding period, and spot occupancy is still rising (92.3% February 2023) as covid impacts ease, explains Moelis.

Overall, the broker now forecasts FY23 earnings (EBITDA) of $85m, following the $44.5m posted in the 1H, to reflect increases in occupancy and funding, partially offset by staff cost escalations.

Greater clarity on the structural funding outlook should be attained, believes the analyst, after June 30 when the Independent Pricing
Authority unveils its pricing recommendations.

The target falls $2.36 from $2.63, without much explanation by the broker. The Buy rating is kept.

This report was published on March 1, 2023.

Target price is $2.36 Current Price is $1.55 Difference: $0.805
If REG meets the Moelis target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 4.30 cents and EPS of 5.80 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 26.81.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 5.80 cents and EPS of 5.80 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.81.

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

RFG RETAIL FOOD GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.07

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

Retail Food Group delivered a better than expected first half result at both the revenue and net profit lines, according to Shaw and Partners, and has already reported a big start to the second half.

Donut King proved the star performer, with same store sales up 31% year-on-year, while Michel’s Patisserie delivered 28.3% growth, Gloria Jean’s delivered 21.2% growth, while QSR declined -4.1%. Shaw and Partners finds current management to be executing a turnaround effectively.

The Buy rating and target price of $0.15 are retained.

This report was published on March 1, 2023.

Target price is $0.15 Current Price is $0.07 Difference: $0.083
If RFG meets the Shaw and Partners target it will return approximately 124% (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 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.09.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 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 6.70.

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

RGN REGION GROUP

REITs – Overnight Price: $2.42

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

Jarden reviews Australian REITs post the reporting season, observing earnings are holding but cash flow is weakening, which Jarden considers to be a red flag.

Sector funds-from-operations increased by an average of 9% while operating cash flow fell -17%, Residential and Office copping the brunt of the fall.

Region Group's Overweight rating is retained. Target price eases to $3 from $3.05.

This report was published on March 2, 2023.

Target price is $3.00 Current Price is $2.42 Difference: $0.58
If RGN meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 13.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 15.20 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 6.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of -62.7%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 15.70 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 6.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of N/A.
Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 14.8.

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

RMC RESIMAC GROUP LIMITED

Banks – Overnight Price: $0.94

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

Resimac Group's net interest income (NII) and net interest margin (NIM) both beat Wilsons' forecasts in the 1H, largely due to better-than-expected funding costs.

The broker feels the quality of the result was "mixed", with loan impairment expenses still sector leading, while the loan book shrunk and the Asset Finance book is showing signs of stalling. Also, despite slower growth, expenses were greater than forecast.

No qualitative guidance was provided by management. The $1.00 target and Market Weight rating are unchanged.

This report was published on March 3, 2023.

Target price is $1.00 Current Price is $0.94 Difference: $0.06
If RMC meets the Wilsons target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 6.90 cents and EPS of 17.30 cents.
At the last closing share price the estimated dividend yield is 7.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.43.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 4.90 cents and EPS of 16.20 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.80.

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

RUL RPMGLOBAL HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $1.42

Moelis rates ((RUL)) as Buy (1) –

RPMGlobal's 1H earnings (EBITDA) of $5.3m were higher than the $4.8m forecast by Moelis, and management reaffirmed FY23 earnings guidance.

The broker raises its FY23 earnings forecast to $13.2m from $12.7m and expects labour constraints to ease in the 2H, which will provide some upside for FY24 services earnings.

While the Moelis FY23 earnings forecast is below guidance, the analyst suggests the company has reached a key operating inflection point as high-margin software sales drop through to earnings.

The target eases to $2.01 from $2.03. Buy.

This report was published on March 1, 2023.

Target price is $2.01 Current Price is $1.42 Difference: $0.595
If RUL meets the Moelis target it will return approximately 42% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 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 74.47.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.28.

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

SFR SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $5.56

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

Largely pre-disclosed first half results for Sandfire Resources missed consensus expectations due mainly to higher finance expenses. FY23 guidance was unchanged.

Despite the results being in line with forecasts by Goldman Sachs, the broker lowers its FY23-25 EPS forecasts after increasing its assumptions for corporate costs, metal hedging and interest expenses.

In addition, the analyst raises its estimates for Motheo’s unit costs during ramp-up to reflect industry inflation for costs like diesel and chemicals.

The target price falls by -7% to $4.00 and the Sell rating is unchanged on a stretched valuation, according to the analyst.

This report was published on March 1, 2023.

Target price is $4.00 Current Price is $5.56 Difference: minus $1.56 (current price is over target).
If SFR meets the Goldman Sachs target it will return approximately minus 28% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.34, suggesting upside of 14.3%(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 minus 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -17.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 8.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 1.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of N/A.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 44.8.

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

SGP STOCKLAND

Infra & Property Developers – Overnight Price: $3.77

Jarden rates ((SGP)) as Downgrade to Underweight from Neutral (4) –

Jarden reviews Australian REITs post the reporting season, observing earnings are holding but cash flow is weakening, which Jarden considers to be a red flag.

Sector funds-from-operations increased by an average of 9% while operating cash flow fell -17%, Residential and Office copping the brunt of the fall.

Stockland's rating is downgraded to Underweight from Neutral. Target price is steady at $3.70.

This report was published on March 2, 2023.

Target price is $3.70 Current Price is $3.77 Difference: minus $0.07 (current price is over target).
If SGP 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 $4.12, suggesting upside of 5.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 27.50 cents and EPS of 34.20 cents.
At the last closing share price the estimated dividend yield is 7.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.1, implying annual growth of -44.6%.
Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 28.50 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 7.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.9, implying annual growth of -3.7%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 12.6.

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

SLA SILK LASER AUSTRALIA LIMITED

Healthcare services – Overnight Price: $2.06

Jarden rates ((SLA)) as Buy (1) –

Jarden is anticipating solid momentum from Silk Laser Australia through the remainder of 2023, following a strong top line result from the company's first half. Cash sales were up 35% year-on-year and revenue was up 16% year-on-year, although a higher distribution mix drove softer margins.

Recent acquisitions have lifted Silk Laser Australia's network to 142 clinics, and driven Jarden to lift its sales forecasts. The broker finds the company well placed to continue to grow its network given the current balance sheet and appetite for joint venture partners.

The Buy rating is retained and the target price decreases to $3.06 from $3.27.

This report was published on March 1, 2023.

Target price is $3.06 Current Price is $2.06 Difference: $1
If SLA meets the Jarden target it will return approximately 49% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 22.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.07.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 28.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.33.

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

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

Silk Laser Australia's interim December-half earnings outpaced Wilsons' forecasts by a decent clip, thanks to strong revenue.

Margins eased a touch and management, as usual, provided no half-year guidance.

Overweight rating retained. Target price falls to $3.15 to reflect the application of a -20% discount to the discounted cash flow and a rise in the broker's risk-free rate to 3.5% from 3%.

This report was published on March 1, 2023.

Target price is $3.15 Current Price is $2.06 Difference: $1.09
If SLA meets the Wilsons target it will return approximately 53% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 19.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.73.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 23.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.77.

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

SRG SRG GLOBAL LIMITED

Mining Sector Contracting – Overnight Price: $0.74

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

SRG Global has announced a $120m contract with Multiplex Constructions for the design, supply, and installation of specialist wall facades at the $850m Edith Cowan University City project in Perth CBD.

The contract will start immediately and is expected to be completed in 2025.

Shaw and Partners highlights this brings contracts wins in the fiscal year to date to $910m, a notable lift on the $628m contract wins secured over FY22.

The Buy rating and target price of $1.10 are retained.

This report was published on March 14, 2023.

Target price is $1.10 Current Price is $0.74 Difference: $0.36
If SRG meets the Shaw and Partners target it will return approximately 49% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 4.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 5.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.57.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 4.60 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 6.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.61.

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: $6.56

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

After adjusting for a non-cash charge of -$17.7m, Bell Potter notes the FY22 earnings (EBIT) loss for Telix Pharmaceuticals was close to the consensus forecast.

The gross profit margin increased by 700bps to 63% in the 2H, and the analyst points to sufficient cash generation to fund the ongoing R&D program.

The broker regards FY22 as a transformative year on several fronts and believes numerous opportunities in cancer imaging and therapy will emerge and be capitalised upon by the company.

The $9.00 target and Buy rating are unchanged.

This report was published on March 1, 2023.

Target price is $9.00 Current Price is $6.56 Difference: $2.44
If TLX meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).
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 11.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 59.10.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 16.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.25.

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

Jarden rates ((TLX)) as Buy (1) –

Telix Pharmaceuticals delivered a largely in line 2022 result with Jarden's forecasts, given the company pre-released ILLUCCIX revenues, but further details on profit and loss has revealed a -$104.1m loss at the net profit line.

Having previously assumed -$61m in accumulated tax losses in Australia for the year, Jarden highlights with intellectual property for ILLUCCIX being owned out of Belgian following the ANMI acquisition, it has brought forward estimates for when the company will start paying tax, resulting in net profit forecast downgrades.

The Buy rating is retained and the target price decreases to $8.31 from $8.58.

This report was published on March 1, 2023.

Target price is $8.31 Current Price is $6.56 Difference: $1.75
If TLX meets the Jarden target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 10.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 61.31.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 504.62.

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

TSI TOP SHELF INTERNATIONAL HOLDINGS LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.84

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

Branded revenue represented 80% of Top Shelf International's first half group revenue, with total revenue growing 67% year-on-year in the period to $14.7m.

Canaccord Genuity expects expanded distribution and product ranging should drive further revenue growth from both the Grainshaker Vodka and NED Whisky lines in the coming half.

The company has completed a $10m capital raise, with 70% of funds raised earmarked for completion of the agave distillery.

While further capital management activities have been alluded to by Top Shelf, Canaccord Genuity expects these will take time to complete.

The Speculative Buy rating is retained and the target price decreases to $1.45 from $1.92.

This report was published on March 2, 2023.

Target price is $1.45 Current Price is $0.84 Difference: $0.61
If TSI meets the Canaccord Genuity target it will return approximately 73% (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 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.36.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 27.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.11.

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

TYR TYRO PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $1.41

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

Tyro Payments's interim December-half result met Wilsons' forecasts and management reiterated guidance, thanks to a strong start to 2023.

The broker expects the market to refocus on the likelihood of a revised Potentia Capital bid, with the latter reiterating its intent to continue pursuing both Tyro and Nitro Software ((NTO)), claiming its funding position is strong and will not require bank finance.

Market Weight rating retained. Target price rises to $1.53.

This report was published on March 1, 2023.

Target price is $1.53 Current Price is $1.41 Difference: $0.12
If TYR meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $1.94, suggesting upside of 32.7%(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 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 156.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 243.3.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, implying annual growth of 33.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 182.5.

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

VGL VISTA GROUP INTERNATIONAL LIMITED

Software & Services – Overnight Price: $1.29

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

Vista International's FY22 full-year result outpaced consensus and Jarden's forecasts, reporting revenue near the top end of guidance, thanks to a strong recovery at the box office.

The broker suggests trading in the first few weeks confirms the recovery, despite fewer releases, and management has cut the number of cinema sites in Asia and the US but has opened sites in Europe.

The broker appreciates the company's balance sheets and raises earnings forecasts but expects cash burn to continue at the same rate.

Overweight rating reiterated. Targe price is steady at NZ$1.90.

This report was published on March 2, 2023.

Current Price is $1.29. Target price not assessed.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 76.18.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 647.50.

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

WZR WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.05

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

Wisr's interim December-half result was in line with its trading update and Wilsons' forecasts.

The broker observes a small retreat in credit quality but is not overly concerned, and reports the company's cash earnings (EBITDA) miss reflected a FY23 March quarter change in classification.

Wilsons considers the company to be well positioned for growth in personal and automotive originations and spies growing operational leverage, thanks to an easing in operational expenditure.

Loan write-offs rose 223.5% year on year but were flat quarter on quarter advises the broker.

Rating is under review. Target price is 21c.

This report was published on March 1, 2023.

Target price is $0.21 Current Price is $0.05 Difference: $0.163
If WZR meets the Wilsons target it will return approximately 347% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents.

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

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

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

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

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5GG ABC ABP ABY APA ARU AVD CCX CGS CHC CIP CMM COE COF CQE DDH DGL DSE DUG EBR FCL FDV GMG HLA HMC HMY HVN IVC JAN KAR LME LYC M7T MCL MCR MIN MOZ MTO MYX NEU NIC NOL NSR NTO NUC NXD NXS NXT PBH PGL PSI RDG REG RFG RGN RMC RUL SFR SGP SLA SRG TAH TLX TSI TYR VGL WZR

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For more info SHARE ANALYSIS: NEU - NEUREN PHARMACEUTICALS LIMITED

For more info SHARE ANALYSIS: NIC - NICKEL INDUSTRIES LIMITED

For more info SHARE ANALYSIS: NOL - NOBLEOAK LIFE LIMITED

For more info SHARE ANALYSIS: NSR - NATIONAL STORAGE REIT

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For more info SHARE ANALYSIS: PSI - PSC INSURANCE GROUP LIMITED

For more info SHARE ANALYSIS: RDG - RESOURCE DEVELOPMENT GROUP LIMITED

For more info SHARE ANALYSIS: REG - REGIS HEALTHCARE LIMITED

For more info SHARE ANALYSIS: RFG - RETAIL FOOD GROUP LIMITED

For more info SHARE ANALYSIS: RGN - REGION GROUP

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For more info SHARE ANALYSIS: SGP - STOCKLAND

For more info SHARE ANALYSIS: SLA - SILK LASER AUSTRALIA LIMITED

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For more info SHARE ANALYSIS: TSI - TOP SHELF INTERNATIONAL HOLDINGS LIMITED

For more info SHARE ANALYSIS: TYR - TYRO PAYMENTS LIMITED

For more info SHARE ANALYSIS: VGL - VISTA GROUP INTERNATIONAL LIMITED

For more info SHARE ANALYSIS: WZR - WISR LIMITED

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5GG PENTANET LIMITED

ABC ADBRI LIMITED

ABP ABACUS PROPERTY GROUP

ABY ADORE BEAUTY GROUP LIMITED

ARU ARAFURA RARE EARTHS LIMITED

AVD AVADA GROUP LIMITED

BVS BRAVURA SOLUTIONS LIMITED

CCX CITY CHIC COLLECTIVE LIMITED

CGS COGSTATE LIMITED

CHC CHARTER HALL GROUP

CIP CENTURIA INDUSTRIAL REIT

CMM CAPRICORN METALS LIMITED

COE COOPER ENERGY LIMITED

COF CENTURIA OFFICE REIT

CQE CHARTER HALL SOCIAL INFRASTRUCTURE REIT

DDH DDH1 LIMITED

DGL DGL GROUP LIMITED

DSE DROPSUITE LIMITED

DUG DUG TECHNOLOGY LIMITED

EBR EBR SYSTEMS INC

FCL FINEOS CORPORATION HOLDINGS PLC

FDV FRONTIER DIGITAL VENTURES LIMITED

FZO FAMILY ZONE CYBER SAFETY LIMITED

GMG GOODMAN GROUP

HLA HEALTHIA LIMITED

HMC HMC CAPITAL LIMITED

HMY HARMONEY CORP LIMITED

HVN HARVEY NORMAN HOLDINGS LIMITED

IVC INVOCARE LIMITED

JAN JANISON EDUCATION GROUP LIMITED

KAR KAROON ENERGY LIMITED

LME LIMEADE INC

LYC LYNAS RARE EARTHS LIMITED

M7T MACH7 TECHNOLOGIES LIMITED

MCL MIGHTY CRAFT LIMITED

MCR MINCOR RESOURCES NL

MOZ MOSAIC BRANDS LIMITED

MTO MOTORCYCLE HOLDINGS LIMITED

MYX MAYNE PHARMA GROUP LIMITED

NEU NEUREN PHARMACEUTICALS LIMITED

NIC NICKEL INDUSTRIES LIMITED

NOL NOBLEOAK LIFE LIMITED

NSR NATIONAL STORAGE REIT

NTO NITRO SOFTWARE LIMITED

NUC NUCHEV PTY LIMITED

NXD NEXTED GROUP LIMITED

NXS NEXT SCIENCE LIMITED

NXT NEXTDC LIMITED

PBH POINTSBET HOLDINGS LIMITED

PGL PROSPA GROUP LIMITED

PSI PSC INSURANCE GROUP LIMITED

RDG RESOURCE DEVELOPMENT GROUP LIMITED

REG REGIS HEALTHCARE LIMITED

RFG RETAIL FOOD GROUP LIMITED

RGN REGION GROUP

RMC RESIMAC GROUP LIMITED

RUL RPMGLOBAL HOLDINGS LIMITED

SFR SANDFIRE RESOURCES LIMITED

SGP STOCKLAND

SLA SILK LASER AUSTRALIA LIMITED

SRG SRG GLOBAL LIMITED

TLX TELIX PHARMACEUTICALS LIMITED

TSI TOP SHELF INTERNATIONAL HOLDINGS LIMITED

TYR TYRO PAYMENTS LIMITED

VGL VISTA GROUP INTERNATIONAL LIMITED

WZR WISR LIMITED

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