Australian Broker Call *Extra* Edition – Mar 21, 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   ALQ   APE   BSL   BVS   C79   CLU   CMM   COL   CWP   IFM   LDX   NEU (2)   PME   PTM   PXA   QAN   RAD   RFG (2)   RKN   SGM   SYA   TLC   TWE   WOW   XRO  

5GG    PENTANET LIMITED

Telecommunication – Overnight Price: $0.11

Shaw and Partners rates ((5GG)) as Buy (1) –

After a research hiatus since last September and the appointment of a new analyst for Pentanet, Shaw and Partners' target price falls to 30c from from 41c.

The broker retains its Buy recommendation given the over 100% share price upside implied by the new target.

The analyst considers 1H results for the company were reasonable given the (now-resolved) challenges posed by issues with the neXus launch.

Two recently-announced partnerships with Optus and Cambian Networks will underpin the company's future growth strategies, believes the broker.

This report was published on March 13, 2023.

Target price is $0.30 Current Price is $0.11 Difference: $0.19
If 5GG meets the Shaw and Partners target it will return approximately 173% (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 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.24.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.93.

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

ALQ    ALS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $11.23

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

With ALS Ltd's major business lines being life sciences and commodities, Jarden has extrapolated results from peers, and noted the outlook appears robust despite earnings margins and return on capital outlooks both underwhelming. The broker highlights commodities testing, in particular, offers opportunity. 

Jarden expects access to labour to remain a challenge for life sciences, and that investor caution around geochemistry sampling flows is warranted. Demonstrating a more cautious approach, Jarden has lowered its earnings per share forecasts -2% for FY23 and -5% for FY24 and FY25.

The Overweight rating is retained and the target price decreases to $12.10 from $12.65.

This report was published on March 15, 2023.

Target price is $12.10 Current Price is $11.23 Difference: $0.87
If ALQ meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $13.16, suggesting upside of 15.9%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 37.70 cents and EPS of 63.90 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.4, implying annual growth of 63.1%.
Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 39.40 cents and EPS of 65.70 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.3, implying annual growth of 4.5%.
Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.9.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $13.19

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

Revenue guidance of $9.5-10.0bn for the full year from Eagers Automotive has proven a positive market catalyst for the stock. Jarden anticipates the incremental contributions from acquisitions will equate to around $355m, leaving an implied $600-1,100m in revenue from organic and greenfield. 

The broker highlights Eagers Automotive's deliveries declined -3% over the last year, while industry-wide deliveries improved 3%. While supply issues are lingering, the broker expects Eagers Automotive's exposure to new greenfield markets to drive top line new vehicle deliveries. 

The Overweight rating is retained and the target price increases to $15.56 from $14.39.

This report was published on March 14, 2023.

Target price is $15.56 Current Price is $13.19 Difference: $2.37
If APE meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $14.59, suggesting upside of 9.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 113.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.9, implying annual growth of -6.1%.
Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 105.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.7, implying annual growth of -9.8%.
Current consensus DPS estimate is 65.9, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 13.0.

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

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $19.16

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

US steel spreads have been strong due to auto production and non-residential construction, and Jarden expects infrastructure investment will increase in the 2H of 2023. 

The broker raises its target for BlueScope Steel to $23.10 from $20.20 on higher earnings forecasts for the 2H of FY23 and FY24, and after adjusting capital expenditure assumptions.

The analyst's FY24 earnings (EBIT) forecast rises by 10.5% on ongoing improvement in the East Asia steel spread.

The Overweight rating is maintained.

This report was published on March 10, 2023.

Target price is $23.10 Current Price is $19.16 Difference: $3.94
If BSL meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $18.62, suggesting downside of -3.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 50.00 cents and EPS of 227.90 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.3, implying annual growth of -64.3%.
Current consensus DPS estimate is 83.9, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 50.00 cents and EPS of 188.10 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 157.0, implying annual growth of -23.2%.
Current consensus DPS estimate is 79.9, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 12.3.

Market Sentiment: 0.2
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: $0.29

Jarden rates ((BVS)) as Downgrade to Neutral from Buy (3) –

Bravura Solutions was hit by a combination of lower revenue and higher costs in the first half, leading the company to report a weak result for the period with an earnings loss of -$7.0m. Despite this, Jarden is more focused on a weak second half, with the start dates of two major contracts having been pushed out.

The broker highlights the company warned of increased costs as it prepares for growth in November, and has revised down its full year earnings to -$5.0-10.0m at the time, and has undertaken an $80m equity raising to recapitalise its balance sheet.

The rating is downgraded to Neutral from Buy and the target price decreases to $0.35 from $1.01.

This report was published on March 14, 2023.

Target price is $0.35 Current Price is $0.29 Difference: $0.055
If BVS meets the Jarden target it will return approximately 19% (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 6.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.61.

Forecast for FY24:

Jarden 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 29.50.

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

C79    CHRYSOS CORP. LIMITED

Mining Sector Contracting – Overnight Price: $3.99

Shaw and Partners rates ((C79)) as Buy (1) –

Shaw and Partners believes it will become increasingly evident in the 2H both laboratories and miners are moving to adopt the technology owned by Chrysos, and the stock price should re-rate accordingly.

The analyst anticipates the MSALABS partnership will build momentum and add another global miner, SGS (customer) will deploy its first unit, and Intertek (another customer) will expand into Africa.

With these customers (and more) all deploying units or expanding globally from FY24, the broker thinks the market will increasingly look to these customers' installed laboratory bases as a reference point for Chrysos' longer-term potential.

This report was published on March 10, 2023.

Target price is $5.70 Current Price is $3.99 Difference: $1.71
If C79 meets the Shaw and Partners target it will return approximately 43% (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 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 97.32.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 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 665.00.

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

CLU    CLUEY LIMITED

Education & Tuition – Overnight Price: $0.18

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

Cluey's December-half revenue met Bell Potter's forecasts but net profit after tax proved a -37% miss due to steep operational expenditure and amortisation.

The company finished the year with cash of $14m and reiterates its positive operating cash flow target of the June quarter 2024.

Cluey has launched a dilutive $10.6m capital raising at 15c a share to fund working capital and growth investments.

The raising comprises a fully underwritten $2.6m placement and an $8m 1-for-2.6 partly underwritten entitlement offer.

Buy rating retained. Target price falls -38% to 50c to reflect the raising and market movements. 

This report was published on March 13, 2023.

Target price is $0.50 Current Price is $0.18 Difference: $0.32
If CLU meets the Bell Potter target it will return approximately 178% (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 10.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.65.

Forecast for FY24:

Bell Potter forecasts a full year FY24 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 5.29.

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: $4.73

Canaccord Genuity rates ((CMM)) as Upgrade to Buy from Hold (1) –

Capricorn Metals' December-half earnings (EBITDA) outpaced Canaccord Genuity by 22%, thanks mainly to the capitalisation of exploration costs and a 5% "beat" in operational expenditure.

Free cash flow also outpaced at $35m, compared with the broker's $33m estimate. Cash and bullion rose $26m and debt fell by -$15m.

The company closed the year with net cash of $41.7m and cash and bullion of $91.7m.

The broker expects the company will close FY23 with $120m in cash and bullion and free cash flow of $47m.

Rating is upgraded to Buy from Hold. Target price steady at $4.75.

This report was published on March 13, 2023.

Target price is $4.75 Current Price is $4.73 Difference: $0.02
If CMM meets the Canaccord Genuity target it will return approximately 0% (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 22.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.50.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 26.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.19.

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

COL    COLES GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $17.57

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

Goldman Sachs suggests omni-channel growth is a powerful market share lever for Australian supermarkets as industry growth moderates on slowing inflation.

By FY30, the broker forecasts online will reach 10% of total supermarket sales, from around 5% in FY23. Woolworth Group and Coles Group are expected to achieve market share of 57% and 39%, respectively, compared to 61%/36% in FY22.

Goldman Sachs retains its Sell rating and $15.80 target for Coles Group. The investments by the group on online capability (Ocado) and data centre automation (Witron) will help offset wage inflation but are not considered game changers.

This report was published on March 10, 2023.

Target price is $15.80 Current Price is $17.57 Difference: minus $1.77 (current price is over target).
If COL meets the Goldman Sachs target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.96, suggesting upside of 1.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 62.40 cents and EPS of 78.00 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.2, implying annual growth of 1.8%.
Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 60.90 cents and EPS of 76.10 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.3, implying annual growth of 0.1%.
Current consensus DPS estimate is 65.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 21.9.

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

CWP    CEDAR WOODS PROPERTIES LIMITED

Infra & Property Developers – Overnight Price: $4.45

Jarden rates ((CWP)) as Initiation of coverage with Buy (1) –

Jarden initiates coverage of pure-play residential developer Cedar Woods Properties with a Buy rating and $5.93 target.

The company specialises in master-planned communities comprising land lots, townhouses, apartments and town centres. The lot landbank is diversified geographically across WA, VIC, QLD and SA with 52%, 22%, 15% and 11% share, respectively.

The land bank is weighted to markets set to benefit from relative affordability, under-supply and strong economic performance, explains the broker.

While sentiment is currently depressed in the space, the analyst highlights the company is well positioned by virtue of its product mix, price point and market positioning.

This report was published on March 13, 2023.

Target price is $5.93 Current Price is $4.45 Difference: $1.48
If CWP meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 28.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.67.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 30.00 cents and EPS of 48.00 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 9.27.

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

IFM    INFOMEDIA LIMITED

Automobiles & Components – Overnight Price: $1.49

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

Following Infomedia's first half, Bell Potter has reiterated its forecasts for the company through to FY25.

The broker anticipates Infomedia can deliver double digit cash earnings growth in the coming years, forecasting cash earnings growth of 21% and 16% in FY24 and FY25 to $30.5m and $35.3m respectively. 

It also anticipates revenue growth of 7% and 6% to $139m and $148m in the same years. 

For FY23, the broker is forecasting cash earnings of $25.3m and revenue of $129m. It expects a return to double digit top line revenue growth would require material contract wins or acquisition.

The Hold rating is retained and the target price increases to $1.45 from $1.35.

This report was published on March 15, 2023.

Target price is $1.45 Current Price is $1.49 Difference: minus $0.035 (current price is over target).
If IFM meets the Bell Potter 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:

Bell Potter forecasts a full year FY23 dividend of 4.70 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.13.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 4.70 cents and EPS of 4.10 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.22.

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

LDX    LUMOS DIAGNOSTICS HOLDINGS LIMITED

Medical Equipment & Devices – Overnight Price: $0.03

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

Bell Potter feels Lumos Diagnostics is demonstrating a shift towards a focus on services rather than product sales in a bid to drive revenue and profit increases. While total revenue was down at the company's half yearly report, services revenue lifted 4%.

Additionally, the company has signed three services agreements with Hologic that offer a potential US$2.5m in revenue, alongside four contracts for development programs with other customers. 

The Buy rating is retained and the target price decreases to $0.06 from $0.10.

This report was published on March 13, 2023.

Target price is $0.06 Current Price is $0.03 Difference: $0.028
If LDX meets the Bell Potter target it will return approximately 87% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 20.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.16.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 8.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.37.

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: $12.50

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

Neuren Pharmaceuticals has received approval from the US FDA for use its trofinetide treatment on adult and pediatric patients aged two years or older living with Retts syndrome, as announced by its partner Acadia Pharmaceuticals. 

The news makes trofinedtide, branded as Daybue, the first and only drug on market for the management of Retts. Bell Potter is anticipating Neuren Pharmaceuticals benefits from $104m in income from trofinetide in 2023, before additional royalties. 

The rating is upgraded to Buy from Hold and the target price increases to $13.67 from $8.60.

This report was published on March 15, 2023.

Target price is $13.67 Current Price is $12.50 Difference: $1.17
If NEU 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 FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 71.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.51.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 55.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.60.

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

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

Neuren Pharmaceuticals' US partner, Acadia Pharmaceuticals now expect an annualised net realised price of US$375,000 for Daybue, well ahead the US$150,000 expected by Wilsons.

The broker points out the increased pricing reflects the material impact on patient lives that Daybue has demonstrated. Daybue is the brand name for trofinetide, used in the treatment of Rett syndrome in adult and pediatric suffererers two years of age and older.

Daybue pricing is a key readthrough for Wilsons NNZ-2591 pricing modeling (set equivalent to trofinetide). Hence, material upgrades to the analyst's valuation are expected.

The broker's valuation for Neuren Pharmaceuticals is under review. The last target price was $11.24. Overweight.

This report was published on March 14, 2023.

Target price is $11.24 Current Price is $12.50 Difference: minus $1.26 (current price is over target).
If NEU meets the Wilsons target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 26.65.

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 201.61.

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $62.59

Bell Potter rates ((PME)) as Upgrade to Hold from Sell (3) –

Pro Medicus' share price has been a story of ups and downs over March, declining -13% from February highs before rallying following the announcement of new contract wins and giving back gains after the release of its interim result. 

The company reported 30% revenue growth over the first half, with exam volume revenues up 42% year-on-year and Bell Potter expects this momentum to carry into the second half. Bell Potter now expects second half revenues in the $62-66m range. 

The rating is upgraded to Hold from Sell and the target price increases to $59.00 from $55.00.

This report was published on March 16, 2023.

Target price is $59.00 Current Price is $62.59 Difference: minus $3.59 (current price is over target).
If PME meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $50.28, suggesting downside of -22.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 29.30 cents and EPS of 57.10 cents.
At the last closing share price the estimated dividend yield is 0.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 109.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.8, implying annual growth of 26.3%.
Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 120.0.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 39.30 cents and EPS of 78.60 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 79.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.4, implying annual growth of 23.4%.
Current consensus DPS estimate is 32.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 97.3.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $1.67

Bell Potter rates ((PTM)) as Upgrade to Hold from Sell (3) –

Platinum Asset Management has closed out February with funds under management of $18.5bn, down -$153m month-on-month with outflows largely in line with Bell Potter's expectations. Despite recent results, the broker found management to be upbeat about company prospects. 

The company feels it is well represented, and expects word of mouth will help drive inflows as performance improves. 

With the stock having declined -20% since the broker downgraded to a Sell rating, the rating is now upgraded to Hold and the target price decreases to $1.66 from $1.68.

This report was published on March 9, 2023.

Target price is $1.66 Current Price is $1.67 Difference: minus $0.005 (current price is over target).
If PTM meets the Bell Potter target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.89, suggesting upside of 12.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 15.00 cents and EPS of 13.40 cents.
At the last closing share price the estimated dividend yield is 9.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of -5.4%.
Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 9.2%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 14.00 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 8.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of -11.4%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 11.4.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $12.01

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

Jarden pushes back Pexa Group's forecast market share losses to disrupter Sympli after the e-conveyancing regulator announced interoperability would be further delayed to September 2023 from March 2023.

While the broker estimates Pexa Group could cede around -15% medium-term market share to Sympli, questions remain over the latter's viability at such a small scale.

The Underweight rating is retained on the analyst's forecast for near-term volume weakness in Australia and potential for UK delays and/or cost creep.

The target price rises to $12.65 from $12.50.

This report was published on March 13, 2023.

Target price is $12.65 Current Price is $12.01 Difference: $0.64
If PXA meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $16.15, suggesting upside of 32.4%(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 23.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.7, implying annual growth of 116.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 45.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 35.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.0, implying annual growth of 27.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 35.9.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $6.22

Jarden rates ((QAN)) as Buy (1) –

While Qantas Airways is set to experience a big increase in capex expenditure over the three years to FY26, Jarden sees no risk to the company's ability to fund dividends.

The peak in capex should occur in FY25, and the broker forecasts free cash flow will remain positive after allowing for its forecast distributions.

The Buy rating and $7.00 target are unchanged.

This report was published on March 10, 2023.

Target price is $7.00 Current Price is $6.22 Difference: $0.78
If QAN meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $7.59, suggesting upside of 20.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 87.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 91.3, 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 6.9.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 89.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.8, implying annual growth of 11.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.2.

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

RAD    RADIOPHARM THERANOSTICS LIMITED

Overnight Price: $0.14

Bell Potter rates ((RAD)) as Initiation of coverage with Buy (1) –

Bell Potter initiates on biotechnology company Radiopharm Theranostics, a specialist in the development of radiopharmaceuticals for the use of imaging and treatment of cancer.

The broker finds the company's modest valuation does not reflect the underlying value of its asset pipeline. It points out the lead asset, RAD301, is an imaging agent for pancreatic cancer showing highly promising results in early stage trials, while a further nine molecules remain in the pipeline.

The broker initiates with a Buy rating and a target price of $0.25.

This report was published on March 13, 2023.

Target price is $0.25 Current Price is $0.14 Difference: $0.11
If RAD meets the Bell Potter target it will return approximately 79% (excluding dividends, fees and charges).

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.00.

Forecast for FY24:

Bell Potter forecasts a full year FY24 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 3.59.

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

Petra Capital rates ((RFG)) as Buy (1) –

Following a capital raise, Petra Capital sees a significant buying opportunity for shares in Retail Food given multiple growth options and the strong cash conversion expected in FY24 and FY25.

The broker also points out no principal payments are required until after three years in a renegotiated debt facility.

The target price slips to 11c from 11.5c and the Buy rating is maintained.

This report was published on March 16, 2023.

Target price is $0.11 Current Price is $0.07 Difference: $0.038
If RFG meets the Petra Capital target it will return approximately 53% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.00.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.00.

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

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

Retail Food has sucessfully completed a hybrid recapitalisation to allow future organic growth and expansion.

The company executed a $27.4m equity raise incorporating a $24.9m placement and the balance via a share purchase plan. Debt of $20m was also refinanced to replace the existing $34m banking facility with renegotiated covenants.

Shaw and Partners retains its Buy rating and 15c target.

This report was published on March 14, 2023.

Target price is $0.15 Current Price is $0.07 Difference: $0.078
If RFG meets the Shaw and Partners target it will return approximately 108% (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 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.00.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.00.

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

RKN    RECKON LIMITED

Accountancy – Overnight Price: $0.49

Petra Capital rates ((RKN)) as Buy (1) –

Petra Capital sees a promising outlook after Reckon invested around -US$4m into a combination of opex and buying out some minority holders in its Legal Group in the US. The company's stake has now lifted to 76% from 70%.

Petra's $1.06 target price (up from $1.03) incorporates $0.34cps for Reckon's share of the Legal Group. However, the analyst points out the share price at the time of the new research note didn't even cover the 90c valuation for the Business Group.

The Buy rating is unchanged.

This report was published on March 13, 2023.

Target price is $1.06 Current Price is $0.49 Difference: $0.565
If RKN meets the Petra Capital target it will return approximately 114% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 2.50 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 5.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.38.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 3.00 cents and EPS of 4.10 cents.
At the last closing share price the estimated dividend yield is 6.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.07.

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

SGM    SIMS LIMITED

Steel & Scrap – Overnight Price: $14.49

Jarden rates ((SGM)) as Neutral (3) –

US steel spreads have been strong due to auto production and non-residential construction, and Jarden expects infrastructure investment will increase in the 2H of 2023. 

Jarden suggests the upcoming divestment of 50%-owned LMS Energy will be positive for Sims and proceeds of around $370m could be deployed towards the acquisition of further scrap metal processing businesses.

The broker maintains its Neutral rating and $16.60 target.

This report was published on March 10, 2023.

Target price is $16.60 Current Price is $14.49 Difference: $2.11
If SGM meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $14.84, suggesting upside of 1.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 28.70 cents and EPS of 75.90 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.2, implying annual growth of -75.2%.
Current consensus DPS estimate is 32.3, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 26.40 cents and EPS of 88.10 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.5, implying annual growth of 27.0%.
Current consensus DPS estimate is 31.3, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 15.3.

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

SYA    SAYONA MINING LIMITED

New Battery Elements – Overnight Price: $0.20

Canaccord Genuity rates ((SYA)) as Upgrade to Speculative Buy from Sell (1) –

Sayona Mining has delivered first production from its North American Lithium Mining (Piedmont Lithium ((PLL)) holds a 25% stake in the venture).

Canaccord Genuity expects production at the mine could exceed its initial estimates over a 27-year period. The broker upgrades its production forecasts, which includes 15% higher feed grades, "effectively doubling attributable production and increasing the exposure to high concentrate prices".

The company has also announced a $55m placement at 31.5c but the broker observes working capital is still under pressure.

Rating upgraded to Speculative Buy from Sell. Target price rises 50% to 30c from 20c.

This report was published on March 13, 2023.

Target price is $0.30 Current Price is $0.20 Difference: $0.095
If SYA meets the Canaccord Genuity target it will return approximately 46% (excluding dividends, fees and charges).

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.11

Jarden rates ((TLC)) as Downgrade to Sell from Underweight (5) –

From conversations with investors, Jarden feels there is now an expectation of a capital return from Lottery Corp and that the expectation of a $750m capital return in the coming fiscal year is captured in the current valuation. 

However, the broker sees limited headroom for this kind of capital management in the company's current credit rating, and would be surprised if the company risked a rating downgrade to return cash to shareholders. 

The rating is downgraded to Sell from Underweight and the target price of $4.17 is retained.

This report was published on March 14, 2023.

Target price is $4.17 Current Price is $5.11 Difference: minus $0.94 (current price is over target).
If TLC meets the Jarden target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.29, suggesting upside of 3.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.10 cents and EPS of 16.50 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.5, implying annual growth of 6.0%.
Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 31.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.70 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 9.7%.
Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 28.4.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $12.63

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

Jarden is "more conscious" of Treasury Wine Estates' reliance on the 19Crimes brand in North America following a recent investor trip, with the broker finding brand performance key to the company's outlook. 

The broker sees the broader North American wine industry's ability to re-engage a younger demographic as a determining factor of performance. 

While Jarden finds Treasury Wine Estates to be executing well, the broker has reduced its full year earnings per share forecasts -3% to reflect the weaker macro environment and some mix challenges. 

The Overweight rating is retained and the target price decreases to $13.20 from $13.60.

This report was published on March 14, 2023.

Target price is $13.20 Current Price is $12.63 Difference: $0.57
If TWE meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $14.27, suggesting upside of 12.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 52.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.4, implying annual growth of 38.2%.
Current consensus DPS estimate is 35.1, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 25.3.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 60.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 18.7%.
Current consensus DPS estimate is 40.9, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 21.3.

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

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $36.45

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

Goldman Sachs suggests omni-channel growth is a powerful market share lever for Australian supermarkets as industry growth moderates on slowing inflation.

By FY30, the broker forecasts online will reach 10% of total supermarket sales, from around 5% in FY23. Woolworth Group and Coles Group are expected to achieve market share of 57% and 39%, respectively, compared to 61%/36% in FY22.

Goldman Sachs retains its Buy rating and $41.00 target for Woolworths Group.

This report was published on March 10, 2023.

Target price is $41.00 Current Price is $36.45 Difference: $4.55
If WOW meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $36.21, suggesting downside of -1.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 103.00 cents and EPS of 137.00 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 137.8, implying annual growth of 8.8%.
Current consensus DPS estimate is 100.5, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 26.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 116.00 cents and EPS of 153.00 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 146.9, implying annual growth of 6.6%.
Current consensus DPS estimate is 106.7, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 25.1.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $89.36

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

After Xero announced a headcount reduction of -14-17% (in line with average layoffs across the Technology sector) and a FY24 opex target -10% lower than FY23, Jarden raised its target to $92 from $73.

The broker points out there is no impact on revenue, suspecting there was additional capacity in the business, and assumes the announcement is a harbinger of a more profitable growth profile.

Management highlighted cost cuts would derive largely from non-revenue generating areas.

The Overweight rating is maintained.

This report was published on March 10, 2023.

Target price is $92.00 Current Price is $89.36 Difference: $2.64
If XRO meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $89.59, suggesting upside of 1.9%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 15.31 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 583.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, 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 363.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 66.05 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 135.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.0, implying annual growth of 263.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 99.9.

This company reports in NZD. 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

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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.

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