Australian Broker Call

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October 28, 2022

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COMPANIES DISCUSSED IN THIS ISSUE

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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).

Last Updated: 05:00 PM

Your daily news report on the latest recommendation, valuation, forecast and opinion changes.

This report includes concise but limited reviews of research recently published by Stockbrokers, 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.

For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE

Today's Upgrades and Downgrades
AMI - Aurelia Metals Downgrade to Hold from Buy Ord Minnett
ANZ - ANZ Bank Downgrade to Equal-weight from Overweight Morgan Stanley
KGN - Kogan.com Upgrade to Neutral from Sell UBS
NCM - Newcrest Mining Upgrade to Buy from Neutral Citi
PAN - Panoramic Resources Upgrade to Outperform from Neutral Macquarie
REH - Reece Downgrade to Hold from Buy Ord Minnett
WGX - Westgold Resources Downgrade to Neutral from Outperform Macquarie
WHC - Whitehaven Coal Upgrade to Buy from Neutral UBS
ABY  ADORE BEAUTY GROUP LIMITED

Household & Personal Products

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Overnight Price: $1.56

UBS rates ABY as Buy (1) -

UBS comments Q1 sales reported by Adore Beauty proved marginally below forecast. The broker highlights compared to pre-covid levels, growth remains solid at 22% 3-year CAGR.

The broker has only made minor changes to forecasts. Buy rating retained on valuation. Target $2 (lost -10c).

Target price is $2.00 Current Price is $1.56 Difference: $0.44
If ABY meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1560.00.

Forecast for FY24:

UBS forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1560.00.

Market Sentiment: 0.5

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

ACL  AUSTRALIAN CLINICAL LABS LIMITED

Healthcare services

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Overnight Price: $3.35

Citi rates ACL as Neutral (3) -

Medlab, a business acquired in December 2021, has been yet another victim of a cyber hack in Australia, Australian Clinical Labs has announced.

Personal information of approximately 223,000 individuals has been affected, while the group's broader system has not been impacted.

Citi suggests while uncertainty lingers about the ultimate negative impact, it believes the reputation risk is likely to be contained as patients tend to use the pathology providers closest to their point-of-care.

Target $4.15. Neutral.

Target price is $4.15 Current Price is $3.35 Difference: $0.8
If ACL meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Citi forecasts a full year FY23 EPS of 22.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.96.

Forecast for FY24:

Citi forecasts a full year FY24 EPS of 16.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.94.

Market Sentiment: 0.0

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

AMI  AURELIA METALS LIMITED

Gold & Silver

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Overnight Price: $0.12

Macquarie rates AMI as Outperform (1) -

Aurelia Metals' first quarter gold production beat Macquarie's estimates by 9%, but copper missed by -7% while lead and zinc were in line. Higher production costs at Hera, Peak and Dargues drove an all-in sustaining cost of $2,683 an ounce, 42% above the broker's estimate.

Full year guidance was maintained, including all-in sustaining costs of $1,900 an ounce, reflecting an expected decrease in costs through the year. The company continues to work on funding options for Federation, which Macquarie considers the company's main upcoming catalyst.

The Outperform rating and target price of $0.25 are retained.

Target price is $0.25 Current Price is $0.12 Difference: $0.13
If AMI meets the Macquarie target it will return approximately 108% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.00.

Forecast for FY24:

Macquarie forecasts a full year FY24 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 13.33.

Market Sentiment: 0.5

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


Ord Minnett rates AMI as Downgrade to Hold from Buy (3) -

Aurelia Metals' Sep Q was a bad as forewarned and Ord Minnett sees a long road back to redemption. Whilst there is a glimmer of hope at Peak, the fact is that the key value lies in Federation, the broker notes, which is now stalled due to a lack of funding.

The key question for the broker is have the operational cash losses stopped? If not, Ord Minnett does not believe a focus on Federation is possible.

After increasing the risk factor on the project, the broker cuts its target to 30c from 50c and downgrades to Hold from Buy.

Target price is $0.30 Current Price is $0.12 Difference: $0.18
If AMI meets the Ord Minnett target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.33.

Forecast for FY24:

Ord Minnett forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.00.

Market Sentiment: 0.5

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

ANZ  AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

Banks

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Overnight Price: $24.99

Citi rates ANZ as Buy (1) -

ANZ Bank's FY22 beat market consensus on better asset quality, suggests Citi. The broker thinks it was management's guidance for higher costs that spooked the market on the day.

Citi is also of the view the banking sector in Australia generally is of the intent to use the rise in Net Interest Margin (NIM) to accelerate investment spending.

The broker retains its Buy rating and lifts the target price by 25c to $29.25. Market consensus is expected to lift forecasts, as has happened at Citi too.

Target price is $29.25 Current Price is $24.99 Difference: $4.26
If ANZ meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $27.54, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 166.00 cents and EPS of 247.50 cents.
At the last closing share price the estimated dividend yield is 6.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 237.7, implying annual growth of N/A.

Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Citi forecasts a full year FY24 dividend of 176.00 cents and EPS of 257.50 cents.
At the last closing share price the estimated dividend yield is 7.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.6, implying annual growth of -1.3%.

Current consensus DPS estimate is 161.7, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 10.7.

Market Sentiment: 0.5

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


Credit Suisse rates ANZ as Outperform (1) -

In response to ANZ Bank's result, Credit Suisse has upgraded its FY23 earnings forecast by 2% on the back of stronger margins, with an offset from higher investment spend. FY24 nevertheless falls -6% on expected higher costs and slightly lower margins.

The result exhibited leverage to higher rates, a strong capital position and lower bad debts. But the bank is guiding to higher expenses, the broker notes, and is losing market share in housing.

All up the broker cuts its target to $29.00 from $29.25, Outperform retained.

Target price is $29.00 Current Price is $24.99 Difference: $4.01
If ANZ meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $27.54, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 164.00 cents and EPS of 252.00 cents.
At the last closing share price the estimated dividend yield is 6.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 237.7, implying annual growth of N/A.

Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Credit Suisse forecasts a full year FY24 dividend of 173.00 cents and EPS of 266.00 cents.
At the last closing share price the estimated dividend yield is 6.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.6, implying annual growth of -1.3%.

Current consensus DPS estimate is 161.7, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 10.7.

Market Sentiment: 0.5

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


Macquarie rates ANZ as Neutral (3) -

With favourable margin trends supporting ANZ Bank in delivering one of its best results in recent years, Macquarie is predicting the bank can deliver 15% revenue growth in FY23. The broker expects this will allow the bank to absorb higher expenses and invest in its franchise.

The broker expects ANZ Bank is well placed to capitalise on an improving revenue outlook, and expects the bank will lift restructuring charges to $500 from $100 to better position the bank while the revenue backdrop is supportive.

The Neutral rating is retained and the target price increases to $26.00 from $25.50.

Target price is $26.00 Current Price is $24.99 Difference: $1.01
If ANZ meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $27.54, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 154.00 cents and EPS of 222.10 cents.
At the last closing share price the estimated dividend yield is 6.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 237.7, implying annual growth of N/A.

Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 160.00 cents and EPS of 223.00 cents.
At the last closing share price the estimated dividend yield is 6.40%.
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 234.6, implying annual growth of -1.3%.

Current consensus DPS estimate is 161.7, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 10.7.

Market Sentiment: 0.5

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


Morgan Stanley rates ANZ as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley expects modest upgrades to consensus forecasts for ANZ Bank following FY22 results, which revealed a good exit margin and a supportive 1H FY23 margin outlook. Higher cost growth guidance provided a partial offset.

However, the analyst downgrades the rating to Equal-weight from Overweight on less scope for further EPS upgrades and given a 15% share price rally since mid-July. Margins are expected to rise materially in FY23, but a reinvestment burden is expected to weigh.

Cash profit was a beat of around 3% and 6%, respectively, by comparison with forecasts by the broker and consensus. The impairment charge of -$52m was significantly lower than the -$205m forecast by the analyst.

The target price falls to $25.50 from $26.90. Industry view: In-line.

Target price is $25.50 Current Price is $24.99 Difference: $0.51
If ANZ meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $27.54, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 148.00 cents and EPS of 222.00 cents.
At the last closing share price the estimated dividend yield is 5.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 237.7, implying annual growth of N/A.

Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 148.00 cents and EPS of 193.00 cents.
At the last closing share price the estimated dividend yield is 5.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.6, implying annual growth of -1.3%.

Current consensus DPS estimate is 161.7, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 10.7.

Market Sentiment: 0.5

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


Morgans rates ANZ as Hold (3) -

FY22 results for ANZ Bank were broadly in line with Morgans expectations. Cash profits were greater than had been forecast due to larger loan loss provision releases. A 74cps 2H dividend was declared, 2cps ahead of the analyst's estimate.

At current prices, the broker expects an around 8% yield (including franking) across the next 12 months.

In the analyst's view, positives from the result included further de-risking of the loan book and a positively trending net interest margin (NIM). More negatively, management increased cost growth guidance.

The Hold rating is maintained, while the target slips to $25.91 from $26.45.

Target price is $25.91 Current Price is $24.99 Difference: $0.92
If ANZ meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $27.54, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 149.00 cents and EPS of 249.00 cents.
At the last closing share price the estimated dividend yield is 5.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 237.7, implying annual growth of N/A.

Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Morgans forecasts a full year FY24 dividend of 149.00 cents and EPS of 238.00 cents.
At the last closing share price the estimated dividend yield is 5.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.6, implying annual growth of -1.3%.

Current consensus DPS estimate is 161.7, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 10.7.

Market Sentiment: 0.5

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


Ord Minnett rates ANZ as Accumulate (2) -

ANZ Bank's FY22 profit came in 2.5% ahead of Ord Minnett's forecast. Second half profit was 4% above estimate despite lower than expected Markets income and costs 1% higher than expected.

The broker puts the -3.3% share price fall down to 5% FY23 cost growth guidance.

Ord Minnett has increased earnings forecasts by 8% in FY23 and 3% in FY24. The broker assumes $2bn of buybacks across FY24-25 but has not included Suncorp ((SUN)) bank earnings as yet.

Target rises to $27.10 from $26.20, Accumulate retained.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $27.10 Current Price is $24.99 Difference: $2.11
If ANZ meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $27.54, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 160.00 cents and EPS of 244.00 cents.
At the last closing share price the estimated dividend yield is 6.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 237.7, implying annual growth of N/A.

Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Ord Minnett forecasts a full year FY24 dividend of 164.00 cents and EPS of 230.00 cents.
At the last closing share price the estimated dividend yield is 6.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.6, implying annual growth of -1.3%.

Current consensus DPS estimate is 161.7, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 10.7.

Market Sentiment: 0.5

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

BTH  BIGTINCAN HOLDINGS LIMITED

Cloud services

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Overnight Price: $0.66

Morgan Stanley rates BTH as Overweight (1) -

Morgan Stanley reviews a 1Q update by Bigtincan Holdings prior to asking further questions at an upcoming conference call.

Progress towards being free cashflow positive appears to be strong, aided by a fall in capex to -$3.5m from -$4.7m in the previous corresponding period. Management reiterated FY23 guidance.

The $1.15 target and Overweight rating are retained. Industry view: In-Line.

Target price is $1.15 Current Price is $0.66 Difference: $0.49
If BTH meets the Morgan Stanley target it will return approximately 74% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.00.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.00.

Market Sentiment: 1.0

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

CBL  CONTROL BIONICS LIMITED

Medical Equipment & Devices

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Overnight Price: $0.18

Morgans rates CBL as Speculative Buy (1) -

Morgans leaves its Speculative Buy rating and $0.85 target unchanged for Control Bionics following a 1Q cashflow report.

The broker likes both the 70% growth revealed for the US market and the inaugural sale in Japan, and feels sales channels are opening back up after covid. 

Product development remains on-track, observes the analyst, and announcements relating to miniaturisation of technology and product launches will be potential share price catalysts.

Target price is $0.85 Current Price is $0.18 Difference: $0.67
If CBL meets the Morgans target it will return approximately 372% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 5.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.21.

Forecast for FY24:

Morgans forecasts a full year FY24 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 4.39.

Market Sentiment: 1.0

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

CIA  CHAMPION IRON LIMITED

Iron Ore

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Overnight Price: $5.24

Citi rates CIA as Buy (1) -

Citi spotted a "modest beat" when Champion Iron released its September quarter update. Production surprised on the upside while costs were lower.

The overall suggestion is the share price trades at a (too) large discount, even with questions about China and the price of iron ore lingering.

Target price lowered to $7.50 from $7.70. Buy rating retained.

Target price is $7.50 Current Price is $5.24 Difference: $2.26
If CIA meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 33.10 cents and EPS of 49.21 cents.
At the last closing share price the estimated dividend yield is 6.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.65.

Forecast for FY24:

Citi forecasts a full year FY24 dividend of 70.61 cents and EPS of 118.27 cents.
At the last closing share price the estimated dividend yield is 13.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.43.

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

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


Macquarie rates CIA as Neutral (3) -

The second quarter was solid for Champion Iron, with production, shipments and costs all beating Macquarie's predictions following the Bloom Lake Phase 2 ramp up. 

While cash costs decreased quarter-on-quarter, they are expected to further decline as the ramp up progresses. An interim dividend of 10 cents per share was announced, materially better than the 4 cents per share Macquarie had assumed.  

The Neutral rating is retained and the target price increases to $5.50 from $5.30.

Target price is $5.50 Current Price is $5.24 Difference: $0.26
If CIA meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 19.86 cents and EPS of 30.78 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.02.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 26.48 cents and EPS of 75.46 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 6.94.

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

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

CMM  CAPRICORN METALS LIMITED

Gold & Silver

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Overnight Price: $3.44

Macquarie rates CMM as Neutral (3) -

Capricorn Metals reports strong first quarter production of 31,000 ounces, a 2%  beat to Macquarie's assumptions, on all-in sustaining costs of $1,166 per ounce, a 13% beat to the broker. Gold sold missed by -14%, but cash generation was strong and full year guidance is retained.

A reserve and resources update lifted KPG Ore Reserves 12% and Mineral Resources 7%, but Macquarie had already accounted for some increase given positive drilling results.

The Neutral rating and target price of $3.50 are retained.

Target price is $3.50 Current Price is $3.44 Difference: $0.06
If CMM meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 18.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.40.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of 17.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.33.

Market Sentiment: 0.0

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

CSL  CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $275.95

Morgan Stanley rates CSL as Overweight (1) -

After reviewing 3Q results for Argenx in the US, and in particular its Vyvgart revenues, Morgan Stanley concludes risks are manageable for CSL. 

The analyst points out for every three myasthenia gravis patients lost to Vyvgart, CSL would only need to diagnose one primary immunodeficiency disease.

The Overweight rating and $327 target are retained. Industry view: In-Line.

Target price is $327.00 Current Price is $275.95 Difference: $51.05
If CSL meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $323.95, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 454.84 cents and EPS of 775.56 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 848.9, implying annual growth of N/A.

Current consensus DPS estimate is 394.0, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 32.3.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 591.81 cents and EPS of 968.38 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1057.5, implying annual growth of 24.6%.

Current consensus DPS estimate is 483.2, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 25.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.8

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

CTD  CORPORATE TRAVEL MANAGEMENT LIMITED

Travel, Leisure & Tourism

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Overnight Price: $17.47

Credit Suisse rates CTD as Neutral (3) -

Corporate Travel Management's trading update showed revenue recovered to 75% of FY19 levels in the September quarter. September is historically the slowest quarter, Credit Suisse notes, coming after the northern summer holiday period.

Management noted North American activity is being constrained by airline disruption and poor airport experience, impacting demand for short duration travel.

Credit Suisse foresees weakening corporate travel demand from the company’s client base, predominantly made up by SMEs, as the global economy slows. Most concerning is Europe, where a recession is likely in 2023.

Target falls to $18.50 from $19.80, Neutral retained.

Target price is $18.50 Current Price is $17.47 Difference: $1.03
If CTD meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 38.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 33.10 cents and EPS of 66.30 cents.
At the last closing share price the estimated dividend yield is 1.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.3, implying annual growth of 2945.2%.

Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY24:

Credit Suisse forecasts a full year FY24 dividend of 49.70 cents and EPS of 99.40 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.0, implying annual growth of 60.5%.

Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 15.6.

Market Sentiment: 0.6

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


Macquarie rates CTD as Outperform (1) -

While Corporate Travel Management did not outline full year guidance at its recent annual general, the company targets revenue recovery of 80%. 75% revenue recovery was achieved in September, and Macquarie notes October is tracking higher. 

Macquarie lowered its revenue recovery assumptions to 79% from 82%. The broker highlights full recovery in FY24 remains reliant on supply chains easing and China borders opening by June 2023, but full recovery could produce revenues of $810m and earnings of $265m. 

The Outperform rating is retained and the target price decreases to $21.50 from $23.30.

Target price is $21.50 Current Price is $17.47 Difference: $4.03
If CTD meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 38.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 18.70 cents and EPS of 62.50 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.3, implying annual growth of 2945.2%.

Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 31.20 cents and EPS of 104.00 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.0, implying annual growth of 60.5%.

Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 15.6.

Market Sentiment: 0.6

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


Morgan Stanley rates CTD as Overweight (1) -

Morgan Stanley highlights from Corporate Travel Management's AGM update that Europe still leads the way on new wins and reopening, and the A&NZ rebound continues.

Management noted client wins are at all-time record levels in FY23 so far, and is targeting an 80% revenue recovery for the financial year.

The Overweight rating is retained with the company remaining free cashflow positive and taking market share organically, explains the analyst. The $27.50 target is unchanged. Industry View: In-Line.

Target price is $27.50 Current Price is $17.47 Difference: $10.03
If CTD meets the Morgan Stanley target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 38.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 EPS of 67.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.3, implying annual growth of 2945.2%.

Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 EPS of 115.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.0, implying annual growth of 60.5%.

Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 15.6.

Market Sentiment: 0.6

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


UBS rates CTD as Buy (1) -

Corporate Travel Management Q1 update suggests to UBS the recovery is ongoing, but slowing down. Both airline capacity constraints and seasonality are seen as responsible.

Market share is still increasing, highlights the broker, while the workforce build-out is also largely complete.

UBS finds the stock remains appealing from a valuation perspective, while further market share grab remains on the agenda as Corporate Travel Management utilises its tech advantage.

Forecasts have been pared back by -4% in FY23 and -2% in FY24-25. Target unchanged at $26.80. Buy.

Target price is $26.80 Current Price is $17.47 Difference: $9.33
If CTD meets the UBS target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 38.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 71.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.3, implying annual growth of 2945.2%.

Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 122.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.0, implying annual growth of 60.5%.

Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 15.6.

Market Sentiment: 0.6

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

DCN  DACIAN GOLD LIMITED

Gold & Silver

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Overnight Price: $0.14

Macquarie rates DCN as Neutral (3) -

Dacian Gold produced 21,500 ounces during the first quarter, at an all-in sustaining cost of $1,594 per ounce, and closed out the quarter with a net cash position of $39.2m. 

Underground mining was completed in the quarter, and the mill transitioned from mining to stockpile processing. The broker considers Genesis Minerals' ((GMD)) unconditional takeover offer an upcoming catalyst for the company. 

The Neutral rating is retained and the target price increases to $0.14 from $0.10.

Target price is $0.14 Current Price is $0.14 Difference: $0.005
If DCN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.50.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.90.

Market Sentiment: 0.0

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

DMP  DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco

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Overnight Price: $60.43

Morgans rates DMP as Add (1) -

Morgans reduces its earnings (EBIT) forecasts for Domino's Pizza Enterprises by -4% in FY23 and FY24 and lowers its target price to $88 from $90. However, factors weighing on performance are considered temporary.

These factors include adverse currency movements, cost inflation and the reversal of covid tailwinds , which have impacted the appetite for store rollouts, explains the analyst.

Morgans awaits an October trading update at next week’s AGM, which could well show a turnaround for operations. The Add rating is unchanged.

Target price is $88.00 Current Price is $60.43 Difference: $27.57
If DMP meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $82.38, suggesting upside of 40.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 163.00 cents and EPS of 205.00 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 207.3, implying annual growth of 13.0%.

Current consensus DPS estimate is 167.7, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 28.3.

Forecast for FY24:

Morgans forecasts a full year FY24 dividend of 198.00 cents and EPS of 248.00 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 250.7, implying annual growth of 20.9%.

Current consensus DPS estimate is 204.7, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 23.4.

Market Sentiment: 0.7

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

DTL  DATA#3 LIMITED.

IT & Support

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Overnight Price: $6.57

Morgan Stanley rates DTL as Overweight (1) -

Following Data#3's AGM, Morgan Stanley believes any share price weakness will likely be bought into by the market, given the company's earnings visibility in an upgrade cycle. Management increased 1H profit (PBT) guidance slightly ahead of the broker's estimates.

The company pointed to the resilience of IT spending as "organisations increasingly see IT as a way to save money on other activities, rather than as a cost centre".

Morgan Stanley retains its Overweight rating and $6.90 target. Industry view is In-Line.

Target price is $6.90 Current Price is $6.57 Difference: $0.33
If DTL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.94, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 20.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of 15.8%.

Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 29.0.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 22.50 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.0, implying annual growth of 14.5%.

Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 25.3.

Market Sentiment: 0.7

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

ECX  ECLIPX GROUP LIMITED

Vehicle Leasing & Salary Packaging

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Overnight Price: $1.88

Credit Suisse rates ECX as Outperform (1) -

Ahead of Eclipx Group's upcoming FY22 result, Credit Suisse has cut profit estimates, predominately driven by changes to end-of-lease (EOL) income assumptions, in turn driven by lower forecasts on used car prices.

The main problem for the broker is that headline earnings will decline from a FY22 peak into FY23-24, as EOL income naturally mean-reverts to normalised levels, notwithstanding growth in the book as the new business order pipeline converts.

Yet, while Credit Suisse can see no immediate catalysts, the broker retains Outperform on a compelling valuation. Target falls to $2.50 from $3.10.

Target price is $2.50 Current Price is $1.88 Difference: $0.625
If ECX meets the Credit Suisse target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.79, suggesting upside of 53.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of 37.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.6, implying annual growth of 31.8%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 5.6.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 0.00 cents and EPS of 31.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.8, implying annual growth of -20.9%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 7.1.

Market Sentiment: 1.0

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

FMG  FORTESCUE METALS GROUP LIMITED

Iron Ore

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Overnight Price: $16.07

Citi rates FMG as Neutral (3) -

Citi found the September quarter performance "solid", but the prior quarter had been "stellar" (note the difference). Costs were marginally higher and Fortescue Metals enjoyed a weak AUD tailwind, points out the broker.

Citi tinkers with iron ore price forecasts which leads to small upgrades to EPS forecasts, but also warns of potential iron ore price weakness as China's steel production probably slows with the arrival of winter.

Target $17. Neutral.

Target price is $17.00 Current Price is $16.07 Difference: $0.93
If FMG meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 138.95 cents and EPS of 198.36 cents.
At the last closing share price the estimated dividend yield is 8.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.8, implying annual growth of N/A.

Current consensus DPS estimate is 157.6, implying a prospective dividend yield of 10.6%.

Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY24:

Citi forecasts a full year FY24 dividend of 121.93 cents and EPS of 203.03 cents.
At the last closing share price the estimated dividend yield is 7.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.4, implying annual growth of -17.1%.

Current consensus DPS estimate is 124.1, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 8.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.6

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


Credit Suisse rates FMG as Neutral (3) -

Fortescue Metals' Sep Q shipments were in line with expectation, which Credit Suisse sees as positive given a challenging backdrop evidenced by recent soft peer performance.

Management's previously announced plan is to reach net-zero emissions in its iron ore operations by 2030. This will mean -US$6.2bn in capex, but returns will be positive thereafter.

If delivered as planned, Credit Suisse sees slight valuation appreciation, but the risks are extensive. If Fortescue can become a leader in decarbonisation intellectual property, there is upside.

Neutral and $15.70 target for now.

Target price is $15.70 Current Price is $16.07 Difference: minus $0.37 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 198.50 cents and EPS of 265.14 cents.
At the last closing share price the estimated dividend yield is 12.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.8, implying annual growth of N/A.

Current consensus DPS estimate is 157.6, implying a prospective dividend yield of 10.6%.

Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY24:

Credit Suisse forecasts a full year FY24 dividend of 167.31 cents and EPS of 225.44 cents.
At the last closing share price the estimated dividend yield is 10.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.4, implying annual growth of -17.1%.

Current consensus DPS estimate is 124.1, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 8.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.6

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


Macquarie rates FMG as Underperform (5) -

Macquarie has described Fortescue Metals' first quarter as solid, with shipments, cash costs and realised prices all better than the broker had expected. Full year guidance is retained at this point.

An average realised price of US$87.43 per dry metric tonne equates to 84% of the benchmark price, an improvement from the 79% achieved in the previous quarter. The fist quarter result underpinned a 5% increase to the broker's FY23 earnings per share forecast.

The Underperform rating and target price of $14.50 are retained.

Target price is $14.50 Current Price is $16.07 Difference: minus $1.57 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 92.30 cents and EPS of 153.84 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.8, implying annual growth of N/A.

Current consensus DPS estimate is 157.6, implying a prospective dividend yield of 10.6%.

Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 96.98 cents and EPS of 161.63 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.4, implying annual growth of -17.1%.

Current consensus DPS estimate is 124.1, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 8.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.6

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


Morgan Stanley rates FMG as Underweight (5) -

Morgan Stanley remains Underweight-rated on Fortescue Metals following in-line 1Q production, but materially lower revenue realisation.

The broker is cautious around upcoming spending for Fortescue Future Industries, and potential for widening iron ore discounts and lower price realisation.

Revenue realisation was -8% lower than the analyst expected in the 1Q, with a per tonne number of US$87.40 versus the US$94.60 expected.

The $15.15 target is maintained. Industry View: Attractive.

Target price is $15.15 Current Price is $16.07 Difference: minus $0.92 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 184.32 cents and EPS of 252.38 cents.
At the last closing share price the estimated dividend yield is 11.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.8, implying annual growth of N/A.

Current consensus DPS estimate is 157.6, implying a prospective dividend yield of 10.6%.

Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 99.25 cents and EPS of 143.20 cents.
At the last closing share price the estimated dividend yield is 6.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.4, implying annual growth of -17.1%.

Current consensus DPS estimate is 124.1, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 8.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.6

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


Morgans rates FMG as Reduce (5) -

The 1Q for Fortescue Metals revealed shipments, price and C1 costs were all slightly better than Morgans expected. 

Management left guidance for FY23 shipments, cash cost and capex guidance unchanged and stated Iron Bridge is on-track for a March quarter 2023 startup.

The analyst retains its Reduce rating,  expecting further volatility from the hard pivot into renewables, and sees risk to free cashflow performance. The target falls to $14.30 from $15.00.

Target price is $14.30 Current Price is $16.07 Difference: minus $1.77 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 107.19 cents and EPS of 153.13 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.8, implying annual growth of N/A.

Current consensus DPS estimate is 157.6, implying a prospective dividend yield of 10.6%.

Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY24:

Morgans forecasts a full year FY24 dividend of 82.38 cents and EPS of 116.97 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.4, implying annual growth of -17.1%.

Current consensus DPS estimate is 124.1, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 8.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.6

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


Ord Minnett rates FMG as Hold (3) -

Fortescue Metals reported a solid first-quarter shipment rate, Ord Minnett suggests, with costs below the FY23 guidance range. Achieved price was a touch lower than expected but still respectable.

Management was upbeat on the Iron Bridge project, stating commissioning begins next week. There was no material new info on Fortescue Future Industries.

Slightly higher capex leads to a target cut to $16.00 from $16.80, Hold retained.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $16.00 Current Price is $16.07 Difference: minus $0.07 (current price is over target).
If FMG meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 EPS of 182.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.8, implying annual growth of N/A.

Current consensus DPS estimate is 157.6, implying a prospective dividend yield of 10.6%.

Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY24:

Ord Minnett forecasts a full year FY24 EPS of 147.46 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.4, implying annual growth of -17.1%.

Current consensus DPS estimate is 124.1, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 8.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.6

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


UBS rates FMG as Sell (5) -

Despite a strong start to FY23, as indicated by 1Q results, UBS sees weakening iron ore fundamentals for Fortescue Metals.

Uncertainty from spending on Fortescue Future Industries also continues to weigh and the broker retains its Sell rating.

The target price rises to $14.80 from $14.30 on the expectation for better price realisation.

Target price is $14.80 Current Price is $16.07 Difference: minus $1.27 (current price is over target).
If FMG meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.35, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 195.66 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.8, implying annual growth of N/A.

Current consensus DPS estimate is 157.6, implying a prospective dividend yield of 10.6%.

Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 164.47 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.4, implying annual growth of -17.1%.

Current consensus DPS estimate is 124.1, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 8.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.6

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

GOR  GOLD ROAD RESOURCES LIMITED

Gold & Silver

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Overnight Price: $1.43

Macquarie rates GOR as Outperform (1) -

Gold Road Resources' third quarter gold production of 83,600 ounces was a -3% miss to Macquarie's initial forecast on lower mill throughput, while all-in sustaining costs of $1,426 per ounce were 8% higher than expected 

The broker considers Gold Road Resources on track to meet full year guidance, with production year to date equal to 75% of guidance at the midpoint with Macquarie anticipating a stronger final quarter. 

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

Target price is $1.50 Current Price is $1.43 Difference: $0.07
If GOR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 21.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 2.00 cents and EPS of 6.90 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 79.4%.

Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 2.40 cents and EPS of 5.40 cents.
At the last closing share price the estimated dividend yield is 1.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of 10.7%.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 16.9.

Market Sentiment: 1.0

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

GUD  G.U.D. HOLDINGS LIMITED

Household & Personal Products

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Overnight Price: $7.69

Citi rates GUD as Neutral (3) -

G.U.D. Holdings' AGM trading update suggests Citi's forecasts might be a little too conservative, points out the broker, with the legacy aftermarket operations performing better and partially offsetting slowing momentum for the Davey business.

The analysts note GUD management expects supply constraints to normalise over the next 12 to 18 months, whereas industry feedback suggests further delays in new vehicle supply seem likely due to the semiconductor shortage.

Neutral rating with a target price of $8.75.

Target price is $8.75 Current Price is $7.69 Difference: $1.06
If GUD meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $11.52, suggesting upside of 51.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 52.50 cents and EPS of 77.00 cents.
At the last closing share price the estimated dividend yield is 6.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.5, implying annual growth of 256.1%.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY24:

Citi forecasts a full year FY24 dividend of 65.00 cents and EPS of 90.70 cents.
At the last closing share price the estimated dividend yield is 8.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.3, implying annual growth of 13.3%.

Current consensus DPS estimate is 58.4, implying a prospective dividend yield of 7.7%.

Current consensus EPS estimate suggests the PER is 8.3.

Market Sentiment: 0.6

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


Ord Minnett rates GUD as Buy (1) -

GUD Holdings reported a solid September quarter trading update, Ord Minnett suggests, with sales in the automotive (ex-AutoPacific Group) division delivering high single-digit growth on the same period last year.

The APG business – the major swing factor to near-term earnings – delivered an improved result, albeit new vehicle deliveries in the segment were down -3% in the period.

Ord Minnett sees the A$ as cause of potential concern for earnings into FY24 with corrective price action required, although the progressive delivery of earnings through FY23-24, leading to a reduction in the company’s current elevated gearing, should see the stock re-rate.

Buy and $12.00 target retained.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $12.00 Current Price is $7.69 Difference: $4.31
If GUD meets the Ord Minnett target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $11.52, suggesting upside of 51.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 EPS of 78.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.5, implying annual growth of 256.1%.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY24:

Ord Minnett forecasts a full year FY24 EPS of 88.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.3, implying annual growth of 13.3%.

Current consensus DPS estimate is 58.4, implying a prospective dividend yield of 7.7%.

Current consensus EPS estimate suggests the PER is 8.3.

Market Sentiment: 0.6

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

IEL  IDP EDUCATION LIMITED

Education & Tuition

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Overnight Price: $28.63

Macquarie rates IEL as Outperform (1) -

In a positive for IDP Education, Australia appears to remain an attractive destination for international students according to Macquarie, which noted the 118,000 Australian student visas lodged in September were up 108% year-on-year and just -1% below 2019 levels. 

The broker expects an easing of lockdowns in China would see Australia's student volumes exceed 2019 levels. Macquarie lifts its earnings per share forecasts 3%, 4% and 4% through to FY25.

The Outperform rating and target price of $32.00 are retained.

Target price is $32.00 Current Price is $28.63 Difference: $3.37
If IEL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $33.06, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 44.30 cents and EPS of 59.10 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.0, implying annual growth of 62.8%.

Current consensus DPS estimate is 43.8, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 48.3.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 59.80 cents and EPS of 79.80 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.6, implying annual growth of 32.7%.

Current consensus DPS estimate is 56.9, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 36.4.

Market Sentiment: 0.7

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

IFL  INSIGNIA FINANCIAL LIMITED

Wealth Management & Investments

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Overnight Price: $3.10

Citi rates IFL as Buy (1) -

Judging from Citi's post-Q1 release response, there are pros and cons for Insignia Financial, but the broker is clearly of the intent to zoom in on the positives, calling Q1 flow data "respectable".

Regardless, the retreat in assets under management (AuM) during the quarter weighs down the broker's forecasts. EPS forecasts lowered by -6%, -9%; and -10% for FY23-25.

Price target falls to $3.50 from $3.90 but as the shares are still considered too cheap, the rating remains Buy. DPS estimates have been culled too.

Target price is $3.50 Current Price is $3.10 Difference: $0.4
If IFL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 29.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 27.00 cents and EPS of 30.50 cents.
At the last closing share price the estimated dividend yield is 8.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of 449.5%.

Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY24:

Citi forecasts a full year FY24 dividend of 29.00 cents and EPS of 33.70 cents.
At the last closing share price the estimated dividend yield is 9.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.4, implying annual growth of 10.6%.

Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 8.6%.

Current consensus EPS estimate suggests the PER is 8.9.

Market Sentiment: 1.0

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


Credit Suisse rates IFL as Outperform (1) -

Insignia Financial's Sep Q update showed an ongoing recovery in Platform flows which continued to improve year on year, Credit Suisse notes. There is scope for flows to further improve with Workplace mandate wins to fund in the next two quarters.

However, the update also highlighted the key risks of declining/stagnating investment markets combined with Insignia’s high operating leverage.

In the broker's view, Insignia carries valuation support considering its flows are now only modestly negative and with upside risk from potential Quality of Advice Review reforms.

Outperform retained, target falls to $4.15 from $4.30.

Target price is $4.15 Current Price is $3.10 Difference: $1.05
If IFL meets the Credit Suisse target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 29.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 24.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 7.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of 449.5%.

Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY24:

Credit Suisse forecasts a full year FY24 dividend of 23.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 7.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.4, implying annual growth of 10.6%.

Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 8.6%.

Current consensus EPS estimate suggests the PER is 8.9.

Market Sentiment: 1.0

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


Morgan Stanley rates IFL as Overweight (1) -

First quarter results showed total funds under administration and management (FUMA) for Insignia Financial were a -3% miss versus Morgan Stanley's forecast, largely on weaker markets.

Flows in the 1Q were a little softer than the analyst had anticipated though Workplace Super wins and moderating fund under administration reductions lends confidence.

The Overweight rating and $4.10 target are unchanged. Industry view: Attractive.

Target price is $4.10 Current Price is $3.10 Difference: $1
If IFL meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 29.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 EPS of 35.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of 449.5%.

Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 EPS of 39.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.4, implying annual growth of 10.6%.

Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 8.6%.

Current consensus EPS estimate suggests the PER is 8.9.

Market Sentiment: 1.0

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

IPL  INCITEC PIVOT LIMITED

Agriculture

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Overnight Price: $3.65

Morgan Stanley rates IPL as Overweight (1) -

The Tampa reference price (November contract price) for the majority of the ammonia sold at Incitec Pivot's Waggaman plant in Louisiana decreased by -2%.

Morgan Stanley estimates the price decrease amounts to a -$20.4m fall in earnings (EBIT), or 1.6% of its FY23 forecast. The current Tampa price is US$1,150/t compared to the broker's US900/t forecast for the 1H of FY23.

The Overweight rating and $4.75 target are unchanged. Industry view: In-Line.

Target price is $4.75 Current Price is $3.65 Difference: $1.1
If IPL meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 25.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 6.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.8, implying annual growth of 574.5%.

Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 7.3%.

Current consensus EPS estimate suggests the PER is 7.0.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 23.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 6.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.3, implying annual growth of -10.6%.

Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 7.9.

Market Sentiment: 0.7

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

JBH  JB HI-FI LIMITED

Consumer Electronics

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Overnight Price: $42.98

Credit Suisse rates JBH as Outperform (1) -

Credit Suisse has upgraded first half estimates for JB Hi-Fi following a trading update that was well ahead of expectations. While the broker retain a sales and margin profile that assumes below-trend trading in 2H23/1H24, further elongation of the spending cycle is possible.

As is a sharper-than-anticipated contraction in spending. In other words, the macro outlook is completely unclear, but the broker expresses a relative preference for JB Hi-Fi among large cap household goods.

Target rises to $55.11 from $53.56, Outperform retained.

Target price is $55.11 Current Price is $42.98 Difference: $12.13
If JBH meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $47.74, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 264.00 cents and EPS of 405.00 cents.
At the last closing share price the estimated dividend yield is 6.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 394.5, implying annual growth of -17.7%.

Current consensus DPS estimate is 256.8, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Credit Suisse forecasts a full year FY24 dividend of 225.00 cents and EPS of 344.00 cents.
At the last closing share price the estimated dividend yield is 5.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 340.4, implying annual growth of -13.7%.

Current consensus DPS estimate is 228.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 12.3.

Market Sentiment: 0.3

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


Macquarie rates JBH as Underperform (5) -

While JB Hi-Fi reported strong sales growth of 14.6% for JBH Australia, 27.7% for JBH New Zealand and 1.3% for The Good Guys, Macquarie highlights the company is cycling off a softer comparable quarter. The broker expects a cleaner comparison in the second quarter.

Inflation data suggests electronics and household appliances are up 10.0% and 9.3% year-on-year respectively, and while Macquarie expects inflation to be a driver of topline growth it remains cautious on the ability of customers to absorb price increases.

 The Underperform rating and target price of $41.30 are retained.

Target price is $41.30 Current Price is $42.98 Difference: minus $1.68 (current price is over target).
If JBH meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.74, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 240.00 cents and EPS of 367.80 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 394.5, implying annual growth of -17.7%.

Current consensus DPS estimate is 256.8, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 231.00 cents and EPS of 352.80 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 340.4, implying annual growth of -13.7%.

Current consensus DPS estimate is 228.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 12.3.

Market Sentiment: 0.3

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


Ord Minnett rates JBH as Hold (3) -

JB Hi-Fi's September-quarter sales figures proved highly resilient, Ord Minnett suggests.

Year-on-year comparisons are of less value due to cycling lockdowns, but JB Hi-Fi and The Good Guys saw improvement in sales momentum from the fourth quarter FY22 to the first quarter FY23.

This was counter to Ord Minnett’s expectation of a gradual fade over FY23, and is likely due to supply chains easing, promotional normalisation, price inflation and favourable category exposure to higher-income households.

The broker has increased earnings forecasts by 13% in FY23, pushing out the expected fade in sales and earnings further into the future. Target rises to $46 from $45, Hold retained.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $46.00 Current Price is $42.98 Difference: $3.02
If JBH meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $47.74, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 EPS of 403.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 394.5, implying annual growth of -17.7%.

Current consensus DPS estimate is 256.8, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Ord Minnett forecasts a full year FY24 EPS of 323.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 340.4, implying annual growth of -13.7%.

Current consensus DPS estimate is 228.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 12.3.

Market Sentiment: 0.3

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


UBS rates JBH as Neutral (3) -

A 1Q trading update by JB Hi-Fi revealed like-for-like sales growth was strong, according to UBS, on a one-to-three year basis across all brands, especially for JB Hi-Fi Australia.

The broker expects market share gains from a helpful mix of a younger customer base (for JB Hi-Fi Australia) and a turnaround at The Good Guys.

However, the analyst sees limited growth drivers beyond ongoing category growth and retains a Neutral rating. A low multiple and attractive dividend yield are considered positives. The $44 target price is unchanged.

Target price is $44.00 Current Price is $42.98 Difference: $1.02
If JBH meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $47.74, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 391.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 394.5, implying annual growth of -17.7%.

Current consensus DPS estimate is 256.8, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 320.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 340.4, implying annual growth of -13.7%.

Current consensus DPS estimate is 228.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 12.3.

Market Sentiment: 0.3

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

JHG  JANUS HENDERSON GROUP PLC

Wealth Management & Investments

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Overnight Price: $34.40

Citi rates JHG as Sell (5) -

Citi had already been preaching "patience" and it seems Janus Henderson's Q3 market update and management's comments have done nothing to change that view.

According to the broker, management is trying to turnaround the business through evolution rather than revolution and this implies, still, investors need to remain patient.

Q3 nevertheless beat, and equity markets are currently on the move (upwards) again, thus estimates have been lifted.

Target price lifts to US$19.90 (was US$18.50) or to $30.60 in Australia from $29.25 previously. Sell rating retained.

Target price is $30.60 Current Price is $34.40 Difference: minus $3.8 (current price is over target).
If JHG meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.97, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 221.18 cents and EPS of 339.43 cents.
At the last closing share price the estimated dividend yield is 6.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 358.1, implying annual growth of N/A.

Current consensus DPS estimate is 241.7, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 226.85 cents and EPS of 293.35 cents.
At the last closing share price the estimated dividend yield is 6.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 311.9, implying annual growth of -12.9%.

Current consensus DPS estimate is 246.3, implying a prospective dividend yield of 7.1%.

Current consensus EPS estimate suggests the PER is 11.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.7

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


Morgan Stanley rates JHG as Equal-weight (3) -

Janus Henderson's 3Q adjusted EPS beat the forecasts of Morgan Stanley and consensus by 29% and 31%, respectively, due to improving average assets under management (AUM) and fee rates. Outflows were also better than consensus estimated.

The broker feels the group's strategy is taking shape including US$40-45m in new cost savings by the end of FY23. Management intends to serve more clients and move outside traditional markets.

Morgan Stanley maintains its Equal-Weight rating and $30.30 target price. Industry view: Attractive.

Target price is $30.30 Current Price is $34.40 Difference: minus $4.1 (current price is over target).
If JHG meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.97, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 328.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 358.1, implying annual growth of N/A.

Current consensus DPS estimate is 241.7, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 EPS of 302.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 311.9, implying annual growth of -12.9%.

Current consensus DPS estimate is 246.3, implying a prospective dividend yield of 7.1%.

Current consensus EPS estimate suggests the PER is 11.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.7

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

JMS  JUPITER MINES LIMITED

Industrial Metals

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Overnight Price: $0.20

Macquarie rates JMS as Outperform (1) -

Macquarie found Jupiter Mines' Tshipi ore sales of 1.7m tonnes in the first half to be a strong result, but a 1 cent per share interim dividend was -46% below the broker's assumption. 

While associated income increased 200% year-on-year to $46.8m, a higher than expected income tax expense saw net profit disappoint expectations by -31%. Macquarie lowers its full year earnings per share outlook -31%. 

The Outperform rating and target price of $0.25 are retained.

Target price is $0.25 Current Price is $0.20 Difference: $0.055
If JMS meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in February.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 1.40 cents and EPS of 2.20 cents.
At the last closing share price the estimated dividend yield is 7.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.86.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 1.90 cents and EPS of 2.50 cents.
At the last closing share price the estimated dividend yield is 9.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.80.

Market Sentiment: 1.0

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

KAR  KAROON ENERGY LIMITED

Crude Oil

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Overnight Price: $2.13

Macquarie rates KAR as Outperform (1) -

Drilling disruptions saw Karoon Energy miss Macquarie's first quarter production guidance, but stronger than expected performance at Bauna post-intervention saw the company lift the bottom-end of its guidance range. 

Macquarie feels the company could beat full year guidance if Patola comes online, but timing and initial rates will be a determining factor. Following Patola, Karoon Energy will proceed with up to two wells at Neon which the broker expects could be a material catalyst for a re-rate.

The Outperform rating is retained and the target price increases to $3.05 from $3.00.

Target price is $3.05 Current Price is $2.13 Difference: $0.92
If KAR meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 84.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.9, 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 3.3.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of 71.74 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.1, implying annual growth of 7.9%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 3.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

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


Morgans rates KAR as Add (1) -

Morgans assesses a solid 1Q for Karoon Energy. Production and realised pricing exceeded expectations and cash flow was solid. Management upgraded FY23 guidance to 7.5-9.0mmbbl from 7.0-9.0mmbbl.

Sales revenue of US$140m was a beat over the analyst's US$125m forecast due to greater than expected revenue from Bauna.

Morgans keeps its Add rating though the target falls to $3.75 from $3.95 as the broker now increases decline rate assumptions due to the stronger production levels.

Target price is $3.75 Current Price is $2.13 Difference: $1.62
If KAR meets the Morgans target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgans forecasts a full year FY23 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 3.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.9, 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 3.3.

Forecast for FY24:

Morgans forecasts a full year FY24 dividend of 0.00 cents and EPS of 79.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.1, implying annual growth of 7.9%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 3.0.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

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

KGN  KOGAN.COM LIMITED

Retailing

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Overnight Price: $3.31

UBS rates KGN as Upgrade to Neutral from Sell (3) -

It is UBS's view that Kogan's Q1 update still does not reflect a turning point in top line sales. The remainder of FY23 is seen as roughly EBITDA break-even while excess stock should be cleared by December.

UBS thinks margins remain at risk depending on what the competition does. Ultimately, however, the broker does see margins recovering, providing a more positive outlook from FY24 onwards.

As the share price is not far off from the $3.60 price target (up from $3.15), UBS has upgraded to Neutral from Sell.

Target price is $3.60 Current Price is $3.31 Difference: $0.29
If KGN meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 662.00.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.58.

Market Sentiment: -0.5

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

LOV  LOVISA HOLDINGS LIMITED

Retailing

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Overnight Price: $24.02

Citi rates LOV as Buy (1) -

Citi has reiterated its Buy rating for Lovisa Holdings with a target price of $24.

The broker explains the positive view is based upon two pillars: the rate of store openings continues without slowing (instead: acceleration is anticipated) plus the retailer's young customer base is considered less sensitive to rising interest rates.

In addition, suggests the broker, Lovisa's low priced products may be more conducive to price rises to offset FX and cost pressures.

No changes to forecasts have been made.

Target price is $24.00 Current Price is $24.02 Difference: minus $0.02 (current price is over target).
If LOV meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.69, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 54.10 cents and EPS of 65.40 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.2, implying annual growth of 25.5%.

Current consensus DPS estimate is 58.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 34.0.

Forecast for FY24:

Citi forecasts a full year FY24 dividend of 70.70 cents and EPS of 85.70 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.8, implying annual growth of 19.9%.

Current consensus DPS estimate is 68.6, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 28.3.

Market Sentiment: 0.8

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

LVH  LIVEHIRE LIMITED

Jobs & Skilled Labour Services

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Overnight Price: $0.22

Morgans rates LVH as Add (1) -

In the wake of a 1Q trading update, Morgans lowers its FY23 and FY24 revenue estimates for LiveHire by -2% and -6%, respectively, on a slower-than-forecast increase in net new clients. The target falls to $0.33 from $0.36.

The broker still managed to see promising underlying momentum for the business  in the 1Q, with the SaaS unit growing revenue by 29% on the previous corresponding period. The Add rating is unchanged.

Target price is $0.33 Current Price is $0.22 Difference: $0.11
If LVH meets the Morgans target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.48.

Forecast for FY24:

Morgans 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 110.00.

Market Sentiment: 1.0

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

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Overnight Price: $8.34

Macquarie rates LYC as Outperform (1) -

Higher production and sales from Lynas Rare Earths in its first quarter were partially offset by softer price realisation given the product mix. Macquarie expects the sales mix to normalise in the second quarter and drive a rebound in realised prices. 

With capital management restrictions removed from the company's JARE loan facility, Lynas Rare Earths is no longer restricted from issuing dividends, share buy backs or capital expenditure.

The Outperform rating is retained and the target price increases to $9.50 from $9.30.

Target price is $9.50 Current Price is $8.34 Difference: $1.16
If LYC meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 48.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.06.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of 70.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.80.

Market Sentiment: 0.0

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

MPL  MEDIBANK PRIVATE LIMITED

Insurance

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Overnight Price: $2.87

Morgan Stanley rates MPL as Equal-weight (3) -

Morgan Stanley reduces its target price for Medibank Private to $3.05 from $3.70 following the October 13 cyber incident.

Management estimates -$25-35m in costs associated with the incident and withdraws FY23 policyholder growth guidance, despite achieving annualised growth of 3.2% in the 1Q.

The broker retains its Equal-weight rating and would become more positive on the share price after the cyber breach is fully resolved. Industry View: In-line.

Target price is $3.05 Current Price is $2.87 Difference: $0.18
If MPL meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 EPS of 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of 13.3%.

Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.3, implying annual growth of -5.6%.

Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.4

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


Morgans rates MPL as Hold (3) -

While Medibank Private's initially expects cybercrime costs to be in the range of -$25-35m, Morgans feels significant uncertainty remains for both costs and outcomes. Management has withdrawn FY23 policyholder growth guidance.

Separately, the analyst assesses a solid 1Q update with policyholder growth equating to a 12 month rolling growth rate of 3.2% versus FY23 guidance for 2.7%.

The broker lowers its FY23 and FY24 EPS forecasts by -18% and -6%, respectively. The target price falls to $3.12 from $3.67 after also allowing for -$80m (one off) of pre-tax costs for the cybersecurity issue. Hold.

Target price is $3.12 Current Price is $2.87 Difference: $0.25
If MPL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 14.80 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 5.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of 13.3%.

Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY24:

Morgans forecasts a full year FY24 dividend of 15.60 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.3, implying annual growth of -5.6%.

Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.4

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

MQG  MACQUARIE GROUP LIMITED

Wealth Management & Investments

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Overnight Price: $166.54

Citi rates MQG as Neutral (3) -

Macquarie Group released H1 financials this morning and Citi analysts, upon initial assessment, point out cash earnings fell some -5% short of their own forecast but market consensus has been beaten by 6%.

Strength in commodities risk management and hedging and structured products proved the saviours of the half, while performance fees and advisory revenues disappointed.

Today's updated guidance sees a downgrade for three of the four operating businesses, highlight the analysts, adding investors will be reluctant to capitalise commodities strength. 

Neutral rating with a target price of $172.00. 

Target price is $172.00 Current Price is $166.54 Difference: $5.46
If MQG meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $192.50, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 622.00 cents and EPS of 1218.10 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 13.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1086.4, implying annual growth of -14.6%.

Current consensus DPS estimate is 624.0, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY24:

Citi forecasts a full year FY24 dividend of 640.00 cents and EPS of 1061.40 cents.
At the last closing share price the estimated dividend yield is 3.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1109.6, implying annual growth of 2.1%.

Current consensus DPS estimate is 649.2, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: 0.5

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

NCM  NEWCREST MINING LIMITED

Gold & Silver

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Overnight Price: $17.93

Citi rates NCM as Upgrade to Buy from Neutral (1) -

Citi sees an opportunity for investors as the Newcrest Mining share price has been hit hard throughout the general gold sector de-rating.

The broker expects the USD to peak over the next six months while the in-house view is for gold to bounce back to US$1900/oz in the second half of next year.

Arguably, says the broker, Newcrest Mining has the highest quality assets in Australia while its share price is at a 5-year low.

Against all of the above, the company released a rather "mixed" quarterly, with operations at Lumberjack suspended and grades disappointing at Lihir, but with material movement at the latter setting a new record.

The rating has been upgraded to Buy from Neutral. Target price remains $21.

Target price is $21.00 Current Price is $17.93 Difference: $3.07
If NCM meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 21.27 cents and EPS of 69.19 cents.
At the last closing share price the estimated dividend yield is 1.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.9, implying annual growth of N/A.

Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY24:

Citi forecasts a full year FY24 dividend of 36.86 cents and EPS of 118.82 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.5, implying annual growth of 13.8%.

Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

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


Credit Suisse rates NCM as Outperform (1) -

Newcrest Mining's Sep Q gold and copper production was -6% and -10% below consensus respectively. Despite lower production, costs were in line due to forex tailwinds, Credit Suisse notes.

The quarter was impacted by maintenance, the broker points out, and Newcrest does not seem to have been impacted by shortages in skilled labour at its Australian assets and continues to fare better than most miners in the current environment.

The broker believes production will be weighted to the second half.

Target falls to $23 from $24, Outperform retained.

Target price is $23.00 Current Price is $17.93 Difference: $5.07
If NCM meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 21.27 cents and EPS of 80.25 cents.
At the last closing share price the estimated dividend yield is 1.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.9, implying annual growth of N/A.

Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY24:

Credit Suisse forecasts a full year FY24 dividend of 21.27 cents and EPS of 78.12 cents.
At the last closing share price the estimated dividend yield is 1.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.5, implying annual growth of 13.8%.

Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

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


Macquarie rates NCM as Outperform (1) -

Newcrest Mining's production declined -17% quarter-on-quarter and disappointed Macquarie's forecast -5%, but weakening Australian and Canadian dollars underpinned an 11% beat to all-in sustaining costs, although 23% higher than the previous quarter.

The company retained full year guidance, and Macquarie lifts earnings per share forecast 8%. The Outperform rating and target price of 23.00 are retained. 

Target price is $23.00 Current Price is $17.93 Difference: $5.07
If NCM meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 21.27 cents and EPS of 55.86 cents.
At the last closing share price the estimated dividend yield is 1.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.9, implying annual growth of N/A.

Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 27.65 cents and EPS of 142.49 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.5, implying annual growth of 13.8%.

Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

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


Morgan Stanley rates NCM as Overweight (1) -

After in-line 1Q production and all-in sustaining costs (AISC), Morgan Stanley maintains its Overweight rating and $21.70 target for Newcrest Mining. Industry View: Attractive.

While management left FY23 targets unchanged, the analyst believes water shortages at Lihir and the investigation into an injury at Brucejack will be critical to meeting guidance.

Target price is $21.70 Current Price is $17.93 Difference: $3.77
If NCM meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 24.81 cents and EPS of 83.65 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.9, implying annual growth of N/A.

Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 24.81 cents and EPS of 89.32 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.5, implying annual growth of 13.8%.

Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

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


Ord Minnett rates NCM as Hold (3) -

Newcrest Mining 's Sep Q production and costs were in line with Ord Minnett’s forecasts, and there were no changes to guidance. The broker has increased growth capex estimates for key development projects ahead of studies expected in the December quarter.

Earnings forecasts increased by 2% in FY23 and 6% in FY24 due to moderately lower cost estimates. However, the broker sees potential for upcoming study updates to disappoint from a capex and cost perspective.

Hold and $19 target retained.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $19.00 Current Price is $17.93 Difference: $1.07
If NCM meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 EPS of 82.24 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.9, implying annual growth of N/A.

Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY24:

Ord Minnett forecasts a full year FY24 EPS of 82.24 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.5, implying annual growth of 13.8%.

Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

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


UBS rates NCM as Neutral (3) -

UBS retains its Neutral rating and $18.40 target price for Newcrest Mining following a slight miss for September quarter production and in line costs.

The broker now expects "decent" quarter-on-quarter improvements for production following a 1Q impacted by maintenance costs (as expected).

Weaker copper prices are a short-term headwind, according to the analyst, placing the company at a disadvantage compared to pure-gold mining peers.

Target price is $18.40 Current Price is $17.93 Difference: $0.47
If NCM meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 90.74 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.9, implying annual growth of N/A.

Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 79.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.5, implying annual growth of 13.8%.

Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 15.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

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

NTO  NITRO SOFTWARE LIMITED

IT & Support

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Overnight Price: $1.73

Morgan Stanley rates NTO as Equal-weight (3) -

Morgan Stanley believes the market had modest expectations for Nitro Software's 3Q, hence news of cost-out being on target and reiteration of free cashflow timing should be well received. It's felt sales momentum improved from the 2Q.

Year-to-date FY22 revenues are tracking to the lower end of US$65-69m guidance, observes the analyst. Management stated the integration of the European-based Connective is now complete.

The Equal-weight rating and $1.30 target are unchanged. Industry View: In-Line.

Target price is $1.30 Current Price is $1.73 Difference: minus $0.43 (current price is over target).
If NTO meets the Morgan Stanley target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 0.00 cents.

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

NUF  NUFARM LIMITED

Agriculture

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Overnight Price: $5.58

Macquarie rates NUF as Outperform (1) -

Macquarie finds Nufarm on track to deliver 23% earnings growth in FY22, and finds the broader agricultural market favourable and likely supportive of Nufarm moving forward.

The company has an aspirational FY26 revenue target of $4.6bn, driven by rapid growth in its new revenue lines. Macquarie retains a lower revenue forecast of $4.09bn, but does expects seeds to increase to 42% of earnings by FY26 from a current 14%.

The Outperform rating and target price of $7.20 are retained.

Target price is $7.20 Current Price is $5.58 Difference: $1.62
If NUF meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.73, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 8.00 cents and EPS of 39.60 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.2, implying annual growth of 138.2%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 8.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.9, implying annual growth of -9.1%.

Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 16.7.

Market Sentiment: 0.4

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

PAN  PANORAMIC RESOURCES LIMITED

Nickel

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Overnight Price: $0.16

Macquarie rates PAN as Upgrade to Outperform from Neutral (1) -

Given results were pre-released, Panoramic Resources' first quarter production was in line Macquarie's expectations. All-in sustaining costs were 4% higher than the broker had assumed, while C1 costs were -4% lower. 

The first of three shipments slated for the second quarter has already departed, with the others scheduled for mid-November and mid-December.

The rating is upgraded to Outperform from Neutral and the target price increases to $0.20 from $0.17.

Target price is $0.20 Current Price is $0.16 Difference: $0.045
If PAN meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 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 11.92.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.75.

Market Sentiment: 1.0

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

PNI  PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments

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Overnight Price: $8.09

Macquarie rates PNI as Outperform (1) -

Pinnacle Investment Management's quarterly update has triggered downgrades for flow estimates at Macquarie, with EPS estimates impacted by -12.5%, -18.2% and -17.1% for FY23-25. Target price drops to $10.20 from $11.78 in response.

As the broker continues to retain a positive view about Pinnacle's organic-growth outlook, with further M&A potential, the Outperform rating has been retained.

The broker notes positive markets in October have more than offset the weakness during Q1.

Target price is $10.20 Current Price is $8.09 Difference: $2.11
If PNI meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $10.53, suggesting upside of 34.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 31.00 cents and EPS of 34.60 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of -5.0%.

Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 33.20 cents and EPS of 39.40 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.9, implying annual growth of 12.3%.

Current consensus DPS estimate is 37.7, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.5

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


UBS rates PNI as Neutral (3) -

UBS slashes its price target for Pinnacle Investment Management to $8.00 from $12.20 following a -5% miss for September funds under management (FUM) and greater-than-expected net outflows over the 1Q.

The broker sees better value among other asset managers in the sector and retains its Neutral rating.

The analyst highlights structural factors within net outflows for Institutional, including Australian equity legacy mandate outflows and regulatory-driven portfolio construction changes.

Flows will remain under pressure in the 2Q from both structural and cyclical factors, notes UBS. 

Target price is $8.00 Current Price is $8.09 Difference: minus $0.09 (current price is over target).
If PNI meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.53, suggesting upside of 34.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 34.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of -5.0%.

Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 36.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.9, implying annual growth of 12.3%.

Current consensus DPS estimate is 37.7, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.5

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

REH  REECE LIMITED

Furniture & Renovation

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Overnight Price: $15.21

Citi rates REH as Sell (5) -

Reece's Q1 trading update was a positive event, but it's not deterring Citi from keeping a Sell rating for the stock.

While sales and costs continue performing well, Citi notes management at Reece is reporting the first signs of slowdown, while also expecting inflation is peaking.

The main gripe Citi has is with the premium valuation while US peers have more defensive end market exposures, and are much cheaper priced.

Target price is $14.63.

Target price is $14.63 Current Price is $15.21 Difference: minus $0.58 (current price is over target).
If REH meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.01, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 27.00 cents and EPS of 67.10 cents.
At the last closing share price the estimated dividend yield is 1.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.1, implying annual growth of 7.1%.

Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY24:

Citi forecasts a full year FY24 dividend of 27.00 cents and EPS of 67.60 cents.
At the last closing share price the estimated dividend yield is 1.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.2, implying annual growth of 0.2%.

Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 22.7.

Market Sentiment: -0.4

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


Macquarie rates REH as Neutral (3) -

Macquarie saw a "strong" performance from Reece in Q1. Neutral rating retained while mild increases to forecasts have lifted the target price to $15.40 from $15.20.

Macquarie predicts slowing momentum will show up first in the US, later on in Australia & NZ. While market conditions are weakening, the broker maintains the overall trajectory remains unclear, and a negative outcome is not guaranteed.

The broker does agree with opinions elsewhere, the shares look fully valued.

Target price is $15.40 Current Price is $15.21 Difference: $0.19
If REH meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $15.01, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 22.50 cents and EPS of 61.70 cents.
At the last closing share price the estimated dividend yield is 1.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.1, implying annual growth of 7.1%.

Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 20.50 cents and EPS of 59.60 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.2, implying annual growth of 0.2%.

Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 22.7.

Market Sentiment: -0.4

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


Morgan Stanley rates REH as Underweight (5) -

Courtesy of inflation pass-through on pricing, 1Q sales for Reece were a 7.8% beat compared to Morgan Stanley's forecast. However, management noted demand had declined since the end of September and restated that the cycle had peaked.

Group sales for the 1Q rose by 28.8% on the previous corresponding period.

The broker finds it hard to justify Reece's significant premium relative to peers and retains its Underweight rating and $12.20 target. Industry view In-Line. 

Target price is $12.20 Current Price is $15.21 Difference: minus $3.01 (current price is over target).
If REH meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.01, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 EPS of 64.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.1, implying annual growth of 7.1%.

Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 EPS of 64.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.2, implying annual growth of 0.2%.

Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 22.7.

Market Sentiment: -0.4

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


Ord Minnett rates REH as Downgrade to Hold from Buy (3) -

Reece reported a strong Sep Q sales update, Ord Minnett notes, driven by significant price increases across its key regions and solid volumes. The US business performed exceptionally well and is a late-cycle beneficiary of housing completions.

While the US operations continue to be a significant platform for growth, given the current macroeconomic environment and rise in US mortgage rates the broker expects demand to moderate.

Target falls to $16.00 from $18.50, downgrade to Hold from Buy due to an elevated PE multiple.

Target price is $16.00 Current Price is $15.21 Difference: $0.79
If REH meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.01, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 25.50 cents and EPS of 67.90 cents.
At the last closing share price the estimated dividend yield is 1.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.1, implying annual growth of 7.1%.

Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY24:

Ord Minnett forecasts a full year FY24 dividend of 28.00 cents and EPS of 71.80 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 21.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.2, implying annual growth of 0.2%.

Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 22.7.

Market Sentiment: -0.4

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

RRL  REGIS RESOURCES LIMITED

Gold & Silver

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Overnight Price: $1.56

Credit Suisse rates RRL as Neutral (3) -

Regis Resources' Sep Q production beat Credit Suisse but met consensus. There is no change to FY23 production guidance. However the broker sees risks around costs, with the price of diesel in particular being uncontrollable.

It was a good start to the year production-wise, Credit Suisse suggests, but margin pressure will persist while energy costs remain elevated.

Neutral and $1.75 target retained.

Target price is $1.75 Current Price is $1.56 Difference: $0.19
If RRL meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 3.00 cents and EPS of 7.40 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of 581.3%.

Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY24:

Credit Suisse forecasts a full year FY24 dividend of 3.00 cents and EPS of 4.50 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.6, implying annual growth of -46.8%.

Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 23.5.

Market Sentiment: 0.0

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


Morgan Stanley rates RRL as Underweight (5) -

While Regis Resources left FY23 guidance unchanged following 1Q results, Morgan Stanley observes significantly higher costs due to lower production. Production at Tropicana was a bright spot and strongly beat expectation.

Cash costs and all-in sustaining costs (AISC) were 15% and 16% above the analyst's forecasts, partially due to lower production at Duketon South.

The Underweight rating and $1.50 target are maintained. Industry View: Attractive.

Target price is $1.50 Current Price is $1.56 Difference: minus $0.06 (current price is over target).
If RRL meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.80, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 4.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of 581.3%.

Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 1.00 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 0.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.6, implying annual growth of -46.8%.

Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 23.5.

Market Sentiment: 0.0

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


UBS rates RRL as Neutral (3) -

Following Regis Resources' September quarter production report, UBS notes production and costs at Tropicana were beats on higher grades, while costs remained elevated across Duketon.

Group production was a slight beat versus the forecasts of the broker and consensus, though costs were elevated.

Management stated FY23 production and cost guidance remain on-track, though the broker is more cautious on costs. The target falls to $1.70 from $1.80 and the Neutral rating is unchanged.

Target price is $1.70 Current Price is $1.56 Difference: $0.14
If RRL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of 581.3%.

Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.6, implying annual growth of -46.8%.

Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 23.5.

Market Sentiment: 0.0

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

RSG  RESOLUTE MINING LIMITED

Gold & Silver

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Overnight Price: $0.22

Macquarie rates RSG as Outperform (1) -

It is Macquarie's view Resolute Mining released a "mixed" Q3 production update, predominantly as costs proved higher-than-expected.

With management maintaining 2022 production guidance, the broker believes production will exceed guidance, but costs will disappoint.

Ongoing progress at Syama Sulphides is welcomed, also because it is considered as necessary to de-lever the balance sheet.

Q1 revealed cash generation stronger than expected, thus net debt proved -US$16.1m lower than the broker's estimate.

Outperform. Target has moved to 29c. Forecasts have moved south.

Target price is $0.29 Current Price is $0.22 Difference: $0.075
If RSG meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.98 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.22.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 1.56 cents and EPS of minus 0.43 cents.
At the last closing share price the estimated dividend yield is 7.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 50.59.

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

SUL  SUPER RETAIL GROUP LIMITED

Automobiles & Components

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Overnight Price: $9.99

Credit Suisse rates SUL as Outperform (1) -

Credit Suisse has upgraded first half estimates for Super Retail following a trading update that was well ahead of expectations.

The retailer has a high exposure to domestic leisure related expenditure, which is an area of expenditure where further elongation of the spending cycle is probable, the broker believes.

BCF was the exception in the update to the broker's thesis, but exceptionally wet weather on the east coast during the school holiday period is likely to have had a material influence on performance.

Target rises to $14.05 from $13.97, Outperform retained.

Target price is $14.05 Current Price is $9.99 Difference: $4.06
If SUL meets the Credit Suisse target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 66.90 cents and EPS of 111.00 cents.
At the last closing share price the estimated dividend yield is 6.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.1, implying annual growth of -11.9%.

Current consensus DPS estimate is 61.4, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY24:

Credit Suisse forecasts a full year FY24 dividend of 55.60 cents and EPS of 91.00 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.4, implying annual growth of -8.2%.

Current consensus DPS estimate is 58.4, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: 0.7

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


Macquarie rates SUL as Neutral (3) -

Super Retail's trading update showed ongoing strong momentum, but the outlook looks more challenging, suggests Macquarie.

Not only will the company start cycling some tough comparables, management itself is expecting households to start feeling the pressure.

Management does consider Super Retail well-positioned for the tougher conditions ahead.

A cautious Macquarie remains below market consensus, but has lifted forecasts nevertheless, Price target lifts to $10.17 from $9.74. Neutral.

Target price is $10.17 Current Price is $9.99 Difference: $0.18
If SUL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 52.00 cents and EPS of 85.60 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 11.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.1, implying annual growth of -11.9%.

Current consensus DPS estimate is 61.4, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 54.00 cents and EPS of 88.20 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 11.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.4, implying annual growth of -8.2%.

Current consensus DPS estimate is 58.4, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: 0.7

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


Ord Minnett rates SUL as Hold (3) -

Super Retail Group is continuing to see exceptional sales growth across all four brands, Ord Minnett notes. Sales momentum accelerated in the first six weeks of FY23 for Rebel and Supercheap, despite a step-up in cost of living headwinds for consumers.

The broker has increased earnings forecasts by 9.5% in FY23, pushing out the timing of the expected fade in sales and earnings once again.

Target rises to $11.20 from $11.00, but a lowering of peer and market PE multiples mean Hold retained.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $11.20 Current Price is $9.99 Difference: $1.21
If SUL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 EPS of 84.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.1, implying annual growth of -11.9%.

Current consensus DPS estimate is 61.4, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY24:

Ord Minnett forecasts a full year FY24 EPS of 74.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.4, implying annual growth of -8.2%.

Current consensus DPS estimate is 58.4, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: 0.7

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


UBS rates SUL as Buy (1) -

Management is confident the Super Retail business is well positioned for more challenging retail trading conditions.

A 1Q trading update prompts UBS to increase FY23 and FY24 EPS forecasts by 19% and 8%, respectively, on higher sales and margins for Rebel and Super Cheap Auto.

The broker raises its target to $12.00 from $11.75 and points out sales accelerated for Super Cheap Auto, Rebel and Macpac in weeks 7-16 of the new financial year on a like-for-like basis and for a two-year comparison.

Sales moderated for BCF, arguably due to wet weather, observes the analyst. The Buy rating is unchanged.

Target price is $12.00 Current Price is $9.99 Difference: $2.01
If SUL meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 95.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.1, implying annual growth of -11.9%.

Current consensus DPS estimate is 61.4, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 86.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.4, implying annual growth of -8.2%.

Current consensus DPS estimate is 58.4, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: 0.7

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

VHT  VOLPARA HEALTH TECHNOLOGIES LIMITED

Medical Equipment & Devices

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Overnight Price: $0.62

Morgans rates VHT as Add (1) -

Morgans feels the pathway to profitability is now clearer for Volpara Health Technologies as operating costs fell (excluding one-offs) in the 2Q. A further -$1.5m reduction is expected in the 3Q.

Cash receipts were a record in the 2Q and the analyst remains confident the company has sufficient cash to tide things over until breakeven, by the 4Q of FY24.

The Add rating and $1.20 target are unchanged.

Target price is $1.20 Current Price is $0.62 Difference: $0.585
If VHT meets the Morgans target it will return approximately 95% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.74 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.45.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.64 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 95.65.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

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

WES  WESFARMERS LIMITED

Consumer Products & Services

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Overnight Price: $44.59

UBS rates WES as Buy (1) -

UBS leaves EPS estimates unchanged following management commentary at Wesfarmers' AGM. The broker sees upside risk to Kmart and downside risk for Catch. The Buy rating and $55 target price are unchanged.

No quantitative trading update was provided though management noted Bunnings sales growth remains resilient, while Kmart and Target trading remains pleasing.

The broker highlights the Chemicals, Energy and Fertilisers division is benefiting from strong customer demand and elevated commodity prices.

Target price is $55.00 Current Price is $44.59 Difference: $10.41
If WES meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $47.95, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 220.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 209.0, implying annual growth of 0.6%.

Current consensus DPS estimate is 177.4, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 21.1.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 230.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 217.2, implying annual growth of 3.9%.

Current consensus DPS estimate is 184.8, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: -0.2

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

WGN  WAGNERS HOLDING CO. LIMITED

Building Products & Services

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Overnight Price: $0.78

Morgans rates WGN as Hold (3) -

Wagners Holding Co released 1H and FY23 guidance at its AGM that missed the forecasts of both Morgans and consensus due to the impact of currency movements upon margins.

Management stated “an expectation that the business delivers much stronger results going forward".

The broker attributes a multiple de-rate since IPO (December 2017) to lower earnings, currency, litigation impacts, covid and slow progress on the Earth Friendly Technology. Earnings growth is awaited before the rating is lifted from Hold.

Morgans forecasts reduce in line with guidance and the target falls to $0.90 from $1.10.

Target price is $0.90 Current Price is $0.78 Difference: $0.12
If WGN meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.11, suggesting upside of 42.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.8, implying annual growth of 17.9%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY24:

Morgans forecasts a full year FY24 dividend of 1.00 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 1.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 56.3%.

Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 10.3.

Market Sentiment: 0.3

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

WGX  WESTGOLD RESOURCES LIMITED

Gold & Silver

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Overnight Price: $0.75

Macquarie rates WGX as Downgrade to Neutral from Outperform (3) -

Westgold Resources Q1 production report was 9% better than forecast, while keeping costs in line, comments Macquarie, though cash generation was the disappointment as higher capex/lease payments and working capital took their toll.

As market focus will now shift to cash generation, the broker believes, the rating has been pulled back to Neutral. Target price $0.90.

Target price is $0.90 Current Price is $0.75 Difference: $0.15
If WGX meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.74.

Forecast for FY24:

Macquarie 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 75.00.

Market Sentiment: 0.0

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

WHC  WHITEHAVEN COAL LIMITED

Coal

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Overnight Price: $10.36

UBS rates WHC as Upgrade to Buy from Neutral (1) -

UBS upgrades its rating for Whitehaven Coal to Buy from Neutral following AGM approval for a buyback of around 25% of issued capital.

Should the buyback be fully implemented, the analyst estimates the total return yield (dividend and buyback) will rise to 
45% and 27% for FY23 and FY24, from 22% and 12%.

The $10.00 price target is unchanged.

Target price is $10.00 Current Price is $10.36 Difference: minus $0.36 (current price is over target).
If WHC meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.44, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 446.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 460.2, implying annual growth of 132.9%.

Current consensus DPS estimate is 90.5, implying a prospective dividend yield of 9.6%.

Current consensus EPS estimate suggests the PER is 2.0.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 298.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 287.7, implying annual growth of -37.5%.

Current consensus DPS estimate is 103.8, implying a prospective dividend yield of 11.0%.

Current consensus EPS estimate suggests the PER is 3.3.

Market Sentiment: 0.7

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

ZIP  ZIP CO LIMITED

Business & Consumer Credit

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Overnight Price: $0.62

UBS rates ZIP as Sell (5) -

UBS retains its Sell rating and $0.45 target price for Zip Co following a 1Q trading update last week, with total transaction value (TTV) tracking in line with expectations.

Active customers in the US (under a new definition) declined by -5% quarter-on-quarter, which conforms with the broker's view of a long tail of inactive customers in the prior definition.

Target price is $0.45 Current Price is $0.62 Difference: minus $0.17 (current price is over target).
If ZIP meets the UBS target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.67, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -22.0, 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 N/A.

Forecast for FY24:

UBS 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 20.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.0, 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 N/A.

Market Sentiment: -0.6

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
ABY Adore Beauty $1.55 UBS 2.00 2.10 -4.76%
AMI Aurelia Metals $0.11 Ord Minnett 0.30 0.50 -40.00%
ANZ ANZ Bank $25.18 Citi 29.25 29.00 0.86%
Credit Suisse 29.00 29.25 -0.85%
Macquarie 26.00 25.50 1.96%
Morgan Stanley 25.50 26.90 -5.20%
Morgans 25.91 26.45 -2.04%
Ord Minnett 27.10 26.20 3.44%
CIA Champion Iron $4.78 Citi 7.50 7.70 -2.60%
Macquarie 5.50 6.00 -8.33%
CTD Corporate Travel Management $16.88 Credit Suisse 18.50 19.80 -6.57%
Macquarie 21.50 23.30 -7.73%
Morgan Stanley 27.50 29.00 -5.17%
DCN Dacian Gold $0.14 Macquarie 0.14 0.10 40.00%
DMP Domino's Pizza Enterprises $58.59 Morgans 88.00 90.00 -2.22%
ECX Eclipx Group $1.83 Credit Suisse 2.50 3.10 -19.35%
FMG Fortescue Metals $14.84 Morgans 14.30 15.00 -4.67%
Ord Minnett 16.00 16.80 -4.76%
UBS 14.80 14.30 3.50%
IFL Insignia Financial $3.06 Citi 3.50 3.90 -10.26%
Credit Suisse 4.15 4.30 -3.49%
JBH JB Hi-Fi $41.90 Credit Suisse 55.11 53.56 2.89%
Ord Minnett 46.00 45.00 2.22%
JHG Janus Henderson $34.48 Citi 30.60 29.25 4.62%
Morgan Stanley 30.30 34.10 -11.14%
KAR Karoon Energy $2.15 Macquarie 3.05 3.00 1.67%
Morgans 3.75 3.95 -5.06%
KGN Kogan.com $3.21 UBS 3.60 3.15 14.29%
LVH LiveHire $0.22 Morgans 0.33 0.36 -8.33%
LYC Lynas Rare Earths $8.11 Macquarie 9.50 9.30 2.15%
MPL Medibank Private $2.79 Morgan Stanley 3.05 3.70 -17.57%
Morgans 3.12 3.67 -14.99%
NCM Newcrest Mining $17.48 Credit Suisse 23.00 24.00 -4.17%
Macquarie 23.00 26.00 -11.54%
PAN Panoramic Resources $0.15 Macquarie 0.20 0.17 17.65%
PNI Pinnacle Investment Management $7.80 Macquarie 10.20 11.78 -13.41%
UBS 8.00 12.20 -34.43%
REH Reece $14.83 Macquarie 15.40 15.20 1.32%
Ord Minnett 16.00 18.50 -13.51%
RRL Regis Resources $1.55 UBS 1.70 1.80 -5.56%
RSG Resolute Mining $0.21 Macquarie 0.29 0.35 -17.14%
SUL Super Retail $10.04 Credit Suisse 14.05 13.97 0.57%
Macquarie 10.17 9.74 4.41%
Ord Minnett 11.20 11.00 1.82%
UBS 12.00 11.75 2.13%
WGN Wagners Holding Co $0.78 Morgans 0.90 1.10 -18.18%
Summaries
ABY Adore Beauty Buy - UBS Overnight Price $1.56
ACL Australian Clinical Labs Neutral - Citi Overnight Price $3.35
AMI Aurelia Metals Outperform - Macquarie Overnight Price $0.12
Downgrade to Hold from Buy - Ord Minnett Overnight Price $0.12
ANZ ANZ Bank Buy - Citi Overnight Price $24.99
Outperform - Credit Suisse Overnight Price $24.99
Neutral - Macquarie Overnight Price $24.99
Downgrade to Equal-weight from Overweight - Morgan Stanley Overnight Price $24.99
Hold - Morgans Overnight Price $24.99
Accumulate - Ord Minnett Overnight Price $24.99
BTH Bigtincan Holdings Overweight - Morgan Stanley Overnight Price $0.66
CBL Control Bionics Speculative Buy - Morgans Overnight Price $0.18
CIA Champion Iron Buy - Citi Overnight Price $5.24
Neutral - Macquarie Overnight Price $5.24
CMM Capricorn Metals Neutral - Macquarie Overnight Price $3.44
CSL CSL Overweight - Morgan Stanley Overnight Price $275.95
CTD Corporate Travel Management Neutral - Credit Suisse Overnight Price $17.47
Outperform - Macquarie Overnight Price $17.47
Overweight - Morgan Stanley Overnight Price $17.47
Buy - UBS Overnight Price $17.47
DCN Dacian Gold Neutral - Macquarie Overnight Price $0.14
DMP Domino's Pizza Enterprises Add - Morgans Overnight Price $60.43
DTL Data#3 Overweight - Morgan Stanley Overnight Price $6.57
ECX Eclipx Group Outperform - Credit Suisse Overnight Price $1.88
FMG Fortescue Metals Neutral - Citi Overnight Price $16.07
Neutral - Credit Suisse Overnight Price $16.07
Underperform - Macquarie Overnight Price $16.07
Underweight - Morgan Stanley Overnight Price $16.07
Reduce - Morgans Overnight Price $16.07
Hold - Ord Minnett Overnight Price $16.07
Sell - UBS Overnight Price $16.07
GOR Gold Road Resources Outperform - Macquarie Overnight Price $1.43
GUD G.U.D. Holdings Neutral - Citi Overnight Price $7.69
Buy - Ord Minnett Overnight Price $7.69
IEL IDP Education Outperform - Macquarie Overnight Price $28.63
IFL Insignia Financial Buy - Citi Overnight Price $3.10
Outperform - Credit Suisse Overnight Price $3.10
Overweight - Morgan Stanley Overnight Price $3.10
IPL Incitec Pivot Overweight - Morgan Stanley Overnight Price $3.65
JBH JB Hi-Fi Outperform - Credit Suisse Overnight Price $42.98
Underperform - Macquarie Overnight Price $42.98
Hold - Ord Minnett Overnight Price $42.98
Neutral - UBS Overnight Price $42.98
JHG Janus Henderson Sell - Citi Overnight Price $34.40
Equal-weight - Morgan Stanley Overnight Price $34.40
JMS Jupiter Mines Outperform - Macquarie Overnight Price $0.20
KAR Karoon Energy Outperform - Macquarie Overnight Price $2.13
Add - Morgans Overnight Price $2.13
KGN Kogan.com Upgrade to Neutral from Sell - UBS Overnight Price $3.31
LOV Lovisa Holdings Buy - Citi Overnight Price $24.02
LVH LiveHire Add - Morgans Overnight Price $0.22
LYC Lynas Rare Earths Outperform - Macquarie Overnight Price $8.34
MPL Medibank Private Equal-weight - Morgan Stanley Overnight Price $2.87
Hold - Morgans Overnight Price $2.87
MQG Macquarie Group Neutral - Citi Overnight Price $166.54
NCM Newcrest Mining Upgrade to Buy from Neutral - Citi Overnight Price $17.93
Outperform - Credit Suisse Overnight Price $17.93
Outperform - Macquarie Overnight Price $17.93
Overweight - Morgan Stanley Overnight Price $17.93
Hold - Ord Minnett Overnight Price $17.93
Neutral - UBS Overnight Price $17.93
NTO Nitro Software Equal-weight - Morgan Stanley Overnight Price $1.73
NUF Nufarm Outperform - Macquarie Overnight Price $5.58
PAN Panoramic Resources Upgrade to Outperform from Neutral - Macquarie Overnight Price $0.16
PNI Pinnacle Investment Management Outperform - Macquarie Overnight Price $8.09
Neutral - UBS Overnight Price $8.09
REH Reece Sell - Citi Overnight Price $15.21
Neutral - Macquarie Overnight Price $15.21
Underweight - Morgan Stanley Overnight Price $15.21
Downgrade to Hold from Buy - Ord Minnett Overnight Price $15.21
RRL Regis Resources Neutral - Credit Suisse Overnight Price $1.56
Underweight - Morgan Stanley Overnight Price $1.56
Neutral - UBS Overnight Price $1.56
RSG Resolute Mining Outperform - Macquarie Overnight Price $0.22
SUL Super Retail Outperform - Credit Suisse Overnight Price $9.99
Neutral - Macquarie Overnight Price $9.99
Hold - Ord Minnett Overnight Price $9.99
Buy - UBS Overnight Price $9.99
VHT Volpara Health Technologies Add - Morgans Overnight Price $0.62
WES Wesfarmers Buy - UBS Overnight Price $44.59
WGN Wagners Holding Co Hold - Morgans Overnight Price $0.78
WGX Westgold Resources Downgrade to Neutral from Outperform - Macquarie Overnight Price $0.75
WHC Whitehaven Coal Upgrade to Buy from Neutral - UBS Overnight Price $10.36
ZIP Zip Co Sell - UBS Overnight Price $0.62
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

41

2. Accumulate

1

3. Hold

32

5. Sell

10

Friday 28 October 2022

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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 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.