Australian Broker Call *Extra* Edition – Jul 19, 2022

This story features EAGERS AUTOMOTIVE LIMITED, and other companies. For more info SHARE ANALYSIS: APE

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

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

APE   BGA   CAI   CLW   CMM   CQR   DCN   ELD   EML   ERD   EVN   EVS   FFX   GCY   GEN   GOR   GTK   HDN   IEL   JIN   NST   OCL   OGC   PPH   PRU   RED   RMS   RRL   RSG   SBM   SKO   SLR   TGR   VGL   WGX   WPR   WTC  

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $11.68

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

Eagers Automotive's June-half update outpaced guidance and Bell Potter's forecasts, although management did not specify the source of the beat. 

Bell Potter suspects it comes from the margin, while the pre-tax profit probably benefited from the sale of Bill Buckle Auto Group for $8m more than the broker forecast.

Net corporate debt also tumbled to $13m from $128m half-on-half, prior to the ACT dealerships acquisition of $205m.

All up, the broker expects softness in the core business; orders to remain strong; and benefits from the cost programs to continue.

The broker raises its average cost of capital assumptions and cuts the target price to $14.75 from $15.50. Buy rating retained.

This report was published on July 13, 2022.

Target price is $14.75 Current Price is $11.68 Difference: $3.07
If APE meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $14.19, suggesting upside of 21.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 47.50 cents and EPS of 117.10 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.9, implying annual growth of -16.2%.
Current consensus DPS estimate is 66.9, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 47.50 cents and EPS of 91.60 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.8, implying annual growth of -7.7%.
Current consensus DPS estimate is 60.6, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 12.1.

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

BGA    BEGA CHEESE LIMITED

Dairy – Overnight Price: $3.35

Goldman Sachs rates ((BGA)) as Downgrade to Sell from Neutral (5) –

Goldman Sachs highlights Bega Cheese's FY23 guidance is significantly below Bloomberg consensus earnings forecasts.

The broker downgrades earnings estimates by -6% & -56% for FY22 & FY23, respectively, due to higher farmgate milk prices (up 15-20%) from falling milk supplies, squeezing already compressed margins. 

A Sell rating and the price target is lowered by -37% to $3.25 from $5.15.

This report was published on July 14, 2022.

Target price is $3.25 Current Price is $3.35 Difference: minus $0.1 (current price is over target).
If BGA meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.30, suggesting downside of -1.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 11.00 cents and EPS of 13.40 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 25.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of -47.3%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 4.60 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of -21.5%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 29.6.

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

CAI    CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.64

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

A Speculative Buy rating retained for Calidus Resources. Target price falls to $1.00 from $1.05.

This report was published on July 13, 2022.

Target price is $1.00 Current Price is $0.64 Difference: $0.36
If CAI meets the Canaccord Genuity target it will return approximately 56% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents.

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

CLW    CHARTER HALL LONG WALE REIT

REITs – Overnight Price: $4.47

JP Morgan rates ((CLW)) as Neutral (3) –

The REIT sector appears oversold to JP Morgan, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for Charter Hall Long WALE REIT to $4.70 from $4.90 and retains its Neutral rating.

This report was published on July 14, 2022.

Target price is $4.70 Current Price is $4.47 Difference: $0.23
If CLW meets the JP Morgan target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.97, suggesting upside of 11.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 31.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 6.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.4, implying annual growth of -73.2%.
Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 27.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 6.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.6, implying annual growth of -5.9%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 15.6.

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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $3.20

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

Buy rating retained for Capricorn Metals and the broker notes the company is  more resilient to cost pressures as a low-cost, high margin producer.

Target price falls to $3.90 from $4.00.

This report was published on July 13, 2022.

Target price is $3.90 Current Price is $3.20 Difference: $0.7
If CMM meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 27.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.85.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 30.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.67.

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

CQR    CHARTER HALL RETAIL REIT

REITs – Overnight Price: $3.92

JP Morgan rates ((CQR)) as Neutral (3) –

The REIT sector appears oversold to JP Morgan, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for Charter Hall Retail REIT to $4.30 from $4.40 and retains its Neutral rating.

This report was published on July 14, 2022.

Target price is $4.30 Current Price is $3.92 Difference: $0.38
If CQR meets the JP Morgan target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.08, suggesting upside of 4.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 24.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.4, implying annual growth of -44.2%.
Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 25.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 6.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.6, implying annual growth of -2.8%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 14.2.

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

DCN    DACIAN GOLD LIMITED

Gold & Silver – Overnight Price: $0.09

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

A Hold rating is maintained on Dacian Gold and the price target is raised to $0.10 from $0.09.

This report was published on July 13, 2022.

Target price is $0.10 Current Price is $0.09 Difference: $0.01
If DCN meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents.

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $11.99

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

Bell Potter's monthly statistical tally of Elders' indicators show cattle slaughter turnoff has exceeded forecasts while sheep turnoff has disappointed. Wool volumes have slowed and soil moisture indicators are consistent on the east coast and drier on the west.

Urea prices have retreated -40% and the broker's agchem index is down -26%.

The broker doubts FY23 will be able to replicate the FY22 performance. Hold rating retained.

Target price falls to $13.15 from $15.50.

This report was published on July 13, 2022.

Target price is $13.15 Current Price is $11.99 Difference: $1.16
If ELD meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $15.20, suggesting upside of 26.8%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 56.00 cents and EPS of 103.30 cents.
At the last closing share price the estimated dividend yield is 4.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.5, implying annual growth of 0.7%.
Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 12.4.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 50.00 cents and EPS of 88.30 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 91.3, implying annual growth of -5.4%.
Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 13.1.

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

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $1.10

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

EML Payments announces the resignation of Tom Cregan, its founder, largest shareholder and CEO, and the appointment of Emma Shand to CEO, notes Canaccord Genuity.

The broker retains a cautious approach to the company with multiple issues (shareholder class action, CBI regulatory issues, continuing downgrades) clouding the outlook.

Canaccord Genuity reduces earnings forecasts by -1% and -17% for FY22 and FY23, respectively.

The brokers sees the potential for further earnings forecast downgrades but highlights EML Payments may be in play following earlier discussions with Bain Capital.

The price target is lowered to $1.50 from $2.00.

This report was published on July 12, 2022.

Target price is $1.50 Current Price is $1.10 Difference: $0.4
If EML meets the Canaccord Genuity target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 157.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 7.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.2, implying annual growth of 82.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.4.

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

ERD    EROAD LIMITED

Transportation & Logistics – Overnight Price: $2.00

Jarden rates ((ERD)) as Neutral (3) –

In reviewing the New Zealand Technology sector, Jarden assumes most of the rise in bond yields has occurred, with potential downside risk to peak interest rate assumptions. The focus is now trained on earnings risk with a backdrop of slowing demand.

The broker reiterates its preference for Pushpay Holdings and Vista International, which both have market-leading positions.

For Eroad, the broker estimates more than 35% of its current valuation is backed by explicit cashflow expectations over the next ten years. It's thought value is supported by the profitable New Zealand business and growth potential exists in North America.

However, operational uncertainty in North America and recent management churn keeps the broker's rating at Neutral, while the target falls to NZ$2.75 from NZ$3.00.

This report was published on July 13, 2022.

Current Price is $2.00. Target price not assessed.
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.74 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 53.42.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.46 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 57.75.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $2.31

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

The broker upgrades Evolution Mining to a Buy from a Hold rating. The price target is lowered to $2.70 from $2.80.

This report was published on July 13, 2022.

Target price is $2.70 Current Price is $2.31 Difference: $0.39
If EVN meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.05, suggesting upside of 31.9%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 16.2, implying annual growth of -19.8%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY23:

Current consensus EPS estimate is 19.4, implying annual growth of 19.8%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 11.9.

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

EVS    ENVIROSUITE LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.16

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

EnviroSuite's June-quarter sales update met or exceeded Bell Potter's forecasts.

Annual Recurring Revenue was well spread across divisions notes the broker, and churn was lower than expected.

Buy rating retained. Target price falls -6% to 23c.

This report was published on July 13, 2022.

Target price is $0.23 Current Price is $0.16 Difference: $0.07
If EVS meets the Bell Potter target it will return approximately 44% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.33.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.00.

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

FFX    FIREFINCH LIMITED

Gold & Silver – Overnight Price: $0.20

Canaccord Genuity rates ((FFX)) as Under Review (-1) –

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

The price target and recommendation for Firefinch are Under Review.

This report was published on July 13, 2022.

Current Price is $0.20. Target price not assessed.

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

GCY    GASCOYNE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.24

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

Speculative Buy rating retained for Gascoyne Resources. Target price falls to 45c from 47c.

This report was published on July 13, 2022.

Target price is $0.45 Current Price is $0.24 Difference: $0.21
If GCY meets the Canaccord Genuity target it will return approximately 88% (excluding dividends, fees and charges).

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

GEN    GENMIN LIMITED

Iron Ore – Overnight Price: $0.23

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

Genmin has executed a royalty agreement with Anglo American, along with an exclusivity period to negotiate project funding and off-take from the company's Baniaka iron ore project in Gabon.

Under the deal, Anglo will receive a 1% sales revenue royalty in return for a US$10m immediate cash payment, applied to the first 75Mt production. Genmin retains the right to buy back the royalty at any time at a predetermined internal rate of return.

Bell Potter considers the deal to be timely and smart, expecting it will leave Genmin with $25m cash post deal, enabling it to effortlessly finalise offtake deals with several companies by mid 2023. It also views it as an endorsement of the Baniaka project.

Speculative Buy rating retained. Target price rises to 48c from 45c.

This report was published on July 13, 2022.

Target price is $0.48 Current Price is $0.23 Difference: $0.25
If GEN meets the Bell Potter target it will return approximately 109% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.20.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.78.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.15

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

Gold Road Resources  has Buy rating and price target is reduced to $1.80 from $1.85.

This report was published on July 13, 2022.

Target price is $1.80 Current Price is $1.15 Difference: $0.65
If GOR meets the Canaccord Genuity target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $1.68, suggesting upside of 46.4%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 10.6, implying annual growth of 153.6%.
Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY23:

Current consensus EPS estimate is 12.9, implying annual growth of 21.7%.
Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 3.3%.
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

GTK    GENTRACK GROUP LIMITED

Software & Services – Overnight Price: $1.34

Jarden rates ((GTK)) as Neutral (3) –

In reviewing the New Zealand Technology sector, Jarden assumes most of the rise in bond yields has occurred, with potential downside risk to peak interest rate assumptions. The focus is now trained on earnings risk with a backdrop of slowing demand.

The broker reiterates its preference for Pushpay Holdings and Vista International, which both have market-leading positions.

For Gentrack Group, the analyst is wary of short-term customer risks from a more competitive environment, and requires further detail on growth plans before incorporating upside into its forecasts.

The Neutral rating and NZ$1.55 target price are unchanged.

This report was published on July 13, 2022.

Current Price is $1.34. Target price not assessed.
The company's fiscal year ends in September.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.47 cents and EPS of minus 8.42 cents.
At the last closing share price the estimated dividend yield is 0.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.91.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 89.45.

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

HDN    HOMECO DAILY NEEDS REIT

REITs – Overnight Price: $1.36

JP Morgan rates ((HDN)) as Overweight (1) –

The REIT sector appears oversold to JP Morgan, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for HomeCo Daily Needs REIT to $1.55 from $1.60 and retains its Overweight rating.

This report was published on July 14, 2022.

Target price is $1.55 Current Price is $1.36 Difference: $0.19
If HDN meets the JP Morgan target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $1.50, suggesting upside of 10.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 8.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 5.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 56.4%.
Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 8.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 5.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.0, implying annual growth of 1.1%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 15.1.

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

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $26.10

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

Goldman Sachs remains very positive on the long-term structural growth opportunities for IDP Education as international student markets expand with Indian placements a key element of the growth.

The broker notes the rise in student arrivals to Australia to 74% or pre-pandemic levels and forecasts a return to pre-pandemic levels by FY23.

The scope for IDP Education to grow market share in the UK & Canada from current levels of 2-3%, compared to 15% in Australia is highlighted.

Goldman Sachs adjusts earnings forecasts marginally, up 0.1% and up 0.2% for FY22 & FY23, respectively.

A Buy rating and target price maintained at $35.50.

This report was published on July 12, 2022.

Target price is $35.50 Current Price is $26.10 Difference: $9.4
If IEL meets the Goldman Sachs target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $35.18, suggesting upside of 34.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 22.00 cents and EPS of 37.20 cents.
At the last closing share price the estimated dividend yield is 0.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.1, implying annual growth of 167.0%.
Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 68.5.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 41.00 cents and EPS of 58.10 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.3, implying annual growth of 60.9%.
Current consensus DPS estimate is 46.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 42.6.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $13.02

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

Goldman Sachs sees the preliminary results update from Jumbo Interactive as lower than expectations and the FactSet consensus forecasts.

Jumbo Interactive's FY22 earnings miss and the lower than expected FY23 margins guidance against a positive trading jackpot environment poses a -6% risk to the broker's FY23 earnings forecasts (currently in line with consensus).

The broker notes the difference between company guidance is due to potential cost increases. The price target is maintained at $17.33. Neutral.

This report was published on July 15, 2022.

Target price is $17.33 Current Price is $13.02 Difference: $4.31
If JIN meets the Goldman Sachs target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $17.53, suggesting upside of 34.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 45.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.0, implying annual growth of 18.1%.
Current consensus DPS estimate is 41.7, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 25.5.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 52.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.3, implying annual growth of 20.2%.
Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 21.2.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $6.77

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

Northern Star Resources is one of the broker's top picks due to the robust growth profile, the strength of the balance sheet and its scale to manage the tighter labour conditions.

Buy rating retained. Target price falls to $12.55 from $12.65.

This report was published on July 13, 2022.

Target price is $12.55 Current Price is $6.77 Difference: $5.78
If NST meets the Canaccord Genuity target it will return approximately 85% (excluding dividends, fees and charges).
Current consensus price target is $11.05, suggesting upside of 63.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2256.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.3, implying annual growth of -77.1%.
Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 25.7.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1354.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.5, implying annual growth of 61.6%.
Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 15.9.

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

OCL    OBJECTIVE CORPORATION LIMITED

IT & Support – Overnight Price: $15.15

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

Objective's trading update for FY22 is in line with Goldman Sachs' forecasts.

The company explains the ongoing strong trading conditions for all the business segments and more details will be available in the FY22 earnings results, notes the broker.

Goldman Sachs is positive about the company's defensive qualities (strong balance sheet, high margins & recurring revenue) but concerns around the medium term growth prospects and the elevated valuation constrain the broker's outlook.

A Neutral rating is retained and the price target rises to $16.85 from $16.60.

This report was published on July 15, 2022.

Target price is $16.85 Current Price is $15.15 Difference: $1.7
If OCL meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 11.40 cents and EPS of 20.70 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 73.19.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 15.20 cents and EPS of 27.60 cents.
At the last closing share price the estimated dividend yield is 1.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 54.89.

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

OGC    OCEANAGOLD CORP

Gold & Silver – Overnight Price: $2.72

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

OceanaGold's Buy rating is retained. Target price eases to $3.40 from $3.90.

This report was published on July 13, 2022.

Target price is $3.40 Current Price is $2.72 Difference: $0.68
If OGC meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).

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

PPH    PUSHPAY HOLDINGS LIMITED

Software & Services – Overnight Price: $1.17

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

In reviewing the New Zealand Technology sector, Jarden assumes most of the rise in bond yields has occurred, with potential downside risk to peak interest rate assumptions. The focus is now trained on earnings risk with a backdrop of slowing demand.

The broker reiterates its preference for Pushpay Holdings and Vista International, which both have market-leading positions.They also offer growth upside and operate in sectors considered to be relatively defensive in the face of slowing economies.

Beyond a potential takeover for Pushpay Holdings, the analyst feels value is supported, as total giving to faith institutions in the US has declined only once in the past 40 years.

The target price increases to NZ$1.50 from NZ$1.45 and the Overweight rating is unchanged.

This report was published on July 13, 2022.

Current Price is $1.17. Target price not assessed.
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.15 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.19.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.71 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.87.

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

PRU    PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $1.60

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

As a West African producer Perseus Mining  is less exposed to cost pressures compared to the West Australian peers, says Canaccord Genuity and remains a top pick.

Buy rating retained. Target price falls to $2.30 from $2.40.

This report was published on July 13, 2022.

Target price is $2.30 Current Price is $1.60 Difference: $0.7
If PRU meets the Canaccord Genuity target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $2.10, suggesting upside of 31.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 1.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.5, implying annual growth of 114.2%.
Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 7.8.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 1.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 15.1%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 6.8.

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

RED    RED 5 LIMITED

Gold & Silver – Overnight Price: $0.23

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

Speculative Buy rating retained. Target price falls to 38c from 40c.

This report was published on July 13, 2022.

Target price is $0.38 Current Price is $0.23 Difference: $0.15
If RED meets the Canaccord Genuity target it will return approximately 65% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.98

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

Ramelius Resources' Buy rating retained. Target price falls to $1.80 from $1.95.

This report was published on July 13, 2022.

Target price is $1.80 Current Price is $0.98 Difference: $0.82
If RMS meets the Canaccord Genuity target it will return approximately 84% (excluding dividends, fees and charges).
Current consensus price target is $1.57, suggesting upside of 60.2%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 8.8, implying annual growth of -43.7%.
Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY23:

Current consensus EPS estimate is 12.3, implying annual growth of 39.8%.
Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 8.0.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.55

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

Regis Resources' rating is maintained as Hold and the price target is retained at $1.60.

This report was published on July 18, 2022.

Target price is $1.60 Current Price is $1.55 Difference: $0.05
If RRL meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.10, suggesting upside of 35.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.8, implying annual growth of -78.0%.
Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 26.7.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 177.6%.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 9.6.

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 – Overnight Price: $0.25

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

Cannacord Genuity retains a Speculative Buy rating and the price target is reduced to 55c from 65c for Resolute Mining.

This report was published on July 13, 2022.

Target price is $0.55 Current Price is $0.25 Difference: $0.3
If RSG meets the Canaccord Genuity target it will return approximately 120% (excluding dividends, fees and charges).

This company reports in USD. 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

SBM    ST. BARBARA LIMITED

Gold & Silver – Overnight Price: $0.88

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

Hold rating retained for St. Barbara. Target price is reduced to 85c from 90c.

This report was published on July 13, 2022.

Target price is $0.85 Current Price is $0.88 Difference: minus $0.03 (current price is over target).
If SBM meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.26, suggesting upside of 43.5%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 2.2, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 40.0.

Forecast for FY23:

Current consensus EPS estimate is 7.7, implying annual growth of 250.0%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 11.4.

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

SKO    SERKO LIMITED

Software & Services – Overnight Price: $3.53

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

In reviewing the New Zealand Technology sector, Jarden assumes most of the rise in bond yields has occurred, with potential downside risk to peak interest rate assumptions. The focus is now trained on earnings risk with a backdrop of slowing demand.

The broker reiterates its preference for Pushpay Holdings and Vista International, which both have market-leading positions.They also offer growth upside and operate in sectors considered to be relatively defensive in the face of slowing economies.

For Serko, the analyst feels the FY25 revenue target of NZ$100m versus FY22's NZ$19m is optimistic, and draws attention to both an increasing cost base and a lack of revenue from new markets.

The Underweight rating is retained and the target price decreases to NZ$3.90 from NZ$4.50.

This report was published on July 13, 2022.

Current Price is $3.53. Target price not assessed.
Current consensus price target is $5.57, suggesting upside of 57.6%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 28.27 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.49.

How do these forecasts compare to market consensus projections?

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

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 20.22 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -11.7, 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.

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

SLR    SILVER LAKE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.31

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

Silver Lake Resources' Buy rating is retained. Target price falls to $1.80 from $2.05.

This report was published on July 13, 2022.

Target price is $1.80 Current Price is $1.31 Difference: $0.49
If SLR meets the Canaccord Genuity target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $2.08, suggesting upside of 58.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.2, implying annual growth of -35.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.2.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.0, implying annual growth of 108.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.7.

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

TGR    TASSAL GROUP LIMITED

Aquaculture – Overnight Price: $4.87

Goldman Sachs rates ((TGR)) as No Rating (-1) –

Tassal Group continues to benefit from strong pricing for Atlantic Salmon in both the domestic wholesale and export markets says Goldman Sachs.

The broker expects the favourable pricing to be maintained where margins continue to benefit and costs rises remain controlled compared to the dairy and poultry processing businesses.

Goldman Sachs upgrades earnings forecasts for Tassal Group  by 5% & 12% for FY22 & FY23, respectively with higher salmon margins from increased sales through the domestic channels.

There is no rating.

This report was published on July 17, 2022.

Current Price is $4.87. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 17.70 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.79.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 20.90 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 4.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.91.

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

VGL    VISTA GROUP INTERNATIONAL LIMITED

Software & Services – Overnight Price: $1.54

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

In reviewing the New Zealand Technology sector, Jarden assumes most of the rise in bond yields has occurred, with potential downside risk to peak interest rate assumptions. The focus is now trained on earnings risk with a backdrop of slowing demand.

The broker reiterates its preference for Pushpay Holdings and Vista International, which both have market-leading positions.They also offer growth upside and operate in sectors considered to be relatively defensive in the face of slowing economies.

For Vista International, the analyst points out the majority of its cinema software earnings are defensive, in that they are linked to the performance of cinema exhibitors and therefore box office revenues.

The Overweight rating is maintained and the target price increases to NZ$2.10 from NZ$2.00.

This report was published on July 13, 2022.

Current Price is $1.54. Target price not assessed.
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.41 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 109.53.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.19 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 823.53.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.16

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

Canaccord Genuity provides a June QTR22 production and all in costs update for gold producers ahead of the earnings results season.

The broker forecasts rising all in costs of 7% for the gold producers and has lowered the long-term gold price by -4.4% to US$2002/oz.

Higher costs are forecast to offset any positive  of a higher AUD gold price says Canaccord Genuity.

Across Canaccord Genuity's universe of gold stocks the price targets have reduced by an average of -5% due to the lower gold price forecast and unlikely to change until the Fed shifts from its "hawkish" monetary stance.

Westgold Resources' Buy rating is retained. Target price falls to $2.00 from $2.30.

This report was published on July 13, 2022.

Target price is $2.00 Current Price is $1.16 Difference: $0.84
If WGX meets the Canaccord Genuity target it will return approximately 72% (excluding dividends, fees and charges).

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

WPR    WAYPOINT REIT LIMITED

REITs – Overnight Price: $2.52

JP Morgan rates ((WPR)) as Overweight (1) –

The REIT sector appears oversold to JP Morgan, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for Waypoint REIT to $2.90 from $3.00 and retains its Overweight rating.

This report was published on July 14, 2022.

Target price is $2.90 Current Price is $2.52 Difference: $0.38
If WPR meets the JP Morgan target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.64, suggesting upside of 4.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 17.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 6.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of -71.5%.
Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 16.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of N/A.
Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 15.5.

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

WTC    WISETECH GLOBAL LIMITED

Cloud services – Overnight Price: $47.29

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

WiseTech Global upgraded both revenue and earnings guidance for FY22, ahead of expectations noted Goldman Sachs.

The broker explains the revenue strength from the core Cargo Wise business (estimated to have grown 43% in the 2H22 from 29% in the 1H22) was a significant contributor to the upgrade, in the absence of price increases and meaningful acquisitions.

Goldman Sachs awaits the FY22 results (Aug 24) for clarification of the factors underpinning WiseTech Global's earnings growth, including costs reductions, price increases and the split between new contracts versus accelerated rollouts.

The Neutral rating is retained and the price target rises by 7% to $48.

This report was published on July 15, 2022.

Target price is $48.00 Current Price is $47.29 Difference: $0.71
If WTC meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $47.96, suggesting upside of 1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 8.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 0.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 85.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.4, implying annual growth of 60.5%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 88.6.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 10.00 cents and EPS of 68.00 cents.
At the last closing share price the estimated dividend yield is 0.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 69.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.4, implying annual growth of 28.1%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 69.1.

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

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