Australian Broker Call *Extra* Edition – Aug 11, 2022

This story features ADRIATIC METALS PLC, and other companies. For more info SHARE ANALYSIS: ADT

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)

ADT   ALU   APX   ASX   AZJ   BHP   CAR   CIP   CRN (2)   CTM   DHG   DUB   DVP   DXC   IAG   MP1   MYX (2)   NAB   NHF   NIC   NWS   OZL   PEX   RDY (2)   REA   SDF   SFR (2)   SUN   SZL   WAF   WTC   XRO   ZIP  

ADT    ADRIATIC METALS PLC

Gold & Silver – Overnight Price: $2.12

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

Canaccord Genuity review its base metals, bulk materials, and specialty minerals and metals coverage after the June quarter reporting season, and notes construction at Adriatic Metals's Vares is progressing with long-lead items committed.

The broker also spies potential for resource growth at Rupice after recent exploration success.

Buy rating retained. Target price eases to $3.95 from $4.25 to reflect the impact of inflation on operating expenditure. 

This report was published on August 5, 2022.

Target price is $3.95 Current Price is $2.12 Difference: $1.83
If ADT meets the Canaccord Genuity target it will return approximately 86% (excluding dividends, fees and charges).

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

ALU    ALTIUM

Hardware & Equipment – Overnight Price: $30.66

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

In anticipation of FY22 results for Altium, Jarden maintains its Underweight rating and lowers its target price to $28.60 from $29.60.

The analyst expects benefits from a recovering printed circuits board (PCB) market offset by a rising cost base. Results are due on August 22.

This report was published on August 9, 2022.

Target price is $28.60 Current Price is $30.66 Difference: minus $2.06 (current price is over target).
If ALU meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $31.55, suggesting upside of 0.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 EPS of 54.17 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.9, implying annual growth of N/A.
Current consensus DPS estimate is 49.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 58.4.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 67.08 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.9, implying annual growth of 20.4%.
Current consensus DPS estimate is 59.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 48.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

APX    APPEN LIMITED

IT & Support – Overnight Price: $4.79

Bell Potter rates ((APX)) as Downgrade to Sell from Hold (5) –

Bell Potter downgrades Appen to a Sell from Neutral following the 1H22 earnings update and outlook.

Appen provided little to no guidance for forward earnings and flagged less reliability in "the conversion of forward orders to sales".

Earnings forecasts and the price target from Bell Potter are unchanged, however the analyst points out the stock is trading above the price target, which equates to a -15% return.

Short term the 1H22 results may provide a bounce with the bad news negatively discounted, but beyond the broker expresses concerns on advertising spend, competition and the lack of earnings visibility.

Sell rating and a $4.25 price target.

This report was published on August 9, 2022.

Target price is $4.25 Current Price is $4.79 Difference: minus $0.54 (current price is over target).
If APX meets the Bell Potter target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.70, suggesting downside of -5.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 3.00 cents and EPS of 4.10 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 116.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of -47.9%.
Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 30.8.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 3.00 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 36.6%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 22.5.

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $83.92

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

Jarden expects interest rate exposures will impact FY23 outlooks for Diversified Financials in the current reporting season.

For the ASX, the broker sees few surprises given the disclosure of monthly trading statistics. The Underweight rating is maintained, while the target price rises to $76.10 from $73.10.

This report was published on August 5, 2022.

Target price is $76.10 Current Price is $83.92 Difference: minus $7.82 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $82.25, suggesting downside of -2.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 235.90 cents and EPS of 262.00 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 263.0, implying annual growth of 5.9%.
Current consensus DPS estimate is 236.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 32.2.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 252.90 cents and EPS of 280.90 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 282.5, implying annual growth of 7.4%.
Current consensus DPS estimate is 254.1, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 30.0.

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

AZJ    AURIZON HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $3.89

Jarden rates ((AZJ)) as Neutral (3) –

Following FY22 results for Aurizon Holdings, Jarden raises FY23-25 EPS forecasts by 4%, 9% and 13%, respectively. These upgrades reflect a higher assumed weighted average cost of capital (WACC) for the Network business.

The Neutral rating is maintained and the broker lowers its target to $3.90 from $4.15 on an increase in capex and net debt associated with the OneRail acquisition.

Given the strong outcomes for Iron Ore and Agriculture over the past few years, the analyst holds concerns for earnings growth should performances soften. The Bulk division is now expected to shoulder the full burden of overall company growth.

Jarden awaits Aurizon's submission to the Queensland Competition Authority to ascertain the build-up of its WACC calculation. The submission is due during August.

This report was published on August 9, 2022.

Target price is $3.90 Current Price is $3.89 Difference: $0.01
If AZJ meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $3.86, suggesting downside of -0.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 21.50 cents and EPS of 28.60 cents.
At the last closing share price the estimated dividend yield is 5.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, implying annual growth of 0.1%.
Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 13.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 18.50 cents and EPS of 24.60 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.6, implying annual growth of 2.5%.
Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 13.5.

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

BHP    BHP GROUP LIMITED

Bulks – Overnight Price: $38.30

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

BHP Group has announced a non-binding indicative proposal to buy all the shares in OZ Minerals ((OZL)) in cash through a scheme of arrangement for $25 a share.

The OZ Minerals board has unanimously rejected the offer (which reflected BHP's view of the deteriorating operating environment), believing it does not reflect the long-term value of the decarbonisation play and considers it to be opportunistic.

The board says it also fails to incorporate operational synergies between Olympic Dam, and the nearby Carrapateena and Prominent Hill mines; and similarly between Nickel West and West Musgrave.

Goldman Sachs says under the proposal, BHP's bid to buy all of OZ Minerals for $25 a share would have been reduced by the value of dividends or return of capital paid by OZ Minerals before the implementation date (save the 8c a share dividend for the June 30 half).

The broker says BHP's bid for Australian assets highlights potential risks associated with the proposed Chilean government royalty and the timing of reinvestment in Spence and Escondida; and that even should BHP develop its own copper options, it would only deliver a 1% compound annual growth rate over a decade.

Target price slips to $39.70. Buy rating retained, the broker noting favourable multiples relative to peers, which should be sustainable through superior margins and operating performance, copper growth, and reduced iron-ore replacement and decarbonisation capital expenditure; on top of a leading position in the metallurgical seaborne coal market.

Buy rating retained.

This report was published on August 9, 2022.

Target price is $39.70 Current Price is $38.30 Difference: $1.4
If BHP meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $42.35, suggesting upside of 9.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 402.78 cents and EPS of 618.06 cents.
At the last closing share price the estimated dividend yield is 10.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 605.6, implying annual growth of N/A.
Current consensus DPS estimate is 557.4, implying a prospective dividend yield of 14.4%.
Current consensus EPS estimate suggests the PER is 6.4.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 198.61 cents and EPS of 331.94 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 562.9, implying annual growth of -7.1%.
Current consensus DPS estimate is 414.8, implying a prospective dividend yield of 10.7%.
Current consensus EPS estimate suggests the PER is 6.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CAR    CARSALES.COM LIMITED

Automobiles & Components – Overnight Price: $21.49

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

In anticipation of FY22 results for Carsales, Jarden maintains its Underweight rating and increases its target price to $21.40 from $20.00.

As management has largely pre-guided, the broker is looking for an update on the international business and commentary around potential pricing moves to offset any softness in the domestic car market.

This report was published on August 9, 2022.

Target price is $21.40 Current Price is $21.49 Difference: minus $0.09 (current price is over target).
If CAR meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $22.98, suggesting upside of 4.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 50.30 cents and EPS of 68.80 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.9, implying annual growth of 30.8%.
Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 33.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 58.90 cents and EPS of 77.80 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.6, implying annual growth of 16.0%.
Current consensus DPS estimate is 64.8, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 28.4.

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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.01

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

The FY22 result for Centuria Industrial REIT was in-line with upgraded guidance though Jarden notes FY23 guidance for 18.2cpu funds from operations (FFO) and a 17.0cpu dividend were below market expectations.

The broker lowers its target price to $3.65 from $3.90 and retains its Overweight rating, noting a sub-sector tailwind from less than 1% east coast vacancy and limited downtime for leases. An around -30% discount to net tangible assets for the REIT is considered overdone.

This report was published on August 5, 2022.

Target price is $3.65 Current Price is $3.01 Difference: $0.64
If CIP meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $3.55, suggesting upside of 16.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.00 cents and EPS of 17.10 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.8, implying annual growth of -72.0%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.40 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 1.2%.
Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 17.9.

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $1.70

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

Bell Potter assesses the 1H22 Coronado Global Resources results as marginally better than anticipated with slightly higher earnings and an interim dividend of US7.5c versus US6.0c.

Company guidance for FY22 is retained with the broker highlighting a strong 2H22 will need to be achieved from unit costs and higher coal output from Curragh.

Coronado Global Resources remains focused on production growth at Curragh, a strong balance sheet and returning excess cashflow to shareholders with limited supply side expansion in the absence of acquistions, explains the broker.

The Buy rating is maintained and the price target is raised to $2.05 from $1.95.

This report was published on August 9, 2022.

Target price is $2.05 Current Price is $1.70 Difference: $0.35
If CRN meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $2.45, suggesting upside of 42.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 53.00 cents and EPS of 80.00 cents.
At the last closing share price the estimated dividend yield is 31.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.5, implying annual growth of N/A.
Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 28.3%.
Current consensus EPS estimate suggests the PER is 2.3.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 57.08 cents and EPS of 418.06 cents.
At the last closing share price the estimated dividend yield is 33.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 0.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.1, implying annual growth of -28.7%.
Current consensus DPS estimate is 36.8, implying a prospective dividend yield of 21.4%.
Current consensus EPS estimate suggests the PER is 3.2.

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

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

Coronado Global Resources' June-half result outpaced Goldman Sach's forecasts by a decent clip, and the dividend also nosed out the broker.

Management cut 2022 saleable production guidance, but the broker says the bottom of the range still implies a record run rate for the second half from Curragh. 

Goldman Sachs says the company is on track to deliver record free cash flow in the December.

EPS forecasts fall -3% in FY22; and -70% in FY23 to reflect lower forecast prices for metallurgical coal and a softer US production outlook in the medium term. 

Target price falls to 1.85 from $2.15. Buy rating retained on valuation.

This report was published on August 9, 2022.

Target price is $1.85 Current Price is $1.70 Difference: $0.15
If CRN meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.45, suggesting upside of 42.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 75.00 cents and EPS of 89.17 cents.
At the last closing share price the estimated dividend yield is 44.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.5, implying annual growth of N/A.
Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 28.3%.
Current consensus EPS estimate suggests the PER is 2.3.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 25.00 cents and EPS of 11.11 cents.
At the last closing share price the estimated dividend yield is 14.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.1, implying annual growth of -28.7%.
Current consensus DPS estimate is 36.8, implying a prospective dividend yield of 21.4%.
Current consensus EPS estimate suggests the PER is 3.2.

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

CTM    CENTAURUS METALS LIMITED

Nickel – Overnight Price: $1.03

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

Canaccord Genuity reviews its base metals, bulk materials, and specialty minerals and metals coverage after the June-quarter reporting season.

The broker suggests continued infill drilling and pit optimisation at Centaurus Metals should improve the upcoming resource estimate and the 2023 definitive feasibility study.

After including its last price deck in updated modeling, the broker revises up development operating and capital expenditure estimate by roughly -15% to account for inflation.

Buy rating retained. Target price falls to $1.70 from $1.80.

This report was published on August 5, 2022.

Target price is $1.70 Current Price is $1.03 Difference: $0.67
If CTM meets the Canaccord Genuity target it will return approximately 65% (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

DHG    DOMAIN HOLDINGS AUSTRALIA LIMITED

Real Estate – Overnight Price: $3.90

Jarden rates ((DHG)) as Neutral (3) –

In anticipation of FY22 results for Domain Holdings Australia, Jarden maintains its Neutral rating and lowers its target price to $3.60 from $3.80.

Despite the company's shares being already sold down heavily, the broker is cautious on the upcoming result given its number two position in the market, behind REA Group ((REA)).

This report was published on August 9, 2022.

Target price is $3.60 Current Price is $3.90 Difference: minus $0.3 (current price is over target).
If DHG meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.35, suggesting upside of 8.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 EPS of 9.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.0, implying annual growth of 71.2%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 40.1.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 10.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.8, implying annual growth of 18.0%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 34.0.

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

DUB    DUBBER CORPORATION LIMITED

Cloud services – Overnight Price: $0.69

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

Dubber Corp reported disappointing 4Q22 results with FY22 revenues -11% below Shaw and Partners expectation of $36m.

As the broker explains, the company struggled to convert new service providers and contracts into annual recurring revenues, while experiencing a higher cash burn from telco related delays and higher head counts in overseas markets.

Shaw and Partners downgrades earnings forecasts with revenue estimates down -11% for FY22 and -19% for FY23.

The target price is lowered to $1.40 from $2.67, adjusting for a higher cost of capital and a lower multiple on recurring revenues in line with other cloud companies.

 A Buy rating is retained.

This report was published on August 9, 2022.

Target price is $1.40 Current Price is $0.69 Difference: $0.71
If DUB meets the Shaw and Partners target it will return approximately 103% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 EPS of minus 16.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.21.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 EPS of minus 11.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.11.

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

DVP    DEVELOP GLOBAL LIMITED

Industrial Metals – Overnight Price: $2.56

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

Canaccord Genuity reviews its base metals, bulk materials, and specialty minerals and metals coverage after the June-quarter reporting season and notes Develop Global has completed the Woodlawn acquisition and updated the underground zinc resource.

An update for Sulphur springs is expected by September 30.

The broker upgrades operating expenditure estimates to account for inflation.

Speculative Buy rating retained. Target price eases to $5.05 from $5.20.

This report was published on August 5, 2022.

Target price is $5.05 Current Price is $2.56 Difference: $2.49
If DVP meets the Canaccord Genuity target it will return approximately 97% (excluding dividends, fees and charges).

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

DXC    DEXUS CONVENIENCE RETAIL REIT

REITs – Overnight Price: $3.02

Moelis rates ((DXC)) as Buy (1) –

Moelis assesses the FY22 result for Dexus Convenience Retail REIT, which came in-line with guidance but marked a downgrade in the company's outlook earnings for FY23 from higher interest rates.

Dexus Convenience Retail REIT sold 4 assets over the second half at a 4% premium to the book value, however, the analyst notes there is some weakness in pricing emerging with slowing volumes. 

The NTA rose 5% to $4.03, gearing levels of 32% remain in the target range and the borrowings are 59% hedged across FY23 and FY24.

Moelis' earnings forecasts are lowered by -4.2% and -4.6% for FY23 and FY24, respectively.

Buy rating retained. Target price is lowered to $3.83 from $3.90.

This report was published on August 8, 2022.

Target price is $3.83 Current Price is $3.02 Difference: $0.81
If DXC meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 22.20 cents and EPS of 22.40 cents.
At the last closing share price the estimated dividend yield is 7.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.48.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 22.70 cents and EPS of 22.90 cents.
At the last closing share price the estimated dividend yield is 7.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.19.

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

IAG    INSURANCE AUSTRALIA GROUP LIMITED

Insurance – Overnight Price: $4.59

Jarden rates ((IAG)) as Buy (1) –

Jarden expects softer results for General Insurers (GI) in the reporting season due to large investment mark-to-market losses compounding elevated CAT costs, particularly for domestic GI's.

Insurance Australia Group has pre-announced headline FY22 metrics and the broker expects the focus will be on the drivers for underlying margins and claims inflation/reserving. The target rises to $5.40 from $5.35. Buy.

This report was published on August 5, 2022.

Target price is $5.40 Current Price is $4.59 Difference: $0.81
If IAG meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $4.88, suggesting upside of 5.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 11.00 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 2.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, implying annual growth of N/A.
Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 39.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 28.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 6.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.1, implying annual growth of 152.9%.
Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 15.4.

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

MP1    MEGAPORT LIMITED

Cloud services – Overnight Price: $8.56

Goldman Sachs rates ((MP1)) as Buy (1) –

Megaport's FY22 result appears to have satisfied Goldman Sachs, thanks to a strong earnings (EBITDA) trajectory.

The company's July restructure and reduced headcount also augurs well for FY23 costs, says the broker.

Contracts and PartnerVantage numbers have risen sharply and the broker expects conversions will rise over time.

Buy rating retained. Target price rises to $10.30 from $9.60.

This report was published on August 9, 2022.

Target price is $10.30 Current Price is $8.56 Difference: $1.74
If MP1 meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $11.16, suggesting upside of 22.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 71.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 285.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.1, 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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.36

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

Mayne Pharma has received Federal Drug Administration approval for its generic Nuvaring product, which will be marketed as Haloette – fourth time lucky.

But Canaccord Genuity says the protracted approval has come too late for the company to meet initial forecasts given competitors received earlier approval, reducing the size of the prospect.

The broker also notes that investor attention has shifted to Nexstellis, which has IP protection, marketing exclusivity and the opportunity to divest the contract services business, easing balance-sheet pressure.

Buy rating and 55c target price retained.

This report was published on August 8, 2022.

Target price is $0.55 Current Price is $0.36 Difference: $0.19
If MYX meets the Canaccord Genuity target it will return approximately 53% (excluding dividends, fees and charges).

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

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

Final approval by the FDA of Mayne Pharma's Nuvaring generic, Haloette, is positive, however, Wilsons views the FDA delays since 2018 as lowering the growth opportunities following the entry of other products into the market.

Wilsons considers the sales opportunity for Mayne Pharma as some US$10m and a 5-10% market share on an total addressable market of US$140-$150m.

The current earnings forecast has no contribution from Haloette in FY22.

The Overweight rating and $0.32 price target are retained.

This report was published on August 8, 2022.

Target price is $0.32 Current Price is $0.36 Difference: minus $0.04 (current price is over target).
If MYX meets the Wilsons target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.36.

Forecast for FY23:

Wilsons forecasts a full year FY23 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 360.00.

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

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $30.22

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

National Australia Bank's June-quarter earnings missed Goldman Sachs' estimates by -2% due to weaker revenue, as did pre-provision operating profit.

Lower expenses and bad and doubtful debts softened the blow.

But the broker spies an impending September benefit from June-quarter increases in the cash rate and therefore considers the update to be broadly in-line.

Buy rating and $34.37 target price.

This report was published on August 9, 2022.

Target price is $34.37 Current Price is $30.22 Difference: $4.15
If NAB meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $31.58, suggesting upside of 4.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 151.00 cents and EPS of 215.00 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 211.3, implying annual growth of 9.5%.
Current consensus DPS estimate is 148.8, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 168.00 cents and EPS of 237.00 cents.
At the last closing share price the estimated dividend yield is 5.56%.
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 232.4, implying annual growth of 10.0%.
Current consensus DPS estimate is 163.3, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 13.1.

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $7.19

Jarden rates ((NHF)) as Neutral (3) –

Jarden expects solid FY22 results for the private health insurers in the upcoming reporting season.

To date, nib Holdings has experienced covid-related profit benefits, which offset weaker travel impacted divisions, though the broker now sees increasing affordability pressures.

The Neutral rating is retained and the target rises to $7.00 from $6.90.

This report was published on August 5, 2022.

Target price is $7.00 Current Price is $7.19 Difference: minus $0.19 (current price is over target).
If NHF meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.09, suggesting downside of -2.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 18.00 cents and EPS of 26.10 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.6, implying annual growth of -18.8%.
Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 25.3.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 24.00 cents and EPS of 34.50 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.8, implying annual growth of 25.2%.
Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 20.3.

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

NIC    NICKEL INDUSTRIES LIMITED

Nickel – Overnight Price: $1.08

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

Nickel Mines' June-quarter production and earnings outpaced Canaccord Genuity's forecasts by a hefty clip but costs also outpaced, resulting in margin compression.

Looking ahead, the broker is cautious as price weakness emerges within a high-cost environment.

Earnings (EBITDA) forecasts fall -18% in 2022, -34% in 2023; and -22% in 2024.

The company's cash position at the end of the June-quarter missed the broker's forecast by more than -50% due to slower cash-flow and timing issues from capital raisings.

Rating downgraded to Hold from Buy. Target price falls to $1.10 from $1.40.

This report was published on August 5, 2022.

Target price is $1.10 Current Price is $1.08 Difference: $0.02
If NIC meets the Canaccord Genuity target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.60, suggesting upside of 41.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 5.56 cents and EPS of 5.56 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.44.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 5.56 cents and EPS of 5.56 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of 33.8%.
Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 6.2.

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

NWS    NEWS CORPORATION

Print, Radio & TV – Overnight Price: $26.36

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

News Corp's June quarter earnings sharply outpaced consensus and Goldman Sachs' forecasts.

Buy rating and $32 target price retained.

This report was published on August 8, 2022.

Target price is $32.00 Current Price is $26.36 Difference: $5.64
If NWS meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $34.53, suggesting upside of 30.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 112.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.6, implying annual growth of N/A.
Current consensus DPS estimate is 34.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 22.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 127.78 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.2, implying annual growth of 30.0%.
Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 17.1.

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

OZL    OZ MINERALS LIMITED

Copper – Overnight Price: $25.40

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

Shaw and Partners does not spare the praise for the turnaround in the trading performance of OZ Minerals under the stewardship of CEO, Andrew Cole.

The analyst highlights the company is now one of the best copper companies in Australia and most likely the world.

As such, Shaw and Partners sees BHP Group's $25 per share offer as "opportunistic" and represents a valuation at the low of the global commodity cycle.

No surprises then there is scope for more potential interest in the company and Shaw and Partners has upgraded the valuation to reflect a higher takeover premium.

The price target is raised to $30 from $22 and the Buy rating is retained.

This report was published on August 9, 2022.

Target price is $30.00 Current Price is $25.40 Difference: $4.6
If OZL meets the Shaw and Partners target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $24.00, suggesting downside of -6.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 26.00 cents and EPS of 139.70 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 91.1, implying annual growth of -42.9%.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 28.2.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 32.00 cents and EPS of 146.30 cents.
At the last closing share price the estimated dividend yield is 1.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.2, implying annual growth of 24.3%.
Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 0.8%.
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

PEX    PEEL MINING LIMITED

Mining – Overnight Price: $0.22

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

Canaccord Genuity reviews its base metals, bulk materials, and specialty minerals and metals coverage after the June-quarter reporting season and notes Peel Mining has delivered exceptional results from Mallee Bull and expects an updated resource this quarter.

The broker revises its price deck, and capital expenditure and operating expenditure assumptions to account for inflation.

Speculative Buy rating retained. Target price falls to 50c from 60c.

This report was published on August 5, 2022.

Target price is $0.50 Current Price is $0.22 Difference: $0.28
If PEX meets the Canaccord Genuity target it will return approximately 127% (excluding dividends, fees and charges).

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

RDY    READYTECH HOLDINGS LIMITED

Software & Services – Overnight Price: $3.13

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

Goldman Sachs upgrades ReadyTech's target price to $4.75 from $4.60 heading into the FY22 result today, expecting a strong result.

Buy rating retained.

This report was published on August 9, 2022.

Target price is $4.75 Current Price is $3.13 Difference: $1.62
If RDY meets the Goldman Sachs target it will return approximately 52% (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 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.08.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.56.

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

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

ReadyTech's Open Office has met its final earn-out target of $22m and recurring revenue of $15.25m, and Shaw and Partners is impressed by management's ability to extract revenue and growth from acquisitions, believing it bodes well for the recently purchased IT Vision.

ReadyTech is one of the broker's top picks, and Shaw expects Open Office to add another 3% at the group level and spies a revenue beat in the wings.

Buy rating and $4.40 target price retained.

This report was published on August 8, 2022.

Target price is $4.40 Current Price is $3.13 Difference: $1.27
If RDY meets the Shaw and Partners target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 8.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.40.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.20.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $127.31

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

REA Group's FY22 result fell shy of consensus and Goldman Sachs' forecasts, but cash conversion impressed, further strengthening the balance sheet.

The company improved its audience lead over Domain Group ((DHG)).

The broker notes residential new listings rose 7%, as Sydney listing rose 18% and Melbourne's 6%; and predicts the residential buy yield growth should be in the double digits in FY23.

At the group level, the broker expects investment in India to rise, which should raise group operating expenditure growth to the low double digits, above Goldman Sachs's forecast.

Buy rating retained and REA Group remains on the broker's conviction list. Target price is steady at $164.

This report was published on August 10, 2022.

Target price is $164.00 Current Price is $127.31 Difference: $36.69
If REA meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $132.55, suggesting downside of -1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 164.00 cents and EPS of 344.00 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 331.8, implying annual growth of N/A.
Current consensus DPS estimate is 183.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 40.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 398.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 374.4, implying annual growth of 12.8%.
Current consensus DPS estimate is 205.9, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 35.9.

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

SDF    STEADFAST GROUP LIMITED

Insurance – Overnight Price: $5.39

Jarden rates ((SDF)) as Downgrade to Neutral from Overweight (3) –

Jarden expects FY22 results at the top-end of guidance and strong FY23 outlooks for general insurance brokers.

The rating for Steadfast Group is lowered to Neutral from Overweight on valuation after recent share price appreciation, explains the analyst. The target is increased to $5.25 from $5.10.

This report was published on August 5, 2022.

Target price is $5.25 Current Price is $5.39 Difference: minus $0.14 (current price is over target).
If SDF meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.90, suggesting upside of 9.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 13.10 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 2.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, implying annual growth of 25.1%.
Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 26.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 14.90 cents and EPS of 23.30 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 7.7%.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 24.2.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $4.64

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

Sandfire Resources' June-quarter copper and zinc results outpaced Canaccord Genuity's estimates, thanks largely to a strong performance from De Grussa, which appears to be ending its mine life with a bang.

Net debt also proved a beat, thanks to lower than forecast capital expenditure and free cash flow from operations.

Costs, however, rose 34% quarter on quarter (thanks largely to rising energy prices), and the broker cuts earnings (EBITDA) forecasts -13% accordingly.

Guidance also disappointed but De Grussa's strength staved off a downgrade in FY23 earnings.

Hold rating and $4.50 target price retained. 

This report was published on August 8, 2022.

Target price is $4.50 Current Price is $4.64 Difference: minus $0.14 (current price is over target).
If SFR 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 $5.66, suggesting upside of 17.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 8.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.4, implying annual growth of N/A.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 10.00 cents and EPS of minus 0.10 cents.
At the last closing share price the estimated dividend yield is 2.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4640.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of -59.4%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 20.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

Sandfire Resources's June-quarter result proved a mixed bag, and overall disappointed Goldman Sachs.

Copper and zinc results outpaced Goldman Sachs's forecasts by 15% and 2%, thanks to higher mining and milling rates and head grades, but group unit costs for copper missed both the broker and consensus by -20% as higher energy costs hit Matsa.

Meanwhile, the Motheo copper project in Botswana is on track but capital expenditure is rising.

EPS forecasts fall -6% in FY22; -38% in FY23 and -6% in FY24 to reflect higher costs, depreciation and amortisation, and weaker-than-expected copper production from Matsa.

Neutral rating retained. Target price falls to $4.40 from $4.80.

This report was published on August 5, 2022.

Target price is $4.40 Current Price is $4.64 Difference: minus $0.24 (current price is over target).
If SFR meets the Goldman Sachs target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.66, suggesting upside of 17.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 8.30 cents and EPS of 42.00 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 11.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.4, implying annual growth of N/A.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 4.30 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of -59.4%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 20.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $11.45

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

Following FY22 results for Suncorp Group, Jarden sees underlying insurance trading ratios (ITRs) moving higher in FY23 and FY24 due to higher yields and the acceleration of Home and Motor premium rates rise.

While FY22 cash profit was broadly in-line with the broker's forecast and the consensus estimate, operating division profit was an -8% miss versus Jarden as a result of higher one-off re-insurance costs and lower reserve releases. The target falls to $13.00 from $13.20.

The analyst had expected a 20cps final dividend and 17cps was declared. The Overweight rating is unchanged.

This report was published on August 9, 2022.

Target price is $13.00 Current Price is $11.45 Difference: $1.55
If SUN meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $13.11, suggesting upside of 12.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 94.70 cents and EPS of 92.20 cents.
At the last closing share price the estimated dividend yield is 8.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.5, implying annual growth of 68.2%.
Current consensus DPS estimate is 68.7, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 41.00 cents and EPS of 90.30 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.3, implying annual growth of 9.7%.
Current consensus DPS estimate is 77.2, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 11.7.

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

SZL    SEZZLE INC

Diversified Financials – Overnight Price: $0.97

Jarden rates ((SZL)) as Sell (5) –

Following the removal of a research restriction on Sezzle, Jarden alters forecasts for the changed macroeconomic backdrop.

The broker expects the company to be cash flow breakeven in FY27 as per guidance and be self-funding until then, unless Jarden's targets for free cash flow burn/expenses go unmet.

The broker sets a $0.80 target price, with a Sell rating.

This report was published on August 2, 2022.

Target price is $0.80 Current Price is $0.97 Difference: minus $0.17 (current price is over target).
If SZL meets the Jarden target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 44.44 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.18.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 31.53 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.08.

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

WAF    WEST AFRICAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.40

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

West African Resources has published a feasibility study for the Kiaka gold project, delineating a long mine life of 18.5 years and large-scale production with low technical challenges.

The company also updates Kiaka's Resource and Reserve mineral estimate by 9%, and its group ore reserve by 365%.

All this broadly met Shaw and Partners' expectations, although the broker's modeling implies a -4% to -5% reduction in the internal rate of return after accounting for a -US$45m payment to B2Gold for the project acquisition.

Buy recommendation retained. Target price rises to $1.55 from $1.47.

This report was published on August 8, 2022.

Target price is $1.55 Current Price is $1.40 Difference: $0.15
If WAF meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 17.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.95.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.33.

Market Sentiment: 1.0
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: $53.41

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

In anticipation of FY22 results for WiseTech Global, Jarden maintains its Overweight rating and increases its target price to $53 from $52.

As the market is cautious on the slowdown in global trade volumes, the analyst believes the focus will be on the outlook commentary. 

Even if commentary is weak, the broker feels investors should pause before reacting, due to the company's offsetting strong cash position and M&A track record.

This report was published on August 9, 2022.

Target price is $53.00 Current Price is $53.41 Difference: minus $0.41 (current price is over target).
If WTC meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $47.21, suggesting downside of -13.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 EPS of 54.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 97.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of 64.7%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 99.7.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 53.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 100.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.9, implying annual growth of 33.0%.
Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 75.0.

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $93.81

Jarden rates ((XRO)) as Buy (1) –

In anticipation of 3Q results for Xero, Jarden maintains its Buy rating and lowers its target price to $107.90 from $118.6.

The target price is impacted by the broker's higher weighted average cost of capital (WACC) assumption from higher risk-free rates.

This report was published on August 9, 2022.

Target price is $107.90 Current Price is $93.81 Difference: $14.09
If XRO meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $98.88, suggesting upside of 2.2%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, 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 317.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.2, implying annual growth of 126.9%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 139.8.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ZIP    ZIP CO LIMITED

Business & Consumer Credit – Overnight Price: $1.23

Jarden rates ((ZIP)) as Neutral (3) –

Following the removal of a research restriction on Zip Co, Jarden updates for performance since the 1Q of FY22 and allows for the changed macroeconomic backdrop.

The broker expects the company to be cash flow breakeven in FY24 as per guidance and be self-funding until then.

Full year results are due on August 25. The broker sets a $1.20 target price, with a Neutral rating.

This report was published on August 9, 2022.

Target price is $1.20 Current Price is $1.23 Difference: minus $0.03 (current price is over target).
If ZIP meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.71, suggesting downside of -44.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 57.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -38.5, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 44.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -30.0, 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: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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