Australian Broker Call *Extra* Edition – Dec 14, 2022

This story features BEACON LIGHTING GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: BLX

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)

AKE   ALL   BLX   HDN   HMC   IGO   LRS   MGH   PMV   PTM   RTR   TNE   WES  

AKE    ALLKEM LIMITED

New Battery Elements – Overnight Price: $13.03

Goldman Sachs rates ((AKE)) as Initiation of coverage with Buy (1) –

Goldman Sachs initiates coverage on Allkem, describing the stock as its preferred lithium exposure. The broker finds Allkem to offer the best production outlook within its coverage, which support a four-fold increase of its lithium carbonate production by FY27.

The broker's outlook does account for near-term cost increases, but Allkem's optimisation strategy seeks to mitigate impacts by reducing costs, improving product mix and minimising inflation effects. 

The broker initiates with a Buy rating and a target price of 15.20.

This report was published on December 8, 2022.

Target price is $15.20 Current Price is $13.03 Difference: $2.17
If AKE meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $16.67, suggesting upside of 27.9%(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 98.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.2, implying annual growth of 63.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 58.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 131.7, implying annual growth of 13.3%.
Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 9.9.

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

 

BLX    BEACON LIGHTING GROUP LIMITED

Furniture & Renovation – Overnight Price: $1.99

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

Jarden upgrades Beacon Lighting to Overweight from Neutral, noting strength in construction as hardware retailers such as Metcash ((MTS)) pointing to strong forward orders, and a large residential construction backlog of ten months.

Beacon recently guided to a 25% uplift in sales, the impact of which the broker assumes will outweigh cost inflation, and expects the company's mix of trade and retail business will cushion it from a broader macro slowing.

Target price rises to $2.40 from $2.30.

This report was published on December 8, 2022.

Target price is $2.40 Current Price is $1.99 Difference: $0.415
If BLX meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 8.40 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.54.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 8.80 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.18.

Market Sentiment: 0.5
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: $1.29

Moelis rates ((HDN)) as Buy (1) –

HomeCo Daily Needs REIT has acquired Southlands Boulevard for $92.5m, with the asset boasting a triple supermarket anchoring and a 5.9 year weighted average lease expiry. Moelis notes settlement of the purchase is expected in February. 

Additionally, the REIT has committed to a $50m investment in HMC Capital's ((HMC)) Last Mile Logistics fund. The fund has acquired Menai Marketplace for $150m for its first seed asset, and Moelis expects strategy to be complementary to the REIT's  portfolio given assets look likely to be sub-regional shopping centres.

The Buy rating is retained and the target price increases to $1.49 from $1.48.

This report was published on December 9, 2022.

Target price is $1.49 Current Price is $1.29 Difference: $0.195
If HDN meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $1.37, suggesting upside of 4.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 8.30 cents and EPS of 8.60 cents.
At the last closing share price the estimated dividend yield is 6.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of -68.6%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 8.40 cents and EPS of 8.70 cents.
At the last closing share price the estimated dividend yield is 6.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 1.1%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 14.7.

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

HMC    HMC CAPITAL LIMITED

Wealth Management & Investments – Overnight Price: $4.44

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

Jarden observes HMC Capital is being held hostage to the general market malaise but the broker spies opportunities in the wings given the company's net cash position and low gearing.

While this might constrain growth in funds from operations, the broker says the chance to pick up attractively priced assets most likely outweighs this (although the time is not quite ripe).

In the meantime, the broker cuts FFO forecasts by -14% to -25% across FY23 to FY25.

Overweight rating retained. Target price falls to $5.90 from $6.70.

This report was published on December 8, 2022.

Target price is $5.90 Current Price is $4.44 Difference: $1.46
If HMC meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $5.61, suggesting upside of 24.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 12.00 cents and EPS of 23.90 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of -16.5%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 12.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of 15.9%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 17.6.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $14.90

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

Goldman Sachs reinitiates coverage on IGO, finding the company's future facing commodity portfolio defensive despite a declining lithium pricing environment ahead. The broker finds stakes in the Greenbushes mine and Kwinana lithium plant to be complementary to a nickel base business. 

The broker notes its longer-term lithium pricing expectations of US$1,000 per tonne appears already priced into the stock, which underpins its current rating. 

The broker reinitiates with a Neutral rating and target price of $14.40.

This report was published on December 8, 2022.

Target price is $14.40 Current Price is $14.90 Difference: minus $0.5 (current price is over target).
If IGO 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 $15.11, suggesting upside of 1.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 21.00 cents and EPS of 198.00 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.4, implying annual growth of 367.7%.
Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 7.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 71.00 cents and EPS of 180.00 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 190.4, implying annual growth of -6.8%.
Current consensus DPS estimate is 97.8, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 7.9.

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

LRS    LATIN RESOURCES LIMITED

Mining – Overnight Price: $0.12

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

Latin Resources has published an initial Mineral Resource Estimate of 13.3Mt for the Colina deposit at its Salinas Lithium Project in Brazil.

Bell Potter expects the miner will provide strong value accretion to the Salinas project and says its modelling is heavily risked for early stage assessment.

Buy rating retained. Target price rises to 22c from 18c.

This report was published on December 8, 2022.

Target price is $0.22 Current Price is $0.12 Difference: $0.095
If LRS meets the Bell Potter target it will return approximately 76% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.89.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.89.

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

MGH    MAAS GROUP HOLDINGS LIMITED

Building Products & Services – Overnight Price: $2.57

Goldman Sachs rates ((MGH)) as Initiation of coverage with Buy (1) –

Goldman Sachs initiates coverage on Maas Group, a leading provider of property, construction and infrastructure solutions with a strong presence in regional Australia. The broker appreciates the strong focus on delivering attractive return on capital. 

Goldman Sachs expects high quality real estate income to become Maas Group's largest source of earnings over the next three years, and that the market is undervaluing how the company's civil and construction operations are able to supplement its property development operations and deliver best-in-class margins and asset turnover.

The broker initiates coverage with a Buy rating and a target price of $4.20.

This report was published on December 9, 2022.

Target price is $4.20 Current Price is $2.57 Difference: $1.63
If MGH meets the Goldman Sachs target it will return approximately 63% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 6.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.28.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 8.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.29.

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

PMV    PREMIER INVESTMENTS LIMITED

Apparel & Footwear – Overnight Price: $25.12

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

Premier Investments has provided a second out-of-cycle upgrade for financial year-to-date sales, the company outpacing consensus and Shaw and Partners forecasts by a decent clip.

Global sales are 24.9% above pre-covid levels and Shaw and Partners observes the company is successfully cycling re-opening from the first half, logging record trading generally; and record global online sales for a trading week through Black Friday sales.

The broker notes the balance sheet is well positioned to undertake accretive mergers and acquisitions, estimating deals could add 20% to 30% to EPS. 

While caution pervades heading into 2023, the broker believes the company is cheap, boasting earnings (EBIT) margins of 23%, low inventory turndowns, and is trading on a multiple of 85x, which compares with international rivals of 14x and domestic competitors of 10x.

EPS forecasts rise 4% in FY23; 3% in FY24; and 3% in FY25.

Buy rating retained. Target price rises to $28.14 from $27.10.

This report was published on December 8, 2022.

Target price is $28.14 Current Price is $25.12 Difference: $3.02
If PMV meets the Shaw and Partners target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $25.89, suggesting upside of 3.1%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 80.80 cents and EPS of 161.60 cents.
At the last closing share price the estimated dividend yield is 3.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 144.6, implying annual growth of -19.4%.
Current consensus DPS estimate is 100.9, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 78.40 cents and EPS of 156.70 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.8, implying annual growth of -0.6%.
Current consensus DPS estimate is 106.4, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.5.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $1.77

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

Platinum Asset Management's November funds-under-management update shows strong investment returns, but coupled with large outflows of -$365m.

On balance Bell Potter observes funds under management rose 5.9% to $18.175bn from $17.165m in October.

While the broker suspects the funds manager may have passed its nadir, it does not expect a rapid recovery.

EPS forecasts rise 4.4% in 2023; 8.2% in 2024; and 9.9% in 2025.

Hold rating retained. Target price rises to $1.75 from $1.64.

This report was published on December 8, 2022.

Target price is $1.75 Current Price is $1.77 Difference: minus $0.02 (current price is over target).
If PTM meets the Bell Potter target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.73, suggesting downside of -1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 15.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 8.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.8, implying annual growth of -15.6%.
Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 8.2%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 14.00 cents and EPS of 12.40 cents.
At the last closing share price the estimated dividend yield is 7.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.0, implying annual growth of -5.4%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 12.5.

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

RTR    RUMBLE RESOURCES LIMITED

Mining – Overnight Price: $0.24

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

Rumble Resources' initial estimate for it Earaheedy Mineral Resource is expected to be announced in the June half, and Bell Potter points to the company's belief that it will be a Giant or Super Giant scale deposit.

Meanwhile, the company announced positive processing capital and operating costs.

Speculative Buy retained. Target price falls to 45c from 60c after the broker updates its model assumptions.

This report was published on December 8, 2022.

Target price is $0.45 Current Price is $0.24 Difference: $0.205
If RTR meets the Bell Potter target it will return approximately 84% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.13.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.13.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $13.98

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

TechnologyOne's full year result has beaten expectations, underpinned by the company's cloud software as a service transition, but Goldman Sachs remains more focused on the how the company is building towards sustainable annual recurring revenue growth once tailwinds from the transition wind up in FY24. 

Goldman Sachs believes TechnologyOne can comfortably surpass annual recurring revenue of $500m in FY26, with the FY22 result only increasing its confidence. Further, successful execution of cross-sell opportunities could derive material upside. 

The Neutral rating is retained and the target price increases to $14.45 from $13.10.

This report was published on December 9, 2022.

Target price is $14.45 Current Price is $13.98 Difference: $0.47
If TNE meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $13.36, suggesting downside of -4.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 19.60 cents and EPS of 31.50 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.9, implying annual growth of 12.3%.
Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 45.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 22.70 cents and EPS of 36.50 cents.
At the last closing share price the estimated dividend yield is 1.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.2, implying annual growth of 17.2%.
Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 38.6.

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

WES    WESFARMERS LIMITED

Consumer Products & Services – Overnight Price: $48.04

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

Goldman Sachs finds market valuations for Wesfarmers' Mt Holland lithium project to be overdone. Despite peak valuations of $6.5bn, the broker maintains its $2.6bn valuation following analysis of the opportunity, and accounting for the latest lithium price estimates. Peak valuations imply a further $3.50 per share upside to the broker's current target price. 

Elsewhere, the broker lifts its valuation for Kmart Group, reflecting a more resilient consumer heading into the holiday period, but does remain cautious given softening discretionary spending and rising competition. 

The Sell rating is retained and the target price increases to $40.60 from $38.70.

This report was published on December 8, 2022.

Target price is $40.60 Current Price is $48.04 Difference: minus $7.44 (current price is over target).
If WES meets the Goldman Sachs target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $48.11, suggesting upside of 0.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 174.00 cents and EPS of 205.00 cents.
At the last closing share price the estimated dividend yield is 3.62%.
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 209.3, implying annual growth of 0.7%.
Current consensus DPS estimate is 177.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 22.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 171.00 cents and EPS of 201.00 cents.
At the last closing share price the estimated dividend yield is 3.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.2, implying annual growth of 4.3%.
Current consensus DPS estimate is 184.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 21.9.

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

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Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

As part of emerging new trends overseas, The Australian Broker Call *Extra* Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.

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