Australian Broker Call *Extra* Edition - Jan 25, 2023

Daily Market Reports | Jan 25 2023

This story features AIC MINES LIMITED, and other companies. For more info SHARE ANALYSIS: A1M

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

A1M BPT CAI CCX (3) CHN COE CVN DEG DSE ELD FDV FPH GDG IGL IMD KAR LOT LTR (3) NAN (3) NCZ PDN PEB PEN PLS PME (2) PNR RBL RDT RWC SLX STO TIE TLX VHT WDS WHC (2)

A1M AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.49

Shaw and Partners rates ((A1M)) as Buy (1) –

AIC Mines's December-quarter report appears to have disappointed Shaw and Partners, due to continuing truck availability issues.

Once this is resolved, the broker expects access to the Macy North deposit will enable full-year guidance to be maintained.

Meanwhile, the broker observes the Lens 6 discovery is yielding exceptional drilling results; Jericho will make a big contribution to mine-life, volume and costs, and awaits the completion of the Demetallica acquisition, which it claims wil be "game-changing" for Eloise.

Buy recommendation and 74c target price retained.

This report was published on January 24, 2023.

Target price is $0.73 Current Price is $0.49 Difference: $0.24
If A1M meets the Shaw and Partners target it will return approximately 49% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.41.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.58.

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

BPT BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.59

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

In a recent sector review, Jarden is forecasting a reduction in oil and gas prices in 2023 over 2022, despite the ongoing Ukraine/Russia war.

The broker expects a -27% decline in the LNG price to US$25/mmbtu from US$34.3/mmbtu and an average Brent price of US$85/bbl in 2023, some -14% below the 2022 level of US$99/bbl.

With the December 2022 quarter production report (January 31) forecast to come in below market consensus, alongside potential cost and delay issues at Waitsia with the contractor Clough placed into administration, Beach Energy has near term headwinds.

However Jarden is looking for the company's outlook to improve over 2H23 with the connection of four Thylacine wells and the near shore Enterprise well, alongside exploration drilling results from the Perth Basin.

An Overweight rating is retained although patience for the value accretion may be needed, notes the broker. The target remains at $1.95.

This report was published on January 19, 2023.

Target price is $1.95 Current Price is $1.59 Difference: $0.36
If BPT meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $1.89, suggesting upside of 20.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 2.00 cents and EPS of 18.30 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 8.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 7.4%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 6.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.50 cents and EPS of 29.30 cents.
At the last closing share price the estimated dividend yield is 4.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.1, implying annual growth of 14.8%.
Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 5.8.

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

CAI CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.39

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

Canaccord Genuity highlights that Calidus Resources announced a new discovery at the Blue Spec Project which is located 70km from the Warrawoona Mine, a resource of 190oz at 24.4g/t gold.

The broker also notes the company started commercial production at the Warrawoona mine with processing at the mill reaching 191kt of ore in December after ramp up problems post the first pour in May 2022.

A Speculative Buy rating is retained alongside the 85c price target.

This report was published on January 19, 2023.

Target price is $0.85 Current Price is $0.39 Difference: $0.46
If CAI meets the Canaccord Genuity target it will return approximately 118% (excluding dividends, fees and charges).

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

CCX CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $0.69

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

Canaccord Genuity revises FY23-25 revenue forecasts by 1%, 4% and -12%, respectively, for City Chic Collective following a 1H trading update. It's felt the nadir for earnings (EBITDA) margins has been reached.

Management expects promotional activity will slow from the 3Q and believes fulfilment objectives will aid 2H margins, while the inventory balance should stabilise in the 4Q of FY23. The analyst expects the company's FY23 target range for inventory will be achieved.

The Buy rating and $1.05 target are unchanged.

This report was published on January 23, 2023.

Target price is $1.05 Current Price is $0.69 Difference: $0.355
If CCX meets the Canaccord Genuity target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $0.63, suggesting downside of -10.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.4, 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:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.9, implying annual growth of N/A.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 24.1.

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

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

Goldman Sachs is cautiously optimistic following the latest trading update from City Chic Collective with the company showing signs of a stablisation in the trading trends and an improving balance sheet position.

Of note is the better than expected de-stocking of inventory to a guided range of $125-$135m compared to expectations of $139m.

The broker envisages a potential recapitalisation of the company post the debt renegotiation and relaxation of the debt covenants.

Minor earnings forecast adjustments of -2.9% for FY24. A Neutral rating due to ongoing concerns around trading conditions and margin improvement.

The target is raised to $0.69 from $0.42

This report was published on January 23, 2023.

Target price is $0.69 Current Price is $0.69 Difference: minus $0.005 (current price is over target).
If CCX meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.63, suggesting downside of -10.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.4, 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 EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.9, implying annual growth of N/A.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 24.1.

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

Wilsons rates ((CCX)) as Market Weight (3) –

Wilsons observes ongoing promotions undermined gross margins for City Chic Collective in the recent trading update with management guiding to 1H23 EBITDA in a range of -$2.5 to -$4m, compared to the broker's forecast of -$1.4m.

The company managed to increase debt facilities and relax the debt covenants over the period.

Wilsons is looking to the 1H23 results announcement on February 27 for more operational updates and strategy plans for the business.

The broker lowers EBITDA estimates by -210.5% and -69.9% for FY23 and FY24, respectively.

Market Weight rating is retained and the target is raised 41.3% to 65c on the back of adjusted valuation as well as potential corporate activity.

This report was published on January 23, 2023.

Target price is $0.65 Current Price is $0.69 Difference: minus $0.045 (current price is over target).
If CCX meets the Wilsons target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.63, suggesting downside of -10.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.4, 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:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 49.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.9, implying annual growth of N/A.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 24.1.

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

CHN CHALICE MINING LIMITED

Industrial Metals – Overnight Price: $6.67

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

From Bell Potter's gold stocks under coverage the broker particularly likes prospects for Regis Resources ((RRL)) and Gold Road ((GOR)), while Tulla Resources ((TUL)) and Pantoro ((PNR)) are favoured among the smaller names.

For the gold sector, the broker feels higher costs are generally priced in and that margin expansion will be driven by a rising gold price in 2023.

For Buy-rated Chalice Mining the broker sets an $11.73 target. The major exploration and resource drill-out program at its 100% owned Julimar Project is ongoing.

This report was published on January 23, 2023.

Target price is $11.73 Current Price is $6.67 Difference: $5.06
If CHN meets the Bell Potter target it will return approximately 76% (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

COE COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.19

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

In a recent sector review, Jarden is forecasting a reduction in oil and gas prices in 2023 over 2022, despite the ongoing Ukraine/Russia war.

The broker expects a -27% decline in the LNG price to US$25/mmbtu from US$34.3/mmbtu and an average Brent price of US$85/bbl in 2023, some -14% below the 2022 level of US$99/bbl.

Ongoing production problems at the Orbost Gas Processing Plant (OGPP) proved to be a drag on sentiment and share price performance for Cooper Energy in 2022, notes Jarden.

While acknowledging there is ongoing scope for disappointment in the near term from lower than expected FY23 production guidance, the broker is more upbeat once Cooper Energy takes over the operations of OGPP from APA Group ((APA)) and commissions the sulphur removal unit in October 2023.

An Overweight rating and 26c price target are retained.

This report was published on January 19, 2023.

Target price is $0.26 Current Price is $0.19 Difference: $0.07
If COE meets the Jarden target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $0.26, suggesting upside of 36.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 38.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 47.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.3, implying annual growth of 21.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.3.

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

CVN CARNARVON ENERGY LIMITED

Crude Oil – Overnight Price: $0.15

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

In a recent sector review, Jarden is forecasting a reduction in oil and gas prices in 2023 over 2022, despite the ongoing Ukraine/Russia war.

The broker expects a -27% decline in the LNG price to US$25/mmbtu from US$34.3/mmbtu and an average Brent price of US$85/bbl in 2023, some -14% below the 2022 level of US$99/bbl.

Jarden assesses Carnarvon Energy is in more of a holding pattern with the company dependent on forthcoming news flows from the Dorado and Pavo North projects, of which the company has a 20% and 30% interest, respectively.

A potential increase in costs for the addition of a pipeline at the Dorado project, as highlighted by the operator Santos ((STO)) could provide more of a funding challenge for Carnarvon Energy, although it could also raise the value of the project, notes the broker.

An Overweight rating and 22c target are retained.

This report was published on January 19, 2023.

Target price is $0.22 Current Price is $0.15 Difference: $0.07
If CVN meets the Jarden target it will return approximately 47% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.50.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.50.

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

DEG DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $1.57

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

For the gold sector, the broker feels higher costs are generally priced in and that margin expansion will be driven by a rising gold price in 2023.

For Buy-rated De Grey Mining, the analyst sets a $1.80 target.

This report was published on January 23, 2023.

Target price is $1.80 Current Price is $1.57 Difference: $0.23
If DEG meets the Bell Potter target it will return approximately 15% (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

DSE DROPSUITE LIMITED

Cloud services – Overnight Price: $0.23

Shaw and Partners rates ((DSE)) as initiation of Coverage with Buy (1) –

Shaw and Partners initiates coverage of Dropsuite with a Buy rating and a 30c price target.

The broker is looking to a 24% compound growth rate in annual recurring revenue (ARR) over the next three years which would deliver FY25 ARR of $49m.

Notably the company is expected to achieve these forecast growth rates while remaining profitable and cashflow positive, notes the analyst.

Shaw and Partners views upside risk to the earnings forecasts with a debt free balance sheet and $22m cash on hand to enable potential acquisitions.

Buy rating with an appealing valuation of 4.7x EV/R multiple or a -6% discount to comparable profitable companies. A 30c price target.

This report was published on January 24, 2023.

Target price is $0.30 Current Price is $0.23 Difference: $0.075
If DSE meets the Shaw and Partners target it will return approximately 33% (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 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 112.50.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 112.50.

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

ELD ELDERS LIMITED

Agriculture – Overnight Price: $10.02

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

As headwinds are emerging in the existing Elders business, Bell Potter feels additional earnings streams may be sought, as indicated by a recent move by the company onto the NZ-based PGG Wrightson share register.

PGG Wrightson is a market leading full service agricultural supplies and services business operating across the rural supply chain throughout NZ, explains the analyst.

The broker runs the numbers on a potential takeover and estimates synergies of NZ$11-14m could be generated. Any EPS accretion is considered contingent on achievement of those synergies and the use of debt funding.

The target falls to $10.75 from $11.00. Hold.

This report was published on January 23, 2023.

Target price is $10.75 Current Price is $10.02 Difference: $0.73
If ELD meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $12.37, suggesting upside of 23.0%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 50.00 cents and EPS of 79.10 cents.
At the last closing share price the estimated dividend yield is 4.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.6, implying annual growth of -14.9%.
Current consensus DPS estimate is 49.7, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 48.00 cents and EPS of 68.80 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.0, implying annual growth of 0.5%.
Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 11.3.

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

FDV FRONTIER DIGITAL VENTURES LIMITED

Online media & mobile platforms – Overnight Price: $0.79

Bell Potter rates ((FDV)) as Speculative Buy (1) –

Bell Potter believes investors should grasp the opportunity to buy shares of Frontier Digital Ventures on any weakness, ahead of an anticipated improvement in sentiment toward emerging markets.

The broker has noticed an increase in recent ETF flows into emerging regions and markets relevant to Frontier Digital Ventures. It's felt these flows, along with a weaker US dollar and a re-opening in China, have improved the outlook for these markets and the company.

The Buy rating and target price of $1.23 are retained.

This report was published on January 23, 2023.

Target price is $1.23 Current Price is $0.79 Difference: $0.445
If FDV meets the Bell Potter target it will return approximately 57% (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 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.69.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 56.07.

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

FPH FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $23.18

Wilsons rates ((FPH)) as Under Review (-1) –

Wilsons is reviewing the earnings forecasts, price target and rating post Fisher & Paykel Healthcare's trading update which showed FY23 revenue guidance some 10% in excess of consensus and 13% ahead of the broker's forecast.

Cost guidance remained the same, inferring a potential FY23 earnings forecast upgrade of 20%, boosted by the surge in Chinese covid cases as well higher demand for influenza-related products – high flow nasal cannula due to a record Northern Hemisphere flu season.

Of note the NewApps consumables are trading over levels achieved in the pandemic.

Wilsons expects to upgrade FY23 earnings estimates by 20% as well as a 10%-plus revenue upgrade in FY24 from the growth in NewApps demand.

This report was published on January 23, 2023.

Current Price is $23.18. Target price not assessed.
Current consensus price target is $21.75, suggesting downside of -5.5%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 37.7, implying annual growth of N/A.
Current consensus DPS estimate is 37.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 61.0.

Forecast for FY24:

Current consensus EPS estimate is 47.3, implying annual growth of 25.5%.
Current consensus DPS estimate is 34.9, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 48.6.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

GDG GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $1.25

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

Generation Development's December-quarter update was mixed, falling shy of Shaw and Partners on net flows, but outpacing on annuities and Longsec.

The broker observes the company has knocked out Australian Unity to take No-1 position in its core Investment Bond Market and now forecasts continued market-share gains given the company's current trajectory (but it has moderated its net flow forecasts).

Buy rating retained. Target price eases to $1.90 from $1.92.

This report was published on January 24, 2023.

Target price is $1.90 Current Price is $1.25 Difference: $0.65
If GDG meets the Shaw and Partners target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 2.00 cents and EPS of 3.60 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.72.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 2.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.00.

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

IGL IVE GROUP LIMITED

Media – Overnight Price: $2.48

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

Bell Potter expects a modest but not insignificant upgrade to both underlying earnings (EBITDA) and profit when IVE Group reports 1H results in February.

The share price could react positively to those results, according to the analyst, should the core business be performing to expectations and it's also confirmed the Ovato acquisition will be accretive for this and following financial years.

The target price rises to $2.75 from $2.60 on market movements and time creep. No changes are made to the broker's forecast earnings. Buy.

This report was published on January 23, 2023.

Target price is $2.75 Current Price is $2.48 Difference: $0.27
If IGL meets the Bell Potter target it will return approximately 11% (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 18.00 cents and EPS of 26.80 cents.
At the last closing share price the estimated dividend yield is 7.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.25.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 20.00 cents and EPS of 29.50 cents.
At the last closing share price the estimated dividend yield is 8.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.41.

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

IMD IMDEX LIMITED

Mining Sector Contracting – Overnight Price: $2.57

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

Bell Potter assesses the purchase of 100% of Norway-based Devico by Imdex for -$324m. The transaction is thought to be highly complementary/strategic and will support the company's thrust into underpenetrated markets with a greater product offering.

Devico has a portfolio of Directional Drilling Technologies and Sensor Technologies, which aid resource delineation in production drilling programs. This new product range will further extend Imdex into the Mining Production market.

The acquisition should provide a raft of product cross-selling opportunities, believes the analyst. The target rises to $3.00 from $2.80. Buy.

This report was published on January 23, 2023.

Target price is $3.00 Current Price is $2.57 Difference: $0.43
If IMD meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $2.71, suggesting upside of 4.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 4.40 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 1.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of 29.7%.
Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 5.30 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, implying annual growth of 7.6%.
Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 16.7.

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

KAR KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $2.35

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

In a recent sector review, Jarden is forecasting a reduction in oil and gas prices in 2023 over 2022, despite the ongoing Ukraine/Russia war.

The broker expects a -27% decline in the LNG price to US$25/mmbtu from US$34.3/mmbtu and an average Brent price of US$85/bbl in 2023, some -14% below the 2022 level of US$99/bbl.

Jarden assesses the market will continue to focus on the drilling programs to increase production to above 35,000 BOPD for Karoon Energy, post the connection of the Patola wells in the 3Q23, alongside the potential for the start of dividend payments in 2023.

Of note the change of government in Brazil has resulted in a delay in approval for the control well at Neon.

The rating is downgraded to Neutral from Overweight and the target price is adjusted to $2.30 from $2.35, after accounting for the lower oil price assumption in 2023.

This report was published on January 19, 2023.

Target price is $2.30 Current Price is $2.35 Difference: minus $0.05 (current price is over target).
If KAR 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 $2.93, suggesting upside of 26.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 43.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.8, 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 4.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.00 cents and EPS of 48.30 cents.
At the last closing share price the estimated dividend yield is 4.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.1, implying annual growth of 14.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 3.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

LOT LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.23

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

After a disappointing year for uranium stocks in 2022, Canaccord Genuity remains positive about the fundamentals for the sector in the future.

Secular tailwinds, including future energy security and the transition to clean energy at a time when uranium supply is around a 10-year low and geo-politics (Russia as been an historical participant in the global market) conflicts with supply chains, provide for a positive fundamental outlook.

Canaccord Genuity is looking to a final investment decision for the restarting of the Kayelekera Uranium Project in Malawi of which Lotus Resources owns 85%.

The Speculative Buy rating and 38c target price are unchanged.

This report was published on January 19, 2023.

Target price is $0.38 Current Price is $0.23 Difference: $0.145
If LOT meets the Canaccord Genuity target it will return approximately 62% (excluding dividends, fees and charges).

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

LTR LIONTOWN RESOURCES LIMITED

New Battery Elements – Overnight Price: $1.54

Bell Potter rates ((LTR)) as Speculative Buy (1) –

Liontown Resources has announced a capital cost increase for Kathleen Valley. However, Bell Potter believes an offset is provided by news of potentially earlier revenues from the sale of direct shipping ore and an increased plant capacity.

The capital cost increase in isolation cuts the broker's valuation by -5% and can be completely offset by the 15% uplift in initial plant throughput. The uplift adds around 100kt in concentrate to the first two years of production, according to the analyst.

Bell Potter keeps its Buy rating and expects the company valuation will increase as Kathleen Valley progressively derisks on attaining further development and financing goals. The target falls to $2.81 from $2.87.

This report was published on January 23, 2023.

Target price is $2.81 Current Price is $1.54 Difference: $1.27
If LTR meets the Bell Potter target it will return approximately 82% (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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 308.00.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 154.00.

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

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

Canaccord Genuity highlights Liontown Resources' capex estimates at Kathleen Valley have increased by more than 60% due to higher inflation (macro and industry costs), increased plant capacity and further costs to meet project timelines.

The increase in projected capex is far above the analyst's forecast and now places Kathleen Valley well above industry averages for capital intensity. Higher cash costs and working capital requirements are now expected due to cost inflation and the modified mine plan.

After allowing for these changes and making other changes to the financial model, the broker lowers its target to $1.75 from $2.30.

The Speculative Buy rating is unchanged, though a potential share price overhang remains until funding options for the increased costs are clarified, cautions the analyst.

This report was published on January 23, 2023.

Target price is $1.75 Current Price is $1.54 Difference: $0.21
If LTR meets the Canaccord Genuity target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 154.00.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.25.

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

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

Liontown Resources announced an increase in the expected capital expenditure for the company's main lithium project, Kathleen Valley, to $895m from the final investment decision forecast in June 2022 of $545m, highlights Goldman Sachs.

The broker points to estimated cost inflation and sees further risks of cost overruns of 10% in their forecasts.

The company will need to raise additional funding but this will not be required until the end of 2023 according to the analyst.

A Neutral rating is retained and the target is lowered to $1.50 from $1.65.

This report was published on January 23, 2023.

Target price is $1.50 Current Price is $1.54 Difference: minus $0.04 (current price is over target).
If LTR meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1540.00.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 770.00.

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

NAN NANOSONICS LIMITED

Medical Equipment & Devices – Overnight Price: $4.87

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

Bell Potter finds revenue growth from Nanosonics to be indicative that the company's revised US distribution model is now well established and performing in line with the broker's expectations.

The company has guided to 35% year-on-year revenue growth for its first half, with sales continuing to be supported by ongoing demand for consumables and a continuation of the replacement cycle for Trophon devices.

The broker lifts its earnings forecasts 15% and 27% for FY23 and FY24 respectively. The rating is downgraded to Sell from Hold and the target price of $3.85 is retained.

This report was published on January 20, 2023.

Target price is $3.85 Current Price is $4.87 Difference: minus $1.02 (current price is over target).
If NAN meets the Bell Potter target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.60, suggesting downside of -4.4%(ex-dividends)
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 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 93.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.8, implying annual growth of 206.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 126.6.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 78.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of 28.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 98.2.

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

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

Price rises, favourable currency movement and an improved installed base compared to forecast resulted in a very positive 1H update for Nanosonics, according to Canaccord Genuity. FY23 guidance was also raised.

The broker raises its FY23 and FY24 forecasts and the target rises to $5.00 from $4.86.

The analyst looks forward to greater detail from management as it is currently tricky to work out the sustainability of price increases and margin improvement.

Details were also light-on for the relative contributions of the other favourable metrics mentioned above. The Hold rating is unchanged.

This report was published on January 23, 2023.

Target price is $5.00 Current Price is $4.87 Difference: $0.13
If NAN meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.60, suggesting downside of -4.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 157.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.8, implying annual growth of 206.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 126.6.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 135.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of 28.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 98.2.

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

Wilsons rates ((NAN)) as Downgrade to Market Weight from Overweight (3) –

After closer examination of Nanosonics's pre-released December-half result, Wilsons downgrades the company to Market Weight from Overweight given recent share price strength and cuts the target price to $5 (to reflect a 50bps rise in the risk-free rate, applied across all the broker's valuation).

But the broker remains pleased, the result revealing a 20% revenue beat

Of note the broker highlights the ongoing improvement in the installed base and upgrade cycle as well as pricing, leading to a rise in management's guidance for FY23, with most of the improvement in 1H23.

This report was published on January 24, 2023.

Target price is $5.00 Current Price is $4.87 Difference: $0.13
If NAN meets the Wilsons target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.60, suggesting downside of -4.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 118.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.8, implying annual growth of 206.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 126.6.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 124.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of 28.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 98.2.

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

NCZ NEW CENTURY RESOURCES LIMITED

Zinc & Lead – Overnight Price: $0.90

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

New Century Resources has published pre-feasibility study results from its restart of the Mt Lyell copper mine in Tasmania, showing a restart is technically feasible and commercially viable.

Shaw and Partners believes a restart would be transformational for the company and could trigger a rerating.

The Buy rating and target price of $3.60 are retained.

This report was published on January 24, 2023.

Target price is $3.60 Current Price is $0.90 Difference: $2.705
If NCZ meets the Shaw and Partners target it will return approximately 302% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 29.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.08.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 34.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.59.

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

PDN PALADIN ENERGY LIMITED

Uranium – Overnight Price: $0.80

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

After a disappointing year for uranium stocks in 2022, Canaccord Genuity remains positive about the fundamentals for the sector in the future.

Paladin Energy is a global top pick for Canaccord Genuity and the company is aiming for the first production out of the restarted Langer Heinrich asset in the first half of 2024, with updates anticipated over the course of 2023.

The Buy rating and $1.15 target remain unchanged.

This report was published on January 19, 2023.

Target price is $1.15 Current Price is $0.80 Difference: $0.35
If PDN meets the Canaccord Genuity target it will return approximately 44% (excluding dividends, fees and charges).

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PEB PACIFIC EDGE LIMITED

Medical Equipment & Devices – Overnight Price: $0.49

Bell Potter rates ((PEB)) as Speculative Hold (3) –

Following a 3Q update by Pacific Edge, Bell Potter feels FY23 year-to-date testing volumes of 22,688 are on track to meet the analyst's forecast of 30,298 for FY23.

The broker highlights unique ordering clinicians (UOQ) increased to 1,076 from 979 in the 2Q of FY23 (March year end), which illustrates increased clinical adoption across the US.

The Speculative Hold rating and 50c target are unchanged. Bell Potter suggests the most critical upcoming catalyst (deadline September) relates to the overhang with Centers for Medicare & Medicaid Services (CMS) reimbursement.

This report was published on January 23, 2023.

Target price is $0.50 Current Price is $0.49 Difference: $0.01
If PEB meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.74 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.88.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.83 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.31.

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

PEN PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.15

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

After a disappointing year for uranium stocks in 2022, Canaccord Genuity remains positive about the fundamentals for the sector in the future.

Peninsula Energy announced a final investment decision (FID) for the Lance Uranium Project (Wyoming, USA) late November 22, as well as an award to supply 300klb of uranium to the US Strategic Reserve.

A $32m capital raising provides funding out to 2024 and initial production is expected in 1Q23.

The Speculative Buy rating and target price of $0.36 are retained.

This report was published on January 19, 2023.

Target price is $0.36 Current Price is $0.15 Difference: $0.21
If PEN meets the Canaccord Genuity target it will return approximately 140% (excluding dividends, fees and charges).

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

PLS PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $5.08

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

Pilbara Minerals reported record spodumene production in 2Q23 which came in 10% higher than the previous quarter and ahead of both consensus and Goldman Sachs' forecast.

Notably, pricing rose 30% over the period, costs were down -5% and the shipments were slightly lower than the broker expected due to timing issues at the port.

With $2.1bn cash on hand management pointed to a possible pull through of dividend payments.

The analyst raises FY23 earnings forecasts by 12% and 1% for FY24,

The Neutral rating is retained due to the valuation of the stock and the target is raised to $4.90 from $4.60.

This report was published on January 23, 2023.

Target price is $4.90 Current Price is $5.08 Difference: minus $0.18 (current price is over target).
If PLS meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.88, suggesting downside of -4.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 31.00 cents and EPS of 81.00 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 6.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.0, implying annual growth of 358.4%.
Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 5.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 15.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.8, implying annual growth of 7.8%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 5.4.

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

PME PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $64.92

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

Pro Medicus announced a new 7-year deal with the University of Washington's UW Medicine, bringing forth 29,000 medical researchers, professionals and educators, notes Goldman Sachs.

The $3.6m p.a.contract is considered as one of the company's larger contract successes.

Goldman Sachs is cautious on the longer term prospects for Pro Medicus to continue the pace of new contract due to a "lack of visibility" post FY23, although the broker does view the company as a market leader.

The Neutral rating and $51.60 target price are retained.

This report was published on January 23, 2023.

Target price is $51.60 Current Price is $64.92 Difference: minus $13.32 (current price is over target).
If PME meets the Goldman Sachs target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 56.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 115.93.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 72.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 90.17.

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

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

Pro Medicus announced a new 7-year $25m contract with UW Medicine (University of Washington in Seattle) notes Wilsons.

The deal includes all three of the company's products as well as cloud implementation and will add 29,000 healthcare researchers and professionals to the network.

Earnings forecasts remain unchanged with the existing estimates inclusive of more contract wins in the 2H23.

The Overweight rating and target price of $71.00 are retained.

This report was published on January 23, 2023.

Target price is $71.00 Current Price is $64.92 Difference: $6.08
If PME meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 26.90 cents and EPS of 53.80 cents.
At the last closing share price the estimated dividend yield is 0.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 120.67.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 32.50 cents and EPS of 65.10 cents.
At the last closing share price the estimated dividend yield is 0.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 99.72.

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

PNR PANTORO LIMITED

Gold & Silver – Overnight Price: $0.10

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

For the gold sector, the broker feels higher costs are generally priced in and that margin expansion will be driven by a rising gold price in 2023.

Production for Pantoro is ramping up at Norseman and the analyst sets a 34c target. Buy.

This report was published on January 23, 2023.

Target price is $0.34 Current Price is $0.10 Difference: $0.235
If PNR meets the Bell Potter target it will return approximately 224% (excluding dividends, fees and charges).

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

RBL REDBUBBLE LIMITED

Retailing – Overnight Price: $0.47

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

Canaccord Genuity observes that Redbubble reported 1H23 revenues in line with expectations, but increased promotions resulted in worse than expected margins, coming in at an historical low of 15%.

Management lowered guidance for FY23 to flat sales revenues and announced annualised -$20-$25m cost reductions.

Accordingly the broker adjusts EBITDA estimates by -$18m for FY23 and $5m for FY24.

The Speculative Buy rating is unchanged and the target price is lowered to $1.15 from $1.50.

This report was published on January 19, 2023.

Target price is $1.15 Current Price is $0.47 Difference: $0.685
If RBL meets the Canaccord Genuity target it will return approximately 147% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting upside of 27.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 16.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -18.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.0, 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: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

RDT RED DIRT METALS LIMITED

New Battery Elements – Overnight Price: $0.54

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

Red Dirt Metals has reported assays from its first drill hole since acquiring the 100%-owned Yinnetharra project in WA last September.

Canaccord Genuity recently initiated coverage of the company, which also owns the Mt Ida project near Menzies, also in WA.

The Speculative Buy rating and $1.20 target are maintained.

This report was published on January 23, 2023.

Target price is $1.20 Current Price is $0.54 Difference: $0.66
If RDT meets the Canaccord Genuity target it will return approximately 122% (excluding dividends, fees and charges).

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

RWC RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $3.39

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

Goldman Sachs assesses the US December quarter 2022 housing starts in light of earnings forecasts for Reliance Worldwide.

The broker is looking for -23% decline in US housing starts in the 12-months to June 2023, compared to the December -23% decline and highlights that only 20% of the company's earnings are generated from new construction activity in the US, versus the residual from 'renovation and revamp'.

On balance Goldman Sachs forecasts a -9% to -10% decline in volumes in the 2H23, contracting to -5% in IH24 and recovering to 3% growth in 2H24, noting 60% of revenues and 50% of EBITDA are generated in the American markets.

A $4.05 target and Buy rating.

This report was published on January 23, 2023.

Target price is $4.05 Current Price is $3.39 Difference: $0.66
If RWC meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.84, suggesting upside of 11.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 12.98 cents and EPS of 24.52 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of N/A.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 14.43 cents and EPS of 27.41 cents.
At the last closing share price the estimated dividend yield is 4.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.5, implying annual growth of 3.6%.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 12.1.

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

SLX SILEX SYSTEMS LIMITED

Uranium – Overnight Price: $4.59

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

After a disappointing year for uranium stocks in 2022, Canaccord Genuity remains positive about the fundamentals for the sector in the future.

Canaccord Genuity views Silex Systems' Global Laser Enrichment as a potential beneficiary of the US Government's Inflation Reduction Act which includes funding to shift away from Russian supplies to domestic sources of nuclear fuel.

The company's laser uranium enrichment technology is expected to start pilot scale testing in 2023 at Wilmington, North Carolina.

The rating is adjusted to Speculative Buy from Buy due to valuation and the target is raised to $4.69 from $4.23 on the changed valuation for Paducah Stage 2.

This report was published on January 19, 2023.

Target price is $4.69 Current Price is $4.59 Difference: $0.1
If SLX meets the Canaccord Genuity target it will return approximately 2% (excluding dividends, fees and charges).

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

STO SANTOS LIMITED

NatGas – Overnight Price: $7.36

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

In a recent sector review, Jarden is forecasting a reduction in oil and gas prices in 2023 over 2022, despite the ongoing Ukraine/Russia war.

The broker expects a -27% decline in the LNG price to US$25/mmbtu from US$34.3/mmbtu and an average Brent price of US$85/bbl in 2023, some -14% below the 2022 level of US$99/bbl.

Jarden assesses investors will need to remain patient with Santos in 2023, post a challenging year of disappointments in 2022.

Nevertheless, the broker views two factors as providing upside in the year ahead, including the final sale of a 5% stake in PNG LNG (allowing for debt repayment and more buybacks) and development on the Barossa LNG drilling environmental plan (drilling expected 4Q23).

The target adjusts to $7.90 from $8.05 for the lower price assumptions, a higher AUD relative to the USD, as well as higher costs for the new Safeguard Mechanism targets.

An Overweight rating is retained and Santos is the preferred large cap in the sector to Woodside Group ((WDS)).

This report was published on January 19, 2023.

Target price is $7.90 Current Price is $7.36 Difference: $0.54
If STO meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.53, suggesting upside of 31.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 28.56 cents and EPS of 109.93 cents.
At the last closing share price the estimated dividend yield is 3.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.0, implying annual growth of N/A.
Current consensus DPS estimate is 34.2, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 6.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 43.28 cents and EPS of 64.63 cents.
At the last closing share price the estimated dividend yield is 5.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.6, implying annual growth of -20.3%.
Current consensus DPS estimate is 46.6, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 7.6.

TIE TIETTO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.81

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

Tietto Minerals announced the first gold poured at the Cote d"Ivoire Abujar Gold Project with the ramp-up phase starting and Canaccord Genuity forecasting 33koz of production in the March quarter 2023 and all in sustaining costs (AISC) of US$1414/oz.

Management guidance is for the first full year of production of 260koz at AISC of US$651/oz.

A Hold rating and 80c target are retained.

This report was published on January 19, 2023.

Target price is $0.80 Current Price is $0.81 Difference: minus $0.005 (current price is over target).
If TIE meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

TLX TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $7.00

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

ILLUCCIX's December-quarter sales outpaced Wilsons' forecasts by 25%, leading the broker to surmise consensus risk concerns may be easing.

Wilsons spies a clear path to achieving the broker's forecasts and the broker now forecasts positive earnings for 2023.

The broker observes the company is FY23 earnings (EBITDA) positive and FY24 earnings are also raised 25%, expecting risk remains to the upside.

Overweight rating is retained. Target price is $8.13.

This report was published on January 24, 2023.

Target price is $8.13 Current Price is $7.00 Difference: $1.13
If TLX meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 25.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.67.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 350.00.

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

VHT VOLPARA HEALTH TECHNOLOGIES LIMITED

Medical Equipment & Devices – Overnight Price: $0.82

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

Volpara Health Technologies reported its first quarterly net cash inflow, with total cash receipts of $11.2m up 60% quarter-on-quarter. The result was a significant beat to Bell Potter's expected cash burn of -$2-3m, seeing the company close out the period with $12.0m in cash.

With most of Volpara Health Technologies's clients paying annually, cash receipts in the quarter benefited from coincidence of timing.

The broker points out the company has warned cash receipts will be lower in the fourth quarter, although it does expect continued growth on previous corresponding periods.

The Buy rating and target price of $1.10 are retained.

This report was published on January 19, 2023.

Target price is $1.10 Current Price is $0.82 Difference: $0.275
If VHT meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.75.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.91 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 90.36.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

WDS WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $37.75

Jarden rates ((WDS)) as Downgrade to Underweight from Neutral (4) –

In a recent sector review, Jarden is forecasting a reduction in oil and gas prices in 2023 over 2022, despite the ongoing Ukraine/Russia war.

The broker expects a -27% decline in the LNG price to US$25/mmbtu from US$34.3/mmbtu and an average Brent price of US$85/bbl in 2023, some -14% below the 2022 level of US$99/bbl.

Jarden considers Woodside Energy is in for a more challenging year in 2023, post a strong 2022 when the company rode the tailwinds of higher commodity prices, a good exposure to LNG and European gas, alongside the merger with BHP Group ((BHP)) assets.

By contrast 2023 is viewed as a year of consolidation with higher investment expenditure and taxes, as well as weaker commodity prices resulting in a lower free cash flow.

Jarden expects strong December 2022 production numbers, although below the previous quarter and below consensus.

The broker has downgraded 2023 EPS forecasts to -37.2%, compared to the 2022 forecast, which is currently some -24% below 2023 consensus.

The rating is accordingly downgraded to Underweight from Neutral to accommodate the more cautious earnings outlook. The target is adjusted to $33 from $33.70.

This report was published on January 19, 2023.

Target price is $33.00 Current Price is $37.75 Difference: minus $4.75 (current price is over target).
If WDS meets the Jarden target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $37.46, suggesting upside of 0.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 364.97 cents and EPS of 502.16 cents.
At the last closing share price the estimated dividend yield is 9.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 569.4, implying annual growth of N/A.
Current consensus DPS estimate is 377.9, implying a prospective dividend yield of 10.1%.
Current consensus EPS estimate suggests the PER is 6.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 249.57 cents and EPS of 315.35 cents.
At the last closing share price the estimated dividend yield is 6.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 416.2, implying annual growth of -26.9%.
Current consensus DPS estimate is 283.7, implying a prospective dividend yield of 7.6%.
Current consensus EPS estimate suggests the PER is 9.0.

WHC WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $9.17

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

While wet weather continued to weigh on open pit operations for Whitehaven Coal in the 2Q, (Maules Creek production down -15%), the impact was offset by a strong performance from the Narrabri underground mine, explains Bell Potter.

Management maintained FY23 guidance.

Strong cash generation and the share buyback support the company's valuation, according to the analyst, despite an expected near-term moderation in coal prices and a longer-term trend away from thermal coal.

The Buy rating is unchanged, while the target slips to $10.50 from $11.00.

This report was published on January 23, 2023.

Target price is $10.50 Current Price is $9.17 Difference: $1.33
If WHC meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $11.75, suggesting upside of 30.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 98.00 cents and EPS of 398.40 cents.
At the last closing share price the estimated dividend yield is 10.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 409.9, implying annual growth of 107.4%.
Current consensus DPS estimate is 97.3, implying a prospective dividend yield of 10.8%.
Current consensus EPS estimate suggests the PER is 2.2.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 174.00 cents and EPS of 341.60 cents.
At the last closing share price the estimated dividend yield is 18.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 310.0, implying annual growth of -24.4%.
Current consensus DPS estimate is 103.7, implying a prospective dividend yield of 11.5%.
Current consensus EPS estimate suggests the PER is 2.9.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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

According to Goldman Sachs, Whitehaven Coal announced better than expected December quarter results with Run-of Mine production up 21% compared to the broker's 19% estimate, despite wet weather.

Met coal prices were higher than expected, while FY23 guidance from management remains the same.

Earnings forecasts are raised 7% and 1% for FY23 and FY24, respectively.

The Neutral rating is retained and the target price increases to $9.90 from $9.20.

This report was published on January 23, 2023.

Target price is $9.70 Current Price is $9.17 Difference: $0.53
If WHC meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $11.75, suggesting upside of 30.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 90.00 cents and EPS of 383.00 cents.
At the last closing share price the estimated dividend yield is 9.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 409.9, implying annual growth of 107.4%.
Current consensus DPS estimate is 97.3, implying a prospective dividend yield of 10.8%.
Current consensus EPS estimate suggests the PER is 2.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 56.00 cents and EPS of 230.00 cents.
At the last closing share price the estimated dividend yield is 6.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 310.0, implying annual growth of -24.4%.
Current consensus DPS estimate is 103.7, implying a prospective dividend yield of 11.5%.
Current consensus EPS estimate suggests the PER is 2.9.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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 experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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A1M AIC MINES LIMITED

BPT BEACH ENERGY LIMITED

CAI CALIDUS RESOURCES LIMITED

CCX CITY CHIC COLLECTIVE LIMITED

CHN CHALICE MINING LIMITED

COE COOPER ENERGY LIMITED

CVN CARNARVON ENERGY LIMITED

DEG DE GREY MINING LIMITED

DSE DROPSUITE LIMITED

ELD ELDERS LIMITED

FDV FRONTIER DIGITAL VENTURES LIMITED

FPH FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

GDG GENERATION DEVELOPMENT GROUP LIMITED

IGL IVE GROUP LIMITED

IMD IMDEX LIMITED

KAR KAROON ENERGY LIMITED

LOT LOTUS RESOURCES LIMITED

LTR LIONTOWN RESOURCES LIMITED

NAN NANOSONICS LIMITED

NCZ NEW CENTURY RESOURCES LIMITED

PDN PALADIN ENERGY LIMITED

PEB PACIFIC EDGE LIMITED

PEN PENINSULA ENERGY LIMITED

PLS PILBARA MINERALS LIMITED

PME PRO MEDICUS LIMITED

PNR PANTORO LIMITED

RBL REDBUBBLE LIMITED

RDT RED DIRT METALS LIMITED

RWC RELIANCE WORLDWIDE CORP. LIMITED

SLX SILEX SYSTEMS LIMITED

STO SANTOS LIMITED

TIE TIETTO MINERALS LIMITED

TLX TELIX PHARMACEUTICALS LIMITED

VHT VOLPARA HEALTH TECHNOLOGIES LIMITED

WDS WOODSIDE ENERGY GROUP LIMITED

WHC WHITEHAVEN COAL LIMITED

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