Australian Broker Call *Extra* Edition – Jan 30, 2023

This story features ARISTOCRAT LEISURE LIMITED, and other companies. For more info SHARE ANALYSIS: ALL

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)

ALL   BLX   CDA   CQE   DGL   EHE   EVO   GDG   GEM   KAR   LFG   MFD   MPL   NHF   PPM   RDT   RMC   SKO  

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $34.07

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

Jarden assesses the state of play in the digital gaming sector and concludes post the Platika takeover bid for Rovia Entertainment that its valuation for Aristocrat Leisure's Social Gaming business is in line with the current market.

Further analysis reveals mixed trading updates from other social gaming companies as well as mixed results from US land-based gaming operators.

The broker points to potential earnings downside risks for Aristocrat Leisure based from the collated evidence at the start of 2023.

The Overweight rating and $39.11 target price are retained.

This report was published on January 24, 2023.

Target price is $39.11 Current Price is $34.07 Difference: $5.04
If ALL meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $41.26, suggesting upside of 21.7%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 54.00 cents and EPS of 180.50 cents.
At the last closing share price the estimated dividend yield is 1.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 189.0, implying annual growth of 32.3%.
Current consensus DPS estimate is 63.3, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 64.00 cents and EPS of 182.40 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 202.7, implying annual growth of 7.2%.
Current consensus DPS estimate is 67.7, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 16.7.

Market Sentiment: 0.9
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: $2.37

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

Jarden adjusts FY23 earnings forecasts for Beacon Lighting on the back on strong Christmas retail sales as highlighted in the December trading update as well as good margins from other retailers over the period.

FY23 EBIT forecast is raised by 3% and FY24 by 2% with the analyst highlighting scope for further upgrades with an extension in the commercial/trade pipeline of demand, as well as ongoing robust domestic sales and the potential for international to improve.

Jarden's forecasts for FY23 are 10% ahead of consensus, with the 2H23 estimate 27% above the less upbeat market views.

An Overweight rating is retained and the target raised to $2.50 from $2.40.

This report was published on January 24, 2023.

Target price is $2.50 Current Price is $2.37 Difference: $0.13
If BLX meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.70 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.31.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 8.60 cents and EPS of 14.30 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.57.

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

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $5.24

Moelis rates ((CDA)) as Downgrade to Hold from Buy (3) –

Moelis increases its FY23 profit forecast by 6% following a 1H trading trading update by Codan, which included upgraded 1H guidance to $31m from a prior range of $25-30m.

Management maintained 1H earnings margin guidance for the Metals division, while the analyst assesses momentum remains strong for Radio Communications. The company expects net debt of  $61m  for the end of December, down from $70m.

The broker moves to a Hold rating from Buy, presumably on valuation (no explanation given). The target rises to $5.42 from $4.94.

This report was published on January 25, 2023.

Target price is $5.42 Current Price is $5.24 Difference: $0.18
If CDA meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 18.30 cents and EPS of 34.90 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.01.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 20.20 cents and EPS of 38.60 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.58.

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

CQE    CHARTER HALL SOCIAL INFRASTRUCTURE REIT

Childcare – Overnight Price: $3.46

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

With demand for childcare continuing to grow, Canaccord Genuity anticipates 2023 to be the sector's biggest year since the pandemic. According to the broker occupancy levels have normalised and ongoing government funding should support further occupancy growth in the second half of the year, while re-enrolments appear up year-on-year.

Labour shortages persist, but the peak has passed. 

Despite the positives, Canaccord Genuity has lowered its rating for Charter Hall Social Infrastructure REIT, with a recent trading update flagging slowing asset revaluations.

The Hold rating is retained and the target price decreases to $3.70 from $3.91.

This report was published on January 24, 2023.

Target price is $3.70 Current Price is $3.46 Difference: $0.24
If CQE meets the Canaccord Genuity target it will return approximately 7% (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 17.20 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 4.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.89.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 17.70 cents and EPS of 18.40 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.80.

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

DGL    DGL GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $1.50

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

DGL Group has acquired Nightingale Transport, adding to its nationwide logistics capabilities according to Canaccord Genuity. At $18m the purchase is one of DGL Group's larger acquisitions since its initial public offering, with Nightingale Transport bringing 100 trucks and trailers to the table. 

The latest purchase brings DGL Group's total acquisition spend above $150m for seventeen transactions. The company also reaffirmed full year guidance, anticipating earnings between $70-72m, and Canaccord Genuity lowered its own forecast having been previously ahead of guidance.

The Buy rating is retained and the target price decreases to $2.85 from $3.05.

This report was published on January 24, 2023.

Target price is $2.85 Current Price is $1.50 Difference: $1.35
If DGL meets the Canaccord Genuity target it will return approximately 90% (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 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.50.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.54.

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

EHE    ESTIA HEALTH LIMITED

Aged Care & Seniors – Overnight Price: $2.04

Jarden rates ((EHE)) as Buy (1) –

Jarden considers that Estia Health is a "key" stock pick in 2023 for investors.

The broker acknowledges the 1H23 results could be clouded by covid impacts against the Government Grant revenue, as well as a new AN-ACC funding model.

Looking ahead the outlook is fundamentally improving from the benefit of higher cash rates (interest rates) through the Daily Accommodation Payments, alongside positive structural changes to the industry such as pay rises for direct care workers and fairer industry pricing recommendations.

A Buy rating and $3.18 target are retained.

This report was published on January 25, 2023.

Target price is $3.18 Current Price is $2.04 Difference: $1.14
If EHE meets the Jarden target it will return approximately 56% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 11.70 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.78.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 9.60 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.05.

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

EVO    EMBARK EDUCATION LIMITED

Education & Tuition – Overnight Price: $0.55

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

With demand for childcare continuing to grow, Canaccord Genuity anticipates 2023 to be the sector's biggest year since the pandemic. According to the broker occupancy levels have normalised and ongoing government funding should support further occupancy growth in the second half of the year, while re-enrolments appear up year-on-year.

Labour shortages persist, but the peak has passed. 

Embark Education is one of the broker's preferred picks. The company has now completed divestment of its New Zealand operations leaving it with an estimated $32m cash in hand, and Canaccord Genuity anticipates it can achieve a 37% annual compound growth rate through to FY24. 

The Buy rating and target price of NZ$0.90 are retained.

This report was published on January 24, 2023.

Current Price is $0.55. Target price not assessed.
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.73.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 3.65 cents and EPS of 7.67 cents.
At the last closing share price the estimated dividend yield is 6.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.17.

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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $1.27

Moelis rates ((GDG)) as Buy (1) –

Moelis expects ongoing investment by Generation Development in product and distribution can support a return to historical flows for the company, and does expect the company will close out the fiscal year with 10% fund under management growth and 5% net profit growth.

Strong investment in 2022 sees the Lonsec business continue to report strong growth, and Moelis expects the business will increase its company contribution to 35% in FY23. 

Generation Development closed out the second quarter with funds under management of $2.4bn, in line with Moelis' estimates, after Investment Bond gross inflows of $114m and withdrawals of $58m. 

The Buy rating is retained and the target price decrease to $1.81 from $1.87. 

This report was published on January 24, 2023.

Target price is $1.81 Current Price is $1.27 Difference: $0.54
If GDG meets the Moelis target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 2.00 cents and EPS of 3.70 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.32.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 2.00 cents and EPS of 4.50 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.22.

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

GEM    G8 EDUCATION LIMITED

Childcare – Overnight Price: $1.26

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

With demand for childcare continuing to grow, Canaccord Genuity anticipates 2023 to be the sector's biggest year since the pandemic. According to the broker occupancy levels have normalised and ongoing government funding should support further occupancy growth in the second half of the year, while re-enrolments appear up year-on-year.

Labour shortages persist, but the peak has passed. 

G8 Education is one of the broker's preferred picks. The company's most recent update showed occupancy is up year-on-year, and higher enquiry levels and re-enrolments are a positive indicator for occupancy growth over the company year. 

The Buy rating and target price of $1.32 are retained.

This report was published on January 24, 2023.

Target price is $1.32 Current Price is $1.26 Difference: $0.055
If GEM meets the Canaccord Genuity target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 4.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.30.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 5.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.06.

Market Sentiment: 0.5
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: $2.42

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

According to Jarden, Karoon Energy reported a 23% increase in Bauna 2P reserves to 55mmbbl from 41.4mmbbl, which is better than anticipated as well as adjusted 1H23 production of 3.4mmbbl which is 2% above the broker's forecast.

Adjusting for the reserves upgrades and the production results, Jarden lifts the valuation of the stock by 26c

The target price is upgraded to $2.55 from $2.30 and the rating lifted to Overweight from Neutral.

This report was published on January 24, 2023.

Target price is $2.55 Current Price is $2.42 Difference: $0.13
If KAR meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.93, suggesting upside of 21.9%(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 42.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 4.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.00 cents and EPS of 52.10 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.3, 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 3.7.

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

LFG    LIBERTY FINANCIAL GROUP LIMITED

Diversified Financials – Overnight Price: $3.89

Jarden rates ((LFG)) as Neutral (3) –

Jarden is expecting a -16% decline in 1H23 earnings from Liberty Financial (due to report February 27) with a forecast -14bps decline in margins over the period and a -9% contraction in new loans compared to last year.

The broker is encouraged by the move into the asset finance and personal loan sectors which are considered as higher yielding and more accretive to margins.

Jarden adjusts earnings forecasts by 2% and 1% for FY23 and FY24, respectively.

A Neutral rating is maintained the target is lowered to $4.30 from $4.50.

This report was published on January 24, 2023.

Target price is $4.30 Current Price is $3.89 Difference: $0.41
If LFG meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 23.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 42.00 cents and EPS of 62.90 cents.
At the last closing share price the estimated dividend yield is 10.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.0, implying annual growth of -18.4%.
Current consensus DPS estimate is 38.6, implying a prospective dividend yield of 10.1%.
Current consensus EPS estimate suggests the PER is 6.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 42.00 cents and EPS of 60.70 cents.
At the last closing share price the estimated dividend yield is 10.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 1.4%.
Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 9.9%.
Current consensus EPS estimate suggests the PER is 6.4.

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

MFD    MAYFIELD CHILDCARE LIMITED

Childcare – Overnight Price: $1.15

Canaccord Genuity rates ((MFD)) as No Rating (-1) –

With demand for childcare continuing to grow, Canaccord Genuity anticipates 2023 to be the sector's biggest year since the pandemic. According to the broker occupancy levels have normalised and ongoing government funding should support further occupancy growth in the second half of the year, while re-enrolments appear up year-on-year.

Labour shortages persist, but the peak has passed. 

While Canaccord Genuity is research restricted on Mayfield Childcare, and therefore offers no rating, the broker notes the childcare provider received two non-binding takeover proposals in December, one of which has been withdrawn. 

This report was published on January 24, 2023.

Current Price is $1.15. Target price not assessed.
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 7.00 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 6.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.88.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 9.00 cents and EPS of 17.90 cents.
At the last closing share price the estimated dividend yield is 7.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.42.

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

MPL    MEDIBANK PRIVATE LIMITED

Insurance – Overnight Price: $2.91

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

Jarden considers the private health insurance online tracker data for the December 2022 quarter which shows a 14% increase in website visits on the previous quarter and a trend to normalisation in industry claims post covid.

The analyst views the uptick in website traffic as attributable to the rise post cyber attack to the Medibank Private website.

Jarden prefers Medibank Private to Nib Holdings.

An Overweight rating is retained and the target is $3.20.

This report was published on January 25, 2023.

Target price is $3.20 Current Price is $2.91 Difference: $0.29
If MPL meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.18, suggesting upside of 8.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 14.90 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, implying annual growth of 8.4%.
Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 15.80 cents and EPS of 18.60 cents.
At the last closing share price the estimated dividend yield is 5.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of -3.9%.
Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 19.6.

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $7.94

Jarden rates ((NHF)) as Neutral (3) –

Jarden considers the private health insurance online tracker data for the December 2022 quarter which shows a 14% increase in website visits on the previous quarter and a trend to normalisation in industry claims post covid.

The analyst views the uptick in website traffic as attributable to the rise post cyber attack to the Medibank Private website.

Jarden prefer Medibank Private to nib Holdings.

The Neutral rating and $7.70 target price are retained for nib Holdings.

This report was published on January 25, 2023.

Target price is $7.70 Current Price is $7.94 Difference: minus $0.24 (current price is over target).
If NHF meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.48, suggesting downside of -4.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 27.10 cents and EPS of 41.10 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.9, implying annual growth of 41.6%.
Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 18.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 28.20 cents and EPS of 42.20 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.4, implying annual growth of 6.0%.
Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 17.6.

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

PPM    PEPPER MONEY LIMITED

Business & Consumer Credit – Overnight Price: $1.58

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

Pepper Money is expected to report FY22 earnings on February 23 and Jarden anticipates $148m versus consensus of $145m, a good result in spite of a tough operating year.

The analyst is looking for credit quality to be retained but margin and loan origination pressures will be observed closely to see if there has been in relief.

Jarden remains positive about the company and considers the valuation as appealing alongside a robust business model.

Overweight rating and $1.70 target are maintained, while the EPS forecasts for FY23 are raised 1%.

This report was published on January 24, 2023.

Target price is $1.70 Current Price is $1.58 Difference: $0.12
If PPM meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 11.00 cents and EPS of 32.90 cents.
At the last closing share price the estimated dividend yield is 6.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.80.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 6.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.45.

Market Sentiment: 1.0
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: $0.51

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

Red Dirt Metals has reported essay results from its first drilling at its Yinnetharra project, including a 55.6 metre interception at 1.12% lithium oxide. The update follows visual confirmation in November that each of the first six holes drilled had intersected spodumene in pegmatite. 

Canaccord Genuity highlights its current valuation of Red Dirt Metals should be considered preliminary given no formal mining studies have been published by the company to date. 

The Speculative Buy rating and target price of $1.20 are retained.

This report was published on January 24, 2023.

Target price is $1.20 Current Price is $0.51 Difference: $0.69
If RDT meets the Canaccord Genuity target it will return approximately 135% (excluding dividends, fees and charges).

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

RMC    RESIMAC GROUP LIMITED

Banks – Overnight Price: $1.28

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

Resimac Group are due to report 1H23 earnings on February 24 and Jarden expect a -25% decline in profits to $38.8m due to the forecast deterioration in margins (-32bps year-on-year) and loan originations (-29% year-on-year ).

The broker notes the tough operating environment for non-bank lenders and will be looking to assess the credit quality and any signs of stress from "non-prime borrowers".

An Underweight rating and $1.35 target are maintained.

This report was published on January 24, 2023.

Target price is $1.35 Current Price is $1.28 Difference: $0.065
If RMC meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 7.00 cents and EPS of 17.90 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.18.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 7.00 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.26.

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

SKO    SERKO LIMITED

Software & Services – Overnight Price: $2.28

Jarden rates ((SKO)) as Neutral (3) –

Jarden considers revenue guidance update from Serko to FY23 revenues of NZ$42-$47m, compared to the previous guide of around NZ$38m.

The former conservative assumptions were upgraded due to better-than-expected holiday activity across Australia and New Zealand for both the travel management business and Booking.com.

Jarden increases FY23 revenue forecasts by 16% to the guidance range with FY23 earnings forecasts raised 10%.

Neutral rating and NZ$3.15 target price are maintained.

This report was published on January 24, 2023.

Current Price is $2.28. Target price not assessed.
Current consensus price target is $4.60, suggesting upside of 99.8%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 28.85 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.90.

How do these forecasts compare to market consensus projections?

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

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 23.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, 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 287.5.

This company reports in NZD. 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

---

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.

Click to view our Glossary of Financial Terms