Australian Broker Call *Extra* Edition – Mar 08, 2023

This story features 3P LEARNING LIMITED, and other companies. For more info SHARE ANALYSIS: 3PL

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)

3PL   A1M   ACF   AIA   AKE (2)   AND   APE (2)   ARU   ATA   AVG (2)   AX1 (2)   BGA (2)   BKL   BXB   C79   CAJ (3)   CBO   CLG   CUV   CWY   CXL   DSK   EGL   EHL   EQT   EVS   FCL   GDG   GOR   GSS   GTK   HLI   HMC   HPG   IEL (2)   IFL   IFM (2)   IGL (2)   IPG   JIN (2)   KME   KYP   LRK   MAD   MCR   MGH   MIN (2)   MPL   MVP   NAN   NEC   OBL   PDN   PFP   PLS (2)   PNV   PPM (2)   PPT   PTM   QAN   RMC   RRL   SHA   SKT   SLH   THL   TLC (2)   TRS (2)   UNI (2)   ZIP  

3PL    3P LEARNING LIMITED

Education & Tuition – Overnight Price: $1.27

CCZ Equities rates ((3PL)) as No Rating (-1) –

First half revenue for 3P Learning's B2B and B2C segments rose by 25% and 10%, respectively, compared to the previous corresponding period. 

CCZ Equities appreciated management's discipline on spending over the period.

As the 'Mathletics' and 'Writing Legends' products are due for launch in the 2H, the analyst anticipates an uplift in new students and improved retention in FY24.

Management retained FY23 guidance.

While no rating is offered, the broker maintains current forecasts and sets a $1.84 price target.

This report was published on February 24, 2023.

Target price is $1.84 Current Price is $1.27 Difference: $0.57
If 3PL meets the CCZ Equities target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

CCZ Equities forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.12 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 113.39.

Forecast for FY24:

CCZ Equities forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.38 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.36.

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

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.43

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

While higher costs from longer haulage and reduced truck availability impacted 1H results for AIC Mines, Shaw and Partners anticipates a better 2H with the higher-grade Macy North (which is also closer to the Mill) coming online at the Eloise operations in Queensland.

Management has maintained FY23 production guidance.

The analyst reminds investors AIC Mines provides a simple leveraged exposure to the copper price.

The Buy rating and 70c target are retained.

This report was published on February 24, 2023.

Target price is $0.70 Current Price is $0.43 Difference: $0.27
If A1M meets the Shaw and Partners target it will return approximately 63% (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 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.56.

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

ACF    ACROW FORMWORK AND CONSTRUCTION SERVICES LIMITED

Building Products & Services – Overnight Price: $0.73

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

First half results for Acrow Formwork and Construction Services outdid Shaw and Partners expectations on every metric and management upgraded FY23 earnings guidance.

The analyst observes a stronger growth trajectory from operating leverage and increasing scale. Sales increased by 34% and the composition of those sales were considered attractive.

Sales for hire, product sales and cartage grew versus the previous corresponding period by 25%, 41% and 120%, respectively, compared to the broker's estimates for 15%, 11% and 3%, respectively.

Shaw and Partners maintains its Buy rating given the company trades at a significant multiple discount to listed contracting peers. The target rises to $1.00 from 85c.

This report was published on February 24, 2023.

Target price is $1.00 Current Price is $0.73 Difference: $0.265
If ACF meets the Shaw and Partners target it will return approximately 36% (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 3.70 cents and EPS of 9.80 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.50.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 5.00 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 6.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.45.

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

AIA    AUCKLAND INTERNATIONAL AIRPORT LIMITED

Infrastructure & Utilities – Overnight Price: $7.98

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

Auckland International Airport's 1H underlying profit of $68m beat Jarden's $51m forecast due to strong retail income. Management noted 95% of domestic and 87% of international retail offerings are now open to the public.

FY23 profit guidance was raised to $125-145m from $100-130m, which places the midpoint 6% ahead of the consensus estimate, according to the analyst.

The broker's target rises to NZ$7.65 from NZ$7.00. Underweight.

This report was published on February 24, 2023.

Current Price is $7.98. Target price not assessed.
Current consensus price target is $7.00, suggesting downside of -12.3%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 8.5, implying annual growth of N/A.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 93.9.

Forecast for FY24:

Current consensus EPS estimate is 16.8, implying annual growth of 97.6%.
Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 47.5.

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

AKE    ALLKEM LIMITED

New Battery Elements – Overnight Price: $12.08

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

Allkem's December-half earnings (EBITDA) outpaced Bell Potter but net profit after tax proved a big miss thanks to a larger-than-expected tax bill.

No dividend was declared. Management downgraded production guidance at Mt Caitlin but retained March-quarter guidance for Olaroz pricing and advised Stage 2 would start production in the June quarter. The company still aims to hold its 10% share of the growing global lithium market. 

EPS forecasts fall -16% in FY23; -13% in FY24; and -15% in FY25 to reflect higher tax assumptions.

The broker is positive on the post-2023 outlook, predicting stronger lithium demand and production.

Buy rating retained. Target price falls to $18.61 from $19.36.

This report was published on February 27, 2023.

Target price is $18.61 Current Price is $12.08 Difference: $6.53
If AKE meets the Bell Potter target it will return approximately 54% (excluding dividends, fees and charges).
Current consensus price target is $16.23, suggesting upside of 34.3%(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 118.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.1, implying annual growth of 43.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 40.00 cents and EPS of 132.70 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.7, implying annual growth of 51.5%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 7.8.

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

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

Allkem's December-half result outpaced consensus' and Goldman Sachs's forecasts and management reiterated March-quarter pricing guidance for Olaroz.

Management also expects its geographic profile, pricing lags and regional indices convergence will protect it from recent falls in Chinese chemicals prices, advising the bulk of its portfolio is contracted. 

EPS forecasts fall -7% in FY23 to reflect weaker Mt Cattlin production.

Buy rating retained on valuation, the company maintaining its position as the broker's top pick due to its resource size and growth optionality. Target price falls to $15.40 from $15.50.

This report was published on February 27, 2023.

Target price is $15.40 Current Price is $12.08 Difference: $3.32
If AKE meets the Goldman Sachs target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $16.23, suggesting upside of 34.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 97.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.1, implying annual growth of 43.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 61.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.7, implying annual growth of 51.5%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 7.8.

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

AND    ANSARADA GROUP LIMITED

Software & Services – Overnight Price: $1.15

Moelis rates ((AND)) as Buy (1) –

Following indications of strong cost control in the 1H, in the face of a sharp decline in M&A activity, Moelis raises its FY23 earnings (EBITDA) forecast for Ansarada Group to $5.6m from $1m. The business returned to being cash flow positive in the 2Q.

To make up for short-term weakness in M&A, the analyst expects a partial offset via growing sales across government tenders,
compliance workflow and insolvency.

Overseas, primarily in the UK, the broker suggests market share may be increased via the company's capital-light, e commerce-led strategy.

The Buy rating is maintained, while the target slips to $1.70 from $1.72.

This report was published on February 27, 2023.

Target price is $1.70 Current Price is $1.15 Difference: $0.55
If AND meets the Moelis target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 4.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.47.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 60.53.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $14.60

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

Eagers Automotive's underlying operating profit before tax, which Bell Potter described as the company's key metric, rose 1% over the last year to $405.2m, in a 3% beat to Bell Potter's expectations. 

Unusually for the company it provided revenue guidance for the coming year of $9.5-10.0bn, with organic growth and a full year contribution from acquisitions driving the implied more than 11% growth. 

The Buy rating is retained and the target price decreases to $15.00 from $15.50.

This report was published on February 24, 2023.

Target price is $15.00 Current Price is $14.60 Difference: $0.4
If APE meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $14.54, suggesting downside of -0.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 71.00 cents and EPS of 110.60 cents.
At the last closing share price the estimated dividend yield is 4.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.8, implying annual growth of -5.4%.
Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 71.00 cents and EPS of 100.00 cents.
At the last closing share price the estimated dividend yield is 4.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 103.6, implying annual growth of -9.8%.
Current consensus DPS estimate is 65.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 14.1.

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

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

Jarden believes the FY23 revenue target provided by Eagers Automotive at FY22 results should boost investor confidence and will likely require some M&A activity to be met. The broker was forecasting revenue of around $8.974bn and guidance is in the range of $9.5-19bn.

The company's revenue was in line with the consensus forecast for FY22.

Orders remain above deliveries, observes Jarden. 

The target rises to $14.39 from $13.21. Overweight.

This report was published on February 24, 2023.

Target price is $14.39 Current Price is $14.60 Difference: minus $0.21 (current price is over target).
If APE meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.54, suggesting downside of -0.4%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 114.8, implying annual growth of -5.4%.
Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY24:

Current consensus EPS estimate is 103.6, implying annual growth of -9.8%.
Current consensus DPS estimate is 65.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 14.1.

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

ARU    ARAFURA RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $0.57

Bell Potter rates ((ARU)) as Downgrade to Hold from Buy (3) –

There is, according to Bell Potter, a chance that Arafura Rare Earths could reach a final investment decision ahead of securing agreements for 85% of offtake, if the company is confident in a clear line of sight to current contracts becoming binding. 

The company is in final stages of contract negotiation with four parties for as much as 87% of nameplate offtake capacity.

While the stock price has already gained 74% since initiation, Bell Potter expects reaching agreements for 85% of offtake, as well as reaching a final investment decision, as potential catalysts for further positive movement. 

The rating is downgraded to Hold from Buy and the target price increases to $0.72 from $0.70.

This report was published on February 24, 2023.

Target price is $0.72 Current Price is $0.57 Difference: $0.15
If ARU meets the Bell Potter target it will return approximately 26% (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 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.11.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.34 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.07.

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

ATA    ATTURRA LIMITED

Software & Services – Overnight Price: $0.91

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

Shaw and Partners described Atturra's first half results as a "solid set of numbers", with the company reporting underlying earnings growth of 30% year-on-year to $8.3m.

The broker anticipates Atturra will deliver two flagged acquisitions in the near-term, and expects the company will retain $35m in net cash in the second half following these purchases, alongside $30m in available debt capacity. The broker further extrapolates that this $65m of available capital could add $16m in pro-forma earnings. 

The Buy rating and target price of $1.15 are retained.

This report was published on February 27, 2023.

Target price is $1.15 Current Price is $0.91 Difference: $0.24
If ATA meets the Shaw and Partners target it will return approximately 26% (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 0.60 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 0.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.50.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 2.20 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 2.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.64.

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

AVG    AUSTRALIAN VINTAGE LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.57

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

Australian Vintage's December-half interim report outpaced Bell Potter's forecasts thanks to a tax gain on the sale and leaseback of vineyards, but sharply disappointed at the earnings (EBIT) level due to cost inflation.

Operating cash flow deteriorated sharply, due to higher working capital and seasonally high creditor payments (70% are due in the first half).

Management advised inflation eased to date in the June half, but that trading conditions are softening. It plans a cost program in FY24.

The broker observes the company effectively managed its sales mix to meet revenue forecasts, moving to higher value products, and expects this trend will continue.

EPS forecasts fall -49% in FY23; -21% in FY24; and rises 3% in FY25. Buy rating and 65c target price retained.

This report was published on February 27, 2023.

Target price is $0.65 Current Price is $0.57 Difference: $0.08
If AVG meets the Bell Potter target it will return approximately 14% (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 2.90 cents and EPS of 1.70 cents.
At the last closing share price the estimated dividend yield is 5.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.53.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 2.90 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 5.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.25.

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

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Moelis rates ((AVG)) as Buy (1) –

While gross profit margins fell to 29.4% in the 1H (below the 30% anticipated), Moelis expects the culprit of higher shipping costs will ease in the 2H and FY24 margins will improve.

The analyst notices lower shipping route costs already in the 2H, a weaking of currency headwinds and a broader easing of distribution costs.

Lower 1H volumes in A&NZ were the main reason for only minor sales growth in the 1H, explains the analyst.

The FY23 earnings (EBITS) forecast is reduced by -$5.1m to incorporate the gross margin pressure from a step-up in marketing costs and as higher-priced inventory in the UK is worked through.

The target falls to 76c from 87c. Buy.

This report was published on February 27, 2023.

Target price is $0.76 Current Price is $0.57 Difference: $0.19
If AVG meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 2.50 cents and EPS of 2.20 cents.
At the last closing share price the estimated dividend yield is 4.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.91.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 3.30 cents and EPS of 6.40 cents.
At the last closing share price the estimated dividend yield is 5.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.91.

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

AX1    ACCENT GROUP LIMITED

Apparel & Footwear – Overnight Price: $2.43

Goldman Sachs rates ((AX1)) as Buy (1) –

In the wake of very strong (but in line) 1H results, Goldman Sachs admires operational execution at Accent Group and expects exposure to a young consumer and high-growth brands will lead to resilient FY23 and FY24 trading.

The analyst observes trading for the first seven weeks of the 2H was also strong though concedes back-to-school shoe shopping may have provided a short-term boost.

Highlights of the 1H for the broker included an improving balance sheet and a step-up in dividend payment. 

The Buy rating is maintained and the target increased by 5.5% to $2.90.

This report was published on February 27, 2023.

Target price is $2.90 Current Price is $2.43 Difference: $0.47
If AX1 meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $2.26, suggesting downside of -6.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 15.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 6.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.3, implying annual growth of 163.3%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.5, implying annual growth of -5.2%.
Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 16.8.

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

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Jarden rates ((AX1)) as Overweight (2) –

First half results for Accent Group were in line with pre-announced guidance, while the trading update for the first seven weeks of the 2H was very strong, according to Jarden.

Operating cash flow rose by 130%, with little working capital movement, allowing a -$20m pay down of debt.

Management is aiming to open 20 more stores in the 2H, bringing the total to 825.

The analyst adjusts forecasts for elevated costs, partly offset by mix improvements, sales momentum and space growth.

The target slips to $2.50 from $2.70. Overweight.

This report was published on February 24, 2023.

Target price is $2.50 Current Price is $2.43 Difference: $0.07
If AX1 meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.26, suggesting downside of -6.9%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 15.3, implying annual growth of 163.3%.
Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY24:

Current consensus EPS estimate is 14.5, implying annual growth of -5.2%.
Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 16.8.

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

BGA    BEGA CHEESE LIMITED

Dairy – Overnight Price: $3.49

Bell Potter rates ((BGA)) as Upgrade to Buy from Hold (1) –

Bega Cheese delivered a sizeable first half net profit miss to Bell Potter's forecasts, reporting net profits of $9.4m compared to the broker's expected $28.3m.

While revenue increased 11% year-on-year to $1,675m, underlying earnings declined -30% to $74.6m and net profits declined -74% year-on-year. 

The company expects it can still reach the lower end of FY23 guidance, supported by lower ingredient prices in the second half, and anticipates earnings growth in FY24 to be driven by lagged price increases. 

The rating is upgraded to Buy from Hold and the target price increases to $3.80 from $3.40.

This report was published on February 24, 2023.

Target price is $3.80 Current Price is $3.49 Difference: $0.31
If BGA meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.68, suggesting upside of 5.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 9.00 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of 9.0%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 40.1.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 11.00 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 74.7%.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 23.0.

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

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

After reviewing 1H results for Bega Cheese, Goldman Sachs concludes the balance sheet is not under stress, as long as earnings recover in the 2H and beyond as expected.

The analysts feel further price increases may be needed should elevated farm gate milk prices and cost-of-doing-business (CODB) inflation persist. 

The broker cautions industry valuation multiples may suffer until confidence is restored by improving returns for the Australian Dairy industry.

The target falls to $3.15 from $3.35 after Goldman Sachs adjusts for higher CODB, persistently high COGS, and lower commodity volumes and prices. Sell.

This report was published on February 24, 2023.

Target price is $3.15 Current Price is $3.49 Difference: minus $0.34 (current price is over target).
If BGA meets the Goldman Sachs target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.68, suggesting upside of 5.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 9.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of 9.0%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 40.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 10.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 74.7%.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 23.0.

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

BKL    BLACKMORES LIMITED

Health & Nutrition – Overnight Price: $77.24

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

Blackmores' December-half result missed Goldman Sachs's revenue forecasts but outpaced on margins thanks to a strong cost-out program.

The broker expects inflation will cap margins going forward and, while appreciating the company's growth prospects in China and South East Asia, spies difficult trading conditions in these markets in the near term.

Neutral rating retained. Target price falls -1.5% to $74.70 from $75.80.

This report was published on February 27, 2023.

Target price is $74.70 Current Price is $77.24 Difference: minus $2.54 (current price is over target).
If BKL meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $80.62, suggesting upside 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 137.00 cents and EPS of 196.00 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 223.2, implying annual growth of 41.3%.
Current consensus DPS estimate is 141.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 34.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 176.00 cents and EPS of 251.00 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 278.0, implying annual growth of 24.6%.
Current consensus DPS estimate is 172.3, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 27.8.

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $13.30

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

Jarden believes there is a chance of surplus pallet absorption/redeployment through the 2H as demand stays strong and pallet supply is tight, though 'progressive destocking' could upset this scenario.

As may be gleaned by the above, FY24 is difficult to forecast and the analyst elects to stay Overweight-rated rather than moving to a Buy.

The broker notes a strong result for the 1H with price increasingly the driver of revenue and operating earnings growth.

Core EPS forecasts are raised by 7-9% and the broker's target climbs to $13.15 from $12.05. 

This report was published on February 27, 2023.

Target price is $13.15 Current Price is $13.30 Difference: minus $0.15 (current price is over target).
If BXB meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.09, suggesting upside of 6.0%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 81.4, implying annual growth of N/A.
Current consensus DPS estimate is 42.8, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY24:

Current consensus EPS estimate is 88.6, implying annual growth of 8.8%.
Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 15.0.

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

C79    CHRYSOS CORP. LIMITED

Mining Sector Contracting – Overnight Price: $3.85

Shaw and Partners rates ((C79)) as Buy (1) –

Shaw and Partners determines from (mostly pre-released) 1H results Chrysos is on track to meet its FY23 prospectus targets.

Opex increased by 98% year-on-year due to an expansion of the installation team and the company's increasingly global footprint.

In a move that substantially de-risks the company's funding profile of its contracted order book, according to the broker, management has increased its debt facility to $30m from $7.5m with CommBank ((CBA)).

Management noted robust demand and a growing sales pipeline. The $5.40 target and Buy rating are maintained.

This report was published on March 6, 2023.

Target price is $5.40 Current Price is $3.85 Difference: $1.55
If C79 meets the Shaw and Partners target it will return approximately 40% (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 minus 4.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 81.91.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 202.63.

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

CAJ    CAPITOL HEALTH LIMITED

Healthcare services – Overnight Price: $0.26

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

Capitol Health's December-half revenue appears to be a mixed bag, but overall, slightly disappointing at the margin level as higher wages and headcount hit operational expenditure.

Add to that an impairment for the Enlitic investment and the company posted a net loss after tax of -$15.1m.

The broker observes the FMIG acquisition, while immediately accretive, should increase its contribution in the June half.

Buy recommendation retained. Target price falls -8% to 33c from 36c.

This report was published on February 27, 2023.

Target price is $0.33 Current Price is $0.26 Difference: $0.07
If CAJ meets the Bell Potter target it will return approximately 27% (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 1.00 cents and EPS of 0.89 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 29.21.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 1.00 cents and EPS of 1.26 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 20.63.

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

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Jarden rates ((CAJ)) as Neutral (3) –

Jarden and consensus had forecast a 21.5% earnings (EBITDA) margin for Capitol Health in the 1H, which compares to the 20.1% delivered.

Management attributed staff absenteeism and wage inflation for the miss, as well as inflationary pressures on the occupancy and services expense.

While we are talking small numbers, interest costs also contributed to an around -26% miss for profit against the analyst's forecast.

Jarden sees value emerging from a lower share price, though remains cautious on the rate of improvement for the earnings margin. The Neutral rating and 29c target are retained.

This report was published on February 24, 2023.

Target price is $0.29 Current Price is $0.26 Difference: $0.03
If CAJ meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).

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

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

Capitol Health delivered a better 1H result than Shaw and Partners had feared in an industry afflicted in the period by adverse attendances, changes in patient behaviour and elevated sick leave from doctors/staff.

Earnings (EBITDA) of $19.7m came in marginally below the analyst's expectation for $21.5m, but in line with recent industry data.

Management indicated a strong start to the 2H and commented margins should improve. Industry feedback is for improving attendances and more buoyant trading conditions, assures the broker.

The target falls by -11% to 39c. Buy.

This report was published on February 24, 2023.

Target price is $0.39 Current Price is $0.26 Difference: $0.13
If CAJ meets the Shaw and Partners target it will return approximately 50% (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 0.90 cents and EPS of 1.10 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.64.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 1.20 cents and EPS of 1.80 cents.
At the last closing share price the estimated dividend yield is 4.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.44.

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

CBO    COBRAM ESTATE OLIVES LIMITED

Agriculture – Overnight Price: $1.26

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

Cobram Estate Olives' December-half result sharply disappointed Bell Potter's expectations due largely to inventory impairments and a "favourable" legal settlement.

Cash flow fell sharply and the company finished the year with net debt of $169.3m (up from $135.2m at June 30).

Management guides to materially stronger earnings in FY23, thanks to a larger Australian olive crop and a forecast upkick in US sales growth in the June half.

Bell Potter conservatively downgrades crop forecasts, after noting rivals' performances.

Buy rating retained, the broker observing the company's strong growth profile. Target price falls to $1.75 from $2.

This report was published on February 27, 2023.

Target price is $1.75 Current Price is $1.26 Difference: $0.485
If CBO meets the Bell Potter target it will return approximately 38% (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 3.30 cents and EPS of 6.30 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.08.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 3.30 cents and EPS of 0.80 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 158.12.

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

CLG    CLOSE THE LOOP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.35

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

Close the Loop delivered a beat to Shaw and Partners' forecasts with its first half results, reporting 44% year-on-year revenue growth to $58.6m and 28% year-on-year earnings growth to $9.5m. 

The broker finds company management to be "executing strongly and pressing forward on their organic and acquisitive strategy". Shaw and Partners expects upside moving into the second half, predicting 12.2% half-on-half growth, and expects accretive acquisitions to be on the horizon.

The Buy rating is retained and the target price increases to $0.65 from $0.64.

This report was published on February 27, 2023.

Target price is $0.65 Current Price is $0.35 Difference: $0.295
If CLG meets the Shaw and Partners target it will return approximately 83% (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 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.15.

Forecast for FY24:

Shaw and Partners 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 9.86.

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

CUV    CLINUVEL PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $20.26

Moelis rates ((CUV)) as Hold (3) –

Following 1H results for Clinuvel Pharmaceuticals, Moelis downgrades its FY23-25 EPS forecasts by -20-40% to reflect a slower rate of growth in the US, partially offset by higher US prices. Spending of -$77m on the Vitiligo trials in FY24-26 was also incorporated.

Revenue growth in the half was largely driven by the rollout of Scenesse to US erythropoietic protoporphyria (EPP) patients, while Europe delivered modest growth, explains the analyst.

A significant cash position ($140m) provides optionality, notes the broker, with diversification of revenue streams vital should a competitor enter into the company's core EPP market.

The Hold rating is retained while a $23.21 target is set.

This report was published on February 27, 2023.

Target price is $23.21 Current Price is $20.26 Difference: $2.95
If CUV meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 5.70 cents and EPS of 63.30 cents.
At the last closing share price the estimated dividend yield is 0.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.01.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 5.30 cents and EPS of 57.40 cents.
At the last closing share price the estimated dividend yield is 0.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.30.

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

CWY    CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.56

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

Goldman Sachs makes only minor changes to its forecasts following 1H results by Cleanaway Waste Management that were in line with consensus and the broker. FY23 guidance was also largely in line.

The target rises to $3.05 from $2.95 and the Neutral rating is unchanged.

Net revenue was a 6% beat versus the analyst's forecast though margins were slightly lower than expected. This general trend applied across all segments of the business.

This report was published on February 24, 2023.

Target price is $3.05 Current Price is $2.56 Difference: $0.49
If CWY meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $2.75, suggesting upside of 7.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 5.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 1.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of 75.4%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 36.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 6.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 27.1%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 28.8.

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

CXL    CALIX LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $5.46

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

Calix's December-half revenue and other income fell -22% short of Bell Potter's estimates and even more sharply at the earnings (EBITDA) level, due to softness in the Water business and elevated research and development costs.

The broker observes the balance sheet was holding following the October capital raising, the company holding cash of $88.8m and net debt of $87.7m.

EPS forecasts fall roughly between -25% to -300% across FY23 to FY25.

Meanwhile, the company announced a memorandum of understanding with Heirloom Carbon Technologies (a direct air capture company whose investors include Bill Gates-backed Breakthrough Energy Ventures and LEILAC shareholder Carbon Direct), and the broker views this a positive.

Buy rating retained and $9 target price retained. 

This report was published on February 27, 2023.

Target price is $9.00 Current Price is $5.46 Difference: $3.54
If CXL meets the Bell Potter target it will return approximately 65% (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 10.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 51.03.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 10.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 54.06.

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

DSK    DUSK GROUP LIMITED

Household & Personal Products – Overnight Price: $1.70

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

Against a volatile economic backdrop, Shaw and Partners is unsurprised that Dusk Group is yet to provide full year guidance. The retailer's first half exceeded the broker's expectations, with total sales up 7.6% to $86.1 despite a -10.4% like-for-like sales decline. 

Shaw and Partners continues to find Dusk Group positioned for long-term growth, and expects the company can take further market share in an attractive total addressable market.

The Buy rating is retained and the target price decreases to $2.50 from $3.00.

This report was published on February 27, 2023.

Target price is $2.50 Current Price is $1.70 Difference: $0.798
If DSK meets the Shaw and Partners target it will return approximately 47% (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 14.00 cents and EPS of 22.90 cents.
At the last closing share price the estimated dividend yield is 8.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.43.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 15.00 cents and EPS of 27.50 cents.
At the last closing share price the estimated dividend yield is 8.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.19.

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

EGL    ENVIRONMENTAL GROUP LIMITED

Overnight Price: $0.22

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

Environmental Group's first half underlying earnings of $3.1m were well ahead of Bell Potter's expectations, as was group revenue of $40.8m. Supportive of the result was the contribution from EGL Clean Air, which grew 300% year-on-year. 

The broker sees the next twelve months as being "rich with potential value accretive news flow", including a possible first PFAS separation plant sale, air pollution and waste service contracts, and additional MOUs with leading waste technologies. 

The Buy rating is retained and the target price increases to $0.30 from $0.26.

This report was published on February 23, 2023.

Target price is $0.30 Current Price is $0.22 Difference: $0.08
If EGL meets the Bell Potter target it will return approximately 36% (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 0.86 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.58.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.40.

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

EHL    EMECO HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.76

Jarden rates ((EHL)) as Buy (1) –

Restructuring costs and the exit from unprofitable contracts in Emeco Holdings' Pit N Portal business weighed on 1H earnings, observes Jarden. The core profit result was a -40% miss as a result.

However, after changes in assumptions for the broker's capital asset pricing model (CAPM) and increased longer-term forecasts, the $1.10 target is retained.

Management maintained FY23 earnings guidance.

The analyst points to a well-capitalised balance sheet and expects operations will stabilise in FY24.

The Buy rating is maintained.

This report was published on February 24, 2023.

Target price is $1.10 Current Price is $0.76 Difference: $0.345
If EHL meets the Jarden target it will return approximately 46% (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

EQT    EQT HOLDINGS LIMITED

Diversified Financials – Overnight Price: $25.72

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

Underlying profit for EQT Holdings in the 1H was a -7.8% miss against Shaw and Partners forecast largely because of higher employee expenses.

The broker sees positive momentum for FY23 and beyond for EQT, a provider of fund management and trustee services.

Funds under management, advice and supervision (FUMAS) were a 2.5% beat versus the analyst's forecast, while total revenue was in line.

An interim dividend of 49cps exceeded Shaw and Partners' forecast of 46cps.

The target is lowered to $30 from $32. Buy.

This report was published on February 24, 2023.

Target price is $30.00 Current Price is $25.72 Difference: $4.28
If EQT meets the Shaw and Partners target it will return approximately 17% (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 80.00 cents and EPS of 99.70 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.80.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 100.00 cents and EPS of 125.60 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.48.

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

EVS    ENVIROSUITE LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.10

Moelis rates ((EVS)) as Buy (1) –

Moelis increases its sales and earnings estimates for EnviroSuite to reflect strong 2H pipeline commentary during its 1H result announcement.

Achievement of a positive earnings run-rate in November and December of 2022 also helped boost the analyst's earnings assumptions.

Aviation had a record half for annual recurring revenue (ARR) sales and the company-wide gross margin increased to 51.4% from 48% in FY22.

The Buy rating is maintained and the target increases to 19c from 18c.

This report was published on February 27, 2023.

Target price is $0.19 Current Price is $0.10 Difference: $0.09
If EVS meets the Moelis target it will return approximately 90% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.52 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.23.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.67.

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

FCL    FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $1.25

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

Following the release of its first half result, Fineos Corp has reiterated it expects to be cash flow positive in the second half of FY24. Shaw and Partners notes realisation of this does require reasonable conversion of the company's pipeline, noting the company seems comfortable with progress and only expects to reduce headcount slightly over the current fiscal year.

Notably, the company suggested a second major client is moving to partner with Fineos Corp in a move Shaw and Partners expects could underpin subscription growth for a number of years. 

The Buy rating is retained and the target price decreases to $3.30 from $3.40.

This report was published on February 27, 2023.

Target price is $3.30 Current Price is $1.25 Difference: $2.045
If FCL meets the Shaw and Partners target it will return approximately 163% (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 minus 10.28 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.20.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.48 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.08.

This company reports in EUR. 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

GDG    GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $1.30

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

Shaw and Partners found Generation Development's first half result to demonstrate strength across revenues, profitability and margins across in key businesses. The company reported an 11% year-on-year increase in underlying life and admin revenue to $19.4m. 

While the company now holds the top position in its key investment bond market, Shaw and Partners expects a strong start to the year in relevant markets to see funds under management move higher. 

The Buy rating is retained and the target price decreases to $1.83 from $1.90.

This report was published on February 27, 2023.

Target price is $1.83 Current Price is $1.30 Difference: $0.53
If GDG meets the Shaw and Partners target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 1.00 cents and EPS of 2.10 cents.
At the last closing share price the estimated dividend yield is 0.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.90.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 2.00 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 1.54%.
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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.48

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

Gold Road Resources' 2022 full-year result outpaced Bell Potter's forecasts, thanks to a 27% jump in gold sales, but disappointed at the net profit after tax level, due to deferred taxes, a -$4.5m write-off of exploration assets, and a jump in corporate costs.

The broker expects the company will continue to enjoy strong gold sales as production rises in 2023 and as gold grades rise from Gruyere. Bell Potter also expects 2024 will also be fruitful, as plant throughput expansion delivers.

EPS forecasts rise 1% in 2023; 2% in 2024; and 2% in 2025.

Buy rating retained. Target price eases -3% to $1.90 from $1.95 to reflect mark-to-market of the company's listed investments.

This report was published on February 27, 2023.

Target price is $1.90 Current Price is $1.48 Difference: $0.425
If GOR meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $1.83, suggesting upside of 24.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 1.50 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.0, implying annual growth of 23.3%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 1.80 cents and EPS of 12.80 cents.
At the last closing share price the estimated dividend yield is 1.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 11.3%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 16.6.

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

GSS    GENETIC SIGNATURES LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.80

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

Genetic Signatures has reported a first half net loss of -$6.5m, with a decline in molecular covid testing driving revenue down -24% half-on-half while personnel and freight costs saw operating expenses lift 16%. 

There have been some initial signs of an early, and potentially more severe, influenza season ahead, and Bell Potter notes the impact of this on full year revenue will be observed in the coming half. 

The Hold rating is retained and the target price increases to $0.95 from $0.88.

This report was published on February 23, 2023.

Target price is $0.95 Current Price is $0.80 Difference: $0.155
If GSS meets the Bell Potter target it will return approximately 19% (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 8.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.70.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 6.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.05.

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

GTK    GENTRACK GROUP LIMITED

Software & Services – Overnight Price: $2.67

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

Gentrack Group has issued an upgrade to full year guidance, now expecting a $12m revenue boost from the exit of a major UK customer in a one-off that will substantially impact the first half. 

While the earnings impact is yet to be disclosed, Shaw and Partners expects it will be substantial. 

The Buy rating and target price of $4.50 are retained.

This report was published on February 27, 2023.

Target price is $4.50 Current Price is $2.67 Difference: $1.83
If GTK meets the Shaw and Partners target it will return approximately 69% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 7.93 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.68.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.06 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.53.

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

HLI    HELIA GROUP LIMITED

Overnight Price: $3.35

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

Helia Group's 2022 full-year result missed Goldman Sachs's forecasts by -7% as a blip in expenses and a weaker net-claims contribution offset an improvement in premiums.

But the balance sheet proved a decent beat and the company announced a fully franked final dividend of 14c and a fully franked special dividend of 27c. Management announced a $100m on-market share buyback starting March 23.

EPS forecasts rise 8% iin FY23; and 8.5% in FY24.

Buy rating retained, given conditions remain supportive of capital generation and the broker spies plenty of room for more capital management. Target price rises to $3.88 from $3.56.

This report was published on February 27, 2023.

Target price is $3.88 Current Price is $3.35 Difference: $0.53
If HLI meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 38.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 11.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.09.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 37.00 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 11.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.20.

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

HMC    HMC CAPITAL LIMITED

Wealth Management & Investments – Overnight Price: $4.27

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

Jarden points out management has maintained FY23 guidance and a 2024 funds under management (FUM) target of $10bn, despite delivering 1H results below consensus expectations.

As HMC Capital has transitioned to a capital-light balance sheet, the broker sees scope to further increase return on equity (ROE) to above 20%, without the need for additional capital.

The Overweight rating is kept, while the target falls to $5.50 from $5.90.

This report was published on February 24, 2023.

Target price is $5.50 Current Price is $4.27 Difference: $1.23
If HMC meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $5.26, suggesting upside of 23.2%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 20.7, implying annual growth of -21.4%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY24:

Current consensus EPS estimate is 24.2, implying annual growth of 16.9%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 17.6.

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

HPG    HIPAGES GROUP HOLDINGS LIMITED

Online media & mobile platforms – Overnight Price: $0.85

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

As the demand for trade services weakens, Goldman Sachs points out demand for hipages Group's services increases. Cyclical conditions are expected to remain supportive over the medium-term.

Despite flat tradie numbers in the 1H, average revenue per user (ARPU) grew by 11%, which the analyst suggests indicates progress towards sustainable growth of the business.

Management is targeting positive net cash flow by the end of FY24.

The broker retains its Buy rating and $1.80 target.

This report was published on February 24, 2023.

Target price is $1.80 Current Price is $0.85 Difference: $0.95
If HPG meets the Goldman Sachs target it will return approximately 112% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 42.50.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 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 42.50.

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

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $27.73

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

While 1H results for IDP Education were a slight earnings (EBIT) miss, Goldman Sachs highlights strong revenue growth and operating leverage. Revenue growth and earnings margin expansion over the forecast period is expected to justify the stock's premium rating.

Student placement growth in Australia surprised the analyst on the upside, driven largely by students from South East Asia with further upside expected from both India and China, where volumes are still below levels in FY20.

UK student volumes continue to grow strongly off a high base, while the broker sees the US as an emerging opportunity. The US registered 33% growth in paid placements in the 1H.

IELTS volumes were slightly below Goldman's expectations, as Indian volumes contracted, cycling a very strong previous corresponding period.

The target falls to $35.70 from $36.00. Buy.

This report was published on February 24, 2023.

Target price is $35.70 Current Price is $27.73 Difference: $7.97
If IEL meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $32.08, suggesting upside of 15.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 38.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.2, implying annual growth of 52.5%.
Current consensus DPS estimate is 40.6, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 49.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 52.00 cents and EPS of 74.00 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 37.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.5, implying annual growth of 27.2%.
Current consensus DPS estimate is 50.9, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 38.8.

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

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

IDP Education's 1H revenue was a -2% miss versus the consensus estimate, while IELTS revenue was also below forecast.

A key highlight for the analyst was the 62% gross profit margin due to a higher percentage of student placement revenue.

Apart from future organic growth, the broker points out the post-covid recovery narrative remains and presents upside risk to forecasts. Moreover, the 1H acquisition of Intake Education is expected to boost earnings in the 1H of FY24.

Overweight maintained, while the target falls to $33.45 from $35.38.

This report was published on February 24, 2023.

Target price is $33.45 Current Price is $27.73 Difference: $5.72
If IEL meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $32.08, suggesting upside of 15.7%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 56.2, implying annual growth of 52.5%.
Current consensus DPS estimate is 40.6, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 49.3.

Forecast for FY24:

Current consensus EPS estimate is 71.5, implying annual growth of 27.2%.
Current consensus DPS estimate is 50.9, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 38.8.

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

IFL    INSIGNIA FINANCIAL LIMITED

Wealth Management & Investments – Overnight Price: $3.26

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

Resilient revenue margins and ongoing strong cost control were highlights of 1H results for Insignia Financial, according to Jarden.

Should management be correct and the Advice division turns profitable by the end of FY24, the broker points out this will equate to an around $60m uplift in profit (UNPAT).

The analyst finds the current valuation for Insignia Financial is undemanding and retains an Overweight stance. The $3.80 target is unchanged.

This report was published on February 24, 2023.

Target price is $3.80 Current Price is $3.26 Difference: $0.54
If IFL meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.94, suggesting upside of 20.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.80 cents and EPS of 26.60 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.3, implying annual growth of 417.7%.
Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 20.10 cents and EPS of 30.70 cents.
At the last closing share price the estimated dividend yield is 6.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.8, implying annual growth of 8.5%.
Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 10.3.

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

IFM    INFOMEDIA LIMITED

Automobiles & Components – Overnight Price: $1.49

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

Infomedia's December-half revenue fell -2% short of Bell Potter's forecast due to decreased revenue from Europe, Middle East and Africa, and the Americas.

While underlying free cash flow was up, cash fell to $57m from $69m at June 30, in part due to big earnount payments.

Bell Potter downgraded EPS forecasts -9% in FY23; -12% in FY24; and -10% in FY25.

Hold rating retained. Target price rises to $1.35 from $1.25 due to adjustments in valuation assumptions and improvements in the company's cost control and pipeline.

This report was published on February 27, 2023.

Target price is $1.35 Current Price is $1.49 Difference: minus $0.14 (current price is over target).
If IFM meets the Bell Potter target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 4.70 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.25.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 4.70 cents and EPS of 4.10 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.34.

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

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

Shaw and Partners has seen significant improvement in Infomedia's sales pipeline, with the company adding more than $15m in potential annual recurring revenue. Reaffirmed guidance for exit annual recurring revenue of $129-132m suggests year-on-year growth of 8-11%. 

According to the broker, DMS integrations and operational excellence initiatives should support a return to higher growth and expanding cash earnings margins. 

The Buy rating and target price of $1.60 are retained.

This report was published on February 27, 2023.

Target price is $1.60 Current Price is $1.49 Difference: $0.11
If IFM meets the Shaw and Partners target it will return approximately 7% (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 3.80 cents and EPS of 4.80 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.04.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 4.30 cents and EPS of 5.70 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.14.

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: $2.74

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

Bell Potter describes "much stronger than expected" growth in IVE Group's core business as the driver of 32% revenue growth from the company in the first half. 

The Ovato acquisition also performed well, and Bell Potter has accordingly increased its full year estimates, now anticipating earnings of $120m and net profits of $41m, which includes respective contributions from Ovato of $11m and $4m. 

The Buy rating is retained and the target price increases to $3.00 from $2.75.

This report was published on February 23, 2023.

Target price is $3.00 Current Price is $2.74 Difference: $0.26
If IGL meets the Bell Potter target it will return approximately 9% (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 18.50 cents and EPS of 27.90 cents.
At the last closing share price the estimated dividend yield is 6.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.82.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 20.50 cents and EPS of 30.80 cents.
At the last closing share price the estimated dividend yield is 7.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.90.

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

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

IVE Group's 1H results were a beat and a standout across Shaw and Partners research coverage. Underlying earnings (EBITDA) of $65m exceeded the broker's $57m forecast and management declared a record fully-franked dividend of 9.5cps.

Management upgraded FY23 earnings guidance to $120m, which is 5% ahead of existing forecasts by the analyst and consensus.

The company has ten operating/market segments and the broker expects a further lift from key segments such as Travel/Tourism, as well as ongoing margin improvement.

The target rises to $3.47 from $3.27. Buy.

This report was published on February 24, 2023.

Target price is $3.47 Current Price is $2.74 Difference: $0.73
If IGL meets the Shaw and Partners target it will return approximately 27% (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 18.00 cents and EPS of 25.90 cents.
At the last closing share price the estimated dividend yield is 6.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.58.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 22.70 cents and EPS of 31.60 cents.
At the last closing share price the estimated dividend yield is 8.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.67.

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

IPG    IPD GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $3.09

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

IPD Group's December-half earnings (EBITDA) outpaced Bell Potter's forecasts and landed at the top end of guidance, thanks to a 30% jump in revenue. The 4.6c dividend also outpaced the broker's 4c forecast.

No guidance was provided but management advised trading in June half to date remained buoyant, and that supply-chain shortages were easing.

ABB and Elsteel performed strongly and the broker now surmises the company's market-share turnaround in Australia is making solid progress.

Cash flow was worse than expected due to an inventory build to support growth and early deliveries of some long-dated orders requiring an increase in working capital. The company closed the year with net cash of $21.3m (down from $25.4m at June 30).

EPS forecasts rise 2% to 5% across FY23 to FY25. Buy rating retained. Target price rises to $3.50 from $3.35.

This report was published on February 27, 2023.

Target price is $3.50 Current Price is $3.09 Difference: $0.41
If IPG meets the Bell Potter target it will return approximately 13% (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 9.20 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.76.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 10.00 cents and EPS of 19.30 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.01.

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

JIN    JUMBO INTERACTIVE LIMITED

Gaming – Overnight Price: $13.09

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

Jumbo Interactive's December-half result met Goldman Sachs' forecasts thanks to strong cash flow and cost management, lower churn, and solid performances from the SaaS and Managed services business.

An interim dividend was announced at the top end of the payout ratio (85%)

The broker says the result vindicates its view that the company's reliance on The Lottery Corp (TLC) has been overestimated and advises the net cash balance sheet is strong. The broker forecasts a compound annual growth rate of 17%.

Buy rating retained. Target price rises to $15.50 from $15.20.

This report was published on February 27, 2023.

Target price is $15.50 Current Price is $13.09 Difference: $2.41
If JIN meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $16.99, suggesting upside of 29.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 44.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.9, implying annual growth of 14.1%.
Current consensus DPS estimate is 43.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 23.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 55.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 4.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.7, implying annual growth of 19.0%.
Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 19.3.

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

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Jarden rates ((JIN)) as Neutral (3) –

In-line 1H results by Jumbo Interactive revealed strong growth in Lottery Retailing revenue (driven by Powerball), which was offset by weaker results in other products, explains Jarden.

Management lowered FY23 guidance for costs due to lower employee expenses than anticipated in the 1H.

The interim dividend beat the analyst's forecast by 5%.

The broker assumes higher ticket prices for Lottery Retailing, which raises the forecast revenue margin for the segment.

The target rises to $14.49 from $14.06. Neutral.

This report was published on February 27, 2023.

Target price is $14.49 Current Price is $13.09 Difference: $1.4
If JIN meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $16.99, suggesting upside of 29.8%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 56.9, implying annual growth of 14.1%.
Current consensus DPS estimate is 43.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 23.0.

Forecast for FY24:

Current consensus EPS estimate is 67.7, implying annual growth of 19.0%.
Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 19.3.

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

KME    KIP MCGRATH EDUCATION CENTRES LIMITED

Overnight Price: $0.51

CCZ Equities rates ((KME)) as Buy (1) –

CCZ Equities believes earnings power for Kip McGrath Education Centres is being masked by losses (which should improve rapidly) from the parent to parent (P2P) tutoring marketplace called Tutorfly.

The analyst notes earnings are also being suppressed in the early stages of a shift to Corporate Centres, which should ultimately drive long-term earnings growth.

The broker conveys these views after reviewing a 1% beat for 1H core earnings (EBITDA), when Tutorfly's loss is excluded. Earnings in the 2H are expected to improve, which should highlight upside from the corporate roll out and expansion into the US and Asia.

While a lower target of $1.68 is set, the Buy rating is maintained.

This report was published on February 24, 2023.

Target price is $1.68 Current Price is $0.51 Difference: $1.175
If KME meets the CCZ Equities target it will return approximately 233% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

CCZ Equities forecasts a full year FY23 dividend of 2.12 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 4.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.54.

Forecast for FY24:

CCZ Equities forecasts a full year FY24 dividend of 3.84 cents and EPS of 8.08 cents.
At the last closing share price the estimated dividend yield is 7.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.25.

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

KYP    KINATICO LIMITED

Software & Services – Overnight Price: $0.08

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

Shaw and Partners assesses Kinatico, previously named CV Check, produced robust 1H results, and a healthy (debt-free) $10.5m cash balance should allow organic growth and potential for acquisitions.

The gross margin rose to 64.5% from 63.7% in the previous corresponding period and SaaS-billed customers rose to 145 from 95 in July 2022. The analyst notes management is focused on increasing the proportion of SaaS revenue to overall revenue.

The broker reduces its target to 13c from 14c. The Buy rating is maintained with the company considered to be trading at a material discount to peers.

This report was published on February 24, 2023.

Target price is $0.13 Current Price is $0.08 Difference: $0.051
If KYP meets the Shaw and Partners target it will return approximately 65% (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 minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.75.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 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 79.00.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $1.67

Moelis rates ((LRK)) as Hold (3) –

Sales declined by -3% in the 1H for Lark Distilling Co as it was a tough comparison to one-off sales activity in the previous corresponding period and high-margin e-commerce sales began to normalise after covid. However, costs were beter than expected.

The broker increases its FY23 earnings (EBITDA) forecast by $1.6m to reflect the lower cost base in the 1H, but cautions growth headwinds remain into the 2H.

Sufficient cash and debt facilities should see the company self-fund through to a free cash flow positive scenario in FY25, suggests the analyst.

The Hold rating remains while the target falls to $2.09 from $2.30.

This report was published on February 27, 2023.

Target price is $2.09 Current Price is $1.67 Difference: $0.42
If LRK meets the Moelis target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 75.91.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 128.46.

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

MAD    MADER GROUP LIMITED

Mining Sector Contracting – Overnight Price: $4.12

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

Having largely pre-reported its first half results, Mader Group has upgraded its full year guidance for a second time. Bell Potter highlights the company now targets revenue above $580m and net profit above $37m. 

The broker explains guidance suggests a stronger second half performance is expected, but with the company's second half revenue and net profits typically exceeding its first half by more than 15%, Bell Potter expects it can outperform updated guidance which the broker finds to be modest. 

The Buy rating and target price of $5.00 are retained.

This report was published on February 23, 2023.

Target price is $5.00 Current Price is $4.12 Difference: $0.88
If MAD meets the Bell Potter target it will return approximately 21% (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 7.83 cents and EPS of 27.82 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.81.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 8.30 cents and EPS of 24.40 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.89.

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

MCR    MINCOR RESOURCES NL

Nickel – Overnight Price: $1.26

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

Jarden describes 1H results for Mincor Resources as "messy", but only due to changed accounting methods for upcoming mining costs.

The analyst expects significant news flow in the 2H from underground drilling at the Cassini North target.

The Overweight rating is maintained and the target eases to $1.67 from $1.76.

This report was published on February 27, 2023.

Target price is $1.67 Current Price is $1.26 Difference: $0.405
If MCR meets the Jarden target it will return approximately 32% (excluding dividends, fees and charges).

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

MGH    MAAS GROUP HOLDINGS LIMITED

Building Products & Services – Overnight Price: $2.61

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

Maas Group's pre-released December-half result met forecasts.

The broker expects the company will continue to benefit from its growing east-coast exposure to infrastructure, commercial and civil construction, and observes the company's strong and growing pipeline.

In the near term, pressure remains on the build-to-sell residential single family home market and the broker expects subdued volumes which should support residential rental markets. 

Goldman Sachs appreciates the company's 8,000 site land bank, which sits at cost on its balance sheet, and expects this will drive strong earnings growth over the next five-10 years. Meanwhile, construction materials volumes and margins are tipped to normalise in the June half.

Buy rating retained. Target price eases to $4 from $4.20.

This report was published on February 27, 2023.

Target price is $4.00 Current Price is $2.61 Difference: $1.39
If MGH meets the Goldman Sachs target it will return approximately 53% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 7.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.67.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.70.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $88.73

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

Mineral Resources' December-half result outpaced Bell Potter's forecasts by a decent clip, thanks to a strong beat on capital expenditure. The company announced a fully franked interim dividend of 120c, also a sharp beat.

Management increased capital cost guidance and the broker expects growth in lithium production through FY23 and FY24 wil drive strong earnings growth. 

Mineral Resources has also announced it has entered into new binding agreements with MARBL joint venture partner Albemarle Corporation, with Mineral Resources' Wodgina and Kemerton stakes to become 50% and 15% respectively, from a previous 40%, and acquiring a 50% stake in Qinzhou.

Buy rating and and $110 target price are retained.

This report was published on February 23, 2023.

Target price is $110.00 Current Price is $88.73 Difference: $21.27
If MIN meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $95.61, suggesting upside of 7.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 388.70 cents and EPS of 736.60 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 834.0, implying annual growth of 351.1%.
Current consensus DPS estimate is 495.3, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 939.10 cents and EPS of 1878.20 cents.
At the last closing share price the estimated dividend yield is 10.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1464.5, implying annual growth of 75.6%.
Current consensus DPS estimate is 771.3, implying a prospective dividend yield of 8.7%.
Current consensus EPS estimate suggests the PER is 6.1.

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

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

Harking back to just prior to the release of 1H results for Mineral Resources on February 24, Jarden lowered its target to $79.91 from $82.17 due to forecast adjustments for two separate joint venture agreements.

A binding agreement was reached for the restructure of the MARBL joint venture with Albermarle, while a new 50:50 downstream joint venture will be established to convert Wodgina spodumene concentrate into lithium chemicals in China.

The Neutral rating was unchanged.

Following the 1H result announcement, Jarden assesses a soft 1H result for Mineral Resources with earnings (EBITDA) a -6% miss versus the consensus forecast. After also allowing for lower lithium price forecasts, the broker downgrades its rating to Underweight from Neutral.

The analyst cautions on the potential for underwhelming appraisal drilling results in the Perth Basin, ongoing cost inflation and further declines in both lithium and iron ore prices.

The target falls to $73.44 from $79.91.

This report was published on February 24, 2023.

Target price is $73.44 Current Price is $88.73 Difference: minus $15.29 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $95.61, suggesting upside of 7.8%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 834.0, implying annual growth of 351.1%.
Current consensus DPS estimate is 495.3, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Current consensus EPS estimate is 1464.5, implying annual growth of 75.6%.
Current consensus DPS estimate is 771.3, implying a prospective dividend yield of 8.7%.
Current consensus EPS estimate suggests the PER is 6.1.

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

MPL    MEDIBANK PRIVATE LIMITED

Insurance – Overnight Price: $3.39

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

In the wake of cyber attacks, Medibank Private achieved greater policyholder stability than Jarden expected. Moderate growth is now forecast in the 2H for policy numbers.

The analyst points out the company continues to benefit from a potential structural reduction in rehabilitation, respiratory and prostheses claims.

The target rises to $3.50 from $3.30. Overweight.

This report was published on February 24, 2023.

Target price is $3.50 Current Price is $3.39 Difference: $0.11
If MPL meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.45, suggesting upside of 1.8%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 17.4, implying annual growth of 21.7%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY24:

Current consensus EPS estimate is 18.1, implying annual growth of 4.0%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 18.7.

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

MVP    MEDICAL DEVELOPMENTS INTERNATIONAL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.34

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

Medical Developments International's December-half revenue missed Bell Potter's forecasts as did the loss (EBITDA).

The broker observes the company closed the half with a strong cash balance following its August capital raising.

Meanwhile, Penthrox volumes jumped 29% in the UK and Ireland; 24% in France; and 12% in Australia.

Speculative Buy rating retained. Target price eases to $2.20 from $2.25.

This report was published on February 27, 2023.

Target price is $2.20 Current Price is $1.34 Difference: $0.86
If MVP meets the Bell Potter target it will return approximately 64% (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 28.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.79.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 18.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.44.

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: $4.53

Bell Potter rates ((NAN)) as Sell (5) –

Bell Potter feels Nanosonics has alleviated concern around its ability to deliver a high performing sales and distribution function with its first half results. The company delivered 34% revenue growth and a 230 gross margin basis point improvement in the period. 

Subject to regulatory approvals in Europe and Australia, the company's CORIS device is set to be launched in late 2023.

It appears, however, Bell Potter sees a US launch as unlikely before 2025. The broker sees the growth outlook for Nanosonics beyond the current fiscal year as more challenging. 

The Sell rating is retained and the target price increases to $3.90 from $3.85.

This report was published on February 23, 2023.

Target price is $3.90 Current Price is $4.53 Difference: minus $0.63 (current price is over target).
If NAN meets the Bell Potter target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.61, suggesting upside of 1.8%(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 5.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 83.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.3, implying annual growth of 246.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 105.3.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 6.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 65.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.7, implying annual growth of 55.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 67.6.

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

NEC    NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV – Overnight Price: $1.94

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

When taking into account declining 3Q free to air revenues expected by management and smaller cost reduction guidance than hoped for, Goldman Sachs lowers its Total TV earnings forecast for Nine Entertainment.

The broker makes this change following 1H results for the company that were in line with December 2022 company guidance.

The target price is reduced by -2% to $2.45 to reflect negative operating leverage to softening ad markets (TV/Publishing) offset by Stan cost control, explains Goldman Sachs. The Buy rating is maintained.

This report was published on February 24, 2023.

Target price is $2.45 Current Price is $1.94 Difference: $0.515
If NEC meets the Goldman Sachs target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $2.67, suggesting upside of 37.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 12.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 6.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.5, implying annual growth of -5.4%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 12.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 6.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.5, implying annual growth of N/A.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 11.7.

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

OBL    OMNI BRIDGEWAY LIMITED

Diversified Financials – Overnight Price: $2.76

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

Omni Bridgeway's December-half result sharply missed Goldman Sachs' forecasts, the company reporting a bigger than expected loss due to a retreat in the conversion rate to 4% from 15%, and higher investment growth costs. Add to that impairments to the Westgem Investment and a law firm investment in Fund 1 and there wasn't much to inspire.

But Goldman Sachs argues the company's balance sheet is the metric to watch given litigations sit at cost as intangible assets on the balance sheet, and expects historical returns and conversion rates will yield $3.8bn in revenue, of which the company would be entitled to $1.2bn, excluding performance fees.

EPS forecasts slump in FY23 and FY24. Buy rating retained. Target price falls to $5.30 from $5.65.

This report was published on February 27, 2023.

Target price is $5.30 Current Price is $2.76 Difference: $2.54
If OBL meets the Goldman Sachs target it will return approximately 92% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.20.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 21.00 cents and EPS of 85.00 cents.
At the last closing share price the estimated dividend yield is 7.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.25.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $0.69

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

Bell Potter cuts Paladin Energy's target price to 99c from $1.05 after downgrading revenue estimates for the first two years of production at Langer Heinrich Mine and cutting long-term contract premium forecasts (over spot).

The broker retains the view the company's strong contracting pipeline and improvements in the uranium price should support over the longer term. 

EPS forecasts fall -7% in FY23; -34% in FY24; and -23% in FY25. Speculative Buy rating retained.

This report was published on February 27, 2023.

Target price is $0.99 Current Price is $0.69 Difference: $0.3
If PDN meets the Bell Potter target it will return approximately 43% (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 8.69 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.94.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.58 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 118.97.

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

PFP    PROPEL FUNERAL PARTNERS LIMITED

Consumer Products & Services – Overnight Price: $4.39

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

Growth in number of funerals (up 14%) and in average revenue per funeral (up 7.5%) have both contributed to 23% revenue growth from Propel Funeral Partners in the first half. Given the pace of growth in January, Bell Potter is predicting the company achieves 6% volume growth over the second half.

The broker consider's Propel Funeral Partners' growth to be well supported by a strong underlying business, alongside its ability to act as a leading consolidator with an acquisition strategy in a large and fragmented market. 

The Buy rating and target price of $5.70 are retained.

This report was published on February 23, 2023.

Target price is $5.70 Current Price is $4.39 Difference: $1.31
If PFP meets the Bell Potter target it will return approximately 30% (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 13.50 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.09.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 14.80 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.86.

Market Sentiment: 1.0
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: $4.16

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

First half underlying earnings (EBITDA) and profit for Pilbara Minerals were in line with forecasts by Goldman Sachs and consensus.

The inaugural interim dividend of 11cps compared to the consensus expectation for 11.7cps.

Production guidance was increased to 600-620kt from 540-580kt, but consensus was expecting 587kt, according to the broker.

Regarding potential M&A, management expressed the wish to extract greater value along the battery minerals supply chain.

The analysts note the company had previously suggested exploring opportunities in both upstream/downstream assets, preferably in Western Australia. 

The Neutral rating and $4.90 target are retained.

This report was published on February 27, 2023.

Target price is $4.90 Current Price is $4.16 Difference: $0.74
If PLS meets the Goldman Sachs target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $5.12, suggesting upside of 23.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 24.50 cents and EPS of 93.80 cents.
At the last closing share price the estimated dividend yield is 5.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.1, implying annual growth of 364.2%.
Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 4.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 18.80 cents and EPS of 55.30 cents.
At the last closing share price the estimated dividend yield is 4.52%.
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 88.5, implying annual growth of 0.5%.
Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 4.7.

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

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Jarden rates ((PLS)) as Sell (5) –

Despite strong 1H results, Jarden retains its Sell rating for Pilbara Minerals as lithium prices are thought to be at the peak-of-the-cycle.

Either the company is being conservative or upgraded production/cost guidance (600-620kt at $580-610/t) is a little underwhelming, suggests the analyst.

The broker applauds management's focus on shareholder returns as evidenced by the 11cps interim dividend.

The target rises to $4.06 from $3.79. 

This report was published on February 27, 2023.

Target price is $4.06 Current Price is $4.16 Difference: minus $0.1 (current price is over target).
If PLS 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 $5.12, suggesting upside of 23.0%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 88.1, implying annual growth of 364.2%.
Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 4.7.

Forecast for FY24:

Current consensus EPS estimate is 88.5, implying annual growth of 0.5%.
Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 4.7.

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

PNV    POLYNOVO LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.22

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

PolyNovo's December-half result appears to have pleased Bell Potter, revenue rising strongly but employee expenses also rising as the company ramps up.

Corporate and administrative cost also rose sharply (up 69%) to reflect marketing spend, travel, insurance premiums and IT costs.

The company extended its loss to -$3.8m but the broker observes PolyNovo is well capitalised following the recent $53m raising.

Buy rating retained. Target price rises to $2.55 from $2.30 and earnings forecasts rise slightly across the forecast period to reflect the broker's expectation of falling costs.

This report was published on February 27, 2023.

Target price is $2.55 Current Price is $2.22 Difference: $0.33
If PNV meets the Bell Potter target it will return approximately 15% (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 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 370.00.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 148.00.

Market Sentiment: 1.0
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: $1.45

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

Pepper Money's pro forma earnings from continuing operations were 1% ahead of Goldman Sachs forecast due to higher-than-expected servicing fees and lower loan losses, with a partial offset due to higher expenses.

A final 5.1cps dividend brings the full year payout to 10.5cps.

The broker highlights a material rebound for the exit net interest margin (NIM) at the end of December compared to the 2H FY22 average.

The analysts keep a Buy rating given the promising exit NIM and management's ability to flex into other products to offset a slowdown of originations in Prime lending. Mortgage arrears remain below pre-covid levels, another justification for the broker's rating.

The target falls to $1.95 from $2.02.

This report was published on February 24, 2023.

Target price is $1.95 Current Price is $1.45 Difference: $0.5
If PPM meets the Goldman Sachs target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $1.63, suggesting upside of 12.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 10.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 6.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.2, implying annual growth of -12.1%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 5.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 10.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 6.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of -8.2%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 5.6.

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

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

Second half/FY22 results for Pepper Money were impacted by sharp falls in margins and mortgage originations, yet were broadly in line with Jarden's expectations.

The broker judges the business as resilient with an undemanding valuation and retains its Overweight rating, despite industry headwinds and a tough near-term outlook. Further deterioration in mortgage volumes and net book growth is expected.

The $1.70 target price is unchanged.

This report was published on February 24, 2023.

Target price is $1.70 Current Price is $1.45 Difference: $0.25
If PPM meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $1.63, suggesting upside of 12.6%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 28.2, implying annual growth of -12.1%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 5.1.

Forecast for FY24:

Current consensus EPS estimate is 25.9, implying annual growth of -8.2%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 5.6.

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

PPT    PERPETUAL LIMITED

Wealth Management & Investments – Overnight Price: $25.43

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

Perpetual's December-half result met or outpaced Bell Potter's forecasts on key metrics, with Perpetual Corporate Trust proving the star performer, while the international business proved the laggard. Costs rose but appeared fairly well controlled.

The result did not include Pendal, but management expects to update markets on Pendal in April and the broker expects that a beat on cost synergies may be on the cards.

EPS forecasts fall -2.2% for FY23; -1.4% for FY24; and -2.4% for FY25.

Buy rating retained. Target price eases to $30.50 from $30.94.

This report was published on February 27, 2023.

Target price is $30.50 Current Price is $25.43 Difference: $5.07
If PPT meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $30.40, suggesting upside of 19.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 182.00 cents and EPS of 218.80 cents.
At the last closing share price the estimated dividend yield is 7.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 209.3, implying annual growth of 16.6%.
Current consensus DPS estimate is 163.0, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 183.00 cents and EPS of 238.90 cents.
At the last closing share price the estimated dividend yield is 7.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 211.2, implying annual growth of 0.9%.
Current consensus DPS estimate is 162.3, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 12.0.

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $1.83

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

Bell Potter has described "another set of disappointing results" from Platinum Asset Management's first half, with asset management revenue declining -20% and earnings and underlying profit both declining -42%. The company continues to struggle with outflows and a rising cost base.

Among a number of potential future growth drivers, the broker sees the launch of the new thematic Platinum Global Transition Fund as likely the most positive driver for the company, particularly if the company is able to differentiate it from other similar funds.

The rating is downgraded to Sell from Hold and the target price decreases to $1.68 from $1.76.

This report was published on February 23, 2023.

Target price is $1.68 Current Price is $1.83 Difference: minus $0.15 (current price is over target).
If PTM meets the Bell Potter target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.89, suggesting upside of 3.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 15.00 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 8.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of -5.4%.
Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 14.00 cents and EPS of 12.50 cents.
At the last closing share price the estimated dividend yield is 7.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of -11.4%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 12.4.

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

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics – Overnight Price: $6.58

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

First half results for Qantas Airways were broadly in line with forecasts by Goldman Sachs and consensus. Revenues remain materially above pre-covid levels points out the broker.

A $500m buyback in the 2H was announced versus the analyst's $400m expectation.

Goldman Sachs raises its FY23 earnings forecast by 4% with lower expected fuel expenses partially offset by higher non-fuel opex. The FY24 profit estimate is raised by 9% as significant transitional costs roll-off and higher capacity kicks in.

The target rises to $8.30 from $8.20. The broker observes its FY24 EPS forecast sits 65% above pre-covid levels, yet the company's market capitalisation remains -1% below pre-covid levels. Buy.

This report was published on February 24, 2023.

Target price is $8.30 Current Price is $6.58 Difference: $1.72
If QAN meets the Goldman Sachs target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $7.35, suggesting upside of 11.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 94.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.1, 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 7.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 94.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.0, implying annual growth of 11.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.6.

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

RMC    RESIMAC GROUP LIMITED

Banks – Overnight Price: $1.01

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

Jarden notes 98% of Resimac Group's business is exposed to a competitive and slowing mortgage market and remains Underweight-rated following better-than-expected 1H results.

The broker adopts lower volume assumptions with a partial offset courtesy of the company's cost-out program, and the target falls to $1.15 from $1.35.

The analyst anticipates a gloomy outlook due to falling volumes, negative book growth and few repricing opportunities.

This report was published on February 27, 2023.

Target price is $1.15 Current Price is $1.01 Difference: $0.14
If RMC meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.75

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

While higher than expected depreciation and amortisation charges saw Regis Resources deliver a bigger first half loss than Bell Potter had expected, the broker found the period to set a foundation for a strong second half. The company reported revenue of $536m, earnings of $177m, and a -$30.2m net loss. 

Reiterated full year guidance implies a stronger second half, and Bell Potter expects Duketon and Tropicana are on track to produce a combined 450-500,000 ounces per annum, while McPhillamys has potential to add a further 200,000 ounces.

The Buy rating is retained and the target price increases to $2.75 from $2.72.

This report was published on February 23, 2023.

Target price is $2.75 Current Price is $1.75 Difference: $1
If RRL meets the Bell Potter target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $1.97, suggesting upside of 12.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 1.00 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 0.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.8, implying annual growth of 163.7%.
Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 36.5.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 2.00 cents and EPS of 23.80 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, implying annual growth of 185.4%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 12.8.

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

SHA    SHAPE AUSTRALIA CORPORATION LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.58

Moelis rates ((SHA)) as Buy (1) –

Compared to Moelis forecasts, Shape Australia recorded 1H revenue and earnings (EBITDA) beats of 17% and 39%, respectively, due to lower-than-expected overheads and an improving gross margin.

Moreover, the analyst expects improving metrics as operating conditions normalise, assisted by operating leverage and planned expansion into Defense, Health, Facade and Modular verticals.

Management's outlook commentary aligned with expectations for activity and margins. An interim dividend of 5cps was fully franked, with a further special dividend of 5cps.

The target rises to $2.03 from $2.00. Buy.

This report was published on February 27, 2023.

Target price is $2.03 Current Price is $1.58 Difference: $0.45
If SHA meets the Moelis target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 12.00 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 7.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.62.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 15.80 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 10.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.23.

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

SKT    SKY NETWORK TELEVISION LIMITED

Print, Radio & TV – Overnight Price: $2.37

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

Putting aside penalty payments to Vodafone TV, SKY Network Television's 1H result was in line with Jarden's earnings (EBITDA) forecast, but exceeded expectations on subscription momentum.

The broker's FY23 earnings forecast is now $10m higher than previously (helped along by recent management cost initiatives) and provides a positive tailwind for FY24 and FY25 estimates.

The broker upgrades its rating to Overweight from Neutral in reaction to the result and increases its target to NZ$2.80 from NZ$2.63.

This report was published on February 24, 2023.

Current Price is $2.37. Target price not assessed.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SLH    SILK LOGISTICS HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $2.48

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

Shaw and Partners points out Silk Logistics has successfully managed supply chain challenges and managed to continuously lift earnings guidance since listing in July 2021.

First half results were no exception, with management upgrading FY23 sales guidance by 9%. The 1H result exceeded the broker's forecasts for every metric. New customer wins and strong Port Logistics volumes and margins helped achieve 39% sales growth.

The analyst suggests the risk reward equation is compelling for the company's shares and maintains a Buy rating. The $3.50 target is unchanged.

This report was published on February 24, 2023.

Target price is $3.50 Current Price is $2.48 Difference: $1.02
If SLH meets the Shaw and Partners target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 11.30 cents and EPS of 21.30 cents.
At the last closing share price the estimated dividend yield is 4.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.64.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 14.00 cents and EPS of 28.50 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.70.

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

THL    TOURISM HOLDINGS LIMITED

Overnight Price: $3.75

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

Jarden assesses solid 1H profit growth for Tourism Holdings Rentals which arose from the return of international tourism and a one month contribution from Apollo Tourism & Leisure ((ATL)) following the merger.

Constrained supply also helped support rental yields and margins, explains the analyst, and vehicle sales margins remain above NZ$30,000/vehicle.

Management expects constraints for industry capacity will remain supportive for the remainder of 2023 and also signaled a return to dividends at FY23 results, six months ahead of Jarden's schedule.

Overweight maintained. Target is raised to NZ$4.61 from NZ$4.56.

This report was published on February 24, 2023.

Current Price is $3.75. Target price not assessed.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.29

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

Following 1H results for Lottery Corp, Goldman Sachs lifts earnings forecasts largely due to the 2% commission increase (from May 2023) flagged by management. Management increased the dividend payout to 80-100%.

While cash results for the half were well ahead of expectations, a timing impact on payables played its part, and the broker still harbours concerns for the industry outlook in Lotteries. It's thought the OzLotto performance failed to adequately reflect a price increase.

The analysts also cautions digital penetration growth has weakened, which suggests a  potential risk to the consensus margin in the longer term.

Goldman Sachs retains its Sell rating and $3.90 target.

This report was published on February 24, 2023.

Target price is $3.90 Current Price is $5.29 Difference: minus $1.39 (current price is over target).
If TLC meets the Goldman Sachs target it will return approximately minus 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.29, suggesting upside of 0.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 16.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.5, implying annual growth of 6.0%.
Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 32.1.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 15.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 9.7%.
Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 29.2.

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

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

An increased dividend payout ratio and a special dividend for Lottery Corp in the 1H arrived around 12 months prior to Jarden's schedule.

The analyst highlights a strong revenue performance by Lottery, driven by operating leverage and an in-line performance by Powerball. Costs as a percentage of revenue are expected to be higher in the 2H and in FY24.

Lotteries revenue/earnings in the 1H were boosted by an accelerated jackpot sequence in Powerball, which the broker doesn't expect to continue, while Oz Lotto, base games (ex Lucky Lotteries) and Instants all experienced declines.

The Underweight rating is retained due to inflated multiples, explains the analyst, while the target rises to $4.17 from $4.11.

This report was published on February 24, 2023.

Target price is $4.17 Current Price is $5.29 Difference: minus $1.12 (current price is over target).
If TLC meets the Jarden target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.29, suggesting upside of 0.0%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 16.5, implying annual growth of 6.0%.
Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 32.1.

Forecast for FY24:

Current consensus EPS estimate is 18.1, implying annual growth of 9.7%.
Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 29.2.

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

TRS    REJECT SHOP LIMITED

Household & Personal Products – Overnight Price: $4.01

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

On closer examination of Reject Shop's pre-released report, Goldman Sachs observes a miss on margins was offset by strong control of cost of doing business. The dividend disappointed.

Meanwhile, trading in the first few weeks of the June half outpaced.

The broker tinkers with EPS forecasts and raises the target price 10.4% to $5.85 after marking to market the valuation multiple. Neutral rating retained.

This report was published on February 27, 2023.

Target price is $5.85 Current Price is $4.01 Difference: $1.84
If TRS meets the Goldman Sachs target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $5.05, suggesting upside of 25.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 9.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of 17.4%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 25.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 6.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.2, implying annual growth of 37.2%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 12.1.

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

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Jarden rates ((TRS)) as Buy (1) –

The Reject Shop's 1H result was in line with pre-announced guidance.

Sales for January and February to-date have risen by 11% and 5.5%, respectively, against the previous corresponding period.

Jarden feels the company has reached a positive turning point due to improving sales trends and evidence of customers trading down due to the tough economic backdrop. It's also thought costs have peaked and margin pressure will begin to unwind in the 4Q.

The analyst forecasts 58% earnings (EBIT) growth into FY24 and maintains a Buy recommendation. The target rises to $9.30 from $8.60.

This report was published on February 24, 2023.

Target price is $9.30 Current Price is $4.01 Difference: $5.29
If TRS meets the Jarden target it will return approximately 132% (excluding dividends, fees and charges).
Current consensus price target is $5.05, suggesting upside of 25.9%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 24.2, implying annual growth of 17.4%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY24:

Current consensus EPS estimate is 33.2, implying annual growth of 37.2%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 12.1.

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $5.37

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

Goldman Sachs raises its target price for Universal Store by 6.6% to $8.05 following a strong 1H result and the continuation of strong trading in the first seven weeks of the 2H.

The broker likes exposure to the company's medium-term store roll-out opportunity and the younger consumer base, which is less inhibited by inflation concerns. Margin upside is also anticipated from the Thrill integration and the ongoing roll-out of the Perfect Stranger format.

The analysts's revenue forecasts rise on a step-up in the rate of store expansion. Buy.

This report was published on February 24, 2023.

Target price is $8.05 Current Price is $5.37 Difference: $2.68
If UNI meets the Goldman Sachs target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $6.16, suggesting upside of 14.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 27.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.4, implying annual growth of 30.3%.
Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 34.00 cents and EPS of 48.00 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 11.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.9, implying annual growth of 16.5%.
Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 11.7.

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

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Jarden rates ((UNI)) as Buy (1) –

While 1H results were in line with consensus forecasts, Universal Store issued a strong 2H trading update which revealed a 14% rise in US sales year-on-year.

Showing signs of cautious optimism, according to Jarden, management pointed to the company's more resilient core customer (no mortgage and younger) and easing supply chain costs. The integration of Thrills (CTC) is also expected to provide a runway for growth.

The analyst takes a conservative approach in cutting FY23-25 profit forecasts by -8-10% though suggests Universal Store can outperform the sector as fashion is preferred over exposures to household goods.

The target falls to $6.60 from $7.00. Buy.

This report was published on February 24, 2023.

Target price is $6.60 Current Price is $5.37 Difference: $1.23
If UNI meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $6.16, suggesting upside of 14.8%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 39.4, implying annual growth of 30.3%.
Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY24:

Current consensus EPS estimate is 45.9, implying annual growth of 16.5%.
Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 11.7.

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

ZIP    ZIP CO LIMITED

Business & Consumer Credit – Overnight Price: $0.53

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

After reviewing pre-released 1H results for Zip Co, Shaw and Partners expects a 2H improvement for cash losses, and improving cash liquidity and inflows from the rest-of-the-word (ROW). 

As part of a strategic review, the ROW businesses are being restructured, sold or wound down.

The analyst forecasts a group (ex-ROW) break-even point in November/December this year.

Management noted a 9% year-on-year increase in transaction volume in January and a cash net transaction margin (NTM) of 3.5%, which was 50bps ahead of medium-term targets, largely driven by US margins.

The target falls to $2.02 from $2.06. Buy.

This report was published on February 24, 2023.

Target price is $2.02 Current Price is $0.53 Difference: $1.49
If ZIP meets the Shaw and Partners target it will return approximately 281% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting upside of 13.2%(ex-dividends)
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 minus 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -32.9, 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 N/A.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 10.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -16.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

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Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide 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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