Australian Broker Call *Extra* Edition – Jun 01, 2023

This story features ALS LIMITED, and other companies. For more info SHARE ANALYSIS: ALQ

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)

AKE   ALQ   BMT   CSL   CTM   DRE   FPH   FSF   IEL   INA   IPD (2)   LIC   LLL   SHV   TWE  

AKE    ALLKEM LIMITED

New Battery Elements – Overnight Price: $14.85

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

Canaccord Genuity takes a look at the Allkem-Livent merger prospects more closely noting the combination of operating assets and development projects would mean the merged entity's capacity increases to 270,000t by 2030 from 86,000t in 2023.

Still, Livent could be getting the better end of the deal as on current terms the merger would be dilutive to Allkem on a resource multiple and largely neutral on production multiples.

Given the relatively low implied premium, the broker does not discount the possibility of a competitive bid, which could likely be driven by the high-quality Allkem resource base.

The broker currently retains a Buy rating and $19.50 target.

This report was published on May 30, 2023.

Target price is $19.50 Current Price is $14.85 Difference: $4.65
If AKE meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $16.93, suggesting upside of 14.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 156.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.9, implying annual growth of 22.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.1.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of 210.18 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.5, implying annual growth of 29.5%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 13.2.

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

ALQ    ALS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $11.55

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

FY23 results for ALS Ltd were in line with forecasts by Goldman Sachs. A positive result for the Environmental sub-segment within Life Sciences was overshadowed by underperformance in the Food and Pharma sub-segments, explains the analyst.

Around 70% of the Life Sciences business is the Environmental sub-segment, notes the broker, which experienced revenue and margin growth half-on-half.

Goldman believes management can achieve around 90% of its targeted revenue of $3.3bn by FY27.

The broker's target price falls to $14.20 from $14.60 after allowing for improved Commodities revenue and after incorporating margin headwinds in Food and Pharma. Buy.

This report was published on May 30, 2023.

Target price is $14.20 Current Price is $11.55 Difference: $2.65
If ALQ meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $11.96, suggesting upside of 3.6%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 42.00 cents and EPS of 69.00 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.1, implying annual growth of 12.9%.
Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 44.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.5, implying annual growth of 5.2%.
Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.9.

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

BMT    BEAMTREE HOLDINGS LIMITED

Healthcare services – Overnight Price: $0.27

Petra Capital rates ((BMT)) as Buy (1) –

Medtech company Beamtree Holdings has completed a $5m institutional placement at 25c/share to help increase operations in North America, Saudi Arabia and the UK.

Abbott Laboratories will launch RippleDown into the US and APAC region in FY24 and some of the funds will also support expenses where Beamtree and Abbott are co-selling large deals.

Beamtree is targeting up to 100 contracts by FY26 from the collaboration, observes the analyst, with a minimum annualised value of US$120k per contract.

Management have retained its target of $60m in recurring revenue by FY26.The target rises to 70c from 66c. Buy.

This report was published on May 31, 2023.

Target price is $0.70 Current Price is $0.27 Difference: $0.435
If BMT meets the Petra Capital target it will return approximately 164% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.04.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.00 cents.

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

CSL    CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $306.39

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

Jarden upgrades its target price for CSL to $347.18 from $334.55, expecting a strong performance from the company's Seqirus flu vaccine, after discussions with a large US influenza vaccine distributor.

The distributor observes Seqirus, which represents 16% of group gross profit, appears to be gaining market share at the expense of GSK and Sanofi, thanks to its exclusive eligibility for a preferential reimbursement code.

EPS forecasts rise 2.4% in FY24 accordingly, to reflect a 9.6% upgrade to Seqirus' gross profit forecast.

Overweight rating retained.

This report was published on May 25, 2023.

Target price is $347.18 Current Price is $306.39 Difference: $40.79
If CSL meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $335.99, suggesting upside of 9.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 322.82 cents and EPS of 718.20 cents.
At the last closing share price the estimated dividend yield is 1.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 854.0, implying annual growth of N/A.
Current consensus DPS estimate is 389.5, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 35.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 340.59 cents and EPS of 1034.80 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1090.2, implying annual growth of 27.7%.
Current consensus DPS estimate is 489.3, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 28.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CTM    CENTAURUS METALS LIMITED

Nickel – Overnight Price: $0.72

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

Centaurus Metals has completed pilot test work at the Jaguar nickel project in Brazil. The company expects the definitive feasibility study will be delivered in the December quarter.

Canaccord Genuity updates its modelling and assumptions and is yet to fully model the byproduct credits such as cobalt and zinc, so there is potential upside for project economics.

The Speculative Buy rating is retained and the target price is reduced to $1.60 from $1.65.

This report was published on May 30, 2023.

Target price is $1.60 Current Price is $0.72 Difference: $0.875
If CTM meets the Canaccord Genuity target it will return approximately 121% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity 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 26.85.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 48.33.

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

DRE    DREADNOUGHT RESOURCES LIMITED

Mining – Overnight Price: $0.05

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

Dreadnought Resources has published a second batch of independent metallurgical test results on Yin rare earth element ironstone samples from the Mangaroon project, Western Australia.

Canaccord Genuity assesses the company can potentially create a high-value concentrate product comparable to many of its ASX peers. Further work is expected to be undertaken using feed grades and compositions that closely match those that will ultimately feed the processing flowsheet.

Canaccord Genuity's Speculative Buy is retained. Target is unchanged at $0.24.

This report was published on May 29, 2023.

Target price is $0.24 Current Price is $0.05 Difference: $0.19
If DRE meets the Canaccord Genuity target it will return approximately 380% (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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $22.21

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

Fisher & Paykel Healthcare's FY23 results were in line. Jarden was encouraged by the revenue momentum in the second half across both divisions with the business looking like it is moving towards a more "normal" state post the disruptions from the pandemic.

The broker acknowledges the second half gross margin and EBIT margin were weak but, nevertheless, in line with estimates. In FY24, revenue guidance is NZ$1.7bn with normalising hospital hardware sales offset by growth in new app consumables and homecare.

The broker downgrades to Neutral from Overweight, as a slower margin recovery and higher expenditure results in reductions to EPS forecasts. Target edges down to NZ$24.50 from NZ$25.50.

This report was published on May 26, 2023.

Current Price is $22.21. Target price not assessed.
Current consensus price target is $21.47, suggesting downside of -3.4%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 37.97 cents and EPS of 42.46 cents.
At the last closing share price the estimated dividend yield is 1.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.9, implying annual growth of N/A.
Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 53.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 38.89 cents and EPS of 57.92 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.4, implying annual growth of 27.4%.
Current consensus DPS estimate is 34.7, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 41.6.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

FSF    FONTERRA SHAREHOLDERS FUND

Dairy – Overnight Price: $3.30

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

Fonterra Shareholders Fund produced a strong update for the third quarter, Jarden assesses, as favourable conditions continued into late FY23. This provided the basis for a  further upgrade to normalised earnings.

The company has also announced the exit from its last China farm and will complete Brazil by year end. The capital return is being brought forward to August 2023 following the successful divestment of Soprole.

The Overweight rating is retained and the target price is NZ$3.84.

This report was published on May 25, 2023.

Current Price is $3.30. Target price not assessed.
The company's fiscal year ends in July.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 32.03 cents and EPS of 65.24 cents.
At the last closing share price the estimated dividend yield is 9.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.06.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 21.14 cents and EPS of 35.23 cents.
At the last closing share price the estimated dividend yield is 6.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.37.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
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: $21.82

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

The Canadian government will now allow competing English language tests for its Student Direct Stream (SDS) visa application program from August. This pending change prompts Goldman Sachs to lower its target for IDP Education by -14% to $30.60.

Competition will largely come from the Pearson Test of English offering, suggests the broker, though the quantum of market share loss for IDP Education is highly uncertain.

While IDP may lose market share over time, the analyst believes IELTS's status as the premier globally-recognised English testing provider will offer some downside protection.

The Buy rating is unchanged.

This report was published on May 30, 2023.

Target price is $30.60 Current Price is $21.82 Difference: $8.78
If IEL meets the Goldman Sachs target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $26.99, suggesting upside of 23.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 37.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.3, implying annual growth of 50.0%.
Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 39.5.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 44.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 2.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.7, implying annual growth of 17.0%.
Current consensus DPS estimate is 46.2, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 33.7.

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $4.20

Jarden rates ((INA)) as Downgrade to Underweight from Overweight (4) –

Despite the uncertainty over future settlement delivery, the Australian land lease sub-sector has become more in focus for investors, Jarden asserts.

Recent changes introduced by the NSW parliament will remove the 90% stamp duty concession for a listed land-rich NSW entity, rendering the acquisition of listed real estate companies with NSW exposure less attractive.

Since the first half results, shares in Ingenia Communities have rallied 24% and Jarden downgrades to Underweight from Overweight. Target is steady at $4.70.

This report was published on May 26, 2023.

Target price is $4.70 Current Price is $4.20 Difference: $0.5
If INA meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.31, suggesting upside of 2.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.50 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.1, implying annual growth of -24.5%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 20.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.00 cents and EPS of 23.30 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 17.4%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 17.8.

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

IPD    IMPEDIMED LIMITED

Medical Equipment & Devices – Overnight Price: $0.14

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

ImpediMed has completed a capital raising, including a $20m placement and $5m share purchase plan to fund the expansion of the commercial team. Funds will be used for sales and marketing.

Canaccord Genuity continues to believe the Sozo opportunity for lymphoedema screening and diagnosis in cancer patients and survivors is undervalued.

Buy rating maintained. Target is raised to $0.20 from $0.18.

This report was published on May 30, 2023.

Target price is $0.20 Current Price is $0.14 Difference: $0.06
If IPD meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.77.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.73.

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

ImpediMed has now completed its capital raising and confirmed Priority Health in Michigan is the first private payor to provide reimbursement for bioimpedance spectroscopy for testing in breast cancer-related lymphoedema.

The company is on its way to completing a successful commercial roll-out of Sozo and Wilsons considers the first payor an important milestone in allowing Sozo to access a broader population.

Still, successful commercial execution will need to be proved over the next 12-18 months. Wilsons retains an Overweight rating and lowers the target to 21c from 23c.

This report was published on May 30, 2023.

Target price is $0.21 Current Price is $0.14 Difference: $0.07
If IPD meets the Wilsons target it will return approximately 50% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.73.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.56.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $15.01

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

Goldman Sachs assesses solid earning guidance from Lifestyle Communities as part of its FY23 trading update, which displayed momentum in the annuity income stream for land rental and deferred management fees.

Positively, management reiterated medium-term settlement guidance. The analyst points out a slight dip in FY23 settlement guidance more reflects timing difference rather than reduced underlying demand. 

The broker believes the company can lift its weekly land rent fee by circ 6.5% in FY24 and sees scope for ongoing increases of up to 3.5% per year from FY25 onwards.

The target rises to $27.95 from $27.15. Buy.

This report was published on May 31, 2023.

Target price is $27.95 Current Price is $15.01 Difference: $12.94
If LIC meets the Goldman Sachs target it will return approximately 86% (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 12.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 0.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.44.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 17.00 cents and EPS of 85.00 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.66.

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

LLL    LEO LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.89

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

Leo Lithium has secured a $106m strategic placement and agreement with Gangfeng Lithium. The placement represents 9.9% of the company's total pro-forma shares on issue.

The deal also includes a cooperation agreement with a commitment to study a phase 2 expansion of Goulamina.

Wilsons adjusts its modelling to incorporate the placement and a larger phase 2 and assumes a capital cost of US$185m. The stock remains one of the broker's preferred picks and an Overweight rating is maintained. Target is raised to $1.75 from $1.55.

This report was published on May 30, 2023.

Target price is $1.75 Current Price is $0.89 Difference: $0.86
If LLL meets the Wilsons target it will return approximately 97% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.60.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.09.

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

SHV    SELECT HARVESTS LIMITED

Agriculture – Overnight Price: $4.45

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

Select Harvests disappointed Wilsons with its first half result amid materially lower crop yields and elevated production costs. While gearing remains elevated relative to historical levels, the debt facility room and early traction on cash flow improvements provide some comfort.

Wilsons lowers almond production forecasts by -3% from FY24 and increases the FY23 EBIT loss estimate by 20%. Overweight maintained as the valuation remains attractive. Target is raised to $5.53 from $5.38.

This report was published on May 30, 2023.

Target price is $5.53 Current Price is $4.45 Difference: $1.08
If SHV meets the Wilsons target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 78.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.66.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 15.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.99.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $11.62

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

Jarden found the update from Treasury Wine Estates soft, noting the FY23 EBITS forecast of $580-590m is -3% below market expectations. Management has noted momentum deteriorated in the second half across entry-level premium and commercial wines.

The broker expects this softness will flow into the first half at the very least. Jarden observes the outlook for Penfolds continues to improve in the company needs to focus on this largest value driver.

Meanwhile, global sourcing is proving successful and trade tensions with China seem to be thawing. Overweight retained. Target is raised  to $13.30 from $13.20.

This report was published on May 25, 2023.

Target price is $13.30 Current Price is $11.62 Difference: $1.68
If TWE meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $13.23, suggesting upside of 13.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 38.00 cents and EPS of 50.60 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.3, implying annual growth of 32.5%.
Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 24.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 41.00 cents and EPS of 54.40 cents.
At the last closing share price the estimated dividend yield is 3.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.6, implying annual growth of 15.1%.
Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 20.9.

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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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.

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