Australian Broker Call *Extra* Edition – Jul 27, 2023

This story features 29METALS LIMITED, and other companies. For more info SHARE ANALYSIS: 29M

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)

29M   A2M   ALL   ALQ   ALU   AUB   BEN   BPT (2)   BRG (2)   CGF   COH   COL   CRN   CTD (2)   CVN   CXO (2)   DMP   EDV   FLT   HVN   IDX   IPL   JBH   KGN   MIN   OPT   ORI   PLS   PLT   PMV   S32   SDF   SHL   STX   SUL   TWE   WEB   WES   WOW  

29M    29METALS LIMITED

Copper – Overnight Price: $0.69

Jarden rates ((29M)) as Neutral (3) –

In the wake of the quarterly update, Jarden observes 29Metals is attempting to position its assets for better years following a "tumultuous" 2023.

Short-term tailings constraints have been removed, enabling higher throughput targets at the plant while the business is working towards life-of-mine solutions. Higher metal production should naturally result in lower unit operating costs and more positive financial outcomes.

While believing the current enterprise value of the company is insufficient recognition for the exposure to two base metal operations in Australia, Jarden retains ongoing concerns about the balance sheet and therefore maintains a Neutral rating. Target is steady at $0.68.

This report was published on July 25, 2023.

Target price is $0.68 Current Price is $0.69 Difference: minus $0.01 (current price is over target).
If 29M 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 $0.81, suggesting upside of 10.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of minus 34.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -30.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of minus 14.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.66.

How do these forecasts compare to market consensus projections?

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

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

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $5.03

Goldman Sachs rates ((A2M)) as Sell (5) –

Goldman Sachs updates its valuation methodology across consumer-facing stocks. A Sell rating is reiterated for A2Milk Co on an increasingly challenging top-line and margin risk. Target is $4.80.

This report was published on July 25, 2023.

Target price is $4.80 Current Price is $5.03 Difference: minus $0.23 (current price is over target).
If A2M meets the Goldman Sachs target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.84, suggesting upside of 15.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 16.78 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, 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 27.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 20.09 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.3, implying annual growth of 28.7%.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 21.7.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $38.86

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

Jarden expects Aristocrat Leisure will extend its dominant market position across the high-yielding US Gaming Operations following more strong game performances.

The broker sheets these gains back to R&D spend during covid when it says most, less solid peers were focusing on cash preservation.

Aristocrat owns 17 of the to 25 games, and 30 of the top 50 games. Jarden also understands the company also holds 14 of the top 25 Class II (Bingo) games servicing the North American tribal gaming market.

As they say in news, you are only as good as you last story, and that is pretty true for the gaming market where the new-game competition is intense, so Jarden avoids extrapolating too far forward into what it describes as a more balanced landscape.

Overweight rating and $41.90 target price retained.

This report was published on July 27, 2023.

Target price is $41.90 Current Price is $38.86 Difference: $3.04
If ALL meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $44.06, suggesting upside of 11.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 59.00 cents and EPS of 197.90 cents.
At the last closing share price the estimated dividend yield is 1.52%.
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 193.8, implying annual growth of 35.6%.
Current consensus DPS estimate is 63.7, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 69.00 cents and EPS of 197.90 cents.
At the last closing share price the estimated dividend yield is 1.78%.
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 209.2, implying annual growth of 7.9%.
Current consensus DPS estimate is 73.3, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 19.0.

Market Sentiment: 0.9
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: $11.30

Jarden rates ((ALQ)) as Upgrade to Neutral from Underweight (3) –

Jarden upgrades ALS Ltd to Neutral from Underweight, believing most of the company's downside has already priced in, although the broker retains a cautious stance. Target price rises to $11.50 from $11.35.

EPS forecasts rise 1% across FY24 to FY26, to reflect strength in commodities prices.

September-half guidance fell -3% shy of consensus forecasts.

This report was published on July 27, 2023.

Target price is $11.50 Current Price is $11.30 Difference: $0.2
If ALQ meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $11.76, suggesting upside of 1.9%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 41.10 cents and EPS of 64.30 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 17.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.7, implying annual growth of 10.5%.
Current consensus DPS estimate is 37.7, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 43.90 cents and EPS of 68.60 cents.
At the last closing share price the estimated dividend yield is 3.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.4, implying annual growth of 5.8%.
Current consensus DPS estimate is 40.4, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 17.1.

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

ALU    ALTIUM

Hardware & Equipment – Overnight Price: $37.51

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

Goldman Sachs reviews the outlook for Altium, revising FY23-26 EBITDA down by up to -4% to reflect investment and the softer demand environment, offset by FY24 FX, Octopart share gains and licence pricing.

Despite envisaging downside risk to FY24 margin guidance, the broker believes current levels provide reasonable valuation support while M&A is a potential upside risk. Neutral maintained. Target is reduced to $41 from $42.

This report was published on July 24, 2023.

Target price is $41.00 Current Price is $37.51 Difference: $3.49
If ALU meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $40.52, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 58.02 cents and EPS of 72.90 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.3, implying annual growth of N/A.
Current consensus DPS estimate is 79.8, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 49.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 65.46 cents and EPS of 84.80 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 44.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.1, implying annual growth of 26.0%.
Current consensus DPS estimate is 92.3, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 39.7.

This company reports in USD. 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

AUB    AUB GROUP LIMITED

Insurance – Overnight Price: $28.60

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

Goldman Sachs believes premium rates will continue to be strong across Australasia and brokers will benefit from premium growth with no underwriting risk exposure outside of small profit-share commissions.

At the upcoming results on August 22 the broker will be looking for an update from AUB Group on drivers of organic growth trends as well as an update on profit commissions in agency over the second half, these having been weak in the first half.

Buy rating maintained. Target is raised to $30.68 from $28.76.

This report was published on July 24, 2023.

Target price is $30.68 Current Price is $28.60 Difference: $2.08
If AUB meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $31.45, suggesting upside of 8.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 67.20 cents and EPS of 122.20 cents.
At the last closing share price the estimated dividend yield is 2.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.1, implying annual growth of 2.4%.
Current consensus DPS estimate is 64.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 26.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 84.70 cents and EPS of 145.80 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 138.8, implying annual growth of 28.4%.
Current consensus DPS estimate is 79.9, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 20.9.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $9.27

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

Goldman Sachs notes Bendigo & Adelaide Bank has emphasised its intention is to grow at, or better than, system levels only if generating appropriate returns.

Based on APRA monthly data in May, the broker calculates the bank's three-month annualised growth in total lending has returned to 0.9x system levels, from -0.3x in December, and housing lending is now at 1.4x system, from -0.1x.

Hence, at the results on August 14, Goldman Sachs will be interested in any update on the volume strategy going forward as well as management's perspective on the competitive landscape.

Neutral rating maintained. Target is reduced to $9.58 from $9.60.

This report was published on July 21, 2023.

Target price is $9.58 Current Price is $9.27 Difference: $0.31
If BEN meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $9.59, suggesting upside of 2.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 60.00 cents and EPS of 89.40 cents.
At the last closing share price the estimated dividend yield is 6.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.7, implying annual growth of 10.5%.
Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 62.00 cents and EPS of 81.20 cents.
At the last closing share price the estimated dividend yield is 6.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.0, implying annual growth of -10.0%.
Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 10.7.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.63

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

Beach Energy posted a strong FY24 revenue, thanks to record realised gas prices and strong sales volumes.

Jarden expect continued strength in gas in FY24 Otway's Enterprise Well connects ahead of the Waitsia start-up in the coming June half.

While the broker expects improved free cash flow, it believes capital expenditure could outpace forecasts, and notes costs also remain under pressure.

Overweight rating retained. Target price rises to $1.70 from $1.65. 

This report was published on July 27, 2023.

Target price is $1.70 Current Price is $1.63 Difference: $0.07
If BPT meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.92, suggesting upside of 19.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 3.00 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of -24.4%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.50 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.4, implying annual growth of 28.9%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 9.2%.
Current consensus EPS estimate suggests the PER is 7.5.

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

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

Wilsons reviews its recent initiation of coverage on Beach Energy and makes minor updates to its model while also anticipating delays in Waitsia stage 2.

The broker believes the business is positioned to benefit from a tightening east coast gas market and will be able to lift contract pricing. Overweight rating reiterated. Target is $2.01.

This report was published on July 25, 2023.

Target price is $2.01 Current Price is $1.63 Difference: $0.38
If BPT meets the Wilsons target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $1.92, suggesting upside of 19.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 4.00 cents and EPS of 16.30 cents.
At the last closing share price the estimated dividend yield is 2.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of -24.4%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 5.00 cents and EPS of 22.20 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.4, implying annual growth of 28.9%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 9.2%.
Current consensus EPS estimate suggests the PER is 7.5.

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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $21.48

Goldman Sachs rates ((BRG)) as Downgrade to Neutral from Buy (3) –

Goldman Sachs continues to maintain a structurally positive view on Breville Group for the long-term, although the strong stock performance, and the risk of a softer environment in the US and Australasia, means the rating is downgraded to Neutral from Buy.

Recent updates from industry peers and customers signal to the broker there could be increased risk of top-line pressure, particularly in the US and Asia Pacific. Target is steady at $22.50.

This report was published on July 25, 2023.

Target price is $22.50 Current Price is $21.48 Difference: $1.02
If BRG meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $23.18, suggesting upside of 6.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 30.00 cents and EPS of 76.00 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.3, implying annual growth of -0.8%.
Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 29.0.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 36.00 cents and EPS of 89.00 cents.
At the last closing share price the estimated dividend yield is 1.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.3, implying annual growth of 13.3%.
Current consensus DPS estimate is 33.6, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 25.6.

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

Jarden rates ((BRG)) as Neutral (3) –

Jarden assesses the pace of Breville Group's covid recovery and believes US and EU sales are bottoming but suspects further downside may reveal itself for Australia and New Zealand.

The broker observes consumption trends remain positive and spies cost of goods tailwinds, which Jarden says should relieve pressure from the rising cost of doing business.

All up, the broker expects a delayed normalisation to fall somewhere between July 2024 and June 2025. In the meantime, the broker spies margin support, a continued recovery in the global macro environment; structural tailwinds as coffee-consumption-from-home trend beds down, and new market and NPD growth

Jarden's long-term view is for strong global growth and the broker expects Breville will continue gaining market share in a strong market with its premium brand. 

Neutral rating retained. Target price rises to $19.50 from $18.80.

This report was published on July 25, 2023.

Target price is $19.50 Current Price is $21.48 Difference: minus $1.98 (current price is over target).
If BRG meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $23.18, suggesting upside of 6.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 30.00 cents and EPS of 77.30 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.3, implying annual growth of -0.8%.
Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 29.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 35.00 cents and EPS of 86.10 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.3, implying annual growth of 13.3%.
Current consensus DPS estimate is 33.6, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 25.6.

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

CGF    CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $7.09

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

Aware Super has appointed Challenger to help derisk its defined benefit pension fund by providing a $619m group lifetime annuity.

This represents a 13% increase in Challenger's lifetime annuity book.

Jarden says while short-term benefits are minimal, the broker expects the annuity could yield a 2% increase in group profit before tax.

The broker also says the deal highlights the company's opportunity around longer duration institutional annuities.

Overweight rating retained. Target price rises to $7.30 from $7.20.

This report was published on July 27, 2023.

Target price is $7.30 Current Price is $7.09 Difference: $0.21
If CGF meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $7.01, suggesting downside of -2.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 24.60 cents and EPS of 46.70 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of 15.3%.
Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 27.10 cents and EPS of 54.80 cents.
At the last closing share price the estimated dividend yield is 3.82%.
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 54.5, implying annual growth of 25.9%.
Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 13.2.

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

COH    COCHLEAR LIMITED

Medical Equipment & Devices – Overnight Price: $236.80

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

Wilsons highlights the Achieve study has revealed hearing intervention nearly halved the extent of cognitive decline in older adult patients with elevated risk factors.

This is the first time a longitudinal link between hearing loss treatment and cognitive performance has been established in a randomised controlled trial.

While the immediate implications for cochlear implants are limited the broker believes the results have heightened interest in Cochlear's Coach study. Market Weight rating maintained. Target is steady at $215.15.

This report was published on July 24, 2023.

Target price is $215.25 Current Price is $236.80 Difference: minus $21.55 (current price is over target).
If COH meets the Wilsons target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $224.77, suggesting downside of -6.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 325.00 cents and EPS of 460.30 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 51.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 468.3, implying annual growth of 6.5%.
Current consensus DPS estimate is 330.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 51.4.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 385.30 cents and EPS of 550.40 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 525.1, implying annual growth of 12.1%.
Current consensus DPS estimate is 369.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 45.8.

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

COL    COLES GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $18.06

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

Goldman Sachs updates its valuation methodology across consumer-facing stocks. A Sell rating is reiterated for Coles Group on an increasingly challenging top-line and margin risk. Target is $16.70.

This report was published on July 25, 2023.

Target price is $16.70 Current Price is $18.06 Difference: minus $1.36 (current price is over target).
If COL meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.76, suggesting downside of -2.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 65.00 cents and EPS of 81.20 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.4, implying annual growth of 2.0%.
Current consensus DPS estimate is 64.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 22.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 62.20 cents and EPS of 77.80 cents.
At the last closing share price the estimated dividend yield is 3.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.8, implying annual growth of 0.5%.
Current consensus DPS estimate is 65.7, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.6.

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $1.73

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

June quarter saleable coal production was ahead of Goldman Sachs estimates. Curragh reported record waste movements while US mines also performed strongly.

Coronado Global Resources has maintained 2023 production and cost guidance and the broker increases its estimates to the top end of the 16.8-17.2mt guidance range.

The broker increases estimates for EPS in FY23 and FY24 by 3% and 7%, respectively. Buy rating and $2.15 target maintained.

This report was published on July 21, 2023.

Target price is $2.15 Current Price is $1.73 Difference: $0.42
If CRN meets the Goldman Sachs target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $2.06, suggesting upside of 21.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 28.27 cents and EPS of 38.68 cents.
At the last closing share price the estimated dividend yield is 16.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.6, implying annual growth of N/A.
Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 4.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 25.29 cents and EPS of 31.24 cents.
At the last closing share price the estimated dividend yield is 14.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.2, implying annual growth of 6.6%.
Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 12.4%.
Current consensus EPS estimate suggests the PER is 4.0.

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

CTD    CORPORATE TRAVEL MANAGEMENT LIMITED

Travel, Leisure & Tourism – Overnight Price: $19.92

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

Goldman Sachs updates its valuation methodology across consumer-facing stocks. Buy rating retained for Corporate Travel Management and the target is $22.40.

This report was published on July 25, 2023.

Target price is $22.40 Current Price is $19.92 Difference: $2.48
If CTD meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $24.79, suggesting upside of 20.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 28.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.3, implying annual growth of 2764.3%.
Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 32.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 59.00 cents and EPS of 118.00 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.5, implying annual growth of 77.7%.
Current consensus DPS estimate is 48.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 18.3.

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

Jarden rates ((CTD)) as Buy (1) –

Corporate Travel Management posted a strong close to FY23, clocking $3bn in client wins for the year and Jarden expects momentum will likely extend into FY24, observing a strong exit run rate and the return on investment from two major contracts.

Improvements were logged across Asia and Europe.

On the downside, management narrowed guidance to below the midpoint of prior guidance, and the broker suspects local travel, particularly leisure, is under pressure.

Jarden pegs a three-year EPS compound annual growth rate of 5% between FY24 and FY27 and spies upside risk to forecasts and is awaiting guidance from the FY23 result. 

Buy rating retained Target price inches up to $23.50 from $23.46.

This report was published on July 27, 2023.

Target price is $23.50 Current Price is $19.92 Difference: $3.58
If CTD meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $24.79, suggesting upside of 20.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 57.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.3, implying annual growth of 2764.3%.
Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 32.6.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 102.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.5, implying annual growth of 77.7%.
Current consensus DPS estimate is 48.7, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 18.3.

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

CVN    CARNARVON ENERGY LIMITED

Crude Oil – Overnight Price: $0.14

Jarden rates ((CVN)) as Buy (1) –

Jarden observes media reports that Dorado's operator Santos ((STO)), which holds an 80% interest, is considering selling 25% with bidders already shortlisted in order to reduce debt and fund other growth projects. 

While there's no news on Dorado's final investment decision (FID), the broker expects a transaction could include FID-linked payments.

Meanwhile, Carnarvon Energy is awaiting Foreign Investment Review Board approval of its sale of its Bedout Sub-Basin interests (including Dorado's undeveloped oil and gas field) to Taiwan's National Oil Company, CPC Corp.

A successful sale would yield the company US$56m in upfront cash and a carry of US$90m on future capital expenditure following Dorado's FID, advises Jarden. The company expects to focus on environmental approvals post FID in light of Santos's Barossa LNG court action.

Meanwhile, the broker spies higher costs emerging at Pavo but awaits guidance. 

Buy rating retained. Target price eases to 25c to 26c to reflect changes in valuation assumptions.

This report was published on July 25, 2023.

Target price is $0.25 Current Price is $0.14 Difference: $0.11
If CVN meets the Jarden target it will return approximately 79% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 46.67.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.00.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.70

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

June quarter spodumene production from Core Lithium was below Goldman Sachs estimates, largely because of lower recoveries. Net cash was ahead of expectations because of deferred expenditure given the weather impact.

FY24 spodumene sales guidance of 90-100,000t and production of 80-90,000t are well below the broker's prior estimates.

Moreover overall production in FY25 is expected to be below FY24. Goldman Sachs retains a Sell rating and reduces the target to $0.75 from $0.95.

This report was published on July 25, 2023.

Target price is $0.75 Current Price is $0.70 Difference: $0.05
If CXO meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $0.72, suggesting upside of 3.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.30 cents.
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 0.9, 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 76.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 9.90 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 9.1, implying annual growth of 911.1%.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 7.6.

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

Jarden rates ((CXO)) as Sell (5) –

Ouch! Core Lithium's FY24 guidance has fallen well short of consensus forecasts after lower recoveries at 49% disappointed expectations of 72%, reports Jarden. 

Production sat -30% below the previous forecasts. No FY25 guidance was provided but the broker expects production will be below that of FY24 (consensus had forecast steady production) given plant availability and mine sequencing.

To add insult to injury, implied C! costs at the midpoint exceeded forecasts by -56% and future capex is uncertain.

The company closed the financial year with cash of $153m.

The brokers feels vindicated with its Sell rating, and cuts its target price to 41c from 53c.

This report was published on July 25, 2023.

Target price is $0.41 Current Price is $0.70 Difference: minus $0.29 (current price is over target).
If CXO meets the Jarden target it will return approximately minus 41% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.72, suggesting upside of 3.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 63.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, 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 76.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.1, implying annual growth of 911.1%.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 7.6.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $48.00

Goldman Sachs rates ((DMP)) as Downgrade to Sell from Neutral (5) –

Goldman Sachs believes the rebound in the Domino's Pizza Enterprises share price on perceptions the worst is over is too early, and recent initiatives designed to improve the revenue trajectory are likely to take time.

A combination of increased industry competition as well as ongoing commodity inflation is expected to result in below-consensus earnings in FY24/25. As a result, the broker downgrades to Sell from Neutral. The target edges down to $41.10 from $41.20.

This report was published on July 25, 2023.

Target price is $41.10 Current Price is $48.00 Difference: minus $6.9 (current price is over target).
If DMP meets the Goldman Sachs target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $53.17, suggesting upside of 9.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 114.00 cents and EPS of 141.00 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 141.7, implying annual growth of -22.7%.
Current consensus DPS estimate is 115.1, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 34.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 143.00 cents and EPS of 171.00 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 28.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 185.1, implying annual growth of 30.6%.
Current consensus DPS estimate is 149.2, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 26.2.

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

EDV    ENDEAVOUR GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $6.11

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

Goldman Sachs believes Endeavour Group has been oversold on the back of the recent gambling restrictions outlined in Victoria. Yet the restrictions are unlikely to have a significant impact on earnings and, as a result, the broker reiterates a Buy rating.

As the impact on the top line from weaker consumer spending is largely anticipated, the broker expects the market will focus at the results on company market share and margin management as well as the specific events that cause the overreaction. Target is reduced to $7.00 from $7.50.

This report was published on July 25, 2023.

Target price is $7.00 Current Price is $6.11 Difference: $0.89
If EDV meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $6.20, suggesting upside of 0.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 22.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.0, implying annual growth of 8.5%.
Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 24.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 3.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.3, implying annual growth of 4.3%.
Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 19.8.

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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $22.66

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

Goldman Sachs updates its valuation methodology across consumer-facing stocks. The broker factors in the latest trading update from Flight Centre Travel and raises the target to $22.10 from $19.40. Neutral maintained.

This report was published on July 25, 2023.

Target price is $22.10 Current Price is $22.66 Difference: minus $0.56 (current price is over target).
If FLT meets the Goldman Sachs target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $24.49, suggesting upside of 6.4%(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 35.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 63.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.2, implying annual growth of N/A.
Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 65.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 94.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.9, implying annual growth of 181.0%.
Current consensus DPS estimate is 35.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 23.3.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

HVN    HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics – Overnight Price: $3.64

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

Goldman Sachs updates its valuation methodology across consumer-facing stocks. Neutral rating retained for Harvey Norman and the target is $3.60.

This report was published on July 25, 2023.

Target price is $3.60 Current Price is $3.64 Difference: minus $0.04 (current price is over target).
If HVN meets the Goldman Sachs target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting downside of -4.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 31.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 8.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.9, implying annual growth of -41.8%.
Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 9.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 27.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 7.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of -18.2%.
Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.1.

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

IDX    INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $3.02

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

Jarden cuts Integral Diagnostics EPS forecasts -8.3% in FY23 and -6.3% in FY24 to reflect persistent wage pressures, despite data showing strong Medicare market growth rates.

Overweight rating retained. Target price eases to $3.11 from $3.13 to reflect concerns over long term margins in response to subdued half on half revenue growth.

This report was published on July 27, 2023.

Target price is $3.11 Current Price is $3.02 Difference: $0.09
If IDX meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.29, suggesting upside of 8.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 4.40 cents and EPS of 7.90 cents.
At the last closing share price the estimated dividend yield is 1.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.1, implying annual growth of 16.0%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 37.3.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.20 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.1, implying annual growth of 61.7%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 23.1.

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

IPL    INCITEC PIVOT LIMITED

Agriculture – Overnight Price: $2.97

Jarden rates ((IPL)) as Initiation of coverage with Neutral (3) –

Jarden initiates coverage on Incitec Pivot with a Neutral rating and $2.85 target price, in the light of rising Australian explosives prices.

While Incitec Pivot is exposed to the strong repricing, the broker favours Orica ((ORI)) in this respect, believing the former's exposure is offset by its exposure to tumbling DAP prices. 

Add to that management uncertainty, a gas issue at Phosphate Hill and a possible delayed stock demerger process and Jarden queries the risk-reward quotient.

Fertilisers aren't helping, a looming El Nino likely to depress farming demand in the medium to long term (the broker doesn't rule out a short-term increase). The one upside is that the -26% slide in the share price since March 31 should limit downside, says the broker.

This report was published on July 25, 2023.

Target price is $2.85 Current Price is $2.97 Difference: minus $0.12 (current price is over target).
If IPL meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.38, suggesting upside of 11.2%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.40 cents and EPS of 31.30 cents.
At the last closing share price the estimated dividend yield is 5.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of -35.0%.
Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 9.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.40 cents and EPS of 20.90 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of -28.9%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 12.6.

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

JBH    JB HI-FI LIMITED

Consumer Electronics – Overnight Price: $44.40

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

Goldman Sachs updates its valuation methodology across consumer-facing stocks. The broker factors in more conservative group EBIT margins for FY25, at 6%.

A Neutral rating is maintained for JB Hi-Fi  and the target is $43.

This report was published on July 25, 2023.

Target price is $43.00 Current Price is $44.40 Difference: minus $1.4 (current price is over target).
If JBH 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 $43.50, suggesting downside of -3.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 351.00 cents and EPS of 458.00 cents.
At the last closing share price the estimated dividend yield is 7.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 461.8, implying annual growth of -3.6%.
Current consensus DPS estimate is 302.3, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 225.00 cents and EPS of 344.00 cents.
At the last closing share price the estimated dividend yield is 5.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 334.3, implying annual growth of -27.6%.
Current consensus DPS estimate is 218.8, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 13.5.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $6.40

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

Kogan.com's FY23 update sharply outpaced consensus earnings (EBITDA) forecasts.

While Jarden observes the company is back in the black, it says it is not out of the woods.

Jarden maintains the company lacks the scale and ability to invest in last-mile, range and product enjoyed by its competitors such as Amazon, Wesfarmers  ((WES)) and Temu and perceives this to be a long-term threat to returns.

Underweight rating retained. Target price rises to $4.60 from $2.80 to reflect the earnings beat.

This report was published on July 27, 2023.

Target price is $4.60 Current Price is $6.40 Difference: minus $1.8 (current price is over target).
If KGN meets the Jarden target it will return approximately minus 28% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 7.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 90.14.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 152.38.

Market Sentiment: 0.5
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: $73.82

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

Mineral Resources June quarter result disappointed as production fell sharply and sales failed to live up to expectations.

Wodgina missed downgraded guidance, iron-ore shipments fell short, and price realisation at Mt Marion.

The company did announce a new gas discovery but Jarden says it is too early to factor this in.

Meanwhile, the company is favouring tolling over a refinery build given tougher permitting, but Jarden disagrees with the company's rent rather than own thesis, doubting it will prove a better route to returns given pricing on spodumene concentrate.

FY24 EPS and DPS forecasts are sharply downgraded.

Underweight rating retained. Target price falls to $49.60 from $53.53.

This report was published on July 27, 2023.

Target price is $49.60 Current Price is $73.82 Difference: minus $24.22 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 33% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $80.50, suggesting upside of 9.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 176.00 cents and EPS of 334.80 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 435.5, implying annual growth of 135.6%.
Current consensus DPS estimate is 238.4, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 150.00 cents and EPS of 298.90 cents.
At the last closing share price the estimated dividend yield is 2.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 625.5, implying annual growth of 43.6%.
Current consensus DPS estimate is 255.3, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 11.8.

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

OPT    OPTHEA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.56

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

Wilsons notes Kodiak released top-mine data from its phase 3 DME programs with tacocimab tedromer which failed to meet the primary endpoint. This has resulted in the company ceasing development of KSI-301, which removes one key contender/competitor for Opthea.

The broker also points out the failure of this program is likely to introduce doubt in the market with regards to durability alone in achieving treatment benefit in DME.

Opthea has not focused on durability but rather a novel mechanism to enhance efficacy of existing therapies with its OPT-302 molecule. Overweight rating and $1.50 target retained.

This report was published on July 25, 2023.

Target price is $1.50 Current Price is $0.56 Difference: $0.94
If OPT meets the Wilsons target it will return approximately 168% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

ORI    ORICA LIMITED

Mining Sector Contracting – Overnight Price: $15.70

Jarden rates ((ORI)) as Upgrade to Buy from Overweight (1) –

Jarden upgrades Orica to Buy from Overweight, appreciating the company's concentrated exposure to strong Australian explosives repricing.

Jarden pegs an annual compound growth rate for Orica's explosives division of 8% and spies a rare domestic ammonium nitrate pricing situation given imports have not yet filled a demand shortfall. It also spies appealing valuations in the Australian chemicals sector.

The broker also favours Orica over Incitec Pivot ((IPL)).

Target price is steady at $17.15.

This report was published on July 25, 2023.

Target price is $17.15 Current Price is $15.70 Difference: $1.45
If ORI meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $17.99, suggesting upside of 13.9%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 39.00 cents and EPS of 77.40 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.0, implying annual growth of 115.7%.
Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 47.30 cents and EPS of 93.00 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.0, implying annual growth of 22.5%.
Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 16.1.

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

PLS    PILBARA MINERALS LIMITED

New Battery Elements – Overnight Price: $5.05

Jarden rates ((PLS)) as Upgrade to Underweight from Sell (4) –

Jarden observes cash substantially increased in the June quarter, noting only $20m of the increase of $656m came from drawing down new debt facilities. The major variance was lower capital expenditure, less tax and an apparent working capital release.

It now appears that Pilbara Minerals has the flexibility to increase capital management initiatives while also embarking on its upstream and downstream growth projects.

The broker forecasts a final dividend of $0.14 taking the annual payout to $0.25 and upgrades to Underweight from Sell. Target rises to $4.10 from $3.90.

This report was published on July 25, 2023.

Target price is $4.10 Current Price is $5.05 Difference: minus $0.95 (current price is over target).
If PLS meets the Jarden target it will return approximately minus 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.35, suggesting upside of 5.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 25.00 cents and EPS of 76.20 cents.
At the last closing share price the estimated dividend yield is 4.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.8, implying annual growth of 294.1%.
Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.00 cents and EPS of 47.80 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.3, implying annual growth of -10.0%.
Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 7.5.

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.39

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

Plenti Group has reiterated guidance for "robust" net profit growth in FY24 despite the negative impacts of higher interest rate swap costs. Loan losses continue to ease post the lows of the pandemic.

While surprised at the impact of a relatively sharp but short change in swap rates on profitability, Wilsons take solace in the reiteration of guidance, assessing this demonstrates balance sheet flexibility, platform functionality and the loan book reaching scale.

Overweight rating maintained. Target is reduced to $1.10 from $1.20.

This report was published on July 24, 2023.

Target price is $1.10 Current Price is $0.39 Difference: $0.715
If PLT meets the Wilsons target it will return approximately 186% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 6.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.92.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.17.

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

PMV    PREMIER INVESTMENTS LIMITED

Apparel & Footwear – Overnight Price: $21.14

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

Goldman Sachs updates its valuation methodology across consumer-facing stocks. A Sell rating is reiterated for Premier Investments on an increasingly challenging top-line and margin risk. Target is $19.30.

This report was published on July 25, 2023.

Target price is $19.30 Current Price is $21.14 Difference: minus $1.84 (current price is over target).
If PMV meets the Goldman Sachs target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $24.34, suggesting upside of 11.5%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 116.00 cents and EPS of 167.60 cents.
At the last closing share price the estimated dividend yield is 5.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 164.1, implying annual growth of -8.5%.
Current consensus DPS estimate is 120.6, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 102.00 cents and EPS of 138.70 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 141.8, implying annual growth of -13.6%.
Current consensus DPS estimate is 104.6, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 15.4.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $3.93

Goldman Sachs rates ((S32)) as Buy (1) –

Goldman Sachs found the June quarter production report from South32 much improved, albeit still weaker than expected amid lower alumina and zinc production.

FY24 guidance is largely unchanged, apart from lower nickel from Cerro Matoso and aluminium from Brazil and Mozambique.

After the company disclosed changes regarding working capital and other cash movements, the broker now forecasts net debt of US$330m at the end of June, down from its prior estimate of US$397m.

The broker retains a Buy rating and reduces the target to $3.70 from $4.10.

This report was published on July 25, 2023.

Target price is $3.70 Current Price is $3.93 Difference: minus $0.23 (current price is over target).
If S32 meets the Goldman Sachs target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.48, suggesting upside of 14.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 16.36 cents and EPS of 31.24 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.7, implying annual growth of N/A.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 25.29 cents and EPS of 44.63 cents.
At the last closing share price the estimated dividend yield is 6.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.7, implying annual growth of 30.0%.
Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 11.3.

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

SDF    STEADFAST GROUP LIMITED

Insurance – Overnight Price: $5.84

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

Goldman Sachs believes premium rates will continue to be strong across Australasia and brokers will benefit from premium growth with no underwriting risk exposure outside of small profit-share commissions. Steadfast Group has flagged around 3% volume growth.

At the update at the FY23 results on August 17, the broker will be looking for more detail on the international expansion, including timelines and financial opportunity. The broker retains a Neutral rating and raises the target to $5.90 from $5.74.

This report was published on July 24, 2023.

Target price is $5.90 Current Price is $5.84 Difference: $0.06
If SDF meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $6.30, suggesting upside of 7.1%(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 20.20 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, implying annual growth of 33.6%.
Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 24.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 16.40 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 8.4%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 22.7.

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

SHL    SONIC HEALTHCARE LIMITED

Healthcare services – Overnight Price: $35.16

Jarden rates ((SHL)) as Neutral (3) –

Jarden upgrades Sonic Healthcare's target price to $33.02 from $32.92 to reflect strong growth in Medicare market rates.

EPS forecasts edge higher. Neutral rating retained.

This report was published on July 27, 2023.

Target price is $33.02 Current Price is $35.16 Difference: minus $2.14 (current price is over target).
If SHL meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $35.95, suggesting upside of 1.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 92.00 cents and EPS of 153.20 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 22.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.6, implying annual growth of -50.0%.
Current consensus DPS estimate is 97.4, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 100.00 cents and EPS of 158.90 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 22.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 153.9, implying annual growth of 0.9%.
Current consensus DPS estimate is 109.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 22.9.

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

STX    STRIKE ENERGY LIMITED

NatGas – Overnight Price: $0.45

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

Talon Energy ((TPD)) has announced that Strike Energy submitted an unsolicited confidential indicative proposal to acquire its business and while taking steps to undertake evaluation this offer was subsequently withdrawn.

Wilsons understands the strategic rationale behind the original intention to acquire Talon, as while the Mongolian assets would have been demerged the near-term cash flow could provide Strike Energy with funding flexibility.

Overweight rating and $0.52 target maintained.

This report was published on July 26, 2023.

Target price is $0.52 Current Price is $0.45 Difference: $0.075
If STX meets the Wilsons target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $0.54, suggesting upside of 21.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 63.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.2, 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 222.5.

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

SUL    SUPER RETAIL GROUP LIMITED

Automobiles & Components – Overnight Price: $12.08

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

Goldman Sachs updates its valuation methodology across consumer-facing stocks. Buy rating retained for Super Retail and the target is $13.60.

This report was published on July 25, 2023.

Target price is $13.60 Current Price is $12.08 Difference: $1.52
If SUL meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $12.14, suggesting downside of -0.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 71.40 cents and EPS of 113.40 cents.
At the last closing share price the estimated dividend yield is 5.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.4, implying annual growth of 7.1%.
Current consensus DPS estimate is 72.0, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 62.80 cents and EPS of 96.10 cents.
At the last closing share price the estimated dividend yield is 5.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.9, implying annual growth of -18.8%.
Current consensus DPS estimate is 64.1, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.2.

Market Sentiment: 0.0
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: $11.13

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

Goldman Sachs updates its valuation methodology across consumer-facing stocks. Buy rating retained for Treasury Wine Estates and the target is $13.40.

This report was published on July 25, 2023.

Target price is $13.40 Current Price is $11.13 Difference: $2.27
If TWE meets the Goldman Sachs target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $12.82, suggesting upside of 13.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 36.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.26.

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 3.0%.
Current consensus EPS estimate suggests the PER is 23.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 39.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.5, implying annual growth of 12.8%.
Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 20.7.

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

WEB    WEBJET LIMITED

Travel, Leisure & Tourism – Overnight Price: $7.55

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

Goldman Sachs updates its valuation methodology across consumer-facing stocks. Buy rating retained for Webjet with a $7.70 target.

This report was published on July 25, 2023.

Target price is $7.70 Current Price is $7.55 Difference: $0.15
If WEB meets the Goldman Sachs target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $8.58, suggesting upside of 10.2%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 31.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 771.1%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 23.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 38.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.4, implying annual growth of 28.1%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 18.4.

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

WES    WESFARMERS LIMITED

Consumer Products & Services – Overnight Price: $49.34

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

Goldman Sachs updates its valuation methodology across consumer-facing stocks. A Sell rating is reiterated for Wesfarmers. Target is $44.90.

This report was published on July 25, 2023.

Target price is $44.90 Current Price is $49.34 Difference: minus $4.44 (current price is over target).
If WES meets the Goldman Sachs target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $48.75, suggesting downside of -2.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 183.00 cents and EPS of 215.00 cents.
At the last closing share price the estimated dividend yield is 3.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 219.0, implying annual growth of 5.4%.
Current consensus DPS estimate is 179.5, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.9.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 176.00 cents and EPS of 204.00 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 224.8, implying annual growth of 2.6%.
Current consensus DPS estimate is 186.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 22.3.

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

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $38.78

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

Goldman Sachs updates its valuation methodology across consumer-facing stocks. Buy rating retained for Woolworths Group and the target is $42.20.

This report was published on July 25, 2023.

Target price is $42.20 Current Price is $38.78 Difference: $3.42
If WOW meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $36.73, suggesting downside of -6.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 106.00 cents and EPS of 140.00 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.9, implying annual growth of 8.1%.
Current consensus DPS estimate is 103.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 28.6.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 115.00 cents and EPS of 151.00 cents.
At the last closing share price the estimated dividend yield is 2.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 148.2, implying annual growth of 8.3%.
Current consensus DPS estimate is 110.6, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 26.5.

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

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

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

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

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