Australian Broker Call *Extra* Edition – Aug 04, 2023

This story features ANSON RESOURCES LIMITED, and other companies. For more info SHARE ANALYSIS: ASN

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)

ASN   BLU   BMT   BOQ   BWP (2)   CCX   CXO   E25   HLO   IPL   JDO   JHG   JHX   OFX   PNI   RMD (2)   STX  

ASN    ANSON RESOURCES LIMITED

Overnight Price: $0.17

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

Anson Resources continues to advance the Paradox lithium project in Utah, with FID targeted for the end of 2023. Petra Capital notes one of the key elements in the project is a partnership with Sunresin and its DLE technology.

The broker is impressed with the capabilities of Sunresin which supplies over 200 different products globally to different industries of which lithium is just one.

The broker retains a Buy rating with a $0.78 target for Anson Resources.

This report was published on August 2, 2023.

Target price is $0.78 Current Price is $0.17 Difference: $0.615
If ASN meets the Petra Capital target it will return approximately 373% (excluding dividends, fees and charges).

Forecast for FY23:

Forecast for FY24:

Petra Capital forecasts a full year FY24 EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 82.50.

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

BLU    BLUE ENERGY LIMITED

NatGas – Overnight Price: $0.02

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

Blue Energy is progressing with the Sapphire pilot well development and after delivering rates of 100-140 mcf/d for three months has shuttered for around two weeks to test flush production rates following a pressure build up.

Petra Capital expects rates to rise towards 300 mcf/d with flush production, and to more than 500 mcf/d at peak with further dewatering.

Still, production rates are below expectations for this stage of the program and the base case development is reduced to 120 TJ/d from 150 TJ/d. Hence, the target is reduced to $0.19 from $0.29. Buy rating maintained.

This report was published on August 2, 2023.

Target price is $0.19 Current Price is $0.02 Difference: $0.166
If BLU meets the Petra Capital target it will return approximately 692% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.00.

Forecast for FY24:

Petra Capital forecasts a full year FY24 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 8.00.

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

BMT    BEAMTREE HOLDINGS LIMITED

Healthcare services – Overnight Price: $0.22

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

Beamtree Holdings has updated on the June quarter, highlighting the progress across its portfolio and the first coding win in Canada. Petra Capital notes renewal rates continue to remain high across the product portfolio.

The broker finds the results "marginally better" at the EBITDA level that it had anticipated but would like more data on the pipeline and remains cautious about the inevitable build up of working capital to support the Saudi consulting program.

Estimates for FY24 revenue growth are eased back to be more in line with the second half of FY23 and the target is reduced to $0.64 from $0.70. Buy rating retained.

This report was published on August 2, 2023.

Target price is $0.64 Current Price is $0.22 Difference: $0.42
If BMT meets the Petra Capital target it will return approximately 191% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.94.

Forecast for FY24:

Petra Capital 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 44.00.

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

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $5.92

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

Following changes to its EPS forecasts for Bank of Queensland, Goldman Sachs lowers its target to $6.09 from $6.20 and retains its Neutral rating.

The new forecasts arise after the broker marks-to-market its volume forecasts and lowers its net interest margin (NIM) assumptions to allow for elevated deposit cost pressures.

Also, Goldman Sachs lowers its forecasts for bad and doubtful debts based on the bank's 3Q Pillar 3 disclosures.

This report was published on August 2, 2023.

Target price is $6.09 Current Price is $5.92 Difference: $0.17
If BOQ meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $6.43, suggesting upside of 7.8%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 41.00 cents and EPS of 66.30 cents.
At the last closing share price the estimated dividend yield is 6.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.1, implying annual growth of -4.8%.
Current consensus DPS estimate is 43.1, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 42.00 cents and EPS of 56.60 cents.
At the last closing share price the estimated dividend yield is 7.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of -11.3%.
Current consensus DPS estimate is 44.1, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 10.6.

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

BWP    BWP TRUST

REITs – Overnight Price: $3.50

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

Jarden expects BWP Trust to deliver around 2% in underlying FFO growth over the next 3-4 years and management to gradually return to paying dividends in line with earnings.

The broker notes the balance sheet appears in good shape given the current environment although accretive opportunities are unlikely to emerge.

Jarden upgrades FFO forecasts for FY24 and FY25 by 0.4% and 1.1%, respectively, mainly because of the recent easing of the BBSW futures curve.

Underweight rating and $3.30 target maintained.

This report was published on August 2, 2023.

Target price is $3.30 Current Price is $3.50 Difference: minus $0.2 (current price is over target).
If BWP 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 $3.59, suggesting upside of 2.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 18.30 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 5.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 215.2%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.80 cents and EPS of 18.80 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 1.7%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 19.2.

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

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Moelis rates ((BWP)) as Hold (3) –

BWP Trust's FY23 result was in line with expectations. The business is likely to benefit from the increase in CPI-linked leases in FY24, although most of the growth is likely to be offset by higher interest rate assumptions.

Moelis assesses, with limited earnings growth, the stock is trading at a -5% discount to NTA, considered appropriate.

The broker suggests investors should be keeping an eye on the diminishing WALE, now 3.5 years, which has been in decline for several years.

Capital may continue to support the distribution over the short term but the broker remains unconcerned, given the gearing on the balance sheet is low. Hold maintained. Target is reduced to $3.64 from $3.69.

This report was published on August 2, 2023.

Target price is $3.64 Current Price is $3.50 Difference: $0.14
If BWP meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $3.59, suggesting upside of 2.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 18.30 cents and EPS of 18.30 cents.
At the last closing share price the estimated dividend yield is 5.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 215.2%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 18.70 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 1.7%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 19.2.

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

CCX    CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $0.48

Jarden rates ((CCX)) as Neutral (3) –

City Chic Collective has sold its Evans business and the EMEA inventory, exiting the loss-making business which, in turn, cleans up the balance sheet, Jarden observes.

Net proceeds of $12m will be used for working capital and to pay off the remaining $1.5m acquisition facility.

Going forward, the broker notes the company retains the right to trade in Europe under its own brands and sell remaining Evans products in Australasia and North America. There was no further trading update and Jarden retains a Neutral rating and $0.39 target.

This report was published on August 3, 2023.

Target price is $0.39 Current Price is $0.48 Difference: minus $0.09 (current price is over target).
If CCX 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 $0.50, suggesting downside of -15.3%(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 20.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.1, implying annual growth of N/A.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.8%.
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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.67

Wilsons rates ((CXO)) as Downgrade to Underweight from Market Weight (5) –

Having reviewed its modelling of Core Lithium Wilsons downgrades to Underweight from Market Weight.

The stock has fallen meaningfully on the back of disappointing news in its quarterly update and the broker believes there is significant risk of further negative news that will weigh on the share price over the next 6-12 months.

Wilsons is "highly positive" regarding the sector overall as the rating is driven by the specific operating challenges the company is facing. Target is reduced to $0.45 from $0.90.

This report was published on August 4, 2023.

Target price is $0.45 Current Price is $0.67 Difference: minus $0.215 (current price is over target).
If CXO meets the Wilsons target it will return approximately minus 32% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.72, suggesting upside of 10.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 133.00.

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 72.2.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.16.

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 0.5%.
Current consensus EPS estimate suggests the PER is 7.1.

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

E25    ELEMENT 25 LIMITED

Overnight Price: $0.49

Petra Capital rates ((E25)) as Buy (1) –

Element 25 delivered a weaker-than-expected June quarter, with production down -5% and the plant operating at only 65% of nameplate capacity. Lower production in combination with a soft manganese price led to negative operating cash flow for the quarter.

Still, the business has "compelling" risk/reward upside in its role as a major supplier of battery manganese to the US market, Petra Capital asserts. Buy rating maintained. Target is reduced to $2.17 from $2.27.

This report was published on August 2, 2023.

Target price is $2.17 Current Price is $0.49 Difference: $1.68
If E25 meets the Petra Capital target it will return approximately 343% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Petra Capital forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 9.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.33.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.50.

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

HLO    HELLOWORLD TRAVEL LIMITED

Travel, Leisure & Tourism – Overnight Price: $2.90

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

Helloworld Travel has upgraded FY23 EBITDA guidance by 9% at the mid point while transaction value of $2.56bn is below Jarden's estimates.

The broker finds early signs of leisure demand slowing, with web traffic, global peer results and lending data pointing to some moderation.

This is partially evident in the latest update from the company, and the broker points out margins are stronger because of an improving mix and cost leverage. Overweight maintained. Target is reduced to $3.75 from $3.98.

This report was published on August 2, 2023.

Target price is $3.75 Current Price is $2.90 Difference: $0.85
If HLO meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $3.31, suggesting upside of 14.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 10.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of -80.8%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 25.9.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 23.00 cents.
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 15.8, implying annual growth of 41.1%.
Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 2.6%.
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

IPL    INCITEC PIVOT LIMITED

Agriculture – Overnight Price: $3.02

Jarden rates ((IPL)) as Neutral (3) –

Jarden notes unconfirmed media reports regarding a potential trade sale of Incitec Pivot's fertiliser business, yet suggests an unresolved gas supply issue at the primary manufacturing asset, Phosphate Hill, could be a major hurdle to any potential sale.

With a suggested price of $1.5bn for fertilisers, the broker;s sensitivity analysis indicates primary upside for the company's shares would come from the proceeds of any sale being allocated to buybacks or deleveraging. Neutral rating and $2.85 target maintained.

This report was published on August 3, 2023.

Target price is $2.85 Current Price is $3.02 Difference: minus $0.17 (current price is over target).
If IPL 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 $3.31, suggesting upside of 7.7%(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 5.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.1, implying annual growth of -38.5%.
Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 9.6.

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 3.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of -26.2%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 13.0.

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

JDO    JUDO CAPITAL HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $1.31

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

Goldman Sachs reminds investors that Judo Capital expects second half expenses to increase around 10%. Management is targeting an at-scale cost-to-income ratio approaching 30%.

Operating expenditure growth is guided to "roughly halve" in FY24 before growing in low signal digits thereafter, and the broker will be keen for an update on this when the company reports on August 24.

Goldman Sachs maintains its $1.79 target and Buy rating.

This report was published on August 2, 2023.

Target price is $1.79 Current Price is $1.31 Difference: $0.48
If JDO meets the Goldman Sachs target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 26.9%(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 6.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, 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 18.8.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.6, implying annual growth of 10.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.1.

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

JHG    JANUS HENDERSON GROUP PLC

Wealth Management & Investments – Overnight Price: $41.99

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

Earnings from Janus Henderson in the second quarter were ahead of Jarden's estimates.

While noting another quarter of "solid" flows following the first quarter of net inflows since the merger in mid 2017 the broker is cautious about the short term, as fund performance deteriorated slightly and there are sizeable outflows flagged for the third quarter.

As the stock is trading at a premium valuation the broker maintains an Underweight rating while raising the target to $38.60 from $36.40.

This report was published on August 2, 2023.

Target price is $38.60 Current Price is $41.99 Difference: minus $3.39 (current price is over target).
If JHG meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $41.36, suggesting upside of 1.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 232.35 cents and EPS of 308.31 cents.
At the last closing share price the estimated dividend yield is 5.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 344.4, implying annual growth of N/A.
Current consensus DPS estimate is 237.6, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 238.31 cents and EPS of 348.53 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 362.4, implying annual growth of 5.2%.
Current consensus DPS estimate is 243.7, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 11.2.

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

JHX    JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $41.34

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

Jarden observes Louisiana Pacific's higher-value ExpertFinish product grew as a percentage of total volume in the second quarter, which bodes well for the ongoing resilience of James Hardie Industries' ColorPlus product.

The inference from new building activity is also positive for James Hardie's 35% new construction and-market exposure in the US. Overweight and $39.70 target maintained.

This report was published on August 3, 2023.

Target price is $39.70 Current Price is $41.34 Difference: minus $1.64 (current price is over target).
If JHX 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 $43.70, suggesting upside of 6.9%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 189.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 192.3, 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 21.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 213.58 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 219.0, implying annual growth of 13.9%.
Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 18.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

OFX    OFX GROUP LIMITED

Diversified Financials – Overnight Price: $2.05

Wilsons rates ((OFX)) as Upgrade to Overweight from Market Weight (1) –

Wilsons observes OFX Group has begun FY24 amid a surprise rebound in the consumer business. The resilience of B2B was also encouraging.

As the potential for weaker short-term conditions appears to have dissipated the broker upgrades to Overweight from Market Weight.

The catalysts for the short term include accretive M&A and/or price increases. Target is raised to $2.35 from $2.00.

This report was published on August 4, 2023.

Target price is $2.35 Current Price is $2.05 Difference: $0.3
If OFX meets the Wilsons target it will return approximately 15% (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 13.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.19.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 14.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.76.

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $10.05

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

Pinnacle Investment Management delivered FY23 net profit that was ahead of expectations. Affiliate margins were slightly below expectations, although Wilsons finds this understandable given the investment made at this level.

The broker notes FUM inflows were volatile quarter on quarter in the second half and guidance appears cautious.

Going forward the broker find signs affiliate margins are already improving and, while the timing of inflows remains uncertain, equity market sentiment has improved. Overweight retained. Target is raised to $12.30 from $11.70.

This report was published on August 3, 2023.

Target price is $12.30 Current Price is $10.05 Difference: $2.25
If PNI meets the Wilsons target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $10.21, suggesting upside of 2.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 36.10 cents and EPS of 45.40 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.4, implying annual growth of 5.2%.
Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 24.1.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 43.50 cents and EPS of 54.40 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.2, implying annual growth of 18.8%.
Current consensus DPS estimate is 34.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 20.3.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $33.85

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

ResMed's June quarter revenue growth of 23% was a deceleration from the prior quarter but largely in line with expectations. Earnings missed estimates by -5% as gross margin pressures continue to disappoint.

Goldman Sachs found it encouraging that, contrary to the theme throughout the pandemic, mask growth met or exceeded expectations for the third consecutive quarter.

Challenges from competitors remain central to the discussion around capturing market share, which the broker believes will be key to the operating performance going forward. Buy rating maintained. Target is $39.60.

This report was published on August 4, 2023.

Target price is $39.60 Current Price is $33.85 Difference: $5.75
If RMD meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $38.00, suggesting upside of 26.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 25.32 cents and EPS of 95.32 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.5, implying annual growth of N/A.
Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 30.2.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 26.81 cents and EPS of 110.22 cents.
At the last closing share price the estimated dividend yield is 0.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.6, implying annual growth of 18.2%.
Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 25.5.

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

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

Wilsons was disappointed with the fourth quarter result from ResMed, as it did not delivered the beat to earnings that was anticipated or signalled the AS11 supply issue would be dealt with in the short term.

The broker notes feedback that ordering has improved in recent weeks, although device supply may stay on an allocation basis over the next few quarters.

Meanwhile, competitive dynamics continue to weigh in the company's favour and an Overweight rating and $37.76 target are maintained.

This report was published on August 4, 2023.

Target price is $37.76 Current Price is $33.85 Difference: $3.91
If RMD meets the Wilsons target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $38.00, suggesting upside of 26.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 26.36 cents and EPS of 96.37 cents.
At the last closing share price the estimated dividend yield is 0.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.5, implying annual growth of N/A.
Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 30.2.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 27.55 cents and EPS of 109.32 cents.
At the last closing share price the estimated dividend yield is 0.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.6, implying annual growth of 18.2%.
Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 25.5.

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

STX    STRIKE ENERGY LIMITED

NatGas – Overnight Price: $0.42

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

Strike Energy was unable to formulate an agreed proposal to acquire Talon Energy ((TPD)) and has withdrawn its offer, notably because of additional costs associated with some Perth Basin assets.

The offer had been increased to 0.4828 Strike Energy shares for every Talon Energy share along with a convertible working capital facility of up to $6m to provide additional liquidity.

Wilsons suspects Strike Energy was pursuing Talon for the additional incremental cash flow from the Walyering asset and could be looking for a way to increase exposure to Walyering directly, although this may prove difficult given its desire to hold cash for future expenditure.

Overweight rating and $0.52 target maintained.

This report was published on August 2, 2023.

Target price is $0.52 Current Price is $0.42 Difference: $0.1
If STX meets the Wilsons target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $0.54, suggesting upside of 22.7%(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 60.00.

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 52.50.

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 220.0.

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

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