Daily Market Reports | Jan 29 2024
This story features ATLANTIC LITHIUM LIMITED., and other companies. For more info SHARE ANALYSIS: A11
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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)
A11 A2M ANZ AZJ (2) BBN BEN BOQ BXB CBA COE (3) CRN CSL CWY IEL ILU (2) LNW LTR (2) LYC (2) MAQ (2) MHJ MTO NAB PNV QAN QBE QUB S32 WBC WHC
A11 ATLANTIC LITHIUM LIMITED.
New Battery Elements – Overnight Price: $0.35
Wilsons rates ((A11)) as Overweight (1) –
Piedmont Lithium ((PLL)) has announced it has sold 24.3m shares of Atlantic Lithium for an equivalent 48cps, representing approximately 3.9% of Atlantic’s outstanding shares.
Atlantic remains Wilsons' top pick amongst its lithium developers coverage. The project has already been significantly de-risked, the broker opines.
The broker expects project construction milestones over the next 12 months to act as catalysts for re-rating as production moves closer.
Potential finalisation of an offtake arrangement for Atlantic’s 50% share of Ewoyaa production will likely be a key catalyst, the broker suggests. Overweight and 95c target retained.
This report was published on January 22, 2024.
Target price is $0.95 Current Price is $0.35 Difference: $0.6
If A11 meets the Wilsons target it will return approximately 171% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 87.50.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
A2M A2 MILK COMPANY LIMITED
Dairy – Overnight Price: $4.62
Jarden rates ((A2M)) as Upgrade to Overweight from Neutral (2) –
2023 China newborns were 9m; better than expected. Prior to this, a leaked pre-release which suggested 7.88m, down -18% year on year, had been more broadly in line with Jarden's expectation.
Looking forward, the broker was already expecting a tick up in 2024 driven by improved marriage data, vaccination fears fading and a stronger zodiac sign with the year of the Dragon.
With comfort birth rates are slightly better as a starting point, a2 Milk Co executing its new China label transition well and its supply chain priority/lower forward incremental returns better understood, Jarden upgrades to Overweight from Neutral.
Target rises to NZ$5.15 from NZ$4.95.
This report was published on January 22, 2024.
Current Price is $4.62. Target price not assessed.
Current consensus price target is $5.33, suggesting upside of 15.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 20.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.20.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.7, implying annual growth of N/A.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 22.3.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 23.22 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.90.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 25.1, implying annual growth of 21.3%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 18.4.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ANZ ANZ GROUP HOLDINGS LIMITED
Banks – Overnight Price: $26.67
Jarden rates ((ANZ)) as Overweight (2) –
Jarden notes the banks have started the year strongly and the macro backdrop suggests outperformance could continue.
The broker sees intense but moderating pressure on margins and scope for lower bad debts, with capital positions solid.
ANZ Bank updates will likely be limited to capital and credit quality, Jarden suggests. In late December, ANZ noted no material increase in bad debts while markets income was strong.
Target rises to $26.50 from $24.80, Overweight retained.
This report was published on January 22, 2024.
Target price is $26.50 Current Price is $26.67 Difference: minus $0.17 (current price is over target).
If ANZ 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 $26.32, suggesting downside of -1.3%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 162.00 cents and EPS of 217.00 cents.
At the last closing share price the estimated dividend yield is 6.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.29.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 214.0, implying annual growth of -9.6%.
Current consensus DPS estimate is 161.8, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.5.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 164.00 cents and EPS of 226.00 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.80.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 224.9, implying annual growth of 5.1%.
Current consensus DPS estimate is 160.8, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 11.9.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AZJ AURIZON HOLDINGS LIMITED
Transportation & Logistics – Overnight Price: $3.72
Goldman Sachs rates ((AZJ)) as Neutral (3) –
Goldman Sachs has updated its half-year 2024 estimates for Aurizon Holdings to reflect the latest trends. Factoring in Network Final Allowable Revenue leads to a minor fiddling about of earnings forecasts.
The net result is a target price increase to $4.00 from $3.90. Neutral retained.
This report was published on January 22, 2024.
Target price is $4.00 Current Price is $3.72 Difference: $0.28
If AZJ meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.89, suggesting upside of 4.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 EPS of 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.88.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.9, implying annual growth of 66.1%.
Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 14.9.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 EPS of 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.83.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.4, implying annual growth of 14.1%.
Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 13.1.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((AZJ)) as Neutral (3) –
With the transport and waste reporting season due to begin in mid-February, Jarden has reviewed its coverage and previewed first half results.
It is Jarden's view that companies with the highest earnings per share dispersion and with expanded implied price-earnings ratios since the end of financial year may be most at risk of volatile movement in their share price, namely Aurizon Holdings and Qube Holdings ((QUB)).
Aurizon Holdings received final approval from the Queensland Competition Authority in October to increase the WAA in its network business to 8.51% from FY25. Factored into Jarden's forecasts, this drives earnings per share upgrades for both FY25 and FY26.
The Neutral rating is retained and the target price increases to $3.80 from $3.70.
This report was published on January 24, 2024.
Target price is $3.80 Current Price is $3.72 Difference: $0.08
If AZJ meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.89, suggesting upside of 4.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 18.80 cents and EPS of 25.10 cents.
At the last closing share price the estimated dividend yield is 5.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.82.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.9, implying annual growth of 66.1%.
Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 14.9.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 21.30 cents and EPS of 28.30 cents.
At the last closing share price the estimated dividend yield is 5.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.14.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.4, implying annual growth of 14.1%.
Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 13.1.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BBN BABY BUNTING GROUP LIMITED
Apparel & Footwear – Overnight Price: $1.66
Wilsons rates ((BBN)) as Overweight (1) –
Baby Bunting reported first half sales in line with Wilsons but a disappointing miss on profit, given margin contraction and a higher cost of doing business.
Despite this, green shoots are emerging from recent strategic initiatives with new customer acquisitions, the broker suggests.
Wilsons believes Baby Bunting is oversold, on a forecast FY25 PE -18.4% below peers despite three-year average earnings growth of 20.6% (peers 4.0%), a cleaner inventory position, and a de-risked balance sheet.
Overweight retained. Target falls to $2.10 from $2.50.
This report was published on January 23, 2024.
Target price is $2.10 Current Price is $1.66 Difference: $0.445
If BBN meets the Wilsons target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $1.96, suggesting upside of 18.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 5.80 cents and EPS of 9.00 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 18.39.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.0, implying annual growth of 63.0%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 13.8.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 10.90 cents and EPS of 16.20 cents.
At the last closing share price the estimated dividend yield is 6.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.22.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.8, implying annual growth of 31.7%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 10.5.
Market Sentiment: 0.5
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: $9.77
Jarden rates ((BEN)) as Neutral (3) –
Jarden notes the banks have started the year strongly and the macro backdrop suggests outperformance could continue.
The broker sees intense but moderating pressure on margins and scope for lower bad debts, with capital positions solid.
Jarden's first half profit estimate for Bendigo & Adelaide Bank is -3% below consensus, due mainly to lower margins as the bank
is likely impacted by elevated deposit costs, given its strong above-system growth and sharper pricing.
Target rises to $9.50 from $9.30, Neutral retained.
This report was published on January 22, 2024.
Target price is $9.50 Current Price is $9.77 Difference: minus $0.27 (current price is over target).
If BEN meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.09, suggesting downside of -7.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 62.00 cents and EPS of 81.00 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.06.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 81.5, implying annual growth of -7.3%.
Current consensus DPS estimate is 63.0, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 12.0.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 62.00 cents and EPS of 80.00 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.21.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 82.3, implying annual growth of 1.0%.
Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 11.9.
Market Sentiment: -0.4
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: $5.94
Jarden rates ((BOQ)) as Overweight (2) –
Jarden notes the banks have started the year strongly and the macro backdrop suggests outperformance could continue.
The broker sees intense but moderating pressure on margins and scope for lower bad debts, with capital positions solid.
The Bank of Queensland target rises to $5.60 from $5.50, Overweight retained.
This report was published on January 22, 2024.
Target price is $5.60 Current Price is $5.94 Difference: minus $0.34 (current price is over target).
If BOQ 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 $5.55, suggesting downside of -6.6%(ex-dividends)
The company's fiscal year ends in August.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 36.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 6.06%.
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 46.4, implying annual growth of 143.3%.
Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.8.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 36.00 cents and EPS of 47.00 cents.
At the last closing share price the estimated dividend yield is 6.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.64.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 48.6, implying annual growth of 4.7%.
Current consensus DPS estimate is 38.9, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 12.2.
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BXB BRAMBLES LIMITED
Transportation & Logistics – Overnight Price: $14.70
Jarden rates ((BXB)) as Overweight (2) –
With the transport and waste reporting season due to begin in mid-February, Jarden has reviewed its coverage and previewed first half results.
It is Jarden's view that companies with the highest earnings per share dispersion and with expanded implied price-earnings ratios since the end of financial year may be most at risk of volatile movement in their share price, namely Aurizon Holdings ((AZJ)) and Qube Holdings ((QUB)).
While Jarden does expect pricing advantages felt by Brambles' CHEP Americas, which has benefited from a strong pricing cycle and cost offsets from surcharges, to fade through the year, it considers the company's full year guidance to be conservative.
The Overweight rating is retained and the target price decreases to $15.35 from $15.90.
This report was published on January 24, 2024.
Target price is $15.35 Current Price is $14.70 Difference: $0.65
If BXB meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $14.96, suggesting upside of 1.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 71.53 cents and EPS of 80.45 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.27.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 89.2, implying annual growth of N/A.
Current consensus DPS estimate is 43.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 16.5.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 77.57 cents and EPS of 87.25 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.85.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 99.3, implying annual growth of 11.3%.
Current consensus DPS estimate is 47.4, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 14.8.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CBA COMMONWEALTH BANK OF AUSTRALIA
Banks – Overnight Price: $114.86
Jarden rates ((CBA)) as Underweight (4) –
Jarden notes the banks have started the year strongly and the macro backdrop suggests outperformance could continue.
The broker sees intense but moderating pressure on margins and scope for lower bad debts, with capital positions solid.
Jarden sees a flattish first half profit for CommBank, on lower bad debts offset by net interest margin erosion, higher core costs and weaker volume.
Target rises to $100 from $98, Underweight retained.
This report was published on January 22, 2024.
Target price is $100.00 Current Price is $114.86 Difference: minus $14.86 (current price is over target).
If CBA meets the Jarden target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $90.53, suggesting downside of -21.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 452.00 cents and EPS of 572.00 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 575.1, implying annual growth of -4.8%.
Current consensus DPS estimate is 457.2, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 20.0.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 453.00 cents and EPS of 575.00 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.98.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 584.2, implying annual growth of 1.6%.
Current consensus DPS estimate is 468.3, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 19.7.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
COE COOPER ENERGY LIMITED
Crude Oil – Overnight Price: $0.12
Canaccord Genuity rates ((COE)) as Speculative Buy (1) –
While Canaccord Genuity had anticipated an increase in estimated costs from Cooper Energy, the size of the increase has exceeded the broker's expectations.
The broker explains slow progress on the decommissioning of the Basker-3 project appears the key driver of the increase, warning it doesn't appear a positive sign so early into the program.
Cooper Energy has increased its mid-case cost estimate to $240-280m from $193-198m, an increase Canaccord Genuity notes is roughly equal to 3 cents per share.
The Speculative Buy rating and target price of 25 cents are retained.
This report was published on January 22, 2024.
Target price is $0.25 Current Price is $0.12 Difference: $0.13
If COE meets the Canaccord Genuity target it will return approximately 108% (excluding dividends, fees and charges).
Current consensus price target is $0.20, suggesting upside of 63.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.00.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 N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 120.0.
Forecast for FY24:
Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.20 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 0.7, implying annual growth of 600.0%.
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
Goldman Sachs rates ((COE)) as No Rating (-1) –
Second quarter results from Cooper Energy were largely in line with Goldman Sachs' expectations.
The company reported improvement trials at Orbost saw average gas rates lift to 49 terrajoules per day, but the positive momentum was largely offset by a roughly 30% cost increase to the BMG decommissioning program, to a mid-case $240-280m estimate.
The broker has increased its anticipated earnings through to FY26, accounting for production and higher long-term contracted prices, but reduced its target price in lieu of the BMG cost increase.
The Neutral rating is retained and the target price decreases to 15 cents from 17 cents.
This report was published on January 24, 2024.
Target price is $0.15 Current Price is $0.12 Difference: $0.03
If COE meets the Goldman Sachs target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $0.20, suggesting upside of 63.9%(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 minus 0.21 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 57.14.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 N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 120.0.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.35 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.29.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.7, implying annual growth of 600.0%.
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
Jarden rates ((COE)) as Downgrade to Neutral from Overweight (3) –
Cooper Energy had to come clean with a material cost increase for the decommissioning of BMG and Jarden, in response, won't rule out further cost increases.
On this basis, the broker has adopted a more cautious approach, hence the downgrade to Neutral from Overweight. The price target drops to 15c from 21c.
Also, Jarden suspects the market will remain cautious until the decommissioning is completed as risk remains a fresh capital raising might be triggered in case of further negative developments.
This report was published on January 23, 2024.
Target price is $0.15 Current Price is $0.12 Difference: $0.03
If COE meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $0.20, suggesting upside of 63.9%(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 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.00.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 N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 120.0.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.7, implying annual growth of 600.0%.
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
CRN CORONADO GLOBAL RESOURCES INC
Coal – Overnight Price: $1.62
Goldman Sachs rates ((CRN)) as Buy (1) –
The Buchanan mine was pinpointed by Goldman Sachs as a key driver of a weaker than expected fourth quarter from Coronado Global Resources, with the site suffering poor geotechnical conditions and a ten day outage.
Saleable coal was up 8% quarter-on-quarter, with production from Curragh up 17% quarter-on-quarter. Goldman Sachs warns congestion issues are expected to remain elevated until mid-year, likely driving more inventory build up.
The Buy rating is retained and the target price decreases to $1.85 from $2.00.
This report was published on January 24, 2024.
Target price is $1.85 Current Price is $1.62 Difference: $0.23
If CRN meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $2.03, suggesting upside of 25.3%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 1.51 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.39.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.9, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 9.6.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 9.07 cents and EPS of 16.63 cents.
At the last closing share price the estimated dividend yield is 5.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.74.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 33.0, implying annual growth of 95.3%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 4.9.
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
CSL CSL LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $293.00
Jarden rates ((CSL)) as Overweight (2) –
Jarden has zoomed in on further development, and the importance overall, of CSL's RIKA plasmapheresis collection system, an integral step in the company's drive to reduce the 'cost per litre of plasma collected'.
As the broker explains, RIKA will be a key contributor to lifting the gross margin back to the pre-covid level of 57%. It is now believed any issues from the past have been resolved and the upcoming H1 release, Jarden believes, should include a positive update on the RIKA rollout.
Such an announcement should be positively received, the broker suggests, as it might imply margin recovery could well accelerate sooner.
Overweight. Target $316.16.
This report was published on January 22, 2024.
Target price is $316.16 Current Price is $293.00 Difference: $23.16
If CSL meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $329.70, suggesting upside of 12.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 347.80 cents and EPS of 824.44 cents.
At the last closing share price the estimated dividend yield is 1.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.54.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 948.4, implying annual growth of N/A.
Current consensus DPS estimate is 414.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 30.9.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 405.72 cents and EPS of 1013.76 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.90.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1216.9, implying annual growth of 28.3%.
Current consensus DPS estimate is 533.9, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 24.1.
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
CWY CLEANAWAY WASTE MANAGEMENT LIMITED
Industrial Sector Contractors & Engineers – Overnight Price: $2.51
Jarden rates ((CWY)) as Neutral (3) –
With the transport and waste reporting season due to begin in mid-February, Jarden has reviewed its coverage and previewed first half results.
It is Jarden's view that companies with the highest earnings per share dispersion and with expanded implied price-earnings ratios since the end of financial year may be most at risk of volatile movement in their share price, namely Aurizon Holdings ((AZJ)) and Qube Holdings ((QUB)).
Jarden believes FY24 paints a path back to normalisation for Cleanaway Waste Management, after a "sustained period of disruption". The broker expects the market will closely watch for signs of improvement to profitability, underlying earnings and the balance sheet.
The Neutral rating and target price of $2.60 are retained.
This report was published on January 24, 2024.
Target price is $2.60 Current Price is $2.51 Difference: $0.09
If CWY meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.64, suggesting upside of 5.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 5.00 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 1.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.18.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.4, implying annual growth of 757.1%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 29.9.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 5.60 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.70.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.2, implying annual growth of 21.4%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 24.6.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IEL IDP EDUCATION LIMITED
Education & Tuition – Overnight Price: $19.67
Jarden rates ((IEL)) as Overweight (2) –
Jarden notes difficulty in predicting the impact Canada's newly announced two-year international student visa approvals cap will have on IDP Education, particularly given full details have not yet been given.
With this in mind, the broker estimates a potential -3.5-11.5% drag on the company's earnings per share, contingent on factors including IDP Education's Canadian footprint, ability to gain market share and ability to lift fees as volumes weaken.
The announced cap represents a -36.5% year-on-year cut to student visas in 2024, with the cap be reassessed for 2025.
The Overweight rating is retained and the target price decreases to $27.25 from $29.00.
This report was published on January 24, 2024.
Target price is $27.25 Current Price is $19.67 Difference: $7.58
If IEL meets the Jarden target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $26.29, suggesting upside of 33.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 47.10 cents and EPS of 63.30 cents.
At the last closing share price the estimated dividend yield is 2.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.07.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 61.9, implying annual growth of 16.0%.
Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 31.8.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 57.50 cents and EPS of 77.30 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.45.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.4, implying annual growth of 15.3%.
Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 27.5.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ILU ILUKA RESOURCES LIMITED
Mineral Sands – Overnight Price: $7.29
Canaccord Genuity rates ((ILU)) as Upgrade to Hold from Sell (3) –
Iluka Resources' December production update showed disappointment from zircon sales but strong synthetic rutile sales providing the offset.
Total production volume more or less met market consensus, suggests Canaccord Genuity. Pricing for mineral sands remained "robust" during the quarter, though the analyst maintains the demand outlook remains "subdued".
Putting it all together, the broker now believes the risk-reward proposition has improved, and this warrants an upgrade to Hold from Sell. Price target remains $7.
This report was published on January 23, 2024.
Target price is $7.00 Current Price is $7.29 Difference: minus $0.29 (current price is over target).
If ILU meets the Canaccord Genuity target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.89, suggesting upside of 8.2%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Canaccord Genuity forecasts a full year FY23 dividend of 3.00 cents and EPS of 94.00 cents.
At the last closing share price the estimated dividend yield is 0.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.76.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 67.5, implying annual growth of -53.1%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 10.8.
Forecast for FY24:
Canaccord Genuity forecasts a full year FY24 dividend of 7.00 cents and EPS of 79.00 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.23.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 78.5, implying annual growth of 16.3%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 9.3.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Goldman Sachs rates ((ILU)) as Buy (1) –
Iluka Resources delivered a beat to Goldman Sachs' forecast with its December quarter results, reporting a 40% increase in mineral sands revenue to $305m, alongside slightly better than expected sales volume and realised prices.
The company suggested demand and pricing for mineral sands are showing signs of stabilising, and that contracted zircon sales could increase by more than 50% in the first quarter.
It is also expected that synthetic rutile prices will decline by -2-3% in the quarter, and Iluka Resources has deferred the restart of its synthetic rutile kiln until demand improves. Goldman Sachs anticipates a mid-year restart.
The Buy rating is retained and the target price decreases to $9.80 from $10.10.
This report was published on January 24, 2024.
Target price is $9.80 Current Price is $7.29 Difference: $2.51
If ILU meets the Goldman Sachs target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $7.89, suggesting upside of 8.2%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 7.00 cents and EPS of 68.00 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.72.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 67.5, implying annual growth of -53.1%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 10.8.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 38.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 78.5, implying annual growth of 16.3%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 9.3.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LNW LIGHT & WONDER INC
Gaming – Overnight Price: $127.55
Jarden rates ((LNW)) as Upgrade to Buy from Overweight (1) –
Given Light & Wonder's underwhelming share price performance in recent months, Jarden has lifted its rating on the stock to reflect better value.
Jarden believes the recommendations from US gaming analysts, alongside increasing concerns about a slowdown in regional casino markets and general exiting of the stock after a share price performance has weighed on the stock price.
It expects Light & Wonder to deliver another high quality result with its fourth quarter and end of calendar year reporting.
The rating is upgraded to Buy from Overweight and the target price increases to $147.00 from $141.00.
This report was published on January 24, 2024.
Target price is $147.00 Current Price is $127.55 Difference: $19.45
If LNW meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY23:
Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 158.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 80.27.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 372.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.20.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LTR LIONTOWN RESOURCES LIMITED
New Battery Elements – Overnight Price: $0.92
Canaccord Genuity rates ((LTR)) as Speculative Buy (1) –
Liontown Resources had earlier negotiated an $760m debt funding package but the banking syndicate changed its mind due to the risk of a lower-for-longer pricing environment for lithium.
Canaccord Genuity sees the termination of the earlier agreement as only creating a "modest hurdle'. A smaller debt facility might well be established instead (not necessarily with the syndicate).
Management has moved into cash preserving mode. The broker's view is the market is overlooking the asset quality, implying the share price sell-off to be a temporary mood change only. Speculative Buy rating maintained while the target is reduced to $1.20.
This report was published on January 23, 2024.
Target price is $1.20 Current Price is $0.92 Difference: $0.28
If LTR meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $1.38, suggesting upside of 49.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 46.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -1.4, 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 FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.5, 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 36.8.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Goldman Sachs rates ((LTR)) as Neutral (3) –
Now the banking syndicate has changed its mind and will no longer be providing the previously agreed $760m debt package, Goldman Sachs points out management at Liontown Resources is working on a smaller debt facility.
An update on the latter is expected by March.
Management has scaled back its ambitions and Goldman Sachs estimates further funding requirements will be circa $200m only, down from a previously estimated $460m.
Given too many uncertainty to take a positive view, the broker sticks with a Neutral rating. The warning to investors is that funding problems for Liontown Resources might spell even deeper problems for smaller and lower quality junior developers in the lithium space.
Price target declines to $1.45 from $1.65.
This report was published on January 22, 2024.
Target price is $1.45 Current Price is $0.92 Difference: $0.53
If LTR meets the Goldman Sachs target it will return approximately 58% (excluding dividends, fees and charges).
Current consensus price target is $1.38, suggesting upside of 49.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -1.4, 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 FY25:
Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 92.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.5, 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 36.8.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LYC LYNAS RARE EARTHS LIMITED
Rare Earth Minerals – Overnight Price: $6.09
Canaccord Genuity rates ((LYC)) as Buy (1) –
Lynas Rare Earths' December quarter update revealed lower-than-anticipated production volumes, albeit in line with market consensus. Inventory draw-downs helped the company beat forecast sales numbers.
Canaccord Genuity suspects pricing is to remain under pressure and this weighs on the broker's enthusiasm, even though the operational prospects in Malaysia are improving.
The Buy rating is retained on a longer-term positive assessment of the company's asset quality, its unique position in the market and long term sector view. The broker's target price falls to $7.80 from $8.50.
This report was published on January 22, 2024.
Target price is $7.80 Current Price is $6.09 Difference: $1.71
If LYC meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $7.70, suggesting upside of 26.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 203.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.5, implying annual growth of -60.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 45.1.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 60.90.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 38.5, implying annual growth of 185.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.8.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Goldman Sachs rates ((LYC)) as Buy (1) –
Lynas Rare Earths reported a broadly in-line December quarter performance and Goldman Sachs has kept the stock on its Conviction Buy list.
The broker's modeling includes a 3 to 6 months delay to the commissioning and ramp-up of Mt Weld, seen as the bottleneck to achieve the company's ambition to sustainably increase NdPr production beyond 7ktpa at its LAMP facility.
Multiple changes have been made to forecasts, ultimately reducing the calculated Net Asset Value by -3%. Target price falls by -3% to $7.50.
Goldman Sachs does acknowledge there remain ongoing execution and capex risks at both Kal C&L and Mt Weld.
This report was published on January 22, 2024.
Target price is $7.50 Current Price is $6.09 Difference: $1.41
If LYC meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $7.70, suggesting upside of 26.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 11.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.42.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.5, implying annual growth of -60.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 45.1.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 49.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.28.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 38.5, implying annual growth of 185.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.8.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MAQ MACQUARIE TECHNOLOGY GROUP LIMITED
Telecommunication – Overnight Price: $71.80
Goldman Sachs rates ((MAQ)) as Buy (1) –
The NSW Independent Planning Commission has favourably determined as state significant Macquarie Technology's IC3 Super West data centre at its Macquarie Park campus, after the application was lodged in July 2021.
Factoring in the additional space sees Goldman Sachs close to tripling its base case assumption to 60MW.
The DA approval is an important milestone in the acceleration of the company’s data centre growth ambitions, the broker suggests, after the expected timing was pushed out a number of times.
Buy and $77.70 target retained.
This report was published on January 25, 2024.
Target price is $77.70 Current Price is $71.80 Difference: $5.9
If MAQ meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 125.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.44.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 166.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.25.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Wilsons rates ((MAQ)) as Overweight (1) –
In a positive outcome for momentum early in 2024, according to Wilsons, Macquarie Technology has received formal approval from the NSW Independent Planning Commission for the IC3 SuperWest development.
The broker advises recommendations and outcomes arrived at to-date will now be reviewed by the NSW Department of Planning & Environment, before the department adjudicates on the formal Development Approval.
The Development Approval could take anywhere from between one to four weeks, note the analysts.
Market Weight rating. Target $84.13.
This report was published on January 22, 2024.
Target price is $84.13 Current Price is $71.80 Difference: $12.33
If MAQ meets the Wilsons target it will return approximately 17% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MHJ MICHAEL HILL INTERNATIONAL LIMITED
Luxury – Overnight Price: $0.88
Jarden rates ((MHJ)) as Overweight (2) –
A difficult trading backdrop weighed on Michael Hill through 1H24 and, as Jarden expected, the trading update highlighted soft sales and gross margin pressure. 1H24 group store sales increased 4.1% year on year, boosted by the inclusion of the acquisition of Bevilles.
Underlying sales declined across A&NZ. Canada was the standout region with constant currency sales growth of 0.6%.
While activity remains subdued, Jarden views Michael Hill as well positioned when the market recovers, given recent market share gains, investment made in its loyalty offering, and growth options via store roll-outs.
Target falls to NZ$1.10 from NZ$1.15, Overweight retained.
This report was published on January 22, 2024.
Current Price is $0.88. Target price not assessed.
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 6.00 cents and EPS of 6.90 cents.
At the last closing share price the estimated dividend yield is 6.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 6.00 cents and EPS of 8.50 cents.
At the last closing share price the estimated dividend yield is 6.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.35.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MTO MOTORCYCLE HOLDINGS LIMITED
Automobiles & Components – Overnight Price: $1.85
Wilsons rates ((MTO)) as Market Weight (3) –
Motorcycle Holdings recently provided 1H24 earnings guidance implying reduced profitability in the Motorcycle Wholesale segment (Mojo) and broad margin pressure across the business.
The abruptness of deterioration in trading for Mojo will necessitate further analysis in conjunction with the 1H24 result, Wilsons suggests. While valuation appears compelling, elevated earnings uncertainty persists and keeps the broker at Market Weight.
Target falls to $1.93 from $2.06.
This report was published on January 23, 2024.
Target price is $1.93 Current Price is $1.85 Difference: $0.08
If MTO meets the Wilsons target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 12.00 cents and EPS of 23.70 cents.
At the last closing share price the estimated dividend yield is 6.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.81.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 13.70 cents and EPS of 26.40 cents.
At the last closing share price the estimated dividend yield is 7.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.01.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NAB NATIONAL AUSTRALIA BANK LIMITED
Banks – Overnight Price: $31.79
Jarden rates ((NAB)) as Overweight (2) –
Jarden notes the banks have started the year strongly and the macro backdrop suggests outperformance could continue.
The broker sees intense but moderating pressure on margins and scope for lower bad debts, with capital positions solid.
Jarden expects a small step up in margin compression for National Australia Bank, with focus on how the bank is reshaping its deposit base, and updates to SMEs regrading competition, volume outlook and credit quality.
Target rises to $31.50 from $29.50, Overweight retained.
This report was published on January 22, 2024.
Target price is $31.50 Current Price is $31.79 Difference: minus $0.29 (current price is over target).
If NAB 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 $28.44, suggesting downside of -10.5%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 167.00 cents and EPS of 218.00 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.58.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 219.8, implying annual growth of -7.0%.
Current consensus DPS estimate is 164.4, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 14.5.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 169.00 cents and EPS of 222.00 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.32.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 224.3, implying annual growth of 2.0%.
Current consensus DPS estimate is 166.8, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 14.2.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PNV POLYNOVO LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.80
Wilsons rates ((PNV)) as Upgrade to Market Weight from Underweight (3) –
Wilsons upgrades PolyNovo to Market Weight from Underweight after the pre-release of a first half report which the broker saw as solid.
The broker's negative view on PolyNovo in the last 12-18 months was premised on the fact that valuation was steep, particularly in comparison to peers, coupled with the lack of certainty in revenue timing and stickiness.
The latter seems to have abated for PolyNovo – having clearly demonstrated a leading share within the US burns market — whilst the former remains a contentious issue, Wilsons warns.
Target rises to $1.79 from $1.08.
This report was published on January 23, 2024.
Target price is $1.79 Current Price is $1.80 Difference: minus $0.01 (current price is over target).
If PNV meets the Wilsons target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.91, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 180.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.5, 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 360.0.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 120.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.0, implying annual growth of 300.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 90.0.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
QAN QANTAS AIRWAYS LIMITED
Transportation & Logistics – Overnight Price: $5.48
Jarden rates ((QAN)) as Upgrade to Buy from Overweight (1) –
With the transport and waste reporting season due to begin in mid-February, Jarden has reviewed its coverage and previewed first half results.
It is Jarden's view that companies with the highest earnings per share dispersion and with expanded implied price-earnings ratios since the end of financial year may be most at risk of volatile movement in their share price, namely Aurizon Holdings ((AZJ)) and Qube Holdings ((QUB)).
Jarden notes Qantas Airways investors are alert to potential reductions in demand over the financial year. Coupled with concerns about rising fuel costs, the share price has suffered, but the broker expects Qantas Airways could benefit from positive earnings per share revisions.
The rating is upgraded to Buy from Overweight and the target price of $6.90 is retained.
This report was published on January 24, 2024.
Target price is $6.90 Current Price is $5.48 Difference: $1.42
If QAN meets the Jarden target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $7.18, suggesting upside of 31.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 85.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 94.6, implying annual growth of -1.5%.
Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 5.8.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 49.30 cents and EPS of 95.10 cents.
At the last closing share price the estimated dividend yield is 9.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.76.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 103.5, implying annual growth of 9.4%.
Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 5.3.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
QBE QBE INSURANCE GROUP LIMITED
Insurance – Overnight Price: $15.79
Goldman Sachs rates ((QBE)) as Buy (1) –
Goldman Sachs has taken on board the earnings result from Travelers in the US, and analysis by its US based sector analysts, in determining a read- through for QBE Insurance' North American business.
Suffice to say Travelers' metrics were all better than had been expected.
The broker has not, in this note, referred to any change from a recently set Buy rating and $18.52 target for QBE.
This report was published on January 22, 2024.
Target price is $18.52 Current Price is $15.79 Difference: $2.73
If QBE meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $17.31, suggesting upside of 9.6%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Goldman Sachs forecasts a full year FY23 dividend of 72.58 cents and EPS of 143.66 cents.
At the last closing share price the estimated dividend yield is 4.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.99.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 137.0, implying annual growth of N/A.
Current consensus DPS estimate is 100.0, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 11.5.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 89.22 cents and EPS of 182.97 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.63.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 176.7, implying annual growth of 29.0%.
Current consensus DPS estimate is 121.6, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 8.9.
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
QUB QUBE HOLDINGS LIMITED
Transportation & Logistics – Overnight Price: $3.28
Jarden rates ((QUB)) as Overweight (2) –
With the transport and waste reporting season due to begin in mid-February, Jarden has reviewed its coverage and previewed first half results.
It is Jarden's view that companies with the highest earnings per share dispersion and with expanded implied price-earnings ratios since the end of financial year may be most at risk of volatile movement in their share price, namely Aurizon Holdings ((AZJ)) and Qube Holdings.
Jarden expects Qube Holdings to show the benefits of its highly diversified business over the first half, anticipating price benefits, sustained strength in the ports and bulk segments, and expected market share gains for Patrick to offset weakness from East Coast ports.
The Overweight rating and target price of $3.15 are retained.
This report was published on January 24, 2024.
Target price is $3.15 Current Price is $3.28 Difference: minus $0.13 (current price is over target).
If QUB 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 $3.44, suggesting upside of 4.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 8.20 cents and EPS of 13.10 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.04.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.6, implying annual growth of 36.4%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 24.1.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 8.30 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 2.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.01.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.3, implying annual growth of 5.1%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 22.9.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
S32 SOUTH32 LIMITED
Mining – Overnight Price: $3.35
Goldman Sachs rates ((S32)) as Buy (1) –
South32's Q2 showed a slightly weaker-than-anticipated production performance, comments Goldman Sachs, as only Cannington was able to beat expectations – that's one out of eleven operations.
Management is in cost cutting mode and the broker sees further potential in lowering costs. Realised pricing was a positive, but working capital increased.
FY24 estimates have been culled by some -4%, but outer years see minor increases. Buy rating retained on an attractive valuation, with an unchanged $3.80 price target.
This report was published on January 22, 2024.
Target price is $3.80 Current Price is $3.35 Difference: $0.45
If S32 meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.82, suggesting upside of 13.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 7.71 cents and EPS of 19.21 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.9, implying annual growth of N/A.
Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 24.1.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 19.96 cents and EPS of 50.05 cents.
At the last closing share price the estimated dividend yield is 5.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.69.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 35.5, implying annual growth of 155.4%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 9.4.
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
WBC WESTPAC BANKING CORPORATION
Banks – Overnight Price: $23.70
Jarden rates ((WBC)) as Neutral (3) –
Jarden notes the banks have started the year strongly and the macro backdrop suggests outperformance could continue.
The broker sees intense but moderating pressure on margins and scope for lower bad debts, with capital positions solid.
The focus is likely to be on whether Westpac's cost growth is more contained, Jarden suggests, how its multi-year simplification program is tracking and if the pace of margin compression improves slightly.
Target rises to $23.00 from $21.6, Neutral retained.
This report was published on January 22, 2024.
Target price is $23.00 Current Price is $23.70 Difference: minus $0.7 (current price is over target).
If WBC meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $23.08, suggesting downside of -2.6%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 142.00 cents and EPS of 188.00 cents.
At the last closing share price the estimated dividend yield is 5.99%.
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 184.7, implying annual growth of -10.0%.
Current consensus DPS estimate is 143.6, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.8.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 143.00 cents and EPS of 192.00 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.34.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 187.5, implying annual growth of 1.5%.
Current consensus DPS estimate is 144.0, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.6.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WHC WHITEHAVEN COAL LIMITED
Coal – Overnight Price: $8.14
Goldman Sachs rates ((WHC)) as Neutral (3) –
Whitehaven Coal reported a slightly weaker than expected result for the Dec Q. While saleable coal production was in line with Goldman Sachs, with Maules Creek performing strongly, production was impacted at Narrabri, leading to a -15% cut in guidance.
Group production guidance nevertheless remains unchanged, but cost guidance has increased on Narrabri issues. Narrabri development capex has been deferred, leading to a fall in capex as funds are required for the Duania/Blackwater acquisitions.
Target falls to $6.20 from $6.50, Neutral retained.
This report was published on January 22, 2024.
Target price is $6.20 Current Price is $8.14 Difference: minus $1.94 (current price is over target).
If WHC meets the Goldman Sachs target it will return approximately minus 24% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.27, suggesting upside of 1.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 19.00 cents and EPS of 94.00 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.66.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 92.8, implying annual growth of -69.8%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 8.8.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 14.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.63.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 123.1, implying annual growth of 32.7%.
Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 6.6.
Market Sentiment: 0.3
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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