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Australian Broker Call *Extra* Edition – Feb 06, 2024

Daily Market Reports | Feb 06 2024

This story features AUCKLAND INTERNATIONAL AIRPORT LIMITED, and other companies. For more info SHARE ANALYSIS: AIA

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)

AIA   ARX   BGL   BLD   BPT (3)   CAI   CIA   CSR   CU6   DMP   FBU   FMG   GMD   GOR (2)   IFL   IGO (3)   IPL   JHX   KAR (2)   MDR   MEI   MIN (2)   MP1   NPR   NWL   NXS   PLT   PPM   PPT   PXA   RMD (2)   RRL (2)   RWC   SDR   SDV   SFR (2)   STO (2)   STX   SUN   TLC   WC8   WOW  

AIA    AUCKLAND INTERNATIONAL AIRPORT LIMITED

Infrastructure & Utilities – Overnight Price: $7.96

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

Jarden assesses a weaker than expected guidance update from Air New Zealand (AIR) on the potential passenger volumes for Auckland International Airport.

International volumes are below guidance and load factors remain under 2019 levels. The analyst expects FY24 international passengers of 10.1m against 10.6m guidance. Forecast domestic volumes of 8.45m are also slightly softer than 8.5m guidance.

The broker highlights potential downside risks to Auckland Airport's earnings in FY24 with net profit guidance at $260m-$280m and the Jarden forecast at the lower end of the range.

Jarden lifts the target price to $8.26 from $7.71 based on lower risk-free rates and has a Neutral rating. 

This report was published on January 29, 2024.

Target price is $8.26 Current Price is $7.96 Difference: $0.3
If AIA meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $7.85, suggesting downside of -1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 13.14 cents and EPS of 16.47 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of N/A.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 44.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 14.90 cents and EPS of 18.69 cents.
At the last closing share price the estimated dividend yield is 1.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.0, implying annual growth of 16.0%.
Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 37.9.

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

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.54

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

In the year that Aroa Biosurgery was meant to finally deliver ‘proper’ earnings, corrections to revenue share assumptions for OviTex have triggered a guidance downgrade.

The financial hit is perhaps less significant than that to sentiment, Wilsons suggests, because it re-aggravates the argument that Aroa’s OviTex business is of lower revenue quality.

The subsequent -14% hit to the share price is likely overdone, Wilsons believes, however understandable as investor patience wanes. The FY24 result will be key.

Target falls to $1.00 from $1.60, Overweight retained.

This report was published on January 31, 2024.

Target price is $1.00 Current Price is $0.54 Difference: $0.46
If ARX meets the Wilsons target it will return approximately 85% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.79.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.46 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 116.63.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.26

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

Bellevue Gold has reported December quarter production of 15,500 ounces compared to the 21,600 ounces expected by Canaccord Genuity, with all-in sustaining costs not reported. 

The company did reach nameplate capacity in the month of December, its second full month of operations. 

Canaccord Genuity notes the majority of quarterly production came from the Armand area, one of four main mining areas to be mined over FY24, and that all four mining areas are now in production.

The Speculative Buy rating is retained and the target price decreases to $1.80 from $1.85.

This report was published on January 29, 2024.

Target price is $1.80 Current Price is $1.26 Difference: $0.54
If BGL meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.04.

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

BLD    BORAL LIMITED

Building Products & Services – Overnight Price: $5.30

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

Prior to reporting season results, Goldman Sachs notes building starts in Australia have been weaker-than-expected, but it's now thought the elevated backlog will take longer to unwind than previously forecast.

In the US, the broker has a more robust forecast for housing starts due to growing single-family 2024/25 starts. Multi-family starts in 2024 are expected to decline, but growth is anticipated in 2025.

From among Goldman's coverage, James Hardie Industries is considered best placed, with operating leverage under-appreciated by the wider market. The company has also been a beneficiary of normalising input costs in the 4Q.

As Boral has successfully executed a margin turnaround, the share price has significantly outperformed, and the broker downgrades its rating to Sell from Neutral. 

The analyst feels recent margin expansion may be hard to sustain as residential starts in Australia wane, and infrastructure may have limited capacity for incremental growth.

The target rises to $4.90 from $4.70.

This report was published on February 25, 2024.

Target price is $4.90 Current Price is $5.30 Difference: minus $0.4 (current price is over target).
If BLD meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.84, suggesting downside of -8.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 18.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 25.0%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 29.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 21.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 24.6%.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 23.8.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.65

Canaccord Genuity rates ((BPT)) as Hold (3) –

As Beach Energy's Waitsia progresses towards first production, Canaccord Genuity has lifted its risking for the asset to 90%. The broker retains its concern around Waitsia's capital expenditure and timing of the start up, but notes the positive progress. 

Looking at the company's December quarter result, production of 4.3m barrels of oil equivalent was a miss to the broker's forecast, and down -4% quarter-on-quarter, driven by Kupe and Bass Basin. 

Revenue of $544m, however, was well above the broker. Canaccord Genuity explains the discrepancy was due to third party sales, in particular the first Waitsia LNG cargo.

The Hold rating is retained and the target price increases to $1.60 from $1.54.

This report was published on February 29, 2024.

Target price is $1.60 Current Price is $1.65 Difference: minus $0.045 (current price is over target).
If BPT meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.81, suggesting upside of 9.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 2.00 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 1.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of -3.9%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 2.00 cents and EPS of 22.60 cents.
At the last closing share price the estimated dividend yield is 1.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.4, implying annual growth of 68.0%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 5.8.

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


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

According to Goldman Sachs, Beach Energy reported mixed 2Q24 results.

Notably the report included an early LNG cargo from Waitsia (export allowance) which was better than expected, but offset by a non-cash -$505m charge from higher capex and operating expenses at the Cooper Basin JV with Santos.

The analyst adjusts EBITDA earnings by 14%, -4% and -3% for FY24 to FY26, respectively, and the NAV is lowered by -2% to $1.69 from $1.73.

Although the stock is trading at an attractive discount to NAV, Goldman's retains a Sell rating with better perceived opportunities in upstream energy companies.

The price target is shifted marginally to $1.66 from $1.65.

This report was published on January 26, 2024.

Target price is $1.66 Current Price is $1.65 Difference: $0.015
If BPT meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.81, suggesting upside of 9.9%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 16.9, implying annual growth of -3.9%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY25:

Current consensus EPS estimate is 28.4, implying annual growth of 68.0%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 5.8.

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


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

Beach Energy's December quarter trading update, "cleared the decks" for the start of the new CEO/MD Brett Woods, notes Jarden.

A material non-cash impairment for the completion of the arbitration with Origin Energy ((ORG)) over the Otway gas contract led to a miss, but this was a minor negative to the narrowed FY24 guidance (in line with consensus) , highlights the analyst.

Jarden points to the results as mixed and envisages the market may require time to absorb the updates, including the surprise Waitsia LNG cargo sale before the completion of the gas plant.

On the upside, the company sold an LNG cargo to BP for $96m and a condensate cargo for $66m.

Overweight rating retained, the broker believing the net effect of the result was to remove some uncertainty around Otway. Target price rises to $1.85 from $1.80.

This report was published on February 25, 2024.

Target price is $1.85 Current Price is $1.65 Difference: $0.205
If BPT meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $1.81, suggesting upside of 9.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 6.50 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of -3.9%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.00 cents and EPS of 25.50 cents.
At the last closing share price the estimated dividend yield is 6.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.4, implying annual growth of 68.0%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 5.8.

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

CAI    CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.17

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

Calidus Resources has released its full December quarter report, detailing production from Warrawoona of 12,000 ounces at an all-in sustaining cost of $3,011 per ounce. 

This represents a quarter-on-quarter production decrease, and cost increase, which Canaccord Genuity explains as a consequence of a bushfire that caused damage to water pipelines and impacted the mill.

The broker notes liquidity was tight in the quarter, and Calidus Resources closed out the period with $10.6m in cash following the receival of a $14m cash payment for the sale of the Nullagine camp.

The Speculative Buy rating is retained and the target price decreases to 33 cents from 35 cents.

This report was published on January 25, 2024.

Target price is $0.33 Current Price is $0.17 Difference: $0.155
If CAI meets the Canaccord Genuity target it will return approximately 89% (excluding dividends, fees and charges).
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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.50.

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 2.19.

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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $8.12

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

A record iron ore production result from Champion Iron's Bloom Lake underpinned a strong December quarter for the company, according to Goldman Sachs. Earnings and cash flow were both stronger than the broker had expected.

Goldman Sachs notes this came despite continued iron ore inventory build, caused by ongoing bottlenecks from labour issues. 

The company released feasibility study results for the Kami project in the quarter, outlining a potential 9m tonne per annum site. The report detailed a high-grade product at more than 67.5% Fe Direct Reduction, at a cost of US$60 per tonne and capital expenditure of US$3bn.

From here, Champion Iron will look to bring in a joint venture partner. The Buy rating is retained and the target price increases to $9.40 from $9.20.

This report was published on January 31, 2024.

Target price is $9.40 Current Price is $8.12 Difference: $1.28
If CIA meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 22.45 cents and EPS of 65.10 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.47.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 31.54 cents and EPS of 89.80 cents.
At the last closing share price the estimated dividend yield is 3.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.04.

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CSR    CSR LIMITED

Building Products & Services – Overnight Price: $6.83

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

Prior to reporting season results, Goldman Sachs notes building starts in Australia have been weaker-than-expected, but it's now thought the elevated backlog will take longer to to unwind than previously forecast.

In the US, the broker has a more robust forecast for housing starts due to growing single-family 2024/25 starts. Multi-family starts in 2024 are expected to decline, but growth is anticipated in 2025.

For CSR, the broker expects an extended, stable completions cycle with valuation underpinned by the company's property portfolio.

The target rises by around 9% to $7.10 and the Buy rating is kept.

This report was published on January 25, 2024.

Target price is $7.10 Current Price is $6.83 Difference: $0.27
If CSR meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.94, suggesting downside of -13.0%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 32.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.8, implying annual growth of -8.2%.
Current consensus DPS estimate is 32.0, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 34.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 4.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.1, implying annual growth of -4.1%.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 17.0.

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

CU6    CLARITY PHARMACEUTICALS LIMITED

Medical Equipment & Devices – Overnight Price: $2.43

Wilsons rates ((CU6)) as Overweight (1) –

M&A deals in the radiopharma space have brought Clarity Pharmaceuticals in view for many investors, Wilsons suggests, with corporate activity demonstrating a willingness for big pharma to invest in radiopharma assets.

Both Eli Lilly and Bristol Myers Squibb making radiopharma part of their portfolios is only the beginning, and the broker continues to see Clarity as a supreme asset target.

The stock set-up across 2024 looks good to Wilsons, with a regular cadence of news flow expected from eight ongoing clinical programs in combination with broader radiopharmaceutical sector activity ramp keeping investors interested.

Target rises to $2.78 from $2.13, Overweight retained.

This report was published on February 2, 2024.

Target price is $2.78 Current Price is $2.43 Difference: $0.35
If CU6 meets the Wilsons target it will return approximately 14% (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 13.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.61.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 18.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.43.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $41.25

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

Goldman Sachs upgrades Domino's Pizza Enterprises to Neutral from Sell and raises the target price to $38.30 from $37.50 following the -30% retreat in the company's share price after management announced a profit downgrade.

The broker spies an improved competitive environment in the June half and expects cost inflation should subside in line with easier commodity costs.

Management continues with its cost cutting program and the broker is hopeful the company might publish a positive update to FY24 guidance.

This report was published on January 29, 2024.

Target price is $38.30 Current Price is $41.25 Difference: minus $2.95 (current price is over target).
If DMP meets the Goldman Sachs target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $56.18, suggesting upside of 36.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 113.00 cents and EPS of 142.00 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 143.3, implying annual growth of 210.8%.
Current consensus DPS estimate is 109.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 28.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 135.00 cents and EPS of 171.00 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 194.9, implying annual growth of 36.0%.
Current consensus DPS estimate is 144.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 21.2.

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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $3.98

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

Prior to reporting season results, Goldman Sachs notes building starts in Australia have been weaker-than-expected, but it's now thought the elevated backlog will take longer to to unwind than previously forecast.

In the US, the broker has a more robust forecast for housing starts due to growing single-family 2024/25 starts. Multi-family starts in 2024 are expected to decline, but growth is anticipated in 2025.

Despite a challenging demand environment in New Zealand, the valuation for Fletcher Building remains attractive, in the broker's view, given the current share price incorporates earnings at their nadir.

New Zealand earnings represented 86% of Fletcher Building's total earnings in FY22, notes the analyst.

The Buy rating is unchanged and the target falls to $4.90 from $5.00.

This report was published on January 25, 2024.

Target price is $4.90 Current Price is $3.98 Difference: $0.92
If FBU meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $5.37, suggesting upside of 34.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 38.86 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.7, implying annual growth of N/A.
Current consensus DPS estimate is 28.2, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 40.71 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.5, implying annual growth of -5.4%.
Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 10.3.

This company reports in NZD. 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

FMG    FORTESCUE LIMITED

Iron Ore – Overnight Price: $28.90

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

Goldman Sachs assesses Fortescue's 2Q24 results as another strong quarterly performance with iron ore shipments of 48.7MT.  Hematite unit costs came in better than forecast and at the lower end of full year guidance.

The analyst acknowledges the better than expected results and the FY24 EPS forecast is increased by 6% and the NAV is lifted by 2% to $18.40, with a rise in the target price of 3% to $19.80.

A Sell rating is maintained with broker concerns over the premium valuation relative to BHP and Rio Tinto, as well as risks on the ramp up of Iron Bridge and Gabon ore, lingering issues around the decarbonisation, energy diversification, and the balance sheet.

This report was published on January 28, 2024.

Target price is $19.80 Current Price is $28.90 Difference: minus $9.1 (current price is over target).
If FMG meets the Goldman Sachs target it will return approximately minus 31% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $21.20, suggesting downside of -26.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 201.39 cents and EPS of 310.42 cents.
At the last closing share price the estimated dividend yield is 6.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 334.2, implying annual growth of N/A.
Current consensus DPS estimate is 179.1, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 93.88 cents and EPS of 177.17 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 246.8, implying annual growth of -26.2%.
Current consensus DPS estimate is 152.3, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 11.7.

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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $1.60

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

Genesis Minerals has reported production of 35,000 ounces in the December quarter, in line with Canaccord Genuity's forecasts, at an all-in sustaining cost of $2,114 per ounce. Cost-wise, this represented a 9% beat to the broker.

Following the December quarter, the company has delivered first half production of 69,000 ounces, with the runrate ahead of full year guidance. The broker is forecasting full year production of 143,000 ounces at $2,054 per ounce, anticipating a second half weighting.

The broker expects the Admiral open pit, for which first ore was processed in the December quarter, to ramp up over the second half.

The Buy rating and target price of $2.60 are retained.

This report was published on January 25, 2024.

Target price is $2.60 Current Price is $1.60 Difference: $0.995
If GMD meets the Canaccord Genuity target it will return approximately 62% (excluding dividends, fees and charges).
Current consensus price target is $1.97, suggesting upside of 22.5%(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 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.5, 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 24.7.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.7, implying annual growth of 3.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 24.0.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.46

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

Gold Road Resources has pre-released its December quarter production result, a soft 37,000 ounces that the company explained was largely down to delays in accessing higher grade ore. All-in sustaining costs were in line.

As per Canaccord Genuity, labour availability issues across the company's portfolio underpinned these delays, and are expected to continue to be more pronounced across operations, but particularly for drill and blast activities.

Cash and bullion fell by -$59.5m following payment of an interim dividend and investment costs, and Gold Road Resources reported free cash flow of $14m over the quarter. The company remains debt free.

The Buy rating is retained and the target price decreases to $1.85 from $2.20.

This report was published on January 29, 2024.

Target price is $1.85 Current Price is $1.46 Difference: $0.39
If GOR meets the Canaccord Genuity target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $1.86, suggesting upside of 27.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 2.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of 52.5%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 2.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of -3.0%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 15.2.

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


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

Gold Road Resources' December-quarter production missed consensus but met pre-reporting.

2024 guidance missed consensus' forecasts by -13% and Goldman Sachs' forecasts by -7% but the broker considers guidance to be conservative given sensitivity around the timing of ramp-ups and improvements in the labour market.

Goldman Sachs retains the faith, observing attractive free cash flow and decent stockpiles and expects a slower recovery in operations will have less impact on gold production than many suspect. The company is also the only company in the broker's coverage that has no major impending expenditure.

Buy rating retained. Target price falls to $1.95 from $2.10.

This report was published on January 29, 2024.

Target price is $1.95 Current Price is $1.46 Difference: $0.49
If GOR meets the Goldman Sachs target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $1.86, suggesting upside of 27.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 2.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of 52.5%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 4.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of -3.0%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 15.2.

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

IFL    INSIGNIA FINANCIAL LIMITED

Wealth Management & Investments – Overnight Price: $2.11

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

Insignia Financial's December-quarter (FUMA) funds under management and administration missed Jarden's forecasts due to a miss on Asset Management FUM due to institutional rebalancing and sharply negative market returns.

On the upside, the Platform divisions FUA outpaced both the broker and consensus thanks to positive net flows (the first in four years).

EPS forecasts fall -2.5% for 2024; and -3.5% for FY25 and FY26.

The broker says the company looks cheap and offers an 8% EPS compound annual growth rate despite the broker only incorporating 50% of cost-out targets, which management reiterates are on track.

Overweight rating retained. Target price falls to $2.70 from $2.85.

This report was published on January 25, 2024.

Target price is $2.70 Current Price is $2.11 Difference: $0.59
If IFL meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $2.44, suggesting upside of 15.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 19.20 cents and EPS of 27.50 cents.
At the last closing share price the estimated dividend yield is 9.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.3, implying annual growth of 1924.0%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 7.7%.
Current consensus EPS estimate suggests the PER is 8.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 20.70 cents and EPS of 29.40 cents.
At the last closing share price the estimated dividend yield is 9.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.3, implying annual growth of 11.9%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 8.6%.
Current consensus EPS estimate suggests the PER is 7.5.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $6.89

Canaccord Genuity rates ((IGO)) as Sell (5) –

IGO's Windfield joint venture partners have agreed to amend the Greenbushes spodumene pricing agreement to a one-month lag from the current quarterly lag. Under the agreement, the joint venture will keep its price linked to four spodumene reference prices.

Canaccord Genuity estimates this will see the company's March quarter realised price fall to US$926 per tonne, from US$1,713 per tonne. This results in an -$83m hit to the company's March quarter revenue.

The broker sees the new pricing stucture as cleaner, but points out it does not remove the impact of rapidly falling prices. 

The Sell rating and target price of $6.25 is retained.

This report was published on January 29, 2024.

Target price is $6.25 Current Price is $6.89 Difference: minus $0.64 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.23, suggesting upside of 19.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 10.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 1.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.7, implying annual growth of -9.4%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 11.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.2, implying annual growth of -38.8%.
Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 17.1.

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


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

An "operationally in line" quarter from IGO, says Goldman Sachs, with underlying earnings of $515m missing expectations as corporate and exploration expenses offset lithium earnings.

With the TLEA joint venture finalising a 2024 budget and operating plan in the quarter, no dividend was issued. Goldman Sachs anticipates a payment in the March quarter, and expects this will see IGO's net  dividends exceed the acquisition cost of the joint venture stake.

The broker continues to see expansion at Greenbushes as one of the most economically compelling opportunities in brownfield lithium.

The Buy rating is retained and the target price decreases to $8.85 from $9.70.

This report was published on January 31, 2024.

Target price is $8.85 Current Price is $6.89 Difference: $1.96
If IGO meets the Goldman Sachs target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $8.23, suggesting upside of 19.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 28.00 cents and EPS of 61.00 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.7, implying annual growth of -9.4%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 22.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 68.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.2, implying annual growth of -38.8%.
Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 17.1.

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


Jarden rates ((IGO)) as Buy (1) –

Jarden analysts can't hide their surprise the lowest cost lithium hard-rock miner, IGO,  announced a deferral of around 200kt of sales which is a -20% lag to production.

The broker assesses the dynamics at play as to why Greenbushes is stockpiling rather than looking to sell concentrate.

On balance, Jarden sees the rate at which Windfield joint venture is looking to address the pricing mechanism as a positive, however the update leads to a cut in the analyst's FY24 production forecast to 1.36Mt.

FY24 EPS forecast is lowered -16.9% and FY25 EPS is lifted by 13.5%.

A Buy rating is maintained and the target lowered to $9.73 from $10.61.

This report was published on January 30, 2024.

Target price is $9.73 Current Price is $6.89 Difference: $2.84
If IGO meets the Jarden target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $8.23, suggesting upside of 19.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 12.00 cents and EPS of 89.80 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.7, implying annual growth of -9.4%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 30.00 cents and EPS of 77.10 cents.
At the last closing share price the estimated dividend yield is 4.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.2, implying annual growth of -38.8%.
Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 17.1.

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

IPL    INCITEC PIVOT LIMITED

Agriculture – Overnight Price: $2.67

Jarden rates ((IPL)) as Neutral (3) –

Incitec Pivot has decided to distribute its previously announced $500m capital return (using the proceeds from the December WALA sale) to shareholders as a $200m unfranked special dividend plus a $300m capital reduction.

Jarden observes extensive delays with the company's $900m buyback suggest the $500m is a more efficient method of distribution but suspects the resulting 5% rally in the share price was not fully justified, especially given Phosphate Hill is continuing to encounter difficulties and updates on fertiliser sales are slim on the ground.

The broker expects demand for Australian fertilisers could well firm over the next two years given the much-flagged El Nino (dry) failed to materialise, decreasing the likelihood of another over the next two years.

In the US, a warmer summer should boost explosives demand, conjectures the broker, but Jarden observes the company has largely failed to recontract explosives at higher prices.

Neutral rating and $2.70 target price retained 

This report was published on January 25, 2024.

Target price is $2.70 Current Price is $2.67 Difference: $0.03
If IPL meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.12, suggesting upside of 16.7%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.80 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.3, implying annual growth of -19.2%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 11.5.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 10.30 cents and EPS of 20.60 cents.
At the last closing share price the estimated dividend yield is 3.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.4, implying annual growth of -16.7%.
Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 13.8.

Market Sentiment: 0.3
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: $59.07

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

Prior to reporting season results, Goldman Sachs notes buiding starts in Australia have been weaker-than-expected, but it's now thought the elevated backlog will take longer to to unwind than previously forecast.

In the US, the broker has a more robust forecast for housing starts due to growing single-family 2024/25 starts. Multi-family starts in 2024 are expected to decline, but growth is anticipated in 2025.

From among Goldman's coverage, James Hardie Industries is considered best placed, with operating leverage under-appreciated by the wider market. The company is also been a beneficiary of normalising input costs in the 4Q.

The company is mainly exposed to the North American end market which accounts for around 77% of group earnings, notes the analyst.

The target rises to $62.20 from $54.45. Buy.

This report was published on January 25, 2024.

Target price is $62.20 Current Price is $59.07 Difference: $3.13
If JHX meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $57.64, suggesting downside of -2.4%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 249.85 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 251.4, 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 23.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 278.62 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 287.7, implying annual growth of 14.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 20.5.

This company reports in USD. 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

KAR    KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $1.95

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

Karoon Energy's December-quarter production and sales largely met Goldman Sachs' forecasts.

The broker is uncertain that Who Dat will deliver oil and gas as expected during 2024, although it considers the initial Who Dat production and gas-oil ratio to be conservative which could result in upside risk kicking in at year-end.

Accordingly, EPS forecasts fall in FY24 and rise in FY25.

Meanwhile, the broker appreciates the company's strong free cash flow and potential resource upside. 

Buy rating retained on valuation. Target price eases -1% to $2.40 to reflect lower forecast oil production, largely offset by lower net debt.

This report was published on January 29, 2024.

Target price is $2.40 Current Price is $1.95 Difference: $0.455
If KAR meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $2.76, suggesting upside of 41.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 51.48 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.1, 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 3.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 60.57 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.2, implying annual growth of -10.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 4.0.

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


Jarden rates ((KAR)) as Buy (1) –

Jarden appears undeterred by the cut in Karoon Energy's 2024 production guidance in the December quarter announcement and notes that Brazil production of 2.53M bbl came in -11% below the previous quarter.

The analyst is looking to the decision on whether Karoon will proceed with Concept Select at Neon and the connection of the GoM wells by the end of 1Q24.

A Buy rating and $2.40 target are unchanged, with the company labeled as the most geared to changes in the oil price. A US$5/bbl change in forecast equates to 32cents in EPS.

This report was published on January 30, 2024.

Target price is $2.40 Current Price is $1.95 Difference: $0.455
If KAR meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $2.76, suggesting upside of 41.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 29.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.1, 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 3.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 26.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.2, implying annual growth of -10.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 4.0.

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

MDR    MEDADVISOR LIMITED

Healthcare services – Overnight Price: $0.26

Moelis rates ((MDR)) as Buy (1) –

MedAdvisor has exceeded its first half guidance, with reported revenue of $75.5m representing 18% growth year-on-year and exceeding guidance for 10-15% growth.

Moelis explains topline growth was driven by further expansion into new vaccine programs in the US, expansion of existing chronic health programs, foreign exchange tailwinds, and domestic price increases and growth in health programs.

The broker does note gross profit margins declined to 52.7%, from 55.7% in the first half of FY23, partly on a large reduction in the covid digital program.

The Buy rating is retained and the target price decreases to 36 cents from 38 cents.

This report was published on January 31, 2024.

Target price is $0.36 Current Price is $0.26 Difference: $0.105
If MDR meets the Moelis target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis 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 63.75.

Forecast for FY25:

Moelis 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

MEI    METEORIC RESOURCES NL

Gold & Silver – Overnight Price: $0.16

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

According to Canaccord Genuity, assays from drilling at Meteoric Resources' Caldeira rare earth project are "impressive", revealing high grades. The broker points out total rare earth oxide grades appear to be highest in the clay zones.

Canaccord Genuity makes note that the clay and transitional material zones were up to 200 metres in some areas, comparing to an average depth of historical drilling of just 10 metres.

It is Canaccord Genuity's opinion that results provide further support for significant upside in project resources, and anticipates progressive resource updates from the company over 2024.

The Speculative Buy rating and target price of 45 cents are retained.

This report was published on January 30, 2024.

Target price is $0.45 Current Price is $0.16 Difference: $0.29
If MEI meets the Canaccord Genuity target it will return approximately 181% (excluding dividends, fees and charges).

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $56.19

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

Mineral Resources' December-quarter production result revealed a miss on lithium pricing and a beat on iron ore pricing.

Costs missed as did net debt – both higher than forecast to reflect the timing of cash capital expenditure, says the broker, noting the balance sheet is highly geared.

The ramp-up of the Mt Marion and Wodgina lithium mines proved faster than expected and the company advised all three mines (including Bald Hill) are profitable.

Looking ahead, the broker expects supply to continue to constrain lithium prices in 2024 and expects negative provisional pricing adjustments in the June half.

EPS forecasts fall -34% in FY24; rise 31% in FY25; and gain 1% in FY26 as higher costs hit margins.

Sell rating retained, the broker considering the company to be fully valued compared to peers and spying downside risk given the broker is targeting a -24% to -25% fall in the lithium price. Target price falls to $51.90 from $53.

This report was published on January 29, 2024.

Target price is $51.90 Current Price is $56.19 Difference: minus $4.29 (current price is over target).
If MIN meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $68.00, suggesting upside of 21.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 23.00 cents and EPS of 166.00 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 33.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.7, implying annual growth of 53.6%.
Current consensus DPS estimate is 75.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 28.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 36.00 cents and EPS of 156.00 cents.
At the last closing share price the estimated dividend yield is 0.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 412.3, implying annual growth of 110.7%.
Current consensus DPS estimate is 183.3, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 13.6.

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


Jarden rates ((MIN)) as Sell (5) –

Jarden cuts its earnings (EBITDA) forecasts for Mineral Resources -9% in FY24 (-13% below consensus) given continued weakness in lithium prices, which has triggered downgrades to the broker's price deck.

On the upside, Mineral Resources met Jarden's expectations for the December quarter production and sales results, and the broker was  pleasantly surprised by the company's cost performance. Management retained guidance for FY24 volumes and costs. 

Operationally, mining service volumes were robust and ahead of the broker's forecast, while iron ore shipments were weak and impacted by a wall failure at Iron Valley.

The broker cancels its forecast of an interim dividend given a period of extremely strong expenditure.

Sell rating retained. Target price rises 2% to $49.50 from $48.30.

This report was published on January 26, 2024.

Target price is $49.50 Current Price is $56.19 Difference: minus $6.69 (current price is over target).
If MIN meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $68.00, suggesting upside of 21.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 25.00 cents and EPS of 109.20 cents.
At the last closing share price the estimated dividend yield is 0.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 195.7, implying annual growth of 53.6%.
Current consensus DPS estimate is 75.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 28.7.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 60.00 cents and EPS of 273.60 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 412.3, implying annual growth of 110.7%.
Current consensus DPS estimate is 183.3, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 13.6.

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

MP1    MEGAPORT LIMITED

Cloud services – Overnight Price: $12.70

Goldman Sachs rates ((MP1)) as Buy (1) –

Megaport has reported first half revenues of $95m and earnings of $30m, both metrics a beat to Goldman Sachs' expectations. Despite the stronger than expected result, the company maintained full year guidance for revenue and earnings.

The broker explains this suggests a second half earnings decline of -$6m, reflecting the impact of recent sales hires and a step up in headcount investment. Goldman Sachs does find the earnings guidance conservative at this point.

The company lowered capital expenditure guidance by -$8m to $21m, and suggested earnings guidance may be reviewed following the first quarter result.

The Buy rating is retained and the target price increases to $13.50 from $11.90.

This report was published on January 31, 2024.

Target price is $13.50 Current Price is $12.70 Difference: $0.8
If MP1 meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $13.46, suggesting upside of 6.0%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 9.2, 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 138.0.

Forecast for FY25:

Current consensus EPS estimate is 19.4, implying annual growth of 110.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 65.5.

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

NPR    NEWMARK PROPERTY REIT

REITs – Overnight Price: $1.31

Moelis rates ((NPR)) as Downgrade to Hold from Buy (3) –

A "merger" between Newmark Property REIT and BWP Trust ((BWP)) is on the table, with the latter making an all-scrip offer for all of  Newmark Property REIT shares. This has been unanimously recommended by Newmark Property REIT's board.

The offer holds an implied price of $1.39 per Newmark Property REIT, and a 43% premium to its pre-offer trading price, with each 0.4 of a BWP Trust share demanding one Newmark Property REIT share.

Moelis finds the offer reasonable, noting a successful merger would give Newmark Property REIT's shareholders a resolution to gearing and interest cover issues.

The rating is downgraded to Hold from Buy and the target price decreases to $1.45 from $1.58.

This report was published on January 31, 2024.

Target price is $1.45 Current Price is $1.31 Difference: $0.14
If NPR meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 7.60 cents and EPS of 7.40 cents.
At the last closing share price the estimated dividend yield is 5.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.70.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 7.60 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 5.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.24.

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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $17.07

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

Jarden highlights a "buoyant" equity market and new product launches helped Netwealth report better 2Q24 fund inflows, although on balance the FUA is in line with expectations.

EPS estimates are adjusted by -2.6% and -3% for FY24 and FY25, respectively, due to a lower cash account.

The Underweight rating is unchanged, with the improving fund flows discounted in the share price.

After adjusting for a higher valuation and discounted cash flows, the target price is raised to $15 from $14.85.

This report was published on January 29, 2024.

Target price is $15.00 Current Price is $17.07 Difference: minus $2.07 (current price is over target).
If NWL meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.23, suggesting downside of -4.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 29.00 cents and EPS of 34.40 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.2, implying annual growth of 24.2%.
Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 49.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 35.00 cents and EPS of 41.10 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.6, implying annual growth of 21.6%.
Current consensus DPS estimate is 34.8, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 41.0.

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

NXS    NEXT SCIENCE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.31

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

Pleasingly for Wilsons, Next Science ended 2023 just ahead of expectations, delivering genuine growth in the two main businesses, and providing a much clearer outline of the go-forward strategy.

The broker's decision to remain below guidance simply stems from wanting to gather additional evidence characterising revenue drivers. From an EV/sales perspective, Next Science is cheap, Wilsons suggests.

The broker's Market Weight rating is reliant on no further capital raise. Target rises to 33c from 29c.

This report was published on January 31, 2024.

Target price is $0.33 Current Price is $0.31 Difference: $0.02
If NXS meets the Wilsons target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 7.72 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.01.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 4.09 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.58.

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.70

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

Plenti Group has provided a Dec Q trading update indicating loan book and revenue growth remain strong and reiterating FY24 guidance, targeting full year cash profit growth and revenue over $200m, Wilsons reports.

The strategic partnership with National Australia Bank ((NAB)) remains on track for first product launch in the June quarter, with technology integration and operational progress made in the Dec quarter.

Wilsons retains an Overweight rating on Plenti’s strong growth outlook and high credit quality. Target slips to $1.05 from $1.10.

This report was published on January 31, 2024.

Target price is $1.05 Current Price is $0.70 Difference: $0.35
If PLT meets the Wilsons target it will return approximately 50% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 70.00.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 175.00.

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

PPM    PEPPER MONEY LIMITED

Business & Consumer Credit – Overnight Price: $1.46

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

Goldman Sachs cuts Pepper Money's target price to $1.45 from $1.57 heading into the company's result.

Goldman Sachs expects cash earnings will have fallen -33% to below consensus estimates given the affects of rising interest rates on net interest margins, and the broker expects NIMs will continue to retreat in the second half, albeit bottoming out.

While interest rates are likely to fall, triggering an inflection point for credit growth, the benefits will mostly land in outer years resulting in a minimal loan book decline this June half, opines Goldman Sachs.

On the upside, the broker expects a dividend of 3.5c, which compares with consensus forecasts of 3c. 

Buy rating retained to reflect the broker's forecast inflection point for inflation, interest rates and loan growth.

This report was published on January 29, 2024.

Target price is $1.45 Current Price is $1.46 Difference: minus $0.005 (current price is over target).
If PPM meets the Goldman Sachs target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 21.20 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.86.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 7.00 cents and EPS of 19.30 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.54.

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

PPT    PERPETUAL LIMITED

Wealth Management & Investments – Overnight Price: $25.35

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

Jarden takes an upbeat stance on the December 2023 funds flow update from Perpetual, despite a reversal in the Asset Management net inflows from the 1Q24, with 2Q24 reporting -$4.3bn in outflows.

This comes on the back of currency headwinds, but pleasingly, the broker highlights that the integration of Pendal is ahead of expectations.

Funds under management came in $7bn or some -3.1% below Jarden's forecast.

FY24 EPS is lowered by -10%, resulting in a reduction in the target price to $27.50 from $28.90. An Overweight rating is unchanged.

This report was published on January 29, 2024.

Target price is $27.50 Current Price is $25.35 Difference: $2.15
If PPT meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $26.79, suggesting upside of 5.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 127.00 cents and EPS of 167.20 cents.
At the last closing share price the estimated dividend yield is 5.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.6, implying annual growth of 173.9%.
Current consensus DPS estimate is 152.4, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 148.00 cents and EPS of 195.20 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 228.6, implying annual growth of 14.0%.
Current consensus DPS estimate is 176.8, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 11.1.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $11.51

Goldman Sachs rates ((PXA)) as Initiation of coverage with Neutral (3) –

Goldman Sachs initiates coverage on digital property settlement platform Pexa Group with a Neutral rating and $12.80 target price.

The broker considers the company to be a good defensive option, enjoying CPI-linked price rises and a growing property market.

Goldman Sachs also believes the company should be well able to field competitors that may arise from an interoperatability initiative, allowing more players into the market.

The broker is forecasting rate cuts from the September quarter, which should prove a boon, and spies strong upside in the UK.

This report was published on January 30, 2024.

Target price is $12.80 Current Price is $11.51 Difference: $1.29
If PXA meets the Goldman Sachs target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $14.06, suggesting upside of 22.2%(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 24.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, 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 49.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 30.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.8, implying annual growth of 50.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 33.1.

Market Sentiment: 0.7
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: $29.53

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

The ResMed 2Q24 results came in better than expected for Goldman Sachs, by some 4%-6%.

US devices recovered and the improvement in the gross margins was a welcome beat.

Across three major points of concern for ResMed, notably the impact of GLP-1s on CPAP machines, the scope of margin improvement and the competitive landscape, all exhibited pleasing trends, to ameloriate concerns around the company, noted the analyst.

Net profit forecasts are raised by 2.4%, 2.6% and 2.5% for FY24 ro FY26, respectively.

Goldman's retains a Buy rating and the target is raised to $33.50 from $32.

This report was published on January 25, 2024.

Target price is $33.50 Current Price is $29.53 Difference: $3.97
If RMD meets the Goldman Sachs target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $34.21, suggesting upside of 15.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 30.29 cents and EPS of 113.57 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.3, implying annual growth of N/A.
Current consensus DPS estimate is 30.4, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 33.31 cents and EPS of 124.17 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 133.1, implying annual growth of 13.5%.
Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 22.2.

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


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

Jarden assesses the 2Q24 results for ResMed as strong and highlights the improvement in gross margins which outpaced consensus, the broker and management guidance thanks to lower freight cost, price rise and favourable FX.

Looking ahead, ResMed pointed to the potential for higher freight costs due to the Red Sea problems, but there is upside potential for price increases over 2024 as contracts roll off.

Consensus gross margins for 3Q24 of 56.7% are considered by Jarden as conservative.

EPS forecast rise modestly for FY24; FY25; and FY26, the broker expecting margins are back on the rise. 

The broker considered the result as "encouraging" and retains an Overweight rating. Target price rises 3.6% to $31.22 from $30.13.

This report was published on January 25, 2024.

Target price is $31.22 Current Price is $29.53 Difference: $1.69
If RMD meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $34.21, suggesting upside of 15.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 27.26 cents and EPS of 92.38 cents.
At the last closing share price the estimated dividend yield is 0.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.3, implying annual growth of N/A.
Current consensus DPS estimate is 30.4, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 29.07 cents and EPS of 104.69 cents.
At the last closing share price the estimated dividend yield is 0.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 133.1, implying annual growth of 13.5%.
Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 22.2.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.97

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

Group sales and all-in sustaining costs from Regis Resources in the December quarter were largely in line with Canaccord Genuity's expectations. 

The company has maintained its full year guidance of 415-455,000 ounces at an all-in sustaining cost of $1,995-2,315 an ounce, but has flagged expected softer production in the March quarter before a stronger June quarter.

The broker points out at the midpoint guidance implies second half production of 221,000 ounces.

The Buy rating and target price of $2.50 are retained.

This report was published on January 25, 2024.

Target price is $2.50 Current Price is $1.97 Difference: $0.53
If RRL meets the Canaccord Genuity target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $2.08, suggesting upside of 5.4%(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 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 98.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.5, implying annual growth of N/A.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 1.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 0.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.3, implying annual growth of 284.4%.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 11.4.

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


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

A better than expected result from Tropicana offset a weaker report from Duketon for Regis Resources' 2Q24 production and sales, reflects Goldman Sachs.

The realised price of $2671/oz met forecasts and all in costs were -7% below estimates. The company ended the December quarter with cash and bullion of $155m.

Full year guidance was retained by management and the broker tweaks EPS forecasts for non-cash items such as inventory and depreciation.

The NAV is lowered -3% to $1.74 from $1.80.

A Neutral rating is retained and the target is lowered to $2.15 from $2.25.

This report was published on January 25, 2024.

Target price is $2.15 Current Price is $1.97 Difference: $0.18
If RRL meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.08, suggesting upside of 5.4%(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 minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 98.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.5, implying annual growth of N/A.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 2.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.3, implying annual growth of 284.4%.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 11.4.

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

RWC    RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $4.20

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

Prior to reporting season results, Goldman Sachs notes building starts in Australia have been weaker-than-expected, but it's now thought the elevated backlog will take longer to to unwind than previously forecast.

In the US, the broker has a more robust forecast for housing starts due to growing single-family 2024/25 starts. Multi-family starts in 2024 are expected to decline, but growth is anticipated in 2025.

Reliance Worldwide is also exposed to improving trends in the US, notes the broker, but remains exposed to downside risk in Europe.

The company manufactures and distributes behind the wall plumbing products predominately in the US, but also throughout the APAC and EMEA regions, notes the analyst.

The target rises to $4.70 from $4.25 and the Buy rating is maintained.

This report was published on January 25, 2024.

Target price is $4.70 Current Price is $4.20 Difference: $0.5
If RWC meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.02, suggesting downside of -4.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 26.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of N/A.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 29.83 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of 12.7%.
Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 13.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $5.39

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

Wilsons had tactically moved to Overweight in October following SiteMinder’s product showcase and solid Q1 update, however, angst in the macroeconomic backdrop meant the shares receded.

From December, receding US bond yields saw the shares recover all their gains (and then some) along with multiple expansion. Even after lifting its price to sales ratio, Wilsons now sees total shareholder return as limited.

Downgrade to Market Weight from Overweight. Target rises to $5.34 from $4.69.

This report was published on January 31, 2024.

Target price is $5.34 Current Price is $5.39 Difference: minus $0.05 (current price is over target).
If SDR 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 $5.93, suggesting upside of 9.9%(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 minus 5.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 94.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5390.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.2, 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 N/A.

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

SDV    SCIDEV LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.27

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

A strong quarterly report from SciDev, according to Canaccord Genuity, demonstrated not only an acceleration of revenue growth and margin support, but also record revenue and earnings for the company. Given the result, Canaccord Genuity lifts its full year earnings forecast 42%.

The company continues to actively pursue global strategic opportunities, and is diversifying its North American business through entry into new markets. 

Canaccord Genuity continues to view the stock positively. The Speculative Buy rating is retained and the target price increases to 42 cents from 40 cents.

This report was published on January 30, 2024.

Target price is $0.42 Current Price is $0.27 Difference: $0.155
If SDV meets the Canaccord Genuity target it will return approximately 58% (excluding dividends, fees and charges).
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 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.17.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.93.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $7.06

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

Sandfire Resources reported a beat on copper equivalent production of 32.4kt according to Jarden, and higher than forecast EBITDA earnings of US$68m, compared to the US$62m estimate, at the December quarter announcement. 

Management retained guidance while noting that the first versus second half earnings skew is not expected to be so pronounced this year.

Jarden is looking to the ongoing improvement at Matsa and the ramp up of the Motheo processing plant.

An Overweight rating and $6.40 target are unchanged.

This report was published on January 30, 2024.

Target price is $6.40 Current Price is $7.06 Difference: minus $0.66 (current price is over target).
If SFR meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.08, suggesting upside of 0.2%(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 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.0, implying annual growth of N/A.
Current consensus DPS estimate is 1.2, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 7.57 cents and EPS of 54.51 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.3, implying annual growth of N/A.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 18.9.

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


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

Sandfire Resources' Dec Q report showed all key metrics meeting or exceeding Wilsons' forecasts. Total production was bang on, while first half earnings are 18% ahead, appearing to be driven by an impressive cost performance.

Sandfire has maintained FY24 production, cost and capex guidance, and remains well positioned, in Wilsons' view, to deliver to the
target of 50% growth in copper equivalent production from continuing operations across the two years to the end of FY25.

Overweight and $8.45 target retained.

This report was published on January 31, 2024.

Target price is $8.45 Current Price is $7.06 Difference: $1.39
If SFR meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $7.08, suggesting upside of 0.2%(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 minus 6.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 103.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.0, implying annual growth of N/A.
Current consensus DPS estimate is 1.2, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 44.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.3, implying annual growth of N/A.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 18.9.

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

STO    SANTOS LIMITED

NatGas – Overnight Price: $7.84

Goldman Sachs rates ((STO)) as No Rating (-1) –

Goldman Sachs liked the Santos 4Q23 results, which met expectations.

The company benefitted from a 5% quarter-on-quarter improvment in seasonal GLNG sales and the November FY24 guidance was re-confirmed.

Free cashflows came in slighly higher than anticipated at US$1bn for the second half of fiscal 2023 and the analyst expects Santos to payout 40% as a dividend, on top of around US$170n which was held back from the 1H23 results.

There is no rating on the stock as the broker is under research restriction.

This report was published on January 26, 2024.

Current Price is $7.84. Target price not assessed.
Current consensus price target is $9.44, suggesting upside of 20.4%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 73.8, implying annual growth of N/A.
Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Current consensus EPS estimate is 73.2, implying annual growth of -0.8%.
Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 10.7.

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


Jarden rates ((STO)) as Neutral (3) –

Jarden upgrades Santos to Overweight from Neutral and raises the target price to $8.05 from $7.70 as the broker's confidence in the Barossa's prospects rises in response to court wins and commencement of drilling.

The Barossa LNG project is around 66% complete and due to start up in 3Q25 with the budget 5-7% ahead of forecasts. Meanwhile, the Moomba project is at 80% with first injections due this year.

The Santos December quarter update met Jarden's expectations with the broker highlighting the modest rise in costs at Barossa of between 5-7%.

Production of 23.4m boe was in line and sales volumes and revenue slightly better than expected. Capital expenditure was lower than forecast, as was the achieved oil price of US$88bbl.

This report was published on January 25, 2024.

Target price is $8.05 Current Price is $7.84 Difference: $0.21
If STO meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $9.44, suggesting upside of 20.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 69.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.8, implying annual growth of N/A.
Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 46.49 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.2, implying annual growth of -0.8%.
Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 10.7.

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

STX    STRIKE ENERGY LIMITED

NatGas – Overnight Price: $0.42

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

Goldman Sachs has described the second quarter as "transformational" for Strike Energy, referencing the company's successful transition from explorer to producer through the start up of Walyering.

The quarter also saw Strike Energy consolidtae interests in the field  via its Talon acquisition, and progress Ereegulla discoveries. Looking ahead, the company should benefit not only from ongoing exploration and drilling of Walyering and Erregulla, but also potential changes to the domestic gas policy.

While both South and West Erregulla remain subject to a final investment decision following reserve updates, Goldman Sachs has extended conservative estimates for the start up of both sites.

The Buy rating and target price of 50 cents are retained.

This report was published on January 31, 2024.

Target price is $0.50 Current Price is $0.42 Difference: $0.08
If STX meets the Goldman Sachs target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $0.53, suggesting upside of 25.4%(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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 140.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 70.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.8, implying annual growth of 200.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 23.3.

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

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $14.13

Jarden rates ((SUN)) as Buy (1) –

Jarden considers the trading/catastrophe update from Suncorp ahead of the upcoming 1H24 earnings results.

Although the catastrophe costs were elevated in December at $568m, the broker highlights they remain $112m below the company's budget of $680m and lower than market consensus.

Higher home/motor premium rises are expected to offset lower reserve releases. 

After adjusting for the update, Jarden's FY24 EPS estimate is lowered by -5.1%. A Buy rating and $15.10 target price are retained.

This report was published on January 29, 2024.

Target price is $15.10 Current Price is $14.13 Difference: $0.97
If SUN meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $15.39, suggesting upside of 8.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 68.00 cents and EPS of 107.20 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.3, implying annual growth of 20.2%.
Current consensus DPS estimate is 75.0, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 118.00 cents and EPS of 101.30 cents.
At the last closing share price the estimated dividend yield is 8.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 111.3, implying annual growth of 1.8%.
Current consensus DPS estimate is 82.6, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 12.7.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.09

Jarden rates ((TLC)) as Neutral (3) –

The accumulation of strong Oz Lotto jackpots has boosted the share price performance of The Lottery Corporation, notes Jarden.

The broker points to mega jackpots (the last at $200m) as a catalyst to revitalise interest,  bring in new players and a higher lottery spend.

Jarden analysts can't hide their positivity for the company, naming Lottery Corporation a "high-quality, well-managed, cash generative business".

The target is lowered to $5.10 from $5.46 and a Neutral rating retained. Any pullback in the share price below $4.50 is viewed as an attractive entry point.

This report was published on January 30, 2024.

Target price is $5.10 Current Price is $5.09 Difference: $0.01
If TLC meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $5.39, suggesting upside of 5.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 17.40 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.8, implying annual growth of 41.2%.
Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 30.3.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 17.60 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 12.5%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 26.9.

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

WC8    WILDCAT RESOURCES LIMITED

Overnight Price: $0.42

Canaccord Genuity rates ((WC8)) as Speculative Buy (1) –

Wildcat Resources has announced intentions to drill 100,000m at its Tabba Tabba lithium project over the first half of 2024, intending to continue extending Leia, while exploration drilling will also continue on other pegmatite systems.

Results from x-ray diffraction work on samples from the project has highlighted Leia as a spodumene-dominant pegmatite, and, Canaccord Genuity points out, limited available data suggest spodumene is the primary lithium mineral at the the Boba pegmatite also.

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

This report was published on February 25, 2024.

Target price is $1.15 Current Price is $0.42 Difference: $0.73
If WC8 meets the Canaccord Genuity target it will return approximately 174% (excluding dividends, fees and charges).

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

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $36.07

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

Analysts at Jarden couldn't help themselves with an amusing pun on the 1H24 trading update from Woolworths, noting "a mixed bag".

Management issued lower guidance for 1H24 EBIT, equating to -3% below consensus forecasts, due to a weaker performance from NZ and Big W, although Australian food was trading ahead of expectations.

The broker lowers the FY24 EPS forecast by -1% and continues to expect improving trends and an inflation tailwind for the company.

An Overweight rating is retained and the target price tweaked to $42.90 from $42.60.

This report was published on January 29, 2024.

Target price is $42.90 Current Price is $36.07 Difference: $6.83
If WOW meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $36.74, suggesting upside of 1.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 118.00 cents and EPS of 156.60 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 146.5, implying annual growth of 10.0%.
Current consensus DPS estimate is 107.9, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 24.6.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 121.00 cents and EPS of 162.40 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 156.0, implying annual growth of 6.5%.
Current consensus DPS estimate is 115.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 23.1.

Market Sentiment: 0.2
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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