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

This story features AIC MINES LIMITED, and other companies. For more info SHARE ANALYSIS: A1M

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)

A1M   AGE   AQZ   BRI   FEX   FFM   FPH (2)   NWH   PWR   SYA   TLS   TWE   VIT  

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.47

Moelis rates ((A1M)) as Buy (1) –

Now that AIC Mines has cleared its new equity raising, updated its resources and reserves estimate, received the mining lease for Jericho and prepared Jericho for lift-off, Moelis raises its target price to 70c from 55c to reflect the de-risking.

The broker believes the company is well placed to benefit from copper price strength. 

Buy rating retained. 

This report was published on May 30, 2024.

Target price is $0.70 Current Price is $0.47 Difference: $0.225
If A1M meets the Moelis target it will return approximately 47% (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 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.32.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.18.

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

AGE    ALLIGATOR ENERGY LIMITED

Uranium – Overnight Price: $0.06

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

Petra Capital expects Alligator Energy's results from its extension drilling program at Samphire (its Blackbush deposit extensions) will be incorporated into a resource update in the December quarter.

The field recovery trial results are due in this half, the feasibility study in 2025, and the mining licence work in 2025.

No FY24 or FY25 EPS forecasts were provided.

Buy rating and 11c target price retained.

This report was published on May 30, 2024.

Target price is $0.11 Current Price is $0.06 Difference: $0.052
If AGE meets the Petra Capital target it will return approximately 90% (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

AQZ    ALLIANCE AVIATION SERVICES LIMITED

Transportation & Logistics – Overnight Price: $3.15

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

Alliance Aviation management is anticipating a record FY24 profit before tax exceeding the $83.9m consensus forecast, notes Wilsons.

The broker points to the company's strong performance from its core flying operations and a $25m profit from the sale of five GE engines,

Alliance Aviation Services has an operating fleet of 70 aircraft, with four more in maintenance and the sale proceeds will reduce peak debt leverage from 1.9x to 1.7x, the analyst suggests.

The broker has increased confidence of a fully deployed operating fleet of 90-95 aircraft. The target price of $4.47 is currently under review. Overweight rating unchanged.

This report was published on May 29, 2024.

Target price is $4.47 Current Price is $3.15 Difference: $1.32
If AQZ meets the Wilsons target it will return approximately 42% (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 35.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.85.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 39.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.04.

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

BRI    BIG RIVER INDUSTRIES LIMITED

Building Products & Services – Overnight Price: $1.46

Petra Capital rates ((BRI)) as Initiation of coverage with Buy (1) –

Petra Capital initiates coverage of Big River Industries with a Buy rating and $2 target price.

The company is a vertically integrated manufacturer and distributor of value-added timber and building products across regions of Australia and New Zealand, the broker explains.

The analyst points to FY23 revenue growth of 9.8% to $449.5m, with EBITDA up 7.6% to $50.4m. and net profit was $22.2m, a 4.3% rise on the previous year.

The broker believes the company has a strong balance sheet, cash flow generation, and strategic growth initiatives, both organic and through acquisitions. Petra Capital sees these key factors supporting the company's positive outlook.

Buy rating and $2 target price.

This report was published on May 30, 2024.

Target price is $2.00 Current Price is $1.46 Difference: $0.54
If BRI meets the Petra Capital target it will return approximately 37% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 7.00 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.52.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 7.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.27.

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

FEX    FENIX RESOURCES LIMITED

Iron Ore – Overnight Price: $0.33

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

Petra Capital retains a Buy rating on Fenix Resources and upgrades the target price to 44c from 43c.

The broker highlights the company has changed into a major mining and logistics business in Western Australia's Mid-West region.

Fenix Resources has secured new iron ore hedging contracts at $170/dmt for 30% of 2H2024's output, as well as positive cashflow margins while maintaining exposure to spot prices, the analyst notes.

Petra Capital points to the first shipments from the Gold Valley contract in 3Q and commencing mining at Beebyn-W11 by the end of 2024 as potential catalysts for the stock.

No changes have been made to the broker's financial forecasts. Buy. Target 44c.

This report was published on May 29, 2024.

Target price is $0.44 Current Price is $0.33 Difference: $0.115
If FEX meets the Petra Capital target it will return approximately 35% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 3.00 cents and EPS of 6.30 cents.
At the last closing share price the estimated dividend yield is 9.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.16.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 3.20 cents and EPS of 6.60 cents.
At the last closing share price the estimated dividend yield is 9.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.92.

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

FFM    FIREFLY METALS LIMITED

Gold & Silver – Overnight Price: $0.69

Moelis rates ((FFM)) as Initiation of coverage with Buy (1) –

Moelis initiates coverage of copper and gold explorer FireFly Metals with a Buy rating and $1 target price.

The broker expects the company will be supported by strong demand and sluggish supply in the copper market and that the company's Green Bay project in Newfoundland suggests the company's asset valuation could rise to $1bn over the long term.

This report was published on May 31, 2024.

Target price is $1.00 Current Price is $0.69 Difference: $0.31
If FFM meets the Moelis target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 EPS of minus 5.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.11.

Forecast for FY25:

Moelis forecasts a full year FY25 EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.80.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $28.81

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

Fisher & Paykel Healthcare's operating result met Jarden's forecasts, mainly thanks to a strong revenue contribution from Homecare (up 18%), while underlying gross margins improved markedly, thanks mainly to better freight costs.

Underlying earnings (EBIT) margins were steady, net profit after tax suffered from pre-announced one-offs, but underlying net profit rose 6%.

EPS forecasts rise 7% in FY25; 5% for FY26; and 1% for FY27 to reflect lower forecast operating expenditure growth; improved consumables growth and salesforce leverage; and lower net interest charges, while short-term capital expenditure comes off the boil.

Underweight rating retained. Target price rises to NZ$25.30 from NZ$23.20.

This report was published on June 5, 2024.

Current Price is $28.81. Target price not assessed.
Current consensus price target is $23.06, suggesting downside of -20.0%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 39.28 cents and EPS of 54.53 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.6, implying annual growth of N/A.
Current consensus DPS estimate is 43.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 52.8.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 40.21 cents and EPS of 63.50 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.7, implying annual growth of 24.0%.
Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 42.6.

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

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

Wilsons came away from the Fisher & Paykel Healthcare FY24 earnings presentation with an upgrade in the rating and price target.

The FY24 results saw revenue rise 10% to NZ$1,742.8m, driven by a 14% rise in NewApps consumables and 18% growth in Homecare sales, notes the broker.

Hardware sales decreased by -29% as they rebased from covid highs and the gross margin improved to 61.1%, up by 172 bps.

Management guided to FY25 revenue between NZ$1.9-NZ$2.0bn and net profit of NZ$310-NZ360m.

Wilsons adjusts EPS forecasts FY25-FY27 by 2% to 9%, driven by higher sales and margins.

Rating upgraded to Outperform from Market Weight and the target lifted to $30.

This report was published on May 30, 2024.

Target price is $30.00 Current Price is $28.81 Difference: $1.19
If FPH meets the Wilsons target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $23.06, suggesting downside of -20.0%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 40.67 cents and EPS of 52.96 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 54.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.6, implying annual growth of N/A.
Current consensus DPS estimate is 43.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 52.8.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 44.37 cents and EPS of 64.15 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.7, implying annual growth of 24.0%.
Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 42.6.

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

NWH    NRW HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $2.95

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

Jarden upgrades NRW Holdings to Buy from Overweight and raises its target price to $3.25 from $2.95.

The broker expects improved labour conditions and earnings mix will outpace weakness in lithium and nickel markets, and likely trigger consensus upgrades.

Jarden observes earnings visibility has improved markedly, de-risking earnings forecasts and appreciates the company's strong work in hand, spying upside risk.

EPS forecasts rise 2% across FY25 to FY26.

This report was published on June 5, 2024.

Target price is $3.25 Current Price is $2.95 Difference: $0.3
If NWH meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.00, suggesting upside of 1.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 16.40 cents and EPS of 25.80 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 41.5%.
Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 17.40 cents and EPS of 27.90 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.2, implying annual growth of 4.8%.
Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 10.5.

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

PWR    PETER WARREN AUTOMOTIVE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $1.76

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

Peter Warren Automotive has guided to a sharp fall in FY24 underlying profit for FY24, missing consensus forecasts by -20% (a -40% downgrade to second-half estimates) observes Moelis.

Oversupply in new cars, a softening in new car demand (cost-of-living pressures) and higher interest costs due to higher rates and inventory were declared the culprits.

Top-line revenue remained strong due to used car deliveries and a strong performance from the company's service, parts and used-car division.

Management guided to continued weakness in FY25, observing new car margins would remain under pressure, albeit above pre-covid levels.

The broker observes an oversupply in Mazda, VW, Volvo and Chinese OEM brands.

EPS forecasts fall -20% to -30% across FY24 to FY26 to reflect continued gross profit margin pressure. The broker observes there has been no update on a new CEO.

Rating is downgraded to Hold from Buy. Target price falls to $1.98 from $2.60 in March.

This report was published on May 30, 2024.

Target price is $1.98 Current Price is $1.76 Difference: $0.215
If PWR meets the Moelis target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.01, suggesting upside of 14.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 13.40 cents and EPS of 21.90 cents.
At the last closing share price the estimated dividend yield is 7.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.4, implying annual growth of -31.7%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 10.40 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 5.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of -14.7%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 9.2.

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

SYA    SAYONA MINING LIMITED

New Battery Elements – Overnight Price: $0.04

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

Sayona Mining has reported positive drilling results in Quebec which are expected to increase the resource size at both NAL and Moblan, Petra Capital highlights, which can strengthen the strategic value to the North American EV supply chain.

The broker also points to the positive drilling results at the Tabba Tabba project which is immediately north of where Sayona Mining is drilling in Western Australia as a good sign.

Financial forecasts remain unchanged. Buy rating and 14c target unchanged.

This report was published on June 3, 2024.

Target price is $0.14 Current Price is $0.04 Difference: $0.099
If SYA meets the Petra Capital target it will return approximately 241% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.86.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

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

TLS    TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $3.53

Jarden rates ((TLS)) as Buy (1) –

Jarden takes a deep dive into the future growth prospects for Telstra Group in the lead up to T30 and post the organisational changes that were announced recently.

The broker assesses the main growth drivers for the company' earnings beyond FY25 include mobile market rationality, cost management, and contributions from InfraCo Fixed.

Despite a freeze on postpaid mobile price increases, Telstra's new contract terms offer flexibility for future adjustments and the broker believes the company will lift prices in 2025.

Jarden makes minor EPS estimate adjustments of -5% for FY24 and 4% for FY25.

Buy rating and $4 target unchanged.

This report was published on May 30, 2024.

Target price is $4.00 Current Price is $3.53 Difference: $0.47
If TLS meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.01, suggesting upside of 13.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 18.00 cents and EPS of 16.10 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of 9.0%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 18.50 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 5.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.3, implying annual growth of 6.0%.
Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 18.3.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $11.99

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

Jarden suggests recent reports of accelerating Australian wine exports to China as tariffs ease, as well as potential Chinese tariffs on EU wine, could further benefit Treasury Wine Estates.

The US market outlook is also improving, notes the broker, supported by strong performance from the Daou and Penfolds brands.

Jarden suggests Treasury Wine Estates has the potential to pick up French volumes and potentially add over $300m to Australian wine exports if China imposes EU wine tariffs.

Unchanged target price of $14.50. Overweight rating retained.

This report was published on May 29, 2024.

Target price is $14.50 Current Price is $11.99 Difference: $2.51
If TWE meets the Jarden target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $13.55, suggesting upside of 13.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY24:

Jarden forecasts a full year FY24 EPS of 54.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 50.7%.
Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY25:

Jarden forecasts a full year FY25 EPS of 66.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.8, implying annual growth of 21.3%.
Current consensus DPS estimate is 42.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 18.8.

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

VIT    VITURA HEALTH LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.10

Petra Capital rates ((VIT)) as Downgrade to Hold from Buy (3) –

Petra Capital has downgraded Vitura Health to Hold from Buy with a reduced target price of 9c from 12c.

The company's latest trading update indicated EBITDA margins year-to-date were around 5%, implying a significant downgrade for 2H24 margins, previously 8.7% in 1H24, according to the broker.

Petra Capital points to increased competition in the core cannabis distribution business for the substantial decline from the FY23 EBITDA margin of 17.7%.

The broker makes material changes to its financial estimates with net profit forecast to decline to $3m in FY24 from $6.3m. The broker is looking for management to stabilise unit volumes and EBITDA margins to regain confidence in the strategy update.

This report was published on May 28, 2024.

Target price is $0.09 Current Price is $0.10 Difference: minus $0.005 (current price is over target).
If VIT meets the Petra Capital target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 1.00 cents and EPS of 0.50 cents.
At the last closing share price the estimated dividend yield is 10.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.00.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 1.00 cents and EPS of 1.00 cents.
At the last closing share price the estimated dividend yield is 10.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.50.

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

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