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Australian Broker Call *Extra* Edition – Aug 08, 2024

Daily Market Reports | Aug 08 2024

This story features AUSTAL LIMITED, and other companies. For more info SHARE ANALYSIS: ASB

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)

ASB   BEN   BGL   BMT   BVS   CBA   CCX   CRD   CRN   CSC   CU6   EXP   FCL   FPH   GLL   GOR   HVN   INA   JAN   JBH   JLG   LIC   LNW   LOT   LRK   LTM   NEU   NIC   NXT (2)   PEN   PMT   PMV   PNI   PYC   RMD (2)   VGL   WDS   WES  

ASB    AUSTAL LIMITED

Commercial Services & Supplies – Overnight Price: $2.37

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

Petra Capital forecasts incremental revenue of $84m and an opportunity to enhance profit margins, after Austal announced a contract modification for the US Navy’s more LandingCraft Utility (LCU) program.

The number of units on order has increased to five from three. Austal has an option to build a total of 12 LCUs for the US Navy, with the overall value of this contract (including all options) set at US$379.7m, explains the broker.

The Buy rating is maintained and the target is increased to $3.33 from $3.14.

This report was published on August 6, 2024.

Target price is $3.33 Current Price is $2.37 Difference: $0.96
If ASB meets the Petra Capital target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 20.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Petra Capital forecasts a full year FY24 dividend of 7.50 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.7, implying annual growth of N/A.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 50.2.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 8.50 cents and EPS of 11.90 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of 161.7%.
Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 19.2.

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

BEN    BENDIGO & ADELAIDE BANK LIMITED

Banks – Overnight Price: $11.88

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

Goldman Sachs forecasts Bendigo & Adelaide Bank’s FY24 earnings will be down -3.9% year on year, and a final dividend of 32c will be paid.

In mortgages, the broker sees evidence of easing competition given Bendelaide’s return to the market. Outside of housing, the bank identified the Business and Agriculture segment as a market with unmet demand and a division to focus on to drive growth

Goldman Sachs highlights management has set a target to achieve system level growth by FY26 onward.

Target rises to $11.41 from $10.51, Neutral retained.

This report was published on August 8, 2024.

Target price is $11.41 Current Price is $11.88 Difference: minus $0.47 (current price is over target).
If BEN meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.94, suggesting downside of -16.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 62.00 cents and EPS of 88.10 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.4, implying annual growth of -1.8%.
Current consensus DPS estimate is 62.0, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 66.00 cents and EPS of 85.70 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 13.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.3, implying annual growth of -1.3%.
Current consensus DPS estimate is 64.0, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.0.

Market Sentiment: -0.6
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: $1.27

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

Bellevue Gold released its five year growth plan which is a -45% decline in planned production and around a -14% decrease in all-in-sustaining costs, Canaccord Genuity highlights, with FY25 guidance production below the broker’s forecast.

The company plans to increase the mining areas to seven from five with increased underground mine development.

Canaccord Genuity also points to the $150m capital raising to help deleverage the balance sheet.

The target price is lowered to $1.95 from $2.20. Speculative Buy rating unchanged.

This report was published on August 5, 2024.

Target price is $1.95 Current Price is $1.27 Difference: $0.675
If BGL meets the Canaccord Genuity target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $2.07, suggesting upside of 64.0%(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 9.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 18.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of 153.7%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 7.4.

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

BMT    BEAMTREE HOLDINGS LIMITED

Healthcare services – Overnight Price: $0.23

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

Beamtree Holdings has released unaudited FY24 results. High points for Petra Capital include achieving a positive operating profit and
an impressive performance from the international business.

This was offset by weaker growth in recurring revenue as the company invested resources in the consulting business to establish a large pipeline of downstream subscription licence revenue opportunities.

This should set Beamtree up for FY25, when Petra expects to see the pipe convert into higher recurring revenues and earnings. The broker remains supportive of the company with its IP holding universal appeal in a globally significant market.

Target falls to 54c from 61c, Buy retained.

This report was published on August 8, 2024.

Target price is $0.54 Current Price is $0.23 Difference: $0.305
If BMT meets the Petra Capital target it will return approximately 130% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 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 58.75.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.69.

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

BVS    BRAVURA SOLUTIONS LIMITED

Wealth Management & Investments – Overnight Price: $1.11

Wilsons rates ((BVS)) as No Rating (-1) –

Bravura Solutions has signed an agreement granting Fidelity International access to use and develop the Sonata software platform.

The agreement gives Fidelity a perpetual, non-exclusive, non-transferable, non-sublicensable license to use the Sonata software making up Fildeity Sonata.

Bravura will retain all intellectual property.

Wilsons is supportive of the agreement but is keen to learn more at the upcoming result release. For now, target and rating are under review.

This report was published on August 6, 2024.

Current Price is $1.11. Target price not assessed.

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

CBA    COMMONWEALTH BANK OF AUSTRALIA

Banks – Overnight Price: $127.34

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

Goldman Sachs forecasts CommBank’s FY24 cash earnings from continued operations will fall by -3.5% on the previous corresponding period to $9,716m (consensus is expecting $9,783m). The broker forecasts the 2H net interest margin (NIM) will fall by -3bps to 1.96%.

The broker’s target rises by 11% to $91.75 after adjusting for a higher forecast NIM in FY25 due to delayed cash rate cuts, and after allowing for slightly higher operating expenses. Sell.

This report was published on August 5, 2024.

Target price is $91.75 Current Price is $127.34 Difference: minus $35.59 (current price is over target).
If CBA meets the Goldman Sachs target it will return approximately minus 28% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $96.69, suggesting downside of -24.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 455.00 cents and EPS of 575.50 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 584.9, implying annual growth of -3.1%.
Current consensus DPS estimate is 457.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.0.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 455.00 cents and EPS of 556.00 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 580.0, implying annual growth of -0.8%.
Current consensus DPS estimate is 459.8, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 22.2.

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

CCX    CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $0.10

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

Canaccord Genuity lowers its target for City Chic Collective to 25c from 65c after management noted “continued challenging trading conditions”. FY24 group revenue (including Avenue) is expected to be down by -30%-31% to between $186m-$188m.

Suggesting strong operating leverage to growth from the current revenue level, the broker notes the company expects gross profit margins to improve to around 62% during FY25 from 56% in FY24.

Recently, management conducted the sale of Avenue, recapitalised, and performed a debt refinancing along with a capital raising, highlights Canaccord.

The Speculative Buy rating is maintained.

This report was published on August 1, 2024.

Target price is $0.25 Current Price is $0.10 Difference: $0.151
If CCX meets the Canaccord Genuity target it will return approximately 153% (excluding dividends, fees and charges).
Current consensus price target is $0.31, suggesting upside of 214.0%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is -11.9, 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:

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 16.7.

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

CRD    CONRAD ASIA ENERGY LIMITED

Business & Consumer Credit – Overnight Price: $0.85

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

Canaccord Genuity revises the outlook for the June quarter developer/explorers with east coast gas prices strengthening to $13.6GJ from $11.60GJ since the March quarter.

The broker highlights Conrad Asia Energy has signed a detailed term sheet with Sembcorp which has been endorsed by the Indonesian regulator with the minister providing final approval.

Speculative Buy rating and $1.92 target.

This report was published on August 6, 2024.

Target price is $1.92 Current Price is $0.85 Difference: $1.07
If CRD meets the Canaccord Genuity target it will return approximately 126% (excluding dividends, fees and charges).

This company reports in USD. 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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $1.30

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

Coronado Global Resources pre-reported first half earnings were broadly in line with Goldman Sachs.

Coronado stated that the focus is on delivering high-returning organic brownfield growth options rather than exploring inorganic growth opportunities. The next leg of growth might come from two new pits at Curragh and two greenfield opportunities in the US.

The broker believes Coronado is set for an operational turnaround over the next 18 months post a multi-year period of operational underperformance. That said, operational improvement in the second half is key.

Buy and $1.80 target retained.

This report was published on August 8, 2024.

Target price is $1.80 Current Price is $1.30 Difference: $0.5
If CRN meets the Goldman Sachs target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $1.87, suggesting upside of 43.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 4.58 cents and EPS of 15.26 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.5, implying annual growth of N/A.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 13.73 cents and EPS of 19.84 cents.
At the last closing share price the estimated dividend yield is 10.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of 120.0%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 8.2%.
Current consensus EPS estimate suggests the PER is 4.7.

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

CSC    CAPSTONE COPPER CORP

Copper – Overnight Price: $9.40

Moelis rates ((CSC)) as Buy (1) –

Capstone Copper announced weaker than expected production and sales results for 2Q2024 according to Moelis, with a slightly higher than forecast price received.

On balance the broker believes the Pinto Velley and Cozamin operations are performing well, with good cost management at Mantos Biancos and Mantoverde Oxides.

Management reconfirmed 2024 guidance.

Moelis adjusts EPS estimates due to lower production for the quarter and the analyst’s forecasts are now sitting at the lower end of consensus estimates.

The broker has  $14 target price and Buy rating.

This report was published on August 5, 2024.

Target price is $14.00 Current Price is $9.40 Difference: $4.6
If CSC meets the Moelis target it will return approximately 49% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of 37.54 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.04.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 96.44 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.75.

Market Sentiment: 1.0
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: $5.60

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

Wilsons raises its price target for Clarity Pharmaceuticals to $8.48 from $4.50 to recognise an expansion of the portfolio into alpha-emitting isotopes (225Ac-bisPSMA) to complement the lead beta asset 67Cu-SARbisPSMA.

The higher target also stems from the rapid rate at which the prostate-specific membrane antigen (PSMA) PET/CT market in prostate cancer in the US is expanding, explains the broker.

The Overweight rating is maintained. No changes are made to the broker’s earnings forecasts.

This report was published on August 5, 2024.

Target price is $8.48 Current Price is $5.60 Difference: $2.88
If CU6 meets the Wilsons target it will return approximately 51% (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 13.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 41.79.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 17.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 32.75.

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

EXP    EXPERIENCE CO LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.14

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

Experience Co’s second half result further evidenced a steady earnings recovery, Canaccord Genuity suggests. June quarter earnings were lower than hoped, given weather in NSW in particular. Assets in Cairns and New Zealand continue to be the highlights.

Headline inbound seat numbers are strong at virtually 100% of pre-covid levels, notes Canaccord, but visitors for Holiday still remain below at 76%, which explains part of the slower-than-expected recovery in Experience Co volumes.

Chinese inbound visitors have not been as quick to return as other countries, and this is a catalyst point the broker will be monitoring. Target falls to 25c from 30c, Buy retained.

This report was published on August 8, 2024.

Target price is $0.25 Current Price is $0.14 Difference: $0.108
If EXP meets the Canaccord Genuity target it will return approximately 76% (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 0.00 cents.

Forecast for FY25:

Canaccord Genuity 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 142.00.

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

FCL    FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $1.58

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

Fineos Corp is due to report its FY24 earnings on August 21. Goldman Sachs is looking to the cash burn and cost reductuion as well as the outlook for the new deal pipeline.

The broker revises EPS forecasts by -1% for FY24 and -1% for FY25.

Neutral rating unchanged. Target price lowered to $1.90 from $1.94.

This report was published on August 5, 2024.

Target price is $1.90 Current Price is $1.58 Difference: $0.32
If FCL meets the Goldman Sachs target it will return approximately 20% (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 0.00 cents.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents.

This company reports in EUR. 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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $30.11

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

Wilsons extrapolates out to the Fisher & Paykel Healthcare outlook from the latest ResMed earnings results with a revised view on the US sleep market, as inventory depletion is leading to supply restocking.

The broker adjusts earnings forecasts with a higher growth outlook for homecare and lifts EPS forecasts for FY25 by 3% and 6% in FY26.

The target price is lifted to $35 from $30. Overweight rating unchanged.

This report was published on August 6, 2024.

Target price is $35.00 Current Price is $30.11 Difference: $4.89
If FPH meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $23.06, suggesting downside of -23.5%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 40.61 cents and EPS of 54.36 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 55.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.7, implying annual growth of N/A.
Current consensus DPS estimate is 42.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 56.1.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 44.30 cents and EPS of 66.64 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.6, implying annual growth of 24.0%.
Current consensus DPS estimate is 48.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 45.2.

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

GLL    GALILEE ENERGY LIMITED

NatGas – Overnight Price: $0.02

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

Canaccord Genuity revises the outlook for the June quarter developer/explorers with east coast gas prices strengthening to $13.6GJ from $11.60GJ since the March quarter.

The broker stresses Glenaras has been very “slow going”. Galilee Energy ended the quarter with $3m in cash and no debt but it failed to achieve a grant from the Queensland Frontier Gas and Exploration Program.

Hold rating and 8c target.

This report was published on August 6, 2024.

Target price is $0.08 Current Price is $0.02 Difference: $0.063
If GLL meets the Canaccord Genuity target it will return approximately 371% (excluding dividends, fees and charges).

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: $1.69

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

Gold Road Resources’ June Q production was down -3% quarter on quarter and an -11% miss versus Canaccord Genuity. Costs were up 11% and 11% higher than the broker.

The miss was a result of the protracted rainfall in the March Q that limited road access and impacted operations into the June Q, with mining and processing at Gruyere remaining suspended until mid-April. Operations ramped up to normal production levels over the second half of April.

2024 and 2025 production guidance has been revised down and costs up. Canaccord hihglights a strong free cash flow performance in the second half and valuation in retaining Buy. Target falls to $2.05 from $2.15.

This report was published on August 8, 2024.

Target price is $2.05 Current Price is $1.69 Difference: $0.365
If GOR meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $2.00, suggesting upside of 20.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 2.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 1.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.8, implying annual growth of 0.7%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 4.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of 44.4%.
Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 10.6.

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

HVN    HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics – Overnight Price: $4.55

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

Ahead of reporting season results for Harvey Norman, Goldman Sachs raises its target to $4.60 from $4.30 for many and varied reasons.

The Neutral rating is maintained with the broker noting the share price is trading at an 11% premium to the November 2021 covid peak.

This report was published on August 5, 2024.

Target price is $4.60 Current Price is $4.55 Difference: $0.05
If HVN meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.92, suggesting upside of 8.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 24.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 5.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of -29.6%.
Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 27.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 5.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.2, implying annual growth of 18.7%.
Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 12.6.

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $4.95

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

Ingenia Communities is due to report its FY24 earnings on August 20.

Goldman Sachs will be targetting the guidance and settlement outlook for the group as well as the holiday earnings. The balance sheet is also important in terms of any potential asset sales and recycling of capital.

The target price is lifted to $4.60 from $4.40 on the back of a slight 2% lift in the EBITDA earnings forecast for FY25.

Unchanged Neutral rating.

This report was published on August 5, 2024.

Target price is $4.60 Current Price is $4.95 Difference: minus $0.35 (current price is over target).
If INA 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 $5.23, suggesting upside of 5.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 11.50 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 39.3%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 13.50 cents and EPS of 29.30 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.4, implying annual growth of 15.5%.
Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 19.6.

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

JAN    JANISON EDUCATION GROUP LIMITED

Education & Tuition – Overnight Price: $0.24

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

Janison Education released preliminary results with the FY24 audited results due on August 19. EBITDA missed by -14%, although the numbers are small, the broker highlights.

Wilsons assesses the update as broadly meeting its forecasts with revenue and solutions/assessments in line with expectations.

The broker highlighted pressure on the gross profit margin as increased professional services impacted on any improvement in it.

Pressure on the gross profit margin is forecast with the increase in the NSW Department of Education contract.

Market weight. Target price 36c.

This report was published on August 6, 2024.

Target price is $0.36 Current Price is $0.24 Difference: $0.12
If JAN meets the Wilsons target it will return approximately 50% (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.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend 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

JBH    JB HI-FI LIMITED

Consumer Electronics – Overnight Price: $66.78

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

Goldman Sachs notes positive commentary from JB Hi-Fi’s global industry peers on the AI-led super-replacement cycle.

The Sell rating is kept with Goldman Sachs noting intensifying competition from Amazon/Officeworks.

Target price raised to $52.90 from $50.00.

This report was published on August 5, 2024.

Target price is $52.90 Current Price is $66.78 Difference: minus $13.88 (current price is over target).
If JBH meets the Goldman Sachs target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $60.02, suggesting downside of -9.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 253.00 cents and EPS of 386.00 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 377.3, implying annual growth of -21.4%.
Current consensus DPS estimate is 246.3, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 245.00 cents and EPS of 375.00 cents.
At the last closing share price the estimated dividend yield is 3.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 377.4, implying annual growth of 0.0%.
Current consensus DPS estimate is 246.5, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 17.6.

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

JLG    JOHNS LYNG GROUP LIMITED

Building Products & Services – Overnight Price: $5.47

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

Johns Lyng will acquire 100% of SSKB Strata and 84% of Chill-Rite HVAC, with the acquisitions earnings accretive to Canaccord Genuity’s estimates in FY25 and FY26 on base case assumptions.

The broker believes these acquisitions align with Johns Lyng’s core capabilities and more specifically Strata Services.

Incorporating into forecasts leads to a target increase to $8.75 from $8.65, Buy retained.

This report was published on August 8, 2024.

Target price is $8.75 Current Price is $5.47 Difference: $3.28
If JLG meets the Canaccord Genuity target it will return approximately 60% (excluding dividends, fees and charges).
Current consensus price target is $7.21, suggesting upside of 31.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 11.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.9, implying annual growth of 10.9%.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 12.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 12.1%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 24.5.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $8.90

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

Goldman Sachs has tempered the outlook on settlements, post the withdrawal of guidance from Lifestyle Communities, with growth pushed out to FY25.

The broker remains upbeat on the company’s story and believes the issues confronting the group are cyclical not structural in nature.

The target price is revised to $12 from $18.45 and a Buy rating unchanged.

This report was published on August 5, 2024.

Target price is $12.00 Current Price is $8.90 Difference: $3.1
If LIC meets the Goldman Sachs target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $11.53, suggesting upside of 29.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 11.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 1.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.5, implying annual growth of -40.3%.
Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 14.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of 17.8%.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 16.2.

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

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $157.00

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

Light & Wonder reported June Q earnings that were up 17% year on year and 7% above Goldman Sachs. FY25 guidance is reaffirmed. Free cash flow improved despite the previously flagged higher capex to support installed base.

US$150m of the company’s prior US$750m share buyback program was completed during the quarter, with a new three-year, US$1bn program announced.

Buy and $190 target retained.

This report was published on August 8, 2024.

Target price is $190.00 Current Price is $157.00 Difference: $33
If LNW meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $170.00, suggesting upside of 5.7%(ex-dividends)

Forecast for FY24:

Current consensus EPS estimate is 462.6, implying annual growth of 71.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 34.8.

Forecast for FY25:

Current consensus EPS estimate is 592.4, implying annual growth of 28.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 27.1.

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

LOT    LOTUS RESOURCES LIMITED

Uranium – Overnight Price: $0.23

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

Canaccord Genuity is positive on the mining development agreement which allows for the restart on Kayelekera, including a 10-year guaranteed life of the project for Lotus Resources.

A 30% corporate tax rate applies versus the broker’s forecast of 27.5% and royalty of 5% which is line with Canaccord Genuity.

The Speculative Buy rating and target price of 54 cents are retained.

This report was published on August 1, 2024.

Target price is $0.54 Current Price is $0.23 Difference: $0.315
If LOT meets the Canaccord Genuity target it will return approximately 140% (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 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.50.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 75.00.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.85

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

Lark Distilling Co has completed a capital raising and Canaccord Genuity deems there to be significant materiality attached to the $22.5m funding injection and formalisation of the first right-of-use arrangement with Seppeltsfield Wines.

Proceeds will allow Lark to invest capital into its Pontville facility whilst also allowing for more material brand and marketing investment.

The broker notes that the company is starting to make inroads with its direct export ambitions and Global Travel retail ambitions, and suggests the extent of sell-through is something to watch as FY25 progresses.

Target falls to $1.20 from $1.60 on dilution, Speculative Buy retained.

This report was published on August 8, 2024.

Target price is $1.20 Current Price is $0.85 Difference: $0.345
If LRK meets the Canaccord Genuity target it will return approximately 40% (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 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.21.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.10.

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

LTM    ARCADIUM LITHIUM PLC

New Battery Elements – Overnight Price: $4.31

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

Arcadium Lithium’s June Q sales volumes were below Goldman Sachs, partly offset by higher realised pricing, for broadly in-line group revenue. Opex was lower for an improved earnings though softer operating cash flow led to weaker free cash flow and higher net debt.

Arcadium plans to reduce the planned capital spending by some -US$500m over the next 24 months. A detailed review of expansion plans and broader strategic objectives will be presented at Investor Day in September.

2024 guidance is retained, projecting a 25% increase in combined lithium hydroxide and carbonate volume in both 2024 and again in 2025. Cost savings in 2024 are expected at the higher end of the guidance range.

Neutral and $6.35 target retained.

This report was published on August 8, 2024.

Target price is $6.35 Current Price is $4.31 Difference: $2.04
If LTM meets the Goldman Sachs target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $7.65, suggesting upside of 82.6%(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 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 148.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.1, implying annual growth of -69.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 29.7.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 226.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.1, implying annual growth of 56.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.0.

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $17.09

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

Wilsons places the target price for Neuren Pharmaceuticals under review post the company’s US licensee Acadia Pharmaceuticals reporting 2Q2024 Daybue sales which were essentially in line with the broker’s expectations.

Overweight rating unchanged.

This report was published on August 7, 2024.

Current Price is $17.09. Target price not assessed.
The company’s fiscal year ends in December.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 50.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.77.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 32.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.24.

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

NIC    NICKEL INDUSTRIES LIMITED

Nickel – Overnight Price: $0.78

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

Nickel Industries reported 4Q24 results which met the Canaccord Genuity’s analyst’s expectations but came in better than the market forecasts.

Higher than average rainfall impacted on RKEF resulting in the company using lower grade stockpiles, creating higher than anticipated cash costs.

Cash depletion was also higher than the broker expected.

Buy rating with 95c target maintained.

This report was published on July 31, 2024.

Target price is $0.95 Current Price is $0.78 Difference: $0.17
If NIC meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $1.12, suggesting upside of 45.7%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 4.00 cents and EPS of 3.05 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.6, implying annual growth of N/A.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 4.00 cents and EPS of 3.05 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 73.2%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 7.9.

This company reports in USD. 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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $15.60

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

Canaccord Genuity believes the NextDC contracted capacity update for 2024 has offered investors increased visibility for the billings outlook. The company announced 23.6MW of capacity additions which brings new wins to 53MW in the last 16 months.

There are no changes to the broker’s earnings forecast outlook.

Buy rating and unchanged $18.50 target price.

This report was published on August 7, 2024.

Target price is $18.50 Current Price is $15.60 Difference: $2.9
If NXT meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $20.06, suggesting upside of 30.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 5.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 288.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -9.1, 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 N/A.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 331.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -11.2, 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: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources


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

NextDC announced contracted utilisation from Dec 31 until August 6 increased 23.6MW which was -3% below the analyst at Wilsons forecast.

Some 83% was contracted in NSW/ACT, slightly less than available capacity and NextDC also announced it has received certification for the Nvidia DGX- Ready Data Centre program which will enable Nvidia infrastructure for its Ai data centres.

The broker adjusts the target price for the $1.3bn equity entitlement offer.

An Overweight rating is retained and the target price revised down -3% to $19.41.

This report was published on August 7, 2024.

Target price is $19.41 Current Price is $15.60 Difference: $3.81
If NXT meets the Wilsons target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $20.06, suggesting upside of 30.7%(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 6.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 232.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -9.1, 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 N/A.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 8.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 187.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -11.2, 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: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.09

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

Peninsula Energy has provided another update on the Lane Uranium project, just a few days after the last progress report, Canaccord Genuity highlights.

The broker points to construction being in line with expectations, alongside FY25 guidance which now aligns with the analyst’s forecasts.

Unchanged Speculative Buy and 20c target.

This report was published on July 31, 2024.

Target price is $0.20 Current Price is $0.09 Difference: $0.111
If PEN meets the Canaccord Genuity target it will return approximately 125% (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 0.15 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 58.17.

Forecast for FY25:

Canaccord Genuity 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 19.43.

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

PMT    PATRIOT BATTERY METALS INC

Mining – Overnight Price: $0.46

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

Canaccord Genuity highlights the updated mineral resource for Patriot Battery Metals for the Shaakichiuwaanaan property (known previously as Corvette).

The announcement reveals a 27% uplift over the previous mineral resource and makes it the largest lithium pegmatite in the Americas and the eighth globally.

Speculative Buy rating retained. Target price $1.40.

This report was published on August 5, 2024.

Target price is $1.40 Current Price is $0.46 Difference: $0.94
If PMT meets the Canaccord Genuity target it will return approximately 204% (excluding dividends, fees and charges).
Current consensus price target is $1.26, suggesting upside of 180.6%(ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is -9.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Current consensus EPS estimate is -1.0, 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.

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

PMV    PREMIER INVESTMENTS LIMITED

Apparel & Footwear – Overnight Price: $31.18

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

Ahead of reporting season results for Premier Investments (July year end), Goldman Sachs raises its target to $26 from $25.10.

The current share price implies significant growth for Peter Alexander/Smiggle via global expansion, which is unjustified in the broker’s view. Sell.

This report was published on August 5, 2024.

Target price is $26.00 Current Price is $31.18 Difference: minus $5.18 (current price is over target).
If PMV meets the Goldman Sachs target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $33.03, suggesting upside of 7.6%(ex-dividends)
The company’s fiscal year ends in July.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 116.00 cents and EPS of 170.00 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 169.7, implying annual growth of -0.4%.
Current consensus DPS estimate is 113.2, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 118.00 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 3.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.5, implying annual growth of 4.0%.
Current consensus DPS estimate is 119.2, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 17.4.

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $16.34

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

Wilsons highlights Pinnacle Investment Management’s FY24 group funds under management (FUM) and profit beat consensus forecasts by 1% and 4%, respectively.

The analysts highlight Life Cycle Investment Partners (the latest affiliate investment) has the potential to be a material earnings driver due to the team’s strong reputation globally and significant FUM capacity.

Management notes “early signs” of inflow improvement in equities strategies in both Q4 and July 2024.

Overweight rating and target price revised up to $19.70 from $14.10.

This report was published on August 5, 2024.

Target price is $19.70 Current Price is $16.34 Difference: $3.36
If PNI meets the Wilsons target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $18.30, suggesting upside of 11.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 45.40 cents and EPS of 55.20 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.0, implying annual growth of 17.9%.
Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 30.3.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 50.80 cents and EPS of 61.30 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.8, implying annual growth of 20.0%.
Current consensus DPS estimate is 56.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 25.2.

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

PYC    PYC THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.10

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

Follow up data from the second patient in the Phase 1/2 study for rare blind disease has been announced by PYC Therapeutics.

Canaccord Genuity likes the “correlated dose response” and retina data. No changes are made to the broker’s earnings forecasts.

Buy rating and 22c target maintained.

This report was published on August 5, 2024.

Target price is $0.22 Current Price is $0.10 Difference: $0.12
If PYC meets the Canaccord Genuity target it will return approximately 120% (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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $33.38

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

An acceleration in year-on-year US mask growth to 17.4% from 12.1% in Q3 was a key highlight for Jarden from ResMed’s 4Q result. This growth was partly due to another 62bps step-up in the gross margin to 59.1%, explain the analysts.

Management issued new FY25 guidance for a FY25 gross margin of between 59-60%.

The Overweight rating is maintained, and the target increased to $33.83 from $32.85.

This report was published on August 5, 2024.

Target price is $33.83 Current Price is $33.38 Difference: $0.45
If RMD meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $35.06, suggesting upside of 7.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 37.39 cents and EPS of 149.09 cents.
At the last closing share price the estimated dividend yield is 1.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.4, implying annual growth of N/A.
Current consensus DPS estimate is 32.1, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 46.68 cents and EPS of 166.03 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 20.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.7, implying annual growth of 12.0%.
Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 21.3.

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


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

Creating opportunities for investors to acquire ResMed shares over time, Wilsons expects the GLP-1 narrative will re-emerge sporadically.

While market share gains are slowing, notes Wilsons, management provided FY25 gross margin guidance of 59-60% compared to the 57.7% forecast by consensus.

The broker attributes the improved margin to freight cost reductions, inventory work-through, a reduction in COGS plus normalisation of product and jurisdictional mix.

The target rises to $40.25 from $36 and the Overweight rating remains.

This report was published on August 5, 2024.

Target price is $40.25 Current Price is $33.38 Difference: $6.87
If RMD meets the Wilsons target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $35.06, suggesting upside of 7.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 32.05 cents and EPS of 138.72 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.4, implying annual growth of N/A.
Current consensus DPS estimate is 32.1, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 33.57 cents and EPS of 147.41 cents.
At the last closing share price the estimated dividend yield is 1.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.7, implying annual growth of 12.0%.
Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 21.3.

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

VGL    VISTA GROUP INTERNATIONAL LIMITED

Software & Services – Overnight Price: $2.34

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

Vista International reported its 1H24 results. Revenue came in slightly below the Canaccord Genuity forecast with an inline EBITDA result.

Softer box-office sales were attributed as the reason for weaker revenue growth, according to the analyst, while FY25 guidance was given as over $175m, or 36% growth over an 18month period.

The broker revises EBITDA forecasts by 3% for FY24 and 11% for FY25.

The target price is revised to $3 from $2.30 with an unchanged Buy rating.

This report was published on August 6, 2024.

Target price is $3.00 Current Price is $2.34 Difference: $0.66
If VGL meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 EPS of minus 0.65 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 362.23.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 EPS of 3.51 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 66.72.

This company reports in NZD. 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

WDS    WOODSIDE ENERGY GROUP LIMITED

NatGas – Overnight Price: $25.40

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

Goldman Sachs highlights the potential market concerns over the increase in gearing of the Woodside Energy balance sheet post the -US$2.35bn clean ammonia acquisition in Beaumont, Texas.

The investment is believed to be well positioned in the company’s strategic US$5bn clean energy investment target for 2030, but may have come at a time of a deteriorating macroeconomic backdrop, the broker acknowledges.

On the back of the recent Driftwood purchase, the analyst questions the durability of the 50%-80% dividend payout policy. Neutral rating and $33 target.

This report was published on August 6, 2024.

Target price is $33.00 Current Price is $25.40 Difference: $7.6
If WDS meets the Goldman Sachs target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $31.08, suggesting upside of 23.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 EPS of 74.78 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.0, implying annual growth of N/A.
Current consensus DPS estimate is 159.3, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 EPS of 79.35 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 178.8, implying annual growth of -10.6%.
Current consensus DPS estimate is 151.1, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 14.1.

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

WES    WESFARMERS LIMITED

Consumer Products & Services – Overnight Price: $71.23

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

Ahead of reporting season results for Wesfarmers, Goldman Sachs raises its target to $69.20 from $68.80. Buy.

The broker raises its sales forecasts across FY24-26 with increases in WESCEF and Health on account of higher Fertiliser prices and pharmacy revenue, only partially offset by more modest health and Officeworks sales.

This report was published on August 5, 2024.

Target price is $69.20 Current Price is $71.23 Difference: minus $2.03 (current price is over target).
If WES meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $61.27, suggesting downside of -14.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY24:

Goldman Sachs forecasts a full year FY24 dividend of 197.00 cents and EPS of 224.00 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 226.6, implying annual growth of 4.1%.
Current consensus DPS estimate is 193.7, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 31.5.

Forecast for FY25:

Goldman Sachs forecasts a full year FY25 dividend of 228.00 cents and EPS of 257.00 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 245.4, implying annual growth of 8.3%.
Current consensus DPS estimate is 210.7, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 29.0.

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


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

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

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

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