Australian Broker Call *Extra* Edition – Sep 23, 2024

Daily Market Reports | Sep 23 2024

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)

ALQ (2)   BSL   BTH   COI   EVN   IPL   LOT (2)   MYX   PXA   PYC   QOR   SGM   TTM   UNI   VR8   WR1  

TTM    TITAN MINERALS LIMITED

Gold & Silver - Overnight Price: $0.45

Canaccord Genuity rates ((TTM)) as Speculative Buy (1) -

Canaccord Genuity highlights the binding joint venture and earn-in agreement over the Linderos Copper Project with Titan Minerals and Hanrine.

This project is around 25km southwest of Titan Minerals' flagship 3.1moz Dynasty Gold project in southern Ecuador.

The earn-in allows Hanrine to pay -US$2m for an initial 5% stake in Linderos, suggesting a US$40m value for the project with the potential to earn up to 80%. The broker includes the valuation of Linderos in its Titan Minerals valuation.

Unchanged $1.30 target and Speculative Buy rating.

This report was published on September 18, 2024.

Target price is $1.30 Current Price is $0.45 Difference: $0.85
If TTM meets the Canaccord Genuity target it will return approximately 189% (excluding dividends, fees and charges).

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear - Overnight Price: $6.91

Petra Capital rates ((UNI)) as Initiation of coverage with Buy (1) -

Petra Capital initiates research coverage with a Buy rating on Australian specialty retailer of youth fashion apparel, Universal Store.

A point of difference over other retailers, in the broker's view, is management's ability to understand customer preferences and maintain high service standards, as well as a fast supply chain.

These high standards apply across the company's 102 stores and online channels, spanning three retail formats including Universal Store, Perfect Stranger and Thrills, explains the analyst.

Full brand control, including product development, brand position and the pricing/marketing strategy produce higher gross margins and single-brand store format opportunities, explains Petra Capital.

A $7.50 target price is set.

This report was published on September 20, 2024.

Target price is $7.50 Current Price is $6.91 Difference: $0.59
If UNI meets the Petra Capital target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $7.70, suggesting upside of 11.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 33.20 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.6, implying annual growth of 5.7%.
Current consensus DPS estimate is 32.5, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 36.00 cents and EPS of 51.50 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.2, implying annual growth of 9.7%.
Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.2.

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

VR8    VANADIUM RESOURCES LIMITED

New Battery Elements - Overnight Price: $0.04

Petra Capital rates ((VR8)) as Buy (1) -

As part of the ongoing development of vanadium deposits at the Steelpoortdrift Vanadium Project, management at Vanadium Resources has signed an Engineering, Procurement, Construction and Financing (EPC+F) memorandum of understanding (MOU).

The MOU is with CEIG (a world-class provider of EPC and renewable energy solutions, according to the broker) a subsidiary of Hong-King-listed China Energy Engineering Corporation (CEEC).

The analyst suggests Vanadium Resources is now well positioned to secure a funding solution by its targeted timeline of mid-2025, enabling the start of mine and concentrator construction in H2 of 2025.

The Buy rating and 16c target are unchanged.

This report was published on September 20, 2024.

Target price is $0.16 Current Price is $0.04 Difference: $0.115
If VR8 meets the Petra Capital target it will return approximately 256% (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 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.50.

Forecast for FY25:

Petra Capital 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 15.00.

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

WR1    WINSOME RESOURCES LIMITED

New Battery Elements - Overnight Price: $0.46

Canaccord Genuity rates ((WR1)) as Speculative Buy (1) -

Canaccord Genuity observes the scoping study for Winsome Resources' Adina project in Quebec with the possible development of a 1.7mtp.a. operation, implying existing infrastructure from the Renard Diamond mine.

The operation is expected to produce 256ktp.a. of spodumene over a 21-year mine life with cash costs of US$615t and all-in-sustaining costs of US$716t.

This is assessed as a "brownfield" project by the broker.

Speculative Buy rating and $1.75 target remain.

This report was published on September 18, 2024.

Target price is $1.75 Current Price is $0.46 Difference: $1.29
If WR1 meets the Canaccord Genuity target it will return approximately 280% (excluding dividends, fees and charges).

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.