Australian Broker Call *Extra* Edition – Mar 15, 2021

This story features 5G NETWORKS LIMITED, and other companies. For more info SHARE ANALYSIS: 5GN

Dear Reader: As part of FNArena's coverage of the February reporting season in Australia, Editions of the Australian Broker Call *Extra* Report will be focusing on responses to released financial results during the month.

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An additional news report on the recommendation, valuation, forecast and opinion changes 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)

5GN   ALC   AMA   AND   APX   AVN   BUB   CAJ   CBR   CRW   CSX   DOC   DTC (2)   FLT   FWD   GOZ   IFM   IMM   IMR   IVC   MAQ   MGH   MMI   MTO (2)   OPY   PFP (2)   QIP   REG   RMY   SLK   SRG   SXE   TLX   TSI  

5GN    5G NETWORKS LIMITED

Telecommunication – Overnight Price: $1.24

Wilsons rates ((5GN)) as Overweight (1) –

Wilsons has updated forecasts for 5G Networks to reflect the consolidation of the company's acquisition of WebCentral.

While the first half was challenging for 5G Network with a difficult to capture top-line organic growth, the company implemented strong cost controls that led to the operating income to more than double to $6.9m, assesses the broker.

With the lion’s share of the heavy-lifting of the WebCentral acquisition now complete, 5G Network is expected to regain momentum amid a more favourable operating environment for the industry.

Looking at the result and consolidation, the broker moderates its organic growth assumptions with the target price falling to $1.90 from $2.23. The overweight recommendation is retained.

This report was published on March 2, 2021.

Target price is $1.90 Current Price is $1.24 Difference: $0.66
If 5GN meets the Wilsons target it will return approximately 53% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 1.00 cents and EPS of 1.60 cents.
At the last closing share price the estimated dividend yield is 0.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 77.50.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 1.00 cents and EPS of 2.40 cents.
At the last closing share price the estimated dividend yield is 0.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.67.

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

ALC    ALCIDION GROUP LIMITED

Healthcare services – Overnight Price: $0.25

Bell Potter rates ((ALC)) as Buy (1) –

Bell Potter maintains its Buy rating with the price target rising to 30c from 28c.

Alcidion's first-half result was in-line with Bell Potter's forecasts with revenues growing 36% over last year and a gross margin of 88% beating the broker's forecast.

The FY21 operating income forecast has been reduced by -$0.6m to show the impact of investment into sales, product development. Bell Potter assesses the company is on its way to achieving breakeven with the majority of the fixed cost base investment now realized.

This report was published on February 26, 2021.

Target price is $0.30 Current Price is $0.25 Difference: $0.05
If ALC meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 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 83.33.

Forecast for FY22:

Bell Potter forecasts a full year FY22 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 250.00.

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

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.65

Moelis rates ((AMA)) as Hold (3) –

AMA Group reported operating income of $46m which included $7m in earnings contribution from the ACAD business divested in December. Excluding this contribution, the operating income is $39m, 19% higher than Moelis's forecast. 

No specific guidance was provided for FY21 with Moelis noting the recovery of volumes remains critical to delivering synergies and margins. The group has stated AMA remains on track to deliver $17mpa in synergies in FY21 but refrained from providing any specifics.

Moelis retains its Hold rating with the target rising to $0.75 from $0.72.

This report was published on February 26, 2021.

Target price is $0.75 Current Price is $0.65 Difference: $0.1
If AMA meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 54.17.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.57.

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

AND    ANSARADA GROUP LIMITED

Software & Services – Overnight Price: $1.23

Moelis rates ((AND)) as Buy (1) –

After first half results, Moelis expects strong growth over 2021 as M&A markets rebound and revenue quality improves via the subscription model. Results showed cost control and gross margin expansion and the broker now estimates free cash flow positive by 1H FY22.

Highlights for the analyst were the over 10% net new customer growth since June 2020, gross margin increasing to 92% and an enterprise-wide contract signed with PwC UK for a three year-term. Buy maintained and target increased to $1.90 from $1.868.

This report was published on February 26, 2021.

Target price is $1.90 Current Price is $1.23 Difference: $0.67
If AND meets the Moelis target it will return approximately 54% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 6.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.09.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.27.

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

APX    APPEN LIMITED

IT & Support – Overnight Price: $17.85

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

Appen met its downgraded guidance at the group level with the core business (90% of FY20 revenue) seeing operating income margins fall to 20.9% while speech and image saw operating income fall -42% primarily due to pandemic hit business activity.

The company has guided on year to date revenue and orders-in-hand which is in-line with historical averages, although the operating income guidance is below current expectations. The company has indicated a skew towards the second half in terms of project delivery.

While retaining the Overweight rating, Wilson lowers the FY21-FY23 earnings (EBITDA) forecasts by -15% to -23% and the P/E-based valuation falls to $22.83 from $32.11.

This report was published on February 25, 2021.

Target price is $22.83 Current Price is $17.85 Difference: $4.98
If APX meets the Wilsons target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $22.23, suggesting upside of 24.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 11.50 cents and EPS of 79.20 cents.
At the last closing share price the estimated dividend yield is 0.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.3, implying annual growth of 28.3%.
Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 33.5.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 13.50 cents and EPS of 100.20 cents.
At the last closing share price the estimated dividend yield is 0.76%.
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 67.1, implying annual growth of 25.9%.
Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 26.6.

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

AVN    AVENTUS GROUP

REITs – Overnight Price: $2.79

Moelis rates ((AVN)) as Buy (1) –

Aventus Group reported funds from operations (FFO) of 10c and paid a first half distribution of 8.2c, which reflects an 87% payout ratio based on adjusted FFO, explains Moelis.

FY21 guidance was upgraded to greater than 19c FFO. Occupancy was considered robust at 98.5%.

The broker notes the REIT's tenants continue to benefit from several factors including strong government stimulus, and increased consumer spending in the household and lifestyle segments.

The Hold rating is maintained and the target price increased to $2.77 from $2.43, driven by cap rate compression and the confidence derived by Moelis from the balance sheet and the asset resilience shown during covid.

This report was published on February 26, 2021. 

Target price is $2.77 Current Price is $2.79 Difference: minus $0.02 (current price is over target).
If AVN meets the Moelis target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.87, suggesting upside of 2.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 16.60 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 5.95%.
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 18.9, implying annual growth of 83.5%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 17.00 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 6.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.7, implying annual growth of 4.2%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 14.2.

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

BUB    BUBS AUSTRALIA LIMITED

Dairy – Overnight Price: $0.53

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

Bubs Australia confirmed a challenging first half due to an operating loss of more than double Wilsons' expectations, mostly due to lower sales and contraction in gross margin. Now, the broker expects Bubs to reach operating income breakeven in  FY24 instead of FY22.

Going ahead, Wilsons has lowered its forecasts significantly, reflecting the lower first half base and lower growth trajectory as the broker factors in a gradual recovery in the daigou channel. No guidance was given.

The Market Weight rating is unchanged with the target price falling to $0.54 from $0.65.

This report was published on March 1, 2021.

Target price is $0.54 Current Price is $0.53 Difference: $0.01
If BUB meets the Wilsons target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.20.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.18.

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

CAJ    CAPITOL HEALTH LIMITED

Healthcare services – Overnight Price: $0.33

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

Wilsons maintains its Market Weight rating on Capitol Health with the target rising to $0.31 from $0.28.

Capitol Health's first-half profit was higher than expected with a clear organic margin improvement, observes Wilsons. Net profit of $26.6m rose by 50% versus last year and was 40% above Wilsons' estimate and the margin at 24.3% was 234 bps higher.

Greenfields and brownfields remain the near term focus with low M&A activity across the sector. In fact, the broker highlights the case of Bayside greenfield that appears to be ramping well and adds speciality modalities into a good referral pocket in South Melbourne.

This report was published on March 1, 2021.

Target price is $0.31 Current Price is $0.33 Difference: minus $0.02 (current price is over target).
If CAJ meets the Wilsons target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 1.00 cents and EPS of 1.30 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.38.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 1.10 cents and EPS of 1.50 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.00.

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

CBR    CARBON REVOLUTION LIMITED

Automobiles & Components – Overnight Price: $2.44

Bell Potter rates ((CBR)) as Buy (1) –

Carbon Revolution delivered a first-half result mostly in line with Bell Potter's estimates impacted by covid-related and seasonality issues. Wheel sales fell by -5.4% over last year to 6,397 leading to a -14.1% decline in group revenue to $17.4m.

The lower wheel throughput coupled with the additional cost of finishing the wheels led costs to increase higher than the broker expected. Cash was in line at $15.4m.

Looking at the cash balance, Bell Potter considers the second half execution to be paramount and expects new vehicle launches, volume growth and margin expansion to support capital growth.

Expecting somewhat higher expenses, the broker downgrades earnings forecasts slightly for FY21-23.

The Buy rating is unchanged and the target price falls to $3.50 from $3.83.

This report was published on February 26, 2021.

Target price is $3.50 Current Price is $2.44 Difference: $1.06
If CBR meets the Bell Potter target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 16.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.61.

Forecast for FY22:

Bell Potter forecasts a full year FY22 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 36.42.

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

CRW    CASHREWARDS LIMITED

Hardware & Equipment – Overnight Price: $1.40

Moelis rates ((CRW)) as Buy (1) –

First half group revenue was 12.4% ahead of Moelis estimate and 10% ahead of the pcp. There was solid member growth from early momentum in the business while opex was higher than expected due to a bring-forward of staffing and technology costs.

While the largest category of travel was down -73% in the half, the broker conservatively estimates this segment will recover to pre-covid levels by around mid-FY23. Buy rating and target declines to $2.30 from $2.34.

This report was published on February 26, 2021. 

Target price is $2.30 Current Price is $1.40 Difference: $0.9
If CRW meets the Moelis target it will return approximately 64% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 32.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.33.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 26.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.24.

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

CSX    CLEANSPACE HOLDINGS LIMITED

Medical Equipment & Devices – Overnight Price: $4.81

Bell Potter rates ((CSX)) as Downgrade to Hold from Buy (3) –

CleanSpace Holdings' result was in-line with guidance and Bell Potter's forecasts. 

Revenue of $39m was slightly behind Bell Potter's expected $41m while the operating income at $19.1m was in-line with forecasts. Gross margins of 78% were led by higher ASP in healthcare devices and higher consumables use.

The company's cash balance was $43.5m as on December 31, 2020, which the broker finds sufficient for the ongoing operations and investments. 

The company expects a weaker second half attributable to uncertain sales hit by covid vaccine headwinds and more measured healthcare buying patterns.

Bell Potter downgrades to Hold from Buy with a target of $6.75.

This report was published on February 26, 2021.

Target price is $6.75 Current Price is $4.81 Difference: $1.94
If CSX meets the Bell Potter target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 24.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.96.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 10.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.81.

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

DOC    DOCTOR CARE ANYWHERE GROUP PLC

Healthcare services – Overnight Price: $1.00

Bell Potter rates ((DOC)) as Buy (1) –

Doctor Care Anywhere's revenues were higher than Bell Potter expected with a higher than forecast contribution margin of 22% and lower operating loss. Overall, 2020 numbers were mostly in line with the guidance and Bell Potter's forecast.

The company has not provided any earnings guidance for FY21 but Bell Potter expects continued strong growth in activated lives and consultations to be the major drivers of revenue growth. 

The company also recently launched its mental health service representing the first of a number of new clinical pathways.

Buy with a target of $1.95.

This report was published on February 26, 2021.

Target price is $1.95 Current Price is $1.00 Difference: $0.95
If DOC meets the Bell Potter target it will return approximately 95% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.00.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.48.

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

DTC    DAMSTRA HOLDINGS LIMITED

Software & Services – Overnight Price: $0.98

Shaw and Partners rates ((DTC)) as Buy (1) –

First half results were in-line with pre-released figures indicating to Shaw and Partners revenues in the core business were slightly softer than prior expectations and the Vault Intelligence ((VLT)) integration/contribution was progressing well.

The broker believes international growth and leverage into a global market remains intact though appears delayed by six months. With the share price fairly valued, there's considered an opportunity for consensus upgrades and a re-rating from April onwards.

Buy and target falls to $1.93 from $2.20.

This report was published on March 1, 2021.

Target price is $1.93 Current Price is $0.98 Difference: $0.95
If DTC meets the Shaw and Partners target it will return approximately 97% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 98.00.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.69.

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 ((DTC)) as Overweight (1) –

Wilsons was left disappointed with Damstra Holdings' first half result with top-line organic growth not meeting expectations. The withdrawal of prior guidance added to the uncertainty around revenue visibility, adds Wilsons.

The broker has lowered its FY21 revenue forecasts by -13% to reflect both the lower base of the first half and moderate Damstra’s ability to secure sufficient projects/contracts to reaccelerate growth.

A constructive view on Damstra leads Wilsons to reiterate its Overweight recommendation. Target falls to $1.71 from $2.31.

This report was published on March 1, 2021.

Target price is $1.71 Current Price is $0.98 Difference: $0.73
If DTC meets the Wilsons target it will return approximately 74% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 44.55.

Forecast for FY22:

Wilsons forecasts a full year FY22 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 326.67.

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

FLT    FLIGHT CENTRE LIMITED

Travel, Leisure & Tourism – Overnight Price: $18.65

Bell Potter rates ((FLT)) as Buy (1) –

Flight Centre delivered a first-half loss before tax of -$247.2m, materially lower than last year and below Bell Potter's forecast -$178.8m. Operating revenues at $160m fell below the broker's $172m forecast.

In the broker's view, the biggest takeaways from this result are stable revenue margins in corporate, cost management and a reinforcement of the company's strong market position in Australia leisure.

No formal earnings guidance was given although management expects both the corporate and leisure businesses to return to profitability in 2021. 

Bell Potter retains its Buy rating with the target price rising to $21.50 from $19.

This report was published on February 26, 2021.

Target price is $21.50 Current Price is $18.65 Difference: $2.85
If FLT meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $17.57, suggesting downside of -5.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 113.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -143.1, implying annual growth of N/A.
Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 45.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of N/A.
Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 138.1.

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

FWD    FLEETWOOD CORPORATION LIMITED

Infra & Property Developers – Overnight Price: $2.58

Moelis rates ((FWD)) as Upgrade to Buy from Hold (1) –

After the first half result, Moelis considers the valuation is undemanding with ongoing tailwinds for each of the company's divisions over the medium term. It's considered significant construction activity in Accommodation Solutions could more than offset short term oversupply.

The broker also points out the dividend yield is attractive, after the previously announced increase in payout ratio to 100%. Moelis upgrades to a Buy rating from Hold and lifts the target to $3.16 from $2.09. Cash flow generation impressed the analyst.

This report was published on February 25, 2021. 

Target price is $3.16 Current Price is $2.58 Difference: $0.58
If FWD meets the Moelis target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 18.50 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 7.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.95.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 18.80 cents and EPS of 18.80 cents.
At the last closing share price the estimated dividend yield is 7.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.72.

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

GOZ    GROWTHPOINT PROPERTIES AUSTRALIA

Infra & Property Developers – Overnight Price: $3.25

Moelis rates ((GOZ)) as Buy (1) –

The first half funds from operations of 12.7c was ahead of the Moelis estimate of 12.2c. The DPS of 10c is expected to be maintained for the 2H with distribution guidance for 20c in FY21 reaffirmed. Management guided to FY21 FFO of 25.2-25.5 cents.

The broker highlights portfolio occupancy increased to 95% from 93% at June 2020 and believes the perceived challenges in the office segment continue to weigh on the stock price.

The Buy rating and $3.80 target are unchanged after incorporating guidance and reducing the distribution to reflect a lower payout ratio target of approximately 80% of FFO.

This report was published on February 26, 2021. 

Target price is $3.80 Current Price is $3.25 Difference: $0.55
If GOZ meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.42, suggesting upside of 5.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 20.00 cents and EPS of 25.20 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.3, implying annual growth of -34.0%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 13.9.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 20.60 cents and EPS of 25.70 cents.
At the last closing share price the estimated dividend yield is 6.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of 3.9%.
Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 13.4.

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

IFM    INFOMEDIA LTD

Automobiles & Components – Overnight Price: $1.48

Bell Potter rates ((IFM)) as Hold (3) –

Infomedia's net profit at $9.3m was 20% above Bell Potter's forecast, mostly driven by lower net interest expense. Both revenue and operating income were slightly lower than expected. The interim dividend was flat at 2.15c while ahead of the broker's estimated 1.75c.

No guidance was given for the other half of the year, in sync with the company’s policy. The company anticipates a return to sustained growth buoyed by recent wins across all regions and aims to double the revenue to $200m by 2025.

Hold rating with the target falling to $1.75 from $1.85.

This report was published on February 26, 2021.

Target price is $1.75 Current Price is $1.48 Difference: $0.27
If IFM meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 4.30 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.02.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 4.80 cents and EPS of 6.30 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.49.

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

IMM    IMMUTEP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.34

Bell Potter rates ((IMM)) as Speculative Buy (1) –

Immutep's first-half revenue, operating expense and operating loss were all in-line with Bell Potter's forecasts. The company only missed on the net loss level due to non-cash items. 

Bell Potter expects net loss to be 14% higher for FY21 and 7% higher in FY22. The increase in these forecasts was mainly driven by non-cash loss on the fair value of warrants and fx loss reported in the first half.

The release of clinical data, progression of pipelines and the possibility of new collaborations will be some key re-rating catalysts for the stock, in the broker's view.

Buy (Speculative) rating with a target of $0.65.

This report was published on February 26, 2021.

Target price is $0.65 Current Price is $0.34 Difference: $0.31
If IMM meets the Bell Potter target it will return approximately 91% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.48.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.54.

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

IMR    IMRICOR MEDICAL SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $2.18

Moelis rates ((IMR)) as Buy (1) –

As expected by Moelis, 2020 revenues were minimal due to covid-related hospital restrictions impacting not only on volumes for existing hospital customers but also the ability to provide training and implementation for the recently signed new hospitals.

No quantified guidance was provided though management expects that post the relaxation of covid restrictions in Europe procedures will restart, and training and implementation at contracted sites will resume quickly.

Additionally, management expects the signing of new contract agreements will recommence in the second quarter and accelerate in the 2H. Moelis makes minor EPS forecast revisions. Buy rating and target is reduced to $2.95 from $3.06.

This report was published on February 25, 2021. 

Target price is $2.95 Current Price is $2.18 Difference: $0.77
If IMR meets the Moelis target it will return approximately 35% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 14.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.73.

Forecast for FY22:

Moelis forecasts a full year FY22 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 40.37.

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

IVC    INVOCARE LIMITED

Consumer Products & Services – Overnight Price: $11.31

Moelis rates ((IVC)) as Hold (3) –

Moelis explains FY20 operating earnings (EBITDA) were -29% on the pcp due to lower case volumes and reduced case average combined with operating deleverage.

Management stated “case volumes are still below pre-covid levels but January results point to continued case average recovery in Australia”. 

Moelis reduces 2021 forecast earnings by -3%. Hold rating and target price of $11.57.

This report was published on February 26, 2021. 

Target price is $11.57 Current Price is $11.31 Difference: $0.26
If IVC meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $10.98, suggesting downside of -2.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 12.50 cents and EPS of 20.50 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of N/A.
Current consensus DPS estimate is 27.5, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 35.5.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 25.30 cents and EPS of 25.60 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.3, implying annual growth of 26.3%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 28.1.

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

MAQ    MACQUARIE TELECOM GROUP LIMITED

Telecommunication – Overnight Price: $46.46

Bell Potter rates ((MAQ)) as Hold (3) –

Macquarie Telecom's first half result was largely in-line with Bell Potter's expectations with revenue of $143.6m and operating income of $36.4m.

The company has guided to FY21 operating income of $72m-$75m, implying a second-half operating income of $35.6-$38.6m.

While cash conversion at 36.2% was affected by a rise in receivables due to Macquarie's IC3 construction, and an impending sale and leaseback agreement, Bell Potter would expect cash conversion to rise following the settlement of this transaction.

The Hold rating is unchanged and the target price falls to $53 from $55.55.

This report was published on February 26, 2021.

Target price is $53.00 Current Price is $46.46 Difference: $6.54
If MAQ meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 56.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 81.65.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 46.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 100.13.

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

MGH    MAAS GROUP HOLDINGS LTD

Building Products & Services – Overnight Price: $2.91

Moelis rates ((MGH)) as Buy (1) –

The first half result and commentary confirms to Moelis the company is on track to deliver growth in 2H21 and into FY22, driven by ongoing and upcoming infrastructure projects and the associated pull through demand from its vertically integrated business model.

Pro forma first half earnings (EBITDA) were 4% above the broker's estimates with 117% cash conversion. The analyst maintains a Buy rating and $3.08 target.

This report was published on February 26, 2021. 

Target price is $3.08 Current Price is $2.91 Difference: $0.17
If MGH meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 5.00 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.53.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 5.00 cents and EPS of 17.10 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.02.

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

MMI    METRO MINING LIMITED

Coal – Overnight Price: $0.06

Shaw and Partners rates ((MMI)) as Buy (1) –

A 2020 net loss of -$11m was worse than the -$3m forecast by Shaw and Partners though not unexpected given the lower production rates in 2020. The bauxite operation was closed early in September 2020 due to covid-related shutdowns of Chinese alumina refineries.

The broker considers the outlook for 2021 looks brighter with Chinese alumina refineries back in production and freight rates from Guinea normalising. The company is preparing for a restart of operations in early April after the normal January-April wet season closure.

The Buy rating and $0.15 target are unchanged.

This report was published on March 1, 2021.

Target price is $0.15 Current Price is $0.06 Difference: $0.09
If MMI meets the Shaw and Partners target it will return approximately 150% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 29.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.21.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 23.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.26.

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

MTO    MOTORCYCLE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $2.58

Moelis rates ((MTO)) as Buy (1) –

As expected by Moelis, the first half result was strong and in-line with guidance provided in early February. The company finished the half with no bank debt and a net cash position of $7.4m. A fully franked interim dividend of 10c was declared.

No quantified guidance was provided though management expects ‘increased market demand and trading conditions to remain strong and consistent for the balance of the year.’ Moelis maintains the Buy rating and target price of $2.97.

This report was published on February 25, 2021.

Target price is $2.97 Current Price is $2.58 Difference: $0.39
If MTO meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 20.20 cents and EPS of 42.40 cents.
At the last closing share price the estimated dividend yield is 7.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.08.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 16.60 cents and EPS of 23.70 cents.
At the last closing share price the estimated dividend yield is 6.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.89.

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 ((MTO)) as Market Weight (3) –

Motorcycle Holdings confirmed an exceptionally strong first half result, observes Wilsons, with operating income rising 168% versus last year and led by favourable demand-supply dynamics.

The broker believes trading conditions will likely remain buoyant in the near-term and support higher levels of profitability.

Assuming trading conditions normalise from FY22 onwards, Wilsons' FY22 operating income forecasts sits circa 23% above pre-covid levels, reflecting higher organic sales, cost reductions and contributions from various growth initiatives. 

The Market Weight rating is maintained with the target price rising to $2.54 from $2.04.

This report was published on March 1, 2021.

Target price is $2.54 Current Price is $2.58 Difference: minus $0.04 (current price is over target).
If MTO meets the Wilsons target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 17.00 cents and EPS of 46.50 cents.
At the last closing share price the estimated dividend yield is 6.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.55.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 16.00 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 6.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.20.

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

OPY    OPENPAY GROUP LTD

Business & Consumer Credit – Overnight Price: $2.64

Shaw and Partners rates ((OPY)) as Buy (1) –

Accelerating momentum and positive growth for all metrics were highlights of the first half for Shaw and Partners. There were no changes to the broker's forecasts given a recent trading update. Buy rating and target of $5 are unchanged.

The analyst highlights total transaction volume (TTV) was up 96% from the pcp while revenue rose 63%. Strong growth and momentum continues into January 2021 and penetration into the US has begun, notes the analyst. 

This report was published on March 1, 2021.

Target price is $5.00 Current Price is $2.64 Difference: $2.36
If OPY meets the Shaw and Partners target it will return approximately 89% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 29.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.07.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 23.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.28.

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

PFP    PROPEL FUNERAL PARTNERS LIMITED

Consumer Products & Services – Overnight Price: $2.93

Bell Potter rates ((PFP)) as Buy (1) –

Propel Funeral Partners' operating income for the first half at $19m was up 5.6% ahead of Bell Potter's forecast of $18m led by a larger than expected subsidy benefit. Revenue was up 3.5% while the operating margin was up 29.1%.

Bell Potter considers this a resilient result that reflects sales mix benefits and cost control especially considering the difficult market backdrop.

There is no material change to Bell Potter's FY21-23 forecasts. Looking at the acquisition opportunities available the broker has a positive view on Propel Funeral Partners.

The Buy rating is retained with the target price unchanged at $3.50.

This report was published on February 26, 2021.

Target price is $3.50 Current Price is $2.93 Difference: $0.57
If PFP meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 11.80 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.03.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 12.10 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.03.

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

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Moelis rates ((PFP)) as Hold (3) –

First half results revealed a -6.5% contraction in volume which, according to Moelis, was offset by a combination of strong cost control, resilient pricing, assistance from government subsidies and incremental earnings from historical acquisitions. 

Management stated “recent trading indicates that death volumes may be starting to revert to long term trends" and the broker anticipates pricing should remain supported by the gradual relaxing of funeral restrictions and increased mourner attendance.

Buy rated and $3.52 target.

This report was published on February 26, 2021. 

Target price is $3.52 Current Price is $2.93 Difference: $0.59
If PFP meets the Moelis target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 11.50 cents and EPS of 15.80 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.54.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 11.50 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 3.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.74.

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

QIP    QANTM INTELLECTUAL PROPERTY LIMITED

Legal – Overnight Price: $1.08

Bell Potter rates ((QIP)) as Buy (1) –

QANTM Intellectual Property's first half operating income was slightly ahead of Bell Potter's forecast. Operating income increased 4.3% over last year and was driven by higher service charge across patent trademark and legal.  

Asia patent filings dropped by -5.4% over last year due to the impact of covid in Malaysia.  

Bell Potter believes QANTM Intellectual's business transformation plan offers an opportunity to strengthen the company's margin performance and provides upside risk to the broker's forecast.

The Buy rating is unchanged with the target price falling to $1.55 from $1.60.

This report was published on February 26, 2021.

Target price is $1.55 Current Price is $1.08 Difference: $0.47
If QIP meets the Bell Potter target it will return approximately 44% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 7.50 cents and EPS of 9.80 cents.
At the last closing share price the estimated dividend yield is 6.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.02.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 8.00 cents and EPS of 10.30 cents.
At the last closing share price the estimated dividend yield is 7.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.49.

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

REG    REGIS HEALTHCARE LIMITED

Aged Care & Seniors – Overnight Price: $2.07

Moelis rates ((REG)) as Buy (1) –

After assessing first half results and commentary, Moelis believes the recovery in occupancy to February 2021 provides a path towards more normal operating conditions in FY22. Moelis increases FY21 earnings by 15%. Buy rating and target lifts to $2.23 from $2.06.

Highlights for the broker included spot occupancy at December 2020 of 89.7% which has since increased to 90.4% in February 21 and earnings (EBITDA) were slightly ahead of the analyst's estimates.

This report was published on February 26, 2021. 

Target price is $2.23 Current Price is $2.07 Difference: $0.16
If REG meets the Moelis target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.03, suggesting downside of -1.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 8.30 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 524.0%.
Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 26.5.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 9.10 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of 29.5%.
Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 20.5.

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

RMY    RMA GLOBAL LIMITED

Real Estate – Overnight Price: $0.30

Bell Potter rates ((RMY)) as Hold (3) –

RMA Global's first-half revenues at $4.76m were in-line Bell Potter's expectations. Subscription revenues grew by 21.9% due to higher agents under subscription in Australia and New Zealand. Less discretionary marketing and travel spend led to lower operating expenses in the first quarter.

The company plans to focus on the integration with multiple listing services and brokerage partnership agreements going into the second half. 

Bell Potter is confident the increasing agency and large brokerage integration will be the main drivers of organic subscription growth over the medium term.

Hold rating is maintained with the target rising to $0.38 from $0.36.

This report was published on February 26, 2021.

Target price is $0.38 Current Price is $0.30 Difference: $0.08
If RMY meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.67.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.00.

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

SLK    SEALINK TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $8.88

Bell Potter rates ((SLK)) as Hold (3) –

SeaLink Group’s first-half result was well ahead of expectations with operating income 32% higher than Bell Potter's forecast. Revenue was up 330% and included a 6-months contribution from the Transit acquisition that was completed in January 2020. A final dividend of $0.07 against the $0.05 expected by the broker. 

No formal guidance has been given for FY21 but the broker expects trading conditions to be slightly better and growth to continue across the second half.

Hold rating reaffirmed with the target price rising to $8 from $5.

This report was published on February 26, 2021.

Target price is $8.00 Current Price is $8.88 Difference: minus $0.88 (current price is over target).
If SLK meets the Bell Potter target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 16.00 cents and EPS of 36.80 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.13.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 19.00 cents and EPS of 46.70 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.01.

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

SRG    SRG GLOBAL LIMITED

Mining Sector Contracting – Overnight Price: $0.48

Shaw and Partners rates ((SRG)) as Buy (1) –

After first half results, Shaw and Partners suggests the operational performance is gathering pace as the company continues to win contracts. The strong performance was considered due to $750m in contract wins announced since the 1st July 2020.

As a result, the broker increases margin forecasts and expects continued multiple expansion. Buy rating retained and target increases to $0.60 from $0.50. The analyst considers the outlook remains buoyant across Asset and Mining Services.

The analyst suggests upgrades to guidance reflect not only the shift to more alliance, maintenance, annuity style contracts, but also the company's ability to deliver on these contracts.

This report was published on March 1, 2021.

Target price is $0.60 Current Price is $0.48 Difference: $0.12
If SRG meets the Shaw and Partners target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 2.00 cents and EPS of 3.10 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.48.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 2.50 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.00.

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

SXE    SOUTHERN CROSS ELECTRICAL ENGINEERING LTD

Mining Sector Contracting – Overnight Price: $0.53

Moelis rates ((SXE)) as Buy (1) –

The first half result showed Moelis the effect of project delays and covid impacts, partly offset by JobKeeper. Revenue was -22% below  forecast, primarily due to the late award of Rio Tinto's ((RIO)) Gudai-Darri works and delays for some resources projects into the 2H.

Buy rating and the target falls to $0.77 from $0.84. Moelis believes any potential near-term headwinds will be offset by benefits from the acquisition of Trivantage. These are increased scale/diversification and greater exposure to recurring service and maintenance revenue.

The report was published on February 24, 2021.

Target price is $0.77 Current Price is $0.53 Difference: $0.24
If SXE meets the Moelis target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 3.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 5.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.83.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 3.80 cents and EPS of 5.70 cents.
At the last closing share price the estimated dividend yield is 7.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.30.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.86

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

Wilsons maintains its Overweight rating with a target of $4.76.

Wilsons notes Telix Pharmaceuticals' second half saw the company make several strategic developments with their business including a partnership with China Grand Pharma and the acquisition of TheraPharm GmbH.

According to the broker, the first half remains critical for Telix’s prostate cancer business as the company works with partners and payers in preparation for Illuccix launches and the initiation of ProstACT.

Over the next 3-9 months, Wilsons believes market approvals for Illuccix and release of ZIRCON results are the two main catalysts that have the potential to re-rate the broker's price target to as high as $5.50 per share.

The report was published on March 1, 2021.

Target price is $4.76 Current Price is $3.86 Difference: $0.9
If TLX meets the Wilsons target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 8.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.37.

Forecast for FY22:

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

TSI    TOP SHELF INTERNATIONAL HOLDINGS

Food, Beverages & Tobacco – Overnight Price: $2.17

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

Top Shelf International Holdings' confirmed a result that was mostly in-line with expectations. Sales growth of 159% versus last year was consistent with Wilsons' forecast and the recent quarterly result.

Wilsons is also encouraged by the monthly sales run-rate and trajectory for branded products. The broker's positive investment thesis is based on a large addressable market, consumer and retailer trends favouring local brands and a significant existing asset base.

Overweight with the target price rising $2.83 from $2.75.

This report was published on March 2, 2021.

Target price is $2.83 Current Price is $2.17 Difference: $0.66
If TSI meets the Wilsons target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 14.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.97.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 11.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.71.

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

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