Australian Broker Call *Extra* Edition – Jul 02, 2021

This story features AUSTRALIAN CLINICAL LABS LIMITED, and other companies. For more info SHARE ANALYSIS: ACL

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)

ACL   ALU   ASX (2)   BCI (2)   DUB   ECF   EVS   GCY   HSN   IKE   LRK   LYL   MYX   NAB   OSL   PPE   QUB  

ACL    AUSTRALIAN CLINICAL LABS LIMITED

Healthcare services – Overnight Price: $3.49

Goldman Sachs rates ((ACL)) as Initiation of coverage with Buy (1) –

Goldman Sachs initiates coverage on Australian Clinical Labs, the third largest private pathology network in Australia. 

Goldman Sachs expects the company to benefit from a series of operational investments, with the broker highlighting investment in a unified Laboratory Information System and an upgraded central laboratory network as of particular interest.

Further, the broker points to forecast longer-term growth around the market of around 3-5% depending on how the company executes on growth strategies in New South Wales and Queensland. 

Australian Clinical Labs also experienced covid headwinds, with the company leveraged to case and testing trends as the only pure-play domestic provider.

Goldman Sachs initiates with a Buy rating and a target price of $4.80. 

This report was published on June 7, 2021. 

Target price is $4.80 Current Price is $3.49 Difference: $1.31
If ACL meets the Goldman Sachs target it will return approximately 38% (excluding dividends, fees and charges).

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 0.00 cents and EPS of 42.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.31.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 10.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.53.

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

ALU    ALTIUM

Hardware & Equipment – Overnight Price: $36.25

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

Altium announced that Autodesk, a US-listed multi-national software company, has proposed an offer for the company valued at $38.50. Shaw and Partners lifts the target price to that level from $34 and maintains its Buy rating.

The broker views the offer as opportunistic given the depressed earnings base due to covid and the depressed multiple versus peers. Additionally, it's thought the price merely reflects historical trading ranges, rather than including a premium for synergies.

The analyst feels downside is limited and there is a reasonable chance of a revised offer from Autodesk, or even a competing bid from private equity or other trade buyers.

This report was published on June 8, 2021. 

Target price is $38.50 Current Price is $36.25 Difference: $2.25
If ALU meets the Shaw and Partners target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $35.30, suggesting downside of -2.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 73.46 cents and EPS of 46.43 cents.
At the last closing share price the estimated dividend yield is 2.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 78.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.9, implying annual growth of N/A.
Current consensus DPS estimate is 43.4, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 80.7.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 77.87 cents and EPS of 52.58 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 68.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.0, implying annual growth of 20.3%.
Current consensus DPS estimate is 46.6, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 67.1.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $77.24

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

Goldman Sachs assesses a slight increase in average daily contracts traded (versus May 2020 levels) is welcome though achieved from a very low base.

The May trading update revealed recent soft trends across products continued, points out the broker. While daily average volumes were down -16% and -6% on the pcp for 90-day bank bills and 3-year bonds, volumes in the 10-year bond product were up 17% on the pcp.

Meanwhile, OTC cleared value is tracking -81% below the pcp. Austraclear trends were more supportive, in line with trends highlighted in the 1H21 result, notes the analyst. The Sell rating and a $67.46 target price are retained.

This report was published on June 4, 2021.

Target price is $67.46 Current Price is $77.24 Difference: minus $9.78 (current price is over target).
If ASX meets the Goldman Sachs target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $70.67, suggesting downside of -8.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 249.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 246.5, implying annual growth of -4.3%.
Current consensus DPS estimate is 223.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 246.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 251.6, implying annual growth of 2.1%.
Current consensus DPS estimate is 225.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 30.7.

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

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Jarden rates ((ASX)) as Initiation of coverage with Underweight (2) –

Jarden initiates coverage on ASX Limited. While FY21 results are predicted to reveal an earnings per share decrease of -7%, the broker points to post-FY21 growth rate improvement forecasts.

Jarden notes post-FY21 a weaker cash equity outlook could contribute to earnings per share compound annual growth rate being constrained to 4.8% over the next three years.

The anticipated earnings per share decrease is notably the largest decline since FY09 which was impacted by the Global Financial Crisis.

ASX's largest segment, Derivative Revenues, is expected to fall -13% in FY21, but Jarden suggests that while volumes should bottom out in FY21, a 12% increase is predicted for FY22 and a 9-10% increase for FY23 through FY24. 

Jarden initiates with an Underweight rating and a target price of $75.35. 

This report was published on June 6, 2021. 

Target price is $75.35 Current Price is $77.24 Difference: minus $1.89 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $70.67, suggesting downside of -8.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 229.90 cents and EPS of 245.80 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 246.5, implying annual growth of -4.3%.
Current consensus DPS estimate is 223.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 241.10 cents and EPS of 255.50 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 251.6, implying annual growth of 2.1%.
Current consensus DPS estimate is 225.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 30.7.

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

BCI    BCI MINERALS LIMITED

Iron Ore – Overnight Price: $0.56

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

Bell Potter assumes a scenario for benchmark iron ore prices for the Iron Valley mine at US$200/t for FY22 and US$150/t for FY23. If this occurs, it's estimated the new equity requirement to fund the Mardie Salt and SOP project's development falls by around -80%.

Via lower shareholder dilution alone, the broker estimates a 50% increase in the company's valuation. The broker raises the EPS forecast for FY21 to 8.6cps from 5.9cps, FY22 to 7.8cps from 2.8cps and FY23 to 1.5cps from 1.1cps.

Buy rated and target rises to $0.69 from $0.57. The analyst notes optimised Mardie Salt and SOP Project has the potential to add significant value and has appeal to ESG concerned debt and equity investors.

This report was published on June 7, 2021.

Target price is $0.69 Current Price is $0.56 Difference: $0.13
If BCI meets the Bell Potter target it will return approximately 23% (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 8.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.51.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 8.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.29.

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

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

Canaccord Genuity maintains its Speculative Buy rating and lifts its target price to $0.70 from $0.60 on increased iron ore pricing assumptions. This increases the valuation of the Iron Valley royalty to $148m, a conservative valuation compared to similar iron ore peers, according to the broker.

A recent site visit to the Mardie Salt and SOP project' reinforced to the broker that early works are well underway (40 people onsite, civils commenced) and long-lead-time items ordered. It's felt the salt price is grinding higher, with the most recent prices in the US$42/t range, as demand recovers.

The analyst assesses the capital burden (-$913mn upfront) is high at Mardie, and so is the project gestation (around 3.5 years), but the economics of this highly strategic project are compelling, in the broker's opinion.

This report was published on June 8, 2021.

Target price is $0.70 Current Price is $0.56 Difference: $0.14
If BCI meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.

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

DUB    DUBBER CORPORATION LIMITED

Cloud services – Overnight Price: $3.03

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

Cisco has become Dubber Corp's first foundation agreement customer, as the company launches its Foundation program.

The program to be launched will be known as Dubber Go, a product with a go to market strategy that enables users across a range of managed service providers, telcos, carriers and providers. 

Shaw and Partners notes after uptake of the initial product, up sell of subscription and value add tools are likely in a revenue share model with a carrier. 

Cisco allows Dubber Corp to reach hundreds of thousands of users, and Shaw and Partners expects this agreement to drive uptake. The broker expects the company to gain momentum with multiple global carriers for further foundation agreements. 

The Buy rating is retained and the target price increases to $3.23 from $3.03.

This report was published on June 4, 2021.

Target price is $3.23 Current Price is $3.03 Difference: $0.2
If DUB meets the Shaw and Partners target it will return approximately 7% (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 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 67.33.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 77.69.

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

ECF    ELANOR COMMERCIAL PROPERTY FUND

REITs – Overnight Price: $1.16

Shaw and Partners rates ((ECF)) as Initiation of coverage with Buy (1) –

Shaw and Partners initiates coverage on Elanor Commercial Property Fund, an externally managed real estate investment fund. The fund targets metropolitan value-add assets with strong potential cash generation, the broker explains.

The fund portfolio proved to be resilient to covid impacts through 2020. Shaw and Partners notes the experienced management team has a strong track record and a pipeline of identified growth opportunities. 

The broker notes the Australian commercial real estate market remains attractive, and has initiated coverage based on market conditions combined with high capital growth potential from active portfolio management. The broker feels these attributes are not currently reflected in the share price. 

Shaw and Partners initiates with a Buy rating and target price of $1.35. 

This report was published on June 3, 2021. 

Target price is $1.35 Current Price is $1.16 Difference: $0.19
If ECF meets the Shaw and Partners target it will return approximately 16% (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 10.10 cents and EPS of 12.60 cents.
At the last closing share price the estimated dividend yield is 8.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.21.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 10.20 cents and EPS of 12.80 cents.
At the last closing share price the estimated dividend yield is 8.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.06.

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

EVS    ENVIROSUITE LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.09

Bell Potter rates ((EVS)) as Upgrade to Buy from Hold (1) –

A capital raising of around $14m was announced. Funds will be used to accelerate investment into growing sales in the Omnis and Water divisions and support transformation projects and working capital as the company grows. 

After a trading update, Bell Potter makes modest downgrades to revenue forecasts and now estimates revenue of $48.4m, well within management's updated guidance range of $48-49m.

The rating is upgraded to Buy (Speculative) from Hold and the target falls to $0.15 from $0.20, after the analyst amends the valuation methodology. 

This report was published on June 7, 2021.

Target price is $0.15 Current Price is $0.09 Difference: $0.06
If EVS meets the Bell Potter target it will return approximately 67% (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 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.92.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.00.

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

GCY    GASCOYNE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.32

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

Adverse weather events, increased ore processed with an elevated sulphide content and resourcing challenges will result in output reducing quarter-on-quarter. The company indicated lower production has led to slightly increased all-in-sustaining costs (AISC).

The analyst notes the AISC guidance range for FY22 has been revised to $1,600-1,700 from $1,300-1,400/oz. This is considered due to general industry cost escalations and changes in the mine design that have increased overall waste volumes.

The Buy rating is unchanged and the target price drops to $0.70 from $0.80.

This report was published on June 7, 2021.

Target price is $0.70 Current Price is $0.32 Difference: $0.38
If GCY meets the Canaccord Genuity target it will return approximately 119% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.91.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.57.

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

HSN    HANSEN TECHNOLOGIES LIMITED

IT & Support – Overnight Price: $6.26

Shaw and Partners rates ((HSN)) as Downgrade to Hold from Buy (3) –

Hansen Technologies announced that BGH Capital has proposed a $6.50 cash takeover offer for the company. Andrew Hansen, CEO and Managing Director, has agreed to work exclusively with BGH Capital to implement the proposal, under a “co-operation agreement”.

Shaw and Partners downgrades the rating to Hold from Buy and increases the target to $6.50 from $5.40, in-line with the proposed offer. It's suggested investors consider their own circumstances when deciding to sell on-market or wait to accept the offer once unconditional.

The analyst considers it a fair and reasonable price for the business.

This report was published on June 8, 2021.

Target price is $6.50 Current Price is $6.26 Difference: $0.24
If HSN meets the Shaw and Partners target it will return approximately 4% (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 10.00 cents and EPS of 35.60 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.58.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 10.00 cents and EPS of 25.90 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.17.

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

IKE    IKEGPS GROUP LIMITED

Hardware & Equipment – Overnight Price: $1.12

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

ikeGPS Group's FY21 results proved largely in line with Bell Potter's expectations, recording a net loss of -NZ$7.4m and revenue of NZ$9.3m. 

A year-on-year decline in revenue was driven by the deferral of planned works by a number of customers. The company has secured around NZ$8.8m in new contracts, with the majority of these to be realised in FY22 and accounting for around 58.6% of FY22 revenue forecast. Bell Potter considers the company well-placed for continued contract wins. 

The broker notes ikeGPS Group is one of the only companies on the ASX and NZX leveraged to the rollout of 5G infrastructure in North America, a project that will see around US$300bn in investment in the next five years. 

The Buy rating and target price of $1.35 are retained. 

This report was published on June 3, 2021. 

Target price is $1.35 Current Price is $1.12 Difference: $0.23
If IKE meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.63 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.85.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.49 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 75.22.

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: $3.19

Moelis rates ((LRK)) as Buy (1) –

Moelis runs some scenario analysis to illustrate potential upside to the broker's earnings estimates and valuation, should the company achieve better-than-expected net sales values. This would derive from the successful execution of a number of strategic initiatives.

For example, assuming a net sales value of $200/L, implies FY22 net revenue of $27.2m, which is 10% ahead of the analyst's estimate.

For now, the broker makes no changes to estimates for Lark Distilling Co. The Buy rating is maintained and the price target increased to $3.25 from $3.06.

The report was published on June 7, 2021.

Target price is $3.25 Current Price is $3.19 Difference: $0.06
If LRK meets the Moelis target it will return approximately 2% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 319.00.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.45.

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

LYL    LYCOPODIUM LIMITED

Mining Sector Contracting – Overnight Price: $5.35

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

Lycopodium is benefiting from continued contract award flow, and has announced it has secured work on gold projects Seguela with Roxgold and Ahafo North with Newmon, as well as a lithium project with Lepidico ((LPD)). 

Bell Potter notes a continuing period of high gold prices is expected to result in Lycopodium sustaining a period of high revenue. The broker expects a material revenue increase in FY22 which will continue into FY23.

The Buy rating and target price of $6.50 are retained.

This report was published on June 3, 2021.

Target price is $6.50 Current Price is $5.35 Difference: $1.15
If LYL meets the Bell Potter target it will return approximately 21% (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 20.00 cents and EPS of 30.20 cents.
At the last closing share price the estimated dividend yield is 3.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.72.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 30.00 cents and EPS of 42.50 cents.
At the last closing share price the estimated dividend yield is 5.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.

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

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.33

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

Bell Potter notes the US launch of Nextstellis is now imminent with first samples expected to reach women later this month. By comparison to peer products, Nextstellis is considered to have a superior efficacy profile.

It provides significantly better control for unscheduled bleeding/spotting and is likely to have fewer other side effects including weight gain and hemostatis, explains the broker.

Buy rating and target price of $0.56 are retained. In the period following the launch, the analyst feels the superior safety and side effect profile of the drug may see it outperform its peer group.

This report was published on June 7, 2021.

Target price is $0.56 Current Price is $0.33 Difference: $0.23
If MYX meets the Bell Potter target it will return approximately 70% (excluding dividends, fees and charges).
Current consensus price target is $0.38, suggesting upside of 13.6%(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 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.9, 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 FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

NAB    NATIONAL AUSTRALIA BANK LIMITED

Banks – Overnight Price: $26.04

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

National Australia Bank has announced AUSTRAC has identified serious concerns with the Bank's non-compliance with Anti-Money Laundering and Counter-Terrorism Financing programs. AUSTRAC's Enforcement Team has initiated a formal investigation. 

AUSTRAC has stated that it is not considering civil penalty proceedings at this stage, and decisions about enforcement action have not yet been made. 

National Australia Bank has disclosed non-compliance issues related to these programs since 2017, and since June of that year has invested around -$800m in its financial crime and fraud controls. 

Goldman Sachs notes the announcement should be considered in context of penalties given to Commonwealth Bank of Australia and Westpac Banking. 

The Buy rating is retained and the target price increases to $29.97 from $29.63.

This report was published on June 7, 2021.

Target price is $29.97 Current Price is $26.04 Difference: $3.93
If NAB meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $27.33, suggesting upside of 4.9%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 185.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 192.2, implying annual growth of 134.0%.
Current consensus DPS estimate is 122.5, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 185.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 189.6, implying annual growth of -1.4%.
Current consensus DPS estimate is 130.5, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 13.7.

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

OSL    ONCOSIL MEDICAL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.06

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

Oncosil Medical will not seek approval for the OncoSil pancreatic cancer treatment in Australia at this time, and has withdrawn its submission to the Therapeutic Goods Administration. 

Australian regulators have required a higher level of evidence than other jurisdictions and the application is unlikely to be reopened until further comparative data are available. 

Key for the company now is a potential Humanitarian Device Exemption. This clearance holds more immediate revenue potential and offers a lower evidence hurdle to clinical adoption. Wilsons notes Oncosil Medical's financial situation should be adequate to achieve this.

The Overweight rating and target price of $0.25 are retained.

This report was published on June 3, 2021.

Target price is $0.25 Current Price is $0.06 Difference: $0.19
If OSL meets the Wilsons target it will return approximately 317% (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 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.29.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.62.

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

PPE    PEOPLE INFRASTRUCTURE LIMITED

Jobs & Skilled Labour Services – Overnight Price: $4.40

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

People Infrastructure has announced the acquisition of two businesses for a combined $30.5m, with around $9.5m of deferred consideration dependent on performance and transition. 

Moelis reports People Infrastructure has secured a 79% shareholding in Techforce Personnel for $23.8m. Techforce is expected to contribute $5.8m in underlying earnings in FY22, bringing Moelis' FY22 group earnings forecast to $43.4m. 

The broker also highlights that with over $50m funding capacity available, People Infrastructure retains a significant pipeline of acquisitions. 

The rating is downgraded to Hold and the target price increases to $4.76 from $3.99. 

This report was published on June 3, 2021.

Target price is $4.76 Current Price is $4.40 Difference: $0.36
If PPE meets the Moelis target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 9.90 cents and EPS of 25.70 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.12.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 14.70 cents and EPS of 29.30 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.02.

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

QUB    QUBE HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $3.14

Jarden rates ((QUB)) as Buy (1) –

Despite the repayment of $17m in government subsidies during the second half of FY21, strong import and export volumes should lead to strong final underlying earnings for Qube Holdings' Operating Division, according to Jarden. 

Year-on-year container volume growth of 20.1% across Australia's four major ports in April was a continuation of a strong growth trend in FY21, and Jarden expects container volumes to revert to historical averages over FY22. 

The broker forecasts revenue growth for the Operating Division of 9.6% in the second half, around 11% lower than forecasted container volume growth. Jarden notes this suggests some upside risks to forecasts. 

The Buy rating and target price of $3.60 are retained.

This report was published June 2, 2021. 

Target price is $3.60 Current Price is $3.14 Difference: $0.46
If QUB meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.11, suggesting downside of -1.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 5.60 cents and EPS of 5.70 cents.
At the last closing share price the estimated dividend yield is 1.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of 32.2%.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 45.5.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 5.70 cents and EPS of 6.20 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.4, implying annual growth of 21.7%.
Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 37.4.

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

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