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

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

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   ALX   AMA   APC   ARX   AWC   BML   BPT (5)   CLU   COE (3)   CTM   DSE   ELD   ENN   EVN   FMG   GNC   HDN   HPG   HUB (2)   IGO   INA   INR   IRI   JBH (3)   KGN (2)   LDX   LPD   MAH   MAQ   MHJ   MPL   NHF   NST   NTO   PLT   PNR   PRU   PWH   RHC   S32 (2)   SEK   ST1   SXY (3)   TAH   WSP (2)   WZR  

5GN    5G NETWORKS LIMITED

Telecommunication – Overnight Price: $0.92

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

5G Networks and Webcentral ((WCG)) will merge, with 5G Network shareholders receiving two Webcentral shares for every share they hold. Wilsons believes this will simplify the capital structure, limiting the complexities in the businesses.

5G Networks has also taken the opportunity to reiterate forecasts for FY22 and expects an incremental $2m in synergies will be available post merger. Wilsons retains an Overweight rating and $2.11 target.

This report was published on July 22, 2021.

Target price is $2.11 Current Price is $0.92 Difference: $1.19
If 5GN meets the Wilsons target it will return approximately 129% (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 2.40 cents.
At the last closing share price the estimated dividend yield is 1.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.33.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 1.00 cents and EPS of 3.40 cents.
At the last closing share price the estimated dividend yield is 1.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.06.

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

ALX    ATLAS ARTERIA

Infrastructure & Utilities – Overnight Price: $6.27

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

In the June quarter weighted average traffic and revenue were up 68.5% and 57.3%, respectively. Jarden notes heavy truck traffic has fully recovered on APRR to 2019 levels while light vehicle traffic has returned to around 80%.

As the EU has introduced the health pass system, cross-border travel resumed in June and this should help light vehicle traffic in the second half, the broker suggests.

Hence, FY21 traffic could return to around 92% of 2019 levels. The broker retains an Overweight rating and raises the target to $7.05 from $6.85.

This report was published on July 21, 2021.

Target price is $7.05 Current Price is $6.27 Difference: $0.78
If ALX meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $6.33, suggesting upside of 0.9%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Jarden forecasts a full year FY21 EPS of 24.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.5, implying annual growth of N/A.
Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 22.0.

Forecast for FY22:

Jarden forecasts a full year FY22 EPS of 37.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.7, implying annual growth of 35.8%.
Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 16.2.

Market Sentiment: 0.4
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: $0.49

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

Bell Potter notes NSW and Victoria represent around 20% and 36% of AMA repair sites. As a result of lockdowns, normalised earnings (EBITDA) {pre AASB 16 forecasts} for FY21-FY23 are downgraded by -2%, -9% and -5%, respectively.

The broker lowers its target price to $0.65 from $0.70 and maintains the Buy rating, noting the headwinds are seen as transitory rather than structural.

This report was published on July 20, 2021.

Target price is $0.65 Current Price is $0.49 Difference: $0.16
If AMA meets the Bell Potter target it will return approximately 33% (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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 98.00.

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 98.00.

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

APC    AUSTRALIAN POTASH LIMITED

Agriculture – Overnight Price: $0.13

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

Australian Potash has provided a development update for its Lake Wells Sulphate of Potash Project (LSOP) in Western Australia. It appears to be progressing and derisking against a backdrop of tightening potash markets, notes Shaw and Partners.

Early site works have commenced and an update on the project’s debt programme is expected by the analyst over the coming weeks, and the Final Investment Decision is expected over the coming months.

The broker believes a significant inflection in potash spot prices has occurred in the past few weeks (up 20%), due to EU sanctions on Belarus, a country responsible for around 20% of global muriate of potash (MOP) supply.

Shaw and Partners retains its Buy rating and $0.32 target price.

This report was published on July 21, 2021. 

Target price is $0.32 Current Price is $0.13 Difference: $0.19
If APC meets the Shaw and Partners target it will return approximately 146% (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 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.50.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.57.

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

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.15

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

Bell Potter reports that Aroa Biosurgery's maintained FY22 revenue guidance reflects improving patient volumes. The company is guiding to $30-33m, implying a 39-53% increase on FY21 revenue. 

According to the broker, the company is making good operational and clinical progress, and an inflection point in the September quarter could be likely. Bell Potter forecasts Aroa Biosurgery to be underlying earnings positive in FY24. 

The Speculative Buy rating and target price of $2.00 are retained. 

This report was published on July 16, 2021.

Target price is $2.00 Current Price is $1.15 Difference: $0.85
If ARX meets the Bell Potter target it will return approximately 74% (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 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.82.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 76.67.

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

AWC    ALUMINA LIMITED

Aluminium, Bauxite & Alumina – Overnight Price: $1.67

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

The alumina segment of the company delivered lower June quarter earnings quarter-on-quarter, as the alumina price index (API) was lower, and the Australian dollar, energy and caustic soda were all higher.

The analyst notes most, if not all variables (like price, costs and capex spend/timing) have been flagged previously by Alcoa/AWC. Hence, the broker's 2021 dividend expectations remain unchanged at 5.4 cents. 

Shaw and Partners retains its Buy rating and $2.20 target price.

This report was published on July 21, 2021.

Target price is $2.20 Current Price is $1.67 Difference: $0.53
If AWC meets the Shaw and Partners target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $1.83, suggesting upside of 9.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 8.93 cents and EPS of 7.99 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of N/A.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 8.93 cents and EPS of 9.06 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, implying annual growth of 55.7%.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 15.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BML    BOAB METALS LIMITED

Mining – Overnight Price: $0.41

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

Boab Metals has acquired the Manbarrum zinc-lead-silver project for $500,000 plus a 1.25% royalty. Shaw and Partners considers this a sensible strategic acquisition which will provide additional growth options once Sorby Hills is brought into production.

It also adds additional zinc resources that could lead to zinc concentrate being added to the product suite, providing additional value for Sorby Hills.

The Buy rating and $1.02 target price are maintained.

This report was published on July 22, 2021.

Target price is $1.02 Current Price is $0.41 Difference: $0.61
If BML meets the Shaw and Partners target it will return approximately 149% (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 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 136.67.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.67.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.20

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

FY21 production was at the upper end of guidance while operating earnings are also expected in the top end of the $850-900m guidance range for FY21.

Despite the issues with the Western Flank, Bell Potter observes Beach Energy can still expand production from its growth assets. Benefits will also come from tighter east coast gas markets.

The broker retains a Buy rating and raises the target to $1.85 from $1.73.

This report was published on July 21, 2021.

Target price is $1.85 Current Price is $1.20 Difference: $0.65
If BPT meets the Bell Potter target it will return approximately 54% (excluding dividends, fees and charges).
Current consensus price target is $1.66, suggesting upside of 38.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 2.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of -34.5%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 8.3.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 2.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 29.9%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 6.4.

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

---

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

June quarter production was in line with expectations, although Canaccord Genuity points out this comes off a revised base after a disappointing downgrade in April.

Gas prices continue to strengthen yet the broker remains concerned about oil production from the Western Flank. This is down -40% from its peak in the March quarter of 2020.

The broker continues to believe the decline of Western Flank is terminal, and expects the upcoming seven-well program will test this view. Hold rating and $1.51 target maintained.

This report was published on July 22, 2021.

Target price is $1.51 Current Price is $1.20 Difference: $0.31
If BPT meets the Canaccord Genuity target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $1.66, suggesting upside of 38.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 2.00 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of -34.5%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 8.3.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 2.00 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 29.9%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 6.4.

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

---

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

June quarter production missed Goldman Sachs' expectations and revenue was also below. The broker expects the production guidance for FY22 that will be provided at the FY21 result will be a key catalyst following downgrades to Western Flank, where the company has flagged maintenance and outages across some assets.

This is expected to be offset somewhat by Kupe and Otway. A combination of a bullish oil price outlook, a small valuation discount, and the funding capacity for accretive M&A prevents Goldman Sachs from taking a more negative view.

A Neutral rating is maintained with the target reduced to $1.55 from $1.65.

This report was published on July 21, 2021.

Target price is $1.55 Current Price is $1.20 Difference: $0.35
If BPT meets the Goldman Sachs target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $1.66, suggesting upside of 38.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 2.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of -34.5%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 8.3.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 2.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 29.9%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 6.4.

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

---

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

June quarter production missed Jarden's estimates because of outages in the Cooper Basin and sustained high declines in the Western Flank. Sales revenue was 5% ahead of estimates because of strong oil and condensate pricing.

The broker trims FY22 production estimates to 23mmboe and remains cautious, although key growth developments underpin an Overweight rating. Target is steady at $1.55.

This report was published on July 21, 2021.

Target price is $1.55 Current Price is $1.20 Difference: $0.35
If BPT meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $1.66, suggesting upside of 38.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 2.00 cents and EPS of 14.40 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of -34.5%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 8.3.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 2.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 29.9%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 6.4.

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

---

JP Morgan rates ((BPT)) as Overweight (1) –

While production, sales volumes and revenue for the June quarter were all below expectations, JP Morgan notes Beach Energy expects to reach the top end of full year earnings (EBITDA) guidance.

The broker remains positive on the stock on the basis of valuation, growth and the strong balance sheet. The company’s exposure to east coast gas prices, which have strengthened materially in recent weeks, is considered another positive.

The provision of FY22 guidance at August results will be crucial, in the analyst's opinion. This is because management has recently moved away from its medium-term outlook, following the well-interference issues at the Western Flank.

This report was published on July 22, 2021.

Target price is $1.75 Current Price is $1.20 Difference: $0.55
If BPT meets the JP Morgan target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $1.66, suggesting upside of 38.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 2.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of -34.5%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 8.3.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 3.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 29.9%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 6.4.

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

CLU    CLUEY LIMITED

Education & Tuition – Overnight Price: $1.18

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

Canaccord Genuity was impressed with the preliminary FY21 results, with revenue up 226%. The broker highlights the rapid scaling up of the business as well as momentum heading into FY22.

Canaccord Genuity believes the underlying Australian business has passed peak cash burn and currently Cluey is delivering more than 30,000 sessions per month.

The broker estimates it will need to deliver 55-60,000 sessions to reach breakeven and this is expected to occur in FY23. Buy rating retained. Target is $1.80.

This report was published on July 21, 2021.

Target price is $1.80 Current Price is $1.18 Difference: $0.62
If CLU meets the Canaccord Genuity target it will return approximately 53% (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 14.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.37.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 10.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.57.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.23

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

Weaker June quarter production from Sole (Gippsland) was the result of ongoing issues at APA Group’s (( APA)) Orbost Gas Plant, notes Bell Potter. Also, at Casino-Henry (Otway), there was reduced availability at the Iona Gas Plant.

However, the company’s gas sales were supported by third party purchases, with compensation from APA Group preserving cash margins, explains the broker. Bell Potter retains its Buy rating and $0.45 target price.

In FY22, the analyst expects a step-change in production and earnings. Sole Gas Sales Agreements are now operating, and production improvements across the company’s Gippsland and Otway Basin projects are expected.

This report was published on July 20, 2021.

Target price is $0.45 Current Price is $0.23 Difference: $0.22
If COE meets the Bell Potter target it will return approximately 96% (excluding dividends, fees and charges).
Current consensus price target is $0.35, suggesting upside of 53.0%(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 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.60 cents and EPS of 2.20 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 38.3.

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

---

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

After June quarter results, Canaccord Genuity lowers its target price to $0.45 from $0.49, on the back of more conservative assumptions.

FY21 production of 2.63mboe missed the broker's estimate of 2.75mboe, while capex of -$32.3m was under the -$43m forecast. The Orbost Gas Plant, which processes Sole gas, continues to struggle with foaming/fouling in the H2S removal circuit.

As a consequence, the broker lowers estimated FY22 production from Sole to 16PJ (44TJ/d) and the company's forecast earnings (EBITDA) to $92m. Canaccord Genuity maintains its Buy rating.

This research update was released on July 20, 2021.

Target price is $0.45 Current Price is $0.23 Difference: $0.22
If COE meets the Canaccord Genuity target it will return approximately 96% (excluding dividends, fees and charges).
Current consensus price target is $0.35, suggesting upside of 53.0%(ex-dividends)
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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 46.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 38.3.

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

---

Jarden rates ((COE)) as Buy (2) –

Cooper Energy's June 2021 quarterly production, sales volume and capex figures did not contain many surprises for Jarden. Work to identify the root cause of the problems at the Orbost Gas Processing Plant remains ongoing.

June quarter production of 0.66 mmboe was down -14% quarter-on-quarter, and -4% below the analyst's estimate, with production interruptions plaguing the performance at both Otway and the Orbost plant.

With the debt facility repayment profile adjusted, and the prospect of higher production volumes ahead, the broker reiterates its Overweight rating and $0.32 target price.

This report was published on July 19, 2021.

Target price is $0.32 Current Price is $0.23 Difference: $0.09
If COE meets the Jarden target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $0.35, suggesting upside of 53.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Jarden 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 230.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 38.3.

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

CTM    CENTAURUS METALS LIMITED

Nickel – Overnight Price: $0.93

Canaccord Genuity rates ((CTM)) as Initiation of coverage with Buy (1) –

Canaccord Genuity initiates coverage of Centaurus Metals with a Speculative Buy and $1.20 price target. Centaurus Metals is a nickel sulphide developer aiming to bring the 100%-owned Jaguar Project into production in 2024.

The project is located in the Carajas Mineral Province in Brazil, a world-class mining destination hosting the world's largest iron ore mine.

Last May, management  released a Value-Add Scoping Study for Jaguar, which contemplates developing a large, 13 year mine and plant to produce around 20ktpa of a premium nickel sulphate product.

The latter is metal, as opposed to concentrate, which could deliver 56% more margin compared to a mine only scenario, explains the analyst. Also, there will be a mixed sulphide by-product containing cobalt and zinc.

This report was published on July 19, 2021.

Target price is $1.20 Current Price is $0.93 Difference: $0.27
If CTM meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 58.13.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 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 51.67.

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

DSE    DROPSUITE LIMITED

Cloud services – Overnight Price: $0.24

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

Dropsuite is now delivering well in excess of $10m in annual recurring revenue (ARR) after another significant quarter of growth which exceeded Shaw and Partners expectations.

The broker expects continued incremental improvements to average revenue per user and forecasts $2.00 per user/month in FY23 – currently $1.77.

Shaw believes Dropsuite offers exposure to a high-growth business with triple leverage across ARR, ARPU (average revenue per user), and Users.

The net result of the beat to the broker's expectations for the quarter is an upgrade to underlying earnings estimates of 4.2%, 2.5%, and 1.1% in FY21, FY22, and FY23 respectively.

Buy rating is maintained, target price increases to $0.31 from $0.30.

This report was issued on July 21, 2021.

Target price is $0.31 Current Price is $0.24 Difference: $0.07
If DSE meets the Shaw and Partners target it will return approximately 29% (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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 240.00.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 80.00.

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $11.32

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

Bell Potter notes that Elders continues to deliver on its backward integration strategy with better than expected outcomes.

However, while seasonal tailwinds are strong for Elders, Bell Potter believes it will be difficult to sustain strong livestock prices in FY22, and the broker would expect a volume response to absorb the impact.

Having consideration for third-quarter FY21 agency trends, movements in global pricing indicators and the latest MLA sheep outlook, the broker has upgraded net profit estimates by 2% in FY21, 3% in FY22, and 2% in FY23.

The Buy rating and the target price of $13.75 remain unchanged.

This report was published on July 21, 021.

Target price is $13.75 Current Price is $11.32 Difference: $2.43
If ELD meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $13.03, suggesting upside of 15.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 40.00 cents and EPS of 89.10 cents.
At the last closing share price the estimated dividend yield is 3.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.0, implying annual growth of 9.0%.
Current consensus DPS estimate is 41.1, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 13.0.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 40.00 cents and EPS of 71.60 cents.
At the last closing share price the estimated dividend yield is 3.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.1, implying annual growth of -2.2%.
Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 13.3.

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

ENN    ELANOR INVESTORS GROUP

Wealth Management & Investments – Overnight Price: $1.93

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

Elanor Investors Group expects second-half FY21 core earnings to be $9.0m, resulting in core earnings of $14.6m for FY21.

Shaw and Partners has updated FY21 estimates to reflect this guidance and remains positive on the group as it looks to be an attractively valued investment exposed to several of the broker's key investment themes.

The broker suspects the next key event for Elanor is potentially an update on the Hotel Accommodation Fund.

Buy rating and a target price of $2.60 are both retained.

This report was published on July 21, 2021. 

Target price is $2.60 Current Price is $1.93 Difference: $0.67
If ENN meets the Shaw and Partners target it will return approximately 35% (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 10.80 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 5.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.08.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 13.40 cents and EPS of 15.70 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 12.29.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $4.18

Canaccord Genuity rates ((EVN)) as Downgrade to Sell from Hold (5) –

In a June quarter recap, Canaccord Genuity downgrades its rating to Sell from Hold and lowers its target price to $4 from $4.55, on model revisions for Cowal and Red Lake, and an overall valuation multiple reduction.

The broker notes output was lower than expected at Cowal, Ernest Henry, Mt Rawdon and Mungari, while Red Lake was in-line and Mt Carlton was a beat on higher grades.

The analyst points out the result was largely overshadowed by the release of an updated three-year outlook, including FY22 guidance, Board approval for Cowal undergound and Red Lake expansion.

FY22 group guidance of 670-730koz at $1,220-1,280/oz all-in sustaining costs (AISC) is in-line with prior broker estimates.

This report was published on July 19, 2021.

Target price is $4.00 Current Price is $4.18 Difference: minus $0.18 (current price is over target).
If EVN meets the Canaccord Genuity target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.29, suggesting upside of 2.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 11.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 24.2%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 7.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.6, implying annual growth of -10.9%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 21.3.

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

FMG    FORTESCUE METALS GROUP LIMITED

Iron Ore – Overnight Price: $24.91

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

Forecasts for Fortescue Metals Group have benefited from Bell Potter's updates to commodity pricing and foreign exchange rates. 

Bell Potter notes the iron ore price has remained stronger than expected, and has provided updates to reflect this through to FY22 and FY23.

The broker does note downside risk to pricing given lower Chinese steel production, increased iron ore production, and ongoing covid-19 impacts. 

The broker increases forecasts for FY21 dividends by 1.3%. The Hold rating is retained and the target price increases to $24.06 from $23.96.

This report was published on July 16, 2021.

Target price is $24.06 Current Price is $24.91 Difference: minus $0.85 (current price is over target).
If FMG meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $22.14, suggesting downside of -11.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 544.90 cents and EPS of 468.96 cents.
At the last closing share price the estimated dividend yield is 21.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 450.8, implying annual growth of N/A.
Current consensus DPS estimate is 418.6, implying a prospective dividend yield of 16.8%.
Current consensus EPS estimate suggests the PER is 5.5.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 450.31 cents and EPS of 428.99 cents.
At the last closing share price the estimated dividend yield is 18.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 393.7, implying annual growth of -12.7%.
Current consensus DPS estimate is 332.2, implying a prospective dividend yield of 13.3%.
Current consensus EPS estimate suggests the PER is 6.3.

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

GNC    GRAINCORP LIMITED

Agriculture – Overnight Price: $5.23

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

After reviewing key drivers of GrainCorp’s near-term outlook, and incorporating a more favourable rainfall outlook for key yield development months, Bell Potter upgrades profit forecasts for FY22 and FY23 by 14% and 5%.

The broker suggests a record opening forecast by ABARES, and a subsequent firming in the seasonal outlook, is setting up a second consecutive large crop. This is estimated to likely support earnings through FY23, given elevated carry-out volumes.

Bell Potter retains its Hold rating and $5.50 target price.

This report was published on July 20, 2021.

Target price is $5.50 Current Price is $5.23 Difference: $0.27
If GNC meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $6.30, suggesting upside of 20.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 23.00 cents and EPS of 43.20 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 12.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.2, implying annual growth of 48.0%.
Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 20.00 cents and EPS of 43.90 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.9, implying annual growth of -3.2%.
Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 13.1.

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

HDN    HOMECO DAILY NEEDS REIT

REITs – Overnight Price: $1.48

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

Goldman Sachs maintains its Buy rating and increases its target price to $1.57 from $1.52, to incorporate the recent equity raising and acquisition. The company raised $70m at $1.45 to help fund the acquisition of Tower Centre Victoria Point for -$160m.

The broker expects the transaction to be immediately accretive to previously provided FY22 funds from operations (FFO) guidance of 8.3 cents, and marginally accretive to net tangible assets (NTA).

The analyst expects balance sheet gearing to rise to the midpoint of its targeted 30-40% gearing range, post transaction. It's believed there's capacity for more earnings-enhancing acquisitions and developments. Shares are considered attractively priced versus peers.

This report was published on July 19, 2021.

Target price is $1.57 Current Price is $1.48 Difference: $0.09
If HDN meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.56, suggesting upside of 5.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs 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 37.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.0, implying annual growth of N/A.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 37.0.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.4, implying annual growth of 110.0%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 17.6.

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

HPG    HIPAGES GROUP HOLDINGS LIMITED

Online media & mobile platforms – Overnight Price: $3.20

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

Goldman Sachs is confident in the company's ability to execute on its customer acquisition strategy. Current fundamentals appear strong and should support the long-term structural growth in the marketplace.

Tradie app downloads in June were up 131%, which the broker considers a proxy for subscriber growth and envisages around 20% revenue growth over the forecast period.

Buy rating retained. Target rises to $4.10 from $3.35.

This report was published on July 21, 2021.

Target price is $4.10 Current Price is $3.20 Difference: $0.9
If HPG meets the Goldman Sachs target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 64.00.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 106.67.

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $24.06

JP Morgan rates ((HUB)) as Underweight (5) –

After a strong fourth quarter update, JP Morgan still retains its Underweight rating for Hub24. It's believed the current valuation is difficult to justify, given the risk to Hub24's margins from increasing competition and a persistent low interest rate environment. 

The broker lifts its price target to $20.40 from $19, driven by the analyst's discounted cashflow model and forecast earnings upgrades. Strong flows were largely attributed to the bulk ClearView Wealth transition, and a smaller contribution from Xplore Wealth.

Flows were also supported by adviser growth, with the company adding 305 new advisers to the platform over the quarter, explains the broker.

This report was published on July 21, 2021.

Target price is $20.40 Current Price is $24.06 Difference: minus $3.66 (current price is over target).
If HUB meets the JP Morgan target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $28.32, suggesting upside of 17.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 10.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 0.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 80.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 104.9%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 89.4.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 18.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.3, implying annual growth of 64.7%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 54.3.

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

---

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

Hub24 has notched up its third consecutive quarter of record net flows of $3.9bn, up 259% year-on-year and 104% quarter-on-quarter, significantly ahead of Shaw and Partners' estimates.

Shaw believes the company's ability to add the entirety of FY19 net flows in a single quarter, demonstrates a significant acceleration and step-change for a high-quality group, which in the broker's opinion has the potential to become a behemoth in the long term.

Based on Shaw estimates, Hub24 could reach $100bn in total funds under advice (FUA) by FY24.

To reflect the latest net flows and FUA results, the broker has upgraded underlying earnings by 2.6%, 3.2%, and 2.2% in FY21, FY22, and FY23 respectively.

The Buy rating is unchanged with the target price rising to $30 from $27.

This report was published on July 21, 2021.

Target price is $30.00 Current Price is $24.06 Difference: $5.94
If HUB meets the Shaw and Partners target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $28.32, suggesting upside of 17.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 9.00 cents and EPS of 26.30 cents.
At the last closing share price the estimated dividend yield is 0.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 91.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 104.9%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 89.4.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 13.10 cents and EPS of 43.40 cents.
At the last closing share price the estimated dividend yield is 0.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.3, implying annual growth of 64.7%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 54.3.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $9.31

JP Morgan rates ((IGO)) as Overweight (1) –

JP Morgan retains IGO as a key sector pick, based on very strong earnings growth, balance sheet strength, high free cashflow and exposure to a forecast rise in lithium prices. 

The compelling demand outlook for lithium leads the broker to factor in proposed expansions at Greenbushes and Kwinana. After a review by a new analyst, the target price lifts to $10 from $8.40. The Overweight rating is maintained.

This report was published on July 14, 2021.

Target price is $10.00 Current Price is $9.31 Difference: $0.69
If IGO meets the JP Morgan target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $7.73, suggesting downside of -17.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 3.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 0.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of -3.4%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 37.1.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 16.00 cents and EPS of 33.00 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 28.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.5, implying annual growth of 13.5%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 32.7.

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

INA    INGENIA COMMUNITIES GROUP

Aged Care & Seniors – Overnight Price: $5.79

Moelis rates ((INA)) as Hold (3) –

Moelis observes Ingenia Communities Group has closed out FY21 with strong momentum, driven by continuing strong activity in the residential market. 

The company reported settling a record 155 houses during the fourth quarter, for a total 380 settlements in FY21. Ingenia Communities Group has increased earnings guidance to reflect 30% year-on-year growth. 

The broker has made marginal increases to FY22 settlement estimates to 430 from 425, implying around 15% year-on-year growth. Despite this, Moelis is expecting earnings growth of around 4% due to a change in project mix. 

The Hold rating is retained and the target price increases to $5.89 from $5.57.

This report was published on July 19, 2021.

Target price is $5.89 Current Price is $5.79 Difference: $0.1
If INA 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 11.10 cents and EPS of 23.20 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.96.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 12.40 cents and EPS of 24.70 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 23.44.

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

INR    IONEER LIMITED

New Battery Elements – Overnight Price: $0.41

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

In what Canaccord Genuity considered was a critical deliverable for Ioneer this year, the company announced the issuance of a Water Pollution Control Permit for its Rhyolite Ridge lithium-boron project in Nevada. 

The broker highlights there were no appeals to the granting of the permit, demonstrating the company's engagement with stakeholders in the region. Canaccord Genuity maintains its Buy rating and $0.60 target price.

Upon financing and final approvals, the analyst believes quick progress can be made towards construction and delivery of the Rhyolite Ridge project. Management also guided to signing a strategic partnership/sell-down during the September quarter 2021. 

This report was published on July 19, 2021.

Target price is $0.60 Current Price is $0.41 Difference: $0.19
If INR meets the Canaccord Genuity target it will return approximately 46% (excluding dividends, fees and charges).

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

IRI    INTEGRATED RESEARCH LIMITED

IT & Support – Overnight Price: $1.84

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

A trading update from Integrated Research is guiding to FY21 revenue at the top end of the $74.1-79.1m guidance range and net profit slightly above the $4.1-7.1m guidance range. 

Bell Potter reports a number of contract signings and renewals toward the end of the reporting period drove strong revenue and profit results. The broker is forecasting FY21 revenue of $78.4m, but has downgraded forecasts for FY22 and FY23 on expected increases to expenses. 

The Hold rating and target price of $2.25 are retained. 

This report was published on July 16, 2021.

Target price is $2.25 Current Price is $1.84 Difference: $0.41
If IRI meets the Bell Potter target it will return approximately 22% (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 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.81.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 2.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 1.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.67.

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

JBH    JB HI-FI LIMITED

Consumer Electronics – Overnight Price: $48.04

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

JB Hi-Fi's fourth-quarter FY21 update reveals continued heightened demand for consumer electronics and home appliance/entertainment products.

FY21 earnings of $743.2m were 15.6% ahead of Bell Potter estimates, with online sales up 78.1% to $1.1bn, representing 11.9% of total sales.

From a bottom-up perspective, the broker believes the update further demonstrates JB Hi-Fi remains a key destination retailer for technology/consumer electronics, while a materially stronger Good Guys business resonates strongly with consumers for home appliances.

The Hold rating is retained and the target price increases to $46.50 from $45.50.

This report was published on July 21, 2021.

Target price is $46.50 Current Price is $48.04 Difference: minus $1.54 (current price is over target).
If JBH meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $52.39, suggesting upside of 9.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 194.70 cents and EPS of 297.40 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 420.4, implying annual growth of 59.8%.
Current consensus DPS estimate is 275.7, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 193.60 cents and EPS of 295.60 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 16.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 317.8, implying annual growth of -24.4%.
Current consensus DPS estimate is 211.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 15.1.

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

---

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

JB Hi-Fi's pre-announced FY21 results show sales of $8,916.1m, beating Goldman Sachs forecasts by 0.3%, and underlying earnings of $743.2m, up 2% on Goldman Sachs forecasts. 

The broker highlights continued strength in momentum for The Good Guys division was a key upside surprise of the announcement, and expects this momentum to continue into FY22. 

Goldman Sachs makes no major changes to outlooks, but notes current sales strength is unsustainable and expected to normalise over FY22 and FY23. 

The Neutral rating is retained and the target price increases to $49.40 from $48.00. 

This report was published on July 20, 2021.

Target price is $49.40 Current Price is $48.04 Difference: $1.36
If JBH meets the Goldman Sachs target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $52.39, suggesting upside of 9.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 287.00 cents and EPS of 437.00 cents.
At the last closing share price the estimated dividend yield is 5.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 420.4, implying annual growth of 59.8%.
Current consensus DPS estimate is 275.7, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 209.00 cents and EPS of 320.00 cents.
At the last closing share price the estimated dividend yield is 4.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 317.8, implying annual growth of -24.4%.
Current consensus DPS estimate is 211.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 15.1.

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

---

Jarden rates ((JBH)) as Underweight (2) –

Jarden observesa strong end to FY21 for JB Hi-Fi, with final net profit around 9% ahead of the broker's estimate. 

The broker expects margins to moderate going forward as stock shortages decrease and the competitive backdrop increases, and does not expect earnings at FY21 levels to be repeated.

Jarden expects earnings to materially slow into FY22 and medium-term capital expenditure to increase in order for the company to retain an industry leading position. 

The Underweight rating is retained and the target price decreases to $47.00 from $50.00.

This report was published on July 20, 2021.

Target price is $47.00 Current Price is $48.04 Difference: minus $1.04 (current price is over target).
If JBH 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 $52.39, suggesting upside of 9.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 303.00 cents and EPS of 440.50 cents.
At the last closing share price the estimated dividend yield is 6.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 420.4, implying annual growth of 59.8%.
Current consensus DPS estimate is 275.7, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 227.00 cents and EPS of 302.10 cents.
At the last closing share price the estimated dividend yield is 4.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 317.8, implying annual growth of -24.4%.
Current consensus DPS estimate is 211.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 15.1.

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

KGN    KOGAN.COM LIMITED

Retailing – Overnight Price: $10.39

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

Canaccord Genuity is encouraged by the trading update, as the company appears to have passed the worst in its operating performance.

With around 60% of the Australian population currently in various stages of lockdown and retail stores being forced to shut in Sydney, the broker believes this should ensure a rebound in earnings in FY22.

The broker considers the stock materially "under owned" by domestic institutions and believes the longer the domestic lockdown, the better the short-term earnings momentum will be for Kogan.com. Buy rating and $14 target maintained.

This report was published on July 21, 2021.

Target price is $14.00 Current Price is $10.39 Difference: $3.61
If KGN meets the Canaccord Genuity target it will return approximately 35% (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 20.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.98.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 30.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.16.

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

---

Jarden rates ((KGN)) as Upgrade to Underweight from Neutral (2) –

The trading update has flagged sales growth of 52.5% in FY21, in line with Jarden's expectations. This was driven by active customer growth of over 46%.

The broker notes the inventory position, while stabilising, remains elevated, although the increasing portion of private-label product necessitates a higher level of stock.

Jarden lowers revenue forecasts by -5-6% for FY22-23, reducing exclusive brands sales and factoring in continued promotional activity to clear the inventory.

Amid earnings uncertainty, the broker downgrades to Underweight from Neutral. Target is reduced to $10.12 from $10.63.

This report was published on July 21, 2021.

Target price is $10.12 Current Price is $10.39 Difference: minus $0.27 (current price is over target).
If KGN meets the Jarden target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 16.00 cents and EPS of 31.50 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.98.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 25.00 cents and EPS of 27.80 cents.
At the last closing share price the estimated dividend yield is 2.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.37.

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

LDX    LUMOS DIAGNOSTICS HOLDINGS LIMITED

Medical Equipment & Devices – Overnight Price: $1.13

Bell Potter rates ((LDX)) as Initiation of coverage with Buy (1) –

Bell Potter initiates coverage on Lumos Diagnostics with a Buy (Speculative) rating and $1.70 target price. The company maintains a diagnostics business with two key segments.

The Services business develops and commercialises point of care diagnostics, while the Product business utilises the company's proprietary technology platform.

The platform allows the company's FebriDx test to rapidly differentiate between viral and bacterial infections, with high levels of accuracy and sensitivity. The test is approved in the EU and Canada and management anticipates FDA 510k approval this calendar year.

FebriDx has the same or better reported outcomes with robust data-sets, and is faster to operate than its closest competitors, points out the broker. This makes it a very attractive diagnostic and triage tool, especially for GP and urgent care offices, notes Bell Potter.

Target price is $1.70 Current Price is $1.13 Difference: $0.57
If LDX meets the Bell Potter target it will return approximately 50% (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 7.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.48.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 16.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.81.

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

LPD    LEPIDICO LIMITED

Overnight Price: $0.02

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

Shaw and Partners initiates coverage on Lepidico with a Buy recommendation and $0.031 target price.

Lepidico has developed proprietary technology for extracting lithium from mica minerals, which the broker believes opens up a new source of lithium to supply rapidly growing demand from lithium ion batteries.

Assuming the company is successful at pioneering an alternative source of lithium to the traditional brine and spodumene producers, the broker believes the $0.031 target – which is based only on the Phase 1 plant – is likely to prove very conservative.

This report was issued July 21, 2021.

Target price is $0.03 Current Price is $0.02 Difference: $0.011
If LPD meets the Shaw and Partners target it will return approximately 55% (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 0.00 cents.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.00.

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

MAH    MACMAHON HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.22

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

Having signed several contracts, while also confirming earnings guidance in line with expectations, Canaccord Genuity believes Macmahon Holdings is well-positioned to benefit from the strong demand outlook for mining services companies, while also having protections in place for potential labour challenges in WA.

The broker estimates the tender pipeline is currently worth $5bn-$6bn and estimates peak net-debt/earnings to occur in FY22 when the broker is forecasting 1.1x.

Buy rating unchanged and the target price increases to $0.28 from  $0.27.

This report was published on July 21, 2021.

Target price is $0.28 Current Price is $0.22 Difference: $0.06
If MAH meets the Canaccord Genuity target it will return approximately 27% (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 0.60 cents and EPS of 2.60 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.46.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.70 cents and EPS of 2.70 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.15.

Market Sentiment: 1.0
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: $67.70

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

Given the IC3 East development is largely contracted, Macquarie Telecom Group has announced IC3 Super West as the next stage of its data centre expansion.

According to Bell Potter, Super West will increase the company's total data centre capacity, with IT load increasing to 50 megawatts from 21 megawatts. The broker notes this reflects Macquarie Telecom Group's confidence in the demand outlook. 

Bell Potter's view is that there is strategic sense in maximising the capacity of the data centre, with the continued digitisation trend and operational track record giving confidence that this will provide long-term shareholder benefit.

The Hold rating is retained and the target price increases to $66.30 from $53.00. 

This report was published on July 16, 2021.

Target price is $66.30 Current Price is $67.70 Difference: minus $1.4 (current price is over target).
If MAQ meets the Bell Potter 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:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 51.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 132.75.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 44.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 153.86.

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

MHJ    MICHAEL HILL INTERNATIONAL LIMITED

Luxury – Overnight Price: $0.86

Jarden rates ((MHJ)) as Buy (1) –

Despite Michael Hill International reporting a -15.4% miss on Jarden forecasts for group revenue, the broker continues to be encouraged by the company's trading performance given covid impacts.

Australia and New Zealand saw same store sales growth of 7.5% and 15.7% respectively, and while Canada same store sales decreased -7.6% the region saw strong online sales growth. 

Management has pointed to new opportunities, which the broker assumes to mean an acquisition, expansion into new markets, or significant top-line initiatives.

The Buy rating and target price of $1.10 are retained. 

This report was published on July 16, 2021. 

Target price is $1.10 Current Price is $0.86 Difference: $0.24
If MHJ meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 4.50 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 5.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.17.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 6.00 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 6.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.36.

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

MPL    MEDIBANK PRIVATE LIMITED

Insurance – Overnight Price: $3.31

JP Morgan rates ((MPL)) as Neutral (3) –

JP Morgan retains its Neutral rating and increases its target price to $3.15 from $3 after previewing August results. It's thought points of interest will be the strategy under the new CEO and how the company will return excess covid-19 benefits.

The broker thinks claims in the 6 months to June are likely running below pre-pandemic levels, with the bounce back of deferred claims due to covid-19 not evident. 

JP Morgan has a preference for nib Holdings on valuation grounds, less underlying margin pressure and the likelihood of a medium-term turnaround in its travel business, once international travel commences.

This report was published on July 20, 2021.

Target price is $3.15 Current Price is $3.31 Difference: minus $0.16 (current price is over target).
If MPL meets the JP Morgan target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.21, suggesting downside of -2.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 12.23 cents and EPS of 16.67 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.5, implying annual growth of 35.5%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 21.4.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 11.86 cents and EPS of 14.99 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.4, implying annual growth of -0.6%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 21.5.

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $7.14

JP Morgan rates ((NHF)) as Overweight (1) –

JP Morgan retains its Overweight rating and increases its target price to $7.08 from $6.56 after previewing August results.

The broker thinks claims in the six months to June are likely running below pre-pandemic levels, with the bounce back of deferred claims due to covid-19 not evident. 

JP Morgan has a preference for nib Holdings over Medibank Private ((MPL)) on valuation grounds, less underlying margin pressure and the likelihood of a medium-term turnaround in its travel business, once international travel commences.

This report was published on July 20, 2021.

Target price is $7.08 Current Price is $7.14 Difference: minus $0.06 (current price is over target).
If NHF meets the JP Morgan target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.45, suggesting downside of -9.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 26.69 cents and EPS of 39.32 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 18.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 67.6%.
Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 21.6.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 17.65 cents and EPS of 28.63 cents.
At the last closing share price the estimated dividend yield is 2.47%.
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 31.7, implying annual growth of -4.2%.
Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 22.5.

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

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $10.22

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

Sales in the June quarter were ahead of estimates. Production increases occurred at Kalgoorlie and Pogo of 29% and 47%, respectively. The company has also entered into an agreement with Evolution Mining ((EVN)) for the sale of the Kundana operations.

Canaccord Genuity notes resource and reserve grades have been trending down at Kundana the past few years and its days of high grades are well behind it. The company expects to invest the proceeds of the sale in growth projects.

The broker retains a Buy rating and $13.40 target.

This report was published on July 22, 2021.

Target price is $13.40 Current Price is $10.22 Difference: $3.18
If NST meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $12.43, suggesting upside of 21.6%(ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is 43.0, implying annual growth of 15.3%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY22:

Current consensus EPS estimate is 45.1, implying annual growth of 4.9%.
Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 22.7.

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

NTO    NITRO SOFTWARE LIMITED

IT & Support – Overnight Price: $3.39

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

Nitro Software has launched Nitro Sign as a stand-alone subscription product. Together with the PDFPen acquisition, Shaw and Partners believes this will reinforce the platform strategy that offers customers a full suite of workflow productivity solutions.

The broker also notes integration of the Nitro productivity platform with Salesforce, a leading customer relationship management program where sales documents are created.

Shaw and Partners retains a Buy rating and target price of $3.90.

This report was published on July 22, 2021.

Target price is $3.90 Current Price is $3.39 Difference: $0.51
If NTO meets the Shaw and Partners target it will return approximately 15% (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 10.66 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.81.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 10.39 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.62.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $1.51

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

Wilsons notes Moody's has released preliminary ratings for Plenti Group's first ABS issuance, implying pricing could be up to 100 basis points better than previously anticipated.

The pricing is a key catalyst, in the broker's view, providing meaningful insights into the cost base, yield and potential net interest margin going forward.

The equity component of the issuance is materially below the broker's expectations and follows the -50% reduction in equity funding components for the $450m warehouse announced on July 13.

Overweight rating and $1.75 target retained.

This report was published on July 22, 2021.

Target price is $1.75 Current Price is $1.51 Difference: $0.24
If PLT meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 40.81.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.07.

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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.21

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

June quarter production was in line with Bell Potter's forecasts. Costs were at the lower end of guidance.

The approvals for Norseman remain outstanding and Bell Potter now expects the 47-week construction schedule will be under pressure to meet targeted production. The broker retains a Buy rating and raises the target to $0.28 from $0.27.

This report was published on July 21, 2021.

Target price is $0.28 Current Price is $0.21 Difference: $0.07
If PNR meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.33.

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 15.00.

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

PRU    PERSEUS MINING LIMITED

Gold & Silver – Overnight Price: $1.68

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

Perseus Mining's gold production of 103koz came in higher than Canaccord Genuity (93koz) and consensus (98koz) and was up 16% on the March quarter, June quarter average all-in costs of US$1,047/oz were slightly higher than the forecast of US$973.

Guidance for first half FY22 has been set at 225-255koz at an all-in cost of US$925-1,025/oz, implying annual run rates of 500kozpa, at the top end of guidance.

Perseus has flagged it expects to release an updated LOMP for Yaoure in August, results from the Bagoe feasibility study, and a LOMP update for Sissingue, both also in August 2021.

Perseus remains a top pick in the broker's gold sector coverage. Buy rating and target price of $1.85 are both unchanged.

This report was issued on July 21, 2021.

Target price is $1.85 Current Price is $1.68 Difference: $0.17
If PRU meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.75, suggesting upside of 4.2%(ex-dividends)
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 0.08 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2100.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of -9.7%.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 23.0.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.02 cents and EPS of 0.23 cents.
At the last closing share price the estimated dividend yield is 0.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 730.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 146.6%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 9.3.

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

PWH    PWR HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $7.33

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

While Bell Potter does not expect PWR Holdings to provide FY22 guidance, the broker expects a key differentiating factor of the company's result next month to be the positive outlook for FY22 and beyond on the back of anticipated continued growth in each of the company’s four key divisions.

The broker continues to expect a strong FY21 result with forecast revenue and net profit growth of 28% and 34% respectively.

Bell Potter also continues to expect strong growth in both FY22 and FY23 with forecast double-digit growth in both revenue and net profit.

The Hold rating is retained and the target price increases to $7.00 from $5.85 due to an expected more positive outlook than most at the upcoming result.

This report was published on July 21, 2021.

Target price is $7.00 Current Price is $7.33 Difference: minus $0.33 (current price is over target).
If PWH meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 9.30 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.89.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 12.20 cents and EPS of 22.40 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.72.

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

RHC    RAMSAY HEALTH CARE LIMITED

Healthcare services – Overnight Price: $64.14

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

Wilsons notes the cash bid for UK operator Spire failed to secure the requisite shareholder support in order to proceed.

The broker suggests Ramsay Health Care may pursue alternative strategies to secure these assets at a later date because the combination appears too compelling to abandon altogether.

The broker retains a positive outlook for the UK private hospital sector. Market Weight rating maintained. Target is raised to $65.76 from $65.50.

This report was published on July 22, 2021.

Target price is $65.76 Current Price is $64.14 Difference: $1.62
If RHC meets the Wilsons target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $68.18, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 114.50 cents and EPS of 190.80 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.0, implying annual growth of 51.9%.
Current consensus DPS estimate is 124.3, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 32.2.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 135.00 cents and EPS of 251.70 cents.
At the last closing share price the estimated dividend yield is 2.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 251.5, implying annual growth of 26.4%.
Current consensus DPS estimate is 157.8, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 25.5.

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

S32    SOUTH32 LIMITED

Mining – Overnight Price: $2.97

Goldman Sachs rates ((S32)) as Buy (1) –

Alumina production increased 17% and Illawarra metallurgical coal 15% in the June quarter. Manganese production and alumina pricing were better than Goldman Sachs expected, offset by weaker alumina and zinc production as well as soft manganese pricing.

The sale of South Africa Energy Coal has been completed and strengthens the balance sheet, while in the broker's opinion potentially unlocking up to US$1bn in capital returns over the next few years.

Goldman Sachs retains a Buy rating and reduces the target to $3.70 from $3.80.

This report was published on July 21, 2021.

Target price is $3.70 Current Price is $2.97 Difference: $0.73
If S32 meets the Goldman Sachs target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $3.52, suggesting upside of 18.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 9.19 cents and EPS of 14.26 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of N/A.
Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 29.44 cents and EPS of 42.10 cents.
At the last closing share price the estimated dividend yield is 9.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.7, implying annual growth of 110.3%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 9.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

---

Shaw and Partners rates ((S32)) as Buy (1) –

South32 sustained record annual production at Worsley alumina and Brazil alumina, with both refineries benefiting from high plant availability. Illawarra metallurgical coal also delivered an increase in production.

Shaw and Partners assesses the company continues to provide stable, consistent and reliable production, noting a couple of record numbers in the quarterly.

Price tailwinds across key commodities will also assist margins heading into FY22. An additional update on the Dendrobium extension project is expected by the end of the year. The broker retains a Buy rating with a $3.30 target.

This report was published on July 22, 2021.

Target price is $3.30 Current Price is $2.97 Difference: $0.33
If S32 meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.52, suggesting upside of 18.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 8.13 cents and EPS of 15.06 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of N/A.
Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 15.19 cents and EPS of 28.24 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.7, implying annual growth of 110.3%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 9.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $29.27

Goldman Sachs rates ((SEK)) as Downgrade to Sell from Neutral (5) –

Following a record quarter for Seek, Goldman Sachs has increased earnings per share forecasts for FY21 and FY22 by 8% and 14% respectively. The broker is now expecting underlying earnings of $498m for FY21, up from $480m. 

However, it is Goldman Sachs' view that consensus forecasts through to FY23 are too optimistic and as a result the broker's FY23 underlying earnings forecast is -9% down on consensus. 

Goldman Sachs notes ongoing employment strength is likely to be offset by a decline in job vacancy rates, with recent data suggesting this normalisation has already begun. 

The rating is downgraded to Sell and the target price increases to $30.80 from $30.40. 

This report was published on July 18, 2021. 

Target price is $30.80 Current Price is $29.27 Difference: $1.53
If SEK meets the Goldman Sachs target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $31.36, suggesting upside of 7.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 30.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 73.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.3, implying annual growth of N/A.
Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 70.9.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 23.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 0.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 58.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.6, implying annual growth of 39.5%.
Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 50.8.

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

ST1    SPIRIT TECHNOLOGY SOLUTIONS LIMITED

Telecommunication – Overnight Price: $0.31

Shaw and Partners rates ((ST1)) as Buy (1) –

The highlight of Spirit Technology Solutions' FY21 preliminary results and guidance for FY22 were underlying earnings of $11.5m in FY21, up 208% year-on-year and underwritten by material acquisitions.

Shaw and Partners notes this implies second-half FY21 earnings of $7.1m or 60% up on first-half FY21.

Driven by slower integration savings to Shaw’s previous expectations and volatility on costs driven by covid-related effects, the broker reduces earnings forecasts by -19% in FY22 onwards.

The broker is now forecasting an earnings margin of 12.9% in FY22 and sees potential upside to management forecasts as integration savings increase into second-half FY22 and lockdowns reduce.

The Buy rating remains and the target price is lowered to $0.46 from $0.60.

This report was published on July 21, 2021.

Target price is $0.46 Current Price is $0.31 Difference: $0.15
If ST1 meets the Shaw and Partners target it will return approximately 48% (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 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.67.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.85.

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

SXY    SENEX ENERGY LIMITED

Crude Oil – Overnight Price: $3.19

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

Senex Energy Ltd finished FY21 with revenue of $116m, broadly in line with Bell Potter estimates.

Over the quarter, Senex's net cash position fell to $26m from $36m and at quarter-end, the company had cash of $101m and $50m in undrawn debt.

Bell Potter notes Senex provides leverage to Australia’s east coast gas market where supply deficits are supporting high prices.

Buy rating and target price of $3.75 remain unchanged.

This report was published on July 21, 2021.

Target price is $3.75 Current Price is $3.19 Difference: $0.56
If SXY meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.84, suggesting upside of 20.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 8.00 cents and EPS of 6.10 cents.
At the last closing share price the estimated dividend yield is 2.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.3, implying annual growth of N/A.
Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 31.0.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 8.00 cents and EPS of 30.50 cents.
At the last closing share price the estimated dividend yield is 2.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 161.2%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 11.9.

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

---

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

While Senex Energy's production plateaued during the period, Canaccord Genuity believes the company looks very well-placed to deliver on further expansions in the Surat Basin and hence remains the broker's most preferred production name.

With the reservoir/well performance continuing to exceed the company's expectations, the broker is hopeful further debottlenecking activities will commence in first half FY22.

Canaccord Genuity has lowered FY21 earnings to $60m due to higher third-party purchases.

The Buy rating and the target price of $4.59 are both unchanged.

This report was published on July 21, 2020.

Target price is $4.59 Current Price is $3.19 Difference: $1.4
If SXY meets the Canaccord Genuity target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $3.84, suggesting upside of 20.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 1.50 cents and EPS of 1.40 cents.
At the last closing share price the estimated dividend yield is 0.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 227.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.3, implying annual growth of N/A.
Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 31.0.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 10.40 cents and EPS of 25.10 cents.
At the last closing share price the estimated dividend yield is 3.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 161.2%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 11.9.

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

---

Jarden rates ((SXY)) as Buy (1) –

Senex Energy's June quarter update showed the company is operating at capacity given existing infrastructure. 

The broker notes final investment decision on an expansion at Atlas is expected in the first quarter of FY22, and that the Roma North expansion is expected to come online this quarter.

According to Jarden, the key risk to valuation is delays or execution failures with expansion projects. The Buy rating and target price of $4.15 are retained.

This report was published on July 20, 2021.

Target price is $4.15 Current Price is $3.19 Difference: $0.96
If SXY meets the Jarden target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $3.84, suggesting upside of 20.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 3.50 cents and EPS of 5.50 cents.
At the last closing share price the estimated dividend yield is 1.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 58.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.3, implying annual growth of N/A.
Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 31.0.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 7.50 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 2.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 161.2%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 11.9.

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

TAH    TABCORP HOLDINGS LIMITED

Gaming – Overnight Price: $4.95

JP Morgan rates ((TAH)) as Neutral (3) –

In light of Tabcorp's recent intention to demerge the Lotteries & Keno business, JP Morgan notes the company is levered to declining segments of wagering such as retail and tote. Corporate bookmakers continue to win share online and across sports/racing.

The broker notes the current share price is reached just by using a lotteries standalone multiple. It's believed the focus will remain on extracting the value of lotteries going forward. JP Morgan retains its Neutral rating and $4.20 target price.

This report was published on July 15, 2021.

Target price is $4.20 Current Price is $4.95 Difference: minus $0.75 (current price is over target).
If TAH meets the JP Morgan target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.46, suggesting upside of 10.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 14.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of N/A.
Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 27.7.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 14.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.7, implying annual growth of 10.1%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 25.1.

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

WSP    WHISPIR LIMITED

Cloud services – Overnight Price: $2.50

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

Revenue in the fourth quarter was in line with guidance. Australasia outperformed while the pandemic presented some challenges for new customers in Asia. Shaw and Partners considers the latter out of management's control and probably a timing issue.

The broker asserts incremental annual recurring revenue of $11.9m in FY21 has been produced on essentially the same headcount as in FY19 and does not believe the strong results are being reflected in current multiples.

Shaw and Partners maintains a Buy rating, raising the target to $5.30 from $5.20.

This report was published on July 22, 2021.

Target price is $5.30 Current Price is $2.50 Difference: $2.8
If WSP meets the Shaw and Partners target it will return approximately 112% (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 6.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.23.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.41.

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

---

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

Wilsons found the fourth quarter results solid, given the disruption resulting from the pandemic. Around 80% of revenue is generated in Australasia and this will ultimately drive the FY21 result, suggests the broker.

The Americas generated 4% of first half revenue and currently represent around 5% of customers. The broker forecasts revenue of $64m in FY22 and increases its estimate for an EBITDA loss to -$5.7m. Overweight maintained. Target is reduced to $5.07 from $5.16.

This report was published on July 22, 2021.

Target price is $5.07 Current Price is $2.50 Difference: $2.57
If WSP meets the Wilsons target it will return approximately 103% (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 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 40.32.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 7.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.65.

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

WZR    WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.30

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

Shaw and Partners assesses continuing momentum, after Wisr's fourth quarter update showed 27% growth versus the third quarter. New loan originations of $123m were 4% ahead of the broker's estimate. More than $100m per quarter is now being written.

The analyst notes the company is objectively ahead of its peers, not only by a substantial margin, but also consistently. This was the case even during covid, when it was the only neolender to grow its book, despite the downturn, explains the broker.

Shaw and Partners maintains its Buy rating and $0.55 target price.

This report was published on July 21, 2021.

Target price is $0.55 Current Price is $0.30 Difference: $0.25
If WZR meets the Shaw and Partners target it will return approximately 83% (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 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.00.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 75.00.

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

---

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

As part of emerging new trends overseas, The Australian Broker Call *Extra* Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.

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

Click to view our Glossary of Financial Terms