Australian Broker Call *Extra* Edition – Aug 04, 2021

This story features LIFE360 INC, and other companies. For more info SHARE ANALYSIS: 360

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)

360   4DX   ABR   AIM   ALC   ALU (2)   APE   BCI (2)   BET   BML   BTH   CBR   CCX (3)   CLU   CRN (2)   CRW   DOC   DRR   DTC (2)   ECF   EML   EVN (2)   HUO   IEL   IFM   IGO (2)   ILU (2)   JHC   JRV   LIC   LPD   NCM   NIC   NST (2)   NTO (2)   NUC   NXS   NXT   OGC   OPY   OSL   OZL (2)   PBH   PDN   PEN   REA   RIO   RMY   SBM   SLH   SM1   SSM   STA   TPW (3)   TSI   UNI   VHT   YFZ   Z1P  

360    LIFE360, INC

Software & Services – Overnight Price: $8.00

Bell Potter rates ((360)) as Buy (1) –

After a better-than-expected second quarter, Bell Potter highlights US and international monthly active users (MAU) both increased by 2.1m versus the first quarter. Also, annualised monthly revenue (AMR) in June was up 36% year-on-year.

Global paying circles increased 10% quarter-on-quarter to 1m, and average revenue per paying circle increased 5%. Meanwhile, revenue in the second quarter was up 28% year-on-year to US$25m, and the underlying earnings (EBITDA) loss was -US$3.3m.

Management said “if the variant surge in the US is contained at current levels, we expect AMR by December 2021 to exceed our previous guidance of US$110 to US$120 million for Life360’s core business.”

Bell Potter upgrades its revenue forecasts by around 2% across 2021-2023. However, forecast underlying losses are increased, due to the flagged potential increase in investment, as well as higher than expected losses from Jiobit.

The broker retains its Buy rating and increases its target price to $9.50 from $9.25.

This report was published on July 29, 2021.

Target price is $9.50 Current Price is $8.00 Difference: $1.5
If 360 meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 22.25 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.96.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 14.92 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 53.62.

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

4DX    4DMEDICAL LIMITED

Medical Equipment & Devices – Overnight Price: $1.50

Bell Potter rates ((4DX)) as Hold (3) –

According to Bell Potter, 4D Medical has recorded a generally positive June quarter with the company banking $7.1m in proceeds from the Medical Research Future Fund. This is the first in a series of grants to be paid over three to four years and total $28m. 

The company also reported $596,000 in customer receipts. 

The research program and pilot studies are progressing in both Australian and the US. The VQ Scan clinical trial is underway at two US sites, with headline results due in late 2021. 

The Speculative Hold rating and target price of $1.80 are retained. 

The report was published on July 26, 2021.

Target price is $1.80 Current Price is $1.50 Difference: $0.3
If 4DX meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 5.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.79.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 6.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.39.

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

ABR    AMERICAN PACIFIC BORATES LIMITED

Agriculture – Overnight Price: $1.37

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

Within the June quarter update, American Pacific Borates announced it is preparing for the start-up of its flagship 100% owned Fort Cady project – a solution mine and processing plant operation in California.

The company estimates it will cost -US$210m to commence the first phase of operations.

In Shaw and Partners view, Fort Cady Project has outstanding financial metrics, and using the broker's base case commodity price deck believes the first phase of the Fort Cady Project has a post-tax net present value of US$421m and internal rate of return of 16%.

Buy rating and $2.87 target price are both retained.

This report was published on July 28, 2021.

Target price is $2.87 Current Price is $1.37 Difference: $1.5
If ABR meets the Shaw and Partners target it will return approximately 109% (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 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 114.17.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 68.50.

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

AIM    AI-MEDIA TECHNOLOGIES LIMITED

Commercial Services & Supplies – Overnight Price: $0.90

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

AI-Media Technologies has released its fourth-quarter FY21 cashflow statement, delivering $5.0m in positive operating cashflow, a $6.6m improvement on the previous quarter.

Bell Potter believes improving operating cashflow bodes well for future operating margins going into FY22, and has upgraded revenue forecasts across the period by 1%, resulting in negligible changes to earnings.

The broker expects an update to the company’s segment reporting at the upcoming FY21 result to shed further light on the drivers of margin expansion and how this shapes operating margins going forward.

Bell Potter retains its Buy rating, and the target price increases to $1.50 from $1.40.

This report was published on July 28, 2021.

Target price is $1.50 Current Price is $0.90 Difference: $0.6
If AIM meets the Bell Potter target it will return approximately 67% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.00.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.86.

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

ALC    ALCIDION GROUP LIMITED

Healthcare services – Overnight Price: $0.37

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

Alcidion Group reported an FY21 positive operating cash flow of $1.1m, ahead of Bell Potter forecasts.

Cash as of June 30 was $25.0m which the broker notes is sufficient to fund ongoing operations and/or a small acquisition to improve the tech capacity and reach of market access.

Bell Potter believes the most relevant near-term catalysts are new contract additions in the UK which can drive ongoing upward pressure on the stock.

The Buy rating and target price of $0.45 are both unchanged.

This report was published on July 28, 2021.

Target price is $0.45 Current Price is $0.37 Difference: $0.08
If ALC 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 minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 185.00.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

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

ALU    ALTIUM

Hardware & Equipment – Overnight Price: $34.49

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

Autodesk has announced it has terminated discussions to acquire Altium. It is Bell Potter's view that Altium believes the value of the company is much greater than the offer implied if it is able to achieve the goal of developing a widely-adopted, cloud-based collaboration platform. 

Further, Bell Potter notes that Autodesk's approach may indicate major vendors in the design software market would prefer to own the platform rather than be a strategic partner for it. 

With the Autodesk acquisitions off the table, the broker has reduced the premium applied to Altium. The Hold rating is retained and the target price decreases to $35.00. 

This report was published on July 23, 2021.

Target price is $35.00 Current Price is $34.49 Difference: $0.51
If ALU meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $35.30, suggesting upside of 2.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 50.62 cents and EPS of 42.89 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 80.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.3, implying annual growth of N/A.
Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 76.1.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 53.28 cents and EPS of 49.55 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 69.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.5, implying annual growth of 20.3%.
Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 63.3.

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

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

The broker is increasingly of the view there is value there for Altium shareholders over the longer-term.

Shaw maintains a Buy rating and target price of $38.50 and will conduct a full review of the broker's forecasts and valuation methodology at the upcoming FY21 result in August.

This report was published on July 23, 2021. 

Target price is $38.50 Current Price is $34.49 Difference: $4.01
If ALU meets the Shaw and Partners target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $35.30, suggesting upside of 2.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 73.13 cents and EPS of 46.22 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 74.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.3, implying annual growth of N/A.
Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 76.1.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 80.46 cents and EPS of 52.35 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 65.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.5, implying annual growth of 20.3%.
Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 63.3.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $16.21

Moelis rates ((APE)) as Buy (1) –

Moelis raises FY21-23 EPS forecasts by 3-5% to capture higher margins from finance and insurance (F&I) in FY22 and beyond. This comes after a strong first half underlying profit (PBT) result, broadly in-line with the analyst’s forecast. Hence, the broker increases its target price to $18.73 from $17.82.

Management attributed the result to material cost savings extracted during 2020, ongoing synergies from the AHG merger and demand continuing to ‘materially outstrip’ supply.

The broker feels the company remains attractive, due to a strong forward order book to support profitability in the short term. In addition, there are other initiatives including F&I, EA123 (used cars) and property rationalisation to drive profit from 2022 and beyond.

Moelis retains its Buy rating.

This report was published on July 29, 2021.

Target price is $18.73 Current Price is $16.21 Difference: $2.52
If APE meets the Moelis target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $17.63, suggesting upside of 8.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 71.30 cents and EPS of 96.90 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 16.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.4, implying annual growth of 77.9%.
Current consensus DPS estimate is 59.6, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 57.50 cents and EPS of 76.30 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.6, implying annual growth of -17.4%.
Current consensus DPS estimate is 54.3, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 19.2.

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

BCI    BCI MINERALS LIMITED

Iron Ore – Overnight Price: $0.54

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

BCI Minerals' Iron Valley mine had another record quarter, with underlying earnings of $32m a 59% increase on the prior quarter. The strong results have lead Iron Valley to full-year underlying earnings of $70m, a 200% increase on FY20 results. 

Bell Potter notes strong iron ore prices offset marginally weaker sales volumes to drive solid results. Elsewhere, BCI Minerals is awaiting final environmental approvals for the Mardie Salt and SOP project. The broker notes additional equity required to fund the project may be less than expected if iron ore prices stay high. 

Bell Potter has made revisions to earnings per share forecasts through to FY23 due to iron ore price assumptions. FY22 increases 15% and FY23 increases 54%. 

The Buy rating is retained and the target price increases to $0.74 from $0.69. 

This report was published on July 26, 2021.

Target price is $0.74 Current Price is $0.54 Difference: $0.2
If BCI meets the Bell Potter target it will return approximately 37% (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 5.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.82.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 10.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.24.

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

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

The combination of ongoing strength in iron ore prices and a record $32.2m in operating earnings from the Iron Valley project have driven a solid June quarter result for BCI Minerals. 

Canaccord Genuity notes that momentum at the Mardie Salt project remains positive, with the Environmental Protection Agency recommending to the WA Minister for the Environment that the project can be implemented as proposed, subject to certain conditions already consistant with the design plans. 

The broker expects BCI Minerals to receive Ministerial approval in the September quarter, and notes that high earnings from Iron Valley are continuing to shrink the funding required for Mardie. 

The Speculative Buy rating and target price of $0.70 are retained. 

This report was published on July 26, 2021.

Target price is $0.70 Current Price is $0.54 Difference: $0.16
If BCI meets the Canaccord Genuity target it will return approximately 30% (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 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.50.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.29.

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

BET    BETMAKERS TECHNOLOGY GROUP LIMITED

Gaming – Overnight Price: $1.04

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

According to Canaccord Genuity, FY22 could be a catalyst rich year for Betmakers Technology Group, who enter the new financial year with substantial cash balance, an industry partner incentivised to introduce new deals into the business, and potential to build Northern hemisphere operations. 

The broker highlights cash receipts of $8.9m in the quarter, up 71% on the March quarter, were particularly impressive given Sportech settled two weeks from the end of the period. 

The Buy rating and target price of $1.45 are retained.

This report was published on July 27, 2021.

Target price is $1.45 Current Price is $1.04 Difference: $0.41
If BET meets the Canaccord Genuity target it will return approximately 39% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 104.00.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

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

BML    BOAB METALS LIMITED

Mining – Overnight Price: $0.44

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

Boab Metals' key activity during the June quarter was the ongoing 4,200m Phase V drilling program targeting mineralisation adjacent to the current open pit design, and Shaw and Partners notes early indications look highly encouraging.

Post quarter-end, Boab announced the acquisition of the Manbarrum zinc-lead-silver project from Todd River Resources ((TRT)).

Boab finished the quarter with a net cash position of $12.95m, which the broker notes leaves the company well funded to complete the current exploration and definitive feasibility study work.

The Buy rating and $1.02 target price are maintained.

This report was published on July 28, 2021.

Target price is $1.02 Current Price is $0.44 Difference: $0.58
If BML meets the Shaw and Partners target it will return approximately 132% (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 146.67.

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 14.67.

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

BTH    BIGTINCAN HOLDINGS LIMITED

Cloud services – Overnight Price: $1.15

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

Organic annual recurring revenue increase of 29% in FY21 has placed Bigtincan Holdings in the top-quartile of domestically listed software as a service stocks, reports Canaccord Genuity.

Canaccord Genuity notes total annual recurring revenue increased 48% to $53.1m, despite significant covid impacts. 

Bigtincan Holdings management believes the company is well positioned for growth in FY22. Given positive business momentum, the broker has increased annual recurring revenue forecasts through to FY23 by 1% each year. 

Canaccord Genuity is now expecting FY21 revenue to be above  $43.5m, at the top end of the $41-44m guidance range. 

The Buy rating is retained and the target price increases to $1.65 from $1.55.

This report was published on July 23, 2021.

Target price is $1.65 Current Price is $1.15 Difference: $0.5
If BTH meets the Canaccord Genuity target it will return approximately 43% (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 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 47.92.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 67.65.

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

CBR    CARBON REVOLUTION LIMITED

Automobiles & Components – Overnight Price: $1.03

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

While Carbon Revolution's fourth quarter update has wheel sales up 2.7% quarter-on-quarter, the total was still a -6.7% miss year-on-year. Bell Potter has decreased wheel sales forecasts, resulting in material decreases to revenue and underlying earnings per share expectations through to FY23. 

The company's mega-line is expected to be complete in 18 months, with Phase 1 of the project expected to provide around 75,000 wheels per annum of additional production capacity.

Bell Potter notes potential in Carbon Revolution, but continues to find key risk in ongoing execution, disclosure and cash burn. 

The Buy rating is retained and the target price decreases to $1.78 from $3.50.

This report was published on July 23, 2021.

Target price is $1.78 Current Price is $1.03 Difference: $0.75
If CBR meets the Bell Potter target it will return approximately 73% (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 19.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.39.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 14.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.15.

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

CCX    CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $5.38

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

City Chic Collective has recorded a strong FY21 according to Bell Potter, with expected underlying earnings of $40.0-42.5m a beat on the broker's forecast $38.8m. Bell Potter notes strong US and UK trading has offset temporary Australian store closures.

The company also announced the acquisition of Navabi, an online marketplace for women's plus-size brands, for $9.6m. The broker notes this strengthens City Chic Collective's European market foothold. 

Bell Potter has updated forecasts for FY21 results and the acquisition. The Buy rating is retained and the target price increases to $6.60 from $4.90. 

This report was published on July 26, 2021.

Target price is $6.60 Current Price is $5.38 Difference: $1.22
If CCX meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $5.45, suggesting upside of 1.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 3.00 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 0.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.4, implying annual growth of 191.3%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 51.7.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 9.90 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of 43.3%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 36.1.

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

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Jarden rates ((CCX)) as Buy (2) –

City Chic Collective announced the acquisition of Navabi, a German online plus-size fashion marketplace, for $9.6m and provided preliminary FY21 results, highlighting revenue of $258m, up 33% year-on-year and with sales growth up 31.6% on the previous period.

Driven by the stronger-than-expected US and UK online sales outlook, along with the contribution from Navabi from FY22, Jarden has upgraded revenue and earnings forecasts by 7-8% for FY22/23.

Overweight rating is retained and the target is increased to $6.29 from $4.71.

This report was published on July 26, 2021. 

Target price is $6.29 Current Price is $5.38 Difference: $0.91
If CCX meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $5.45, suggesting upside of 1.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 1.50 cents and EPS of 10.30 cents.
At the last closing share price the estimated dividend yield is 0.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.4, implying annual growth of 191.3%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 51.7.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 5.00 cents and EPS of 14.30 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of 43.3%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 36.1.

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

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Wilsons rates ((CCX)) as Downgrade to Market Weight from Overweight (3) –

While Wilsons has upgraded medium-term and long-term forecasts and agrees with management's strategic direction, the broker notes that at this point in the cycle, City Chic Collective is integrating three acquisitions on three different continents.

To account for updated guidance commentary and the small acquisition in Wilsons' forecasts, earnings estimates increase 10.8% and 12.6% to $56.6m and $71.4m in FY22 and FY23, respectively.

Wilsons downgrades City Chic to Marketweight from Overweight and awaits early signs of integration success in Europe, with Evans and Navabi.

The target price increases 20% to $5.30 from $4.40.

This report was published on July 26, 2021.

Target price is $5.30 Current Price is $5.38 Difference: minus $0.08 (current price is over target).
If CCX meets the Wilsons target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.45, suggesting upside of 1.3%(ex-dividends)
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 11.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.4, implying annual growth of 191.3%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 51.7.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 14.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of 43.3%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 36.1.

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

CLU    CLUEY LIMITED

Education & Tuition – Overnight Price: $1.14

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

With all metrics broadly in-line or ahead of Bell Potter's expectations, Cluey delivered a strong fourth quarter FY21 update, with FY21 revenue of $15.9m, 3% ahead of prospectus forecasts.

Despite management continuing to execute strongly on its growth strategy, the broker believes Cluey's journey as a scalable platform company from both a scale and offering perspective remains in its infancy.

Bell Potter has not included any upside from the company’s expansion into the NZ market in the broker's forecasts and awaits further evidence of traction.

Bell Potter's Buy rating and target price of $1.70 are both unchanged.

This report was published on July 23, 2021.

Target price is $1.70 Current Price is $1.14 Difference: $0.56
If CLU meets the Bell Potter target it will return approximately 49% (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 12.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.42.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 9.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.87.

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $0.99

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

Coronado Global Resources' first half 2021 group revenue was US$800m and Bell Potter noted earnings of US$21m, with mining costs higher than expected.

At 30 June 2021, net debt was US$236m, down from US$290m after the $101m equity raise.

Bell Potter expects Coronado's second-half 2021 earnings and cash flow to materially improve, and notes since early May 2021, benchmark hard coking coal prices have increased from US$110/t to now around US$210/t.

Bell Potter believes Coronado is highly leveraged to the current strength in met coal markets, which he broker believes are well supported in the medium term.

Buy rating is unchanged, and the target price increases to $1.20 from $1.10.

This report was published on July 23, 2021.

Target price is $1.20 Current Price is $0.99 Difference: $0.21
If CRN meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $1.32, suggesting upside of 32.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 2.93 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.8.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 7.33 cents and EPS of 11.99 cents.
At the last closing share price the estimated dividend yield is 7.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.7, implying annual growth of 243.2%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 7.8.

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

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

Despite Coronado Global Resources' second quarter run of mine coal production increasing 10% quarter-on-quarter, saleable coal production was down -9% quarter-on-quarter.

Goldman Sachs notes the decrease was driven by maintenance at both the Curragh and Buchanan mines.

According to Goldman Sachs, coal inventory will be sold throughout the second half at higher prices as three-month pricing lags are realised. 

The company continues to guide to production of 18-19m tonnes of saleable coal, which the broker notes implies a step up in production in the second half. 

The Buy rating and target price of $1.20 are retained. 

This report was published on July 22, 2021. 

Target price is $1.20 Current Price is $0.99 Difference: $0.21
If CRN meets the Goldman Sachs target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $1.32, suggesting upside of 32.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 9.33 cents and EPS of 2.93 cents.
At the last closing share price the estimated dividend yield is 9.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 26.8.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 4.00 cents and EPS of 4.26 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.7, implying annual growth of 243.2%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 7.8.

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

CRW    CASHREWARDS LIMITED

Hardware & Equipment – Overnight Price: $0.91

Moelis rates ((CRW)) as Buy (1) –

Cashrewards’ fourth quarter update was broadly in-line with the estimates of Moelis. The broker leaves its estimates largely unchanged and retains its Buy rating and $2.65 target price.

The launch of the ANZ Bank ((ANZ)) strategic partnership in August will set the runway for significant member growth, anticipates the broker. There’s considered scope for material upgrades to estimates should the ANZ Bank take-up rate be higher than expected.

This report was published on July 29, 2021.

Target price is $2.65 Current Price is $0.91 Difference: $1.74
If CRW meets the Moelis target it will return approximately 191% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 32.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.84.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 25.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.53.

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

DOC    DOCTOR CARE ANYWHERE GROUP PLC

Healthcare services – Overnight Price: $0.81

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

Second quarter underlying revenues increased 9% over the prior quarter though the volume of GP consultations declined by around -1%. This was considered most likely due to capacity constraints in available GP hours.

Revenues were supplemented by a large increase in referral volumes for diagnostic services and, as a result, reported revenues were in-line with the analyst's forecast.

The broker's Buy rating is retained and its target price lowered to $1.50 from $1.70, reflecting a re-rating of the sector over recent quarters. FY21 revenue guidance was maintained, and closing cash is estimated to be at least 2.5 years of operating cash. 

This report was published on July 29, 2021.

Target price is $1.50 Current Price is $0.81 Difference: $0.69
If DOC meets the Bell Potter target it will return approximately 85% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 9.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.62.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 5.97 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.58.

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

DRR    DETERRA ROYALTIES LIMITED

Iron Ore – Overnight Price: $4.54

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

Deterra Royalties has benefited from the ramp-up of BHP Group's ((BHP)) South Flank mine, with iron ore production up 22% quarter-on-quarter. 

Goldman Sachs notes the ramp-up to 80m tonnes per annum in the next three years, combined with capacity payments and higher iron ore prices, are driving a more than doubling of Deterra Royalties' year-on-year underlying earnings to an expected $312m in FY22. 

The Buy rating is retained and the target price increases to $4.37 from $4.29. 

This report was published on July 22, 2021.

Target price is $4.37 Current Price is $4.54 Difference: minus $0.17 (current price is over target).
If DRR meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.01, suggesting upside of 10.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 13.90 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.8, implying annual growth of N/A.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 28.7.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 41.30 cents and EPS of 41.30 cents.
At the last closing share price the estimated dividend yield is 9.10%.
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 24.1, implying annual growth of 52.5%.
Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 18.8.

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

DTC    DAMSTRA HOLDINGS LIMITED

Software & Services – Overnight Price: $1.08

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

Damstra Holdings reported fourth-quarter FY21 revenues of $9.1m in line with Shaw and guidance, with operating earnings margin 30% ahead of Shaw expectations and estimates in FY22 (by 500bps).

Shaw estimates revenues of $40m in FY22 and $35m in exit annual recurring revenue (ARR) and notes if the current growth trajectory continues, the company could exit FY22 with $43m-plus in ARR.

The broker believes Damstra remains exceptionally cheap and with ARR ramping and margins improving, suspects there is significant re-rating potential.

The Buy rating and target price of $1.88 are both maintained.

This report was published on July 23, 2021.

Target price is $1.88 Current Price is $1.08 Difference: $0.8
If DTC meets the Shaw and Partners target it will return approximately 74% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 98.18.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.00.

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

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

With FY21 largely now known, Wilsons lifts the focus to FY22 where the broker expects Damstra Holdings' operating leverage to become highly visible and is forecasting 32% operating revenue growth, and 49% earnings growth.

While the pandemic has impacted workers on-site in Damstra’s core mining and construction segments, Wilsons notes this is normalising and sees the company as a real-world, recovery play.

FY21 revenue of $28.2m was just shy of guidance and -6% below Wilsons' forecast.

The Overweight rating is retained and the target price decreases to $1.52 from $1.66.

This report was published on July 22, 2021.

Target price is $1.52 Current Price is $1.08 Difference: $0.44
If DTC meets the Wilsons target it will return approximately 41% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 98.18.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 180.00.

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

ECF    ELANOR COMMERCIAL PROPERTY FUND

REITs – Overnight Price: $1.11

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

Elanor Commercial Property Fund's recently provided fourth quarter metrics. FY21 funds from operations (FFO) and distribution forecasts are in line with Shaw and Partner's expectations, with FFO expected to be slightly ahead of prior guidance at 12.52 cents per security.

Overall, the broker believes Elanor's positive update reflects the continued relative strong performance of the assets within the fund.

While Elanor looks to combine a very attractive yield and above-average potential for material capital growth over time from the active management of the company's portfolio, the broker notes lease renewals are a key risk beyond macro factors.

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

This report was published on July 28, 2021. 

Target price is $1.35 Current Price is $1.11 Difference: $0.24
If ECF meets the Shaw and Partners target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 10.00 cents and EPS of 12.50 cents.
At the last closing share price the estimated dividend yield is 9.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.88.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 10.20 cents and EPS of 12.80 cents.
At the last closing share price the estimated dividend yield is 9.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.67.

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

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $3.84

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

While considerable uncertainty remains, Wilsons continues to believe that EML Payments will receive a modest (not punitive) fine from the Central Bank of Ireland (CBI); the company will need to improve its systems and processes but any brand damage should be localised and modest.

In light of this expected outcome, Wilsons advises either adding to or creating an EML position in advance of the announcement regarding the CBI’s investigation, capturing the expected positive share price response to the CBI announcement.

The Overweight rating is retained and the target price increases 10% to $4.14 from $3.78.

This report was released on July 27, 2021.

Target price is $4.14 Current Price is $3.84 Difference: $0.3
If EML meets the Wilsons target it will return approximately 8% (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 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.64.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 12.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.22.

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: $4.13

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

Evolution Mining's June quarter production of 169,000 ounces was an -11% miss on Goldman Sachs estimates, while all-in sustaining costs of $1,239 were up 12% on expectations, leading to a miss on FY21 production guidance. 

According to the broker, the three-year outlook provided by Evolution Mining is also disappointing compared to prior forecasts, with softer-than-expected production in the near term and around an additional -$500m in growth capital expenditure. 

Goldman Sachs notes the acquisition of Kundana for -$400m, which is expected to close in August, has not been included in estimates or investment views. Evolution Mining is guiding for the acquisition to increase production by 4%, 8% and 7% through to FY24. 

The rating is downgraded to Sell and the target price decreases to $3.90 and $4.50. 

This report was published on July 23, 2021.

Target price is $3.90 Current Price is $4.13 Difference: minus $0.23 (current price is over target).
If EVN meets the Goldman Sachs target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.29, suggesting upside of 3.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 12.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.67.

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 18.8.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 6.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 1.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.52.

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 21.1.

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

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

Evolution Mining entered into a binding Share and Asset Sale Agreement with Northern Star Resources ((NST)) for the acquisition of the Kundana Operations.

The agreement includes Northern Star’s 51% interest in each of the East Kundana Production Joint Venture and the East Kundana Exploration Joint Venture, its 75% interest in the West Kundana Farmin Joint Venture, and the Carbine/Carnage gold project.

The Transaction will be funded by a $400m fully underwritten institutional placement and is accompanied by a non-underwritten share purchase plan.

Shaw and Partners notes Evolution has had an excellent track record in M&A and has shown the ability to work the portfolio and divest where/when necessary.

Shaw and Partners retain the Buy rating and target price of $7.00. 

This report was published on July 23, 2021.

Target price is $7.00 Current Price is $4.13 Difference: $2.87
If EVN meets the Shaw and Partners target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $4.29, suggesting upside of 3.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 13.00 cents and EPS of 22.40 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.44.

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 18.8.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 25.00 cents and EPS of 38.50 cents.
At the last closing share price the estimated dividend yield is 6.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.73.

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 21.1.

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

HUO    HUON AQUACULTURE GROUP LIMITED

Aquaculture – Overnight Price: $2.83

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

Since Huon Aquaculture reported in February 2021, export salmon prices have rallied 18% in Norwegian Krone (NOK) terms and 20% in AUD terms, to be up 34% year-on-year in AUD terms.

To reflect higher forward curve export salmon prices and continued pressure in freight, Bell Potter has upgraded operating earnings by 9% in FY22 and 8% in FY23.

Despite stronger second half FY21 export pricing, the broker's FY21 forecast is unchanged, reflecting Huon's recent restatement that FY21 earnings were likely to be in line with previous guidance of $15-20m. 

The Hold rating is unchanged and the target price increases to $3.05 from $2.55.

This report was published on July 23, 2021.

Target price is $3.05 Current Price is $2.83 Difference: $0.22
If HUO meets the Bell Potter target it will return approximately 8% (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 31.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.07.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 4.00 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.39.

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

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $28.98

Jarden rates ((IEL)) as Buy (2) –

Jarden expects headwinds for a full recovery to persist in FY22 across IDP Education's network, with border restrictions still applying for A&NZ and supply constraints for the main Northern Hemisphere destinations.

With positive regulatory and visa policy settings in place for both UK and Canada, the broker believes Northern Hemisphere student placements will be key for investors in FY22, with a pathway for a recovery in Australia as opposed to a full rebound.

Jarden believes the expected sell down of -15% of equity by Education Australia (EA) remains an overhang for IDP Education and the broker has adjusted earnings estimates -21%, -12%, and 2% for FY21, FY22, and FY23, respectively.

Jarden retains an Overweight rating and the price target increases to $31.36 from $28.54.

This report was published on July 26, 2021.

Target price is $31.36 Current Price is $28.98 Difference: $2.38
If IEL meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $31.67, suggesting upside of 9.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 13.00 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 0.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 159.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of -27.7%.
Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 153.3.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 27.10 cents and EPS of 39.40 cents.
At the last closing share price the estimated dividend yield is 0.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 73.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.6, implying annual growth of 114.8%.
Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 71.4.

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

IFM    INFOMEDIA LIMITED

Automobiles & Components – Overnight Price: $1.43

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

After correcting an error in the calculation of FY21 operating expenses forecast; and modestly reducing organic growth forecasts in FY22 and FY23 – for both the core business and the recent SimplePart acquisition – Bell Potter has downgraded Infomedia's earnings per share estimates for FY21, FY22, and FY23 by -4%, -2% and -1%.

The broker's FY21 revenue and cash earnings forecasts are now consistent with the guidance provided in early June.

Bell Potter's Buy rating is unchanged, with the price target lowered to $1.75 from $1.80.

This report was published on July 23, 2021.

Target price is $1.75 Current Price is $1.43 Difference: $0.32
If IFM 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 4.30 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.43.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 4.50 cents and EPS of 5.40 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.48.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $9.51

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

The June quarter was ahead of Goldman Sachs' estimates and consensus, with Nova nickel production a 9% beat versus the broker, resulting in FY21 production at the top-end of the guidance range.

The broker highlights cash costs were down -30% quarter-on-quarter, on improved metal grades and by-product pricing.

Goldman Sachs increases its target price to $9.50 from $9.30 and retains its Buy rating. The stock is considered to be trading at a significant relative discount to peers, despite a high quality asset portfolio and supportive free cashflow.

This report was published on July 28, 2021.

Target price is $9.50 Current Price is $9.51 Difference: minus $0.01 (current price is over target).
If IGO meets the Goldman Sachs target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.73, suggesting downside of -18.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 5.00 cents and EPS of 22.80 cents.
At the last closing share price the estimated dividend yield is 0.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.71.

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 37.9.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 11.00 cents and EPS of 35.20 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.02.

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 33.4.

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

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

After IGO's June quarter and FY21 production reports, Shaw and Partners considers the transformation to a "clean energy" company is complete. This follows the divestment of Tropicana (gold) and the completed lithium joint venture acquisition. 

The broker highlights Nova finished above guidance, and costs are at the lower-end of improved guidance, which was by-product related.

The analyst expects the earnings and valuation trajectory will trend significantly higher as the market fully appreciates the future potential in each of the portfolio pillar assets. The broker retains its Buy rating and $7.70 target price.

This report was published on July 29, 2021. 

Target price is $7.70 Current Price is $9.51 Difference: minus $1.81 (current price is over target).
If IGO meets the Shaw and Partners target it will return approximately minus 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.73, suggesting downside of -18.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 10.50 cents and EPS of 18.80 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 50.59.

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 37.9.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 13.00 cents and EPS of 31.40 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.29.

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 33.4.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $9.66

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

Iluka Resources has reported its strongest quarterly revenue in over five years, but given the company's low finished zircon stockpiles, Goldman Sachs expects zircon sales to decrease in the second half and lead to further tightening in the market. 

The company has advised customers of a minimum zircon price increase of US$125 per tonne, or 8%, from July 1. Goldman Sachs highlights this is an almost 10-year high, with the broker's view being the zircon market is at the beginning of a three-year structural supply driven deficit. 

Goldman Sachs further expects Iluka Resources' zircon and titanium dioxide sales to recover 25% in 2021 given improving global demand. 

The Buy rating is retained and the target price increases to $9.46 from $9.29. 

This report was published on July 22, 2021. 

Target price is $9.46 Current Price is $9.66 Difference: minus $0.2 (current price is over target).
If ILU meets the Goldman Sachs target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.76, suggesting downside of -9.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 15.70 cents and EPS of 41.90 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.3, implying annual growth of -88.0%.
Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 14.1.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 9.40 cents and EPS of 41.70 cents.
At the last closing share price the estimated dividend yield is 0.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.6, implying annual growth of 6.3%.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 13.3.

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

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

Shaw and Partners finds Iluka Resources delivered a pleasing scorecard with production higher quarter-on-quarter and year-on-year for Zircon/Rutile/Synthetic Rutile by 50% in each case respectively and further sales from inventory as markets rebalance.

Shaw and Partners believes downstream markets continue to demonstrate robust demand and with some supply uncertainty creating the backdrop for pricing tailwinds continuing into second-half FY21 and likely calendar year 2022.

The Buy rating and the target price of $8 remain.

This report was published on July 23, 2021. 

Target price is $8.00 Current Price is $9.66 Difference: minus $1.66 (current price is over target).
If ILU meets the Shaw and Partners target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.76, suggesting downside of -9.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 27.00 cents and EPS of 45.60 cents.
At the last closing share price the estimated dividend yield is 2.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.3, implying annual growth of -88.0%.
Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 14.1.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 26.00 cents and EPS of 49.10 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.6, implying annual growth of 6.3%.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 13.3.

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

JHC    JAPARA HEALTHCARE LIMITED

Aged Care & Seniors – Overnight Price: $1.38

Jarden rates ((JHC)) as Downgrade to Neutral from Buy (3) –

Japara Healthcare has entered into a Scheme Implementation Deed (SID) with Little Company of Mary Health Care Ltd for the acquisition of all of the issued shares in Japara by way of scheme of arrangement.

The headline multiple equates to $124,000 per bed on an enterprise value basis, which Jarden notes is relatively in line with some recent transactions in the industry.

While there could be additional opportunities for another suitor to find value in Japara, Jarden believes this risk has been reduced given a due diligence period has just been completed with multiple parties.

Jarden notes a key factor highlighted from two not-for-profit operators as suitors for Japara is the benefit that they don't incur payroll tax. In the case of Japara, this provides an estimated $18m expense benefit which on the broker's estimates for FY21 would double earnings from Japara.

Jarden has downgraded Japara to a Neutral rating from Buy, and the target price increases to $1.40 from $1.35.

This report was published on July 27, 2021.

Target price is $1.40 Current Price is $1.38 Difference: $0.02
If JHC meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.06, suggesting downside of -22.9%(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 6.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 1.20 cents and EPS of 1.70 cents.
At the last closing share price the estimated dividend yield is 0.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 81.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.3, implying annual growth of N/A.
Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 106.2.

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

JRV    JERVOIS MINING LIMITED

New Battery Elements – Overnight Price: $0.48

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

Jervois Mining has announced it will acquire Freeport Cobalt for -US$160m funded via a $313m under-written equity raise at $0.44ps which will also fully fund the development of the Idaho Cobalt Operation. 

Freeport Cobalt is forecast to earn US$20m earnings in calendar year 2021, but has averaged US$38mpa over the past four years including US$83m in 2018 when the cobalt price averaged US$36/lb.

Shaw and Partners continues to view Jervois as a relatively unique way to gain exposure to battery metals.

The Buy rating and price target of $0.78 were both retained.

This report was published on July 28, 2021. 

Target price is $0.78 Current Price is $0.48 Difference: $0.3
If JRV meets the Shaw and Partners target it will return approximately 63% (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 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.92.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.86.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $17.59

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

Lifestyle Communities' latest FY21 profit update was largely in line with Goldman Sachs' forecasts. Reflective of the current property market, new home settlements of 255 were ahead of expectations of 245, and resales of 105 were ahead of a forecast 90. 

The broker is awaiting an update on the company's sales pipeline in August, but Goldman Sachs expects the update to provide evidence of more than 400 settlements per annum from FY22.

The Buy rating is retained and the target price increases to $17.65 from $16.50. 

This report was published on July 22, 2021.

Target price is $17.65 Current Price is $17.59 Difference: $0.06
If LIC meets the Goldman Sachs target it will return approximately 0% (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 7.00 cents and EPS of 88.00 cents.
At the last closing share price the estimated dividend yield is 0.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.99.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 9.00 cents and EPS of 85.00 cents.
At the last closing share price the estimated dividend yield is 0.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.69.

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

LPD    LEPIDICO LIMITED

New Battery Elements – Overnight Price: $0.02

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

After a its June quarter operations review, Shaw and Partners discerns Lepidico is making strong progress with its Phase 1 Lithium Project and has moved into the development stage of the project.

The company has developed proprietary technology (L-Max & LOH-Max) for extracting lithium from mica minerals. This opens-up a new source of lithium to supply rapidly-growing demand from lithium ion batteries, suggests the broker.

Shaw and Partners retains its Buy rating and $0.03 target price.

This report was issued July 29, 2021.

Target price is $0.03 Current Price is $0.02 Difference: $0.01
If LPD meets the Shaw and Partners target it will return approximately 50% (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

NCM    NEWCREST MINING LIMITED

Gold & Silver – Overnight Price: $26.48

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

Shaw and Partners comments Newcrest Mining delivered a good June quarter scorecard with FY21 gold production just ahead of FY21 mid-point guidance.

While Cadia exceeded the top end of its guidance range, gold production at Telfer was 19% higher than the prior period due to
higher throughput and recovery, partially offset by lower head grade and a reduction in dump leach ounces.

Following a "good" production quarter to end FY21, Shaw and Partners expects the focus to turn to the news/project study heavy first-half FY22, and notes like its peers, Newcrest is lagging the recent uptick in AUD gold price.

Buy rating and target price of $44.00 both unchanged.

The report was issued July 23, 2021.

Target price is $44.00 Current Price is $26.48 Difference: $17.52
If NCM meets the Shaw and Partners target it will return approximately 66% (excluding dividends, fees and charges).
Current consensus price target is $32.12, suggesting upside of 21.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 60.88 cents and EPS of 198.75 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 194.9, implying annual growth of N/A.
Current consensus DPS estimate is 41.7, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 136.41 cents and EPS of 294.79 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 179.2, implying annual growth of -8.1%.
Current consensus DPS estimate is 43.5, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 14.8.

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

NIC    NICKEL MINES LIMITED

Nickel – Overnight Price: $1.11

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

After Nickel Mines' second quarter report, Bell Potter cuts its 2021 earnings forecast by -7%, largely due to a -2% lower production estimate and 8% higher cost forecast.

Forecast earnings for 2022 are up 6% on 10% higher NPI production, as Angel Nickel commences early.

Overall, production was in-line with the analyst's forecasts but costs rose again, driven mainly by higher thermal and metallurgical coal prices.

The broker believes the company offers excellent value at current levels, with a 2021 P/E of 12.0x. It's described as an industrial-style stock, set to nearly double production from 2023. The Buy rating is retained and the target price decreases to $1.52 from $1.56.

This report was published on July 28, 2021.

Target price is $1.52 Current Price is $1.11 Difference: $0.41
If NIC meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $1.27, suggesting upside of 14.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 4.00 cents and EPS of 11.59 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.1, implying annual growth of N/A.
Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 4.00 cents and EPS of 19.72 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of -16.0%.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 16.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
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: $10.25

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

Northern Star Resources has reported a better-than-expected June quarter, with total gold production of 451,000 ounces up 9% on Goldman Sachs' estimate and all-in sustaining costs of $1,459 per ounce down -9% on expectations. 

Goldman Sachs notes results were driven by strong mill throughput and grade at KCGM and Pogo. The Northern Star Resources strategy day highlighted future growth levers at KCGM that include multiple mill expansion options, and the broker views the mine as the most material growth driver for the company. 

It is Goldman Sachs' view that every asset in the portfolio has potential to grow and extend mine life. The Buy rating is retained and target price increases to $13.10 from $12.70. 

This report was published on July 22, 2021.

Target price is $13.10 Current Price is $10.25 Difference: $2.85
If NST meets the Goldman Sachs target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $12.43, suggesting upside of 21.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 17.50 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 1.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.03.

How do these forecasts compare to market consensus projections?

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:

Goldman Sachs forecasts a full year FY22 dividend of 22.00 cents and EPS of 65.90 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.55.

How do these forecasts compare to market consensus projections?

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

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

With Northern Star Resources' FY21 scorecards meeting the guidance range, Shaw Partners notes a good quarter to end a good production year follows several years of transformation – including the super pit acquisition and the merger with Saracen.

With the focus now turning to the new combined group 5-year plan, the broker believes the key areas to watch will be the
mechanisms and pathways for the company to deliver superior and sustained shareholder returns.

Northern Star has entered into a binding Share and Asset Sale Agreement with Evolution Mining Ltd ((EVN)) for the sale of
the Kundana Operations.

The agreement includes 51% interest in each of the East Kundana Production Joint Venture and the East Kundana Exploration Joint Venture, its 75% interest in the West Kundana Farmin Joint Venture, & the Carbine/Carnage gold project.

The broker believes the transaction enables the company to optimise the now larger portfolio, recycle cash to reinvest in growth options.

Buy rating and target price of $19.00.

This report was published on July 23, 2021.

Target price is $19.00 Current Price is $10.25 Difference: $8.75
If NST meets the Shaw and Partners target it will return approximately 85% (excluding dividends, fees and charges).
Current consensus price target is $12.43, suggesting upside of 21.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 20.00 cents and EPS of 63.20 cents.
At the last closing share price the estimated dividend yield is 1.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.22.

How do these forecasts compare to market consensus projections?

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:

Shaw and Partners forecasts a full year FY22 dividend of 28.00 cents and EPS of 118.30 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.66.

How do these forecasts compare to market consensus projections?

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: $3.42

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

Bell Potter assesses a strong second quarter, with the key metric of annual recurring revenue (ARR) up 56% year-on-year. Guidance was kept at US$39-42m ARR at the end of December though 2021 revenue guidance increased to US$47-50m from US$45-49m.

The broker highlights better revenue and earnings (EBITDA) expectations were due to “higher return on investment from some of the company’s first half 2021 initiatives”. This is considered due to higher-than-expected online perpetual sales.

Buy rating retained with the target price rising to $4 from $3.75.

This report was published on July 29, 2021.

Target price is $4.00 Current Price is $3.42 Difference: $0.58
If NTO meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 12.39 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.61.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 10.26 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.34.

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

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

Shaw and Partners assesses Nitro Software delivered a strong second quarter, with annual recurring revenue (ARR) growth tracking ahead of guidance. Management has lifted revenue and operating earnings (EBITDA) guidance by 2% and 16%.

The broker points out the current investment in sales and marketing, and broadening-out of the product portfolio. It's considered this will drive even stronger growth in FY22. Hence, the broker's revenue forecasts for FY22 and FY23 are lifted  by 2%.

The analyst sees headline growth accelerating to over 25% in FY22 (versus likely circa 19% in FY21). Shaw and Partners retains its Buy rating and lifts its target price to $4.20 from $3.90.

This report was issued July 29, 2021.

Target price is $4.20 Current Price is $3.42 Difference: $0.78
If NTO meets the Shaw and Partners target it will return approximately 23% (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 9.59 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.66.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 10.12 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.78.

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

NUC    NUCHEV PTY LIMITED

Dairy – Overnight Price: $0.58

Wilsons rates ((NUC)) as Downgrade to Market Weight from Overweight (3) –

Nuchev confirmed a mixed fourth quarter FY21 result, with sales of $2.0m down -59% on the previous period and -41% quarter-on-quarter.

Wilsons assumes sales growth of 35% p.a. over the forecast period, primarily driven by the CBEC channel, and complemented by product innovation and entry into new markets.

The broker lowers sales forecasts by -14-35%, driven by the lower FY21 base and lower growth trajectory in the outer years, while gross margin assumptions are broadly unchanged.

Wilsons downgrades Nuchev to Market weight from Overweight with a target of $0.57.

This report was published on July 27, 2021.

Target price is $0.57 Current Price is $0.58 Difference: minus $0.01 (current price is over target).
If NUC meets the Wilsons target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 19.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.96.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 12.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.72.

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

NXS    NEXT SCIENCE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.52

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

Next Science's first-half FY21 result beat Bell Potter's expectations, in terms of earnings and initial XPerience commercial progress, with revenues for the half at $3.9m.

The broker believes the progress at XPerience is very positive, and suspects the initial order sizes vary from smaller orders of US$600 to much larger ones of $30-45,000 per hospital.

While cautiously optimistic based on the result, Bell Potter awaits further detail on the legal proceedings between Zimmer and Next Science for Xperience before making any changes to forecasts.

Bell Potter retains its Hold rating and $1.70 price target.

This report was published on July 23, 2021.

Target price is $1.70 Current Price is $1.52 Difference: $0.18
If NXS meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 5.73 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.54.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 38.04.

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

NXT    NEXTDC LIMITED

Cloud services – Overnight Price: $13.21

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

Goldman Sachs reiterates its Buy rating and $14.80 target price, after NextDC secured a site for -$124m to build a 300MW hyperscale-only data centre in Horsley Park in Western Sydney.

Given the timing of land payments, and expected use of a joint venture, the broker thinks it unlikely additional capital will be required to fund the S4 investment.

The analyst sees the transaction as a relatively low-risk way to accelerate the growth profile over the next decade and deliver incremental growth in a new availability zone.

This report was published on July 28, 2021.

Target price is $14.80 Current Price is $13.21 Difference: $1.59
If NXT meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $14.09, suggesting upside of 6.7%(ex-dividends)
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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1321.00.

How do these forecasts compare to market consensus projections?

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

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1321.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, 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 471.8.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

OGC    OCEANAGOLD CORP

Gold & Silver – Overnight Price: $2.61

Goldman Sachs rates ((OGC)) as Downgrade to Neutral from Buy (3) –

Goldman Sachs revises forecasts through to 2023 following the recent renewal of the financial or technical assistance agreement at the Didipio mine. The agreement is the first step to resuming production, with a restart of operations expected in coming weeks. 

Strong recovery at the Haile gold mine in the second quarter drove group production 8% higher than consensus, but all-in sustaining costs were also 8% higher than expected, comments the broker.

Goldman Sachs decreases underlying earnings forecasts through to 2023 by -5%, -30% and -22%, capturing the restart of Didipio. 

The rating is downgraded to Neutral and the target price decreases to $2.60 from $2.90. 

This report was published on July 22, 2021.

Target price is $2.60 Current Price is $2.61 Difference: minus $0.01 (current price is over target).
If OGC meets the Goldman Sachs target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.37, suggesting downside of -9.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 2.66 cents and EPS of 18.65 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 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of N/A.
Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 31.4.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 2.66 cents and EPS of 49.29 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 5.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.6, implying annual growth of 148.2%.
Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 12.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

OPY    OPENPAY GROUP LIMITED

Business & Consumer Credit – Overnight Price: $1.28

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

After fourth quarter results, Shaw and Partners assesses a little weaker-than-expected financial year revenue. The broker retains its Buy rating and lowers its target price to $3.50 from $4.00.

The broker estimates overall firepower of $214m, as FY21 ended with cash on hand of $52m, and there's undrawn funding lines of $162m. It's estimated this provides ample headroom, given a FY21 cash loss of -$66.4m, versus the analyst's expected -$55.8m.

Shaw and Partners explains the bulk of losses stemmed from staffing costs of -$31m, as the business ramps up in the UK and enters the US.

This report was issued July 29, 2021.

Target price is $3.50 Current Price is $1.28 Difference: $2.22
If OPY meets the Shaw and Partners target it will return approximately 173% (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 41.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.12.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 32.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.90.

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

OSL    ONCOSIL MEDICAL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.05

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

Bell Potter reports the pending resignations of Chairman Chris Roberts and non-executive director Mike Basset have capped off a challenging period for Oncosil Medical. 

The broker notes the global pandemic has prevented the roll out of Oncosil's pancreatic cancer therapy, but the company has continued to build out the market in anticipation of a re-opening. It is the broker's view that, except in Australia, the company is in a better position to launch than it was 12 months ago. 

Pending further detail on product roll out timing in the UK and Germany, the rating is downgraded to Speculative Hold and the target price decreases to $0.07 from $0.42. 

This report was published on July 26, 2021.

Target price is $0.07 Current Price is $0.05 Difference: $0.02
If OSL meets the Bell Potter target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.17.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.56.

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

OZL    OZ MINERALS LIMITED

Copper – Overnight Price: $22.69

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

OZ Minerals reported a strong second quarter, with copper and gold production increasing 22% and 5% respectively and full-year gold production guidance lifted by 15koz to 205-228koz.

Goldman Sachs expects a likely $3bn capital spend over the next decade at West Musgrave, Prominent Hill underground expansion and Carrapateena block cave to result in low free cash flow – 3-4% yield – over the next 3 years.

The broker notes earnings growth is compelling, with OZ Minerals delivering production and earnings growth in 2021 and 2022. On a copper equivalent grade basis, Goldman Sachs expects production to remain at 175-180ktpa for 2021 and 2022, and the broker forecasts earnings to double in 2021, and then increase a further 15% in 2022.

The Neutral rating is retained with a target price increasing to $25.30 from $23.70. 

This report was published on July 27, 2021.

Target price is $25.30 Current Price is $22.69 Difference: $2.61
If OZL meets the Goldman Sachs target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $24.14, suggesting upside of 6.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 44.00 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.7, implying annual growth of 132.6%.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 56.00 cents and EPS of 225.00 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 10.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 147.9, implying annual growth of -2.5%.
Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 15.3.

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

---

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

OZ Minerals delivered a much stronger June quarter, up 22% on the softer March quarter start of the year.

Midway through 2021 OZ Minerals is tracking at the low end of FY copper guidance (120-145kt) but Shaw and Partners notes the June quarter run rate places the company to approach the mid-point of FY guidance.

While there is no change to copper production guidance, the company has lifted gold guidance by 8% to 205-28koz and lowered cash costs by -7% to US60-70c/lb.

While the company's track record over the past 6 years in terms of guidance delivery has been best in class, the broker notes trading at price to the net asset value of 1.5x doesn’t leave any room for error/guidance downgrades – even if due to exogenous factors such as by-product pricing.

The Buy rating and target price of $25.00 are both retained.

This report was published on July 28, 2021.

Target price is $25.00 Current Price is $22.69 Difference: $2.31
If OZL meets the Shaw and Partners target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $24.14, suggesting upside of 6.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 25.00 cents and EPS of 153.00 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 14.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.7, implying annual growth of 132.6%.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 30.00 cents and EPS of 158.30 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 147.9, implying annual growth of -2.5%.
Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 15.3.

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

PBH    POINTSBET HOLDINGS LIMITED

Gaming – Overnight Price: $9.73

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

PointsBet Holdings has announced it has entered into a market access agreement with Cliff Castle Casino Hotel to pursue the Arizona online betting market.

Including the recent market access agreement in Maryland, PointsBet Holdings now has direct market access to 16 US states. Goldman Sachs notes this as another incremental positive for the company which places it on track to meet the goal of being operational in 18 US states at end of 2022.

The Buy rating and target price of $17.20 are retained.

This report was published on July 20, 2021.

Target price is $17.20 Current Price is $9.73 Difference: $7.47
If PBH meets the Goldman Sachs target it will return approximately 77% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 55.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.69.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 44.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.11.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $0.51

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

With Paladin Energy preparing for a restart of the Langer Heinrich uranium mine in Namibia when uranium market conditions
allow, Shaw and Partners views the company as the stand-out in the uranium sector on a risk-reward basis.

During the June quarter, Paladin completed a 1 for 8.5 pro-rata entitlement offer and institutional placement at $0.37ps to raise $218.7m.

In the broker's view, this provides enhanced financial flexibility and is a sufficient cash reserve to fund the company through to a Langer Heinrich mine restart.

Paladin thinks a contract price above US$50/lb over the coming period appears realistic.

Buy rating and target price of $0.56 were maintained.

This report was published on July 23, 2021.

Target price is $0.56 Current Price is $0.51 Difference: $0.05
If PDN meets the Shaw and Partners target it will return approximately 10% (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 1.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 47.84.

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 127.50.

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

PEN    PENINSULA ENERGY LIMITED

Uranium – Overnight Price: $0.14

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

In the wake of Peninsula Energy's June quarter update, Shaw and Partners notes a busy period including the completion of a $15m equity raise, used for the strategic purchase of 300,000lbs uranium at US$31/lb.

Additionally, the broker points to the sale of 200,000lbs uranium at US$50/lb, and the progression of the Lance Project field demonstration trial. The analyst expects the commencement of a revised Feasibility Study in 1H22, incorporating the demonstration trial. 

Shaw and Partners retains its Buy rating and $0.17 price target.

This report was published on July 29, 2021.

Target price is $0.17 Current Price is $0.14 Difference: $0.03
If PEN meets the Shaw and Partners target it will return approximately 21% (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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.00.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.00.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $166.12

Jarden rates ((REA)) as Initiation of coverage with Overweight (2) –

Jarden initiates coverage on REA Group with an Overweight rating and $180 target price.

The broker favours REA Group over Domain Holdings ((DHG)) due to greater pricing power and high growth offshore opportunities to sustain its 10-15% earnings growth beyond the next three years.

While the low covid pandemic-based cost base may not be sustainable when investment returns, Jarden still thinks the stock will outperform near term if housing market momentum continues.

This report was issued on 23 July, 2021.

Target price is $180.00 Current Price is $166.12 Difference: $13.88
If REA meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $161.07, suggesting downside of -3.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 111.50 cents and EPS of 248.00 cents.
At the last closing share price the estimated dividend yield is 0.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 257.5, implying annual growth of 201.8%.
Current consensus DPS estimate is 126.6, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 64.5.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 135.70 cents and EPS of 301.70 cents.
At the last closing share price the estimated dividend yield is 0.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 323.5, implying annual growth of 25.6%.
Current consensus DPS estimate is 180.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 51.4.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $132.39

Shaw and Partners rates ((RIO)) as Hold (3) –

Shaw and Partners assesses Rio Tinto's first half delivered a handy commodity-price-fueled beat for profit and dividends. This is considered to give flexibility to hand -US$9bn back to shareholders, be net cash positive and portfolio pivot on a key project (Jadar lithium). 

Profit was around 1.5% ahead of consensus though the analyst considers the focus will likely quickly shift to the 1H21 dividend, which
was a circa 9% beat.

The broker highlights earnings (EBITDA) contributions were in-line with expectations. Iron ore was estimated to account for circa 76% of earnings. Larger contributions than recent years came from copper, aluminium and Minerals, around 10%, 9% and 7%, respectively.

Shaw and Partners retains its Hold rating and $132 price target.

This report was published on July 29, 2021.

Target price is $132.00 Current Price is $132.39 Difference: minus $0.39 (current price is over target).
If RIO meets the Shaw and Partners target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $134.71, suggesting upside of 1.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 2069.54 cents and EPS of 1959.90 cents.
At the last closing share price the estimated dividend yield is 15.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2105.7, implying annual growth of N/A.
Current consensus DPS estimate is 1626.2, implying a prospective dividend yield of 12.3%.
Current consensus EPS estimate suggests the PER is 6.3.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 1230.59 cents and EPS of 1297.46 cents.
At the last closing share price the estimated dividend yield is 9.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1505.2, implying annual growth of -28.5%.
Current consensus DPS estimate is 1129.3, implying a prospective dividend yield of 8.5%.
Current consensus EPS estimate suggests the PER is 8.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

RMY    RMA GLOBAL LIMITED

Real Estate – Overnight Price: $0.24

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

RMA Global reported fourth-quarter FY21 revenues of $3.3m which will see the company report FY21 revenues of $11.0m following a solid period of growth across both A&NZ and US markets.

Entering FY22, RMA remains focused on increasing US agent engagement with the platform, and Bell Potter believes recent investment in sales & marketing resources should see US claimed profiles and subscription rates begin to accelerate in FY22 as it looks to further grow and monetise its agent base.

The broker has upgraded revenue forecasts by 3%, resulting in slight earnings per share declines of –1.0ps, -0.3cps, -0.3cps in FY21-FY23, respectively.

The Speculative Buy rating and target price of $0.38 are retained. 

This report was published on July 28, 2021.

Target price is $0.38 Current Price is $0.24 Difference: $0.14
If RMY meets the Bell Potter target it will return approximately 58% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.63.

Forecast for FY22:

Bell Potter 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 13.33.

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

SBM    ST. BARBARA LIMITED

Gold & Silver – Overnight Price: $1.81

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

June quarter gold production was -7% below Goldman Sachs’ forecast though the all-in sustaining costs (AISC) was 6% better than  forecast. 

Simberi was substantially lower than the broker’s estimates due to a fatality and deep sea tailings placement (DSTP) pipeline failure halting production and processing during the quarter.

The broker highlights Gwalia had its strongest quarter for FY22, with gold production 7% higher than forecast, while all-in sustaining costs were (AISC) were down -17%.

FY22 guidance was softer than the analyst’s expectations, and it implies to the analyst lower production and higher costs versus FY21, with ongoing impacts at Simberi and reconciliation issues at Atlantic. 

Goldman Sachs retains its Buy rating and lowers its target price to $2.60 from $3.

This report was published on July 28, 2021.

Target price is $2.60 Current Price is $1.81 Difference: $0.79
If SBM meets the Goldman Sachs target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $2.14, suggesting upside of 18.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 8.00 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.9, implying annual growth of -40.5%.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 6.00 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.2, implying annual growth of -6.4%.
Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 17.7.

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

SLH    SILK LOGISTICS HOLDINGS LIMITED

Transportation & Logistics – Overnight Price: $2.45

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

Shaw and Partners initiates coverage on Silk Logistics Holdings with a Buy recommendation, a medium risk rating, and a target price of $3.15.

With an asset-light model providing a full 360, one-stop-shop nationally for integrated port-to-door logistics, the broker believes Silk Logistics is ideally positioned for long-term and profitable growth, with a very attractive and large addressable market.

Shaw notes the highly fragmented market enables the company to garner further market share and to pursue and drive scale.

The broker also notes the company is now recapitalised for growth, has minimal debt, pays a dividend, management expertise is high, returns are high – earnings-derived return on equity of between 30% to 40% – and the risk/reward equation appears compelling.

This report was issued July 23, 2021.

Target price is $3.15 Current Price is $2.45 Difference: $0.7
If SLH 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 15.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.12.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 9.00 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 3.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.54.

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

SM1    SYNLAIT MILK LIMITED

Dairy – Overnight Price: $3.46

Bell Potter rates ((SM1)) as Buy (1) –

According to Bell Potter the majority of profit downgrades issued by Synlait Milk since December 2020, which total a combined -NZ$55-65m, have largely been the result of inventory impairments, shipping delays and unwinding ingredient premiums. 

The broker notes the impacts driving down profit appear to be more one-off than originally thought, and with many of these expected to reverse in FY22 it is retaining confidence in the company's earnings recovery. 

Bell Potter has reduced FY22 loss forecast by around $2m, to the lower end of the -$20-30m guidance, while forecasts for FY23 and FF24 remain largely unchanged.

The Buy rating is retained and the target price increases to $4.40 from $3.85. 

This report was published on July 26, 2021.

Target price is $4.40 Current Price is $3.46 Difference: $0.94
If SM1 meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $2.55, suggesting downside of -26.3%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 10.15 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -10.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 18.16 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.8.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SSM    SERVICE STREAM LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.92

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

Service Stream has announced the acquisition of Lendlease Services for an enterprise value of $310m and an expected equity price of $295m.

Bell Potter believes the company will benefit from increased scale, while also allowing the company to tender for a wider range of work, and improve end market/customer diversity.

Bell Potter notes while a large acquisition creates significant integration risks, the broker adopts a cautiously optimistic approach and has made earnings per share revisions of -3.0%, -1.4%, and 16.1% across FY21-FY23 respectively, to reflect a full year's contribution from Lendlease Services in FY23.

While lockdowns add potential further revenue and integration risk, the broker is supportive of the acquisition on strategic grounds and is backing the company to deliver on synergies.

The Buy is unchanged and the target price increases to $1.15 from $1.10.

This report was published on July 23, 2021. 

Target price is $1.15 Current Price is $0.92 Difference: $0.23
If SSM meets the Bell Potter target it will return approximately 25% (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 2.50 cents and EPS of 9.60 cents.
At the last closing share price the estimated dividend yield is 2.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.58.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 4.00 cents and EPS of 6.50 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 14.15.

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

STA    STRANDLINE RESOURCES LIMITED

Mineral Sands – Overnight Price: $0.22

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

Shaw and Partners believe the June quarter was a transformational quarter for Strandline Resources with the final investment decision at Coburn and construction having already commenced.

Coburn is fully financed following the recent $122m equity raise and will produce approximately 230kt of Heavy Mineral Concentrate (HMC) per annum with a mine life of 22.5 years.

While all the focus is understandably on the Coburn project, the broker notes Strandline is continuing to progress its Tanzanian projects at Fungoni and Tajiri.

Given that the market is ascribing no value to Tanzania, the broker expects the market to be surprised as these projects progress.

Buy rating and the price target of $0.58 are both retained.

This report was issued July 28, 2021.

Target price is $0.58 Current Price is $0.22 Difference: $0.36
If STA meets the Shaw and Partners target it will return approximately 164% (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 14.67.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.92.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $12.57

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

After achieving third-quarter FY21 growth of 112%, Temple & Webster achieved growth of 26% in fourth-quarter FY21 against a tough previous period.

Bell Potter believes the group's flagged intention of putting the ‘foot down’ – to drive revenue growth and expand its market leadership – is evident in the fourth quarter result, with FY21 sales of $326.3m, up 85% on the previous period.

While Bell Potter maintains a positive long-term view, the broker is also cautious on the near-term domestic macro outlook for discretionary retail.

Hold rating unchanged, and the target price increases to $12.40 from $11.30.

This report was published on July 28, 2021.

Target price is $12.40 Current Price is $12.57 Difference: minus $0.17 (current price is over target).
If TPW meets the Bell Potter target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.41, suggesting upside of 14.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 8.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 155.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, 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 167.6.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 12.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 99.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.0, implying annual growth of 46.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 114.3.

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

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

Temple and Webster's FY21 revenue of $326.3m was an 85% increase and a beat on Canaccord Genuity's forecast $323.8m, while underlying earnings of $24.5m were also up 162% and above the broker's expected $19.5m. 

According to Canaccord Genuity, FY21 has been a transformational year for Temple and Webster, with significant change in business scale and the beginning of a reinvestment cycle, that is setting the company up to be the most well known homewares and furniture brand in the domestic market.

The broker has increased revenue forecasts for FY21, FY22 and FY23 by 0.8%, 3.9% and 3.9% respectively.

The Buy rating is retained and the target price increases to $14.00 from $11.80.

This report was published on July 28, 2021.

Target price is $14.00 Current Price is $12.57 Difference: $1.43
If TPW meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $14.41, suggesting upside of 14.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 139.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, 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 167.6.

Forecast for FY23:

Current consensus EPS estimate is 11.0, implying annual growth of 46.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 114.3.

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

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Jarden rates ((TPW)) as Buy (2) –

While a sluggish period may still materialise, Jarden sees signs in the recent update from Temple & Webster that the structural and cyclical factors underpinning the group's success are likely enduring, with the company's execution also reinforcing its advantage as a category leader.

While the group's fourth-quarter FY21 revenue growth was in line with estimates (at 26%), Jarden notes accelerating sales through the quarter.

Jarden forecasts a 12% contribution margin over FY22/23, as the broker assumes a large step-up in marketing/revenue in FY22 and FY23 to 14.5% and 14.3%, respectively. 

The net effect results in Jarden's FY22 and FY23 earnings estimates rising by 6% and 27%, respectively, with the margin at 3.0-3.7%, respectively, in the upper half of the company's target range.

Overweight rating retained, and the price target increases to $13.87 from $11.70.

This research update was released on July 27, 2021.

Target price is $13.87 Current Price is $12.57 Difference: $1.3
If TPW meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $14.41, suggesting upside of 14.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 190.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, 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 167.6.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 11.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 110.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.0, implying annual growth of 46.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 114.3.

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

TSI    TOP SHELF INTERNATIONAL HOLDINGS LIMITED

Food, Beverages & Tobacco – Overnight Price: $1.87

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

Top Shelf International Holdings has confirmed its whisky inventory at FY21 year-end at 1.6m litres had a net sales value of $111m, which is above the IPO Prospectus forecast of $107m.

The company's Agave farm currently has the equivalent of 1.9m litres currently planted with a net sales value of $160m.

Commenting on the announcement, Wilsons notes Agave requires considerable time and effort in establishing a significant asset base, remains a very attractive medium-to-long term opportunity, with the net sales value of inventory providing some perspective on the future market value.

Overweight and the target price of $2.83 are both retained.

This report was published on July 22, 2021.

Target price is $2.83 Current Price is $1.87 Difference: $0.96
If TSI meets the Wilsons target it will return approximately 51% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 14.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.90.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 11.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.12.

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $7.15

Wilsons rates ((UNI)) as Initiation of coverage with Overweight (1) –

Wilsons initiates coverage of youth-focused apparel retailer, Universal Store Holdings with an overweight rating and a target price of $8.60.

The broker believes Universal Store's next stage of growth will come from the continuation of its store rollout plans, private brand development, and expansion of its early-stage online channel. 

Wilsons expects this upside to reflect a multiple premium versus peers which currently trade on a PE of 18.3x compared with the company's FY22 PE 17.6x.

Due to continued strength in-store and online sales, increased private label penetration and earnings margin expansion of 550bps year-on-year, the broker is forecasting earnings of $47.2m and $50.1m in FY21 and FY22 respectively.

This report was issued July 23, 2021.

Target price is $8.60 Current Price is $7.15 Difference: $1.45
If UNI meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 7.50 cents and EPS of 32.50 cents.
At the last closing share price the estimated dividend yield is 1.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.00.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 10.60 cents and EPS of 42.60 cents.
At the last closing share price the estimated dividend yield is 1.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.78.

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

VHT    VOLPARA HEALTH TECHNOLOGIES LIMITED

Medical Equipment & Devices – Overnight Price: $1.12

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

With its first-quarter FY22 cash flow summary Volpara Health Technology reported cash receipts of NZ$6.4m representing 30% growth over the previous period and a reduction in the operating cash burn to -NZ$2.5m from a cash burn of -NZ$3.7m in the previous period.

Bell Potter notes Volpara will grow its revenues organically from the asset base now in place and does not intend to further dilute shareholders by issuing new capital. 

Over the course of FY22, the broker expects record organic revenue growth as the company leverages is technology platform into an expanded base of customers.

The Buy rating is unchanged and the target price is lowered to NZ$1.60 from NZ$1.80.

This report was published on July 28, 2021.

Current Price is $1.12. Target price not assessed.
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 4655.49 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.02.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.51 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 44.55.

This company reports in NZD. 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

YFZ    YOUFOODZ HOLDINGS LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.92

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

Bell Potter reports following solid sales in the fourth quarter, Youfoodz Holdings has closed out FY21 with unaudited revenue and underlying earnings in line with revised guidance.

Bell Potter is forecasting gross revenue of $203.8m, in line with guidance of $201-205m, and underlying earnings at the lower end of the $1-2m guidance. 

The broker highlights business-to-consumer growth drove fourth quarter revenue results and recorded 25.7% year-on-year gross revenue increase, while the business-to-business segment reported year-on-year growth of 7.2%. 

It is Bell Potter's view that recent renewed lockdowns may weigh on business-to-business near-term sales, but may work in favour of business-to-consumer sales. 

The Hold rating and target price of $0.93 are retained. 

This report was published on July 23, 2021.

Target price is $0.93 Current Price is $0.92 Difference: $0.01
If YFZ meets the Bell Potter target it will return approximately 1% (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 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.44.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.07.

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

Z1P    ZIP CO LIMITED

Business & Consumer Credit – Overnight Price: $7.78

Shaw and Partners rates ((Z1P)) as Buy (1) –

Zip Co put in a strong quarter across all growth engines of the business (A&NZ & domestic) ; it was broadly ahead of Shaw and consensus.

Fourth-quarter highlights saw international dominate over the net transaction margin, with Zip now annualising $7.1bn transaction value and revenue of $540m.

Shaw and Partners sees strategic interest as likely to emerge on Zip, which the broker notes has the widest product platform globally, the cheapest multiple, and leverage into substantial global growth/merchants.

The broker expects $330m in revenues for international in FY22 and over $600m revenues across the group, up 58% growth year-on-year.

The Buy rating is retained and the target price increases to $16.25 from $16.00.

This report was published on July 23, 2021.

Target price is $16.25 Current Price is $7.78 Difference: $8.47
If Z1P meets the Shaw and Partners target it will return approximately 109% (excluding dividends, fees and charges).
Current consensus price target is $7.94, suggesting upside of 2.1%(ex-dividends)
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 7780.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -41.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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 7780.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

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