Australian Broker Call *Extra* Edition – Aug 12, 2021

This story features BWP TRUST, and other companies. For more info SHARE ANALYSIS: BWP

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)

BWP   CLW   COF   CTD   ECF   EOS   FCL   FLT   FMG   GCY   GDI   GPR   HLO   HRL   IGO   JHG   LYC   MCL   NIC   OVN   OZL   RCL   RIO   RMS   RRL   SFR   WEB   WGX   WPR   WSA   WZR   ZBT  

BWP    BWP TRUST

REITs – Overnight Price: $4.02

Moelis rates ((BWP)) as Sell (5) –

BWP Trust has reported another relatively underwhelming result, according to Moelis, given it trades at a 22% premium to net tangible assets. Core net profit was $114m, with distributable profit of $117.5m supported by a $3.5m contribution from capital profits.

The broker explains earnings continue to be impacted where Bunnings vacates, and the Trust then sells or repositions assets. This is considered likely to remain a headwind for the short to medium term. The dividend was flat year-on-year at 18.29 cents. 

Like-for-like growth during the period was 1.6%, the lowest in the preceding 10 years, and was impacted by the low CPI of 0.5%, explains the analyst. Moelis retains its Sell rating and increases its target price to $3.42 from $3.34.

This report was published on August 5, 2021.

Target price is $3.42 Current Price is $4.02 Difference: minus $0.6 (current price is over target).
If BWP meets the Moelis target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.65, suggesting downside of -9.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 18.30 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of -56.8%.
Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 22.7.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 18.60 cents and EPS of 18.60 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.4, implying annual growth of 4.0%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 21.8.

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

CLW    CHARTER HALL LONG WALE REIT

REITs – Overnight Price: $5.07

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

FY 21 operating earnings for Charter Hall Long Wale REIT were in-line with guidance and JP Morgan's estimates. FY22 EPS guidance remains at least 4.5% growth over FY21. The broker raises its target price to $5.80 from $5.70 and retains its Overweight rating.

The broker points out most key information was pre-released, with strong revaluations being the highlight.

This report was published on August 10, 2021.

Target price is $5.80 Current Price is $5.07 Difference: $0.73
If CLW meets the JP Morgan target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $5.33, suggesting upside of 5.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 31.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 6.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.2, implying annual growth of -72.5%.
Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 32.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 6.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.1, implying annual growth of 2.9%.
Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 15.7.

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

COF    CENTURIA OFFICE REIT

REITs – Overnight Price: $2.44

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

Centuria Office REIT reported FY21 funds from operations (FFO) of 19.9 cents, up 7% year-on-year, benefiting from the one-off impact of a surrender payment. Moelis downgrades to Hold from Buy on the recent share price recovery.

Management expects FY22 FFO of 18 cents, normalising after the impact of the surrender payment. The analyst notes guidance excludes any contribution from the potential extension of the recently signed short-term lease at the group’s Robina asset.

Dividend guidance of 16.6 cents for FY22 implies to Moelis an increase of 0.6% year-on-year. The broker lifts its price target to $2.53 from $2.26 on evidence of improving demand from office tenants and the direct investment market alike.

This report was published on August 4, 2021.

Target price is $2.53 Current Price is $2.44 Difference: $0.09
If COF meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.48, suggesting upside of 1.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 16.60 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 6.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 22.4%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 16.60 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 6.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 4.9%.
Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 12.7.

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

CTD    CORPORATE TRAVEL MANAGEMENT LIMITED

Travel, Leisure & Tourism – Overnight Price: $21.65

JP Morgan rates ((CTD)) as Downgrade to Neutral from Overweight (3) –

In a FY21 results preview of the Australian Travel sector, JP Morgan feels that given lock downs and the cessation of JobKeeper, investors will re-focus back on cash burn and liquidity metrics.

However, the broker believes the acceleration of vaccination rates due to lock downs has de-risked the medium-term Australian travel outlook, a net positive despite near-term downgrades.

Given no upside to the broker's $21 price target (increased from $20) for Corporate Travel Management, the rating is lowered Neutral from Overweight.

This report was published on August 9, 2021.

Target price is $21.00 Current Price is $21.65 Difference: minus $0.65 (current price is over target).
If CTD meets the JP Morgan target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $22.22, suggesting downside of -1.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan 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 67.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -26.2, implying annual growth of N/A.
Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 30.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of N/A.
Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 40.2.

Market Sentiment: 1.0
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: $1.12

Moelis rates ((ECF)) as No Rating (-1) –

The Elanor Commercial Property Fund will acquire an A-grade Gold Coast office building for $113.5m.

This will be funded by a fully underwritten equity raise at $1.10, comprising a $45m, 1 for 5 accelerated non-renounceable entitlement offer, and a $40m institutional placement.

Moelis is currently restricted on research and are unable to provide estimates, a valuation or target price.

This report was published on August 3, 2021.

Current Price is $1.12. Target price not assessed.

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

EOS    ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED

Hardware & Equipment – Overnight Price: $4.20

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

For the first time in more than four years, Electro Optic Systems Holdings quarterly update recorded positive operating cash flow on an interim basis. The second quarter update highlighted operating cash flow of $17.3m and cash receipts of $65m. 

Canaccord Genuity notes it is expected that this cashflow inflection should continue into the second half. The broker forecasts more than $100m cash on hand by year end. 

The broker notes Electro Optic Systems Holdings appears to be making progress across its pipeline, and that the company's share price is expected to be driven by pipeline conversion in the near term. 

The Speculative Buy rating and target price of $7.00 are retained. 

This report was published on July 26, 2021.

Target price is $7.00 Current Price is $4.20 Difference: $2.8
If EOS meets the Canaccord Genuity target it will return approximately 67% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.31.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 18.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.33.

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

FCL    FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $3.57

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

Impacted by the timing of payments, with collections from customers in early July, Fineos Corp's cash receipts of EUR22.7m decreased -11% year-on-year in the fourth quarter, while cash costs of EUR32.9m increased 43% over the previous period.

In addition to the acquisition of Spraoi, a leading provider of machine learning capability for the Employee Benefits and Life industry, Fineos also announced two new client wins. 

While slower deal flow has been frustrating over recent months, Shaw and Partners do not believe this discredits the broker's positive investment thesis over the longer term.

The Buy rating and target price of $5.30 are retained. 

This report was published on July 30, 2021.

Target price is $5.30 Current Price is $3.57 Difference: $1.73
If FCL meets the Shaw and Partners target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $4.42, suggesting upside of 24.4%(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 2.71 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 131.88.

How do these forecasts compare to market consensus projections?

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

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.39 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 149.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.9, 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.

This company reports in EUR. 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

FLT    FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $14.97

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

In a FY21 results preview of the Australian Travel sector, JP Morgan feels that given lock downs and the cessation of JobKeeper, investors will re-focus back on cash burn and liquidity metrics.

However, the broker believes the acceleration of vaccination rates due to lock downs has de-risked the medium-term Australian travel outlook, a net positive despite near-term downgrades.

For Flight Centre Travel Group, the analyst looks to the result to see how cash burn may have changed after JobKeeper, lockdowns and South African unrest. The Underweight rating and $12.50 target are maintained.

This report was published on August 9, 2021.

Target price is $12.50 Current Price is $14.97 Difference: minus $2.47 (current price is over target).
If FLT meets the JP Morgan target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $16.46, suggesting upside of 8.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 177.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -176.7, 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:

JP Morgan forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 69.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -33.6, implying annual growth of N/A.
Current consensus DPS estimate is -0.7, implying a prospective dividend yield of -0.0%.
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

FMG    FORTESCUE METALS GROUP LIMITED

Iron Ore – Overnight Price: $22.52

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

Fortescue Metals Group delivered a great scorecard for FY21 posting record production, up 2% on FY20 which was itself a record year up 6% on FY19.

The June quarter accounted for 28.2% of financial year sales compared to an average contribution of 28.3%.

While FY22 earnings should be trending higher on iron ore price, the broker believes it's but worth keeping an eye on
the dual headwinds: Price realisation at the lower end of current plateau (80-90%), and costs trend higher year-on-year by up to $250m.

However, Shaw and Partners notes FY22 cost headwind of $250m is a more attractive level than Rio Tinto's ((RIO)) revised cost guidance of $18-18.50 this calendar year.

Hold rating is unchanged: Target price $21.50.

This report was issued July 30, 2021.

Target price is $21.50 Current Price is $22.52 Difference: minus $1.02 (current price is over target).
If FMG meets the Shaw and Partners target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $22.12, suggesting downside 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 468.32 cents and EPS of 437.30 cents.
At the last closing share price the estimated dividend yield is 20.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 453.1, implying annual growth of N/A.
Current consensus DPS estimate is 421.0, implying a prospective dividend yield of 18.6%.
Current consensus EPS estimate suggests the PER is 5.0.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 414.14 cents and EPS of 384.45 cents.
At the last closing share price the estimated dividend yield is 18.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 396.7, implying annual growth of -12.4%.
Current consensus DPS estimate is 334.7, implying a prospective dividend yield of 14.8%.
Current consensus EPS estimate suggests the PER is 5.7.

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

GCY    GASCOYNE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.33

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

Gascoyne Resourses' June quarter production from Dalgaranga for the June quarter totaled 17,400 ounces at an all-in sustaining cost of $1,589 per ounce, with volume in line with Canaccord Genuity forecasts and a beat on costs. 

June quarter results bring FY21 production to 77,300 ounces at an all-in sustaining cost of $1,308 per ounce. With the company guiding to $46-51.2m in capital expenditure for FY22, Canaccord Genuity looks to FY23 for meaningful free cash flow increase following a year of investment.

The Buy rating and target price of $0.80 are retained. 

This report was published on July 23, 2021.

Target price is $0.80 Current Price is $0.33 Difference: $0.47
If GCY meets the Canaccord Genuity target it will return approximately 142% (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 33.00.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.50.

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

GDI    GDI PROPERTY GROUP

REITs – Overnight Price: $1.14

Moelis rates ((GDI)) as Buy (1) –

GDI Property Group has sold 50 Cavill Avenue for $113.5m, and expects to net $109m after selling costs, reflecting an 8% premium to book value.

The analyst notes the group will use the proceeds to reduce debt to circa $60m on its principal facility, equating to gearing of around 9%. It's felt this will provide over $150m in financial flexibility to pursue assets and undertake capital management, including a buyback.

Should shares continue to trade at a circa -10% discount to net tangible assets, the group will likely become an attractive corporate target, points out the broker. Moelis retains its Buy rating and $1.43 target price.

This report was published on August 3, 2021.

Target price is $1.43 Current Price is $1.14 Difference: $0.29
If GDI meets the Moelis target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 7.80 cents and EPS of 5.60 cents.
At the last closing share price the estimated dividend yield is 6.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.36.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 7.80 cents and EPS of 6.20 cents.
At the last closing share price the estimated dividend yield is 6.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.39.

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

GPR    GEOPACIFIC RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.31

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

Within  Geopacific Resoures June quarter activities report, the company announced a financial close on the Woodlark Gold Project and that project construction has commenced.

Woodlark is on track for its first gold pour in late 2022 which Shaw and Partners suspect is likely to be a major re-rating event for the stock.

Shaw has not made any changes to its operating model, but forecasts have reduced in 2022 & 2023 due to lower gold price assumptions.

Shaw retains a Buy recommendation and the price target is lowered to $0.90 from $0.95 along with the broker's lower gold price deck. 

This report was published on July 30, 2021.

Target price is $0.90 Current Price is $0.31 Difference: $0.59
If GPR meets the Shaw and Partners target it will return approximately 190% (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 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.76.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.50 cents and EPS of 3.50 cents.
At the last closing share price the estimated dividend yield is 1.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.86.

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

HLO    HELLOWORLD TRAVEL LIMITED

Travel, Leisure & Tourism – Overnight Price: $1.57

JP Morgan rates ((HLO)) as Upgrade to Overweight from Neutral (1) –

In a FY21 results preview of the Australian Travel sector, JP Morgan feels that given lock downs and the cessation of JobKeeper, investors will re-focus back on cash burn and liquidity metrics.

However, the broker believes the acceleration of vaccination rates due to lock downs has de-risked the medium-term Australian travel outlook, a net positive despite near-term downgrades.

At its first half results, Helloworld Travel commented its retail network has shown high levels of resilience with member numbers down only -5%. Investors will likely be interested in how closures have changed with lockdowns and minus JobKeeper in the FY result, JP Morgan suggests.

The broker upgrades its rating to Overweight from Neutral and retains its $2.20 target price.

This report was published on August 9, 2021.

Target price is $2.20 Current Price is $1.57 Difference: $0.63
If HLO meets the JP Morgan target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.24.

Forecast for FY22:

JP Morgan 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 52.33.

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

HRL    HRL HOLDINGS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.13

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

Canaccord Genuity retains its Hold rating and lowers its target price to $0.20 from $0.22 for HRL Holdings, after factoring-in the impact of management's three-year strategy of investment in existing operations.

FY21 revenues were up 5% and earnings (EBITDA) were up 9%, with the latter coming in ahead of May 2021 guidance. 

Food & Environmental Laboratory Services increased earnings by 5% on an 11% revenue increase, with revenue growth across most testing regimes. Environmental testing volumes picked up in the second half and are now consistently exceeding pre-covid-19 levels.

This report was published on August 2, 2021.

Target price is $0.20 Current Price is $0.13 Difference: $0.07
If HRL meets the Canaccord Genuity target it will return approximately 54% (excluding dividends, fees and charges).
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 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.67.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.25.

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: $9.78

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 30, 2021. 

Target price is $7.70 Current Price is $9.78 Difference: minus $2.08 (current price is over target).
If IGO meets the Shaw and Partners target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $7.73, suggesting downside 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 10.50 cents and EPS of 18.80 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.02.

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 39.1.

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 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.15.

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 34.4.

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

JHG    JANUS HENDERSON GROUP PLC

Wealth Management & Investments – Overnight Price: $58.07

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

JP Morgan assesses Janus Henderson Group delivered mixed second quarter results, with strong earnings and performance fees. though deteriorating flows. Forecasts are increased, as a result of strong market conditions, resulting in a rise in target to $56 from $53.

The analyst points out performance fees were a highlight, while expenses were also well-contained, with limited increases in compensation despite much higher revenues from performance fees

The brokers maintains its Neutral, with the US funds business struggling with US performance and fund flows, offset by better European
performance and performance fees.

This report was published on August 3, 2021.

Target price is $56.00 Current Price is $58.07 Difference: minus $2.07 (current price is over target).
If JHG meets the JP Morgan target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $58.45, suggesting upside of 0.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 207.67 cents and EPS of 539.14 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 547.9, implying annual growth of N/A.
Current consensus DPS estimate is 207.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 234.29 cents and EPS of 559.11 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 552.8, implying annual growth of 0.9%.
Current consensus DPS estimate is 218.3, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 10.5.

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

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $7.53

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

June quarter production for Lynas Rare Earth was largely in line with Canaccord Genuity's forecast, while sales of 4,800 tonnes total rare earth oxide were a beat on the broker's estimate of 4,200 tonnes. 

Lynas has also announced a second selected site for the permanent disposal facility, reportedly within the Gebang industrial estate. The broker notes while the location seems more suitable, it is a smaller area than the previously selected site. 

The Hold rating and target price of $6.25 are retained. 

This report was published on July 26, 2021.

Target price is $6.25 Current Price is $7.53 Difference: minus $1.28 (current price is over target).
If LYC meets the Canaccord Genuity target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

MCL    MIGHTY CRAFT LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.30

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

Mighty Craft is increasing ownership in Torquay Beverage Company to 61%, from 50%, as the the company prepares to launch three new products in the first half of FY22. The new product launch includes a tequila-based seltzer which should have a first-to-Australian-market advantage.

Mighty Craft is now expecting Torquay Beverage to deliver over $5m in sales in FY22. It is Canaccord Genuity's view that new product launches will allow the company to better utilise sunk costs in sales and marketing platform and this announcement will help in de-risking forecasts.

The Speculative Buy and target price of $0.56 are retained. 

This report was published on July 26, 2021.

Target price is $0.56 Current Price is $0.30 Difference: $0.26
If MCL meets the Canaccord Genuity target it will return approximately 87% (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 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.29.

Forecast for FY22:

Canaccord Genuity 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 10.00.

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

NIC    NICKEL MINES LIMITED

Nickel – Overnight Price: $1.07

Shaw and Partners rates ((NIC)) as Sell (5) –

Nickel Mines June quarter production was steady and earnings were flat on the March quarter with rising costs offsetting improving prices.

Nickel Mines is acquiring an 80% stake in the Angel Nickel Project at Weda Bay, also in Indonesia in partnership with Tsingshan.

Higher coal prices have resulted in higher power costs, with the combination of higher power cost and the higher price for reductant coal adding about US$1,200/t to costs over the past two quarters.

Shaw and Partners have factored in the higher costs to the broker's financial model which results in a -16% downgrade to FY21 net profit.

While rising costs remain a concern, Shaw maintains a Sell rating, and the target price increases to $1.05 from $1.01.

This report was published on July 30, 2021.

Target price is $1.05 Current Price is $1.07 Difference: minus $0.02 (current price is over target).
If NIC meets the Shaw and Partners target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.27, suggesting upside of 15.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 8.65 cents and EPS of 8.25 cents.
At the last closing share price the estimated dividend yield is 8.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.2, implying annual growth of N/A.
Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 12.65 cents and EPS of 11.98 cents.
At the last closing share price the estimated dividend yield is 11.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of -17.1%.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 16.2.

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

OVN    OVENTUS MEDICAL LIMITED

Medical Equipment & Devices – Overnight Price: $0.10

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

Canaccord Genuity explains the fourth quarter results for Oventus Medical reflected covid-induced disruption and the focus of management upon restructuring the business. The latter has resulted in a -30% reduction in staff during the quarter.

Revenue/receipts were up triple digits year-on-year though revenue was down around -29% quarter-on-quarter and receipts were flat. Tailwinds are thought to be emerging via the lower cost virtual model and the potential CPAP supply shortage from the Philips recall.

The analyst reduces FY21 revenue estimates following the result, adjusts the share count for the recent $10m raising and rolls over the financial model for a new financial year. This only partially offsets the significant dilution from the equity injection.

The target price falls to $0.29 from $0.34 and the Buy rating is unchanged.

This report was published on July 30, 2021.

Target price is $0.29 Current Price is $0.10 Difference: $0.19
If OVN meets the Canaccord Genuity target it will return approximately 190% (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 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.67.

Forecast for FY22:

Canaccord Genuity 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 3.70.

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

OZL    OZ MINERALS LIMITED

Copper – Overnight Price: $22.46

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

Oz Minerals lifted copper production 22% quarter-on-quarter to a total 32,700 tonnes. Gold production was also up 5% on the previous quarter to 57,900 ounces. 

Canaccord Genuity has increased underlying earnings for 2021-2023 by 21%, 38% and 22% respectively given its updated commodity pricing.

The broker notes copper prices are moving to all-time highs given market demand, and is forecasting average copper pricing of US$4.19 per pound over the next five years. 

The Buy rating is retained and the target price increases to $27.50 from $25.00. 

This report was published on July 28, 2021. 

Target price is $27.50 Current Price is $22.46 Difference: $5.04
If OZL meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $24.14, suggesting upside of 4.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 21.00 cents and EPS of 157.00 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 14.31.

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 1.3%.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 25.00 cents and EPS of 200.00 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.23.

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 15.6.

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

RCL    READCLOUD LIMITED

Education & Tuition – Overnight Price: $0.28

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

Canaccord Genuity retains its Buy rating and $0.67 price target for ReadCloud after the company delivered year-on-year growth in cash receipts of around 17% for the fourth quarter. This is despite the June-completed Ripponlea acquisition barely contributing. 

While the result causes a slight downward adjustment to the broker's FY21 estimates, there's confidence that FY22 should show a return to robust growth.

In the coming financial year, the development of more productive lead generation for the direct schools business and software development should lead to a more efficient process of securing and onboarding new schools, explains the analyst.

The report was published on August 2, 2021.

Target price is $0.67 Current Price is $0.28 Difference: $0.39
If RCL meets the Canaccord Genuity target it will return approximately 139% (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 28.00.

Forecast for FY22:

Canaccord Genuity 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 280.00.

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

RIO    RIO TINTO LIMITED

Bulks – Overnight Price: $129.14

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 $129.14 Difference: $2.86
If RIO meets the Shaw and Partners target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $134.71, suggesting upside of 12.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 2042.07 cents and EPS of 1958.60 cents.
At the last closing share price the estimated dividend yield is 15.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2099.9, implying annual growth of N/A.
Current consensus DPS estimate is 1639.3, implying a prospective dividend yield of 13.6%.
Current consensus EPS estimate suggests the PER is 5.7.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 1237.09 cents and EPS of 1296.59 cents.
At the last closing share price the estimated dividend yield is 9.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1501.0, implying annual growth of -28.5%.
Current consensus DPS estimate is 1139.1, implying a prospective dividend yield of 9.5%.
Current consensus EPS estimate suggests the PER is 8.0.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.51

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

Ramelius Resources June quarter production of 61.8koz  was marginally below guidance and the all-in cost of $1,394/oz was higher than guidance of $1,240-1,340/oz.

Guidance for FY22 is set at 260-300koz at an all-in cost of $1,425 –$1,525/oz, while cost guidance is approximately $100/oz higher than previous expectations.

Shaw and Partners believe Ramelius is one of the few mid-cap gold companies with a clear growth profile, a strong track record of operational excellence, and a history of value-enhancing acquisitions.

The Buy rating is retained and the target price is lowered to $2.57 from $2.82.

This report was published on July 30, 2021. 

Target price is $2.57 Current Price is $1.51 Difference: $1.06
If RMS meets the Shaw and Partners target it will return approximately 70% (excluding dividends, fees and charges).
Current consensus price target is $2.08, suggesting upside of 37.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 4.00 cents and EPS of 13.60 cents.
At the last closing share price the estimated dividend yield is 2.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.0, implying annual growth of -2.6%.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 7.00 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 4.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.6, implying annual growth of -27.5%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 13.1.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.37

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

June quarter production of 114.1koz at an all-in sustaining cost (AISC) of $1,387/oz was a slight miss versus Canaccord Genuity. The quarter brought full year attributable production to 373koz at $1,373/oz.

Guidance for FY22 has been stated at 460-515koz at an AISC's of $1,290-1,365/oz, which was below the analyst's prior forecast.

After updating forecasts to account for new guidance across Duketon and Tropicana as well as commentary around McPhillamys, the broker lowers its target price to $3.25 from $3.40.

This report was issued on July 31, 2021.

Target price is $3.25 Current Price is $2.37 Difference: $0.88
If RRL meets the Canaccord Genuity target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $3.47, suggesting upside of 43.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 12.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 5.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of -31.6%.
Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 8.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 3.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.6, implying annual growth of 10.4%.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 8.5.

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

SFR    SANDFIRE RESOURCES LIMITED

Copper – Overnight Price: $6.87

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

Sandfire Resources has confirmed numbers for the FY21 and June quarter FY21 production scorecard with all key metrics at the favourable end of respective guidance ranges.

A higher year-on-year operating unit cost forecast is driven by a combination of lower production and external factors.

Shaw and Partners previously noted FY21 was shaping up as a very strong operational and financial year, with production projected to approach the top end of guidance – now delivered – while a handy copper price tailwind delivered buoyant 30% free cash flow yield.

Shaw and Partners maintains a rating of Buy and a target price of $8.40. 

This report was published July 30, 2021. 

Target price is $8.40 Current Price is $6.87 Difference: $1.53
If SFR meets the Shaw and Partners target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $7.60, suggesting upside of 7.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 21.40 cents and EPS of 106.80 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.6, implying annual growth of 143.9%.
Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 22.10 cents and EPS of 110.50 cents.
At the last closing share price the estimated dividend yield is 3.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.7, implying annual growth of -3.7%.
Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 7.0.

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

WEB    WEBJET LIMITED

Travel, Leisure & Tourism – Overnight Price: $5.11

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

In a FY21 results preview of the Australian Travel sector, JP Morgan feels that given lock downs and the cessation of JobKeeper, investors will re-focus back on cash burn and liquidity metrics.

However, the broker believes the acceleration of vaccination rates due to lock downs has de-risked the medium-term Australian travel outlook, a net positive despite near-term downgrades.

With Webjet stock trading in-line with its $5 price target, the broker maintains a Neutral rating

This report was published on August 9, 2021.

Target price is $5.00 Current Price is $5.11 Difference: minus $0.11 (current price is over target).
If WEB meets the JP Morgan target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.59, suggesting upside of 8.2%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 56.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.0, 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 FY23:

JP Morgan forecasts a full year FY23 dividend of 10.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of N/A.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 23.5.

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

WGX    WESTGOLD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.67

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

The June quarter brings total FY21 production to 245koz at an all-in sustaining cost (AISC) of  $1,414/oz. Revised FY21 guidance was provided in June of 245-250koz at $1,460-1,560/oz.

While management didn’t provide explicit FY22 guidance, the analyst noted a number of anecdotes in the June quarter report pointing to an improved year-on-year production profile, in-line with expectations.

Canaccord Genuity maintains its Buy rating and $2.50 target price.

This report was published on July 31, 2021.

Target price is $2.50 Current Price is $1.67 Difference: $0.83
If WGX meets the Canaccord Genuity target it will return approximately 50% (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 20.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.35.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 3.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.19.

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

WPR    WAYPOINT REIT LIMITED

REITs – Overnight Price: $2.72

Moelis rates ((WPR)) as Buy (1) –

Moelis maintains its Buy rating and increases the target price to $2.84 from $2.78 for Waypoint REIT. Management outlined some new initiatives, that should be earnings accretive to shareholders who reinvest proceeds at or below net tangible assets (NTA).

The trust has agreed to sell 31 non-core assets for $114m, implying to the broker a 10.1% premium to NTA. Most of these are regional assets, considered to have relatively high yields.

The REIT will be returning up to $150m to shareholders within the next twelve months in a combination of share buybacks and direct cash distributions.

This report was published on August 3, 2021.

Target price is $2.84 Current Price is $2.72 Difference: $0.12
If WPR meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.81, suggesting upside of 3.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 34.80 cents and EPS of 15.70 cents.
At the last closing share price the estimated dividend yield is 12.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.8, implying annual growth of -55.9%.
Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 15.40 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 5.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 1.9%.
Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 16.9.

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

WSA    WESTERN AREAS LIMITED

Nickel – Overnight Price: $2.60

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

Following a tough year for Western Areas, the company has reported June quarter production of 4,622 tonnes at Forrestania, an 8% beat on the previous quarter. 

Canccord Genuity notes the strong quarter comes on the back of a tough year, with the quarterly results driven by a a lift in mining rates at both the Flying Fox and Spotted Quoll underground mines. 

As expected grades softened towards the end of the quarter, as mine faces are narrowing towards the end of mine life. 

The Buy rating and target price of $2.60 are retained. 

This report was published on July 23, 2021. 

Target price is $2.60 Current Price is $2.60 Difference: $0
If WSA meets the Canaccord Genuity target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.63, suggesting downside of -0.5%(ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is -2.8, implying annual growth of N/A.
Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Current consensus EPS estimate is 4.2, implying annual growth of N/A.
Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 62.9.

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

WZR    WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.31

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

Within a further update to the recent fourth-quarter FY21 trading result, WISR Ltd highlighted sales up 234% from $2.9m in the previous period to $9.7m, slightly ahead of Shaw’s $9.5m estimate and 29% up on third-quarter FY20.

While 90-Day arrears were still very low at 0.92% below, versus the broker's 1.09% estimate, secured vehicle loan product growth was up 64% quarter-on-quarter.

Shaw believes the company is well placed to reach its medium trajectory of delivering a highly profitable business as it scales towards its medium-term target of a $1b loan book.

Shaw maintains its Buy rating and $0.55 target price.

This report was published on July 30, 2021.

Target price is $0.55 Current Price is $0.31 Difference: $0.24
If WZR meets the Shaw and Partners target it will return approximately 77% (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 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.14.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 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 155.00.

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

ZBT    ZEBIT, INC

Business & Consumer Credit – Overnight Price: $0.92

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

Zebit Inc's first half FY21 sales result of US$56.1m was above both Prospectus and Shaw and Partners’ forecasts of US$55.1m.

A key new piece of information from the company reveals that the longer a user matures on the platform, the lower the bad debts, – which reduce from a factor of 5x from 11.2% in the first year of an order to a very low 2.3% after 4 years.

The BNPL reiterated FY21 revenue guidance of US$140m-US$150m versus Shaw and Partners’ US$162m – which translates to 60%-71% growth versus the previous period's US$87.7m.

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

This report was published on July 30, 2021.

Target price is $2.00 Current Price is $0.92 Difference: $1.08
If ZBT meets the Shaw and Partners target it will return approximately 117% (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 20.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.40.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 15.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.79.

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

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