Australian Broker Call *Extra* Edition – Oct 11, 2021

This story features PENTANET LIMITED, and other companies. For more info SHARE ANALYSIS: 5GG

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)

5GG   ABP   AIS   APE   ASX   BMN   BOE   BWP   CBO   CIP   CLW   COB   COF (3)   CQE   DGH   DUG   EGH   ENN   FCL   HSN   IMU   JRV   LOT   LYL   MIN   MRM   MSB   NSR   PDN   PEN   PME   PNI   QBE   SRL   TNE   TWE   UMG   VMY   VTI   WAF   WHC  

5GG    PENTANET LIMITED

Telecommunication – Overnight Price: $0.63

Euroz Hartleys rates ((5GG)) as Buy (1) –

Pentanet has announced the practical completion of its GeForce Now cloud gambling infrastructure. Servers are now fully installed in Perth and Sydney.

The beta program will allow the company to test the platform and begin measuring the performance of local infrastructure.

Strong demand has been in evidence leading into the Beta Play stage. The company expects to announce pricing of the platform in coming weeks.

Euroz Hartleys retains a Speculative Buy rating and $1.25 target.

This report was published in September 8, 2021.

Target price is $1.25 Current Price is $0.63 Difference: $0.62
If 5GG meets the Euroz Hartleys target it will return approximately 98% (excluding dividends, fees and charges).

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

ABP    ABACUS PROPERTY GROUP

REITs – Overnight Price: $3.55

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

Jarden believes diversified REITs remain at a disadvantage to pure REITs, despite recent overall strength in the REIT sector. It’s thought logistics, office, retail and funds management themes can be attained elsewhere.

However, there are exceptions, and the analyst retains the Overweight rating and $3.70 target price for Abacus Property Group. It’s thought the Storage and Commercial strategy is set to deliver above-average and consistent funds from operations (FFO) and dividends. 

This report was published on September 2, 2021.

Target price is $3.70 Current Price is $3.55 Difference: $0.15
If ABP meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $3.34, suggesting downside of -5.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 18.50 cents and EPS of 18.40 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of -63.9%.
Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY23:

Current consensus EPS estimate is 18.4, implying annual growth of 2.2%.
Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 19.3.

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

AIS    AERIS RESOURCES LIMITED

Copper – Overnight Price: $0.18

Euroz Hartleys rates ((AIS)) as Buy (1) –

The Aeris Resources Constellation copper discovery has revealed a supergene, oxide zone that is now 250m by 250m. The primary zone looks to have a strike length of between 250-300m and a down plunge extent of over 1 kilometre.

The company is targeting a maiden resource in the March quarter and Euroz Hartleys assumes first production in 2023.

Buy rating and $0.30 target maintained.

This report was published in September 8, 2021.

Target price is $0.30 Current Price is $0.18 Difference: $0.12
If AIS meets the Euroz Hartleys target it will return approximately 67% (excluding dividends, fees and charges).

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: $14.82

Moelis rates ((APE)) as Buy (1) –

Eagers Automotive delivered a strong first half result, with revenue up 13.1% on the previous year. Underlying earnings of $252.9m compared to the previous year's $78.6m, while profit after tax of $151.2m was up from $25.9m.

The company noted a strong start to the second half, and Moelis highlighted that with Eagers Automotive overweight in Queensland and Western Australia it has been somewhat protected from covid impacts. Earnings per share forecasts are upgraded through to FY23.

The Buy rating is retained and the target price increases to $19.65 from $18.73.

This report was published on September 6, 2021.

Target price is $19.65 Current Price is $14.82 Difference: $4.83
If APE meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $18.35, suggesting upside of 23.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 75.60 cents and EPS of 110.50 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.6, implying annual growth of 90.4%.
Current consensus DPS estimate is 59.0, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 68.70 cents and EPS of 100.90 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 14.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.5, implying annual growth of -17.4%.
Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 16.4.

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

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $80.36

Jarden rates ((ASX)) as Buy (2) –

Futures volumes have declined in August, down -22% and Jarden tempers its first half outlook, expecting volumes to be flat in the first half.

Despite equity turnover in line with expectations and stronger IPO momentum the broker lowers FY22 estimates for earnings per share by -1.1%, implying 3.4% growth. Underweight rating and $76.50 target maintained.

This report was published in September 6, 2021. 

Target price is $76.50 Current Price is $80.36 Difference: minus $3.86 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $77.34, suggesting downside of -3.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 233.70 cents and EPS of 256.90 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 31.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 254.8, implying annual growth of 2.6%.
Current consensus DPS estimate is 228.6, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 31.5.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 242.30 cents and EPS of 267.70 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 264.2, implying annual growth of 3.7%.
Current consensus DPS estimate is 237.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 30.4.

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

BMN    BANNERMAN ENERGY LIMITED

Uranium – Overnight Price: $0.27

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

With spot uranium is trading at its highest price in six years at US$39/lb, Shaw and Partners has upgraded its pricing deck.

The broker is guiding to a price spike to US$85/lb, and long-term uranium pricing of US$60/lb to 2028, driven by a decade of underinvestment and expected long-term demand to support increasing electrification and decarbonisation. 

Hold retained, target rises to 28c from 14c.

This report was published on September 6, 2021.

Target price is $0.28 Current Price is $0.27 Difference: $0.01
If BMN meets the Shaw and Partners target it will return approximately 4% (excluding dividends, fees and charges).

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

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $0.25

Shaw and Partners rates ((BOE)) as Upgrade to Buy from Hold (1) –

With spot uranium is trading at its highest price in six years at US$39/lb, Shaw and Partners has upgraded its pricing deck.

The broker is guiding to a price spike to US$85/lb, and long-term uranium pricing of US$60/lb to 2028, driven by a decade of underinvestment and expected long-term demand to support increasing electrification and decarbonisation. 

Upgrade to Buy from Hold, target rises to 30c from 17c.

This report was published on September 6, 2021.

Target price is $0.30 Current Price is $0.25 Difference: $0.05
If BOE meets the Shaw and Partners target it will return approximately 20% (excluding dividends, fees and charges).

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

BWP    BWP TRUST

REITs – Overnight Price: $4.08

Jarden rates ((BWP)) as Sell (5) –

Despite a strong recent performance from the REIT sector, Jarden believes it can continue to outperform. Globally, retail REITs re-rated quickly once reopening took place and the same is expected in Australia.

Regarding the BWP Trust, the analyst believes management is starting to look more actively at growth opportunities. Despite a significant valuation premium, the Trust's funds from operations (FFO) and dividend growth expectations are considered the lowest among peers. 

Jarden sees better valuation elsewhere and retains its Sell rating and $3.50 target price.

This report was published on September 2, 2021.

Target price is $3.50 Current Price is $4.08 Difference: minus $0.58 (current price is over target).
If BWP meets the Jarden target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.65, suggesting downside of -10.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 18.40 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.67.

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 23.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 18.70 cents and EPS of 18.30 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.30.

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 4.6%.
Current consensus EPS estimate suggests the PER is 22.2.

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

CBO    COBRAM ESTATE OLIVES LIMITED

Agriculture – Overnight Price: $2.05

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

Cobram Estate, a vertically integrated producer of olive oil in Australia and the US, accounts for 45% of the Australian extra virgin olive oil market.

Bell Potter observes maturing groves combined with access to additional fruit from immature third-party plantings provides access to a step change in volumes over the next decade.

In the US, a transition from bulk to branded producers should also provide benefits to margins and provide an outlet for any surplus oil from the Australian groves. The broker initiates coverage with a Buy rating and $2.30 target.

This report was published on September 6, 2021.

Target price is $2.30 Current Price is $2.05 Difference: $0.25
If CBO meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 3.30 cents and EPS of 0.10 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 2050.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 3.30 cents and EPS of 10.60 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 19.34.

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

CIP    CENTURIA INDUSTRIAL REIT

REITs – Overnight Price: $3.67

Jarden rates ((CIP)) as Downgrade to Overweight from Buy (2) –

Jarden believes the share prices of passive REITs could stagnate for a while, despite a strong recent performance from the overall REIT sector. However, thanks to the industrial exposure of Centuria Industrial REIT, the broker sees further upside.

Despite this, after recent sector outperformance the analyst lowers the rating to Overweight from Buy and maintains the $4.10 target price.

This report was published on September 2, 2021.

Target price is $4.10 Current Price is $3.67 Difference: $0.43
If CIP meets the Jarden target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $3.97, suggesting upside of 8.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 17.80 cents and EPS of 18.30 cents.
At the last closing share price the estimated dividend yield is 4.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of -84.6%.
Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY23:

Current consensus EPS estimate is 18.9, implying annual growth of 4.4%.
Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 19.4.

Market Sentiment: 0.4
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: $4.94

Jarden rates ((CLW)) as Buy (1) –

Jarden believes the share prices of passive REITs could stagnate for a while, despite a strong recent performance from the overall REIT sector. However, it's thought Charter Hall Long Wale REIT offers an attractive risk/reward proposition.

The REIT has one of the highest dividend yields in the sector and current pricing doesn't reflect improving portfolio metrics and a strong acquisition track record, according to the analyst.

The broker also highlights above-average funds from operations (FFO) and net tangible assets (NTA) growth. The Buy rating and $5.75 target price are retained.

This report was published on September 2, 2021.

Target price is $5.75 Current Price is $4.94 Difference: $0.81
If CLW meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $5.34, suggesting upside of 8.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 30.70 cents and EPS of 30.80 cents.
At the last closing share price the estimated dividend yield is 6.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.04.

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 31.0, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 31.80 cents and EPS of 31.90 cents.
At the last closing share price the estimated dividend yield is 6.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.49.

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 6.4%.
Current consensus EPS estimate suggests the PER is 15.4.

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

COB    COBALT BLUE HOLDINGS LIMITED

Industrial Metals – Overnight Price: $0.29

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

Canaccord Genuity forecasts a structural supply deficit in the cobalt market by 2024 and expects to see a rush to secure supply and rapidly rising prices. The broker initiates coverage on Cobalt Blue Holdings with a Speculative Buy and $0.65 price target. 

The company is developing the Broken Hill Cobalt Project in western NSW, and is currently piloting its process in Broken Hill before progressing to a demonstration plant in 2022. Then, a final investment decision (FID) is expected in late 2022/early 2023.

The analyst sees strong leverage to cobalt pricing with a 10% lift in pricing translating to a 30% lift in the broker's price target. It's assumed funding will be achieved via a 60/40 debt/equity split.

This report was published on September 3, 2021.

Target price is $0.65 Current Price is $0.29 Difference: $0.36
If COB meets the Canaccord Genuity target it will return approximately 124% (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 minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.50.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 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 14.50.

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

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

Centuria Office is acquiring its first assets since FY20, including 101 Moray St, South Melbourne, for $205.1m and the remainder of (50%) of 203 Pacific Highway, St Leonards for $68m.

The acquisitions will be funded partially via an accelerated non-renounceable entitlement offer raising $201m. Jarden believes it was a prudent decision to raise capital for acquisitions at this point.

The broker retains an Underweight rating, believing there is better relative value amongst other A-REITs while the suburban office outlook is mixed. Target is raised to $2.40 from $2.35.

This report was published on September 6, 2021.

Target price is $2.40 Current Price is $2.44 Difference: minus $0.04 (current price is over target).
If COF meets the Jarden target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.48, suggesting upside of 1.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 16.60 cents and EPS of 18.00 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 13.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 23.0%.
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:

Jarden forecasts a full year FY23 dividend of 16.90 cents and EPS of 18.30 cents.
At the last closing share price the estimated dividend yield is 6.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 3.3%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 12.9.

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

Jarden rates ((COF)) as Downgrade to Underweight from Neutral (2) –

Jarden believes the share prices of passive REITs could stagnate for a while, despite a strong recent performance from the overall REIT sector. The broker downgrades its rating for Centuria Office REIT to Underweight from Neutral to reflect limited upside.

While the analyst believes management has done a good job navigating suburban office headwinds, there's considered better value elsewhere. The target price is unchanged at $2.35.

This report was published on September 2, 2021.

Target price is $2.35 Current Price is $2.44 Difference: minus $0.09 (current price is over target).
If COF meets the Jarden target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.48, suggesting upside of 1.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 16.60 cents and EPS of 18.00 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 13.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 23.0%.
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:

Jarden forecasts a full year FY23 dividend of 16.90 cents and EPS of 18.30 cents.
At the last closing share price the estimated dividend yield is 6.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 3.3%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 12.9.

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

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

Centuria Office REIT will acquire 101 Moray Street South Melbourne and the remainder (50%) of 203 Pacific Highway St Leonards. Acquisitions will be partially funded via a fully underwritten $201m entitlement offer at $2.50.

FFO guidance has been reaffirmed at $0.18 per unit with a distribution per unit of 16.6c. Moelis is on research restrictions and cannot provide a rating or target.

This report was published in September 7, 2021.

Current Price is $2.44. Target price not assessed.
Current consensus price target is $2.48, suggesting upside of 1.5%(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 23.0%.
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 18.9, implying annual growth of 3.3%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 12.9.

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

CQE    CHARTER HALL SOCIAL INFRASTRUCTURE REIT

Childcare – Overnight Price: $3.60

Jarden rates ((CQE)) as Buy (2) –

Jarden believes the share prices of passive REITs could stagnate for a while, despite a strong recent performance from the overall REIT sector.

However, thanks to both steady rental growth and the development/acquisition pipeline of Charter Hall Social Infrastructure, the broker sees further upside.

On the downside, the analyst cautions on the risk profile in an environment of higher interest rates, and if larger acquisitions are made at lower yields. The Overweight rating and $3.70 target are maintained.

This report was published on September 2, 2021.

Target price is $3.70 Current Price is $3.60 Difference: $0.1
If CQE meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 16.80 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 4.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.69.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 17.90 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 4.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.46.

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

DGH    DESANE GROUP HOLDINGS LIMITED

Real Estate – Overnight Price: $1.22

Taylor Collison rates ((DGH)) as Outperform (2) –

Taylor Collison reports Desane Group Holdings is trading at a 16% discount to post-tax net tangible assets (NTA) and spies 75c a share development revaluation pre-tax upside.

The company has enough internal funds to complete all pending constructions, including Leichhardt, without dilution.

The balance sheet can comfortably accomodate more debt, buoyed by profits from smaller projects, and offers a 3.7% dividend. It also renegotiated a a bank loan at 1.9%, saving $35,000 a year.

Outperform rating retained. The NTA for FY21 is estimated to be $1.48 a share.

This report was published on September 1, 2021.

Current Price is $1.22. Target price not assessed.
The company's fiscal year ends in June.

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

DUG    DUG TECHNOLOGY LIMITED

Cloud services – Overnight Price: $0.89

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

Canaccord Genuity notes a challenging second half for Dug Technology's Services business impacted on results. The division reported a -$5.3m revenue decrease for the half resulting in a -$5.1m underlying earnings decrease.

The broker expects division recovery, and coupled with contract signings and Geraldton project progress, notes this may be a catalyst. It was noted management aims to be selective, targeting higher-priced and compute-heavy contracts, following first half revenue issues. 

The Buy rating is retained and the target price decreases to $1.71 from $1.76.

This report was published on September 1, 2021.

Target price is $1.71 Current Price is $0.89 Difference: $0.82
If DUG meets the Canaccord Genuity target it will return approximately 92% (excluding dividends, fees and charges).

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

EGH    EUREKA GROUP HOLDINGS LIMITED

Aged Care & Seniors – Overnight Price: $0.60

Taylor Collison rates ((EGH)) as Outperform (2) –

Taylor Collison admires Eureka Group's defensive earnings profile, particularly when enhanced by the company's acquisition strategy and organic growth.

The broker notes 95% of the company's rental income in underpinned by government funding and that Eureka Group is the only company buying independent rental retirement assets across Australia, giving it pricing power in undersupplied markets.

The company is targeting 10% earnings before interest tax depreciation and amortisation return on cost.

The broker notes the company has successfully focused on improving operating efficiency and occupancy (now at 98%) and expects a sharp increase in the portfolio in the next few years. With tax losses to utilise going forward (no tax going forward), the broker's prognosis is positive.

Outperform rating retained. NTA is 42c per share. 

This report was published on September 21, 2021.

Current Price is $0.60. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY22:

Taylor Collison forecasts a full year FY22 dividend of 1.30 cents and EPS of 3.83 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.67.

Forecast for FY23:

Taylor Collison forecasts a full year FY23 dividend of 1.40 cents and EPS of 4.20 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 14.29.

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

ENN    ELANOR INVESTORS GROUP

Wealth Management & Investments – Overnight Price: $2.07

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

Shaw and Partners expects Elanor Investors will continue to deliver growth in FY22. The $10.5m gain from the hotel fund should also provide a windfall.

The broker increases estimates for corporate costs, to reflect the expected strong growth in funds under management.

While this means earnings estimates over FY22-23 are lowered, the broker points out the platform is in place to deliver growth. Buy rating and $2.60 target maintained.

This report was published on September 7, 2021.

Target price is $2.60 Current Price is $2.07 Difference: $0.53
If ENN meets the Shaw and Partners target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 17.40 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 8.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.56.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 15.30 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 7.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.18.

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: $4.18

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

Fineos Corporation Holdings has announced a $65m capital raising, with the aim to fund research and development and growth opportunity, as well as generate working capital. 

The company will raise $60m via a placement and an additional $5m through a share purchase plan, with the company's CEO increasing his own interest by 1m shares. Shaw and Partners' target price decreases on dilution.

The Buy rating is retained and the target price decreases to $5.15 from $5.30.

This report was published on September 3, 2021.

Target price is $5.15 Current Price is $4.18 Difference: $0.97
If FCL meets the Shaw and Partners target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $4.89, suggesting upside of 17.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.65 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 114.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.8, 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 N/A.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 202.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.2, 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 2090.0.

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

HSN    HANSEN TECHNOLOGIES LIMITED

IT & Support – Overnight Price: $5.88

Shaw and Partners rates ((HSN)) as Upgrade to Buy from Hold (1) –

BGH Capital has withdrawn its takeover proposal for Hansen Technologies. Shaw and Partners is surprised by the announcement but does not change its view of the business or the opportunity.

Hansen Technologies has not been notified of any issues the BGH Capital due diligence unearthed.

Shaw and Partners upgrades to Buy from Hold and reduces the target to $6.20 from $6.50.

This report was published on September 7, 2021.

Target price is $6.20 Current Price is $5.88 Difference: $0.32
If HSN meets the Shaw and Partners target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 10.00 cents and EPS of 27.70 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.23.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 10.00 cents and EPS of 28.90 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.35.

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

IMU    IMUGENE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.45

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

Pharmaceutical company Imugene is proceeding to multinational phase 2 gastric cancer trials, which will compare Imugene's HER-vaxx with trastuzumab (the standard of care drug in the United States).

The company recently completed a capital raise, which resulted in a 6% dilution, and has $130m in cash.

Bell Potter expects Imugene will spend at least $30m annually on development. The company is trialling many therapies for various cancers and the clinical program is set to ramp up, the company either commencing new trials or reporting on progress. 

The broker raises the target price to 52c from 25c after accounting for the dilution; a reduction in the risk rating for the HER-vaxx risk; and amending discounted cash flow to include potential future revenue from the company's onCARlytics program (which the broker reports has been successful with blood cancer and will now be tested on solid tumours, although it has several years of development ahead). 

Bell Potter upgrades to Buy (Speculative) from Hold.

This report was published on September 3, 2021.

Target price is $0.52 Current Price is $0.45 Difference: $0.07
If IMU meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).
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 minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 90.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 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 75.00.

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

JRV    JERVOIS GLOBAL LIMITED

New Battery Elements – Overnight Price: $0.57

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

Canaccord Genuity forecasts a structural supply deficit in the cobalt market by 2024 and expects to see a rush to secure supply and rapidly rising prices. The broker initiates coverage on Jervois Global with a Speculative Buy and $0.60 target price.

The company is becoming an integrated miner/refiner with its Idaho Cobalt project in the US, the recently acquired Freeport Cobalt business in Finland and a Sao Miguel Paulista (SMP) cobalt refinery in Brazil.

Once the latter is ramped-up in 2024, the company will become the second-largest ex-China refiner of cobalt, notes the broker. 

This report was published on September 3, 2021.

Target price is $0.60 Current Price is $0.57 Difference: $0.03
If JRV meets the Canaccord Genuity target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity 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 57.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.00.

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

LOT    LOTUS RESOURCES LIMITED

Mining – Overnight Price: $0.25

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

With spot uranium trading at its highest price in six years at US$39/lb, Shaw and Partners has upgraded its pricing deck.

The broker is guiding to a price spike to US$85/lb, and long-term uranium pricing of US$60/lb to 2028, driven by a decade of underinvestment and expected long-term demand to support increasing electrification and decarbonisation. 

The Hold rating is retained and the target price increases to $0.29 from $0.16.

This report was published on September 6, 2021.

Target price is $0.29 Current Price is $0.25 Difference: $0.04
If LOT meets the Shaw and Partners target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 83.33.

Forecast for FY22:

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 125.00.

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

LYL    LYCOPODIUM LIMITED

Mining Sector Contracting – Overnight Price: $4.46

Euroz Hartleys rates ((LYL)) as Buy (1) –

Lycopodium's full-year results were a beat on guidance, but notably while reported revenue of $162.2m was down -23% on the previous year and underlying earnings of $26.5m were down -2.2%, profit after tax saw a 27.1% increase to $14.2m.

Looking ahead, Euroz Hartleys notes contract wins in FY21 support growth in FY22, and continued increased activity in the resources sector should see pipeline opportunities turn to additional contract wins. 

The Buy rating is retained and the target price decreases to $6.50 from $6.62.

This report was published on August 27, 2021.

Target price is $6.50 Current Price is $4.46 Difference: $2.04
If LYL meets the Euroz Hartleys target it will return approximately 46% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Euroz Hartleys forecasts a full year FY22 dividend of 25.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 5.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.05.

Forecast for FY23:

Euroz Hartleys forecasts a full year FY23 dividend of 28.10 cents and EPS of 40.99 cents.
At the last closing share price the estimated dividend yield is 6.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.88.

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

MIN    MINERAL RESOURCES LIMITED

Iron Ore – Overnight Price: $43.50

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

Bell Potter notes the strong FY21 results amid record iron ore shipments and high prices. The broker also believes Mineral Resources is well placed for changes in iron ore and lithium prices.

The iron ore business is expanding, with new a production hub, and lithium is expected to benefit from the decarbonisation of the global energy economy.

Bell Potter retains a Buy rating and increases 2022 estimates by 33% based on forecast changes to commodity prices. Target is raised to $61.85 from $49.30.

This report was published on September 6, 2021.

Target price is $61.85 Current Price is $43.50 Difference: $18.35
If MIN meets the Bell Potter target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $60.75, suggesting upside of 39.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 350.00 cents and EPS of 670.00 cents.
At the last closing share price the estimated dividend yield is 8.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 518.3, implying annual growth of -23.0%.
Current consensus DPS estimate is 250.1, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 154.60 cents and EPS of 367.20 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 11.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 394.1, implying annual growth of -24.0%.
Current consensus DPS estimate is 187.1, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 11.0.

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

MRM    MMA OFFSHORE LIMITED

Energy Sector Contracting – Overnight Price: $0.40

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

MMA Offshore reported FY21 underlying earnings of $36.9m, a beat on Canaccord Genuity's forecast and 5% above the company's guidance top-end. 

While the company did not provide guidance for the year ahead, it was noted that covid impacts felt in the fourth quarter were continuing to impact on ability to mobilise for projects and increasing costs.

It is the broker's view that the fourth and first quarters may be an earnings trough, but medium-term outlook continues to strengthen, driven by a diversified revenue base, strength in the balance sheet and an increase in oil and gas project investment.

The Buy rating and target price of $0.57 are retained. 

The report was published on September 1, 2021.

Target price is $0.57 Current Price is $0.40 Difference: $0.17
If MRM meets the Canaccord Genuity target it will return approximately 42% (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 minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.67.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 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 36.36.

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

MSB    MESOBLAST LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.54

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

Mesoblast is awaiting key regulatory updates on both the remestemcel-L and rexlemestrocel-L products in the fourth quarter of 2021 following unexpected delays to first revenues last year. On a positive outcome, Bell Potter assumes an FY25 launch for the products.

The broker notes there is potential to bring forward revenue forecasts by two years if the company can resubmit a Biologics License Application (BLA) by the end of the year. 

Expected delays in research and development expenses have driven the broker to decrease FY22 net loss by -11% but increase FY23 by 4%.

The Buy rating is retained and the target price decreases to $3.45 from $3.60. 

This report was published on September 6, 2021.

Target price is $3.45 Current Price is $1.54 Difference: $1.91
If MSB meets the Bell Potter target it will return approximately 124% (excluding dividends, fees and charges).
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 minus 17.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.58.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 19.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.10.

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

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.35

Jarden rates ((NSR)) as Downgrade to Underweight from Neutral (4) –

Jarden believes the share prices of passive REITs could stagnate for a while, despite a strong recent performance from the overall REIT sector. The broker downgrades its rating for National Storage REIT to Underweight from Neutral to reflect limited upside.

While the analyst expects earnings growth from steady revenue per available square metre growth and acquisitions, it will likely be offset by ongoing capital requirements. The target price is unchanged at $2.20.

This report was published on September 2, 2021.

Target price is $2.20 Current Price is $2.35 Difference: minus $0.15 (current price is over target).
If NSR meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.18, suggesting downside of -7.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 9.00 cents and EPS of 9.50 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.0, implying annual growth of -70.3%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 26.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 9.50 cents and EPS of 10.00 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 23.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.2, implying annual growth of 2.2%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 25.5.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $0.70

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

With spot uranium is trading at its highest price in six years at US$39/lb, Shaw and Partners has upgraded its pricing deck.

The broker is guiding to an US$85/lb price spike, and long-term uranium pricing of US$60/b by 2028, driven by a decade of underinvestment and expected long-term demand to support increasing electrification and decarbonisation. 

Paladin Energy is the broker's preferred stock pick, up 680% since initiation in June 2020. The company's balance sheet is derisked and the company is positioned for a restart of Langer Heinrich.

The Buy rating is retained and the target price increases to $1.00 from $0.56. 

This report was published on September 6, 2021.

Target price is $1.00 Current Price is $0.70 Difference: $0.3
If PDN meets the Shaw and Partners target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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 175.44.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 1.86 cents and EPS of 5.58 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.54.

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: $0.22

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

With spot uranium is trading at its highest price in six years at US$39/lb, Shaw and Partners has upgraded its pricing deck.

The broker is guiding to an US$85/lb price spike, and long-term uranium pricing of US$60/lb by 2028, driven by a decade of underinvestment and expected long-term demand to support increasing electrification and decarbonisation. 

The Buy rating is retained and the target price increases to $0.30 from $0.17.

This report was published on September 6, 2021.

Target price is $0.30 Current Price is $0.22 Difference: $0.08
If PEN meets the Shaw and Partners target it will return approximately 36% (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 44.00.

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 110.00.

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $53.13

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

While Goldman Sachs notes Pro Medicus is in good health following multiple contract wins, it is the broker's view that growth could taper for the company and current valuations appear elevated. 

The broker further noted FY21 revenue missed forecast by -10%, but continues to forecast increased volume growth from 30% in FY21 to 49% in FY22. Goldman Sachs highlighted contract wins above expectations could improve the broker's outlook.

The rating is downgraded to Sell from Neutral and the target price decreases to 54.00 from $55.60.

This report was published on September 3, 2021.

Target price is $54.00 Current Price is $53.13 Difference: $0.87
If PME meets the Goldman Sachs target it will return approximately 2% (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 22.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 0.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 123.56.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 29.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 0.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 94.88.

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $14.86

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

Pinnacle Investment has acquired a further 10% of Coolabah Capital, funded by the distribution reinvestment plan. As Pinnacle Investment has a market cap of $3.1bn, Wilsons believes the acquisition is not material and makes no changes to forecasts or valuation.

Still, the broker is encouraged by the transaction and its structure as it provides more exposure to a rapidly growing and highly successful affiliate. Overweight rating and $16.50 target maintained.

This report was published on September 6, 2021.

Target price is $16.50 Current Price is $14.86 Difference: $1.64
If PNI meets the Wilsons target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $15.60, suggesting upside of 5.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 38.80 cents and EPS of 46.10 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.8, implying annual growth of 12.0%.
Current consensus DPS estimate is 35.1, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 34.7.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 45.90 cents and EPS of 54.50 cents.
At the last closing share price the estimated dividend yield is 3.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.9, implying annual growth of 16.6%.
Current consensus DPS estimate is 40.9, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 29.8.

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

QBE    QBE INSURANCE GROUP LIMITED

Insurance – Overnight Price: $12.23

Jarden rates ((QBE)) as Buy (1) –

Jarden observes gearing has improved considerably since FY17 and, along with improved profitability, the cost of debt is starting to become better.

The broker cites the refinancing of GBP400m in sub-debt at 3.5%, providing a saving for earnings per share from the second half of FY22 onwards of 1% per annum.

With US$1.9 bn in sub-debt available for refinancing by December 2025 the broker envisages scope for an additional 3-5% upside to earnings per share over time. Buy rating and $14.20 target maintained.

This report was published on September 6, 2021.

Target price is $14.20 Current Price is $12.23 Difference: $1.97
If QBE meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $13.94, suggesting upside of 14.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 58.48 cents and EPS of 75.76 cents.
At the last closing share price the estimated dividend yield is 4.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.7, implying annual growth of N/A.
Current consensus DPS estimate is 54.3, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 87.72 cents and EPS of 98.22 cents.
At the last closing share price the estimated dividend yield is 7.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.1, implying annual growth of 23.1%.
Current consensus DPS estimate is 77.0, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 12.5.

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

SRL    SUNRISE ENERGY METALS LIMITED

New Battery Elements – Overnight Price: $1.59

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

Canaccord Genuity forecasts a structural supply deficit in the cobalt market by 2024 and expects to see a rush to secure supply and rapidly rising prices. The broker raises the target price for Sunrise Energy Metals to $3 from $2.50 and retains a Speculative Buy.

The company is developing the Sunrise Energy project in central NSW, which one of the few permitted, construction-ready projects in Australia, according to the analyst.

The broker estimates a 50-year project with 900kt of nickel and 160kt of cobalt in Resource, and anticipates annual earnings (EBITDA) of $689m with around 70% margins. It's thought it will take around four years for payback of capital. 

This report was published on September 3, 2021.

Target price is $3.00 Current Price is $1.59 Difference: $1.41
If SRL meets the Canaccord Genuity target it will return approximately 89% (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 minus 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.45.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.88.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $11.87

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

TechnologyOne will discontinue on-premises maintenance & support and new license sales at the end of FY24. Wilsons supports the move and expects revenue quality will improve as a result.

The broker also believes the acquisition of Scientia opens up cross-selling opportunities and upgrades forecasts. Revenue estimates are lifted 4% and profit 2%. As a result the target is raised to $10.56 from $9.89. Market Weight rating maintained.

This report was published on September 7, 2021.

Target price is $10.56 Current Price is $11.87 Difference: minus $1.31 (current price is over target).
If TNE meets the Wilsons target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $10.10, suggesting downside of -14.9%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 14.00 cents and EPS of 23.20 cents.
At the last closing share price the estimated dividend yield is 1.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.1, implying annual growth of 11.9%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 53.7.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 17.40 cents and EPS of 28.70 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 41.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of 10.9%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 48.4.

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

TWE    TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco – Overnight Price: $12.05

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

Goldman Sachs observes positive momentum in Treasury Wine's US execution and exports to the world outside of China. Sales remain ahead of the wine market with premiumisation continuing and the value of promotional sales reducing.

While Australian bottled wine imports to China were down -99.8% in June average prices continued to improve. Still Australian exports to the rest of the world are below the levels to replace the declines in sales to China.

Goldman Sachs retains a Neutral rating and $10.60 target.

This report was published on August 8, 2021.

Target price is $10.60 Current Price is $12.05 Difference: minus $1.45 (current price is over target).
If TWE meets the Goldman Sachs target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $12.21, suggesting upside of 1.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 30.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 2.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.0, implying annual growth of 32.7%.
Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 26.2.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 33.00 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.7, implying annual growth of 18.9%.
Current consensus DPS estimate is 34.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 22.0.

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

UMG    UNITED MALT GROUP LIMITED

Agriculture – Overnight Price: $4.16

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

United Malt Group issued a trading update for the FY21 second half, reporting shipping delays to Asia, lockdowns and unrecoverable debt inventories.

The company guided to lower earnings (roughly -6.5% according to Bell Potters' estimates).

United Malt Group reported a -$20m to -$22m bad debt against one client in Asia and -$4 to -$6m bad debt against an insolvent grain supplier. 

Bell Potter notes the impairment, at -1% to -2% of processing revenue, is material and will require replacement in FY22.

Profit forecasts are downgraded -32% for FY21 (ending September 30); -17% for FY22 and -1% for FY23, the broker factoring in a slower than expected recovery. EPS and dividend impacts are felt more keenly in FY22.

Hold rating maintained. Target price eases to $4.40 from $4.60.

This report was published on September 3, 2021.

Target price is $4.40 Current Price is $4.16 Difference: $0.24
If UMG meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.75, suggesting upside of 14.1%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 7.00 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 1.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of -26.5%.
Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 33.5.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 10.00 cents and EPS of 18.30 cents.
At the last closing share price the estimated dividend yield is 2.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.3, implying annual growth of 87.9%.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 17.9.

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

VMY    VIMY RESOURCES LIMITED

Uranium – Overnight Price: $0.22

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

With spot uranium is trading at its highest price in six years at US$39/lb, Shaw and Partners has upgraded its pricing deck.

The broker is guiding to an US$85/lb price spike, and long-term uranium pricing of US$60/lb by 2028, driven by a decade of underinvestment and expected long-term demand to support increasing electrification and decarbonisation. 

The Buy rating is retained and the target price increases to $0.27 from $0.25.

This report was published on September 6, 2021.

Target price is $0.27 Current Price is $0.22 Difference: $0.05
If VMY meets the Shaw and Partners target it will return approximately 23% (excluding dividends, fees and charges).

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

VTI    VISIONEERING TECHNOLOGIES INC

Medical Equipment & Devices – Overnight Price: $1.00

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

Bell Potter initiates coverage on Visioneering Technologies. The company has international marketing approvals for contact lenses aimed at the correction of near-sightedness and to assist in the control of worsening near-sightedness.

The company has a large target market, with around 30% of the global population suffering nearsightedness and this number expected to increase to 50% by 2050.

The broker's view is that Visioneering Technologies could benefit from accretive acquisition or merger activity, and make itself a more attractive acquisition target to med techs.

Bell Potter initiates with a Buy rating and a target price of $1.31.

This report was published on September 6, 2021.

Target price is $1.31 Current Price is $1.00 Difference: $0.31
If VTI meets the Bell Potter target it will return approximately 31% (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 20.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.98.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 29.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.41.

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

WAF    WEST AFRICAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.25

Euroz Hartleys rates ((WAF)) as Buy (1) –

West African Resources has completed definition drilling at Toega. The analyst at Euroz Hartleys points out the current resource is 22mt at 1.9g/t gold for 1.3m ounces and will be upgraded by the infill drilling, enabling a maiden reserve to be estimated for the open pit mine plan.

Euros Hartleys observes the company is tracking well and retains a Buy rating with a $1.50 target.

This report was published on September 8, 2021.

Target price is $1.50 Current Price is $1.25 Difference: $0.25
If WAF meets the Euroz Hartleys target it will return approximately 20% (excluding dividends, fees and charges).

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $3.23

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

Shaw and Partners's view is that there is significant earnings upside for Whitehaven Coal after a positive start to FY22.

The broker notes not only that Maules Creek continues to be operationally sound, but Narrabri may have passed the difficult conditions impacting on FY21. In the last two months Narrabri's production has exceeded that of the final half of FY21.

Coupled with coal markets and pricing both maintaining a positive outlook, it is Shaw and Partners view the company is positioned for a better year, both financially and operationally. 

The Buy rating and target price of $3.50 are retained.

This report was published on September 6, 2021.

Target price is $3.50 Current Price is $3.23 Difference: $0.27
If WHC meets the Shaw and Partners target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.43, suggesting upside of 6.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 13.00 cents and EPS of 37.40 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.9, implying annual growth of N/A.
Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 5.5.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 7.00 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.0, implying annual growth of -52.5%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 11.5.

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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