Australian Broker Call *Extra* Edition – Oct 13, 2021

This story features ARISTOCRAT LEISURE LIMITED, and other companies. For more info SHARE ANALYSIS: ALL

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)

ALG   ALL   BXB   CCX   CTM   CYM   DSE   ELD   HDN   HPI   IMD   MCP   PAN   PDI (2)   PGL   PLY   PNR   S2R   TIE   TOY   TUL  

ALG    ARDENT LEISURE GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $1.47

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

While captured in the analyst's price target of $1.92, Canaccord Genuity expects upside for Ardent Leisure Group's share price from the Australian reopening and summer Theme Park trading. Additionally, relative to 2019, Main Event trading is considered still elevated.

Moreover, trading has commenced at the new centre at Main Event Chesterfield, explains the analyst. By some measures, it's felt no value is being ascribed to Theme Parks, which is estimated to be valued in the medium term at $0.44cps. 

Canaccord Genuity retains its Buy rating and $1.92 target price.

This report was published on September 10, 2021.

Target price is $1.92 Current Price is $1.47 Difference: $0.45
If ALG meets the Canaccord Genuity target it will return approximately 31% (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

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $44.71

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

Developers being able to bypass platform in-app purchases/fees is seen as positive news for the industry and Aristocrat Leisure. In particular, Goldman Sachs believes this will prove beneficial for the games within the company's own proprietary Plarium Play platform.

In August, Plarium saw its strongest monthly bookings on record, boosted by the global launch of Mech Arena, whilst performance for RAID remained solid. Additionally, land-based re-openings in the US are considered to still be strong. 

The Buy rating is retained with the target price increasing to $48.60 from $42.30.

This report was published on September 13, 2021.

Target price is $48.60 Current Price is $44.71 Difference: $3.89
If ALL meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $44.39, suggesting downside of -1.0%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 48.00 cents and EPS of 204.00 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 21.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.7, implying annual growth of -42.3%.
Current consensus DPS estimate is 41.5, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 36.0.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 68.00 cents and EPS of 174.00 cents.
At the last closing share price the estimated dividend yield is 1.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 161.4, implying annual growth of 29.4%.
Current consensus DPS estimate is 63.5, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 27.8.

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $10.28

Jarden rates ((BXB)) as Buy (2) –

In the wake of Brambles' investor day, Jarden feels the market is likely to focus on weaker earnings guidance issued for FY22, though it includes -US$70m of incremental above-the-line transformation costs.

Management announced investment initiatives over FY22-FY23 including automation (-US$235m) and Digital (-US$620m opex and capex). Management believes the investments and transformation can drive sustainable operating leverage from FY23 onwards.

The Overweight rating and target price of $12.75 are retained. 

This report was published on September 14, 2021.

Target price is $12.75 Current Price is $10.28 Difference: $2.47
If BXB meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $12.60, suggesting upside of 22.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 31.63 cents and EPS of 52.89 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.3, implying annual growth of N/A.
Current consensus DPS estimate is 30.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 18.2.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 35.48 cents and EPS of 54.62 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.5, implying annual growth of 9.2%.
Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 16.7.

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

CCX    CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $6.50

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

July quarterly results from City Chic Collective competitor Torrid helps confirm Canaccord Genuity's investment thesis for City Chic Collective. Results confirmed the under-explored opportunity, while margins are still tracking ahead of pre-pandemic levels.

Moreover, Torrid's results confirmed to the analyst supply chain issues are largely transitory. The broker retains its Buy rating and $7.50 target price.

This report was published on September 10, 2021.

Target price is $7.50 Current Price is $6.50 Difference: $1
If CCX meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $6.76, suggesting upside of 2.9%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 15.2, implying annual growth of 58.5%.
Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 43.2.

Forecast for FY23:

Current consensus EPS estimate is 18.5, implying annual growth of 21.7%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 35.5.

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

CTM    CENTAURUS METALS LIMITED

Nickel – Overnight Price: $1.03

Canaccord Genuity rates ((CTM)) as Spec Buy (1) –

A new discovery of high-grade nickel has been made at the Tigre prospect, within the broader Jaguar Nickel Sulphide project in Brazil. Elsewhere at the same Jaguar project, first drilling at the Leao prospect has intersected a shallow mineralised zone.

Canaccord Genuity retains its Speculative Buy rating and $1.35 price target and notes the company is well funded with over $18m in
cash at the end of the June quarter.

This report was published on September 10, 2021.

Target price is $1.35 Current Price is $1.03 Difference: $0.32
If CTM meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 64.38.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 57.22.

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

CYM    CYPRIUM METALS LIMITED

Copper – Overnight Price: $0.19

Euroz Hartleys rates ((CYM)) as Spec Buy (2) –

Subject to feasibility study outcomes, Euroz Hartleys notes open pit mining could commence mid-2022 at the Nifty Copper project. There's considered potential for first copper production late in the second half of 2022, and full production levels are expected by early 2023.

News flow from the project is likely to increase in the coming months, with first assays from recently completed drilling due soon, explains the analyst.

The Speculative buy rating and $0.70 target price are maintained.

This report was issued September 14, 2021.

Target price is $0.70 Current Price is $0.19 Difference: $0.51
If CYM meets the Euroz Hartleys target it will return approximately 268% (excluding dividends, fees and charges).

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

DSE    DROPSUITE LIMITED

Cloud services – Overnight Price: $0.20

Shaw and Partners – Cessation of coverage All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $12.37

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

Noting higher livestock and wool activity in the fourth quarter of FY21, as well higher-than-expected livestock starting prices for FY22, Bell Potter has increased profit after tax forecasts for Elders by 1% and 2% for FY22 and FY23 respectively. 

Year to date, the broker notes cattle turnoff is up 21% on the previous year, and while lamb turnoff is down -2% there has been a notable strengthening in lamb pricing and volume over the second half of FY21. Wool volumes are up 33%, but 58% for the second half. 

The Buy rating and the target price of $13.75 are retained.

This report was published on September 15, 2021.

Target price is $13.75 Current Price is $12.37 Difference: $1.38
If ELD meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $13.15, suggesting upside of 6.7%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 40.00 cents and EPS of 90.00 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.9, implying annual growth of 10.2%.
Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 40.00 cents and EPS of 72.60 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.1, implying annual growth of -0.9%.
Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 14.2.

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

HDN    HOMECO DAILY NEEDS REIT

REITs – Overnight Price: $1.57

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

Jarden raises its target to $1.70 from $1.65 after HomeCo Daily Needs REIT upgraded its FY22 distribution guidance to 8.25cpu from 8cpu. This comes after the acquisition of six retail centres for -$222m, partly funded via a fully underwritten placement for $88.3m.

The placement issue price is $1.61/unit. Management expects the overall transaction will be 3% accretive to FY22 funds from operations (FFO) per share.

Jarden reiterates its Overweight rating.

This report was published on September 13, 2021.

Target price is $1.70 Current Price is $1.57 Difference: $0.13
If HDN meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 5.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 8.30 cents and EPS of 8.60 cents.
At the last closing share price the estimated dividend yield is 5.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of 51.1%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 5.3%.
Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 8.60 cents and EPS of 9.20 cents.
At the last closing share price the estimated dividend yield is 5.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.1, implying annual growth of 5.8%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 17.3.

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

HPI    HOTEL PROPERTY INVESTMENTS LIMITED

Infra & Property Developers – Overnight Price: $3.42

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

It is Goldman Sachs view that Hotel Property Investments' latest acquisitive activity proves its ability to acquire assets in a competitive market, but notes investors may be concerned by a comparatively high pro forma gearing. 

The company announced the acquisition of the Edward Lake Hotel pub for -$28m, and has paid -$38.8m to major tenant Queensland Venture Company to standardise lease terms. The company is also in advanced stages on an additional $7.9m acquisition. 

The Neutral rating is retained and the target price decreases to $3.27 from $3.28. 

The report was published on September 14, 2021.

Target price is $3.27 Current Price is $3.42 Difference: minus $0.15 (current price is over target).
If HPI meets the Goldman Sachs target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 21.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.29.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.87.

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

IMD    IMDEX LIMITED

Mining Sector Contracting – Overnight Price: $2.59

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

Canaccord Genuity retains its Buy rating and $2.70 target price after Imdex Ltd announced a -$20m acquisition of MinePortal, that has  software which enables geological data modeling. This potentially assists in mining decision-making and improves productivity.

The company will pay via a mix of -$8m cash up front and Imdex Ltd shares over the next three years. The analyst believes the transaction is indicative an ongoing intention to make strategic investments in technologies. 

The report was published on September 13, 2021.

Target price is $2.70 Current Price is $2.59 Difference: $0.11
If IMD meets the Canaccord Genuity target it will return approximately 4% (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 2.80 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.55.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 3.50 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.33.

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

MCP    MCPHERSON'S LIMITED

Health & Nutrition – Overnight Price: $1.02

Shaw and Partners – Cessation of coverage Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PAN    PANORAMIC RESOURCES LIMITED

Nickel – Overnight Price: $0.21

Euroz Hartleys rates ((PAN)) as Buy (2) –

After a Savannah Nickel operations update, Euroz Hartleys retains its Buy rating. The $0.22 target price is under review. The underground mining is considered on schedule for the targeted 100kt ore stockpile, required for the processing plant restart in November, 2021.

Management is aiming for a conservative ramp-up, increasing towards nameplate capacity (around 1mtpa) over a 9-month period. First concentrate is expected to be shipped in December of 2021.

The broker likes Panoramic Resources for good leverage to improving nickel, copper and cobalt prices.

This report was published on September 14, 2021.

Current Price is $0.21. 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

PDI    PREDICTIVE DISCOVERY LIMITED

Overnight Price: $0.17

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

Canaccord Genuity initiates coverage on Predictive Discovery with a Speculative Buy rating and $0.22 target price. The explorer/developer is focused on the emerging Bankan Gold Project within the Siguiri Basin in Guinea, West Africa.

In March 2020, the company achieved excellent drilling results at the NE Bankan prospect, points out the analyst. As yet, there have been no formal mining studies published and a maiden JORC resource for the Bankan Gold Project is awaited.

While the Guinea portfolio presents as a highly prospective development opportunity, the analyst cautions there is some ambiguity and risk around the future political situation. The company has three other 100%-owned projects in Guinea, West Africa.

Target price is $0.22 Current Price is $0.17 Difference: $0.05
If PDI meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).

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

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Euroz Hartleys rates ((PDI)) as Speculative Buy (2) –

Euroz Hartleys sees potential for a 1.5-2moz maiden resource at the Bankan Gold project in Guinea, and exceeding 2moz over time. Initial metallurgical testwork for the project highlights free milling mineralisation from all ore types tested, points out the analyst.

This makes the project amenable to conventional carbon-in-leach (CIL) processing for over 94% recoveries, explains the broker. It's estimated the company is well-funded for planned exploration programs.

The Speculative Buy rating and $0.18 target price are maintained.

This report was published on September 14, 2021.

Target price is $0.18 Current Price is $0.17 Difference: $0.01
If PDI meets the Euroz Hartleys target it will return approximately 6% (excluding dividends, fees and charges).

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

PGL    PROSPA GROUP LIMITED

Diversified Financials – Overnight Price: $0.91

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

Shaw and Partners initiates coverage on fintech Prospa Group, which the broker describes as Australia's top small and medium business neo-lender. The broker notes a large Australian total addressable market of $20bn, with space for market share gains. 

Prospa Group focuses on automated technology-led services, and has a first mover advantage in technology and distribution, while investment in growth has allowed the company to recover quickly from setbacks. 

It is Shaw and Partners view that the share price is not reflective of third and fourth quarter recovery and that a market re-rating is warranted. 

Shaw and Partners initiates with a Buy rating and a target price of $1.50.

This report was published on September 13, 2021. 

Target price is $1.50 Current Price is $0.91 Difference: $0.59
If PGL meets the Shaw and Partners target it will return approximately 65% (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 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.76.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 50.56.

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

PLY    PLAYSIDE STUDIOS LIMITED

Gaming – Overnight Price: $0.49

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

PlaySide Studios has entered into a promotional agreement with Team17 Group for its strategy game Age of Darkness, set to launch in the December quarter. Canaccord Genuity notes Team17 Group's contacts will widen the marketing funnel and gain traction for the release. 

Under the agreement, Team17 Group will advance funds totaling -$2.4m over nine months to fund ongoing development of Age of Darkness, and the companies will share profits.

Canaccord Genuity notes a strong launch of the company's first PC game may justify ongoing investment in the category. 

The Buy rating and target price of $0.41 are retained. 

This report was published on September 14, 2021.

Target price is $0.41 Current Price is $0.49 Difference: minus $0.08 (current price is over target).
If PLY meets the Canaccord Genuity target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.21

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

Pantoro has announced a maiden resource of 6.8m tonnes at 1.4 grams of gold per tonne for the Green Lantern deposit at the Norseman Gold Project. The company also noted a discovery cost of $14.40 per ounce, which Bell Potter believes to be below industry average. 

Bell Potter notes this extends the broker's expected mine life for the Norseman Gold Project by 2 years and lifts its project valuation by 10-15%. 

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

This report was published on September 15, 2021.

Target price is $0.27 Current Price is $0.21 Difference: $0.06
If PNR meets the Bell Potter target it will return approximately 29% (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 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.78.

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

S2R    S2 RESOURCES LIMITED

Mining – Overnight Price: $0.09

Bell Potter rates ((S2R)) as Buy (1) –

S2 Resources has provided an update on exploration activity and drilling results. Based on results Bell Potter has lowered its valuation on the company by -10%. 

While Bell Potter notes results from exploration activity are early stage, the broker's view is that there is potential for Aarnivalkea Gold project to be enhanced and the Ruopas Isovaara project to be diminished given narrow intersections. 

The Buy rating is retained and the target price decreases to $0.18 from $0.20,

This report was published on September 13, 2021.

Target price is $0.18 Current Price is $0.09 Difference: $0.09
If S2R meets the Bell Potter target it will return approximately 100% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.00.

Forecast for FY22:

Bell Potter 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 3.75.

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

TIE    TIETTO MINERALS LIMITED

Gold & Silver – Overnight Price: $0.46

Canaccord Genuity rates ((TIE)) as Spec Buy (1) –

With the aim of de-risking the open pit ahead of planned mining towards the end of 2022, explains Canaccord Genuity, Tietto Minerals is currently doing an infill phase of drilling.

The first batch of assays with multiple high-grade results have been returned from the AG Core, within the Abujar Gold Project in Cote d’Ivoire. The broker retains its Speculative Buy rating and $0.60 target price.

This report was published on September 10, 2021.

Target price is $0.60 Current Price is $0.46 Difference: $0.14
If TIE meets the Canaccord Genuity target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for 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 23.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2000.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.02.

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

TOY    TOYS 'R' US ANZ LIMITED

Retailing – Overnight Price: $0.18

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

In what Canaccord Genuity feels was a transformational year for Toys''R''Us ANZ, FY21 results were in-line with the broker's expectations. There was considered to be impressive revenue growth of around 50% versus the previous corresponding period.

Initiatives completed in FY21 should allow the e-commerce business to deliver accelerating growth in the near term, believes the analyst. It's thought the platform will scale the business towards its medium-term goal of $300m of revenue.

Canaccord Genuity retains its Buy rating and $0.20 target price.

This report was published on September 14, 2021.

Target price is $0.20 Current Price is $0.18 Difference: $0.02
If TOY meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in July.

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 180.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 180.00.

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

TUL    TULLA RESOURCES PLC

Gold & Silver – Overnight Price: $0.48

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

Tulla Resources joint venture partner, Pantoro ((PNR)), has announced a maiden resource of 6.8m tonnes at 1.4 grams of gold per tonne for the Green Lantern deposit at the Norseman Gold Project. The company also noted a discovery cost of $14.40 per ounce, which Bell Potter believes to be below industry average. 

Bell Potter notes this extends the broker's expected mine life for the Norseman Gold Project by 2 years and lifts its project valuation by 10-15%. It is the broker's view that Tulla Resources offers a materially discounted exposure to the Norseman Gold Project than Pantoro.

The Buy rating is retained and the target price increases to $0.96 from $0.91.

This report was published on September 15, 2021.

Target price is $0.96 Current Price is $0.48 Difference: $0.48
If TUL meets the Bell Potter target it will return approximately 100% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.16.

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 96.00.

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

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