Australian Broker Call *Extra* Edition – Oct 19, 2021

This story features ADORE BEAUTY GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: ABY

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)

ABY   AMA (2)   ANZ   AOF   API   ASB   BXB   CBO   CGS   CLW   CRW   CU6   CXL   DGL   DMP   ELD   FFX   GOR   HVN   IRE   KMD   LBL   LDX   NHC   OPY   ORE   PFP   SLX (2)   STA   SYD   TCL   TLX   VML   WPR  

ABY    ADORE BEAUTY GROUP LIMITED

Household & Personal Products – Overnight Price: $4.90

Jarden rates ((ABY)) as Initiation of coverage with Buy (1) –

Jarden initiates coverage on online beauty, wellness and personal care retailer Adore Beauty Group. Adore Beauty Group reported 48% revenue growth in FY21, but Jarden notes while lockdowns contributed to accelerated growth, online demand will continue to increase. 

The broker notes Adore Beauty Group's share price has been underperforming by around -56% since listing amid market commentary of unsustainable growth and a small addressable market, but Jarden expects revenue could more than double within five years. 

The broker initiates with a Buy rating and a target price of $5.70.

This report was published on September 17, 2021.

Target price is $5.70 Current Price is $4.90 Difference: $0.8
If ABY meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 111.36.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 90.74.

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

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.47

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

Bell Potter upgrades AMA Group forecasts to account for the capital raising, revised operating conditions, and changes in revenue and margins once conditions return to normal.

The broker downgrades earnings forecasts -31% in FY22; -7% in FY23 and -4% in FY24 (all post ASSB16), expecting losses for two years and a return to profitability in FY24.

The broker expects the first half FY22 result will be nasty but given the balance sheet has been repaired, is willing to look through to a likely recovery in the second half despite poor visibility.

Hold rating retained. Target price steady.

This report was published on September 16, 2021.

Target price is $0.50 Current Price is $0.47 Difference: $0.03
If AMA meets the Bell Potter target it will return approximately 6% (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 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.44.

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 78.33.

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

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

AMA Group has undertaken a $150m capital raising to repair its balance sheet, including $72.5m in debt, and provide liquidity to weather further covid impacts and support growth initiatives.

While lockdowns persist in AMA Group's key operating states, Canaccord Genuity decreases the underlying earnings forecast for FY22 by -22% to $43m, but notes the company is guiding to revenue exceeding $1bn in FY23 suggesting more organic earnings recovery. 

The Hold rating is retained and the target price increases to $0.55 from $0.48.

This report was published on September 20, 2021.

Target price is $0.55 Current Price is $0.47 Difference: $0.08
If AMA meets the Canaccord Genuity target it will return approximately 17% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.00.

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 15.67.

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

ANZ    AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

Banks – Overnight Price: $28.24

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

Following an ESG update from ANZ Bank, Bell Potter notes the bank intends to take risks seriously, aligning purpose and ESG with strategy to derive value. However, it’s thought to be early days when it comes to achieving longer term goals and objectives.

Elsewhere, the broker retains its Buy rating, though the bank slips to third in its preferences regarding the big four banks, behind Commonwealth Bank of Australia ((CBA)) and National Australia Bank ((NAB)). The target price of $31 is unchanged.

This report was published on September 20, 2021.

Target price is $31.00 Current Price is $28.24 Difference: $2.76
If ANZ meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $29.60, suggesting upside of 4.6%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 130.00 cents and EPS of 202.00 cents.
At the last closing share price the estimated dividend yield is 4.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 205.6, implying annual growth of 62.7%.
Current consensus DPS estimate is 141.0, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 140.00 cents and EPS of 218.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 216.0, implying annual growth of 5.1%.
Current consensus DPS estimate is 146.8, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 13.1.

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

AOF    AUSTRALIAN UNITY OFFICE FUND

REITs – Overnight Price: $2.38

Moelis rates ((AOF)) as Hold (3) –

Australian Unity Office Fund has announced a potential merger with Australian Unity's Diversified Property Fund, at a merger ratio of 54%-46%. Further details on the implementation of the deal are expected in October. 

This agreement would give Australian Unity Office Fund shareholders a $397m stake, and Australian Unity's Diversified Property Fund shareholders a $337m stake. Moelis notes the merger would give Australian Unity Office Fund exposure to more diverse assets.

The Hold rating and target price of $2.37 are retained. 

This report was published on September 21, 2021.

Target price is $2.37 Current Price is $2.38 Difference: minus $0.01 (current price is over target).
If AOF meets the Moelis target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 15.20 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 6.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.73.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 13.50 cents and EPS of 15.70 cents.
At the last closing share price the estimated dividend yield is 5.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.16.

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

API    AUSTRALIAN PHARMACEUTICAL INDUSTRIES LIMITED

Health & Nutrition – Overnight Price: $1.53

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

Bell Potter reports the Wesfarmer's ((WES)) revised all-cash non-binding indicative $1.55 a share bid for Australian Pharmaceutical Industries (a total enterprise value of roughly $964m depending on debt) represents a 12% premium to the previous bid of $1.38.

The bid price will be reduced by the value of the final dividend for FY21 and the broker considers it fair and reasonable given  the lockdown hit to earnings.

Hold rating retained. Target price rises to $1.53 from $1.38.

This report was published on September 16, 2021.

Target price is $1.53 Current Price is $1.53 Difference: $0
If API meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $1.49, suggesting downside of -2.4%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 3.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.6, implying annual growth of N/A.
Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 3.80 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.3, implying annual growth of 22.4%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 16.5.

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

ASB    AUSTAL LIMITED

Commercial Services & Supplies – Overnight Price: $1.90

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

Shaw and Partners believes the investment case remains the same for Austal, This is despite a material share price fall in the wake of FY21 results on August 24, which were thought to provide little new information.

The company has circa two years of work in hand, and hence must win material new orders in the next 12-18 months, explains the analyst. However, it's believed the yards will secure sufficient work to remain at a high level of utilisation.

The broker maintains its Buy rating and lowers its target price to $2.75 from $2.80.

This report was published on September 20, 2021.

Target price is $2.75 Current Price is $1.90 Difference: $0.85
If ASB meets the Shaw and Partners target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $2.56, suggesting upside of 36.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 8.00 cents and EPS of 19.30 cents.
At the last closing share price the estimated dividend yield is 4.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of -15.3%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 9.00 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.3, implying annual growth of -9.4%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 10.9.

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $10.15

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

Although lumber inflation is showing signs of easing, Jarden notes this is not currently reflected in pallet pricing likely to allow for short-term margin support, which may not be sustainable as capacity returns, in the broker's view.

Additionally, Jarden highlighted other costs, including freight and fuel, remain elevated. The Underweight rating and target price of $11.60 are retained.

This report was published on September 17, 2021.

Target price is $11.60 Current Price is $10.15 Difference: $1.45
If BXB meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $12.60, suggesting upside of 21.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 EPS of 48.08 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.1, implying annual growth of N/A.
Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY23:

Jarden forecasts a full year FY23 EPS of 50.87 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.3, implying annual growth of 9.3%.
Current consensus DPS estimate is 33.9, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 16.9.

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

CBO    COBRAM ESTATE OLIVES LIMITED

Agriculture – Overnight Price: $2.05

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

Bell Potter explains that higher import parity prices have the potential to drive category shelf price inflation, while creating a higher value outlet for additional bulk sales. It's noted both import parity pricing and competing vegetable oil pricing have improved.

The broker maintains its earnings forecasts, $2.30 target price and its Buy rating for Cobram Estate Olives.

This report was published on September 22, 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

CGS    COGSTATE LIMITED

Medical Equipment & Devices – Overnight Price: $2.38

CCZ Equities rates ((CGS)) as No Rating (-1) –

CCZ Equities perceives considerable upside for global cognitive science company Cogstate. The company uses computerised cognitive assessment technology to support clinical trials, healthcare segments and academic research.

The broker notes the FDA has been supporting new treatments for Alzheimer's disease and expects an acceleration in drug approvals.

Cogstate's sales rose 15% in FY21 to a record high and management forecasts compound annual revenue growth at 32.6%.

The company is leveraging global opportunities, partnering with Eisaid to commercialise its use in clinical settings in Japan, US, Europe and China, reports the broker. These agreements include $16m in upfront payments, profit share for Japan and $30m minimum royalties over 10 years (the broker expects royalties will outpace the minimum post 2023).

CCZ Equities spies a $495.5m valuation ($2.88 a share) – a roughly 44% premium to the share price; and expects extra royalties could drive further returns.

This report was published on September 16, 2021.

Current Price is $2.38. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY22:

CCZ Equities forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.03 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 59.06.

Forecast for FY23:

CCZ Equities forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.32 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.74.

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: $4.86

Jarden rates ((CLW)) as Buy (1) –

While Jarden is Buy-rated for the REIT and considers it attractively priced, recent transactions present little or no value accretion.The REIT purchased a 50% stake in ALE Property Group ((LEP)) for -$840m and two industrial assets for -$67m.

Management confirmed FY22 guidance of at least 4.5% EPS growth. While a significant FY21 transaction pipeline suggests conservative guidance, no changes are made to the analyst's forecasts. It's thought additional dilutive transactions present downside risk to forecasts.

This report was published on September 20, 2021.

Target price is $5.75 Current Price is $4.86 Difference: $0.89
If CLW meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $5.34, suggesting upside of 9.5%(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 6.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.78.

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 6.4%.
Current consensus EPS estimate suggests the PER is 15.6.

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 6.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.24.

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 6.5%.
Current consensus EPS estimate suggests the PER is 15.2.

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

CRW    CASHREWARDS LIMITED

Retailing – Overnight Price: $0.96

Shaw and Partners rates ((CRW)) as Initiation of coverage with Buy (High Risk) (1) –

Shaw and Partners initiates coverage on cash-back company Cash Rewards with a Buy rating (High Risk) and $2 price target.

The broker reports the market is 5x underpenetrated when compared with the US and UK and that Cash Rewards is well positioned for long-term and accelerating growth, boasting first mover advantage across key business operations. The company is recapitalised and carries no debt.

Shaw notes that Cash Rewards has embarked on a transformational strategic partnership with ANZ Bank ((ANZ)) which should add 500,000 incremental active members by FY23, among multiple other benefits.

Key risks include tech disruption; stagnating merchant partners and disappointing member growth. The broker considers the stock seriously undervalued and expects a re-rating. 

This report was published on September 17, 2021.

Target price is $2.00 Current Price is $0.96 Difference: $1.04
If CRW meets the Shaw and Partners target it will return approximately 108% (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 41.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.32.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 30.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.17.

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

CU6    CLARITY PHARMACEUTICALS LIMITED

Medical Equipment & Devices – Overnight Price: $1.10

Bell Potter rates ((CU6)) as Initiation of coverage with Buy (1) –

Bell Potter initiates coverage on Clarity Pharmaceuticals with a Buy rating and $1.77 price target. The clinical stage radiopharmaceutical company specialises in targeted copper theranostics (TCT) for the diagnosis and treatment of cancers.

The company is developing next generation theranostic (therapy and imaging) products with its platform SAR technology, which is developed to improve the diagnostic and therapeutic potential for copper isotopes.

Compared to traditional oncology tools including radiotherapy and chemotherapy,  the broker explains TCT has synergistic impacts with hormone therapy, immunotherapies, and more.

This report was published on September 20, 2021.

Target price is $1.77 Current Price is $1.10 Difference: $0.67
If CU6 meets the Bell Potter target it will return approximately 61% (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 13.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.33.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 13.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.03.

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

CXL    CALIX LIMITED

Mining Sector Contracting – Overnight Price: $5.25

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

The New York-based CO2 advisory and investment group, Carbon Direct Capital Management has invested $24.5m in the company LEILAC business for a 6.98% stake. LEILAC stands for low emissions intensity lime and cement.

Shaw and Partners believe this validates the core technology and the market opportunity in CO2 mitigation in this sector. Moreover it provides a current see through valuation for LEILAC of over $500m, and allows full commercialisation with a respected partner. 

The analyst points to other sector applications for the core Calciner technology and raises the target price to $6.50 from $4. The Buy rating is maintained.

This report was published on September 20, 2021.

Target price is $6.50 Current Price is $5.25 Difference: $1.25
If CXL meets the Shaw and Partners target it will return approximately 24% (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 5.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 97.22.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 150.00.

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

DGL    DGL GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $2.88

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

Agrigulture is currently around 40% of DGL Group's revenue. So, the recent acquisition of coagulants/flocculants blender and packer Aquapac for -$8m, represents a chance to diversify, according to Bell Potter.

The transaction will triple the size of the existing Hardman Chemicals range, despite the relatively small size of the acquisition, points out the analyst.

The broker retains its Hold rating and $2.55 target price.

This report was published on September 22, 2021.

Target price is $2.55 Current Price is $2.88 Difference: minus $0.33 (current price is over target).
If DGL meets the Bell Potter target it will return approximately minus 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 6.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.74.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 9.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.64.

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

DMP    DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco – Overnight Price: $132.69

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

Despite downgrading its rating on Domino's Pizza Enterprises, Bell Potter remains positive of the company's growth prospects but notes company strength is reflected in the current share price. 

The broker notes highlights of the company's outlook include a target of 6,650 stores by FY33, compared to a current 3,150, plans to enter new markets and accelerate growth through acquisition, and ongoing tailwinds from the covid pandemic. 

The rating is downgraded to Hold from Buy and the target price of $155.00 is retained.

This report was published on September 21, 2021.

Target price is $155.00 Current Price is $132.69 Difference: $22.31
If DMP meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $128.00, suggesting downside of -4.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 204.30 cents and EPS of 255.40 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 253.6, implying annual growth of 19.2%.
Current consensus DPS estimate is 194.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 53.1.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 249.00 cents and EPS of 311.30 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 304.9, implying annual growth of 20.2%.
Current consensus DPS estimate is 236.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 44.2.

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $11.53

Wilsons rates ((ELD)) as Underweight (5) –

Elders is enjoying broadly favourable trading conditions, which should further support structural growth drivers, including acquisitions and private-label penetration, says Wilsons.

Cyclical headwinds remain as strong demand for crop inputs combined with supply constraints lead to elevated forward-order activity.  

The broker upgrades FY21 EPS 9% but leaves FY22 and FY23 estimates fairly steady, to account for pending headwinds.

Underweight rating retained. Target price rises to $10.20 from $9.95.

This report was published on September 16, 2021.

Target price is $10.20 Current Price is $11.53 Difference: minus $1.33 (current price is over target).
If ELD meets the Wilsons target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.19, suggesting upside of 15.4%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 43.00 cents and EPS of 93.90 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.2, implying annual growth of 11.8%.
Current consensus DPS estimate is 41.9, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 35.00 cents and EPS of 60.60 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.6, implying annual growth of -8.5%.
Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 14.0.

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

FFX    FIREFINCH LIMITED

Gold & Silver – Overnight Price: $0.65

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

Canaccord Genuity initiates coverage on Firefinch. The company owns an 80% stake in the Morila Gold Project, which in Canaccord Genuity's view offers positive exposure to meaningful gold production with low capital expenditure requirements. 

The Morila Gold Project has produced 7.6m ounces over 20 years, and the broker expects production of around 160,000 ounces per annum with an initial 10 year mine life. 

The company also owns lithium assets in the Goulamina Lithium Project, but intends to de-merge this asset into Leo Lithium, a separate entity set to list on the ASX in early 2022. 

The broker initiates with a Speculative Buy rating and a target price of $0.65.

This report was published on September 20, 2021.

Target price is $0.65 Current Price is $0.65 Difference: $0
If FFX meets the Canaccord Genuity target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.50.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.83.

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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.37

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

After first half results and an exploration update, Bell Potter assesses the company needs to have a better second half at Gruyere, in WA, to achieve its full year guidance. The Buy rating and $1.75 target price are unchanged.

A second quarter production outage at Gruyere stemmed from breakdowns at the processing plant, resulting in reduced throughput and gold production, explains the analyst.

The broker assesses encouraging results for exploration on the company’s 100% owned projects.

This report was published on September 20, 2021.

Target price is $1.75 Current Price is $1.37 Difference: $0.38
If GOR meets the Bell Potter target it will return approximately 28% (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 2.00 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 1.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.22.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 2.80 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.13.

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

HVN    HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics – Overnight Price: $4.87

Goldman Sachs rates ((HVN)) as Upgrade to Buy from Neutral (1) –

Goldman Sachs has provided detail around its expected medium term outlook for Electronics and Electrical retailers. The broker noted, based on housing metrics and historical data, the category is likely to have grown 3-4% post covid. 

The broker expects Harvey Norman to benefit from consumers spending more on their homes as hybrid work options remain relevant, while ecommerce growth will continue. A focus on reopening trades may have contributed to the stock derating, in the broker's view.

The rating is upgraded to Buy and the target price increases to $6.00 from $5.40. 

This report was published on September 21, 2021.

Target price is $6.00 Current Price is $4.87 Difference: $1.13
If HVN meets the Goldman Sachs target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $6.29, suggesting upside of 27.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 36.00 cents and EPS of 39.90 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 12.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.3, implying annual growth of -38.8%.
Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 35.50 cents and EPS of 39.40 cents.
At the last closing share price the estimated dividend yield is 7.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.4, implying annual growth of 0.2%.
Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.0.

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

IRE    IRESS LIMITED

Wealth Management & Investments – Overnight Price: $11.81

Shaw and Partners rates ((IRE)) as Downgrade to Sell from Hold (5) –

Shaw and Partners lowers its rating to Sell from Hold after Swedish private equity firm EQT and Iress were unable to agree on a potential take-over of Iress. The target price falls to $11.65 from $14.50.

The broker has lowered its forecasts to be more in-line with the company's historical growth rates. Now, the analyst's forecast  is for FY25 segment profit around -20% below the mid-point of the company’s $240-250m guidance range.

This report was published on September 20, 2021.

Target price is $11.65 Current Price is $11.81 Difference: minus $0.16 (current price is over target).
If IRE meets the Shaw and Partners target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.89, suggesting upside of 15.4%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 47.00 cents and EPS of 39.40 cents.
At the last closing share price the estimated dividend yield is 3.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.3, implying annual growth of 24.8%.
Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 29.9.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 48.00 cents and EPS of 40.70 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of -3.5%.
Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 30.9.

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

KMD    KATHMANDU HOLDINGS LIMITED

Sports & Recreation – Overnight Price: $1.52

Jarden rates ((KMD)) as Buy (1) –

FY21 results revealed a modest earnings (EBITDA) miss versus Jarden, while revenue was in-line. Together, Ripcurl and Oboz  accounted for two thirds of overall earnings.

Same store sales for the first six weeks of the new financial year showed the impact of lockdowns, points out the analyst, with  -Rip Curl 12.8%  and Kathmandu -19.9%. Meanwhile, Rip Curl’s online sales were up 16.8% in the period to date and Kathmandu’s rose 33.7%.

Jarden downgrades earnings estimates and assume broadly flat gross margins and greater head office costs. Despite this, the Buy rating and NZ$1.75 target price are unchanged.

This report was first issued September 21, 2021.

Current Price is $1.52. Target price not assessed.
Current consensus price target is $1.65, suggesting upside of 6.5%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 5.16 cents and EPS of 8.54 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of N/A.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 7.04 cents and EPS of 11.74 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.2, implying annual growth of 18.9%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 11.7.

This company reports in NZD. 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

LBL    LASERBOND LIMITED

Mining Sector Contracting – Overnight Price: $0.96

CCZ Equities rates ((LBL)) as No Rating (-1) –

CCZ Equities spies key catalysts emerging for heavy industrial surface engineering company LaserBond: an acceleration of global licencing technology; and increased sales of high wear-resistant products such as steel mill rolls.

The broker forecasts a 14.6% increase in sales; a 34.8% jump in EPS compound annual growth rate over four years; strong ROFE (return on funds employed) accretion; an earnings-supportive acquisition; and notes key markets are ripe for disruption.

CCZ Equities forecasts an interim fair valuation of between $1.10 and $1.20 a share.

This report was published on September 13, 2021.

Current Price is $0.96. Target price not assessed.
The company's fiscal year ends in June.

Forecast for FY22:

CCZ Equities forecasts a full year FY22 dividend of 1.80 cents and EPS of 4.40 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.82.

Forecast for FY23:

CCZ Equities forecasts a full year FY23 dividend of 2.20 cents and EPS of 5.40 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.78.

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

LDX    LUMOS DIAGNOSTICS HOLDINGS LIMITED

Medical Equipment & Devices – Overnight Price: $0.94

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

Diagnostic developer MeMed has secured FDA approval for a platform that diagnoses infections as bacterial or viral. Wilsons notes the Memed system relies on serum samples, likely making Lumos Diagnostics Holdings' FebriDx  the preferred system following approval. 

The FebriDx system uses a whole blood sample collected by fingerstick, while the MeMed system requires a drawing blood and sample preperation. 

The Overweight rating and target price of $1.52 are retained. 

This report was published on September 21, 2021.

Target price is $1.52 Current Price is $0.94 Difference: $0.58
If LDX meets the Wilsons target it will return approximately 62% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 16.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.77.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 10.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.62.

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

NHC    NEW HOPE CORPORATION LIMITED

Coal – Overnight Price: $2.50

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

New Hope Corp's FY21 results are largely in line, with the company reporting underlying earnings of $367m for the full year, implying a 27% increase on FY20 results. The company also announced a final dividend of 7 cents per share.

Goldman Sachs notes higher coal prices were the driver of results. Guidance for FY22 is yet to be provided, but the broker expects production at Bengalla to increase and the company remains positive on the thermal coal market outlook for the next 6-12 months. 

Earnings per share forecasts are updated by -1% and -3% for FY22 and FY23 on higher depreciation and amortisation. 

The Neutral rating is retained and the target price increases to $2.60 from $2.20. 

This report was published on September 21, 2021.

Target price is $2.60 Current Price is $2.50 Difference: $0.1
If NHC meets the Goldman Sachs target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.48, suggesting downside of -2.5%(ex-dividends)
The company's fiscal year ends in July.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 17.00 cents and EPS of 71.00 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 3.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.2, implying annual growth of 374.3%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 10.2%.
Current consensus EPS estimate suggests the PER is 5.6.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 13.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 5.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of -60.2%.
Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 14.1.

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

OPY    OPENPAY GROUP LIMITED

Business & Consumer Credit – Overnight Price: $1.42

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

Openpay Group has consolidated and extended its Australian receivables funding facilities into a lower-cost $65m facility with Global Credit Investments.

Shaw and Partners views the deal positively and reports the company is experiencing attractive unit economics; is building scale and ecosystem through long-term investments (the broker expects a ramp up in the UK and US); and is partnering strategically with enterprise merchants and aggregators such as the likes of Woolworths, Ford and Pentana.

The stock trades at a significant -48% discount to its BNPL peers on FY22 enterprise value/sales multiples and Shaw and Partners retains a Buy rating and $3.50 target price.

This report was published on September 17, 2021.

Target price is $3.50 Current Price is $1.42 Difference: $2.08
If OPY meets the Shaw and Partners target it will return approximately 146% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 34.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.07.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 16.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.61.

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

ORE    OROCOBRE LIMITED

New Battery Elements – Overnight Price: $9.08

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

Bell Potter reinstates coverage of Orocobre with a Hold rating and $9.30 price target. The broker considers the company as a go-to investment for multi-project exposure to lithium markets and the decarbonisation theme.

The analyst estimates expansions and advanced greenfield projects should double lithium production by around FY25. It’s thought cash flows will benefit before any potential supply-driven correction in prices.

Bell Potter likes the diversification by geography and by production method, with exposure to both hard rock and brine assets. 

This report was published on September 20, 2021.

Target price is $9.30 Current Price is $9.08 Difference: $0.22
If ORE meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.50, suggesting upside of 4.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 22.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.8, 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 61.4.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 47.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.1, implying annual growth of 15.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 53.1.

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

PFP    PROPEL FUNERAL PARTNERS LIMITED

Consumer Products & Services – Overnight Price: $4.42

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

Propel Funeral Partners is expanding operations to Adelaide and Auckland, signing binding agreements to buy Berry Funeral Directors in Norwood, and Glenelg Funerals (both in Adelaide), and State of Grace in Auckland, for -$17.6m (an upfront payment of $15.2m and $0.2m of Propel for 3 years, including an earn-out of up to $2.2m cash over three years shares escrowed.

Bell Potter reports the businesses generated $9m and considers the deal attractive, spying room for further acquisitions. The broker upgrades EPS 4.5%, 7.5% and 7.7% for FY22/FY23 and FY24.

Target price rises to $4.65 from $4.25. Buy rating retained.

This report was published on September 16, 2021.

Target price is $4.65 Current Price is $4.42 Difference: $0.23
If PFP meets the Bell Potter target it will return approximately 5% (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 10.50 cents and EPS of 13.20 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.48.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 12.30 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.70.

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

SLX    SILEX SYSTEMS LIMITED

Hardware & Equipment – Overnight Price: $1.43

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

Euroz Hartleys expects Silex Systems will benefit from the sharp rise in the uranium price, largely thanks to the launch of the Sprott Physical Uranium Trust, and has revised its long-term uranium contract price up by 30%.

Silex has disclosed a reduction in all-in-sustaining costs (AISC) on its Paducah Project and started operations on its zero-spin silicon protoype facility (for uranium enrichment) ahead of forecasts.

The broker offers a long list of positive catalysts and retains a Speculative Buy rating. The target price rises to $2.59 from $1.80. 

This report was published on September 9, 2021.

Target price is $2.59 Current Price is $1.43 Difference: $1.16
If SLX meets the Euroz Hartleys target it will return approximately 81% (excluding dividends, fees and charges).

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

---

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

Shaw and Partners initiates coverage on uranium enricher Silex Systems with a Buy rating a $2.60 target price.

The broker reports the company has created a bridgehead into the US market through its Paducah Laser Enrichment Facility in Kentucky and that the company is poised for strong growth.

The broker takes a positive view on the uranium price and appreciates Silex's other techologies – its Zero-Spin Silicon and semiconductor material technology (for application in 5G mobile phones).

This report was published on September 17, 2021.

Target price is $2.60 Current Price is $1.43 Difference: $1.17
If SLX meets the Shaw and Partners target it will return approximately 82% (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 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 75.26.

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 79.44.

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

STA    STRANDLINE RESOURCES LIMITED

Mineral Sands – Overnight Price: $0.20

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

Shaw and Partners upgrades Strandline Resources' target price to 71c from 58c to reflect recent stellar strength and the improved outlook for zircon and rutile prices.

Shaw increases its zircon price forecast from US$1500 a tonne to US$1900 a tonne in 2022; and rutile price from US$1200 a tonne to US$1375 a tonne.

The company is fully funded, Coburn is under construction, and market capitalisation has breached $200m. The broker upgrades earnings forecasts 41% in 2023 (4.8c) and 72% in 2024. Buy (High Risk) rating retained.

This report was published on September 17, 2021.

Target price is $0.71 Current Price is $0.20 Difference: $0.51
If STA meets the Shaw and Partners target it will return approximately 255% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.33.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.38.

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

SYD    SYDNEY AIRPORT

Infrastructure & Utilities – Overnight Price: $8.34

Jarden rates ((SYD)) as Neutral (3) –

Jarden points out the non-exclusive due diligence process by Sydney Aviation Alliance should take four weeks and is expected to be completed around mid-October 2021. The $8.50 target is a blend of the revised bid of $8.75 and other valuation metrics.

Total domestic passenger traffic was 25,000 in August 2021, while total domestic passengers for August year-to-date were around 5.7m, or circa 32% of the corresponding period in 2019. The broker retains its Neutral rating.

This report was published on September 20, 2021.

Target price is $8.50 Current Price is $8.34 Difference: $0.16
If SYD meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $8.60, suggesting upside of 3.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 7.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 115.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -10.4, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 9.70 cents and EPS of 1.20 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 695.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.9, implying annual growth of N/A.
Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 213.3.

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

TCL    TRANSURBAN GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $13.73

Jarden rates ((TCL)) as Neutral (3) –

Transurban Group’s 50% owned Sydney Transport Partners is set to acquire the remaining 49% equity stake in WestConnex from the NSW Government for -$11.1bn. Jarden retains its Neutral rating and $13.70 target price.

The group will partially fund its -$5.56bn contribution via a fully underwritten 1 for 9 entitlement offer of $3.9bn.

Positives of the transaction are the extension of the remaining concession term to 30 years, and increasing ownership in the Sydney urban toll road network with a CPI-linked tariff adjustment, explains the broker.

This report was published on September 21, 2021.

Target price is $13.70 Current Price is $13.73 Difference: minus $0.03 (current price is over target).
If TCL meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.95, suggesting upside of 10.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 49.30 cents and EPS of 4.30 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 319.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of N/A.
Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 199.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 57.60 cents and EPS of 18.60 cents.
At the last closing share price the estimated dividend yield is 4.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 73.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.3, implying annual growth of 213.2%.
Current consensus DPS estimate is 59.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 63.5.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $5.94

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

Telix Pharceuticals has signed a distribution deal in Italy for its Illucix imaging agent which detects biochemical recurrence of metastatic prostate cancer.

Bell Potter expects the agent will receive FDA approval (but the review has since been pushed out three months, triggering a sell-off in the share price).

The FDA has also opened the application ofr the STARLITE II clinical trial investigating TLX250 for treatment of advanced renal cell cancer.

Bell Potter retains a Hold rating while the $8.00 target price is unchanged.

This report was published on September 16, 2021.

Target price is $8.00 Current Price is $5.94 Difference: $2.06
If TLX meets the Bell Potter target it will return approximately 35% (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 16.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.15.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 5.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 104.21.

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

VML    VITAL METALS LIMITED

Rare Earth Minerals – Overnight Price: $0.06

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

Canaccord Genuity initiates coverage on Vital Metals. Vital Metals owns the right to the light rare earth elements resources at the Nechalacho project. The broker notes this may be one of the largest rare earth deposits in North America.

The company intends to take a lower capital expenditure staged approach to develop the Nechalacho project, which has a potential mine life exceeding 20 years. 

Elsewhere, the company owns a 68% stake in the Kipawa Heavy Rare Earths project. The broker initiates with a Speculative Buy rating and a target price of $0.11.

This report was published on September 17, 2021.

Target price is $0.11 Current Price is $0.06 Difference: $0.05
If VML meets the Canaccord Genuity target it will return approximately 83% (excluding dividends, fees and charges).
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

WPR    WAYPOINT REIT LIMITED

REITs – Overnight Price: $2.76

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

Following the issuing of $200m medium term notes, Waypoint REIT has upgraded FY21 earnings guidance to 15.72-15.8cps from 15.72cps. Proceeds are expected to pay down a portion of the REIT's $336m debt facility.

Apart from a solid first half result, the analyst notes the REIT has divested a large number of non-core assets during the period, providing resources for future initiatives.

Management has indicated a proposed $150m of capital management, including a $75m buy-back. The broker's Buy rating and $2.95 target price are unchanged.

This report was published on September 20, 2021.

Target price is $2.95 Current Price is $2.76 Difference: $0.19
If WPR meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.87, suggesting upside of 3.1%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.9, implying annual growth of -55.6%.
Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 17.5.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 1.3%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 17.3.

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

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