Australian Broker Call *Extra* Edition – Oct 26, 2021

This story features BOAB METALS LIMITED, and other companies. For more info SHARE ANALYSIS: BML

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)

BML   BPT   BSX (2)   CRN   CYM   DTC (2)   DUB   EVN   GDF   GNX   GOR   IDX   IKE   IRE   LM8   NWS   PLY   PME   WHC  

BML    BOAB METALS LIMITED

Mining – Overnight Price: $0.38

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

Shaw and Partners reports that results from Boab Metals' Sorby Hills Lead Silver Project has confirmed  mineralisation has extended beyond the existing resource. The broker expects a resource upgrade later in 2021.

Further, Shaw and Partners notes the Sorby Hills project is likely to become larger following results. The broker estimates the addition of crushing and milling capacity to the project could increase the value of Boab Metals' share to $202m from $168m. 

The Buy rating and target price of $1.02 are retained. 

This report was published on September 30, 2021.

Target price is $1.02 Current Price is $0.38 Difference: $0.64
If BML meets the Shaw and Partners target it will return approximately 168% (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 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.67.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.67.

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

BPT    BEACH ENERGY LIMITED

Crude Oil – Overnight Price: $1.45

Jarden rates ((BPT)) as Upgrade to Buy from Neutral (1) –

Jarden upgrades Beach Energy to a Buy from Neutral to reflect the company's rising exposure to a tightening gas market.

A company presentation highlights the company is switching its focus from oil (Western Flank) to its gas projects; that the gas outlook is strong; and that group production is set to rise sharply. 

Beach Energy reiterates guidance; points to further drilling in the Perth Basin and Otway; and exploration drilling for oil on the Western Flank.

The company is weighing capital management options, such as off-market buybacks, boasting $500m in franking credits and low peak gearing at less than 10%, reports Jarden.

Target price rises to $1.60 from $1.50.

This report was published on September 28, 2021.

Target price is $1.60 Current Price is $1.45 Difference: $0.15
If BPT meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 12.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 2.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 36.2%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 7.7.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 2.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.5, implying annual growth of -12.7%.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 8.8.

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

BSX    BLACKSTONE MINERALS LIMITED

New Battery Elements – Overnight Price: $0.66

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

Canaccord Genuity initiates coverage on Blackstone Minerals with a Speculative Buy rating and $1.10 target price. The company is developing the Ta Khoa nickel project located in the western Son La province of Vietnam.

A  pre feasability study (PFS) is expected in the December quarter to confirm scale and operational metrics. The company is also developing downstream refining capacity to produce cathode precursor for the lithium-ion battery supply chain.

While the analyst assigns no value at this stage, development of additional downstream processing stages (2-4) has the potential to add around $0.90/share per stage.

This report was published on October 4, 2021.

Target price is $1.10 Current Price is $0.66 Difference: $0.44
If BSX meets the Canaccord Genuity target it will return approximately 67% (excluding dividends, fees and charges).

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

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Euroz Hartleys rates ((BSX)) as Initiation of coverage with Speculative Buy (2) –

Euroz Hartleys initiates coverage on Blackstone Minerals, noting the company intends to develop an integrated nickel project in Northern Vietnam to produce battery grade nickel cobalt manganese.

A preliminary pre-feasability study has outlined capital expenditure of -US$491m and a refinery front end throughput of 400,000 tonnes per annum to produce 86,000 tonnes per annum nickel cobalt manganese at an all-in cost of US$11,997 per tonne. 

The broker notes current spot prices on nickel cobalt manganese are around US$19,300 per tonne.The broker estimates a base case net present value of $490m, but notes a downstream refinery partner could cause a significant re-rate. 

The broker initiates with a Speculative Buy rating and a target price of $1.00.

This report was published on September 24, 2021.

Target price is $1.00 Current Price is $0.66 Difference: $0.34
If BSX meets the Euroz Hartleys target it will return approximately 52% (excluding dividends, fees and charges).

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

CRN    CORONADO GLOBAL RESOURCES INC

Coal – Overnight Price: $1.40

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

For the second half of 2021, Bell Potter upgrades its price estimates for thermal coal by 37% and premium hard coking coal by 71%, while upgrades for 2022 are 29% and 27%. It's believed Coronado Global Resources is undergoing a de-gearing phase.

The analyst expects this will enable shareholder distributions for the company to resume in 2022. The Buy rating is unchanged and the broker lifts its target price to $1.40 from $1.20.

This report was published on October 1, 2021.

Target price is $1.40 Current Price is $1.40 Difference: $0
If CRN meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $1.74, suggesting upside of 25.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 30.38 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.1, 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 6.9.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 21.76 cents and EPS of 30.12 cents.
At the last closing share price the estimated dividend yield is 15.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.2, implying annual growth of 10.4%.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 6.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CYM    CYPRIUM METALS LIMITED

Copper – Overnight Price: $0.20

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

Euroz Hartleys continues to see the Nifty Copper Mine as the near-term value driver for Cyprium Metals. Hence, the good news that first assays received from Nifty East drilling showed copper extensions, for potential resource expansion opportunities.

The analyst notes that subject to restart study outcomes, open pit mining could commence mid-2022, with potential for first copper production late 2H 2022 for full production levels in early 2023.

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

This report was issued September 28, 2021.

Target price is $0.70 Current Price is $0.20 Difference: $0.5
If CYM meets the Euroz Hartleys target it will return approximately 250% (excluding dividends, fees and charges).

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

DTC    DAMSTRA HOLDINGS LIMITED

Software & Services – Overnight Price: $0.94

Moelis rates ((DTC)) as Hold (3) –

Damstra Holdings has announced the acquisition of TIKS Solutions for a total of -$25m. The transaction is comprised of an initial $18m consideration, with $2.5m cash upfront, $12m in scrip and $3.5m cash to be paid in twelve months, plus a conditional $7m earn-out.

Moelis notes TIKS Solutions generated $4.1m in revenue in FY21, and the company is guiding to a positive, if immaterial, benefit to FY22 underlying earnings. The broker highlights the transaction is in line with Damstra Holdings' growth strategy. 

The Hold rating is retained and the target price decreases to $0.96 from $1.35.

This report was published on September 30, 2021.

Target price is $0.96 Current Price is $0.94 Difference: $0.02
If DTC meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.32.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 85.45.

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

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

Damstra Holdings has announced it will purchase Sydney-based workplace safety and compliance management company, TIKS Solutions. Wilsons notes the transaction has a potential total consideration of -$25m, with $7m dependent on performance targets.

TIKS Solutions has around 70 existing clients, largely in the mining, construction and utility sectors. The company generated $4.1m in revenue in FY21, but Damstra Holdings is guiding to an immaterial contribution to FY22 results.

Wilsons expects the acquisition is more strategically important than financially noticeable in the short-term, but notes it could generate underlying earnings margins of 25% in FY23. Wilsons increases revenue forecasts by 9% and 11% for FY22 and FY23.

The Overweight rating is retained and the target  price increases to $1.77 from $1.52.

This report was published on October 1, 2021.

Target price is $1.77 Current Price is $0.94 Difference: $0.83
If DTC meets the Wilsons target it will return approximately 88% (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 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.32.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 42.73.

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

DUB    DUBBER CORPORATION LIMITED

Cloud services – Overnight Price: $3.24

Sequoia rates ((DUB)) as Initiation of coverage with Buy (1) –

Sequoia initiates coverage on Dubber Corp with a Buy rating and $4.50 target price. The company is a leading global provider of unified Voice and Video recording for compliance purposes, sales and customer support, and other purposes.

To-date, strategic relationships with Cisco Systems and IBM have been formed and the analyst points out the Dubber solution is embedded in the core of a growing list of over 160 telcos. It's believed the data obtained is driving unique AI applications and products. 

Sequoia likes the recent -$6.6m acquisition of Notiv (Automated Voice AI note-taking). The analyst cautions Dubber’s AI strategy is not yet proven, with less than 3% of FY21 revenues from AI activities.

This report was published on September 29, 2021.

Target price is $4.50 Current Price is $3.24 Difference: $1.26
If DUB meets the Sequoia target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Sequoia forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 66.12.

Forecast for FY23:

Sequoia forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 270.00.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $3.82

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

JP Morgan upgrades its rating for Evolution Mining to Overweight from Neutral. While the announcement of the sale of the Mt Carlton mine is considered positive ($90m versus $35m expected) the analyst expects M&A will return to prominence.

While  group production falls as a result of the sale, so too does the all-in sustaining cost (AISC) metric, given the higher cost base
of the disposed asset. The broker raises its price target to $4.60 from $4.40.

This report was published on October 6, 2021.

Target price is $4.60 Current Price is $3.82 Difference: $0.78
If EVN meets the JP Morgan target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $3.98, suggesting upside of 4.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 10.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.5, implying annual growth of -18.4%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 23.2.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 10.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.3, implying annual growth of 23.0%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 18.8.

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

GDF    GARDA PROPERTY GROUP

REITs – Overnight Price: $1.56

Moelis rates ((GDF)) as Hold (3) –

With further portfolio valuations expected in October, Moelis expects Garda Property Group could report increased value in its industrial real estate portfolio given recent strong market movements in Brisbane.

The broker's view is that Garda Property Group's industrial portfolio could allow for as much a 50 basis points of cap rate compression, bringing net tangible assets per share to $1.55-$1.60.

The Hold rating is retained and the target price increases to $1.56 from $1.41.

This report was published on September 30, 2021.

Target price is $1.56 Current Price is $1.56 Difference: $0
If GDF meets the Moelis target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 7.20 cents and EPS of 8.10 cents.
At the last closing share price the estimated dividend yield is 4.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.26.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 7.60 cents and EPS of 8.50 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.35.

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

GNX    GENEX POWER LIMITED

EV, Solar & Batteries – Overnight Price: $0.24

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

Genex Power has announced a supply agreement with Tesla to provide 40 megapacks, totaling 50 megawatts, for its Bouldercombe battery storage project. The company is aiming for full operations from the June half of 2023.

Euroz Hartleys notes as the the only pure renewable energy company listed on the ASX, this is a strategic project for Genex Power. The battery focus of the project's renewable capacity is a point of differentiation for the company, with batteries able to hit peak demand. 

The Buy rating is retained with a target price of $0.35.

This report was published on October 1, 2021.

Target price is $0.35 Current Price is $0.24 Difference: $0.11
If GNX meets the Euroz Hartleys target it will return approximately 46% (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

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.36

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

It was not a total surprise to Euroz Hartleys that the September quarter production update by Gold Road Resources included lower 2021 guidance, given multiple disruptions to the processing plant during the year.

2021 guidance was lowered to 125-130koz from 130-150koz. The analyst retains a longer-term view of deep value, given the long mine life and potential for low costs. The Buy rating is unchanged and a target price of $1.75 is set.

This report was published on October 4, 2021.

Target price is $1.75 Current Price is $1.36 Difference: $0.39
If GOR meets the Euroz Hartleys target it will return approximately 29% (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

IDX    INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $4.83

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

Integral Diagnostics has announced the pending acquisition of The X-Ray Group at a cost of -$37.5m, as well as an additional $7.5m deferred consideration subject to condition. Jarden describes the transaction as an attractive acquisition.

The broker notes the transaction should restore some confidence in Integral Diagnostics to continue to undertake attractively-priced acquisitions, and is consistent with the company's focus on higher end modalities. 

Earnings per share forecasts increase 3.0%, 2.4% and 2.8% for FY22, FY23 and FY24 respectively. 

The Overweight rating is retained and the target price increases to $5.93 from $5.69.

This report was published on September 30, 2021.

Target price is $5.93 Current Price is $4.83 Difference: $1.1
If IDX meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $5.21, suggesting upside of 7.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 8.70 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 19.0%.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 25.7.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 11.10 cents and EPS of 22.60 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 18.6%.
Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 21.7.

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

IKE    IKEGPS GROUP LIMITED

Hardware & Equipment – Overnight Price: $0.99

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

Bell Potter remains optimistic that ikeGPS Group is on track to achieve the broker's FY22 estimates. The company recently completed a $23.6m (NZ$24.7m) capital raising to fund a growing sales pipeline and provide capacity for acquisition opportunities.

The analyst particularly likes the new AI product, IKE Insight, which is now set to deliver new platform capabilities, addressable market segments and revenue opportunities.

The broker retains its Buy rating and $1.45 target price.

This report was published on October 4, 2021. 

Target price is $1.45 Current Price is $0.99 Difference: $0.46
If IKE meets the Bell Potter target it will return approximately 46% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.04 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.51.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.49 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 66.49.

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: $11.95

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

JP Morgan lowers its target price for Iress to $13.50 from $15.91, after EQT withdrew its bid following a period of due diligence. Management at Iress says its focus will be on achieving 2025 targets, and reaffirmed FY21 guidance.

The company will commence an on market share buyback. The analyst makes no changes to underlying earnings forecasts. The Overweight rating is unchanged.

This report was published on September 21, 2021.

Target price is $13.50 Current Price is $11.95 Difference: $1.55
If IRE meets the JP Morgan target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $13.89, suggesting upside of 15.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 48.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.15.

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 29.8.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 49.00 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.15.

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 4.0%.
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

LM8    LUNNON METALS LIMITED

Mining – Overnight Price: $0.40

Euroz Hartleys rates ((LM8)) as Speculative Buy (2) –

An intersection of nickel sulphides at East Cooee affirms Lunnon Metals' model for East Trough and its resultant prospectivity, according to Euroz Hartleys. East Cooee is part of the East Trough prospect at the Kambalda Nickel Project.

The intersection has the potential to be a separate nickel mineralised channel system, says the analyst. The $1 target price and Speculative Buy rating are maintained.

This report was published on September 28, 2021.

Target price is $1.00 Current Price is $0.40 Difference: $0.6
If LM8 meets the Euroz Hartleys target it will return approximately 150% (excluding dividends, fees and charges).

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

NWS    NEWS CORPORATION

Print, Radio & TV – Overnight Price: $32.54

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

JP Morgan raises its earnings estimates for News Corp, ahead of 1Q earnings, for the seventh consecutive time since August 2020.

The changes are mainly for Dow Jones and Book Publishing, to reflect the acquisitions of Investor's Business Daily and HMH Books & Media, explains the analyst. The price target rises to $40 from $39. The Overweight rating is unchanged.

This report was published on October 6, 2021.

Target price is $40.00 Current Price is $32.54 Difference: $7.46
If NWS meets the JP Morgan target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $40.00, suggesting upside of 22.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 84.91 cents and EPS of 84.91 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 91.0, implying annual growth of N/A.
Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 35.8.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 114.10 cents and EPS of 114.10 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.3, implying annual growth of 21.2%.
Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 29.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PLY    PLAYSIDE STUDIOS LIMITED

Gaming – Overnight Price: $0.70

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

Playside Studios has acquired the Dumb Ways To Die franchise, which Canaccord Genuity notes is comprised of six freemium mobile tiles as well as merchandise, trademarks, social media accounts and additional digital assets, at a cost of -$2.25m.

The broker notes Playside Studios has been involved in the development of four of six total mobile games and educational apps for the franchise, which have tracked nearly 400m downloads in nine years. 

The company has highlighted opportunity for global licensing which could allow the franchise to be a decent earner for Playside Studios. 

The Buy rating is retained and the target price increases to $0.44 from $0.41.

This report was published on October 5, 2021.

Target price is $0.44 Current Price is $0.70 Difference: minus $0.26 (current price is over target).
If PLY meets the Canaccord Genuity target it will return approximately minus 37% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 70.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.00 cents.

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $55.22

Goldman Sachs rates ((PME)) as Sell (5) –

Goldman Sachs notes Pro Medicus has announced a seven year deal with Novant Health for $40m for the Visage 7 Viewer and Workflow to be fully cloud-deployed. 

Novant Health serves 6m patients in 15 medical centres, as well as hundreds of outpatient and physician clinics. The broker notes this contract is comparable to Pro Medicus' largest contract win, and is the seventh US contract win for the company in less than 18 months.

While Goldman Sachs believes Visage represents the only software solution that can be fully cloud-deployed at scale, indicating a real value add for the company, the broker expects sales growth to decline long-term from a narrowing penetration runway. 

The Sell rating and target price of $54.00 are retained. 

This report was published on October 1, 2021.

Target price is $54.00 Current Price is $55.22 Difference: minus $1.22 (current price is over target).
If PME meets the Goldman Sachs target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 22.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 0.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 128.42.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 29.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 0.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 98.61.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $2.84

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

Bell Potter increases its target for Whitehaven Coal to $3.50 from $2.60 following upgrades to the broker's price estimates for thermal coal and hard coking coal. For H2 of 2021, the former rises by 37% and latter by 71%, while upgrades for 2022 are 29% and 27%.

The analyst expects record thermal coal prices and rapid de-gearing will overwhelm any operational and ESG issues. It's also thought there will be a return to dividends.

This report was published on October 1, 2021.

Target price is $3.50 Current Price is $2.84 Difference: $0.66
If WHC meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $3.85, suggesting upside of 38.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 15.00 cents and EPS of 51.90 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.7, implying annual growth of N/A.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 3.0.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 18.00 cents and EPS of 35.90 cents.
At the last closing share price the estimated dividend yield is 6.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.4, implying annual growth of -63.3%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 8.1.

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

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