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

This story features ABACUS PROPERTY GROUP, and other companies. For more info SHARE ANALYSIS: ABP

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)

ABP   AD8   ALQ   ALX   APE (2)   BST   CCX   CWN   ELD   EML   FWD   GOR   HLA   HT1   HTG   IMM   JHG   MOZ   MSB   NUF   PLT   PNR   PNV   RFF   RHC   SGR   TNE   UWL  

ABP    ABACUS PROPERTY GROUP

REITs – Overnight Price: $3.55

Moelis rates ((ABP)) as Initiation of coverage with Buy (1) –

Moelis initiates coverage on Abacus Property Group, noting the REIT offers exposure to a large, high quality storage portfolio which includes the $1.8bn Storage King banner.

Storage is a key investment focus for the company, acquiring $575m in storage assets in FY21 and $113m in the first quarter of FY22. Moelis expects this to continue be a target growth area as the company looks to deploy excess balance sheet capacity. 

Additionally, an office portfolio largely focused on the Sydney CBD provides relatively stable income. Limited material expiries provide favourable exposure given metro offices are expected to outperform those in the CBD near-term.

The broker initiates with a Buy rating and a target price of $3.75.

This report was published on September 17, 2021.

Target price is $3.75 Current Price is $3.55 Difference: $0.2
If ABP meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.42, suggesting downside of -4.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 17.50 cents and EPS of 20.10 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of -63.3%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 19.6.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 18.00 cents and EPS of 20.40 cents.
At the last closing share price the estimated dividend yield is 5.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 3.3%.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 18.9.

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

AD8    AUDINATE GROUP LIMITED

Hardware & Equipment – Overnight Price: $9.58

Shaw and Partners rates ((AD8)) as Buy (1) –

Critical component shortages appear set to continue to impact Audinate Group, with suppliers VTech and Avnet both guiding to raw material shortages and increasing backlogs impacting on ability to meet demand.

Shaw and Partners notes supply issues are expected to persist well into 2022, but remains positive on Audinate Group's longer-term trajectory as global trade reopens.

The Buy rating and target price of $12.00 are retained.

This report was published on November 17, 2021.

Target price is $12.00 Current Price is $9.58 Difference: $2.42
If AD8 meets the Shaw and Partners target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $11.25, suggesting upside of 19.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 252.11.

How do these forecasts compare to market consensus projections?

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

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 598.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 470.5.

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

ALQ    ALS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $13.03

Jarden rates ((ALQ)) as Downgrade to Neutral from Buy (3) –

Having delivered first half profit after tax 2% above the top of its guidance range and Jarden's forecast, ALS provided full-year guidance of $242-252. Noting guidance is potentially underwhelming, Jarden notes the company faces a balance of risks in the second half.

To the upside Jarden notes potential for continued strong demand and pricing increases, but to the downside this could be offset by higher deprecation and amortisation and higher consumables inflation. FY22 earnings per share forecast increases 1.2%.

The rating is downgraded to Neutral from Overweight and the target price increases to $13.25 from $13.20.

This report was published on November 17, 2021.

Target price is $13.25 Current Price is $13.03 Difference: $0.22
If ALQ meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $13.60, suggesting upside of 8.6%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 30.80 cents and EPS of 50.30 cents.
At the last closing share price the estimated dividend yield is 2.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.9, implying annual growth of 45.1%.
Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 24.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 33.70 cents and EPS of 55.30 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.2, implying annual growth of 10.2%.
Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 21.9.

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

ALX    ATLAS ARTERIA

Infrastructure & Utilities – Overnight Price: $6.72

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

A change in regime could prove positive for Atlas Arteria's underperforming asset Dulles Greenway, according to Jarden, who notes a potential change to distance-based tolling rather than per-trip tolling would allow for a review of Dulles' tariff and concession terms.

Elsewhere, solid traffic recovery and consumer price index linked tariffs currently benefiting from inflation has driven dividend per share forecast increases from Jarden.

The Overweight rating is retained and the target price increases to $7.00 from $6.90.

This report was published on November 17, 2021.

Target price is $7.00 Current Price is $6.72 Difference: $0.28
If ALX meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $6.86, suggesting upside of 2.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 32.00 cents and EPS of 29.70 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.3, implying annual growth of N/A.
Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 40.00 cents and EPS of 39.10 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.2, implying annual growth of 43.8%.
Current consensus DPS estimate is 41.6, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.8.

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

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $14.26

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

Eager Automotive attributed a soft expected result for 2021 to the 114 trading days impacted by lockdowns in NSW, Victoria and Auckland coupled with continued supply chain issues. The company is guiding to before-tax profit of $390-395, a -3.3-4.5% miss on forecast.

Offsetting lockdown impacts was strong demand in Western Australia and Queensland, but the broker notes a growing order bank has positioned the company for a strong position heading into 2022. 

The Overweight rating is retained and the target price increases to $16.58 from $16.51.

This report was published on November 17, 2021.

Target price is $16.58 Current Price is $14.26 Difference: $2.32
If APE meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $17.81, suggesting upside of 25.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Jarden forecasts a full year FY21 dividend of 42.50 cents and EPS of 107.50 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.7, implying annual growth of 55.8%.
Current consensus DPS estimate is 56.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 39.80 cents and EPS of 98.40 cents.
At the last closing share price the estimated dividend yield is 2.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.7, implying annual growth of 4.5%.
Current consensus DPS estimate is 54.7, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 15.2.

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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Moelis rates ((APE)) as Buy (1) –

Eagers Automotive's guidance for FY21 proved some -5% below expectations as some revenues have been deferred as a result of ongoing supply constraints.

Moelis does note management's commentary around demand was strong and the company is experiencing ongoing growth in its order book.

The company also announced three small acquisitions of car dealerships including properties in Newcastle and Toowoomba. Moelis thinks by FY23 the margins will have normalised.

Target $18.97. Buy.

This report was released on November 18, 2021.

Target price is $18.97 Current Price is $14.26 Difference: $4.71
If APE meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $17.81, suggesting upside of 25.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 68.40 cents and EPS of 102.50 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.7, implying annual growth of 55.8%.
Current consensus DPS estimate is 56.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 69.80 cents and EPS of 104.30 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.7, implying annual growth of 4.5%.
Current consensus DPS estimate is 54.7, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 15.2.

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

BST    BEST & LESS GROUP HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $3.53

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

Lost trading days due to lockdowns exceeded Best & Less Group Holdings' expectations, but Bell Potter notes the company remains on track for 2021 guidance although first half forecasts for FY22 now appear unachievable.

Already experiencing trading activity recovery, the company is in a healthy stock position heading into its peak trading period, and online capability continues to improve.

The Buy rating is retained and the target price increases to $3.80 from $3.30.

This report was published on November 17, 2021.

Target price is $3.80 Current Price is $3.53 Difference: $0.27
If BST meets the Bell Potter target it will return approximately 8% (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 21.40 cents and EPS of 30.60 cents.
At the last closing share price the estimated dividend yield is 6.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.54.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 23.60 cents and EPS of 33.70 cents.
At the last closing share price the estimated dividend yield is 6.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.47.

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

CCX    CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear – Overnight Price: $6.36

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

City Chic Collective stores in New South Wales and Victoria have reported solid trading since reopening, and Jarden notes the company is on track for full-year results. 

Growth in the US is also strong, with the Avenue brand performing above pre-acquisition levels, and online business showing growth on the previous corresponding period. Supply constraints are impacting sales in the UK after strong results July through August.

The Overweight rating is retained with a target price of $6.72.

This report was published on November 17, 2021. 

Target price is $6.72 Current Price is $6.36 Difference: $0.36
If CCX meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $6.90, suggesting upside of 6.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Current consensus EPS estimate is 15.3, implying annual growth of 59.5%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 42.5.

Forecast for FY23:

Current consensus EPS estimate is 20.3, implying annual growth of 32.7%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 32.0.

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

CWN    CROWN RESORTS LIMITED

Gaming – Overnight Price: $9.90

Jarden rates ((CWN)) as Initiation of coverage with Overweight (2) –

Given strong recovery in the global casino market, Jarden has initiated coverage on the Australian casinos. The broker expects casino earnings will benefit from an expected bounce back in Australian capital cities, and a second wind benefit from international travel. 

Regulatory uncertainty in Victoria, and potentially other states, presents risk to outlook. For Crown Resorts in particular short-term stock pricing will likely be impacted by regulations uncertainty for Crown Melbourne, but the broker expects reopening to be a positive catalyst.

The broker initiates with an Overweight rating and a target price of $10.89.

This report was published on November 16, 2021.

Target price is $10.89 Current Price is $9.90 Difference: $0.99
If CWN meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $11.73, suggesting upside of 2.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 10.00 cents and EPS of minus 12.90 cents.
At the last closing share price the estimated dividend yield is 1.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 76.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.1, implying annual growth of N/A.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 40.00 cents and EPS of 39.50 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.8, implying annual growth of N/A.
Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 27.9.

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

ELD    ELDERS LIMITED

Agriculture – Overnight Price: $11.89

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

Elder's FY21 underlying profit revealed a slight beat on versus Bell Potter's estimate. The broker retains its Hold rating. The outlook for acquisitions and integrating past ones is thought to be incorporated into consensus estimates.

The analyst points out the FY21 result was primarily driven by the retail and wholesale results, with agency modestly behind expectations. No formal guidance was provided by management though livestock prices are expected to remain elevated in the medium term.

The target falls to $12.90 from $13.45 to allow for higher net debt levels and deferred acquisition costs.

This report was published on November 16, 2021.

Target price is $12.90 Current Price is $11.89 Difference: $1.01
If ELD meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $13.60, suggesting upside of 14.2%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 42.00 cents and EPS of 74.80 cents.
At the last closing share price the estimated dividend yield is 3.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.9, implying annual growth of N/A.
Current consensus DPS estimate is 40.2, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 43.00 cents and EPS of 74.00 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.4, implying annual growth of 0.7%.
Current consensus DPS estimate is 39.9, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 15.8.

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

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $2.90

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

Wilsons views the AGM trading update by EML Payments positively as the 14% growth in gross debit volume (GDV) is purely organic (no Sentenial contribution). Additionally, the analyst is constructive around ongoing interactions with the Central Bank of Ireland.

The broker highlights 24% growth in incentive programs versus the previous corresponding period. Within the Digital Payments segment GDV grew by 8% versus the pcp, which included BNPL launches with Humm Group ((HUM)) and Laybuy Group ((LBY)).

The Overweight rating is retained and the target price decreases to $4.62 from $4.71.

This report was released on November 18, 2021.

Target price is $4.62 Current Price is $2.90 Difference: $1.72
If EML meets the Wilsons target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $4.11, suggesting upside of 41.6%(ex-dividends)
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 8.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 49.2.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 12.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 79.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 27.4.

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

FWD    FLEETWOOD LIMITED

Infra & Property Developers – Overnight Price: $2.27

Moelis rates ((FWD)) as Buy (1) –

Fleetwood's AGM address acknowledged further covid impacts, as had already been flagged together with the FY21 release. Moelis has made a rather large adjustment (down) for FY22, with smaller reductions to forecasts for FY23 and FY24.

The broker observes the company did not quantify its outlook for FY22, while the absence of JobKeeper in combination with softer trading is likely to result in a drawdown on Fleetwood's cash balance, described as "strong".

Moelis retains its Buy rating while the price target decreases slightly to $3.13.

This report was released on November 18, 2021.

Target price is $3.13 Current Price is $2.27 Difference: $0.86
If FWD meets the Moelis target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 7.80 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 3.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.87.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 21.20 cents and EPS of 20.70 cents.
At the last closing share price the estimated dividend yield is 9.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.

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: $1.66

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

During a September quarter activities report, Gold Road Resources' management announced a 31% increase in the Gruyere joint venture ore reserves and an increase of 1.07 Moz of gold (after depletion). The ball-mill maintenance issue was also corrected, highlights the Bell Potter.

The analyst notes the company’s ongoing focus to become a multi-asset producer after the company made a bid for Apollo Consolidated. The Buy rating is unchanged.

The broker lowers its 2021 earnings forecast for Gold Road by -3%, though raises forecasts for 2022 and 2023 by 2% and 5%. The target price lifts to $1.90 from $1.75

The report was published on November 16, 2021.

Target price is $1.90 Current Price is $1.66 Difference: $0.24
If GOR meets the Bell Potter target it will return approximately 14% (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 0.80 cents and EPS of 5.70 cents.
At the last closing share price the estimated dividend yield is 0.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.12.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 3.40 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.78.

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

HLA    HEALTHIA LIMITED

Healthcare services – Overnight Price: $2.15

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

Healthia has now settled 39 Back in Motion physiotherapy clinics of a total 64, with those settled representing 79% of revenue benefit from the portfolio, and has additionally acquired seven allied health clinics. 

Despite Canaccord Genuity forecasting all Back in Motion clinic settlements would be complete by the start of November, the broker notes the company has focused on settling larger clinics. Healthia is targeting deployment of an additional $12.5m acquisition capital in FY21.

The Buy rating and target price of $2.45 are retained.

The report was published on November 15, 2021.

Target price is $2.45 Current Price is $2.15 Difference: $0.3
If HLA meets the Canaccord Genuity target it will return approximately 14% (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 6.00 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 2.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.63.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 7.00 cents and EPS of 17.10 cents.
At the last closing share price the estimated dividend yield is 3.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.57.

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

HT1    HT&E LIMITED

Out of Home Advertising – Overnight Price: $1.89

Canaccord Genuity rates ((HT1)) as Buy (1) –

HT&E has announced the acquisition of regional radio operator Grant Broadcasters. The transaction totaled $308m, and represents a deployment of cash resources after receiving a benefit from the settlement of a tax office dispute.

Company management believes it will be able to generate $20m in revenue synergies annually. Canaccord Genuity noted following the transaction HT&E will be approaching a similar scale to when it owned Adshel. 

The Buy rating and target price of $2.70 are retained.

This report was published on November 12, 2021.

Target price is $2.70 Current Price is $1.89 Difference: $0.81
If HT1 meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $2.12, suggesting upside of 10.2%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 7.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of N/A.
Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 9.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.5, implying annual growth of 30.2%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 15.4.

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

HTG    HARVEST TECHNOLOGY GROUP LIMITED

Hardware & Equipment – Overnight Price: $0.28

Moelis rates ((HTG)) as Initiation of coverage with Buy (1) –

Moelis initiates coverage of Harvest Technology Group with a Buy rating and $0.40 price target. The broker sees a "significant" runway for growth ahead for this SaaS business model which targets the global satellite communications market.

As per the broker's explanation, Harvest Technology Group provides high quality video, audio and data transfer solutions at ultra low bandwidth rates whilst maintaining low latency and military grade encryption through its proprietary User Datagram Protocol technology.

Moelis believes earnings quality has improved at the business, which is considered a market leader through its UDP technology. On current projections, break-even is but two years away (FY24), on underlying basis (not reported).

This report was released on November 18, 2021.

Target price is $0.40 Current Price is $0.28 Difference: $0.12
If HTG meets the Moelis target it will return approximately 43% (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 3.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.48.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.00.

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

IMM    IMMUTEP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.55

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

Wilsons believes the key takeaway from Immutep's final overall survival (OS) data from the Phase IIb breast cancer program (AIPAC) is the significant clinical gains with Efti when combined with chemotherapy. 

Moreover, incremental Phase II HNSCC data, highlights that the addition of Efti to SOC Keytruda has more than doubled the response rates observed in foundational Keytruda studies. The analyst notes the opportunity to expand the market for this blockbuster drug.

Wilsons maintains its Overweight rating and $0.91 target price.

This report was published on November 18, 2021.

Target price is $0.91 Current Price is $0.55 Difference: $0.36
If IMM meets the Wilsons target it will return approximately 65% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.75.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 9.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.98.

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

JHG    JANUS HENDERSON GROUP PLC

Wealth Management & Investments – Overnight Price: $62.02

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

JP Morgan reduces its target price for Janus Henderson to $52 from $55 following 3Q results. While the broker acknowledges a strong earnings result, organic growth remains negative with quant and equity outflows areas of weakness.

Adjusted EPS of $1.16/share was a beat versus the analyst's $0.96 forecast and a consensus estimate of $0.97, due to better-than-expected expense control and lower compensation. The Neutral rating is unchanged.

After allowing for weaker assets under management, some bigger outflows projections, as well as some greater investment spending, the broker lowers earnings estimates. All the preceding is offset partially by a more resilient fee rate, explains the broker.

This report was published on November 1, 2021.

Target price is $52.00 Current Price is $62.02 Difference: minus $10.02 (current price is over target).
If JHG meets the JP Morgan target it will return approximately minus 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $59.58, suggesting downside of -6.5%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 211.86 cents and EPS of 525.69 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 576.4, implying annual growth of N/A.
Current consensus DPS estimate is 185.8, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 211.86 cents and EPS of 578.66 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 561.6, implying annual growth of -2.6%.
Current consensus DPS estimate is 194.1, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 11.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MOZ    MOSAIC BRANDS LIMITED

Apparel & Footwear – Overnight Price: $0.72

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

Following an AGM trading update by Mosaic Brands, Wilsons senses an October turning point, as store-based like-for-like sales continued to improve. Mozaic Online and EziBuy performed well and implies to the analyst year-to-date revenue of $67m.

Company-wide ytd implied revenue is around $153.8m, assesses the analyst, and now the 1H revenue forecast of $278.3m is looking achievable. 

An increased debt facility from a major bank should also inspire further confidence in investors, believes the broker. The Overweight rating and $1.83 target price are maintained.

This report was published on November 18, 2021.

Target price is $1.83 Current Price is $0.72 Difference: $1.11
If MOZ meets the Wilsons target it will return approximately 154% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.43.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of 24.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.00.

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

MSB    MESOBLAST LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.73

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

New data on Mesoblast's rexlemestrocel-L treatment has indicated a relationship between systemic inflation and treatment benefit, and Bell Potter notes the company will meet with the FDA this quarter to discuss a path forward.

While the trial did not meet its goal of reducing heart failure hospitalisations data did show the treatment, alongside standard of care, reduced cardiovascular death, heart attacks and strokes by 33%, and by 45% in patients with high levels of inflammation. 

The Buy rating and target price of $3.45 are retained. 

This report was published on November 17, 2021.

Target price is $3.45 Current Price is $1.73 Difference: $1.72
If MSB meets the Bell Potter target it will return approximately 99% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 17.88 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.68.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 18.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.14.

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

NUF    NUFARM LIMITED

Agriculture – Overnight Price: $4.83

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

Nufarm's FY21 result revealed a 4% earnings (EBITDA) beat versus Wilsons forecast, driven by sales growth across the crop chemical segments. However, the analyst is cautious on higher raw material costs and European regulatory headwinds. 

While there was no formal guidance, the broker expects demand support from high soft commodity prices and improved seasonal conditions.

The Market Weight rating is retained and the target price slips to $4.94 from $4.99. 

This report was published on November 18, 2021. 

Target price is $4.94 Current Price is $4.83 Difference: $0.11
If NUF meets the Wilsons target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $5.55, suggesting upside of 14.9%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 7.00 cents and EPS of 13.30 cents.
At the last closing share price the estimated dividend yield is 1.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.8, implying annual growth of N/A.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 10.00 cents and EPS of 15.70 cents.
At the last closing share price the estimated dividend yield is 2.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.1, implying annual growth of 9.3%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 17.8.

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $1.36

Moelis rates ((PLT)) as Buy (1) –

Plenti's half-year financials revealed record originations of $473m, marking an increase of no less than 183% on last year. Moelis adds the loan book grew to $1bn in November and the month also witnessed a positive cash profit.

Management has expressed an ambition to grow the loan portfolio to $5bn by 2025. Moelis has been forced to increase its forecasts. The broker thinks the shares are poised to re-rate over the year ahead.

Buy rating retained with a target price of $1.98, up from $1.95 previously.

This report was published on November 18, 2021.

Target price is $1.98 Current Price is $1.36 Difference: $0.62
If PLT meets the Moelis target it will return approximately 46% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY22:

Moelis forecasts a full year FY22 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 226.67.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of 8.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.19.

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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.33

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

Bell Potter is excited by Pantoro first step out drill program at the Lamboo ultramafic basal contact at the Halls Creek Project. Drilling suggests potential for large, bulk tonnage style mineralisation for platinum, gold and palladium.

The analyst makes no material changes to earnings estimates though lifts the notional exploration valuation by $80m.

The Buy rating is maintained and the target price rises to $0.36 from $0.30.

This report was published on November 16, 2021.

Target price is $0.36 Current Price is $0.33 Difference: $0.03
If PNR meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.50.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.79.

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

PNV    POLYNOVO LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.50

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

Wilsons lowers forecasts by around -6% for PolyNovo over the forecast period, though the broker's sales outlook still points to an inaugural FY23 profit. The target price falls to $1.42 from $2 and the Market Weight rating is unchanged.

The analyst feels valuation is pressured by a regrouping of the US sales team and the reversion of the commercial trajectory of Novosorb BTM to organic growth levels. Novosorb BTM is a man-made synthetic polymer.

Moreover, the scale-up of the company's platform technology into other indications awaits further evidence, points out Moelis. Higher levels of R&D expenditure are anticipated. 

This report was published on November 18, 2021.

Target price is $1.42 Current Price is $1.50 Difference: minus $0.08 (current price is over target).
If PNV meets the Wilsons target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 250.00.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 93.75.

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

RFF    RURAL FUNDS GROUP

REITs – Overnight Price: $2.89

Wilsons rates ((RFF)) as Downgrade to Market Weight from Overweight (3) –

Wilsons notes potential productivity gain for Rural Funds Group given the company is set to deploy equity capacity to fund four asset acquisitions across cattle, cropping and macadamia segments at a cost of $109m. 

Assets include a cropping property, a combined cropping-cattle property in Queensland and two macadamia orchards.While acquisitions largely drain available balance sheet capacity, the broker notes upside risk to valuations given asset price strength. 

Given share price is now in line with the broker's valuation the rating is downgraded to Market Weight from Overweight and the target price increases to $2.81 from $2.79.

This report was published on November 17, 2021.

Target price is $2.81 Current Price is $2.89 Difference: minus $0.08 (current price is over target).
If RFF meets the Wilsons target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 11.70 cents and EPS of 23.80 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.14.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 12.20 cents and EPS of 23.60 cents.
At the last closing share price the estimated dividend yield is 4.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.25.

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

RHC    RAMSAY HEALTH CARE LIMITED

Healthcare services – Overnight Price: $67.75

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

Following Ramsay Health Care's 1Q trading update, Wilsons lowers its target price to $68.34 from $70 and retains its Market Weight rating. Pandemic-related costs saw earnings (EBIT) decline by -27.8%, with the UK being the main driver.

On a run-rate basis, the analyst estimates there would be misses against the broker's 1H22 revenue and earnings forecasts of -4% and -32%, respectively. Moreover, it's thought staff shortages will persist and restrictions on elective procedures in the APAC region will weigh.

This report was published on November 18, 2021.

Target price is $68.34 Current Price is $67.75 Difference: $0.59
If RHC meets the Wilsons target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $68.88, suggesting upside of 0.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 125.00 cents and EPS of 181.90 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 187.3, implying annual growth of -3.0%.
Current consensus DPS estimate is 121.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 36.6.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 150.00 cents and EPS of 270.80 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 267.7, implying annual growth of 42.9%.
Current consensus DPS estimate is 161.8, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 25.6.

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

SGR    STAR ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $3.83

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

Given strong recovery in the global casino market, Jarden has initiated coverage on the Australian casinos. The broker expects casino earnings will benefit from an expected bounce back in Australian capital cities, and a second wind benefit from international travel. 

Regulatory uncertainty in Victoria, and potentially other states, presents risk to outlook. Despite this the broker expects the stock to rerate following a cash boost from the Star Sydney sale, which will allow Star Entertainment Group to execute on Pyrmont Peninsula. 

Star Entertainment Group is Jarden's preferred stock pick for Australian casinos. The broker initiates with Buy rating and a target price of $4.77.

This report was published on November 16, 2021.

Target price is $4.77 Current Price is $3.83 Difference: $0.94
If SGR meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $4.20, suggesting upside of 9.7%(ex-dividends)
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 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 95.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.7, implying annual growth of -6.9%.
Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 67.2.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 16.00 cents and EPS of 19.40 cents.
At the last closing share price the estimated dividend yield is 4.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 286.0%.
Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.4.

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

TNE    TECHNOLOGY ONE LIMITED

IT & Support – Overnight Price: $13.33

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

Bell Potter expects Technology One will deliver a full-year result within guidance next week, but predicts metrics indicating the company's medium-term growth outlook to be of more interest. 

Software as a service annual recurring revenue growth of 35% is expected, but the broker notes higher growth will indicate strong conversion of on premise customers making it an area of key interest. 

The Buy rating is retained and the target price increases to $15.00 from $13.50.

This report was published on November 17, 2021.

Target price is $15.00 Current Price is $13.33 Difference: $1.67
If TNE meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $10.10, suggesting downside of -24.3%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 14.20 cents and EPS of 22.90 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 58.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.1, implying annual growth of 11.9%.
Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 60.4.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 16.30 cents and EPS of 26.20 cents.
At the last closing share price the estimated dividend yield is 1.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of 10.9%.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 54.5.

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

UWL    UNITI GROUP LIMITED

Telecommunication – Overnight Price: $4.15

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

An update on Uniti Group's FY22 performance has revenue, underlying earnings, free cash flow and net leverage ahead year-to-date, and the company on-track for full-year consensus forecast. Jarden considers the update solid considering lockdown impact on small cap sectors.

Further, the broker notes Uniti Group has continued to grow its contracted book, and an estimated 40,000 additional gross contracted premises to date provide a long book of work.

The Overweight rating is retained and the target price increases to $4.67 from $4.60.

This report was published on November 17, 2021.

Target price is $4.67 Current Price is $4.15 Difference: $0.52
If UWL meets the Jarden target it will return approximately 13% (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 12.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.02.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 13.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.86.

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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