Australian Broker Call *Extra* Edition – Dec 15, 2021

This story features LIFE360 INC, and other companies. For more info SHARE ANALYSIS: 360

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)

360   ALK   COE   CTM   CV1   CXO   EBO   GLN   HFR   HXL   JLG   NEU   NIC   RHC   RRL   SCP   TOY  

360    LIFE360, INC

Software & Services – Overnight Price: $11.71

Bell Potter rates ((360)) as Buy (1) –

Bell Potter upgrades Life360's forecasts to reflect the Tile acquisition, set for completion by March 31.

The broker predicts 38% growth in the core business and more modest double-digit growth in Jiobit and Tile.

The company is expected to extend its FY22 loss to -US$24m as it increases investment in growth, pushing out the date for profitability (EBIDTA) one year to 2024.

Target price rises to $16.25 from $14.75. Buy rating retained.

This report was published on December 8, 2021.

Target price is $16.25 Current Price is $11.71 Difference: $4.54
If 360 meets the Bell Potter target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 20.71 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 56.55.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 23.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 49.01.

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

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.82

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

Bell Potter initiates coverage of Alkane Resources, noting the Northern Molong Prophyry Project boasts prospectivity similar to Newcrest Mining's ((NCM)) Cadia Valley operations and China Molybdenum Co's Northparkes mine (both nearby).

The company announced a plan to expand production at its Tomingley Golder Operations (mine-life at least 10 years) and Bell Potter believes Boda could contain four times the equivalent gold/copper as Tomingley, and the potential remains to discover a very large gold/copper deposit larger than Boda's high-grade ore.

Buy rating and 95c target price applied.

This report was published on December 9, 2021.

Target price is $0.95 Current Price is $0.82 Difference: $0.13
If ALK meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.29.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.73.

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

COE    COOPER ENERGY LIMITED

Crude Oil – Overnight Price: $0.28

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

Cooper Energy's operational update includes a modest downgrade in guidance due to install delays at the Orbost Gas Processing plant Phase 2.

The cutover to the Athena gas plant is on track.

Bell Potter retains a Buy rating and 38c target price.

This report was published on December 8, 2021.

Target price is $0.38 Current Price is $0.28 Difference: $0.1
If COE meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $0.28, suggesting downside of -0.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 56.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.2, 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:

Bell Potter forecasts a full year FY23 dividend of 1.20 cents and EPS of 2.30 cents.
At the last closing share price the estimated dividend yield is 4.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.5, 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 56.0.

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

CTM    CENTAURUS METALS LIMITED

Nickel – Overnight Price: $1.11

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

Canaccord Genuity maintains its Speculative Buy rating and $1.35 price target after Centaurus Metals announced the Jaguar Nickel Project resource had increased by 30% in terms of contained nickel.

The analyst notes a de-risking of the project as the indicated material in resource has grown by 76%. More than 500kt of nickel is within 200m of surface and 98% classified as fresh sulphides.

This report was published on December 13, 2021.

Target price is $1.35 Current Price is $1.11 Difference: $0.24
If CTM meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 69.38.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 61.67.

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

CV1    CV CHECK LIMITED

Software & Services – Overnight Price: $0.16

Shaw and Partners rates ((CV1)) as Initiation of coverage with Buy (1) –

Shaw and Partners initiates coverage on CV Check with a Buy rating and $0.21 target price. The broker believes the company is undervalued relative to peers and has significant organic or M&A growth options.

The provider of workforce compliance management and reporting technology has a cloud-based product suite used globally for pre-employment screening and daily workforce compliance management.

The analyst points to a transition towards recurring platform and SaaS revenue from less sticky transactional revenue. Most of that revenue is derived from police and other checks.

Gross margins are expected by the broker to increase to 70% (from 64%) in the medium term. It's thought this will be assisted by the recent Bright People Technologies acquisition plus incremental improvements in-line with scale.

This report was published on December 9, 2021.

Target price is $0.21 Current Price is $0.16 Difference: $0.05
If CV1 meets the Shaw and Partners target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.67.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 160.00.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.55

Canaccord Genuity rates ((CXO)) as Speculative Buy (1) –

Canaccord Genuity notes several intercepts from the Ah Hoy prospect were encouraging, following results of drilling released by Core Lithium. Drill results were also released for the Far West prospects though management noted variability in grade and thickness.

As a demonstration of leverage to spodumene pricing, the analyst estimates the Finniss valuation would increase to $2,327m from $584m on a spot price scenario.

The Speculative Buy rating and $0.70 target price are unchanged.

This report was published on December 13, 2021. 

Target price is $0.70 Current Price is $0.55 Difference: $0.15
If CXO meets the Canaccord Genuity target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.50.

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

EBO    EBOS GROUP LIMITED

Healthcare services – Overnight Price: $36.30

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

Jarden believes Ebos Group achieves scale in A&NZ medical devices distribution via the $1.2bn acquisition of Life Healthcare. Moreover, it's thought the transaction provides an entry into South East Asia.

The deal will be funded by a $642m placement, a $100m retail offer and the balance by new debt facilities.

The broker upgrades FY22-24 EPS estimates by 4%, 11% and 11%, respectively, which incorporates a strong trading update for the first four months of FY22. The strength was thought due to strong pharmacy volumes and ongoing tailwinds in the Animal Care market.

The Overweight rating is retained and the target price increases to NZ$38 from NZ$34.

This report was published on December 9, 2021.

Current Price is $36.30. Target price not assessed.
Current consensus price target is $38.06, suggesting upside of 4.9%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 124.5, implying annual growth of 10.0%.
Current consensus DPS estimate is 90.7, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 29.2.

Forecast for FY23:

Current consensus EPS estimate is 146.2, implying annual growth of 17.4%.
Current consensus DPS estimate is 100.5, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 24.8.

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

GLN    GALAN LITHIUM LIMITED

New Battery Elements – Overnight Price: $1.82

Canaccord Genuity rates ((GLN)) as Speculative Buy (1) –

Canaccord Genuity raises its target for Galan Lithium to $2.80 from $2.60 and maintains its Speculative Buy rating following the recently-completed preliminary economic assessment (PEA) for Candelas. This is a lithium brine project in Catamarca province, Argentina.

The analyst has only ascribed a nominal $100m for Candelas, with the majority of estimated net asset value (NAV) due to the more advanced, and larger, Hombre Muerto West project.

The broker sees Candelas as a more of a 'bolt-on' development, given its close proximity to Hombre Muerto West.

This report was released on December 13, 2021.

Target price is $2.80 Current Price is $1.82 Difference: $0.98
If GLN meets the Canaccord Genuity target it will return approximately 54% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

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

HFR    HIGHFIELD RESOURCES LIMITED

Mining – Overnight Price: $0.65

Canaccord Genuity rates ((HFR)) as Speculative Buy (1) –

Canaccord Genuity raises its target price for Highfield Resources to $1.06 from $0.97 after increasing its muriate of potash (MOP) forecast by 9% to US$300/t. The Speculative Buy rating is unchanged.

Given the rapidly escalating price for MOP, the broker is only willing to increase its forecast long-term price by 9% to around 50% of the current spot price. 

The analyst believes the robustness of the Muga project has improved after management provided an updated Optimised Feasibility Study. Construction is about to commence at the project in Spain.

This report was published on December 13, 2021.

Target price is $1.06 Current Price is $0.65 Difference: $0.41
If HFR meets the Canaccord Genuity target it will return approximately 63% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 81.25.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 50.00.

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

HXL    HEXIMA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.36

Wilsons rates ((HXL)) as Initiation of coverage with Overweight (1) –

Wilsons initiates coverage on Hexima with an Overweight rating and $0.75 target price. The company explores the pharmaceutical value of plant-derived, antifungal ‘defensin’ biology.

Pezadeftide (the lead asset) has achieved promising early clinical results treating fungal infections of the toenail, explains the analyst. It does this by penetrating nails rapidly, devastating the fungal pathogens and allowing healthy nail regrowth.

The broker's investment thesis is based upon an efficacious, pragmatically priced, short-course treatment option, which may potentially be a mini-blockbuster in dermatology. Risks are thought to include clinical trial failures and lack of access to development capital.

This report was published on December 9, 2021.

Target price is $0.75 Current Price is $0.36 Difference: $0.39
If HXL meets the Wilsons target it will return approximately 108% (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 7.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.07.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 6.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.54.

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

JLG    JOHNS LYNG GROUP LIMITED

Building Products & Services – Overnight Price: $8.50

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

To better reflect the highly cash-generative nature of Johns Lyng Group's operations, Canaccord Genuity alters its valuation method, which results in a jump in target price to $8.70 from $5.10. The Hold rating is unchanged on valuation.

Management estimates the acquisition of US-based Reconstruction Experts for $144m will be 64% adjusted-EPS accretive to FY21 earnings on a pro forma basis. The company provides repair services to occupied properties in the US.

The analyst believes the acquisition will allow the company to leverage its existing US operations and also leverage its core domestic insurance building and restoration services capabilities.

This report was published on December 14, 2021.

Target price is $8.70 Current Price is $8.50 Difference: $0.2
If JLG meets the Canaccord Genuity target it will return approximately 2% (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 8.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 0.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.22.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 12.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.48.

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.81

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

Pharmaceutical company Neuren has announced clean and robust Phase 3 results from its Lavender trial in Rett Syndrome with trofinetide, a transformational result, says Bell Potter.

The broker notes there is no approved treatment for Rett Syndrome and is confident trofinetide will become the first FDA approved treatment for Rett.

Bell Potter says the company could earn US$83m in milestones from Arcadia over FY22/23; double-digit royalties on sales of roughly 10% to 15% and another US$350m in commercial milestones.

Buy rating retained. Target price rises to $5.60 from $3.10.

This report was published on December 8, 2020.

Target price is $5.60 Current Price is $3.81 Difference: $1.79
If NEU meets the Bell Potter target it will return approximately 47% (excluding dividends, fees and charges).

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 9.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 40.97.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.45.

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

NIC    NICKEL MINES LIMITED

Nickel – Overnight Price: $1.37

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

Nickel Mines has executed a binding Definitive Agreement to buy a 70% stake in the Oracle nickel Project in Indonesia, following the announcement of a memorandum of understanding in late November.

Bell Potter says the news significantly de-risks the acquisition, and expects the deal will be funded by cash on hand and operational cash flows, as well as some debt and equity.

The broker reiterates its earnings growth forecasts of 60% and 95% for CY22 and CY23.

Buy rating retained. Target price inches up to $1.74 from $1.68.

This report was published on December 8, 2021.

Target price is $1.74 Current Price is $1.37 Difference: $0.37
If NIC meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $1.53, suggesting upside of 11.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 5.31 cents and EPS of 11.02 cents.
At the last closing share price the estimated dividend yield is 3.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of N/A.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 7.97 cents and EPS of 17.52 cents.
At the last closing share price the estimated dividend yield is 5.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.5, implying annual growth of 32.2%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 11.9.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
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: $69.57

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

Goldman Sachs believes Ramsey Health Care's 100%-debt-funded acquisition of UK-based Elysium Healthcare for $1.4bn fits with the company’s stated focus on mental health. 

The target company is an independent operator of hospitals and complex care homes for individuals with mental health conditions. The analyst expects the deal to deliver mid-single-digit EPS accretion in FY23.

The Buy rating and target price of $74 are retained. 

This report was published on December 13, 2021. 

Target price is $74.00 Current Price is $69.57 Difference: $4.43
If RHC meets the Goldman Sachs target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $70.52, suggesting upside of 1.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 EPS of 216.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 184.3, implying annual growth of -4.6%.
Current consensus DPS estimate is 109.6, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 37.7.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 EPS of 273.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 274.1, implying annual growth of 48.7%.
Current consensus DPS estimate is 155.2, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 25.4.

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

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.82

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

At the current share price for Regis Resources, Canaccord Genuity estimates no value is being attributed to McPhillamys, nor the potential for extending mine life at the existing operations.

The broker's target of $2.75 (down from $3.25) remains the cheapest valuation among gold producers covered by the broker. The analyst now assumes first production for McPhillamys in the September quarter 2024 from the March quarter of the same year.

The fall in target price is largely due to the introduction of a 50% (previously 80%) risking to the analyst's McPhillamys valuation. Moreover, lower production assumptions for the Duketon operations are factored in due to operational challenges.

Buy retained.

This report was issued on December 14, 2021.

Target price is $2.75 Current Price is $1.82 Difference: $0.93
If RRL meets the Canaccord Genuity target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $2.90, suggesting upside of 59.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 10.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 5.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of -15.4%.
Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 8.2.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 11.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 6.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.4, implying annual growth of 9.4%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 7.5.

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

SCP    SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP RE LIMITED

REITs – Overnight Price: $2.92

Moelis rates ((SCP)) as Hold (3) –

Moelis feels net tangible assets now underpins Shopping Centres Australasia Property Group's share price and increases its target to $3.01 from $2.87. This comes after a 1H valuation update with the overall portfolio cap rate falling in December to 5.41% from 5.90% in June.

The broker believes the group's valuation is relatively undemanding and notes an attractive dividend yield that will likely improve as capital is deployed in an accretive manner over time. Hold retained.

The report was published on December 13, 2021.

Target price is $3.01 Current Price is $2.92 Difference: $0.09
If SCP meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.94, suggesting upside of 0.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 15.00 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of -60.7%.
Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 17.3.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 15.70 cents and EPS of 18.40 cents.
At the last closing share price the estimated dividend yield is 5.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of 3.6%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 16.7.

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

TOY    TOYS 'R' US ANZ LIMITED

Retailing – Overnight Price: $0.19

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

An operational update by Toys''R''Us ANZ showed Canaccord Genuity significant improvements across the board, including Toys”R”Us and Babies”R”Us in the  UK. 

With a marketing expense at less than 5% of revenue in November, the analyst feels this efficiency is underpinned by the strong Toy”R”Us brand.

The broker highlights repeat customers are now more than 18% at higher average order values.

Canaccord retains its Buy rating and $0.25 target price.

This report was published on December 13, 2021.

Target price is $0.25 Current Price is $0.19 Difference: $0.06
If TOY meets the Canaccord Genuity target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in July.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 190.00.

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

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As part of emerging new trends overseas, The Australian Broker Call *Extra* Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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