Australian Broker Call *Extra* Edition – Jan 31, 2022

This story features BEACON LIGHTING GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: BLX

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)

BLX   CBA   CCX   CHN   CMM   CRN   CSS   EBR   FZO   JHG   MDR   NIC   NWL   PDN   PNR   SOV   UNI   WHC   WSP  

BLX    BEACON LIGHTING GROUP LIMITED

Furniture & Renovation – Overnight Price: $2.69

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

Following a 40% beat of the Jarden/consensus estimate for Beacon Lighting’s pre-released 1H result, the broker’s target price rises to $2.80 from $2.20. Overweight.

First half results on February 17 will provide further details. In the meantime, the analyst suspects the beat was due to cost control and greater DIY growth than expected.

Jarden sees an ongoing tailwind from domestic housing, while the international business is a key opportunity.

This report was published on January 20, 2022.

Target price is $2.80 Current Price is $2.69 Difference: $0.11
If BLX meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 10.10 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.81.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 7.80 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.85.

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

CBA    COMMONWEALTH BANK OF AUSTRALIA

Banks – Overnight Price: $95.67

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

Ahead of the release of Commonwealth Bank's first half results in early February, Bell Potter is expecting the bank to achieve full half cash profit after tax of $4.38bn, unsurprisingly almost exactly double the $2.20bn achieved in the first quarter. 

The biggest change to the broker's forecasts is a -6% decrease to full year cash earnings, a decline based on lower operating income and higher operating expenses, while forecast changes are positive for FY24 and beyond. 

The rating is downgraded to Hold from Buy and the target price increases to $108.00 from $106.00. 

This report was published on January 18, 2022.

Target price is $108.00 Current Price is $95.67 Difference: $12.33
If CBA meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $87.83, suggesting downside of -7.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 374.00 cents and EPS of 501.00 cents.
At the last closing share price the estimated dividend yield is 3.91%.
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 490.7, implying annual growth of -14.6%.
Current consensus DPS estimate is 374.6, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 403.00 cents and EPS of 535.00 cents.
At the last closing share price the estimated dividend yield is 4.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 526.5, implying annual growth of 7.3%.
Current consensus DPS estimate is 401.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 18.1.

Market Sentiment: -0.8
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: $4.78

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

An early look at City Chic Collective's first half results revealed ahead-of-forecast sales driven by continuing strength in Australia New Zealand and growth in the Americas where sales were up 62%. Low margins drove an underlying earnings miss. 

Given disruptions Bell Potter retains that this is a solid result, and noted proactive inventory investment has so far proven effective against supply chain issues and looks to continue into the second half.

The Buy rating is retained and the target price decreases to $6.65 from $7.40.

This report was published on January 18, 2022.

Target price is $6.65 Current Price is $4.78 Difference: $1.87
If CCX meets the Bell Potter target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $6.09, suggesting upside of 27.9%(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 13.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.2, implying annual growth of 37.6%.
Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 36.1.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 4.30 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 35.6%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 26.6.

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

CHN    CHALICE MINING LIMITED

Industrial Metals – Overnight Price: $7.58

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

Chalice Mining has received the necessary approvals from the WA state government to commence initial drilling at the Julimar State Forest Hartog-Baudin targets, potential extensions of the Gonneville deposit. 

According to the company's Conservation Management Plan the drilling program will not involve mechanised vegetation clearing and drilling will utilise existing recreational tracks to avoid disturbance. 

The Gonneville deposit is already globally significant, and the drilling of the Hartog-Baudin targets offers notable potential upside that could be of interest to large mining companies. 

The Speculative Buy rating is retained and the target price increases to $12.08 from $11.73.

This report was published on January 18, 2022.

Target price is $12.08 Current Price is $7.58 Difference: $4.5
If CHN meets the Bell Potter target it will return approximately 59% (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

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $3.08

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

Second quarter results for Capricorn Metals exceeded Bell Potter’s estimates, which were conservative to reflect a high-risk ramp-up phase for Karlawinda Gold Project. As previously guided by management, a maiden quarter of steady state production was achieved.

The broker considers the final granting of the Mt Gibson gold project tenements is another, and even larger de-risking event, which drives a target price hike to $3.47 from $2.87. 

Now that the share price is approaching the target price, Bell Potter reduces its rating to Hold from Buy.

This report was published on January 20, 2022.

Target price is $3.47 Current Price is $3.08 Difference: $0.39
If CMM meets the Bell Potter target it will return approximately 13% (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 28.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.73.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 27.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.08.

Market Sentiment: 0.0
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: $1.35

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

Bell Potter notes a guidance update provided by Coronado Global Resources in December suggests the company closed out 2021 with production of 17.0-17.2m tonnes and equivalent sales of 17.7-17.9m, with mining costs of US$66-68 per tonne. 

Looking ahead, the broker expects the company can achieve a net cash positive position in January 2022 as its realised coal prices benefit from record highs in mid 2021. Earnings per share forecasts are upgraded 13%, 75% and 86% through to 2024.

The Buy rating is retained and the target price increases to $1.70 from $1.55.

This report was published on January 18, 2022.

Target price is $1.70 Current Price is $1.35 Difference: $0.35
If CRN meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $2.00, suggesting upside of 50.6%(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 16.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.9, implying annual growth of N/A.
Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 27.40 cents and EPS of 55.70 cents.
At the last closing share price the estimated dividend yield is 20.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.0, implying annual growth of 176.7%.
Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 3.0.

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

CSS    CLEAN SEAS SEAFOOD LIMITED

Aquaculture – Overnight Price: $0.60

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

Bell Potter notes a positive market update from Clean Seas Seafood, with the company's second quarter volumes up 25% year-on-year and 55% on pre-pandemic volumes while average selling prices were up 13% and 5% year-on-year and pre-pandemic respectively. 

The company's positive cash flow trend continued into a second quarter, and with the company continuing to target historic production costs of $9.00 per kilogram by FY23 the broker expects to see signs of a shift towards that goal to emerge in the coming year.

The Speculative Buy rating and target price of $0.85 are retained. 

This report was published on January 18, 2022.

Target price is $0.85 Current Price is $0.60 Difference: $0.25
If CSS meets the Bell Potter target it will return approximately 42% (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 7.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.45.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.67.

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

EBR    EBR SYSTEMS, INC

Medical Equipment & Devices – Overnight Price: $0.68

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

Bell Potter initiates coverage on medical device company EBR Systems which is currently developing the smallest biventricular cardiac resynchronisation therapy (CRT) ventricle stimulation electrode for the treatment of late stage heart failure. 

The device has been planted in more than 200 patients, initially targeting patients who suffered failure with conventional CRT, and is showing considerable promise. Study data to support pre-market approval is expected in 2023, ahead of possible launch in FY24. 

The broker initiates with a Speculative Buy rating and a target price of $1.35.

This report was published on January 18, 2022.

Target price is $1.35 Current Price is $0.68 Difference: $0.67
If EBR meets the Bell Potter target it will return approximately 99% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 10.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.30.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 10.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.30.

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

FZO    FAMILY ZONE CYBER SAFETY LIMITED

Software & Services – Overnight Price: $0.46

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

Family Zone Cyber Safety’s 2Q annual recurring revenue (ARR) and a host of other metrics including margins, were a material beat over Shaw and Partners' estimates. It's thought the company deserves a rerate after the significant acceleration (and projected growth) in ARR.

The analyst highlights the ARR from the core B2B business is exceeding expectations due to outperformance from the UK-based Smoothwall, as well an uplift from broader cross-sell and up-sell opportunities.

The target price rises to $1.04 from $1.02 and the Buy rating is maintained.

This report was published on January 20, 2022.

Target price is $1.04 Current Price is $0.46 Difference: $0.58
If FZO meets the Shaw and Partners target it will return approximately 126% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.53.

Forecast for FY23:

Shaw and Partners 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 35.38.

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: $50.96

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

JP Morgan keeps a Neutral rating for Janus Henderson Group and believes fundamentals have stalled, in an environment of higher redemptions and slower organic growth. 

Ahead of 4Q earnings results, the analyst slightly increases 4Q estimates on better than previously forecast returns in Equity and Multi-Asset. However, longer-term estimates fall on equity market weakness in the 1Q of 2022, especially for growth funds.

The target price rises to $53 from $52.

This report was published on January 20, 2022.

Target price is $53.00 Current Price is $50.96 Difference: $2.04
If JHG meets the JP Morgan target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $60.23, suggesting upside of 18.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

JP Morgan forecasts a full year FY21 dividend of 214.13 cents and EPS of 524.63 cents.
At the last closing share price the estimated dividend yield is 4.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 600.4, implying annual growth of N/A.
Current consensus DPS estimate is 193.2, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 8.5.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 235.55 cents and EPS of 555.41 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 9.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 586.8, implying annual growth of -2.3%.
Current consensus DPS estimate is 201.8, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 8.7.

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

MDR    MEDADVISOR LIMITED

Healthcare services – Overnight Price: $0.38

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

Moelis initiates coverage on MedAdvisor with a Buy rating and $0.52 target price. The broker points out a significant valuation discount to peers, which should unwind upon successful execution in the US and a transition to profitability.

The software developer has app for managing patient medication that integrates with pharmacy prescribing data. The aim is for an around 20% improvement to medication adherence, via prescriber or manufacturer interventions.

Currently, 2m Australians use the app and circa 70% of pharmacies are connected to the company’s platform.

In late 2020, the company acquired US-based Adheris, a provider of patient engagement solutions (largely via offline channels). Moelis sees significant scope to leverage the Australian digital offering across Adheris’ existing and large customer base.

This report was published on January 20, 2022.

Target price is $0.52 Current Price is $0.38 Difference: $0.14
If MDR meets the Moelis target it will return approximately 37% (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 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.11.

Forecast for FY23:

Moelis forecasts a full year FY23 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 38.00.

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

NIC    NICKEL MINES LIMITED

Nickel – Overnight Price: $1.44

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

Nickel Mines has been granted a ten-year 100% Corporate Income Tax Reduction concession for tax payable on income related to its Angel Nickel Project, followed by a further two-year 50% concession, in what Bell Potter notes will be a direct earnings benefit. 

The concession will come into effect from the first tax year that commercial production is achieved, on track to be achieved in the current quarter. The broker highlights this improves the company's earnings outlook, already one of the strongest growth outlooks in the sector. 

The given tax concessions drive an 11% increase to 2022 and 2023 earnings forecasts. 

The Buy rating is retained and the target price increases to $1.87 from $1.74.

This report was published on January 18, 2022.

Target price is $1.87 Current Price is $1.44 Difference: $0.43
If NIC meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $1.68, suggesting upside of 19.6%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 5.35 cents and EPS of 11.11 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.8, implying annual growth of N/A.
Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 8.03 cents and EPS of 19.67 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of 37.8%.
Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 10.4.

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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $14.99

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

Following record 2Q inflows and a new cash margin agreement that met market forecasts, JP Morgan increases its target price to $15.75 from $14.50.

The analyst expects some margin compression will result from management's recommitment to step-up reinvestment in FY22. The Neutral rating is maintained.

Management increased its own net inflow expectations for the full year to > $13.5bn. The broker feels this is a conservative figure, given the strong 1H and historical 2H trends.

This report was published on January 21, 2022.

Target price is $15.75 Current Price is $14.99 Difference: $0.76
If NWL meets the JP Morgan target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $18.33, suggesting upside of 22.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

JP Morgan forecasts a full year FY22 dividend of 22.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.8, implying annual growth of 14.4%.
Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 57.9.

Forecast for FY23:

JP Morgan forecasts a full year FY23 dividend of 25.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.4, implying annual growth of 25.6%.
Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 46.1.

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

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $0.71

Bell Potter rates ((PDN)) as Initiation of coverage with Hold (3) –

Bell Potter feels a successful restart of Paladin Energy’s Langer Heinrich mine is fully priced in by the market, and therefore initiates coverage with a Speculative Hold. The target price is set at $0.88.

Despite current bans on uranium extraction, the analyst includes a valuation for the company’s exploration tenements in Western Australia and Queensland.

Upside may derive from expansion of the resource base, extending the Langer Heinrich mine life and/or materially higher uranium prices, points out the broker.

This report was published on January 20, 2022.

Target price is $0.88 Current Price is $0.71 Difference: $0.17
If PDN meets the Bell Potter target it will return approximately 24% (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 2.68 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.52.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.68 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.52.

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

PNR    PANTORO LIMITED

Gold & Silver – Overnight Price: $0.28

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

Covid-related logistical and labour issues weighed on Pantoro’s 2Q production at the Halls Creek project, resulting in higher costs and lower production than forecast by Bell Potter.

Construction is on schedule at Norseman and the company remains well funded to meet its share of remaining capex, according to the analyst.

An increase in the broker’s exploration valuation offsets the impact of lower earnings at Halls Creek and the target price remains at $0.36. The rating falls to Hold from Buy following a recent share price rally.

This report was published on January 20, 2022.

Target price is $0.36 Current Price is $0.28 Difference: $0.08
If PNR meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.66.

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

SOV    SOVEREIGN CLOUD HOLDINGS LIMITED

Cloud services – Overnight Price: $0.58

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

Sovereign Cloud Holdings secured $2.5m of new contract value in the 2Q. The company has over $40m of cash in the bank after a $35m equity raise in the prior quarter, which is expected to be deployed towards sales to state governments and Critical National Industries.

In doing so, the company will utilise the skills of NextDC ((NXT)), which took a 20% position on the company register during the quarter.

As a result of the new equity funding, the target price slips to $0.90 from $1.05, while the Buy rating remains.

This report was published on January 20, 2022.

Target price is $0.90 Current Price is $0.58 Difference: $0.32
If SOV meets the Canaccord Genuity target it will return approximately 55% (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 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.67.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 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 11.84.

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $6.05

Jarden rates ((UNI)) as Neutral (3) –

Despite Universal Store Holdings producing a 'good' pre-released 1H result, Jarden keeps a Neutral rating in the absence of a trading update, and a small risk that the consensus 2H forecast will go unmet.

The broker was pleased by a fall of just -40bps for the gross margin and upgrades FY23–FY24 forecasts marginally, resulting in a target price of $8.20, up from $8.00.

The analyst likes the estimated 28% compound annual growth rate (CAGR) story from FY22 to FY25.

This report was published on January 19, 2022.

Target price is $8.20 Current Price is $6.05 Difference: $2.15
If UNI meets the Jarden target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $8.77, suggesting upside of 42.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 17.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.4, implying annual growth of -14.7%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 27.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.5, implying annual growth of 56.7%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 13.8.

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

WHC    WHITEHAVEN COAL LIMITED

Coal – Overnight Price: $2.68

Bell Potter rates ((WHC)) as Upgrade to Buy from Hold (1) –

While Whitehaven Coal should benefit as mid-year price strength flows through to realised prices, Bell Potter expects the company will announce another weak production result given poor output from its Maules Creek project and a Narrabri scheduled longwall change. 

The broker notes a positive outlook for free cash flow in the coming year as Maules Creek production improves and Narrabri de-risks, alongside record index price highs. Earnings per share forecasts increase 30%, 13% and 2% through to FY24.

The rating is upgraded to Buy from Hold and the target price increases to $3.60 from $3.50. 

This report was published on January 18, 2022.

Target price is $3.60 Current Price is $2.68 Difference: $0.92
If WHC meets the Bell Potter target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $3.68, suggesting upside of 37.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 36.00 cents and EPS of 97.20 cents.
At the last closing share price the estimated dividend yield is 13.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.6, implying annual growth of N/A.
Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 3.0.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 43.00 cents and EPS of 61.10 cents.
At the last closing share price the estimated dividend yield is 16.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.4, implying annual growth of -40.4%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 5.0.

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

WSP    WHISPIR LIMITED

Cloud services – Overnight Price: $2.22

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

Canaccord Genuity considers Whispir’s second quarter result was strong. Management reiterated FY22 guidance of $65-70m for annual recurring revenue and an earnings (EBITDA) loss of -$13.2m to -$11.2m.

In looking at the most significant potential near-term catalyst, the broker points to emerging signs of growth in North America, given the substantial market opportunity. The normalisation of free cashflow burn is considered another important catalyst.

The Buy rating and $3.50 target price are unchanged.

This report was published on January 20, 2022.

Target price is $3.50 Current Price is $2.22 Difference: $1.28
If WSP meets the Canaccord Genuity target it will return approximately 58% (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 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.80.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 12.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.35.

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

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